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Investment Objective and Policies” is amended to add the following:","page_number":8,"box":{"x":116,"y":387,"width":662,"height":11}},{"id":"fd577023-e719-48fd-ac48-aca2b0916bca","block_type":"box","text":"Each Fund’s primary vehicle for gaining exposure to the commodities markets is expected to be through","page_number":8,"box":{"x":116,"y":411,"width":708,"height":11}},{"id":"0e1d4a84-6574-486a-9316-e6522cf8a609","block_type":"box","text":"investments in its corresponding subsidiary BlackRock Cayman LifePath Dynamic Retirement Fund, Ltd.,","page_number":8,"box":{"x":116,"y":426,"width":722,"height":12}},{"id":"286d7f45-fadd-45ae-9658-95c800fb38df","block_type":"box","text":"BlackRock Cayman LifePath Dynamic 2030 Fund, Ltd., BlackRock Cayman LifePath Dynamic 2035 Fund, Ltd.,","page_number":8,"box":{"x":116,"y":442,"width":769,"height":11}},{"id":"24d5057c-0f51-412b-b20c-6970c843dbe6","block_type":"box","text":"BlackRock Cayman LifePath Dynamic 2040 Fund, Ltd., BlackRock Cayman LifePath Dynamic 2045 Fund, Ltd.,","page_number":8,"box":{"x":116,"y":457,"width":769,"height":12}},{"id":"f56f6478-1ce7-47b6-8441-751e318737d0","block_type":"box","text":"BlackRock Cayman LifePath Dynamic 2050 Fund, Ltd., BlackRock Cayman LifePath Dynamic 2055 Fund, Ltd.,","page_number":8,"box":{"x":116,"y":473,"width":769,"height":11}},{"id":"10a8dfb3-5ec4-4381-9a8a-cd448eb370e7","block_type":"box","text":"BlackRock Cayman LifePath Dynamic 2060 Fund, Ltd., BlackRock Cayman LifePath Dynamic 2065 Fund, Ltd.","page_number":8,"box":{"x":116,"y":488,"width":765,"height":12}},{"id":"945ce0b4-39d6-46ce-a5e9-e0707944d345","block_type":"box","text":"or BlackRock Cayman LifePath Dynamic 2070 Fund, Ltd. (each, a “Subsidiary” and collectively, the","page_number":8,"box":{"x":116,"y":504,"width":687,"height":11}},{"id":"3f4d9598-e818-49a1-a15e-1bdf921e976a","block_type":"box","text":"“Subsidiaries”), each a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests","page_number":8,"box":{"x":116,"y":519,"width":722,"height":12}},{"id":"cc3dc8fd-06b7-4d16-821b-ff7e4d044042","block_type":"box","text":"primarily in commodity-related instruments. The Subsidiaries may also hold cash and invest in other instruments,","page_number":8,"box":{"x":116,"y":535,"width":770,"height":11}},{"id":"5ed47dcb-8172-4962-bf05-9ebb0a4d631d","block_type":"box","text":"including fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary’s","page_number":8,"box":{"x":116,"y":550,"width":747,"height":12}},{"id":"966c7175-3cbf-44b7-8034-a6a86b5c6cee","block_type":"box","text":"derivative positions.","page_number":8,"box":{"x":116,"y":566,"width":141,"height":11}},{"id":"112d0da5-9a62-4a2a-9907-29c21d1c8379","block_type":"box","text":"Investments in the Subsidiary.","page_number":8,"box":{"x":116,"y":598,"width":200,"height":11}},{"id":"f36f7f48-dcb9-4d4d-8f6b-25a29433e477","block_type":"box","text":"Each Fund may invest up to 25% of its total assets in the shares of its wholly","page_number":8,"box":{"x":318,"y":598,"width":527,"height":11}},{"id":"04b50f11-ffe8-473b-9137-9380a151f390","block_type":"box","text":"owned and controlled Subsidiary. Investments in the Subsidiary are expected to provide the Funds with exposure","page_number":8,"box":{"x":116,"y":613,"width":766,"height":12}},{"id":"85d187b9-f129-4b57-90f1-ccbbb598a55e","block_type":"box","text":"to the commodity markets within the limitations of Subchapter M of the Internal Revenue Code of 1986, as","page_number":8,"box":{"x":116,"y":629,"width":728,"height":11}},{"id":"ded2e558-5bc9-4b8d-a743-f416cf14bae0","block_type":"box","text":"amended, as discussed below. The Subsidiary is advised by the Manager. The Subsidiary (unlike the Fund) may","page_number":8,"box":{"x":116,"y":644,"width":759,"height":12}},{"id":"6aeedf63-48b4-4f86-9224-3cd06e6b7162","block_type":"box","text":"invest without limitation in commodity-related instruments. However, the Subsidiary is otherwise subject to the","page_number":8,"box":{"x":116,"y":660,"width":758,"height":11}},{"id":"8e9660ea-8b61-4818-b4f0-9d6699c1d7e9","block_type":"box","text":"same fundamental, non-fundamental and certain other investment restrictions as the Fund, including the timing","page_number":8,"box":{"x":117,"y":675,"width":747,"height":12}},{"id":"65c090e0-3f58-42a8-9e8a-e1801167c465","block_type":"box","text":"and method of the valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. The","page_number":8,"box":{"x":116,"y":691,"width":697,"height":11}},{"id":"5e909b74-a63d-41b7-894e-274205ab6353","block_type":"box","text":"Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material respects,","page_number":8,"box":{"x":116,"y":706,"width":760,"height":12}},{"id":"189c0297-5e3a-4f64-8070-bb4674983acb","block_type":"box","text":"as the policies and procedures adopted by the Fund. The Subsidiary is a company organized under the laws of the","page_number":8,"box":{"x":116,"y":722,"width":764,"height":12}},{"id":"acf298ab-8b44-42fe-bda8-a14d368e7109","block_type":"box","text":"Cayman Islands, and is overseen by its own board of directors, which is comprised of John M. Perlowski, a","page_number":8,"box":{"x":116,"y":737,"width":724,"height":12}},{"id":"987987c3-7d45-464b-8505-204574145e3f","block_type":"box","text":"Trustee, President and Chief Executive Officer of the Fund, and Trent Walker, Chief Financial Officer of the","page_number":8,"box":{"x":116,"y":753,"width":734,"height":11}},{"id":"7ffb6fdf-0016-4cf6-b50a-5aa148db90e3","block_type":"box","text":"Fund. The Fund is the sole shareholder of the Subsidiary, and shares of the Subsidiary will not be sold or offered","page_number":8,"box":{"x":116,"y":768,"width":760,"height":12}},{"id":"11b08085-4497-480f-9342-783acd5d50a4","block_type":"box","text":"to other investors.","page_number":8,"box":{"x":116,"y":784,"width":120,"height":9}},{"id":"c73532b2-be8b-4edb-8fdd-375ac6c61445","block_type":"box","text":"The Subsidiary invests primarily in commodity-related instruments. Although the Fund may invest in these","page_number":8,"box":{"x":116,"y":816,"width":723,"height":12}},{"id":"600e8e61-46ce-4172-acd6-e222d4a210ea","block_type":"box","text":"commodity-related instruments directly, the Fund will likely gain exposure to these commodity-related","page_number":8,"box":{"x":116,"y":832,"width":699,"height":11}},{"id":"a1d82b71-6707-4c54-bea2-b09dce55d56f","block_type":"box","text":"instruments indirectly by investing in the Subsidiary. To the extent that BlackRock believes that these","page_number":8,"box":{"x":116,"y":847,"width":691,"height":12}},{"id":"b951a951-874c-4e6a-b9a3-3f7d5ec66871","block_type":"box","text":"commodity-related instruments provide suitable exposure to the commodities market, the Fund’s investment in","page_number":8,"box":{"x":116,"y":863,"width":753,"height":11}},{"id":"6c7b1c02-8475-4135-be31-46848000ab5f","block_type":"box","text":"the Subsidiary will likely increase. The Subsidiary may also hold cash and invest in other instruments, including","page_number":8,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"01f733f8-050a-42d8-8306-4103bd4239d9","block_type":"box","text":"fixed income securities, either as investments or to serve as margin or collateral for the Subsidiary’s derivative","page_number":8,"box":{"x":116,"y":894,"width":750,"height":11}},{"id":"6299f808-e600-49b9-9e46-afd48c431a17","block_type":"box","text":"positions.","page_number":8,"box":{"x":116,"y":909,"width":64,"height":12}},{"id":"557ecc80-1000-4696-b5ce-cb61aa43c359","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":8,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"de87374c-8bdb-49cc-ac63-afc0e426cd5d","block_type":"box","text":"The Manager manages the assets of the Subsidiary pursuant to a separate investment management agreement (the","page_number":9,"box":{"x":116,"y":88,"width":770,"height":11}},{"id":"1735e64c-88df-468b-9351-b79dc1430f59","block_type":"box","text":"“Subsidiary Management Agreement”), but receives no additional compensation for doing so. The Manager has","page_number":9,"box":{"x":116,"y":103,"width":759,"height":12}},{"id":"166f4b00-1ed4-4a5c-9f79-097bfb740f4c","block_type":"box","text":"entered into sub-advisory agreements with BlackRock International Limited (“BIL”) and BlackRock (Singapore)","page_number":9,"box":{"x":116,"y":119,"width":767,"height":11}},{"id":"541ebd5f-8c9e-4f26-b658-7410bb341d37","block_type":"box","text":"Limited (“BSL” together with BIL, the “Sub-Advisers”) with respect to the Subsidiary. BlackRock also provides","page_number":9,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"49bb8844-cc9f-4e51-b057-051c04badad9","block_type":"box","text":"certain administrative services for the Subsidiary, but receives no additional compensation for doing so. The","page_number":9,"box":{"x":116,"y":150,"width":735,"height":11}},{"id":"4c335409-26fd-49f9-9a80-452acf29d82f","block_type":"box","text":"Subsidiary will also enter into separate contracts for the provision of custody, accounting agent and audit services","page_number":9,"box":{"x":116,"y":165,"width":771,"height":12}},{"id":"9ad01485-4948-4cbd-a8e5-2e2adf20300f","block_type":"box","text":"with the same or with affiliates of the same service providers that provide those services to the Fund.","page_number":9,"box":{"x":116,"y":181,"width":684,"height":11}},{"id":"0c5488df-3e2c-4485-85d8-c15e8e9af048","block_type":"box","text":"The financial statements of the Subsidiary will be consolidated with the Fund’s financial statements in the Fund’s","page_number":9,"box":{"x":116,"y":212,"width":770,"height":11}},{"id":"f618af1d-9b32-42f3-8132-28c747f5559e","block_type":"box","text":"annual and semi-annual reports. The Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":9,"box":{"x":116,"y":227,"width":727,"height":12}},{"id":"9467112f-0718-40fc-84b6-3368e84df18a","block_type":"box","text":"Information are filed with the SEC on Form N-CSR and are provided without charge upon request as indicated","page_number":9,"box":{"x":116,"y":243,"width":751,"height":11}},{"id":"4c6a6aca-f651-4491-b06e-a873c0a26578","block_type":"box","text":"on the front cover of this SAI.","page_number":9,"box":{"x":116,"y":258,"width":207,"height":9}},{"id":"3c737a16-51ef-4973-a094-0a6aafb9fe57","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in the Fund’s","page_number":9,"box":{"x":116,"y":289,"width":751,"height":12}},{"id":"341590f9-6807-4fe9-9b98-19797c4bc619","block_type":"box","text":"prospectus or this SAI, is not subject to all the investor protections of the Investment Company Act. However,","page_number":9,"box":{"x":116,"y":305,"width":748,"height":11}},{"id":"839595f9-bcc5-418d-b9ee-974027fd227f","block_type":"box","text":"the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by","page_number":9,"box":{"x":116,"y":320,"width":714,"height":12}},{"id":"02192401-cec2-4392-9883-206563ba68a5","block_type":"box","text":"BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund and its","page_number":9,"box":{"x":116,"y":336,"width":744,"height":11}},{"id":"7064b508-488b-44ff-8081-5bb8a3d6ca0d","block_type":"box","text":"shareholders. The Fund’s Board of Trustees has oversight responsibility for the investment activities of the Fund,","page_number":9,"box":{"x":117,"y":351,"width":767,"height":12}},{"id":"7d39cdd1-765c-40af-ba3c-2230c7f799e8","block_type":"box","text":"including the Fund’s investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. As","page_number":9,"box":{"x":116,"y":367,"width":758,"height":11}},{"id":"35574f0c-db4b-4bf8-af9b-13400ef3ed39","block_type":"box","text":"noted above, the Subsidiary will be subject to the same investment restrictions and limitations as the Fund.","page_number":9,"box":{"x":116,"y":382,"width":724,"height":12}},{"id":"fa773067-73ed-4cf0-9447-0903109a0db0","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":9,"box":{"x":116,"y":413,"width":732,"height":12}},{"id":"91b771a1-7051-4af3-8cdb-5dfdbaffbc90","block_type":"box","text":"respects, as the policies and procedures adopted by the Fund. In addition, changes in the laws of the United States","page_number":9,"box":{"x":116,"y":429,"width":771,"height":11}},{"id":"e1a2835a-568f-40a9-93a1-810354d3a391","block_type":"box","text":"and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described","page_number":9,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"e1f6ecaa-d8c5-4043-b6ed-766d79cbcf06","block_type":"box","text":"in the Fund’s prospectus and this SAI and could adversely affect the Fund. For example, the Cayman Islands","page_number":9,"box":{"x":116,"y":460,"width":738,"height":11}},{"id":"e76154e7-854f-4a19-b292-dbb577064f57","block_type":"box","text":"does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or","page_number":9,"box":{"x":116,"y":475,"width":730,"height":12}},{"id":"20648fcc-289f-4daf-b2c4-3db16435f557","block_type":"box","text":"withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman","page_number":9,"box":{"x":116,"y":491,"width":743,"height":11}},{"id":"975d2abc-54dc-425e-a624-3b99f48477ae","block_type":"box","text":"Islands taxes, Fund shareholders would likely suffer decreased investment returns.","page_number":9,"box":{"x":116,"y":506,"width":560,"height":12}},{"id":"8e37f68a-29f0-4950-8d6b-72bf902aae9c","block_type":"box","text":"The Fund, as a “regulated investment company” under the tax rules, is required to realize at least 90 percent of its","page_number":9,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"379fa5db-ef9d-443d-a109-5d734d739272","block_type":"box","text":"annual gross income from investment-related sources, specifically from dividends, interest, proceeds from","page_number":9,"box":{"x":116,"y":553,"width":721,"height":11}},{"id":"3263ff17-148d-4d00-84c7-16b3fe0fd094","block_type":"box","text":"securities lending, gains from the sales of stocks, securities and foreign currencies, other income (including, but","page_number":9,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"16253c3d-d68c-4b86-b1ca-c650acc41db9","block_type":"box","text":"not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing","page_number":9,"box":{"x":116,"y":584,"width":756,"height":11}},{"id":"2541ba65-7606-440d-b5b0-b9a0b22f1f74","block_type":"box","text":"in such stock, securities or currencies, or certain types of publicly traded partnerships (referred to as qualifying","page_number":9,"box":{"x":116,"y":599,"width":752,"height":12}},{"id":"6fd96c26-608b-41ef-ab24-47221e47821c","block_type":"box","text":"income). The Fund, through its investment in the Subsidiary, invests in commodity-related instruments indirectly","page_number":9,"box":{"x":116,"y":615,"width":767,"height":11}},{"id":"db1975c2-9822-4e48-a6fc-b467cda8e8ce","block_type":"box","text":"through the Subsidiary because direct investments by a regulated investment company in commodity-related","page_number":9,"box":{"x":116,"y":630,"width":736,"height":12}},{"id":"8ab55989-cc58-46b0-96f1-0ed9f34ebd35","block_type":"box","text":"instruments generally do not produce qualifying income. The Fund expects its income with respect to the","page_number":9,"box":{"x":116,"y":646,"width":713,"height":11}},{"id":"14c40524-9cef-49f0-996c-651543000186","block_type":"box","text":"Subsidiary to be qualifying income. However, in the future, if the IRS issues regulations or other guidance, or","page_number":9,"box":{"x":116,"y":661,"width":740,"height":12}},{"id":"d718a0e6-8992-42ec-a662-177bc6eb3e77","block_type":"box","text":"Congress enacts legislation limiting the circumstances in which the Fund’s income with respect to the Subsidiary","page_number":9,"box":{"x":116,"y":677,"width":762,"height":11}},{"id":"64ecedd6-cf09-4538-b28b-f5996210d9cb","block_type":"box","text":"will be considered “qualifying income,” the Fund might be required to make changes to its operations, which","page_number":9,"box":{"x":116,"y":692,"width":736,"height":12}},{"id":"b87796aa-8fa5-46ea-b5a9-a54d86030c60","block_type":"box","text":"may reduce the Fund’s ability to gain investment exposure to commodities. Fund shareholders may also","page_number":9,"box":{"x":116,"y":708,"width":700,"height":11}},{"id":"631c42fa-b3a4-423a-9507-50e48768cf7f","block_type":"box","text":"experience adverse tax consequences in such circumstances.","page_number":9,"box":{"x":116,"y":723,"width":405,"height":12}},{"id":"45431c53-d56b-440a-8e0d-836a969849df","block_type":"box","text":"The Subsidiary itself is not expected to be subject to U.S. federal income tax. It will, however, be considered a","page_number":9,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"2401cd75-62b8-4aff-8729-215d0a672837","block_type":"box","text":"controlled foreign corporation, and the Fund will be required to include as income annually amounts earned by","page_number":9,"box":{"x":116,"y":770,"width":747,"height":11}},{"id":"27c35525-269b-44b7-86d8-9cea92a68f44","block_type":"box","text":"the Subsidiary during that year, whether or not the Subsidiary distributes such amounts to the Fund. (Previously","page_number":9,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"5b6f28a4-68e7-4240-9d23-6beb716ac91a","block_type":"box","text":"taxed income will not, however, be taxable again when distributed.) Furthermore, the requirement for the Fund to","page_number":9,"box":{"x":116,"y":801,"width":765,"height":11}},{"id":"dbc05790-b898-423c-a14d-8161f73c30a1","block_type":"box","text":"distribute net investment income, if any, and net realized capital gain, if any, at least annually, will apply to such","page_number":9,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"1f8ace80-0418-4ec8-9ed3-b393102895df","block_type":"box","text":"Subsidiary income, whether or not the Subsidiary makes a distribution to the Fund during the taxable year. If the","page_number":9,"box":{"x":116,"y":832,"width":764,"height":11}},{"id":"fab6fe7e-72bf-4603-9ab1-d5f53133a517","block_type":"box","text":"Subsidiary incurs net losses in any year, such losses will not offset the Fund’s income or gains nor carryforward","page_number":9,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"08e5c018-7dfb-4546-a84e-f91c07ef5998","block_type":"box","text":"to future years.","page_number":9,"box":{"x":116,"y":863,"width":105,"height":11}},{"id":"7f7fcb9a-3377-49be-a05e-8dd01138fc78","block_type":"box","text":"2","page_number":9,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"44ac2666-fb94-4977-aa78-a6b97dab3a4a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":9,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"eee2c9b2-9d9a-46be-8e2f-37cdf5b51aa7","block_type":"box","text":"The section entitled “II. Investment Restrictions” is amended to add the following:","page_number":10,"box":{"x":116,"y":87,"width":596,"height":12}},{"id":"dc2a556b-b00b-4da5-9835-0c79a8ca13e5","block_type":"box","text":"The Subsidiaries will follow the Funds’ fundamental and non-fundamental investment restrictions, described","page_number":10,"box":{"x":116,"y":119,"width":738,"height":10}},{"id":"856955dd-ec2e-4005-88d9-2ddc55d4ff0a","block_type":"box","text":"above, with respect to their investments.","page_number":10,"box":{"x":116,"y":134,"width":276,"height":12}},{"id":"446f37d6-9d97-4d37-9bb7-6acae4cd7acf","block_type":"box","text":"The section entitled “IV. Management, Advisory and Other Service Arrangements” is amended to add the","page_number":10,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"165bfc22-db97-4da6-a5f2-a037faa4fd28","block_type":"box","text":"following:","page_number":10,"box":{"x":116,"y":180,"width":76,"height":12}},{"id":"0a0f97ca-a879-4fe9-b6eb-31b5936a40f8","block_type":"box","text":"Organization and Management of Wholly-Owned Subsidiaries","page_number":10,"box":{"x":116,"y":211,"width":454,"height":12}},{"id":"b41c8f16-ab80-4523-aba3-9d2c00287caf","block_type":"box","text":"The Funds intend to gain exposure to commodity markets by investing up to 25% of their total assets in the","page_number":10,"box":{"x":116,"y":243,"width":728,"height":11}},{"id":"a009f624-36d2-4b6e-b3ee-0fe29cdcb100","block_type":"box","text":"Subsidiaries. The Subsidiaries invest primarily in commodity-related instruments.","page_number":10,"box":{"x":116,"y":258,"width":556,"height":12}},{"id":"a64cb300-79dd-4ac0-8e19-358a6acdbdd0","block_type":"box","text":"The Subsidiaries are companies organized under the laws of the Cayman Islands, whose registered office is","page_number":10,"box":{"x":116,"y":289,"width":728,"height":12}},{"id":"6cfdc40d-b9b1-46a2-80da-20787fe1ec7c","block_type":"box","text":"located at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman","page_number":10,"box":{"x":116,"y":305,"width":723,"height":11}},{"id":"8f75f12d-f5db-4113-9dbc-3a60a37a9009","block_type":"box","text":"KY1-1104, Cayman Islands. The Subsidiaries’ affairs are overseen by boards of directors, each of which is","page_number":10,"box":{"x":116,"y":320,"width":726,"height":12}},{"id":"6f80f21f-70e1-4546-9d74-68c6a0dd609a","block_type":"box","text":"comprised of John M. Perlowski and Trent Walker.","page_number":10,"box":{"x":116,"y":336,"width":351,"height":11}},{"id":"e572b2c0-5de3-4873-875b-7478ac59ed0e","block_type":"box","text":"The Manager provides investment management and administrative services to the Subsidiaries. The Manager","page_number":10,"box":{"x":116,"y":367,"width":741,"height":11}},{"id":"b1a48ed5-d7e1-4ce5-97b0-331bd260e33e","block_type":"box","text":"does not receive separate compensation from the Subsidiaries for providing them with investment advisory or","page_number":10,"box":{"x":116,"y":382,"width":744,"height":12}},{"id":"160525d9-03be-41d6-85ad-6f2160e521e0","block_type":"box","text":"administrative services. However, the Funds pay the Manager based on the Funds’ assets, including the assets","page_number":10,"box":{"x":116,"y":398,"width":745,"height":11}},{"id":"89b2b1d7-f6d4-4152-8997-af5aa977322b","block_type":"box","text":"invested in the Subsidiaries. BlackRock has entered into sub-advisory agreements with each of BlackRock","page_number":10,"box":{"x":116,"y":413,"width":722,"height":12}},{"id":"be161481-0047-4474-a5a6-b452af4210eb","block_type":"box","text":"International Limited and BlackRock (Singapore) Limited with respect to the Subsidiaries. The Subsidiaries","page_number":10,"box":{"x":116,"y":429,"width":733,"height":11}},{"id":"c8b15001-4e8d-443a-b7e8-237496def0a0","block_type":"box","text":"entered into contracts for the provision of custody, accounting agent and audit services with the same service","page_number":10,"box":{"x":116,"y":444,"width":739,"height":12}},{"id":"5e649ad2-46a6-4758-b599-27bd68e8521f","block_type":"box","text":"providers that provide those services to the Funds.","page_number":10,"box":{"x":116,"y":460,"width":343,"height":11}},{"id":"4852401f-a9be-4dc9-a409-72787f392373","block_type":"box","text":"The Subsidiaries are managed pursuant to compliance policies and procedures that are the same, in all material","page_number":10,"box":{"x":116,"y":491,"width":752,"height":11}},{"id":"8a99f492-7b27-4b7c-8c94-298b3bf05dfc","block_type":"box","text":"respects, as the policies and procedures adopted by the Funds. As a result, the Manager, in managing the","page_number":10,"box":{"x":116,"y":506,"width":709,"height":12}},{"id":"64ef403a-c385-4ae5-8dee-e40f281126d8","block_type":"box","text":"Subsidiaries’ portfolios, is subject to the same investment policies and restrictions that apply to the management","page_number":10,"box":{"x":116,"y":522,"width":761,"height":11}},{"id":"210711b2-57e5-45a2-a12a-7d6c364874cd","block_type":"box","text":"of the Funds, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the","page_number":10,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"def8b0d4-f01d-4262-b1ee-ac7e26c74b2f","block_type":"box","text":"timing and method of the valuation of the Subsidiaries’ portfolio investments and shares of the Subsidiaries.","page_number":10,"box":{"x":116,"y":553,"width":734,"height":11}},{"id":"e5021d4d-baf9-41ee-acfb-c52b8cdc7cd4","block_type":"box","text":"These policies and restrictions are described elsewhere in detail in this SAI. The Funds and the Subsidiaries test","page_number":10,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"0d06e7ba-80b3-4307-91f1-cb85725481e5","block_type":"box","text":"for compliance with certain investment restrictions on a consolidated basis.","page_number":10,"box":{"x":116,"y":584,"width":512,"height":11}},{"id":"8a2ef7cc-87f7-4af5-bda2-265ef827d48f","block_type":"box","text":"The section entitled “VI. Computation of Offering Price Per Share” is amended to add the following:","page_number":10,"box":{"x":116,"y":615,"width":727,"height":11}},{"id":"19f86d17-5961-4209-b5ac-775642b77ace","block_type":"box","text":"The Subsidiaries are subject to the same valuation policies as the Funds as described in “Pricing of Shares” in","page_number":10,"box":{"x":116,"y":646,"width":744,"height":11}},{"id":"51725d28-aaf8-4849-b2bd-053939df4f57","block_type":"box","text":"Part II of this SAI. The Funds’ investments in the Subsidiaries are valued based on the value of the Subsidiaries’","page_number":10,"box":{"x":116,"y":661,"width":756,"height":9}},{"id":"dd317ec3-5557-479e-9f66-e614e9e9e6d9","block_type":"box","text":"portfolio investments. The Subsidiaries price their portfolio investments pursuant to the same pricing and","page_number":10,"box":{"x":116,"y":677,"width":710,"height":11}},{"id":"84294ef6-26bb-454f-8437-4db0f2cb11e0","block_type":"box","text":"valuation methodologies and procedures used by the Funds, which require, among other things, that each of the","page_number":10,"box":{"x":116,"y":692,"width":751,"height":12}},{"id":"20eba5f2-7830-4806-8bf1-5ba990bb8285","block_type":"box","text":"Subsidiaries’ portfolio investments be marked-to-market (that is, the value on the Subsidiaries’ books changes)","page_number":10,"box":{"x":116,"y":708,"width":749,"height":11}},{"id":"a1bb14d8-ba3c-4981-aad0-7335659c17c3","block_type":"box","text":"each business day to reflect changes in the market value of the investment.","page_number":10,"box":{"x":116,"y":723,"width":502,"height":12}},{"id":"191d19e7-6e36-4cbd-b068-0ed1603087d3","block_type":"box","text":"The section entitled “VII. Portfolio Transactions and Brokerage” is amended to add the following:","page_number":10,"box":{"x":116,"y":754,"width":704,"height":12}},{"id":"a208270e-8e02-4909-8d88-1a35318913f8","block_type":"box","text":"The Subsidiaries follow the same brokerage practices as the Funds.","page_number":10,"box":{"x":116,"y":785,"width":452,"height":12}},{"id":"67eb9443-d53f-4ca6-810b-feb40b97ce4b","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":10,"box":{"x":267,"y":816,"width":465,"height":12}},{"id":"69d03568-ecb9-4c21-9299-b45d0f4f9e20","block_type":"box","text":"SAI-LPD-0926SUP","page_number":10,"box":{"x":116,"y":847,"width":138,"height":9}},{"id":"e45e027f-c484-42ec-b7c6-81294615280a","block_type":"box","text":"3","page_number":10,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"ed329c3a-d0a3-4120-a232-4a2794e33bf1","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":10,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b5a28ae3-d345-4b44-b805-427846f1d8a2","block_type":"box","text":"BlackRock Advantage Global Fund, Inc.","page_number":11,"box":{"x":116,"y":87,"width":296,"height":12}},{"id":"874faab5-1a87-4ae9-a841-ef20d1b8a92c","block_type":"box","text":"BlackRock Advantage SMID Cap Fund, Inc.","page_number":11,"box":{"x":116,"y":103,"width":325,"height":12}},{"id":"5b9705dd-83ef-47f2-84ac-0ac689b80732","block_type":"box","text":"BlackRock Allocation Target 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Certain of the restrictions are fundamental policies of a Fund and may not be","page_number":30,"box":{"x":116,"y":787,"width":715,"height":13}},{"id":"ef05a131-a22e-498a-97ff-1620ac1e1e48","block_type":"box","text":"changed without the approval of the holders of a majority of the Fund’s outstanding voting securities (which","page_number":30,"box":{"x":116,"y":802,"width":753,"height":13}},{"id":"dac5722c-3eb4-48e9-ae41-0226a836d92a","block_type":"box","text":"for this purpose and under the Investment Company Act, means the lesser of (i) 67% of the shares represented","page_number":30,"box":{"x":116,"y":818,"width":766,"height":13}},{"id":"d5b438e6-a83b-44a8-ace7-4dc14cc02b2b","block_type":"box","text":"at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the","page_number":30,"box":{"x":116,"y":833,"width":755,"height":13}},{"id":"01c391af-d000-4c40-950c-f7616e2e7ab8","block_type":"box","text":"outstanding shares). The Trust, on behalf of the Funds","page_number":30,"box":{"x":116,"y":849,"width":377,"height":13}},{"id":"f9cbe3fa-9153-44b1-8b9b-85a6d4fdb7dd","block_type":"box","text":", has also adopted certain non-fundamental investment","page_number":30,"box":{"x":495,"y":849,"width":380,"height":13}},{"id":"c44cc353-39e6-4189-b98d-de1c7716c9fb","block_type":"box","text":"restrictions, which may be changed by the Board without shareholder approval. None of the following","page_number":30,"box":{"x":116,"y":864,"width":712,"height":13}},{"id":"a0fd2335-7284-4aba-bddb-9edb58c1fcba","block_type":"box","text":"I-11","page_number":30,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"ff4ec78e-555d-4dad-901d-f4b44365ff04","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":30,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"68423ad9-682a-4dc7-aede-83751cf74f36","block_type":"box","text":"fundamental or non-fundamental investment restrictions","page_number":31,"box":{"x":116,"y":79,"width":392,"height":10}},{"id":"4ed50092-9f10-4e5a-81a3-968b91730a15","block_type":"box","text":"shall prevent a Fund from investing all of its assets in","page_number":31,"box":{"x":514,"y":79,"width":366,"height":13}},{"id":"dddae9b5-7a2c-4ede-bc49-c3f4f43eeb39","block_type":"box","text":"shares of another registered investment company with the same investment objective and fundamental policies","page_number":31,"box":{"x":116,"y":94,"width":764,"height":13}},{"id":"aa607b27-ce7d-4162-98c9-fcc4fb020f56","block_type":"box","text":"(in a master/feeder structure).","page_number":31,"box":{"x":117,"y":110,"width":202,"height":12}},{"id":"d52c2afd-daa6-4ed7-8805-1773029e28bb","block_type":"box","text":"The Funds are subject to the following investment restrictions, all of which are fundamental policies. Each","page_number":31,"box":{"x":116,"y":133,"width":736,"height":13}},{"id":"6126932b-2751-4dd5-ab2c-2d38e9273e75","block_type":"box","text":"Fund may not:","page_number":31,"box":{"x":116,"y":149,"width":101,"height":12}},{"id":"0bea48f7-009d-499d-8cbe-499b47423767","block_type":"box","text":"(1) Purchase the securities of issuers conducting their principal business activity in the same industry if,","page_number":31,"box":{"x":117,"y":172,"width":710,"height":13}},{"id":"21702d65-38ca-4917-a2d6-c1db83f2eb6f","block_type":"box","text":"immediately after the purchase and as a result thereof, the value of a Fund’s investments in that industry","page_number":31,"box":{"x":116,"y":187,"width":722,"height":13}},{"id":"21382097-927c-499e-92a9-3ccea8a91b35","block_type":"box","text":"would equal or exceed 25% of the current value of the Fund’s total assets, provided that this restriction does","page_number":31,"box":{"x":116,"y":203,"width":753,"height":13}},{"id":"bfb0fa19-41ec-4caf-a555-185569d1eeb0","block_type":"box","text":"not limit a Fund’s: (i) investments in securities of other in","page_number":31,"box":{"x":116,"y":218,"width":395,"height":13}},{"id":"26ea296f-6777-4208-9a83-f21bffb22a5e","block_type":"box","text":"vestment companies, (ii) investments in securities","page_number":31,"box":{"x":512,"y":219,"width":338,"height":12}},{"id":"99eb2429-4aaf-494d-b060-9adc0c128b53","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities, or (iii) investments in","page_number":31,"box":{"x":116,"y":234,"width":691,"height":13}},{"id":"9cf5355d-f4a3-4886-8938-863cd5478194","block_type":"box","text":"repurchase agreements collateralized by U.S. government securities;","page_number":31,"box":{"x":116,"y":249,"width":467,"height":13}},{"id":"2c9f5a04-d1c6-4ac8-8c6a-748623c9413b","block_type":"box","text":"(2) Purchase the securities of any single issuer if, as a result, with respect to 75% of a Fund’s total assets, more","page_number":31,"box":{"x":117,"y":273,"width":763,"height":13}},{"id":"497bdd8b-d08a-492c-a85a-74eaaf17aaf6","block_type":"box","text":"than 5% of the value of its total assets would be invested in the securities of such issuer or the Fund’s","page_number":31,"box":{"x":116,"y":288,"width":701,"height":10}},{"id":"44395a64-4e60-4d4b-b18e-14d378b7d3b3","block_type":"box","text":"ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this","page_number":31,"box":{"x":116,"y":304,"width":733,"height":13}},{"id":"6dc3acd1-1e2b-4837-992c-cd020a55ce44","block_type":"box","text":"restriction does not limit a Fund’s cash or cash items, investments in securities issued or guaranteed by the","page_number":31,"box":{"x":116,"y":319,"width":734,"height":13}},{"id":"fa4a1441-bd05-41e0-a15f-3ff2ba84df33","block_type":"box","text":"U.S. government, its agencies and instrumentalities, or investments in securities of other investment","page_number":31,"box":{"x":116,"y":335,"width":686,"height":13}},{"id":"1ded8135-b91d-430e-bf03-221e24faa8ff","block_type":"box","text":"companies;","page_number":31,"box":{"x":116,"y":351,"width":77,"height":12}},{"id":"5ad78c06-8066-486f-95f0-440a0154feb9","block_type":"box","text":"(3) Borrow money or issue senior securities, except to the extent permitted under the Investment Company","page_number":31,"box":{"x":117,"y":374,"width":739,"height":12}},{"id":"ffb6ac62-2cbf-48ac-9cd6-92e6a631b6e1","block_type":"box","text":"Act, including the rules, regulations and any orders obtained thereunder;","page_number":31,"box":{"x":116,"y":389,"width":503,"height":13}},{"id":"3ec6ac97-dc03-4738-a0cf-8a6bf1a31c56","block_type":"box","text":"(4) Make loans to other parties, except to the extent permitted under the Investment Company Act, including","page_number":31,"box":{"x":117,"y":412,"width":758,"height":13}},{"id":"80dc4db9-0c5b-4067-bfaa-c63648546383","block_type":"box","text":"the rules, regulations and any orders obtained thereunder. For the purposes of this limitation, entering into","page_number":31,"box":{"x":116,"y":428,"width":739,"height":13}},{"id":"ce3d322f-0861-493f-9b7e-181fb187cb9f","block_type":"box","text":"repurchase agreements, lending securities and acquiring any debt securities are not deemed to be the making","page_number":31,"box":{"x":116,"y":443,"width":749,"height":13}},{"id":"af68c854-bb84-4713-a826-b7ffee5276d4","block_type":"box","text":"of loans;","page_number":31,"box":{"x":116,"y":459,"width":59,"height":12}},{"id":"ee231d93-69fa-4482-a0a5-cabe1d689b49","block_type":"box","text":"(5) Underwrite securities of other issuers, except to the","page_number":31,"box":{"x":117,"y":482,"width":377,"height":13}},{"id":"a3a0fe38-8040-4259-ba4a-59f14cff6656","block_type":"box","text":"extent that the purchase of permitted investments","page_number":31,"box":{"x":499,"y":482,"width":342,"height":13}},{"id":"708993fb-4c1e-4217-a516-fb71831f04f9","block_type":"box","text":"directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities","page_number":31,"box":{"x":116,"y":498,"width":763,"height":13}},{"id":"6576ffe5-3f80-4065-9d52-b5974c67f802","block_type":"box","text":"in accordance with a Fund’s investment program may be deemed to be an underwriting; and provided further,","page_number":31,"box":{"x":116,"y":513,"width":764,"height":13}},{"id":"9b2082f6-c66c-4898-80f9-db172f95fe9c","block_type":"box","text":"that the purchase by the Fund of securities issued by an open-end management investment company, or a","page_number":31,"box":{"x":116,"y":529,"width":729,"height":13}},{"id":"8edee519-0dce-42ad-a4af-c328bb9e3f3f","block_type":"box","text":"series thereof, with substantially the same investment objective, policies and restrictions as the Fund shall not","page_number":31,"box":{"x":116,"y":544,"width":755,"height":13}},{"id":"d5b0ef57-1858-4385-b5db-539f74d4b1ac","block_type":"box","text":"constitute an underwriting for purposes of this paragraph;","page_number":31,"box":{"x":116,"y":560,"width":403,"height":13}},{"id":"5c71f47e-3e75-4c72-a1c7-d772aae5ebcf","block_type":"box","text":"(6) Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but","page_number":31,"box":{"x":117,"y":583,"width":751,"height":13}},{"id":"5054af72-2e15-40fe-8f8e-348205f1a08c","block_type":"box","text":"this shall not prevent the Fund from investing in securities or other instruments backed by real estate or","page_number":31,"box":{"x":116,"y":599,"width":716,"height":12}},{"id":"529d9e0b-a6ad-4b41-8b22-d191a356cbf3","block_type":"box","text":"securities of companies engaged in the real estate business); and","page_number":31,"box":{"x":116,"y":614,"width":440,"height":13}},{"id":"23eb5eac-dc31-44f7-ad75-545ed7184bf5","block_type":"box","text":"(7) Purchase or sell commodities, provided that","page_number":31,"box":{"x":117,"y":637,"width":327,"height":13}},{"id":"c44eb186-11f3-4592-b56b-3b9cb6521fe5","block_type":"box","text":"(i) currency will not be deemed to be a commodity for","page_number":31,"box":{"x":449,"y":637,"width":374,"height":13}},{"id":"29c3084c-7883-4950-b61d-a4ac3b8ad0af","block_type":"box","text":"purposes of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward","page_number":31,"box":{"x":116,"y":653,"width":763,"height":13}},{"id":"99461e9a-19fa-4e46-adc1-cb4cdc095a44","block_type":"box","text":"contracts or options, and (iii) this restriction does not limit the purchase or sale of securities or other","page_number":31,"box":{"x":116,"y":668,"width":695,"height":13}},{"id":"57e6b305-c8f6-4037-a461-f22c1fe7661c","block_type":"box","text":"instruments backed by commodities or the purchase or sale of commodities acquired as a result of ownership","page_number":31,"box":{"x":116,"y":684,"width":757,"height":13}},{"id":"fa35ef74-3553-4e29-9732-de3221ece18d","block_type":"box","text":"of securities or other instruments.","page_number":31,"box":{"x":116,"y":699,"width":232,"height":11}},{"id":"b86a67a2-8986-4f2d-a084-00c130914fd0","block_type":"box","text":"Notations Regarding the Funds’ Fundamental Investment Restrictions","page_number":31,"box":{"x":116,"y":728,"width":487,"height":13}},{"id":"ffb21b82-6b6f-4375-9ae2-d208d3e4608d","block_type":"box","text":"The following notations are not considered to be part of the Funds’ fundamental investment restrictions and","page_number":31,"box":{"x":116,"y":754,"width":750,"height":13}},{"id":"ee481ecf-2b48-47b7-ac9b-7a0dcf212ecf","block_type":"box","text":"are subject to change without shareholder approval.","page_number":31,"box":{"x":116,"y":769,"width":360,"height":13}},{"id":"2d847956-9e44-48af-b63f-1aa482c187a3","block_type":"box","text":"With respect to the fundamental policy relating to con","page_number":31,"box":{"x":116,"y":793,"width":376,"height":12}},{"id":"c510aa66-3f5f-406d-8ca2-f6706324c69b","block_type":"box","text":"centration set forth in (1) above, with respect to the","page_number":31,"box":{"x":492,"y":793,"width":357,"height":12}},{"id":"4312004e-4005-41f7-9683-9b57d1b60ba1","block_type":"box","text":"Fund’s industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications","page_number":31,"box":{"x":116,"y":808,"width":751,"height":13}},{"id":"219138f6-f130-4a22-933c-9b2aa6b7e13e","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":31,"box":{"x":116,"y":824,"width":738,"height":12}},{"id":"d41fbe47-c0c2-4b40-b770-52008505405e","block_type":"box","text":"management. The policy also will be interpreted to give broad authority to the Fund as to how to classify","page_number":31,"box":{"x":116,"y":839,"width":730,"height":13}},{"id":"82cf919c-939d-4699-b0e5-76c0740c97de","block_type":"box","text":"issuers within or among industries.","page_number":31,"box":{"x":116,"y":855,"width":241,"height":12}},{"id":"8ad762e7-6aa9-4eea-a091-80aedb1ae075","block_type":"box","text":"I-12","page_number":31,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"800a9465-95c6-48a8-b4b3-f25b459d1339","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":31,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"cfdcbd6a-9e20-4adf-b396-6d374cbf5337","block_type":"box","text":"With respect to paragraph (3) above, the Investment Company Act currently allows a Fund to borrow up to","page_number":32,"box":{"x":116,"y":79,"width":749,"height":13}},{"id":"f8f5147a-72f6-44ce-ac81-c2641eeb8a85","block_type":"box","text":"one-third of the value of its total assets (including the amount borrowed) valued at the lesser of cost or","page_number":32,"box":{"x":116,"y":94,"width":711,"height":13}},{"id":"35e91604-b43c-498d-a0b8-7c8d108e7916","block_type":"box","text":"market, less liabilities (not including the amount borro","page_number":32,"box":{"x":116,"y":110,"width":378,"height":13}},{"id":"84479304-1451-469e-ba88-5a9b7f85c814","block_type":"box","text":"wed) at the time the borrowing is made. With respect","page_number":32,"box":{"x":494,"y":110,"width":370,"height":13}},{"id":"6dd78134-5f80-41e7-95cc-4ebebeab2d48","block_type":"box","text":"to paragraph (4) above, the Investment Company Act and regulatory interpretations currently limit the","page_number":32,"box":{"x":116,"y":125,"width":714,"height":13}},{"id":"36ae6cdc-b9d5-4f1f-a86b-f1df1daff6d7","block_type":"box","text":"percentage of a Fund’s securities that may be loaned to one-third of the value of its total assets.","page_number":32,"box":{"x":116,"y":141,"width":657,"height":13}},{"id":"1cae277a-5739-4caf-a966-8b0766226745","block_type":"box","text":"With respect to BlackRock LifePath","page_number":32,"box":{"x":116,"y":167,"width":249,"height":12}},{"id":"34ea6121-170f-4b5c-9503-478ba3e99ae2","block_type":"box","text":"®","page_number":32,"box":{"x":365,"y":166,"width":10,"height":7}},{"id":"d8cbc296-703a-4381-b466-640b784cc7b6","block_type":"box","text":"Dynamic Retirement Fund, BlackRock LifePath","page_number":32,"box":{"x":380,"y":167,"width":331,"height":12}},{"id":"9f6cee87-db8c-422d-afa6-a196275e132c","block_type":"box","text":"®","page_number":32,"box":{"x":712,"y":166,"width":9,"height":7}},{"id":"3c266092-684e-41b2-a106-830d787b43ce","block_type":"box","text":"Dynamic 2030 Fund,","page_number":32,"box":{"x":726,"y":167,"width":147,"height":12}},{"id":"4d903f11-86ed-4fe0-b1c1-2688afe33851","block_type":"box","text":"BlackRock LifePath","page_number":32,"box":{"x":116,"y":182,"width":138,"height":10}},{"id":"18dc3dfe-e5ce-447f-b4e7-4ec7a6e14b92","block_type":"box","text":"®","page_number":32,"box":{"x":255,"y":182,"width":9,"height":7}},{"id":"4b91ffcc-6fda-4c23-90f4-e508446870a0","block_type":"box","text":"Dynamic 2035 Fund, BlackRock LifePath","page_number":32,"box":{"x":269,"y":182,"width":290,"height":13}},{"id":"5cc11086-d207-4b7f-ae51-132c42f7431d","block_type":"box","text":"®","page_number":32,"box":{"x":560,"y":182,"width":9,"height":7}},{"id":"80ffe8a1-a2bd-4009-b91f-b63274ace24c","block_type":"box","text":"Dynamic 2040 Fund, BlackRock LifePath","page_number":32,"box":{"x":574,"y":182,"width":290,"height":13}},{"id":"da240304-8a7d-4258-a59c-e194e499669a","block_type":"box","text":"®","page_number":32,"box":{"x":865,"y":182,"width":9,"height":7}},{"id":"4c989817-c2c9-45f7-bccd-879bc2772d00","block_type":"box","text":"Dynamic 2045 Fund, BlackRock LifePath","page_number":32,"box":{"x":116,"y":198,"width":290,"height":12}},{"id":"3327fa2a-b101-4e19-906f-9b4aed186d13","block_type":"box","text":"®","page_number":32,"box":{"x":407,"y":197,"width":9,"height":7}},{"id":"33ffc2ab-2d0f-4521-a6ef-268975a1f0f6","block_type":"box","text":"Dynamic 2050 Fund, BlackRock LifePath","page_number":32,"box":{"x":421,"y":198,"width":291,"height":12}},{"id":"ddb455c4-7df3-4344-8068-a20109609536","block_type":"box","text":"®","page_number":32,"box":{"x":712,"y":197,"width":10,"height":7}},{"id":"57edff1e-77ae-4f0f-bb85-2eff5430bcab","block_type":"box","text":"Dynamic 2055 Fund","page_number":32,"box":{"x":727,"y":198,"width":143,"height":12}},{"id":"c2c2c426-9747-430e-9fd7-bd13984f5b06","block_type":"box","text":"and BlackRock LifePath","page_number":32,"box":{"x":116,"y":213,"width":168,"height":10}},{"id":"20d498c4-ec1a-4583-8c22-05365e4820f9","block_type":"box","text":"®","page_number":32,"box":{"x":285,"y":213,"width":9,"height":7}},{"id":"1263a2b8-bddb-4bfd-8b29-a65ef13ce0b0","block_type":"box","text":"Dynamic 2060 Fund, while certain swaps are now considered commodity interests","page_number":32,"box":{"x":299,"y":213,"width":573,"height":13}},{"id":"afdb069c-1e49-463c-9e4d-a27c9f5b6c1d","block_type":"box","text":"for purposes of the Commodity Exchange Act and the rules thereunder, at the time of each Fund’s adoption","page_number":32,"box":{"x":116,"y":229,"width":748,"height":12}},{"id":"8ec866e3-d917-499b-98ee-29df49de50b3","block_type":"box","text":"of fundamental investment restriction no. 7 above, many swaps were treated as securities for purposes of the","page_number":32,"box":{"x":116,"y":244,"width":753,"height":13}},{"id":"b2eead06-66f6-4061-acea-c9c4df859480","block_type":"box","text":"Fund’s compliance with applicable law. Accordingly, fundamental investment restriction no. 7 above is being","page_number":32,"box":{"x":116,"y":260,"width":757,"height":12}},{"id":"5425c126-febf-4ffc-8109-4b6676d68857","block_type":"box","text":"interpreted to permit each Fund to engage in transacti","page_number":32,"box":{"x":116,"y":275,"width":373,"height":13}},{"id":"405984aa-26bc-4089-9617-8339b7ccf953","block_type":"box","text":"ons in swaps and options on swaps related to financial","page_number":32,"box":{"x":490,"y":275,"width":378,"height":13}},{"id":"51ef47db-1f7f-47b9-bfca-8b1b1502ac0b","block_type":"box","text":"instruments, such as securities, securities indices and currencies, but not to engage in transactions in swaps or","page_number":32,"box":{"x":116,"y":291,"width":756,"height":12}},{"id":"692aa8fc-90ba-4b31-81fb-997da48eb793","block_type":"box","text":"options on swaps related to physical commodities, such as oil or metals.","page_number":32,"box":{"x":116,"y":306,"width":498,"height":13}},{"id":"1ad63fc9-3a04-40c6-bcde-886fb56eeff1","block_type":"box","text":"With respect to BlackRock LifePath","page_number":32,"box":{"x":116,"y":329,"width":249,"height":13}},{"id":"064c1941-b191-44c8-95b3-c7b802a2d529","block_type":"box","text":"®","page_number":32,"box":{"x":365,"y":329,"width":10,"height":7}},{"id":"33de1e6d-f73f-4b13-9614-1558200d6c73","block_type":"box","text":"Dynamic 2065 Fund and BlackRock LifePath","page_number":32,"box":{"x":380,"y":329,"width":316,"height":13}},{"id":"4a0f26ec-d998-4710-8d13-01870678bec4","block_type":"box","text":"®","page_number":32,"box":{"x":697,"y":329,"width":9,"height":7}},{"id":"55665468-c772-4416-b8b9-6c3133ae302c","block_type":"box","text":"Dynamic 2070 Fund,","page_number":32,"box":{"x":711,"y":329,"width":147,"height":13}},{"id":"142910b4-73da-41e1-9df6-e90a906ff879","block_type":"box","text":"with respect to fundamental investment restriction no. 7 above, the policy is interpreted to permit the Fund to","page_number":32,"box":{"x":116,"y":345,"width":760,"height":13}},{"id":"cc791740-340a-4596-8b9b-843fec558675","block_type":"box","text":"engage in transactions in swaps and options on swaps related to financial instruments, such as securities,","page_number":32,"box":{"x":116,"y":360,"width":724,"height":13}},{"id":"010cf59a-c1ea-494d-9e0c-be1a4920e716","block_type":"box","text":"securities indices and currencies, but not to engage in transactions in swaps or options on swaps related to","page_number":32,"box":{"x":116,"y":376,"width":735,"height":13}},{"id":"cf7a17c9-96c7-40b3-b4f2-27a3f34dd589","block_type":"box","text":"physical commodities, such as oil or metals.","page_number":32,"box":{"x":116,"y":391,"width":302,"height":13}},{"id":"97c56f27-f7a0-46ef-b642-d5345fb81864","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":32,"box":{"x":116,"y":415,"width":700,"height":13}},{"id":"f88e0fff-fdd6-43d0-be2c-ac65de0cf306","block_type":"box","text":"shareholder approval, each Fund may not:","page_number":32,"box":{"x":116,"y":430,"width":306,"height":13}},{"id":"783c719c-0697-4db4-94ea-ec0077cefa62","block_type":"box","text":"(1) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":32,"box":{"x":117,"y":454,"width":749,"height":12}},{"id":"178c7103-5b4b-4968-ad3f-372653129f00","block_type":"box","text":"Company Act. As a matter of policy, however, each Fund will not purchase shares of any registered","page_number":32,"box":{"x":117,"y":469,"width":722,"height":13}},{"id":"dc8c30b6-c9a0-4337-8ce1-7efa710ef2cf","block_type":"box","text":"open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or","page_number":32,"box":{"x":116,"y":485,"width":743,"height":12}},{"id":"730faaca-1ea3-4e79-bd40-2b44376ca863","block_type":"box","text":"(G) (the “fund of funds” provisions) of the Investment Company Act, at any time a Fund has knowledge","page_number":32,"box":{"x":117,"y":500,"width":757,"height":13}},{"id":"a8d1697d-2808-4c07-9451-eb3913194aa2","block_type":"box","text":"that its shares are purchased by another investment company investor in reliance on the provisions of","page_number":32,"box":{"x":116,"y":516,"width":736,"height":12}},{"id":"90b0a2f9-2657-482e-89a0-5f147f90bfa0","block_type":"box","text":"subparagraph (G) of Section 12(d)(1).","page_number":32,"box":{"x":116,"y":531,"width":274,"height":13}},{"id":"980c479f-fb2d-49eb-ab5b-5915fc4278c2","block_type":"box","text":"(2) Make short sales of securities or maintain a short position, except to the extent permitted by each","page_number":32,"box":{"x":117,"y":554,"width":734,"height":13}},{"id":"49a76010-1c33-4bb2-b4a9-bb62015a53b5","block_type":"box","text":"Fund’s Prospectus and Statement of Additional Information, as amended from time to time, and","page_number":32,"box":{"x":116,"y":570,"width":698,"height":13}},{"id":"823623a6-578f-45e0-8456-0cde02eb92fe","block_type":"box","text":"applicable law.","page_number":32,"box":{"x":116,"y":585,"width":108,"height":13}},{"id":"8a86168d-1fd7-44b2-a613-7afa27731585","block_type":"box","text":"Notwithstanding any other investment policy or restriction (whether or not fundamental), the Underlying","page_number":32,"box":{"x":116,"y":609,"width":732,"height":13}},{"id":"797eec78-b5b4-42b3-b341-7c5b14d09537","block_type":"box","text":"Funds in which the Funds may invest have adopted certain investment restrictions that may be different from","page_number":32,"box":{"x":116,"y":624,"width":756,"height":13}},{"id":"a4b12dbd-270d-4b64-b99d-1de884efce89","block_type":"box","text":"those listed above, thereby permitting the Funds to engage indirectly in investment strategies that are","page_number":32,"box":{"x":116,"y":640,"width":697,"height":13}},{"id":"7ccd9a16-8fba-4256-a262-711a041861b6","block_type":"box","text":"prohibited under the restrictions listed above. The inv","page_number":32,"box":{"x":116,"y":655,"width":372,"height":13}},{"id":"906f6bce-ddf0-4105-bf40-2de2d1d76c6c","block_type":"box","text":"estment restrictions of each Underlying Fund are set","page_number":32,"box":{"x":488,"y":655,"width":360,"height":13}},{"id":"80986eaa-1774-4d45-957c-c889177e0726","block_type":"box","text":"forth in its respective statement of additional information.","page_number":32,"box":{"x":116,"y":671,"width":401,"height":13}},{"id":"a0fec1ff-730d-484a-8b17-831a9b2584b8","block_type":"box","text":"III. Information on Trustees and Officers","page_number":32,"box":{"x":116,"y":699,"width":339,"height":10}},{"id":"8e4ece2d-6f51-453f-9179-96685d0d9903","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Tr","page_number":32,"box":{"x":116,"y":723,"width":376,"height":12}},{"id":"de909055-e496-4b3e-a08c-7c88399b8bfe","block_type":"box","text":"ustee”), eleven of whom are not “interested persons” of","page_number":32,"box":{"x":493,"y":723,"width":387,"height":12}},{"id":"826d5909-a48e-43bf-a070-21bf641e1501","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":32,"box":{"x":116,"y":738,"width":757,"height":13}},{"id":"2fd29c8f-7c79-4464-ae2e-a116dbdca177","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":32,"box":{"x":116,"y":754,"width":741,"height":12}},{"id":"903b2246-308c-4541-8d6f-2a52f6afe79a","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a","page_number":32,"box":{"x":116,"y":769,"width":748,"height":13}},{"id":"a59e8734-3480-4cc1-8bfc-46bf57e3a45b","block_type":"box","text":"“BlackRock Fund Complex”). The Trust is include","page_number":32,"box":{"x":117,"y":785,"width":353,"height":12}},{"id":"957c79f7-26ae-45b7-a38a-491f03895ace","block_type":"box","text":"d in the BlackRock Fund Complex referred to as the","page_number":32,"box":{"x":471,"y":785,"width":363,"height":12}},{"id":"9c4660e1-6113-43fd-9253-bf85758c5439","block_type":"box","text":"BlackRock Multi-Asset Complex. The Trustees also oversee as board members the operations of the","page_number":32,"box":{"x":116,"y":800,"width":695,"height":13}},{"id":"09301a4f-8048-499a-859a-504bf8445ca5","block_type":"box","text":"other open-end registered investment companies included in the BlackRock Multi-Asset Complex.","page_number":32,"box":{"x":116,"y":816,"width":679,"height":12}},{"id":"2bdaa878-cc84-4ccb-913e-2973bff229d4","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and each Fund. The Chair of the Board is","page_number":32,"box":{"x":116,"y":839,"width":747,"height":13}},{"id":"1c586ce9-d922-49b5-86b4-8b2134df31e8","block_type":"box","text":"an Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent","page_number":32,"box":{"x":116,"y":854,"width":736,"height":13}},{"id":"4f811197-c0f6-4360-abfe-d9764573cb5e","block_type":"box","text":"I-13","page_number":32,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"0e129927-7dc2-4723-9722-d2273e2466ee","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":32,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4115aca2-9fcc-4853-a5ad-70181cb0f19a","block_type":"box","text":"Trustee. The Board has five standing Committees: an Audit Committee, a Governance and Nominating","page_number":33,"box":{"x":116,"y":79,"width":718,"height":13}},{"id":"be04f284-5586-43cd-9fc7-a1f48fc9a418","block_type":"box","text":"Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics","page_number":33,"box":{"x":117,"y":94,"width":688,"height":13}},{"id":"abbafd43-a361-4ddd-81f1-78100de43675","block_type":"box","text":"Committee. The role of the Chair of the Board is to preside at all meetings of the Board and to act as a liaison","page_number":33,"box":{"x":117,"y":110,"width":760,"height":13}},{"id":"16584da1-dd1a-4ad4-845a-b57784e6f0e8","block_type":"box","text":"with service providers, officers, attorneys and other Tru","page_number":33,"box":{"x":116,"y":125,"width":386,"height":13}},{"id":"00b9d98c-57b6-478b-9e25-8667b73388d9","block_type":"box","text":"stees generally between meetings. The Chair of each","page_number":33,"box":{"x":503,"y":125,"width":360,"height":13}},{"id":"e07908d2-b564-45a9-877f-fb41ca3aa806","block_type":"box","text":"Committee performs a similar role with respect to the Committee. The Chair of the Board or the Chair of a","page_number":33,"box":{"x":117,"y":141,"width":744,"height":13}},{"id":"c861c26a-f4a8-42a9-8218-3f804d93a841","block_type":"box","text":"Committee may also perform such other functions as may be delegated by the Board or the Committee from","page_number":33,"box":{"x":117,"y":156,"width":752,"height":13}},{"id":"da80d656-cf5e-4a6d-838f-7015a9795e0a","block_type":"box","text":"time to time. The Independent Trustees meet regularly outside the presence of Fund management, in executive","page_number":33,"box":{"x":116,"y":172,"width":763,"height":13}},{"id":"22150353-fc17-4866-83fc-13b791621494","block_type":"box","text":"session or with other service providers to each Fund. The Board has regular meetings five times a year, and","page_number":33,"box":{"x":116,"y":187,"width":740,"height":13}},{"id":"53424705-67ac-42d5-86fa-d80bc8ef50fc","block_type":"box","text":"may hold special meetings if required before its next regular meeting. Each Committee meets regularly to","page_number":33,"box":{"x":116,"y":203,"width":727,"height":13}},{"id":"e2b744d0-d6cb-44cf-b96a-6ba1fe9070b6","block_type":"box","text":"conduct the oversight functions delegated to that Committee by the Board and reports its findings to the","page_number":33,"box":{"x":116,"y":218,"width":722,"height":13}},{"id":"7d3011d1-5771-4e2e-be2c-48d7281f303b","block_type":"box","text":"Board. The Board and each standing Committee conduct annual assessments of their oversight function and","page_number":33,"box":{"x":116,"y":234,"width":749,"height":13}},{"id":"6f64f3e9-c388-42a9-97fe-8cc80047070a","block_type":"box","text":"structure. The Board has determined that the Board’s le","page_number":33,"box":{"x":116,"y":249,"width":385,"height":10}},{"id":"af76635d-7cbc-4f17-bdc3-1d10e63a9b2c","block_type":"box","text":"adership structure is appropriate because it allows the","page_number":33,"box":{"x":502,"y":249,"width":372,"height":13}},{"id":"f2aec428-3465-4f45-b0a5-5accb37b9bd0","block_type":"box","text":"Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":33,"box":{"x":116,"y":265,"width":723,"height":13}},{"id":"fa9d3652-f972-4893-ba72-1baca3dbc8af","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":33,"box":{"x":117,"y":280,"width":425,"height":13}},{"id":"3d0e185d-2b13-4203-a2dc-003f8511ea58","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":33,"box":{"x":116,"y":304,"width":766,"height":12}},{"id":"9ef0c2a6-9357-49ef-9f84-8c1caf2bfe9c","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in","page_number":33,"box":{"x":116,"y":319,"width":694,"height":13}},{"id":"d24d4806-ecb9-49ef-adb8-3c37d5b9f2d1","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s","page_number":33,"box":{"x":116,"y":335,"width":751,"height":12}},{"id":"5c367a8e-27af-478c-9cae-f20f20e8a5a2","block_type":"box","text":"charter, and each Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, each","page_number":33,"box":{"x":116,"y":350,"width":741,"height":13}},{"id":"1f5b74d7-307c-4d46-841d-07f6bfa1bbc6","block_type":"box","text":"Fund’s performance, operations and investment strategies and techniques. The Board also conducts reviews of","page_number":33,"box":{"x":116,"y":366,"width":764,"height":12}},{"id":"c7837412-4cc5-4bc7-9bb0-5506b7de52db","block_type":"box","text":"the Manager and its role in running the operations of each Fund.","page_number":33,"box":{"x":116,"y":381,"width":449,"height":13}},{"id":"63b6cce1-298c-45a2-9403-eb8f0a53f40f","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager or","page_number":33,"box":{"x":116,"y":404,"width":655,"height":13}},{"id":"d0624859-3f9a-4f3d-8adf-e548d6a72873","block_type":"box","text":"of sub-advisers or other service providers (depending on the nature of the risk), subject to the supervision of","page_number":33,"box":{"x":116,"y":420,"width":747,"height":13}},{"id":"bdc669df-b283-445f-8bf4-bcfd4f14a903","block_type":"box","text":"the Manager. Each Fund is subject to a number of risks, including investment, compliance, operational and","page_number":33,"box":{"x":116,"y":435,"width":744,"height":13}},{"id":"372d409f-a793-4c2c-a60b-acc65c2c343d","block_type":"box","text":"valuation risks, among others. While there are a number of risk management functions performed by the","page_number":33,"box":{"x":116,"y":451,"width":727,"height":13}},{"id":"818d9eb1-f6c7-46da-b624-94edc9b1c927","block_type":"box","text":"Manager and the sub-advisers or other service providers, as applicable, it is not possible to eliminate all of the","page_number":33,"box":{"x":116,"y":467,"width":761,"height":12}},{"id":"464f98ae-dc64-4daf-887c-84e141d3d07b","block_type":"box","text":"risks applicable to the Funds. Risk oversight forms part of the Board’s general oversight of each Fund and is","page_number":33,"box":{"x":116,"y":482,"width":748,"height":13}},{"id":"23399665-e7d3-4c21-ac9d-38c4b4997789","block_type":"box","text":"addressed as part of various Board and Committee activities. The Board, directly or through a Committee,","page_number":33,"box":{"x":116,"y":498,"width":738,"height":12}},{"id":"15c3b7dc-fb75-48fd-aea8-effdf7d2db39","block_type":"box","text":"also reviews reports from, among others, management, the independent registered public accounting firm for","page_number":33,"box":{"x":116,"y":513,"width":755,"height":13}},{"id":"f2f59396-2f54-4988-948e-630ad3bdb417","block_type":"box","text":"each Fund, sub-advisers and internal auditors for the investment adviser or its affiliates, as appropriate,","page_number":33,"box":{"x":116,"y":529,"width":715,"height":12}},{"id":"e0c54293-0974-483c-98d1-6d2f863e1e7a","block_type":"box","text":"regarding risks faced by each Fund and management’s or the service provider’s risk functions. The Committee","page_number":33,"box":{"x":116,"y":544,"width":762,"height":13}},{"id":"49a64065-53f4-4231-8846-21fecacaa3f7","block_type":"box","text":"system facilitates the timely and efficient consideration of matters by the Trustees, and facilitates effective","page_number":33,"box":{"x":116,"y":560,"width":729,"height":12}},{"id":"b95ec893-1d3e-4fcb-9466-3abd34f763d9","block_type":"box","text":"oversight of compliance with legal and regulatory requirements and of each Fund’s activities and associated","page_number":33,"box":{"x":116,"y":575,"width":745,"height":13}},{"id":"89fc346f-38fe-4bde-90c2-eb44908262a2","block_type":"box","text":"risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and testing of","page_number":33,"box":{"x":116,"y":591,"width":753,"height":12}},{"id":"c6bbe1c0-a4dc-4be0-9690-9f4bfb8eafa4","block_type":"box","text":"the Trust’s compliance program and reports to the Board regarding compliance matters for the Funds and","page_number":33,"box":{"x":116,"y":606,"width":735,"height":13}},{"id":"e87c8b34-b6f2-4595-9c20-ce24d3c8c887","block_type":"box","text":"their service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":33,"box":{"x":116,"y":622,"width":738,"height":12}},{"id":"b025ac60-b0a9-48e8-90c2-426d14e55b89","block_type":"box","text":"performing their oversight responsibilities.","page_number":33,"box":{"x":116,"y":637,"width":292,"height":13}},{"id":"fc9bd3d8-8ab1-4308-ab62-691eedf83f3e","block_type":"box","text":"Audit Committee.","page_number":33,"box":{"x":116,"y":660,"width":124,"height":10}},{"id":"29a16d64-7a47-4964-a560-9db2fc3161d6","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer","page_number":33,"box":{"x":246,"y":660,"width":588,"height":13}},{"id":"03e041ee-2f8d-40b7-bffd-815ad7f5e113","block_type":"box","text":"(Chair), Neil A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent","page_number":33,"box":{"x":117,"y":676,"width":747,"height":13}},{"id":"83c1c049-9855-4472-8c62-d22cecbf0ee4","block_type":"box","text":"Trustees. The principal responsibilities of the Audit Committee are to approve, and recommend to the full","page_number":33,"box":{"x":116,"y":691,"width":735,"height":13}},{"id":"9683b968-981f-4f8c-be54-b5d109d25c5e","block_type":"box","text":"Board for approval, the selection, retention, termination and compensation of each Fund’s independent","page_number":33,"box":{"x":116,"y":707,"width":716,"height":13}},{"id":"6bb5539b-c88c-40bd-9cd0-2ddb655ea28f","block_type":"box","text":"registered public accounting firm (the “Independent Registered Public Accounting Firm”) and to oversee the","page_number":33,"box":{"x":116,"y":722,"width":749,"height":13}},{"id":"4a3ff90d-772d-47b1-a7ec-21b7e6b7b936","block_type":"box","text":"Independent Registered Public Accounting Firm’s w","page_number":33,"box":{"x":116,"y":738,"width":360,"height":13}},{"id":"8250f292-8ede-4725-8a52-0db569f61f1c","block_type":"box","text":"ork. The Audit Committee’s responsibilities include,","page_number":33,"box":{"x":476,"y":738,"width":361,"height":13}},{"id":"550c1be5-85b0-411c-b4c9-ddcf304ed6f7","block_type":"box","text":"without limitation, to (1) evaluate the qualifications and independence of the Independent Registered Public","page_number":33,"box":{"x":116,"y":753,"width":747,"height":13}},{"id":"c5c986c0-e5f4-477d-994d-02b35c2d4131","block_type":"box","text":"Accounting Firm; (2) approve all audit engagement terms and fees for each Fund; (3) review the conduct and","page_number":33,"box":{"x":116,"y":769,"width":754,"height":13}},{"id":"c7d74700-cab0-41ac-86bf-14ad861ca881","block_type":"box","text":"results of each independent audit of each Fund’s annual financial statements; (4) review any issues raised by","page_number":33,"box":{"x":116,"y":784,"width":746,"height":13}},{"id":"ed52a15e-b5c2-4b51-a154-72a5bdf97073","block_type":"box","text":"the Independent Registered Public Accounting Firm or Fund management regarding the accounting or","page_number":33,"box":{"x":116,"y":800,"width":708,"height":13}},{"id":"403cde82-f358-41c2-9625-28f9aad444a8","block_type":"box","text":"financial reporting policies and practices of each Fund and the internal controls of each Fund and certain","page_number":33,"box":{"x":116,"y":815,"width":726,"height":13}},{"id":"37da0fb0-c1a6-4f90-90c2-f8cc915d27ef","block_type":"box","text":"service providers; (5) oversee the performance of each Fund’s Independent Registered Public Accounting Firm;","page_number":33,"box":{"x":116,"y":831,"width":763,"height":13}},{"id":"c78e9a9f-cd41-4530-bbdd-dafa709bfecb","block_type":"box","text":"(6) review and discuss with management and each Fund’s Independent Registered Public Accounting Firm the","page_number":33,"box":{"x":117,"y":846,"width":760,"height":13}},{"id":"bd10626e-51e9-4249-bd40-5093b7d5d23a","block_type":"box","text":"performance and findings of each Fund’s internal auditors; (7) discuss with Fund management its policies","page_number":33,"box":{"x":116,"y":862,"width":730,"height":13}},{"id":"08916604-623e-4929-9082-979bc25ae8db","block_type":"box","text":"I-14","page_number":33,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"6bd3489b-ff5c-45de-82e6-30dc2a470a54","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":33,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8adf3a8c-d5a8-48ca-8c01-10e13c503447","block_type":"box","text":"regarding risk assessment and risk management as such matters relate to each Fund’s financial reporting and","page_number":34,"box":{"x":116,"y":79,"width":752,"height":13}},{"id":"ba5fffb2-7451-46c5-8c2a-44cfde577386","block_type":"box","text":"controls; (8) resolve any disagreements between Fund management and the Independent Registered Public","page_number":34,"box":{"x":116,"y":94,"width":735,"height":13}},{"id":"35a619db-b374-4cee-b5e8-fdea59c8d7d7","block_type":"box","text":"Accounting Firm regarding financial reporting; and (9) undertake such other duties and responsibilities as may","page_number":34,"box":{"x":116,"y":110,"width":766,"height":13}},{"id":"e04efd28-03b5-4c81-b673-67cae048dc3f","block_type":"box","text":"from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written","page_number":34,"box":{"x":116,"y":125,"width":714,"height":13}},{"id":"b8c127d1-4509-4522-aafb-45217a2cb4a4","block_type":"box","text":"charter for the Audit Committee. During the fiscal year ended December 31, 2025, the Audit Committee met","page_number":34,"box":{"x":116,"y":141,"width":757,"height":13}},{"id":"17e46636-b51b-4a94-a15b-7cac7e6f590e","block_type":"box","text":"four times.","page_number":34,"box":{"x":116,"y":156,"width":73,"height":10}},{"id":"336cc620-bc5f-4eaa-8013-a048f8b41a4e","block_type":"box","text":"Governance and Nominating Committee.","page_number":34,"box":{"x":117,"y":179,"width":288,"height":13}},{"id":"ea11408c-58d3-45a6-87db-9f52e0def9e9","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":34,"box":{"x":411,"y":179,"width":459,"height":13}},{"id":"f3817fe4-b818-4f4b-976b-c635b11071db","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter,","page_number":34,"box":{"x":117,"y":195,"width":724,"height":13}},{"id":"f6e5e4d5-edf6-493a-baa5-f4429c9f5644","block_type":"box","text":"Collette Chilton and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of","page_number":34,"box":{"x":117,"y":210,"width":758,"height":13}},{"id":"864e4aa5-2569-4bd8-8571-b65efe5fe856","block_type":"box","text":"the Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the","page_number":34,"box":{"x":116,"y":226,"width":736,"height":12}},{"id":"e60ed0df-1e1f-4a8a-b8d2-9932f811ab87","block_type":"box","text":"Trust and recommend Independent Trustee nominees for election by shareholders or appointment by the","page_number":34,"box":{"x":116,"y":241,"width":727,"height":13}},{"id":"9ffdcfb6-0745-4740-9d01-82e5a39b3414","block_type":"box","text":"Board; (2) advise the Board with respect to Board compos","page_number":34,"box":{"x":116,"y":256,"width":402,"height":13}},{"id":"6ff8d587-85cb-4e1f-baa4-bf34b4382ef4","block_type":"box","text":"ition, procedures and committees (other than the","page_number":34,"box":{"x":519,"y":256,"width":338,"height":13}},{"id":"95362ed7-085d-4f0f-b9e4-7ca67fa43d06","block_type":"box","text":"Audit Committee); (3) oversee periodic self-assessments of","page_number":34,"box":{"x":116,"y":272,"width":404,"height":13}},{"id":"97e1a0d6-e59e-40a4-b6ef-7a86bffdb699","block_type":"box","text":"the Board and committees of the Board (other than","page_number":34,"box":{"x":524,"y":272,"width":355,"height":12}},{"id":"b0fb1e13-af71-4bdf-b2d4-f6dfb6b5a0c4","block_type":"box","text":"the Audit Committee); (4) review and make recommendati","page_number":34,"box":{"x":116,"y":287,"width":407,"height":12}},{"id":"9c3f26a4-b073-4cfb-a1cb-a0f112f2fa3a","block_type":"box","text":"ons regarding Independent Trustee compensation;","page_number":34,"box":{"x":524,"y":287,"width":346,"height":13}},{"id":"acc084f3-0cf7-4405-b965-07ae550ff66c","block_type":"box","text":"(5) monitor corporate governance matters and develop appropriate recommendations to the Board; (6) act as","page_number":34,"box":{"x":117,"y":302,"width":756,"height":13}},{"id":"b658cf2e-1969-4087-a87b-0bed7a36b7a5","block_type":"box","text":"the administrative committee with respect to Board","page_number":34,"box":{"x":116,"y":318,"width":356,"height":13}},{"id":"14dd3832-7e0a-4a83-a6cb-53983ba014e7","block_type":"box","text":"policies and procedures, committee policies and","page_number":34,"box":{"x":476,"y":318,"width":331,"height":13}},{"id":"d8336521-3aaf-466d-a7fc-a88b1a2bf6be","block_type":"box","text":"procedures (other than the Audit Committee) and codes of ethics as they relate to Independent Trustees; and","page_number":34,"box":{"x":116,"y":333,"width":752,"height":13}},{"id":"71b2810e-c24d-46d5-81b4-4d089b9ba21d","block_type":"box","text":"(7) undertake such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":34,"box":{"x":117,"y":349,"width":760,"height":12}},{"id":"700eeda6-49d9-413f-94d0-e95e1fdd5ed9","block_type":"box","text":"Governance Committee. The Governance Committee may consider nominations for Trustees made by each","page_number":34,"box":{"x":117,"y":364,"width":745,"height":13}},{"id":"ba8001ad-62a8-473e-a740-fb255a14448c","block_type":"box","text":"Fund’s shareholders as it deems appropriate. Fund shareholders who wish to recommend a nominee should","page_number":34,"box":{"x":116,"y":379,"width":746,"height":13}},{"id":"54b239e7-b140-44c5-a121-a09d87b43107","block_type":"box","text":"send nominations to the Secretary of the Trust that include biographical information and set forth the","page_number":34,"box":{"x":116,"y":395,"width":705,"height":13}},{"id":"db9e6ab7-cfc8-425d-98ad-f3811a5f7306","block_type":"box","text":"qualifications of the proposed nominee. The Board has adopted a written charter for the Governance","page_number":34,"box":{"x":116,"y":410,"width":701,"height":13}},{"id":"74d5aba9-93c3-4eb0-96d5-6103cbaa522a","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Governance Committee met eleven times.","page_number":34,"box":{"x":117,"y":425,"width":744,"height":13}},{"id":"54dab9d4-0b40-4671-bf72-63c7a4690363","block_type":"box","text":"Compliance Committee.","page_number":34,"box":{"x":117,"y":449,"width":167,"height":13}},{"id":"a0c4b7f5-211b-490a-9521-38fd120fbbd7","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are","page_number":34,"box":{"x":290,"y":449,"width":558,"height":13}},{"id":"454d0669-c3f3-486b-b482-4a5cb0885fe4","block_type":"box","text":"Claire A. Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish,","page_number":34,"box":{"x":117,"y":464,"width":761,"height":13}},{"id":"fbf3e516-4bdf-4241-ad07-646b7f6485aa","block_type":"box","text":"all of whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling","page_number":34,"box":{"x":116,"y":480,"width":767,"height":13}},{"id":"8a37cdf5-88cd-4838-9011-45244617d889","block_type":"box","text":"its responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related","page_number":34,"box":{"x":116,"y":495,"width":755,"height":13}},{"id":"38d829d5-a838-4f11-bd92-66c97b28f02c","block_type":"box","text":"activities of BFA and any sub-adviser and the Trust’s third-party service providers. The Compliance","page_number":34,"box":{"x":116,"y":511,"width":690,"height":13}},{"id":"d9b37f97-d6cb-4463-94dd-654091a0638a","block_type":"box","text":"Committee’s responsibilities include, without limitation, to","page_number":34,"box":{"x":117,"y":526,"width":406,"height":13}},{"id":"3dce81ca-7e6c-4f06-974f-34584cee9d07","block_type":"box","text":"(1) oversee the compliance policies and procedures","page_number":34,"box":{"x":529,"y":526,"width":350,"height":13}},{"id":"2074d189-3ada-4d4d-8756-1166fb1b8dbe","block_type":"box","text":"of the Trust and its service providers and recommend changes or additions to such policies and procedures;","page_number":34,"box":{"x":116,"y":542,"width":743,"height":13}},{"id":"ce4cf2ec-cbcf-4d9e-b121-0efd35558566","block_type":"box","text":"(2) review information on and, where appropriate, recommend policies concerning the Trust’s compliance","page_number":34,"box":{"x":117,"y":557,"width":735,"height":13}},{"id":"2cf27577-95d4-40d3-80ae-d9fbd525f232","block_type":"box","text":"with applicable law; (3) review reports from, oversee the annual performance review of, and make certain","page_number":34,"box":{"x":116,"y":573,"width":734,"height":13}},{"id":"a109adb7-cd79-426f-b727-ca3bf215fe6c","block_type":"box","text":"recommendations and determinations regarding the Trus","page_number":34,"box":{"x":116,"y":588,"width":395,"height":13}},{"id":"4517595d-d104-4db6-8bcd-fa8e3cb34291","block_type":"box","text":"t’s Chief Compliance Officer (the “CCO”), including","page_number":34,"box":{"x":512,"y":588,"width":368,"height":13}},{"id":"9631ac57-9a05-48e5-beaa-594bc8f63145","block_type":"box","text":"determining the amount and structure of the CCO’s compensation and recommending such amount and","page_number":34,"box":{"x":116,"y":604,"width":725,"height":13}},{"id":"53d4cac0-5893-4a84-87e9-a9313c405d09","block_type":"box","text":"structure to the full Board for approval and ratification; and (4) undertake such other duties and","page_number":34,"box":{"x":116,"y":619,"width":668,"height":13}},{"id":"167923f4-de65-4ce1-b7ca-9b9cf30c6596","block_type":"box","text":"responsibilities as may from time to time be delegated by the Board to the Compliance Committee. The Board","page_number":34,"box":{"x":116,"y":635,"width":762,"height":13}},{"id":"80fbba69-b5c1-4cdb-98b9-8691822ca53f","block_type":"box","text":"has adopted a written charter for the Compliance Committee. During the fiscal year ended December 31,","page_number":34,"box":{"x":116,"y":650,"width":729,"height":13}},{"id":"fdc13ac4-eba0-49f9-a4e3-e11e103c6761","block_type":"box","text":"2025, the Compliance Committee met four times.","page_number":34,"box":{"x":116,"y":666,"width":344,"height":13}},{"id":"8725b2b0-a712-4616-adef-d939cc433756","block_type":"box","text":"Performance Oversight Committee.","page_number":34,"box":{"x":116,"y":689,"width":247,"height":13}},{"id":"96942056-0af4-444c-a0c6-fa1027a57ec1","block_type":"box","text":"The members of the Performance Oversight Committee (the","page_number":34,"box":{"x":369,"y":689,"width":416,"height":13}},{"id":"b9b314a8-f7a2-42d6-b4e1-2db9ade5a52f","block_type":"box","text":"“Performance Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter,","page_number":34,"box":{"x":117,"y":705,"width":765,"height":12}},{"id":"9ee5ae74-48f5-4a20-863e-bcf727ba2196","block_type":"box","text":"Collette Chilton and Neil A. Cotty, all of whom are Independent Trustees. The Performance Oversight","page_number":34,"box":{"x":117,"y":720,"width":712,"height":13}},{"id":"4f3cc95a-dad1-476b-a946-1b54d4dbf3d8","block_type":"box","text":"Committee’s purpose is to assist the Board in fulfilling its responsibility to oversee each Fund’s investment","page_number":34,"box":{"x":117,"y":736,"width":732,"height":12}},{"id":"d89c55af-94df-436f-97c8-2658127ccc7e","block_type":"box","text":"performance relative to its agreed-upon performance objectives and to assist the Independent Trustees in their","page_number":34,"box":{"x":116,"y":751,"width":761,"height":13}},{"id":"c959882c-3ec2-4751-986d-a08928d87bb2","block_type":"box","text":"consideration of investment advisory agreements. The Performance Oversight Committee’s responsibilities","page_number":34,"box":{"x":116,"y":767,"width":737,"height":13}},{"id":"b0b646a1-e0e2-4863-afef-5d1bb1d65313","block_type":"box","text":"include, without limitation, to (1) review information on, and make recommendations to the full Board in","page_number":34,"box":{"x":116,"y":782,"width":735,"height":13}},{"id":"835958bd-de9e-431c-b099-544e853a7e6c","block_type":"box","text":"respect of, each Fund’s investment objective, policies and practices; (2) review information on each Fund’s","page_number":34,"box":{"x":116,"y":798,"width":734,"height":13}},{"id":"bc07d8b8-1d23-4045-941f-ee9930d0bd88","block_type":"box","text":"investment performance; (3) review information on appropriate benchmarks and competitive universes and","page_number":34,"box":{"x":116,"y":813,"width":744,"height":13}},{"id":"6403bd62-e922-46b6-999a-10891762ef62","block_type":"box","text":"unusual or exceptional investment matters; (4) review personnel and other resources devoted to management","page_number":34,"box":{"x":116,"y":829,"width":756,"height":13}},{"id":"e9664569-380f-4611-ad76-409ff4f477df","block_type":"box","text":"of each Fund and evaluate the nature and quality of information furnished to the Performance Oversight","page_number":34,"box":{"x":116,"y":844,"width":726,"height":13}},{"id":"68cfc598-0772-44a0-baf8-8100df43b2ec","block_type":"box","text":"Committee; (5) recommend any required action regarding changes in fundamental and non-fundamental","page_number":34,"box":{"x":117,"y":860,"width":725,"height":13}},{"id":"6dc0e1ae-6903-4c37-85c5-aef901e05cb6","block_type":"box","text":"I-15","page_number":34,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"3e660668-abb7-46ee-ad4d-d6b1b011d30e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":34,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c894a3e8-906e-49bc-9fcf-661f100e4dd5","block_type":"box","text":"investment policies and restrictions, fund mergers or liquidations; (6) request and review information on the","page_number":35,"box":{"x":116,"y":79,"width":748,"height":13}},{"id":"91a9de6e-f66d-4fec-9d11-7a6f941d31fc","block_type":"box","text":"nature, extent and quality of services provided to the shareholders; (7) make recommendations to the Board","page_number":35,"box":{"x":116,"y":94,"width":748,"height":13}},{"id":"e5766ff8-582e-4a8b-92e0-0a004ba2993f","block_type":"box","text":"concerning the approval or renewal of investment advisory agreements; and (8) undertake such other duties","page_number":35,"box":{"x":116,"y":110,"width":746,"height":13}},{"id":"1130c8ae-322d-454b-8c89-990f57ef2132","block_type":"box","text":"and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":35,"box":{"x":116,"y":125,"width":706,"height":13}},{"id":"3cc30771-203b-46d6-a82a-f14645691ad0","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the","page_number":35,"box":{"x":117,"y":141,"width":749,"height":13}},{"id":"d6d632dd-c72a-4f30-af2b-b186c0cf52b4","block_type":"box","text":"fiscal year ended December 31, 2025, the Performance Oversight Committee met five times.","page_number":35,"box":{"x":116,"y":156,"width":638,"height":13}},{"id":"35272aee-ab4b-4f25-b827-0f086badfff2","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":35,"box":{"x":116,"y":180,"width":191,"height":12}},{"id":"62bd1e38-42ec-410c-a602-bfc669d96711","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics","page_number":35,"box":{"x":313,"y":180,"width":481,"height":12}},{"id":"81a231a7-506f-43ae-8820-8f2f0d3d1f43","block_type":"box","text":"Committee”) are Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees,","page_number":35,"box":{"x":117,"y":195,"width":736,"height":13}},{"id":"9302935a-560f-4041-9c1a-13049b354f42","block_type":"box","text":"and John M. Perlowski, who serves as an interested Trustee. The principal responsibilities of the Ad Hoc","page_number":35,"box":{"x":116,"y":211,"width":726,"height":12}},{"id":"c26d6d99-f26b-4e4f-933d-333f8f39cbea","block_type":"box","text":"Topics Committee are to (1) act on routine matters between meetings of the Board; (2) act on such matters as","page_number":35,"box":{"x":116,"y":226,"width":759,"height":13}},{"id":"4f16204a-df8c-43e9-9d4c-ddd54677647e","block_type":"box","text":"may require urgent action between meetings of the Board; and (3) exercise such other authority as may from","page_number":35,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"b809facb-8d1a-4986-ad91-00349750060f","block_type":"box","text":"time to time be delegated to the Ad Hoc Topics Committee by the Board. The Board has adopted a written","page_number":35,"box":{"x":116,"y":257,"width":743,"height":13}},{"id":"f44df16a-16c1-485c-9cc6-eff94fdf4d27","block_type":"box","text":"charter for the Ad Hoc Topics Committee. During the fiscal year ended December 31, 2025, the Ad Hoc","page_number":35,"box":{"x":116,"y":273,"width":727,"height":12}},{"id":"93ed11bd-4167-4634-bf9f-6bffee4bc85e","block_type":"box","text":"Topics Committee did not meet.","page_number":35,"box":{"x":116,"y":288,"width":224,"height":13}},{"id":"4c762d8f-ed9e-45f0-b03a-7569b61c8f8f","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":35,"box":{"x":116,"y":311,"width":743,"height":13}},{"id":"b00cda98-1aa1-4ece-bffa-f4e87a66b15d","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the","page_number":35,"box":{"x":116,"y":327,"width":705,"height":13}},{"id":"815e4713-5780-412f-bebb-f96710213276","block_type":"box","text":"“Statement of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was","page_number":35,"box":{"x":117,"y":342,"width":752,"height":13}},{"id":"5e6d91a2-30a4-46fc-9301-a52a4a8b2724","block_type":"box","text":"initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement","page_number":35,"box":{"x":116,"y":358,"width":760,"height":13}},{"id":"0301ca75-9805-44f5-b74f-d0b518127a82","block_type":"box","text":"of Policy. Furthermore, in determining that a particular Independent Trustee was and continues to be","page_number":35,"box":{"x":116,"y":373,"width":702,"height":13}},{"id":"4b634d46-ea9d-4918-8279-0a49c8def450","block_type":"box","text":"qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was","page_number":35,"box":{"x":116,"y":389,"width":755,"height":13}},{"id":"be36c4f6-3450-408d-9561-59ec3fb102f0","block_type":"box","text":"controlling. The Board believes that, collectively, the Independent Trustees have balanced and diverse","page_number":35,"box":{"x":116,"y":404,"width":702,"height":13}},{"id":"f89f6170-5d72-4b52-932b-4665328493e1","block_type":"box","text":"experience, skills, attributes and qualifications, which allow the Board to operate effectively in governing the","page_number":35,"box":{"x":116,"y":420,"width":752,"height":13}},{"id":"37b24077-94de-4480-a98a-6dec02be4368","block_type":"box","text":"Trust and protecting the interests of shareholders. Am","page_number":35,"box":{"x":116,"y":435,"width":375,"height":13}},{"id":"d4285562-c039-4396-8c3c-5f26e934d25e","block_type":"box","text":"ong the attributes common to all Independent Trustees","page_number":35,"box":{"x":492,"y":435,"width":380,"height":13}},{"id":"e4015caf-b91b-42f2-9883-863de9003e05","block_type":"box","text":"are their ability to review critically, evaluate, question a","page_number":35,"box":{"x":116,"y":451,"width":384,"height":13}},{"id":"7f9ec3e1-27b7-495b-ba61-63fdddd291bf","block_type":"box","text":"nd discuss information provided to them, to interact","page_number":35,"box":{"x":501,"y":451,"width":362,"height":13}},{"id":"280093df-9fc5-453b-884f-2fc8c37d0df0","block_type":"box","text":"effectively with each Fund’s investment adviser, sub-advisers, other service providers, counsel and the","page_number":35,"box":{"x":116,"y":467,"width":701,"height":12}},{"id":"0aa28914-f27c-4c9b-8d22-738ac723675a","block_type":"box","text":"Independent Registered Public Accounting Firm, and to exercise effective business judgment in the","page_number":35,"box":{"x":116,"y":482,"width":680,"height":13}},{"id":"5e8fefbc-515a-4656-92b6-116efd57cbf0","block_type":"box","text":"performance of their duties as Trustees.","page_number":35,"box":{"x":116,"y":498,"width":273,"height":12}},{"id":"94698a2d-8701-4835-a01a-2248ff649c0c","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational","page_number":35,"box":{"x":116,"y":521,"width":682,"height":13}},{"id":"963a3bd4-fed9-4560-b0f6-a6ee4d60dbfa","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience","page_number":35,"box":{"x":116,"y":536,"width":736,"height":13}},{"id":"9a47f918-6ed6-4e1e-b1fa-a19fca56f783","block_type":"box","text":"from service as a board member of the Trust and the other funds in the BlackRock Fund Complexes (and any","page_number":35,"box":{"x":116,"y":552,"width":760,"height":13}},{"id":"4c8ccd8d-0398-445e-bfae-4213bb0e4cb4","block_type":"box","text":"predecessor funds), other investment funds, public companies, non-profit entities or other organizations;","page_number":35,"box":{"x":116,"y":567,"width":723,"height":13}},{"id":"014089d4-a6bc-4b90-83d4-182c027b7f5d","block_type":"box","text":"ongoing commitment to and participation in Board an","page_number":35,"box":{"x":116,"y":583,"width":377,"height":13}},{"id":"e0a53773-8ce0-48b6-bd8f-07047c944aa2","block_type":"box","text":"d Committee meetings, as well as his or her leadership","page_number":35,"box":{"x":494,"y":583,"width":375,"height":13}},{"id":"6d743eb3-827b-4f22-a547-82a99f72b07a","block_type":"box","text":"of standing and ad hoc committees throughout the years; or other relevant life experiences.","page_number":35,"box":{"x":116,"y":598,"width":629,"height":13}},{"id":"51ffd21b-dd94-4a0f-a505-95f2569960bd","block_type":"box","text":"Trustees Elect.","page_number":35,"box":{"x":117,"y":627,"width":104,"height":10}},{"id":"482a2bc1-4df5-4fbb-b90d-bced1f9726e3","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective July 1, 2026 (each, a","page_number":35,"box":{"x":115,"y":653,"width":762,"height":12}},{"id":"263a0e67-5f6f-4781-890c-4f406ae28233","block_type":"box","text":"“Trustee-Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the time of his service.","page_number":35,"box":{"x":117,"y":668,"width":764,"height":13}},{"id":"76c4e4f1-f5c7-41a4-961d-71463fe8ba7a","block_type":"box","text":"Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the Independent","page_number":35,"box":{"x":116,"y":684,"width":735,"height":12}},{"id":"19b526ef-440a-4650-92c8-23fa0510f356","block_type":"box","text":"Trustees in the performance of their duties to the Trust and is expected to serve in that capacity until July 1,","page_number":35,"box":{"x":116,"y":699,"width":747,"height":13}},{"id":"aa096a55-6e6e-4493-b8e8-fbc3a3c5f196","block_type":"box","text":"2026.","page_number":35,"box":{"x":116,"y":715,"width":39,"height":10}},{"id":"202cd64e-0820-4e59-9809-1061b521f6e4","block_type":"box","text":"I-16","page_number":35,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"9c59bb5e-17d1-47d0-9f8a-3a3d7bcd9df6","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":35,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bd6f631d-f0ea-4f66-a524-46918d5b8ae9","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":36,"box":{"x":116,"y":79,"width":712,"height":13}},{"id":"ca95761b-6cfb-4ab7-9bd5-ce7dacc40421","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":36,"box":{"x":116,"y":94,"width":471,"height":13}},{"id":"31755986-2a27-45b6-92c8-4857a4353cc6","block_type":"box","text":"Trustees","page_number":36,"box":{"x":116,"y":126,"width":48,"height":8}},{"id":"68a6bd7f-1545-4819-9818-23566fb46e15","block_type":"box","text":"Experience, Qualifications and Skills","page_number":36,"box":{"x":266,"y":126,"width":212,"height":10}},{"id":"9f073795-4e36-4028-9264-d63ebfa82885","block_type":"box","text":"Independent Trustees","page_number":36,"box":{"x":116,"y":148,"width":124,"height":10}},{"id":"9916d4f4-7e70-4bb0-aa4b-9c0387929d8a","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services industry, including","page_number":36,"box":{"x":116,"y":163,"width":735,"height":11}},{"id":"1e0240c4-990a-410f-bb5f-5ba93993c628","block_type":"box","text":"most recently serving as Chief Investment Officer of the California State Teachers Retirement System","page_number":36,"box":{"x":266,"y":174,"width":584,"height":10}},{"id":"16f6e6a2-9df1-437a-84d7-4ff0dc6fcc71","block_type":"box","text":"(CalSTRS) from 2000 to June 2024 where he led its investment program. Mr. Ailman currently is a","page_number":36,"box":{"x":267,"y":184,"width":574,"height":10}},{"id":"427c6278-856b-4c13-9d9b-a038421ffbd5","block_type":"box","text":"principal at Ailman Advisers. In addition, he has held various roles in the industry, including as member","page_number":36,"box":{"x":266,"y":194,"width":602,"height":11}},{"id":"721fe495-ac7e-428f-9aaa-43c687c07a16","block_type":"box","text":"and chair of the asset owner committee of the Kroner Center for Financial Research, chairman of the","page_number":36,"box":{"x":266,"y":205,"width":584,"height":10}},{"id":"c2405cde-3fcb-4bab-b711-75312f13cbfb","block_type":"box","text":"North American Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital","page_number":36,"box":{"x":266,"y":215,"width":587,"height":10}},{"id":"74c5df09-725a-42ec-b4e6-5f1c756d8308","block_type":"box","text":"Markets Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":36,"box":{"x":266,"y":225,"width":581,"height":11}},{"id":"cee836b5-d461-4dab-b712-bead70146de7","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the markets and the economy.","page_number":36,"box":{"x":266,"y":236,"width":608,"height":10}},{"id":"e60a6851-f101-42f6-bb4f-251057b8df8a","block_type":"box","text":"In addition, Mr. Ailman serves as a member of the Governance Committee and the Performance","page_number":36,"box":{"x":266,"y":246,"width":557,"height":10}},{"id":"14ea95cb-77b6-487b-a6b1-f59b42ad1d87","block_type":"box","text":"Oversight Committee.","page_number":36,"box":{"x":266,"y":256,"width":127,"height":11}},{"id":"771c4b40-b0a3-43fe-9a14-b710ba719f27","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has served as President &","page_number":36,"box":{"x":116,"y":272,"width":760,"height":10}},{"id":"424b32d6-64ef-44b8-9fe6-a8a63758feff","block_type":"box","text":"Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a registered investment adviser focused on","page_number":36,"box":{"x":266,"y":282,"width":614,"height":11}},{"id":"088ece56-a98f-4dc2-941d-d566af62a342","block_type":"box","text":"non-profit investors, from 1997 to 2013, Chief Executive Officer of CCI from 2013 to 2014 and Senior","page_number":36,"box":{"x":266,"y":293,"width":600,"height":10}},{"id":"88ad4c69-d4f9-42cc-9f48-c881de6e1145","block_type":"box","text":"Advisor to CCI in 2015. Ms. Carter also served as director of the Pacific Pension Institute from 2014 to","page_number":36,"box":{"x":266,"y":303,"width":600,"height":8}},{"id":"ab12280f-13c6-4bc8-b4fe-d7d0fd6c77ab","block_type":"box","text":"2018, trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board Member for","page_number":36,"box":{"x":266,"y":313,"width":598,"height":11}},{"id":"5627d828-2cdf-482c-b966-7933ffd5a3db","block_type":"box","text":"the Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021,","page_number":36,"box":{"x":266,"y":324,"width":573,"height":10}},{"id":"26c989db-a2b5-43b7-8d98-8d02e7bdad70","block_type":"box","text":"Advisory Board Member for Bridges Fund Management from 2016 to 2018, Advisory Board Member for","page_number":36,"box":{"x":266,"y":334,"width":612,"height":10}},{"id":"644c2166-9d9a-4e49-b673-e5a60ef64c9a","block_type":"box","text":"Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022, and Practitioner","page_number":36,"box":{"x":266,"y":344,"width":591,"height":10}},{"id":"9aedd7dd-e11b-43d7-bc37-f0ff7deb3eb9","block_type":"box","text":"Advisory Board Member for Private Capital Research Institute (“PCRI”) from 2017 to 2024. She","page_number":36,"box":{"x":266,"y":355,"width":564,"height":10}},{"id":"8549fb7f-fb6a-4c05-818f-671a086634e1","block_type":"box","text":"currently serves as Member of the President’s Counsel for Commonfund. These positions have provided","page_number":36,"box":{"x":266,"y":365,"width":601,"height":10}},{"id":"2d8292b9-f613-43dc-9781-a2e4ad680c78","block_type":"box","text":"her with insight and perspective on the markets and the economy.","page_number":36,"box":{"x":266,"y":375,"width":380,"height":11}},{"id":"07493ee5-767c-4750-b7b9-8c295fd664a2","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the position of Chief","page_number":36,"box":{"x":116,"y":391,"width":767,"height":10}},{"id":"1c8880dc-8c42-4291-b736-8c43b7777562","block_type":"box","text":"Investment Officer of Williams College from October 2006 to June 2023. Prior to that she was President","page_number":36,"box":{"x":266,"y":401,"width":606,"height":10}},{"id":"4635e197-e01e-418a-a162-da17e563c149","block_type":"box","text":"and Chief Investment Officer of Lucent Asset Management Corporation, where she oversaw\r\n$","page_number":36,"box":{"x":266,"y":412,"width":534,"height":10}},{"id":"f1099278-ac08-48b8-bbbb-7796eb489559","block_type":"box","text":"gp\r\napproximately $40 billion in pension and retirement savings assets for the company. These positions have","page_number":36,"box":{"x":266,"y":422,"width":612,"height":10}},{"id":"9eb8cafe-2a6b-42ed-8aed-4de0c753b727","block_type":"box","text":"provided her with insight and perspective on the markets and the economy.","page_number":36,"box":{"x":266,"y":432,"width":435,"height":10}},{"id":"b488ea0c-da33-424e-a854-1709bcea9267","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry, including 19 years at","page_number":36,"box":{"x":116,"y":448,"width":765,"height":10}},{"id":"dba950c7-79d7-4205-b4d0-7922eacd0119","block_type":"box","text":"Bank of America Corporation and its affiliates, where he served, at different times, as the Chief Financial","page_number":36,"box":{"x":266,"y":458,"width":607,"height":10}},{"id":"843cf7c8-1f09-425b-934e-0aa32bbef128","block_type":"box","text":"Officer of various businesses including Investment Banking, Global Markets, Wealth Management and","page_number":36,"box":{"x":266,"y":468,"width":595,"height":11}},{"id":"fb597f61-8389-4bc2-ad22-af8573d0bd38","block_type":"box","text":"Consumer and also served ten years as the Chief Accounting Officer for Bank of America Corporation.","page_number":36,"box":{"x":266,"y":479,"width":596,"height":10}},{"id":"2ab31c93-e8c5-4373-9d02-8f4c8819977d","block_type":"box","text":"Mr. Cotty has been determined by the Audit Committee to be an audit committee financial expert, as such","page_number":36,"box":{"x":266,"y":489,"width":616,"height":10}},{"id":"a451ff01-f160-4248-b9c7-adac0411b942","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":36,"box":{"x":266,"y":499,"width":295,"height":11}},{"id":"674669a3-7b83-4bab-a14c-842712776b52","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and global expertise","page_number":36,"box":{"x":116,"y":515,"width":745,"height":10}},{"id":"86afc717-6dbe-40e9-a074-fdea8ef8794a","block_type":"box","text":"gained through his 35 year career at KPMG, a global professional services organization and by his service","page_number":36,"box":{"x":266,"y":525,"width":611,"height":10}},{"id":"362eb84c-c679-4c06-9ae5-6a7f8466426e","block_type":"box","text":"as a director to both publicly and privately held organizations. He has extensive experience with issues","page_number":36,"box":{"x":266,"y":536,"width":593,"height":10}},{"id":"cc9cb083-9bba-4326-943c-9263400f95ed","block_type":"box","text":"facing complex, global companies and expertise in financial reporting, accounting, auditing, risk","page_number":36,"box":{"x":266,"y":546,"width":558,"height":10}},{"id":"d29a628c-f88e-4eb3-8043-f88775cc5897","block_type":"box","text":"management, and regulatory affairs for such companies. Mr. Keizer’s experience also includes service as","page_number":36,"box":{"x":266,"y":556,"width":601,"height":10}},{"id":"07647a41-72cb-4c3a-8729-1ff051f10c78","block_type":"box","text":"an audit committee chair to both publicly and privately held organizations across numerous industries","page_number":36,"box":{"x":266,"y":567,"width":591,"height":10}},{"id":"4f7c716e-897c-4c08-abc3-e049b4b61c58","block_type":"box","text":"including professional services, property and casualty reinsurance, insurance, diversified financial services,","page_number":36,"box":{"x":266,"y":577,"width":613,"height":10}},{"id":"fe2af91b-43d9-408c-815d-81b9963ddb19","block_type":"box","text":"banking, direct to consumer, business to business and technology. Mr. Keizer is a certified public","page_number":36,"box":{"x":266,"y":587,"width":561,"height":10}},{"id":"1abfb6a7-abc9-48b9-b2d3-60ec3a1e2518","block_type":"box","text":"accountant and also served on the board of the American Institute of Certified Public Accountants.","page_number":36,"box":{"x":266,"y":598,"width":572,"height":8}},{"id":"dd702e1a-d513-49d0-b040-c6253467776f","block_type":"box","text":"Mr. Keizer has been determined by the Audit Committee to be an audit committee financial expert, as","page_number":36,"box":{"x":266,"y":608,"width":590,"height":10}},{"id":"0d1055d6-1f59-48c5-be83-439600fc4e2d","block_type":"box","text":"such term is defined in the applicable Commission rules.","page_number":36,"box":{"x":266,"y":618,"width":325,"height":10}},{"id":"ec001007-46c0-4926-ba2f-abe2f99601f9","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered investment companies,","page_number":36,"box":{"x":116,"y":634,"width":752,"height":10}},{"id":"f3088e73-08cb-49c5-8538-7432412ea9d7","block_type":"box","text":"most recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds,","page_number":36,"box":{"x":266,"y":644,"width":582,"height":10}},{"id":"2e4f7341-d819-4e30-bbf5-5f78a397fdd2","block_type":"box","text":"including the legacy Merrill Lynch Investment Managers, L.P. (“MLIM”) funds. The Board benefits from","page_number":36,"box":{"x":266,"y":654,"width":610,"height":11}},{"id":"1599155e-a2ea-4ee5-892d-80b4c543ee62","block_type":"box","text":"Ms. Montgomery’s more than 20 years of academic experience as a professor at Harvard Business School","page_number":36,"box":{"x":266,"y":665,"width":611,"height":10}},{"id":"3359efce-1cc5-4669-8a17-c3e8f98b4988","block_type":"box","text":"where she taught courses on corporate strategy and corporate governance. Ms. Montgomery also has","page_number":36,"box":{"x":266,"y":675,"width":586,"height":10}},{"id":"6bbb0aad-e8d4-4e7d-876f-3b4dccd3c8ed","block_type":"box","text":"business management and corporate governance experience through her service on the corporate boards","page_number":36,"box":{"x":266,"y":685,"width":603,"height":11}},{"id":"41484677-bc0b-4bae-8457-a5192f50bdbc","block_type":"box","text":"of a variety of public companies. She has also authored numerous articles and books on these topics.","page_number":36,"box":{"x":266,"y":696,"width":582,"height":10}},{"id":"8ccd5aa0-92e7-4d7d-aaa3-8f07f357db9c","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive experience, including","page_number":36,"box":{"x":116,"y":711,"width":738,"height":10}},{"id":"35b1fb86-1141-47b6-8d3a-fa35070ac45f","block_type":"box","text":"through his service as president, director and investment committee chair for academic and not-for-profit","page_number":36,"box":{"x":266,"y":722,"width":608,"height":10}},{"id":"93c30d3b-b905-4db6-b17f-2ef652020993","block_type":"box","text":"organizations, and his experience as a partner, managing director and advisory director at Goldman Sachs","page_number":36,"box":{"x":266,"y":732,"width":614,"height":10}},{"id":"3f772bac-77e5-4dde-999e-470219a2153b","block_type":"box","text":"for 32 years. He also has investment management experience as a board member of Athena Capital","page_number":36,"box":{"x":266,"y":742,"width":575,"height":10}},{"id":"ffad1f67-9fcd-4167-ac5d-5d4108eccc53","block_type":"box","text":"Advisors LLC.","page_number":36,"box":{"x":266,"y":753,"width":83,"height":8}},{"id":"a989c7d1-7211-4d51-b03d-707d1db79c95","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry, most notably as the","page_number":36,"box":{"x":116,"y":768,"width":759,"height":10}},{"id":"fb7da8e6-cb6d-402a-8154-bba0e18320e2","block_type":"box","text":"first Director of the Office of Compliance Inspections and Examinations (“OCIE”) of the Securities and","page_number":36,"box":{"x":266,"y":778,"width":600,"height":11}},{"id":"37238d12-0c8a-4490-af8c-881e21aca105","block_type":"box","text":"Exchange Commission (“SEC”) from 1995 to 2009. During 14 years as the Director of OCIE, she led the","page_number":36,"box":{"x":266,"y":789,"width":611,"height":10}},{"id":"ba38ec51-0af1-485a-87de-ebd7bb7cfc94","block_type":"box","text":"SEC’s nationwide examination oversight program for advisers, mutual funds, hedge funds, broker-dealers,","page_number":36,"box":{"x":266,"y":799,"width":615,"height":10}},{"id":"d5624a32-44e6-465b-aeb8-a0e957f49980","block_type":"box","text":"stock exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various roles at the","page_number":36,"box":{"x":266,"y":809,"width":607,"height":11}},{"id":"61eac679-ef19-4bc8-a776-439e1d101dd4","block_type":"box","text":"SEC, including Associate Director for Enforcement for the SEC’s Pacific Regional Office and executive","page_number":36,"box":{"x":266,"y":820,"width":593,"height":10}},{"id":"803f6b98-d8c7-468a-85c5-d3d02e2fbcc6","block_type":"box","text":"assistant and senior advisor to then SEC Chairman Arthur Levitt. More recently, Ms. Richards served as","page_number":36,"box":{"x":266,"y":830,"width":604,"height":10}},{"id":"3443d9cf-2650-45f3-ae37-6695fab723e8","block_type":"box","text":"Chief Compliance Officer of the Asset and Wealth Management global lines of business at JPMorgan","page_number":36,"box":{"x":266,"y":840,"width":586,"height":11}},{"id":"b95355a4-038e-4767-97c5-749fcba27ad9","block_type":"box","text":"Chase & Co. from 2013 to 2018 where she led its global compliance program, advised business leaders","page_number":36,"box":{"x":266,"y":851,"width":599,"height":10}},{"id":"693bb30d-b505-44c9-b916-8e40fd83f2cd","block_type":"box","text":"on compliance issues, oversaw risk assessment, monitoring, testing and training, and maintained","page_number":36,"box":{"x":266,"y":861,"width":557,"height":10}},{"id":"ac895115-c8f1-4c2c-864d-03fd10ec3353","block_type":"box","text":"relationships with regulators. In addition, Ms. Richards served as a member of the National Adjudicatory","page_number":36,"box":{"x":266,"y":871,"width":611,"height":11}},{"id":"862f4141-a415-4d5b-8b27-7da5122c8dc7","block_type":"box","text":"I-17","page_number":36,"box":{"x":485,"y":917,"width":29,"height":9}},{"id":"a8238142-b7cb-49a8-954a-81dffdd6f132","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":36,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bb750e6e-1e3a-4f59-912d-e7c968e052f3","block_type":"box","text":"Trustees","page_number":37,"box":{"x":116,"y":76,"width":48,"height":8}},{"id":"217afb11-a343-4653-befc-ad539899ce2d","block_type":"box","text":"Experience, Qualifications and Skills","page_number":37,"box":{"x":266,"y":76,"width":212,"height":10}},{"id":"0035f0fa-4a12-4d7a-9f9e-7fef755d62e5","block_type":"box","text":"Council of the Financial Industry Regulatory Authority (FINRA) from 2019 to 2022 and held the chair","page_number":37,"box":{"x":266,"y":90,"width":598,"height":10}},{"id":"78925a62-8384-43d3-a3b2-f14ca4f0d946","block_type":"box","text":"and vice chair posts during her tenure. Prior thereto, from 2010 to 2013, she was a Principal at","page_number":37,"box":{"x":266,"y":101,"width":551,"height":10}},{"id":"35807b47-1a6d-4687-a51e-1067f58d7af3","block_type":"box","text":"PricewaterhouseCoopers LLP (“PwC”) and co-leader of its Asset Management Regulatory group. At","page_number":37,"box":{"x":266,"y":111,"width":583,"height":10}},{"id":"ffc12d6d-7d85-4cc1-b468-26ac9c1c4f32","block_type":"box","text":"PwC, she assisted a broad range of financial services clients in designing and implementing risk","page_number":37,"box":{"x":266,"y":122,"width":549,"height":10}},{"id":"865c3950-6080-4496-8bbe-67735ae2c439","block_type":"box","text":"management and compliance programs, and preparing for new regulatory expectations. These positions","page_number":37,"box":{"x":266,"y":132,"width":601,"height":11}},{"id":"5294d899-8baf-49a0-8ba1-779a79d06ad4","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well as asset","page_number":37,"box":{"x":266,"y":143,"width":557,"height":10}},{"id":"39d5ad45-178e-4769-aacb-1f22fd09b159","block_type":"box","text":"management regulation and compliance. In addition, Ms. Richards serves as a member of the Audit","page_number":37,"box":{"x":266,"y":154,"width":576,"height":10}},{"id":"cc341562-6d72-48d7-9d8c-8007bd72ec80","block_type":"box","text":"Committee and the Compliance Committee.","page_number":37,"box":{"x":266,"y":164,"width":255,"height":10}},{"id":"9704b4f1-e30c-40b4-9e1d-dfb1a87f52e3","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management from his over","page_number":37,"box":{"x":116,"y":180,"width":730,"height":11}},{"id":"ce046d2f-dd31-4a0e-8be0-e2a203ff332e","block_type":"box","text":"13 years of service as the Chief Investment Officer of the University of Delaware as well as from his","page_number":37,"box":{"x":267,"y":191,"width":575,"height":10}},{"id":"6e60c79e-8f06-45f6-a7e4-3b9224a7a374","block_type":"box","text":"various positions with First Union Corporation, including Senior Vice President and State Investment","page_number":37,"box":{"x":266,"y":202,"width":585,"height":10}},{"id":"ec34f768-f11a-4b1d-b58e-3ae16821df59","block_type":"box","text":"Director of First Investment Advisors. The Board benefits from his experience and perspective as the Chief","page_number":37,"box":{"x":266,"y":212,"width":616,"height":10}},{"id":"92fedfa8-3d5e-468e-b12a-986d9c4643b3","block_type":"box","text":"Investment Officer of a university endowment and from the oversight experience he gained from service","page_number":37,"box":{"x":266,"y":223,"width":600,"height":10}},{"id":"549770b1-fca0-4713-81d3-33fda4490a62","block_type":"box","text":"on various private and non-profit boards.","page_number":37,"box":{"x":266,"y":233,"width":240,"height":11}},{"id":"9d3a2fa1-fbfc-427f-ac5e-b11598a569a1","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment companies, most","page_number":37,"box":{"x":116,"y":249,"width":741,"height":11}},{"id":"094bb3d6-3540-4364-b103-67ecfdb96982","block_type":"box","text":"recently as a member of the boards of certain BlackRock-advised Funds and predecessor funds, including","page_number":37,"box":{"x":266,"y":260,"width":608,"height":10}},{"id":"88b6a6cf-acee-4a6a-8f2b-ab4a922dab1a","block_type":"box","text":"the legacy BlackRock funds. He has over 30 years of experience in public accounting. Mr. Urish has","page_number":37,"box":{"x":266,"y":271,"width":578,"height":10}},{"id":"c55fa06d-7e2e-438b-9c96-7487fd9d34fa","block_type":"box","text":"served as a managing member of an accounting and consulting firm. Mr. Urish has been determined by","page_number":37,"box":{"x":266,"y":281,"width":597,"height":10}},{"id":"bd4fdf06-7fba-46a6-89a8-50871f46aa7f","block_type":"box","text":"the Audit Committee to be an audit committee financial expert, as such term is defined in the applicable","page_number":37,"box":{"x":266,"y":292,"width":602,"height":10}},{"id":"d62be8f9-938e-4f67-93f6-0a6a2f45e870","block_type":"box","text":"Commission rules.","page_number":37,"box":{"x":266,"y":302,"width":106,"height":8}},{"id":"295b3553-a36d-47a4-92e0-1b4ac28b402f","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has served as the Chief","page_number":37,"box":{"x":116,"y":318,"width":757,"height":11}},{"id":"02eb8c9f-90ff-4532-b318-29ad1d562e3a","block_type":"box","text":"Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to","page_number":37,"box":{"x":266,"y":329,"width":588,"height":10}},{"id":"f5a75f87-e549-4f3a-875a-3c09bbf0760f","block_type":"box","text":"2015, an investment manager that specialized in long/short non-U.S. equity investments, and was an","page_number":37,"box":{"x":266,"y":340,"width":580,"height":10}},{"id":"c4d8e656-f7bd-460e-a9fe-d0fad3a5cfb6","block_type":"box","text":"owner and General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023, a firm","page_number":37,"box":{"x":266,"y":350,"width":571,"height":10}},{"id":"1c1b1db3-d622-46a1-ae4b-476e4ec1c2b7","block_type":"box","text":"focusing on long/short equities in global emerging and frontier markets. These positions have provided her","page_number":37,"box":{"x":266,"y":361,"width":617,"height":10}},{"id":"8c929740-35a3-4ba5-a6b7-d29857ff9014","block_type":"box","text":"with insight and perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":37,"box":{"x":266,"y":371,"width":593,"height":11}},{"id":"9e8bde61-7865-4f03-b4fa-464d1e49d307","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the applicable","page_number":37,"box":{"x":266,"y":382,"width":580,"height":10}},{"id":"b7295dcc-5ccd-457e-a1d9-172e6ce8ce69","block_type":"box","text":"Commission rules.","page_number":37,"box":{"x":266,"y":393,"width":106,"height":8}},{"id":"fdc8252b-43bf-49e2-8533-b47f5b525c6c","block_type":"box","text":"Trustees Elect","page_number":37,"box":{"x":117,"y":411,"width":80,"height":8}},{"id":"c24791bd-13c6-45fe-a785-3da109b515ef","block_type":"box","text":"Jeffrey Jarczyk Mr. Jarczyk is a CPA and has more than 30 years of experience in the financial services industry,","page_number":37,"box":{"x":115,"y":427,"width":711,"height":10}},{"id":"80daa7eb-b59f-4ff8-b44c-9b696c371470","block_type":"box","text":"including over 19 years at Fidelity Investments, where he served, at different times, as the Chief Auditor","page_number":37,"box":{"x":266,"y":438,"width":600,"height":10}},{"id":"ae77a473-1f70-458c-b324-772421dce1db","block_type":"box","text":"and the Chief Accounting Officer of Fidelity Investments’ parent company, FMR LLC. Prior to working at","page_number":37,"box":{"x":266,"y":448,"width":617,"height":10}},{"id":"d6ac192c-3439-49c8-a3de-71f5f0c17652","block_type":"box","text":"Fidelity, Mr. Jarczyk was a partner at Deloitte and Arthur Andersen for approximately 17 years. These","page_number":37,"box":{"x":266,"y":459,"width":596,"height":10}},{"id":"9f97fb30-0fb0-4e0b-8bfa-91f45da2793d","block_type":"box","text":"positions have allowed him to work extensively with audit and risk committees and company executives","page_number":37,"box":{"x":266,"y":469,"width":603,"height":11}},{"id":"d22878c8-32ad-479f-98ba-e2b360e52e80","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":37,"box":{"x":266,"y":480,"width":455,"height":10}},{"id":"ab84a749-f8a7-499f-9fae-58c01c7d24f8","block_type":"box","text":"Marc D. Stern Mr. Stern has more than 30 years of experience in investing and asset management. Mr. Stern served as","page_number":37,"box":{"x":116,"y":496,"width":748,"height":10}},{"id":"9b0e3f17-d1d8-4e67-a2c1-98ee30c2c36a","block_type":"box","text":"the Chief Executive Officer at Bessemer Trust, a wealth management business, for 13 years. During his","page_number":37,"box":{"x":266,"y":507,"width":595,"height":10}},{"id":"1b88ad9a-6bf4-4566-9b19-3c943d5111a6","block_type":"box","text":"tenure at Bessemer Trust, Mr. Stern served on the firm’s board of directors, chaired the board’s trust and","page_number":37,"box":{"x":266,"y":517,"width":607,"height":10}},{"id":"f2767165-0a82-4da3-bea4-499b2a28f346","block_type":"box","text":"investment committee, and led the firm’s executive committee. He also served as Bessemer’s Chief","page_number":37,"box":{"x":266,"y":528,"width":565,"height":10}},{"id":"c08dc9da-a723-4e1c-b4da-b25164901440","block_type":"box","text":"Investment Officer for 8 years, where he was Chair of the Investment Policy and Strategy Committee with","page_number":37,"box":{"x":266,"y":538,"width":613,"height":11}},{"id":"1c8b990e-28a8-41fa-a974-acb0e19f86ec","block_type":"box","text":"responsibility for overall asset allocation and investment strategy. Mr. Stern also served as Chair of the","page_number":37,"box":{"x":266,"y":549,"width":595,"height":10}},{"id":"5c5e12d1-1a94-41e6-93b7-89fe8e557991","block_type":"box","text":"Private Clients Investment group at AllianceBernstein. These positions provide Mr. Stern with insight and","page_number":37,"box":{"x":266,"y":560,"width":610,"height":10}},{"id":"6b1cb481-2255-417b-ba1b-3b91e9d85c35","block_type":"box","text":"perspective into investment management, the economy, and fiduciary governance.","page_number":37,"box":{"x":266,"y":570,"width":473,"height":10}},{"id":"2a83a0ca-3750-444a-88ba-9ffc69fa5a26","block_type":"box","text":"Interested Trustees","page_number":37,"box":{"x":116,"y":589,"width":109,"height":8}},{"id":"df081483-9978-4c9e-811d-d2981bceeddc","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30 years of","page_number":37,"box":{"x":116,"y":605,"width":715,"height":10}},{"id":"38534c71-d06d-479f-bf91-2753c7674298","block_type":"box","text":"experience in finance and asset management. In particular, Mr. Fairbairn’s positions as Vice Chairman of","page_number":37,"box":{"x":266,"y":615,"width":610,"height":10}},{"id":"fff5835f-b414-401b-9539-d864aa5c801d","block_type":"box","text":"BlackRock, Inc., Member of BlackRock’s Global Operating Committee and Co-Chair of BlackRock’s","page_number":37,"box":{"x":266,"y":626,"width":588,"height":10}},{"id":"4f2b4ec9-d1b0-41b9-a025-50e3a763b222","block_type":"box","text":"Human Capital Committee provide the Board with a wealth of practical business knowledge and","page_number":37,"box":{"x":266,"y":636,"width":561,"height":11}},{"id":"b900548b-13a6-4521-b114-1cc3bb08a5dc","block_type":"box","text":"leadership. In addition, Mr. Fairbairn has global investment management and oversight experience","page_number":37,"box":{"x":266,"y":647,"width":571,"height":10}},{"id":"bf0bafb1-da17-4181-9c17-e95433ce4322","block_type":"box","text":"through his former positions as Member of BlackRock’s Global Executive Committee, Global Head of","page_number":37,"box":{"x":266,"y":658,"width":594,"height":10}},{"id":"6c8b4686-36d7-4aed-8c6d-ce796df6e284","block_type":"box","text":"BlackRock’s Retail and iShares","page_number":37,"box":{"x":266,"y":668,"width":179,"height":8}},{"id":"3568c490-cb66-4e0a-9c1b-bd4c3d0ac1bb","block_type":"box","text":"®","page_number":37,"box":{"x":446,"y":668,"width":7,"height":6}},{"id":"366934ea-e8ef-48a5-aeff-ec78c8c080b2","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":37,"box":{"x":458,"y":668,"width":394,"height":10}},{"id":"c55b1a59-8290-42ba-a221-c8ec4ddac8ff","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s Strategic Partner","page_number":37,"box":{"x":266,"y":679,"width":572,"height":10}},{"id":"f827d015-b810-4173-8768-b0fa9fd8c8b7","block_type":"box","text":"Program and Strategic Product Management Group. Mr. Fairbairn also serves as a board member for the","page_number":37,"box":{"x":266,"y":689,"width":609,"height":11}},{"id":"b1aa75bf-b7ef-455f-b634-5b4b0a434a7f","block_type":"box","text":"funds in the BlackRock Fixed-Income Complex.","page_number":37,"box":{"x":266,"y":700,"width":277,"height":10}},{"id":"1bd86765-8b35-4eea-86ae-3591a743cde2","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as the Head of","page_number":37,"box":{"x":115,"y":716,"width":733,"height":11}},{"id":"96fdcfbe-4427-4708-a926-fdc70bf36660","block_type":"box","text":"BlackRock Global Accounting and Product Services since 2009, and as President and Chief Executive","page_number":37,"box":{"x":266,"y":727,"width":587,"height":10}},{"id":"643f169e-3517-4d42-855d-4f837fa33185","block_type":"box","text":"Officer of the BlackRock-advised Funds provides him with a strong understanding of the BlackRock","page_number":37,"box":{"x":266,"y":737,"width":585,"height":11}},{"id":"b7529327-7063-481a-885d-8aac86d02b7a","block_type":"box","text":"advised Funds, their operations, and the business and regulatory issues facing the BlackRock-advised","page_number":37,"box":{"x":266,"y":748,"width":583,"height":10}},{"id":"a16cb9d8-5a0f-42b4-b898-2ecd13753ad1","block_type":"box","text":"Funds. Mr. Perlowski’s prior position as Managing Director and Chief Operating Officer of the Global","page_number":37,"box":{"x":266,"y":759,"width":596,"height":10}},{"id":"4d69a3b7-4c30-4137-9122-6bd15133d60a","block_type":"box","text":"Product Group at Goldman Sachs Asset Management, and his former service as Treasurer and Senior Vice","page_number":37,"box":{"x":266,"y":769,"width":615,"height":10}},{"id":"c2aa35bd-84a6-4814-833b-6bdb1d78333d","block_type":"box","text":"President of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore Funds","page_number":37,"box":{"x":266,"y":780,"width":588,"height":8}},{"id":"d7240468-e287-45ab-9afa-0324000156fa","block_type":"box","text":"provides the Board with the benefit of his experience with the management practices of other financial","page_number":37,"box":{"x":266,"y":790,"width":592,"height":11}},{"id":"6c3eeef3-15aa-48c8-b91e-1a79e65aa147","block_type":"box","text":"companies. Mr. Perlowski also serves as a board member for the funds in the BlackRock Fixed-Income","page_number":37,"box":{"x":266,"y":801,"width":595,"height":10}},{"id":"13855d35-81ae-457f-b7bf-a78b93cec402","block_type":"box","text":"Complex. 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Executive Vice President, Chief\r\nAddlf","page_number":40,"box":{"x":367,"y":545,"width":250,"height":10}},{"id":"9e93dd14-e75a-4140-9e29-cb1d60b09bad","block_type":"box","text":"; , \r\nAuditor, Fidelity Investments from 2016 to\r\n2021EiViPidChif","page_number":40,"box":{"x":367,"y":555,"width":249,"height":10}},{"id":"3eb41d7d-8465-4dc7-a527-c2cfa4257dcc","block_type":"box","text":", y \r\n2021; Executive Vice President, Chief\r\nAffdl","page_number":40,"box":{"x":367,"y":564,"width":218,"height":10}},{"id":"9df50006-28f5-4dee-86ce-6f8d18e96354","block_type":"box","text":"; , \r\nAccounting Officer, Fidelity Investments\r\nf2007 2016","page_number":40,"box":{"x":367,"y":574,"width":233,"height":10}},{"id":"c2875ac1-1d66-44b9-b68a-33894c6c678d","block_type":"box","text":"g , \r\nfrom 2007 to 2016.","page_number":40,"box":{"x":367,"y":583,"width":114,"height":8}},{"id":"c6dee498-5f3d-4005-8fec-93f34a6171f8","block_type":"box","text":"26 RICs","page_number":40,"box":{"x":640,"y":537,"width":47,"height":7}},{"id":"05ab89d2-f758-47f1-a2ef-9d12c88bf9e8","block_type":"box","text":"consisting of\r\n169 Pfli","page_number":40,"box":{"x":640,"y":545,"width":73,"height":11}},{"id":"e743b55d-8f34-4add-a237-f35551de5721","block_type":"box","text":"g \r\n169 Portfolios","page_number":40,"box":{"x":640,"y":555,"width":82,"height":8}},{"id":"5331816b-2493-4dcf-a0b5-6cc9d45bce2a","block_type":"box","text":"None","page_number":40,"box":{"x":740,"y":537,"width":32,"height":7}},{"id":"93e69bdd-0d81-4830-8592-16967871a82d","block_type":"box","text":"Marc D. Stern","page_number":40,"box":{"x":116,"y":598,"width":82,"height":8}},{"id":"09cee11e-a599-4707-8dfc-e366123650d4","block_type":"box","text":"1962","page_number":40,"box":{"x":117,"y":608,"width":28,"height":7}},{"id":"98b57bf2-6cfc-4f64-9b02-730b6a5a291b","block_type":"box","text":"Trustee Elect Chief Executive Officer and Director, \r\nTf","page_number":40,"box":{"x":276,"y":598,"width":307,"height":10}},{"id":"da144784-c72c-4eeb-9156-95d524769abb","block_type":"box","text":"Bessemer Trust from 2013 to 2026.","page_number":40,"box":{"x":367,"y":607,"width":205,"height":8}},{"id":"ffdb48e7-61ad-4c20-ab0c-fe605ff66f9e","block_type":"box","text":"26 RICs","page_number":40,"box":{"x":640,"y":598,"width":47,"height":8}},{"id":"631b3804-3473-40bd-be5f-127a9bcd8afb","block_type":"box","text":"consisting of\r\n169 Pfli","page_number":40,"box":{"x":640,"y":607,"width":73,"height":10}},{"id":"559170af-1253-4b72-8c2c-d7e75e5269be","block_type":"box","text":"g \r\n169 Portfolios","page_number":40,"box":{"x":640,"y":616,"width":82,"height":8}},{"id":"3cc076c8-6bd6-4fe3-a556-51b4a605daf3","block_type":"box","text":"None","page_number":40,"box":{"x":740,"y":598,"width":32,"height":8}},{"id":"4f884b6e-3274-4c3b-a91d-feef6d0fd480","block_type":"box","text":"Interested Trustees","page_number":40,"box":{"x":116,"y":634,"width":109,"height":8}},{"id":"9044a483-c074-417a-9f45-3e41ae104707","block_type":"box","text":"5","page_number":40,"box":{"x":229,"y":634,"width":5,"height":5}},{"id":"7797b9b6-a1f1-4c54-8150-281445ec888e","block_type":"box","text":"Robert Fairbairn","page_number":40,"box":{"x":116,"y":648,"width":97,"height":8}},{"id":"20a0c275-e462-4bf9-86f1-9f1727810f88","block_type":"box","text":"1965","page_number":40,"box":{"x":117,"y":658,"width":28,"height":8}},{"id":"95858671-65dc-4016-97ac-3d48ad131097","block_type":"box","text":"Trustee","page_number":40,"box":{"x":276,"y":649,"width":43,"height":7}},{"id":"0d13f0b9-8ffa-4bfb-9ddc-c6e8532569cd","block_type":"box","text":"(Since 2018)","page_number":40,"box":{"x":277,"y":658,"width":70,"height":9}},{"id":"d033df59-8af1-4ae7-9fa5-bff47ee138c0","block_type":"box","text":"Vice Chairman of BlackRock, Inc. since\r\nbf lkklbl","page_number":40,"box":{"x":367,"y":648,"width":230,"height":10}},{"id":"ec9bf90d-fa74-47d0-8187-b0baa3da87dd","block_type":"box","text":", \r\n2019; Member of BlackRock’s Global\r\nhf","page_number":40,"box":{"x":367,"y":657,"width":220,"height":10}},{"id":"fc16d41f-9f5c-4739-9d9d-2968c484ac45","block_type":"box","text":"; \r\nOperating Committee; Co-Chair of\r\nBlkRk’HCil C","page_number":40,"box":{"x":367,"y":667,"width":204,"height":10}},{"id":"33d21a1e-124e-45f5-bb48-c7ef63942a8b","block_type":"box","text":"pg ; \r\nBlackRock’s Human Capital Committee;\r\nSiMiDif BlkRk","page_number":40,"box":{"x":367,"y":676,"width":236,"height":10}},{"id":"bfe4d4b7-d94f-4e05-aa86-5dc0092db9ea","block_type":"box","text":"p;\r\nSenior Managing Director of BlackRock, Inc.\r\nf2010 2019BlkRk’","page_number":40,"box":{"x":367,"y":686,"width":261,"height":10}},{"id":"a33476da-51c8-48c2-8b1d-06bcae7c0119","block_type":"box","text":"gg , \r\nfrom 2010 to 2019; oversaw BlackRock’s\r\nd","page_number":40,"box":{"x":367,"y":695,"width":241,"height":10}},{"id":"17fa735f-9e81-4db8-8fb7-d25c591661fc","block_type":"box","text":"; \r\nStrategic Partner Program and Strategic\r\nPdMGf2012","page_number":40,"box":{"x":367,"y":704,"width":228,"height":11}},{"id":"a31febce-f482-4c0e-8c28-765bf33d4dbb","block_type":"box","text":"ggg\r\nProduct Management Group from 2012 to\r\n2019Mbf hBd f M","page_number":40,"box":{"x":367,"y":714,"width":248,"height":10}},{"id":"3499ee91-8deb-4339-b508-0cd394ab894c","block_type":"box","text":"gp \r\n2019; Member of the Board of Managers of\r\nBlkRk ILLC f2011","page_number":40,"box":{"x":367,"y":723,"width":255,"height":10}},{"id":"0f4ee384-4eff-4007-a437-1d7bb8be7f7a","block_type":"box","text":"; g\r\nBlackRock Investments, LLC from 2011 to\r\nlbl d f lkkl","page_number":40,"box":{"x":367,"y":732,"width":249,"height":10}},{"id":"eca9c772-fcbf-46b9-a50d-4e291b24129c","block_type":"box","text":", \r\n2018; Global Head of BlackRock’s Retail\r\nd h\r\n® b\r\nf","page_number":40,"box":{"x":367,"y":742,"width":240,"height":10}},{"id":"25be5341-c3b2-415a-9d4c-eae0b0b4f987","block_type":"box","text":"; \r\nand iShares","page_number":40,"box":{"x":367,"y":751,"width":66,"height":8}},{"id":"93868f17-63ab-4dd5-94bc-e81ffbfad52a","block_type":"box","text":"®","page_number":40,"box":{"x":433,"y":751,"width":8,"height":6}},{"id":"ecb879f2-9d3f-4e3d-a35b-bae99afae1e2","block_type":"box","text":"businesses from 2012 to 2016.","page_number":40,"box":{"x":445,"y":751,"width":177,"height":8}},{"id":"b03a7f64-b1be-48dd-a819-9d9a99eaeaa7","block_type":"box","text":"76 RICs","page_number":40,"box":{"x":640,"y":649,"width":47,"height":7}},{"id":"5bc5a2eb-c451-41dd-b264-e9c30b963e0e","block_type":"box","text":"consisting of\r\n252 Pfli","page_number":40,"box":{"x":640,"y":657,"width":73,"height":11}},{"id":"cf70e651-6cea-4e66-9d3e-c951b1741960","block_type":"box","text":"g \r\n252 Portfolios","page_number":40,"box":{"x":640,"y":667,"width":82,"height":8}},{"id":"05dd5ad8-c46b-4e43-be7f-7a59f152b1d3","block_type":"box","text":"None","page_number":40,"box":{"x":740,"y":649,"width":32,"height":7}},{"id":"85aca7ec-7281-49d7-880c-ed99fdfe2848","block_type":"box","text":"John M. Perlowski \r\n1964","page_number":40,"box":{"x":115,"y":766,"width":109,"height":10}},{"id":"3c1c487e-2130-4bd0-a3bc-36ea5627c29e","block_type":"box","text":"6","page_number":40,"box":{"x":229,"y":767,"width":4,"height":5}},{"id":"a5a77765-622c-4409-98aa-9717ab9e4653","block_type":"box","text":"J\r\n1964","page_number":40,"box":{"x":117,"y":776,"width":28,"height":8}},{"id":"5751ac18-c261-42a4-bd03-b7723cbec8c6","block_type":"box","text":"Trustee","page_number":40,"box":{"x":276,"y":767,"width":43,"height":7}},{"id":"9ef766af-f26d-4d9d-9623-950ec4e888d3","block_type":"box","text":"(Since 2015)\r\nd","page_number":40,"box":{"x":277,"y":776,"width":70,"height":9}},{"id":"b6bece4d-cda3-4e49-81b5-63ee1e956161","block_type":"box","text":"()\r\nPresident and","page_number":40,"box":{"x":276,"y":785,"width":78,"height":8}},{"id":"9f1701e6-3877-4e07-84bb-dcb13a085c94","block_type":"box","text":"Chief","page_number":40,"box":{"x":276,"y":794,"width":31,"height":8}},{"id":"c00e55ca-7646-4c17-93e5-24d2405e51d4","block_type":"box","text":"Executive","page_number":40,"box":{"x":276,"y":804,"width":55,"height":8}},{"id":"4e913596-7067-4628-b653-a6ed589cba47","block_type":"box","text":"Officer","page_number":40,"box":{"x":276,"y":813,"width":40,"height":8}},{"id":"8524b7da-0656-4547-a33e-61d836793a84","block_type":"box","text":"(Since 2010)","page_number":40,"box":{"x":277,"y":823,"width":70,"height":9}},{"id":"a222946a-08b7-45db-b48d-c07649a2d446","block_type":"box","text":"Managing Director of BlackRock, Inc. since\r\n2009Hd f BlkRk Glbl","page_number":40,"box":{"x":367,"y":766,"width":254,"height":10}},{"id":"97cc4c4b-56b4-4a73-a457-c7da36937418","block_type":"box","text":"gg \r\n2009; Head of BlackRock Global\r\nAd d","page_number":40,"box":{"x":367,"y":776,"width":193,"height":9}},{"id":"9096261d-3cbd-41a5-8d0c-0199189a1606","block_type":"box","text":"; \r\nAccounting and Product Services since 2009;\r\nAdiDif FilR","page_number":40,"box":{"x":367,"y":785,"width":259,"height":10}},{"id":"38c5977d-90b5-4dd5-9fa9-1de0b40afca9","block_type":"box","text":"g \r\nAdvisory Director of Family Resource\r\nNk (hiblfdi) i","page_number":40,"box":{"x":367,"y":794,"width":219,"height":10}},{"id":"3e5426c7-0f3c-442a-a45b-03a23574899d","block_type":"box","text":"y y \r\nNetwork (charitable foundation) since 2009.\r\nbf lkklbl","page_number":40,"box":{"x":367,"y":804,"width":258,"height":10}},{"id":"348818cc-131b-4f76-abae-1b04bae99fbf","block_type":"box","text":"() \r\nMember of BlackRock’s Global Executive","page_number":40,"box":{"x":367,"y":813,"width":243,"height":8}},{"id":"151105a5-7e65-418d-974d-6b06e0019868","block_type":"box","text":"Committee since 2025.","page_number":40,"box":{"x":367,"y":823,"width":132,"height":7}},{"id":"9bedbc3a-9730-4085-93f5-7cf5bc2aa2f3","block_type":"box","text":"78 RICs","page_number":40,"box":{"x":640,"y":767,"width":47,"height":7}},{"id":"2a1abdeb-ee86-4b2d-8147-6b09e7819ec6","block_type":"box","text":"consisting of\r\n254 Pfli","page_number":40,"box":{"x":640,"y":776,"width":73,"height":10}},{"id":"0801a69b-2096-42ed-96e7-f3deecfdca8b","block_type":"box","text":"g \r\n254 Portfolios","page_number":40,"box":{"x":640,"y":785,"width":82,"height":8}},{"id":"70772ba2-5bfb-4c94-84c5-9bb82fcff329","block_type":"box","text":"None","page_number":40,"box":{"x":740,"y":767,"width":32,"height":7}},{"id":"20e9c8e3-7f55-4bdc-9fcc-d989d422f181","block_type":"box","text":"1","page_number":40,"box":{"x":128,"y":849,"width":4,"height":5}},{"id":"952aad23-1b0d-48d5-8d03-7bccd78c007b","block_type":"box","text":"The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.","page_number":40,"box":{"x":146,"y":848,"width":583,"height":10}},{"id":"64f2c8d2-c83b-4a97-bd9d-7163586155f0","block_type":"box","text":"2","page_number":40,"box":{"x":128,"y":859,"width":4,"height":5}},{"id":"2e836856-52e0-4bbe-8384-ec01753a2c11","block_type":"box","text":"Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which","page_number":40,"box":{"x":146,"y":859,"width":710,"height":10}},{"id":"c61c9982-cfaf-45f0-a5c2-30d36053a94a","block_type":"box","text":"they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.","page_number":40,"box":{"x":146,"y":869,"width":719,"height":10}},{"id":"71e7f30d-fafa-4d69-8e04-d7b13afa0119","block_type":"box","text":"I-21","page_number":40,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"794cec15-289b-49af-a2e1-d8b982241196","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":40,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"798163d4-723b-455a-8eff-365d8d91046c","block_type":"box","text":"3","page_number":41,"box":{"x":128,"y":76,"width":4,"height":5}},{"id":"a5f42f7a-562b-4f30-b41c-9664586c53a5","block_type":"box","text":"In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent","page_number":41,"box":{"x":146,"y":76,"width":711,"height":10}},{"id":"eb9954cc-a964-4e04-a696-25b445548778","block_type":"box","text":"Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned","page_number":41,"box":{"x":146,"y":86,"width":726,"height":10}},{"id":"91e0cda7-bd63-44cd-b266-e98f9013107d","block_type":"box","text":"and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent","page_number":41,"box":{"x":147,"y":96,"width":723,"height":10}},{"id":"350d28a7-e05c-4c54-aaca-f1eb84a730a6","block_type":"box","text":"Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds","page_number":41,"box":{"x":146,"y":107,"width":731,"height":10}},{"id":"054de6f9-f425-4727-9c39-718f94fcdb1e","block_type":"box","text":"as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Henry R. Keizer, 2016; Donald C. 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Keizer None Over $100,000","page_number":42,"box":{"x":129,"y":325,"width":746,"height":10}},{"id":"48b67c10-e1e0-4f1a-bd71-166a744544ed","block_type":"box","text":"Cynthia A. Montgomery None Over $100,000","page_number":42,"box":{"x":130,"y":340,"width":745,"height":11}},{"id":"fb16ec54-5273-4152-90e4-a6c5c1923fb6","block_type":"box","text":"Donald C. 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Among other things, BlackRock’s Chief","page_number":50,"box":{"x":116,"y":338,"width":710,"height":13}},{"id":"79cddfc0-6007-4a0a-bb4c-91a89cc14dc9","block_type":"box","text":"Investment Officers make a subjective determination","page_number":50,"box":{"x":116,"y":353,"width":364,"height":13}},{"id":"f85ee079-9573-4442-9051-6e2c78434896","block_type":"box","text":"with respect to each portfolio manager’s compensation","page_number":50,"box":{"x":485,"y":353,"width":381,"height":13}},{"id":"3ac05a24-d965-4264-9c3b-614600b4de39","block_type":"box","text":"based on the performance of the Funds and other accounts managed by each portfolio manager relative to the","page_number":50,"box":{"x":116,"y":369,"width":762,"height":13}},{"id":"3dbcf155-9056-449a-a17c-d1b321858c01","block_type":"box","text":"various benchmarks. Performance is generally assessed over trailing 1-,3-, and 5-year periods relative to","page_number":50,"box":{"x":116,"y":384,"width":717,"height":13}},{"id":"1cb818d4-4928-4007-99c2-c49a80e54df2","block_type":"box","text":"applicable benchmarks. The relative benchmarks for Mr. Chung are: A combination of market-based indices","page_number":50,"box":{"x":116,"y":400,"width":754,"height":13}},{"id":"ca3e88b7-c0ed-4130-bc77-dce568334d18","block_type":"box","text":"(Russell 1000, MSCI All-Country World, Bloomberg U.S. A","page_number":50,"box":{"x":117,"y":415,"width":416,"height":13}},{"id":"6c3f97b7-deca-4bee-bae4-eb853f9fc69c","block_type":"box","text":"ggregate Bond Index), certain customized indices","page_number":50,"box":{"x":534,"y":415,"width":338,"height":13}},{"id":"4daea3d6-f8ee-4dd9-bdda-b0ee651c3809","block_type":"box","text":"and certain fund industry peer groups.","page_number":50,"box":{"x":116,"y":431,"width":265,"height":13}},{"id":"ded39db7-806d-46a9-b832-6f57a6af2487","block_type":"box","text":"Discretionary Incentive Compensation: Messrs. Green and Pensky","page_number":50,"box":{"x":136,"y":458,"width":479,"height":13}},{"id":"39970cde-ec50-4f17-9116-cc64ee9fc021","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the commercial performance of","page_number":50,"box":{"x":116,"y":481,"width":737,"height":12}},{"id":"c60741f5-795d-4411-b32c-b12ffcfe41b2","block_type":"box","text":"BlackRock, Inc., the commercial performance of the portfo","page_number":50,"box":{"x":116,"y":496,"width":410,"height":13}},{"id":"17d9c1b8-6bd7-409c-b5da-d3b811789236","block_type":"box","text":"lio manager’s group, client investment performance","page_number":50,"box":{"x":527,"y":496,"width":356,"height":13}},{"id":"b6b39697-3dac-4cef-850d-938aeb371f83","block_type":"box","text":"relative to predetermined benchmarks for which the portfolio manager’s group is responsible, and the","page_number":50,"box":{"x":116,"y":512,"width":705,"height":12}},{"id":"4430039b-83c3-4c3b-a5ef-77f561d7dd50","block_type":"box","text":"individual’s contribution to the overall performance of these portfolios and BlackRock. Commercial and","page_number":50,"box":{"x":116,"y":527,"width":725,"height":13}},{"id":"811958e3-b7e4-477c-888f-22c95edd60a6","block_type":"box","text":"investment performance is generally assessed over trailing 1-,3-, and 5-year periods. The relative benchmarks","page_number":50,"box":{"x":116,"y":543,"width":754,"height":12}},{"id":"2bb975ae-a4a0-4fdf-9d7d-e8a8ac726465","block_type":"box","text":"for these portfolio managers are:","page_number":50,"box":{"x":116,"y":558,"width":226,"height":13}},{"id":"332fb39a-70b1-4432-ac9b-c165efae3729","block_type":"box","text":"Portfolio Manager","page_number":50,"box":{"x":116,"y":584,"width":107,"height":11}},{"id":"4042255e-4657-43ca-85fd-238a05f8aef6","block_type":"box","text":"Applicable Benchmarks","page_number":50,"box":{"x":502,"y":584,"width":137,"height":11}},{"id":"d2b8864c-e246-408a-a453-d29d2ead3dc0","block_type":"box","text":"Philip Green A combination of market-based indices (Russell 1000, MSCI All Country World Index, ICE BofA 3-Month","page_number":50,"box":{"x":116,"y":604,"width":765,"height":10}},{"id":"53ed1e51-bf99-4c57-94b1-d3fbedefc824","block_type":"box","text":"US T Bill), certain custom indices and certain fund industry peer groups.","page_number":50,"box":{"x":259,"y":614,"width":418,"height":10}},{"id":"208a814b-a17d-413d-9eff-f62e7bfebacd","block_type":"box","text":"Michael Pensky, CFA A combination of market-based indices (MSCI EAFE, Russell 3000, Bloomberg U.S. Aggregate Bond","page_number":50,"box":{"x":116,"y":630,"width":727,"height":10}},{"id":"a05d8a82-932d-48cf-91bb-f93fbddf3fb1","block_type":"box","text":"Index, ICE BofA 3-Month US T Bill), certain customized indices and certain fund industry peer groups.","page_number":50,"box":{"x":259,"y":640,"width":597,"height":10}},{"id":"6c66e36b-5a27-4d4f-aefc-cca679b7172f","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":50,"box":{"x":116,"y":661,"width":378,"height":12}},{"id":"ce519479-8974-4397-9e2e-beef5f22741a","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":50,"box":{"x":500,"y":661,"width":374,"height":12}},{"id":"c194b801-1ed7-4b33-8fa3-f25448f69dea","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash","page_number":50,"box":{"x":116,"y":676,"width":735,"height":13}},{"id":"362d9063-6c1f-41ac-8312-31c86c0f3e27","block_type":"box","text":"awards that notionally track the return of certain BlackRock investment products.","page_number":50,"box":{"x":116,"y":692,"width":569,"height":12}},{"id":"51898438-2d9d-482c-be3a-753b43c40b8c","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":50,"box":{"x":116,"y":714,"width":740,"height":13}},{"id":"a98a6139-88cc-47ef-a75a-a5ecd5dca6f0","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":50,"box":{"x":116,"y":730,"width":760,"height":12}},{"id":"f82efdfa-7a92-44f2-a29b-5ec9a27f8d30","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary","page_number":50,"box":{"x":116,"y":745,"width":721,"height":13}},{"id":"c8b8692d-71e8-45dc-b998-1226429f695d","block_type":"box","text":"incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio","page_number":50,"box":{"x":116,"y":761,"width":767,"height":12}},{"id":"df543a3d-7535-4e4b-b4d2-866cd2f425be","block_type":"box","text":"manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over","page_number":50,"box":{"x":116,"y":776,"width":754,"height":13}},{"id":"f98d3d12-0c10-498f-8e40-475251f4510f","block_type":"box","text":"future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key","page_number":50,"box":{"x":116,"y":792,"width":707,"height":12}},{"id":"fbcf672d-6851-49e2-b4e2-ffc8e9e6ed0f","block_type":"box","text":"employees as part of a long-term incentive award to aid in retention, align interests with long-term","page_number":50,"box":{"x":116,"y":807,"width":683,"height":13}},{"id":"cf9d53c5-e8b3-4490-b12c-2ecc5608c56f","block_type":"box","text":"shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the","page_number":50,"box":{"x":116,"y":823,"width":749,"height":12}},{"id":"b1ff5536-0b2f-4080-a550-1870879ef86a","block_type":"box","text":"form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once","page_number":50,"box":{"x":116,"y":838,"width":757,"height":13}},{"id":"4ffd7736-de28-4408-9864-0c14ed22db2e","block_type":"box","text":"vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred","page_number":50,"box":{"x":116,"y":854,"width":701,"height":12}},{"id":"3f2b7b5a-5fbb-40e8-94fc-902e32aed459","block_type":"box","text":"BlackRock, Inc. stock awards.","page_number":50,"box":{"x":116,"y":869,"width":209,"height":12}},{"id":"783f172c-45d3-4b64-9994-c406faf679e8","block_type":"box","text":"I-31","page_number":50,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"88860a57-5734-4bdc-9f32-8514688f5d9a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":50,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1d89c42f-46a7-480e-8fd5-2c00fc6609ae","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":51,"box":{"x":116,"y":78,"width":762,"height":13}},{"id":"0aa80160-de72-4f86-a97a-64d5ab03eaa1","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they","page_number":51,"box":{"x":116,"y":94,"width":750,"height":12}},{"id":"7b30639f-b8c5-4532-a3ec-b1b67c6bdf88","block_type":"box","text":"manage, which provides direct alignment of portfolio","page_number":51,"box":{"x":116,"y":109,"width":370,"height":12}},{"id":"162e885b-5ede-4c95-836e-39f8475f544d","block_type":"box","text":"manager discretionary incentive compensation with","page_number":51,"box":{"x":491,"y":109,"width":357,"height":12}},{"id":"e4442067-fbf1-4b5e-bfc4-bd78c534bdef","block_type":"box","text":"investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle","page_number":51,"box":{"x":116,"y":124,"width":754,"height":13}},{"id":"fbe96ca1-c448-4c83-a70f-e6867f4df861","block_type":"box","text":"in the form of cash. Only portfolio managers who manage specified products and whose total compensation is","page_number":51,"box":{"x":116,"y":139,"width":766,"height":13}},{"id":"b7206121-3442-483d-af68-6a3a93a12fa9","block_type":"box","text":"above a specified threshold are eligible to participate in the deferred cash award program.","page_number":51,"box":{"x":116,"y":154,"width":620,"height":13}},{"id":"32529930-9484-4547-8cb6-53e3f6a6ddcf","block_type":"box","text":"Other Compensation Benefits.","page_number":51,"box":{"x":116,"y":177,"width":211,"height":13}},{"id":"701b41c7-24b3-4ac3-bee1-424d7c5c9a2a","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":51,"box":{"x":332,"y":177,"width":538,"height":13}},{"id":"21e6dd8e-fada-4aa1-93a9-6435292c29cc","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":51,"box":{"x":116,"y":192,"width":569,"height":13}},{"id":"24e70b78-382a-4a06-a78f-4ad336fe6f85","block_type":"box","text":"Incentive Savings Plans","page_number":51,"box":{"x":116,"y":215,"width":161,"height":13}},{"id":"ddffc46c-61bd-4454-970b-8b7b9d2bade9","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which","page_number":51,"box":{"x":282,"y":215,"width":521,"height":13}},{"id":"7ca2211d-c584-46e6-bf3b-8e7786ebf721","block_type":"box","text":"BlackRock employees are eligible to participate, incl","page_number":51,"box":{"x":116,"y":230,"width":361,"height":13}},{"id":"b341b24b-091f-4f21-97b9-e22dd8f6143f","block_type":"box","text":"uding a 401(k) plan, the BlackRock Retirement Savings","page_number":51,"box":{"x":478,"y":230,"width":385,"height":13}},{"id":"c54c93df-33b6-40bd-9be5-658e47fe701d","block_type":"box","text":"Plan (“RSP”), and the BlackRock Employee Stock Purchase Plan (“ESPP”). The employer contribution","page_number":51,"box":{"x":116,"y":245,"width":714,"height":13}},{"id":"fa98b056-c157-43e0-ac76-17f76e7293fd","block_type":"box","text":"components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to","page_number":51,"box":{"x":116,"y":260,"width":755,"height":13}},{"id":"8fed6d1c-a068-4266-8066-a7ab4a88b617","block_type":"box","text":"the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible","page_number":51,"box":{"x":116,"y":275,"width":701,"height":13}},{"id":"1d3352e3-b3b9-4ca4-a281-eef69e975713","block_type":"box","text":"compensation up to the Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of","page_number":51,"box":{"x":116,"y":290,"width":710,"height":13}},{"id":"18d48906-3ed2-4cf6-b21f-f530b8e792a1","block_type":"box","text":"investment options, including registered investment","page_number":51,"box":{"x":116,"y":306,"width":355,"height":12}},{"id":"0f0a2a2d-91c6-41da-8823-52b9ec641e99","block_type":"box","text":"companies and collective investment funds managed by","page_number":51,"box":{"x":476,"y":306,"width":384,"height":12}},{"id":"e4a2c9e5-2894-4aeb-ad4f-0a53f690e3b9","block_type":"box","text":"the firm. BlackRock contributions follow the investment direction set by participants for their own","page_number":51,"box":{"x":116,"y":321,"width":685,"height":13}},{"id":"171a22c8-8938-4486-b1dd-016715f65c95","block_type":"box","text":"contributions or, absent participant investment direc","page_number":51,"box":{"x":116,"y":336,"width":364,"height":13}},{"id":"e62ac5bb-1d58-4a32-b552-c31fd9a9d55b","block_type":"box","text":"tion, are invested into a target date fund that corresponds","page_number":51,"box":{"x":480,"y":336,"width":399,"height":13}},{"id":"fe58cef3-dcaf-40f3-831d-5a7b41d27f39","block_type":"box","text":"to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in","page_number":51,"box":{"x":116,"y":351,"width":705,"height":13}},{"id":"640945fa-7917-47cf-8d48-33b0982d7259","block_type":"box","text":"BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":51,"box":{"x":116,"y":366,"width":714,"height":13}},{"id":"4024af86-5696-4bea-ae9b-ed8161f332b5","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value","page_number":51,"box":{"x":116,"y":381,"width":761,"height":13}},{"id":"bc59bedd-651d-4584-b8c6-a976269cb5d6","block_type":"box","text":"of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are","page_number":51,"box":{"x":116,"y":396,"width":724,"height":13}},{"id":"d9caef3e-72b0-4b41-a3a0-b340bc692866","block_type":"box","text":"eligible to participate in these plans.","page_number":51,"box":{"x":116,"y":411,"width":247,"height":13}},{"id":"fdb53398-013f-44e0-8a38-f6e7e68fb912","block_type":"box","text":"Portfolio Manager Beneficial Ownership","page_number":51,"box":{"x":136,"y":440,"width":299,"height":13}},{"id":"08959fa8-56f3-4c3b-a64b-61742b593047","block_type":"box","text":"As of December 31, 2025, the portfolio managers beneficially owned no interests in any of the Funds for","page_number":51,"box":{"x":116,"y":465,"width":726,"height":13}},{"id":"3f88cff7-7d53-4199-bf07-62e0dcae5d29","block_type":"box","text":"which they are primarily responsible for the day-to-day management.","page_number":51,"box":{"x":116,"y":480,"width":480,"height":13}},{"id":"91fe382b-edd7-4147-85d9-8cc1636fc6d7","block_type":"box","text":"Portfolio Manager Potential Material Conflicts of Interest","page_number":51,"box":{"x":136,"y":509,"width":427,"height":13}},{"id":"ddf5e997-253a-465f-a683-cdb08b469772","block_type":"box","text":"BlackRock has built a professional working environm","page_number":51,"box":{"x":116,"y":534,"width":374,"height":13}},{"id":"c564f7a3-7149-4bf1-ad0c-79f407b00e54","block_type":"box","text":"ent, firm-wide compliance culture and compliance","page_number":51,"box":{"x":490,"y":534,"width":348,"height":13}},{"id":"b9dde501-f339-4dc2-984b-aff2c6d23439","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over","page_number":51,"box":{"x":116,"y":549,"width":723,"height":13}},{"id":"02294aa6-e00d-4cbc-bf8c-3ba398564e12","block_type":"box","text":"another. BlackRock has adopted policies and procedures that address the allocation of investment","page_number":51,"box":{"x":116,"y":565,"width":679,"height":12}},{"id":"f6e565b8-027c-45e4-b419-d80e87f19440","block_type":"box","text":"opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts","page_number":51,"box":{"x":116,"y":580,"width":761,"height":12}},{"id":"09434439-2039-4e26-b881-28c33b54dc83","block_type":"box","text":"of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless,","page_number":51,"box":{"x":116,"y":595,"width":737,"height":13}},{"id":"6e1dba5f-ea19-494c-86e4-40560ff2804a","block_type":"box","text":"BlackRock furnishes investment management and advisory services to numerous clients in addition to the","page_number":51,"box":{"x":116,"y":610,"width":731,"height":13}},{"id":"922dee2f-1fd7-4be7-aa51-562224c45dca","block_type":"box","text":"Funds, and BlackRock may, consistent with applicable law, make investment recommendations to other","page_number":51,"box":{"x":116,"y":625,"width":723,"height":13}},{"id":"8aea0a68-4302-4af4-b1fe-95005f6484a1","block_type":"box","text":"clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to","page_number":51,"box":{"x":116,"y":640,"width":728,"height":13}},{"id":"dc9b18f3-dc14-4117-aa67-a6abfe2034db","block_type":"box","text":"BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be","page_number":51,"box":{"x":116,"y":655,"width":758,"height":13}},{"id":"2d992e01-7f57-4c67-8b6c-004b1472f866","block_type":"box","text":"the same as or different from those made to the Funds. In addition, BlackRock, its affiliates and significant","page_number":51,"box":{"x":116,"y":670,"width":739,"height":13}},{"id":"4af63657-5345-48f3-8a4b-59a4a9dcee0a","block_type":"box","text":"shareholders and any officer, director, shareholder or employee may or may not have an interest in the","page_number":51,"box":{"x":116,"y":685,"width":712,"height":13}},{"id":"5e194574-7308-437b-84d0-a36d7c98fa3f","block_type":"box","text":"securities whose purchase and sale BlackRock recommends to the Funds. BlackRock, or any of its affiliates or","page_number":51,"box":{"x":116,"y":701,"width":761,"height":12}},{"id":"b0c406e2-dc89-4201-958f-937f1994c10e","block_type":"box","text":"significant shareholders, or any officer, director, shareholder, employee or any member of their families may","page_number":51,"box":{"x":116,"y":716,"width":751,"height":13}},{"id":"fc42adf0-e61c-4ddc-b451-8a1885f5469b","block_type":"box","text":"take different actions than those recommended to the Funds by BlackRock with respect to the same securities.","page_number":51,"box":{"x":116,"y":731,"width":761,"height":13}},{"id":"fb3c48bc-567e-44bf-8e7a-3e92e02d9047","block_type":"box","text":"Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of","page_number":51,"box":{"x":116,"y":746,"width":766,"height":13}},{"id":"e1ac3524-1fb2-4e31-b48d-7d0035c4bee4","block_type":"box","text":"which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees are","page_number":51,"box":{"x":116,"y":761,"width":736,"height":13}},{"id":"4a08c80b-947f-4aed-aa91-adc9943e08c0","block_type":"box","text":"directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or","page_number":51,"box":{"x":116,"y":776,"width":759,"height":13}},{"id":"1c5eeb51-2009-4e40-847f-dc7b1a6ebb3d","block_type":"box","text":"the officers, directors and employees of any of them has any substantial economic interest or possesses","page_number":51,"box":{"x":116,"y":791,"width":708,"height":13}},{"id":"050bbe48-15c0-4162-a1e3-b0d657207b79","block_type":"box","text":"material non-public information. Certain Fund managers also may manage accounts whose investment","page_number":51,"box":{"x":116,"y":806,"width":714,"height":13}},{"id":"91c6ba06-73b7-4066-ba15-3e19da9c99b8","block_type":"box","text":"strategies may at times be opposed to the strategy utilized for a Fund. It should also be noted that Mr. Green","page_number":51,"box":{"x":116,"y":822,"width":753,"height":12}},{"id":"59b2d2ad-e596-4f5e-93fd-d4c9a5d1c42c","block_type":"box","text":"may be managing hedge fund and/or long only accounts,","page_number":51,"box":{"x":116,"y":837,"width":393,"height":12}},{"id":"dd9d249d-5375-4b7f-9fc1-e03c80a8e640","block_type":"box","text":"or may be part of a team managing hedge fund and/","page_number":51,"box":{"x":515,"y":837,"width":361,"height":12}},{"id":"4727755a-2e3d-4f61-af8f-cd10d5742137","block_type":"box","text":"or long only accounts, subject to incentive fees. 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Lending","page_number":57,"box":{"x":137,"y":452,"width":131,"height":13}},{"id":"79d68fc2-96e4-4866-be89-e339d0bb94a1","block_type":"box","text":"To the extent that a Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":57,"box":{"x":116,"y":478,"width":763,"height":13}},{"id":"74efeb88-cc19-4551-ad54-8f0154319f2b","block_type":"box","text":"exemptive order from the Commission permitting it t","page_number":57,"box":{"x":116,"y":494,"width":369,"height":12}},{"id":"31eb4c1e-1137-464e-aa3f-c3529da9945c","block_type":"box","text":"o lend portfolio securities to borrowers affiliated with","page_number":57,"box":{"x":486,"y":494,"width":372,"height":12}},{"id":"9a2eec22-7568-46a0-acfa-3f1916183c29","block_type":"box","text":"the Fund and to retain an affiliate of the Fund as securities lending agent. To the extent that a Fund engages in","page_number":57,"box":{"x":116,"y":509,"width":764,"height":13}},{"id":"c9e34e94-bca7-4ada-9307-56bc45d52dc8","block_type":"box","text":"securities lending, BlackRock Institutional Trust Company, N.A. (previously defined as “BTC”) acts as","page_number":57,"box":{"x":116,"y":525,"width":715,"height":12}},{"id":"a65766b6-59e2-4e42-bd0c-355c9962becd","block_type":"box","text":"securities lending agent for the Fund, subject to the overall supervision of BFA, pursuant to a written","page_number":57,"box":{"x":116,"y":540,"width":698,"height":13}},{"id":"14cbc2ea-acb0-4c34-9b40-a46c205bf01e","block_type":"box","text":"agreement (the “Securities Lending Agency Agreement”","page_number":57,"box":{"x":116,"y":556,"width":385,"height":12}},{"id":"5d583217-2d82-44b3-bf2e-86916ac01f35","block_type":"box","text":"). BTC administers the lending program in accordance","page_number":57,"box":{"x":504,"y":556,"width":375,"height":12}},{"id":"7226bafa-79e3-4028-bf69-5a75e145a059","block_type":"box","text":"with guidelines approved by the Board.","page_number":57,"box":{"x":116,"y":571,"width":272,"height":13}},{"id":"8e0d288b-c74f-4479-97e8-51e734a53b93","block_type":"box","text":"The Funds retain a portion of the securities lending income and remit the remaining portion to BTC as","page_number":57,"box":{"x":116,"y":594,"width":711,"height":13}},{"id":"09fddc8f-9964-4837-9b0d-66a79af1bdff","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the","page_number":57,"box":{"x":116,"y":610,"width":735,"height":13}},{"id":"be16f948-d577-4482-9f2e-ad9cfce27647","block_type":"box","text":"total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees as","page_number":57,"box":{"x":116,"y":625,"width":731,"height":13}},{"id":"3794d98c-925e-40d5-a4f4-4afe716f3513","block_type":"box","text":"defined below), and any fees or other payments to and from borrowers of securities. As securities lending","page_number":57,"box":{"x":116,"y":641,"width":729,"height":13}},{"id":"da527ab8-9af6-4a88-b54e-388274b84364","block_type":"box","text":"agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in","page_number":57,"box":{"x":116,"y":656,"width":766,"height":13}},{"id":"ee26c1d1-a7bc-4d08-84da-a66803beca0c","block_type":"box","text":"connection with the investment of cash collateral received for securities on loan in money market funds","page_number":57,"box":{"x":116,"y":672,"width":715,"height":13}},{"id":"cad97101-7c16-4849-b6ad-cb51a0dcb7b6","block_type":"box","text":"advised by BFA or its affiliates, and such fees will not be subject to any waivers (the “collateral investment","page_number":57,"box":{"x":116,"y":687,"width":737,"height":13}},{"id":"81c08744-5eb3-4b4d-bb08-b6ccb93ca87b","block_type":"box","text":"fees”); however, BTC has agreed to reduce the amount of securities lending income it receives in order to","page_number":57,"box":{"x":116,"y":703,"width":727,"height":13}},{"id":"aa8f5c73-cffa-4f88-905d-f4768db47fb4","block_type":"box","text":"effectively limit the collateral investment fees a Fund bears to an annual rate of 0.04%. Such money market","page_number":57,"box":{"x":116,"y":718,"width":745,"height":13}},{"id":"e1629e81-e52c-4bf5-8763-74ce05a06104","block_type":"box","text":"fund shares will not be subject to a sales load, distribution fee or service fee. To the extent that a Fund invests","page_number":57,"box":{"x":116,"y":734,"width":758,"height":13}},{"id":"1a15bf60-3dc2-40fb-b9ba-c74d0b6ab44d","block_type":"box","text":"cash collateral in a non-government money market fund, the Fund may be subject to a discretionary liquidity","page_number":57,"box":{"x":116,"y":749,"width":757,"height":13}},{"id":"9b120840-0ac0-4e8b-bc51-e31bc1fa485c","block_type":"box","text":"fee of up to 2% on all redemptions. Discretionary liquid","page_number":57,"box":{"x":116,"y":765,"width":390,"height":13}},{"id":"b3e909b2-52ab-4bb9-85f9-3f486942e34f","block_type":"box","text":"ity fees may be imposed or terminated at any time at","page_number":57,"box":{"x":507,"y":765,"width":364,"height":13}},{"id":"babf219a-f099-45a7-b10a-bc9f81d1a8d1","block_type":"box","text":"the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such","page_number":57,"box":{"x":116,"y":780,"width":756,"height":13}},{"id":"b64b38d8-89cc-445d-82ad-df2bfab45100","block_type":"box","text":"fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, a","page_number":57,"box":{"x":116,"y":796,"width":732,"height":13}},{"id":"899d5aa9-50be-4f01-99a8-4db5cc20fce5","block_type":"box","text":"Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a single","page_number":57,"box":{"x":116,"y":811,"width":761,"height":13}},{"id":"e5fdae74-5f68-4d2e-8e03-f948e13a883f","block_type":"box","text":"day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less than","page_number":57,"box":{"x":116,"y":827,"width":754,"height":13}},{"id":"fb3d5188-5ee3-40eb-b933-206caa4d72c6","block_type":"box","text":"one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":57,"box":{"x":116,"y":842,"width":742,"height":13}},{"id":"a0927cd2-3873-453b-9c53-6f3ecc12d373","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata","page_number":57,"box":{"x":116,"y":858,"width":751,"height":13}},{"id":"a65d5884-86b5-4cd0-aeda-789538077fee","block_type":"box","text":"I-38","page_number":57,"box":{"x":485,"y":917,"width":28,"height":9}},{"id":"44c06942-ea5c-485a-ac5e-be1a8498c9d0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":57,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"582ca6d3-1131-42bd-a54d-887b241ad99c","block_type":"box","text":"amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no","page_number":58,"box":{"x":116,"y":79,"width":732,"height":13}},{"id":"4a7bb478-6f79-446f-bfc4-5a875eb6ceb0","block_type":"box","text":"limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a","page_number":58,"box":{"x":116,"y":94,"width":747,"height":13}},{"id":"c1e9b634-cad7-4715-97a9-a9a0048a72c6","block_type":"box","text":"pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a","page_number":58,"box":{"x":116,"y":110,"width":717,"height":13}},{"id":"6ce55874-faa7-441d-8a20-584267d589d9","block_type":"box","text":"default liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any such","page_number":58,"box":{"x":116,"y":125,"width":691,"height":13}},{"id":"79f8dca5-cc5b-43d3-b4a0-40820f082f4c","block_type":"box","text":"discretionary or mandatory liquidity fee would reduce the Fund’s returns on securities lending.","page_number":58,"box":{"x":116,"y":141,"width":654,"height":13}},{"id":"99836875-ff6e-4dbd-8fbf-e760d68068a4","block_type":"box","text":"Under the securities lending program, each Fund is categorized into one of several specific asset classes. The","page_number":58,"box":{"x":116,"y":164,"width":745,"height":13}},{"id":"25722bc8-b72a-4271-8189-458bf6331853","block_type":"box","text":"determination of a Fund’s asset class category (fixed-in","page_number":58,"box":{"x":116,"y":180,"width":380,"height":12}},{"id":"1c3412d1-e1b9-4fee-bbda-d7692ba0a5b3","block_type":"box","text":"come, domestic equity, international equity or fund of","page_number":58,"box":{"x":496,"y":180,"width":376,"height":12}},{"id":"84230bb1-01be-4d96-8e1a-8704798ba465","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by","page_number":58,"box":{"x":116,"y":195,"width":752,"height":13}},{"id":"602cc45e-4a45-4f13-9a4f-7d93b32e72b2","block_type":"box","text":"the Trust and BTC.","page_number":58,"box":{"x":116,"y":211,"width":134,"height":10}},{"id":"901c4e0f-27d8-4735-ac7f-f0a7c86b8bd0","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Funds retain 82% of securities lending income","page_number":58,"box":{"x":116,"y":234,"width":735,"height":13}},{"id":"8a003946-d6ab-4b8d-88d7-c6c3ca04f21d","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of","page_number":58,"box":{"x":117,"y":249,"width":731,"height":13}},{"id":"4d85af34-2091-4d49-acdf-7f0f3db51b11","block_type":"box","text":"securities lending income plus collateral investment fees.","page_number":58,"box":{"x":116,"y":265,"width":388,"height":13}},{"id":"650f4eed-633c-4e83-ac74-7496ec6c8a1d","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":58,"box":{"x":116,"y":288,"width":727,"height":13}},{"id":"2b8a771c-561f-42c4-a549-8d86267f8e45","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund,","page_number":58,"box":{"x":116,"y":304,"width":763,"height":13}},{"id":"62c769c7-b636-44ff-8a9f-95320b7e94da","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year","page_number":58,"box":{"x":116,"y":319,"width":720,"height":13}},{"id":"462833cb-bae0-4838-a514-18eb9f9c4ce8","block_type":"box","text":"securities lending income as follows: (i) 85% of securities lending income (which excludes collateral","page_number":58,"box":{"x":116,"y":335,"width":690,"height":13}},{"id":"3f554fd0-c846-4441-84b0-bfc01a2e25b4","block_type":"box","text":"investment fees); and (ii) this amount can never be less than 70% of the sum of securities lending income plus","page_number":58,"box":{"x":116,"y":350,"width":758,"height":13}},{"id":"bc50b8b8-1647-4800-9eb3-7cca2e7375de","block_type":"box","text":"collateral investment fees.","page_number":58,"box":{"x":116,"y":366,"width":177,"height":10}},{"id":"b2f1f699-67f0-44a9-9183-763109f8a63b","block_type":"box","text":"The services provided to each Fund by BTC, in the most recent fiscal year ended December 31, 2025,","page_number":58,"box":{"x":116,"y":389,"width":701,"height":13}},{"id":"599becec-9275-48b4-9597-10aedbb04b59","block_type":"box","text":"primarily included the following:","page_number":58,"box":{"x":116,"y":405,"width":227,"height":12}},{"id":"126f39b1-163f-4fe8-a45b-4c77454b9140","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement","page_number":58,"box":{"x":151,"y":428,"width":729,"height":13}},{"id":"a9765439-1b55-4616-a9e9-99db4a8d0f7f","block_type":"box","text":"as agent on behalf of each Fund with each such borrower;","page_number":58,"box":{"x":184,"y":443,"width":401,"height":13}},{"id":"95bcec27-e3a3-4f7b-a440-b03dc324a8fd","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":58,"box":{"x":151,"y":459,"width":540,"height":13}},{"id":"219dbb01-195d-43fb-97d3-6068b803c24e","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":58,"box":{"x":151,"y":474,"width":333,"height":13}},{"id":"ee454300-bbab-4184-bbef-1b70141b3359","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional","page_number":58,"box":{"x":151,"y":490,"width":688,"height":13}},{"id":"4117e8e0-205f-4970-9c25-a045b7f9624a","block_type":"box","text":"collateral or the return of excess collateral, as necessary;","page_number":58,"box":{"x":183,"y":505,"width":408,"height":13}},{"id":"bcad5143-6eb8-4e50-8d4d-2bc58ec4a8cf","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":58,"box":{"x":151,"y":521,"width":569,"height":13}},{"id":"e043dc5f-f932-4f97-a52f-3ffa5349a48c","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":58,"box":{"x":151,"y":536,"width":685,"height":13}},{"id":"36323e5e-fa00-4632-8ea4-29f8d3d30d1e","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or","page_number":58,"box":{"x":151,"y":552,"width":719,"height":13}},{"id":"91ea2e41-70b7-47d9-8835-f388d01edf50","block_type":"box","text":"the proceeds of the liquidation of collateral to purchase replacement securities of the same issue,","page_number":58,"box":{"x":183,"y":567,"width":698,"height":13}},{"id":"b3a467f1-4194-4c8c-91c6-dbda3acbd0c2","block_type":"box","text":"type, class and series as that of the loaned securities; 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In each jurisdiction, nomenclature vari","page_number":72,"box":{"x":116,"y":208,"width":384,"height":12}},{"id":"4c706926-02ea-4042-8f94-b4c66e863999","block_type":"box","text":"es. For ease and clarity of presentation, shares of","page_number":72,"box":{"x":501,"y":208,"width":365,"height":12}},{"id":"e64891a3-c5fd-4d7e-b8ed-3c20b65ca1e6","block_type":"box","text":"common stock and shares of beneficial interest are re","page_number":72,"box":{"x":116,"y":224,"width":390,"height":9}},{"id":"44329171-9270-4c31-86fe-b2bc4f1a5157","block_type":"box","text":"ferred to herein as “shares” or “Common Stock,”","page_number":72,"box":{"x":507,"y":224,"width":355,"height":11}},{"id":"5cc8fcf0-617b-4277-8684-376b47c14d24","block_type":"box","text":"holders of shares of Common Stock are referred to","page_number":72,"box":{"x":117,"y":239,"width":374,"height":10}},{"id":"81a8954d-6898-4020-bcff-f063560e676e","block_type":"box","text":"as “shareholders,” the trustees or directors of each","page_number":72,"box":{"x":492,"y":239,"width":372,"height":12}},{"id":"05ff1e29-9d22-4827-afd7-f64f3ba5a9a1","block_type":"box","text":"Fund are referred to as “Directors,” the boards of tru","page_number":72,"box":{"x":117,"y":255,"width":376,"height":11}},{"id":"30c9a2b3-e765-4710-9326-45ceac7c9878","block_type":"box","text":"stees/directors of each Fund are referred to as the","page_number":72,"box":{"x":495,"y":255,"width":370,"height":10}},{"id":"8d5533ec-5bbb-454a-8856-ffca1e046de6","block_type":"box","text":"“Board of Directors” or the “Board,” BlackRock A","page_number":72,"box":{"x":116,"y":270,"width":341,"height":12}},{"id":"3720f5ac-a048-449e-954b-f6e76955e2f7","block_type":"box","text":"Advisors, LLC, BlackRock Fund Advisors or their","page_number":72,"box":{"x":457,"y":270,"width":360,"height":12}},{"id":"441e78af-2bc4-41d4-9708-bf1b0330d3b3","block_type":"box","text":"respective affiliates is the investment adviser or","page_number":72,"box":{"x":117,"y":286,"width":343,"height":12}},{"id":"dce2130a-dbe6-4986-b202-f2bc1b4fefcf","block_type":"box","text":"r manager of each Fund and is referred to herein as the","page_number":72,"box":{"x":460,"y":286,"width":404,"height":12}},{"id":"874faec9-7ae7-41f5-b0d5-d807f20e50a5","block_type":"box","text":"“Manager” or “BlackRock,” and the investment","page_number":72,"box":{"x":116,"y":301,"width":337,"height":12}},{"id":"f70d242a-59f0-4d30-80f5-9a88c4b3f4a5","block_type":"box","text":"advisory agreement or","page_number":72,"box":{"x":453,"y":301,"width":169,"height":12}},{"id":"19b59b75-7753-4f6f-a116-13ffd99d1b6f","block_type":"box","text":"r management agreement","page_number":72,"box":{"x":621,"y":302,"width":190,"height":11}},{"id":"4ec52928-8589-41ef-927b-62c27042b207","block_type":"box","text":"applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s Articles of","page_number":72,"box":{"x":116,"y":317,"width":700,"height":12}},{"id":"1963bde3-04f7-4ab3-859c-5681c5f738e4","block_type":"box","text":"Incorporation or Declaration of Tr","page_number":72,"box":{"x":117,"y":332,"width":240,"height":12}},{"id":"4f0ebf79-e48f-47b8-bc6c-9b4bb12847ec","block_type":"box","text":"ust, together with all amendments thereto,","page_number":72,"box":{"x":358,"y":332,"width":304,"height":12}},{"id":"7bba6fc7-4758-4b4e-bf4b-eee5c3d73ead","block_type":"box","text":"is referred to as its “charter.”","page_number":72,"box":{"x":664,"y":332,"width":215,"height":10}},{"id":"ff7c0ff9-9f26-4399-be2d-e4226ce9cc61","block_type":"box","text":"The Investment Company Act of 1940, as amended, is","page_number":72,"box":{"x":116,"y":348,"width":402,"height":12}},{"id":"d96c4e61-b832-43a4-8f0a-7d81df469451","block_type":"box","text":"referred to herein as the “Investment Company","page_number":72,"box":{"x":519,"y":348,"width":345,"height":12}},{"id":"4cce834d-8a1c-4b84-a942-1f072191873e","block_type":"box","text":"Act.” The Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities","page_number":72,"box":{"x":116,"y":363,"width":767,"height":12}},{"id":"f73ae2e3-8815-445d-b83b-4a36945d3fda","block_type":"box","text":"and Exchange Commission is referred to herein as the “Commission” or the “SEC.”","page_number":72,"box":{"x":116,"y":379,"width":609,"height":12}},{"id":"d586fb67-e230-4df5-9304-9fba90fa4b98","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":72,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"25592694-755f-423e-8b7b-230a3f3da969","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each,","page_number":72,"box":{"x":116,"y":420,"width":770,"height":12}},{"id":"cf75e3c1-0a81-4a7a-b4e8-4d5570cbfaba","block_type":"box","text":"a “Master LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All","page_number":72,"box":{"x":116,"y":436,"width":734,"height":12}},{"id":"b88dfe37-a202-423c-8c4a-938837bd257c","block_type":"box","text":"investments are generally made at the level of the Master Portfolio. This structure is sometimes called","page_number":72,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"967548a4-5c50-45d6-bcaa-ae1e30373e66","block_type":"box","text":"a “master/feeder” structure. A Feeder Fund’s investment results will correspond directly to the","page_number":72,"box":{"x":116,"y":467,"width":700,"height":12}},{"id":"67e90c46-b195-4d02-986f-926ea05cd032","block_type":"box","text":"investment results of the underlying Master Portfolio in which it invests. For simplicity, this SAI uses the","page_number":72,"box":{"x":117,"y":482,"width":770,"height":12}},{"id":"6b4f4b4c-6c2c-438c-9355-2e70722a4942","block_type":"box","text":"term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":72,"box":{"x":116,"y":498,"width":503,"height":9}},{"id":"124cf0ac-7de3-4924-834d-da08ccee22d7","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information","page_number":72,"box":{"x":117,"y":523,"width":747,"height":13}},{"id":"45a19db4-2d3a-4f52-8c97-47f833bd1738","block_type":"box","text":"about all funds in the BlackRock-advised fund complex. Certain information contained herein may not","page_number":72,"box":{"x":116,"y":539,"width":757,"height":12}},{"id":"46853ac5-1493-4c26-ad82-a9d9bc4a80f8","block_type":"box","text":"be relevant to a particular Fund.","page_number":72,"box":{"x":117,"y":555,"width":241,"height":11}},{"id":"8618d170-6ac1-4f8a-b9b7-f1c9e56af7e7","block_type":"box","text":"Investment Risks and Considerations","page_number":72,"box":{"x":119,"y":595,"width":675,"height":23}},{"id":"8b84fc53-b24d-4306-ac45-6a2d29f0cc74","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one","page_number":72,"box":{"x":116,"y":634,"width":772,"height":13}},{"id":"445d9bb5-9845-4b05-b5f2-6fff5dbfb23c","block_type":"box","text":"or more of the Funds may use, and the risks and considerations associated with those investments","page_number":72,"box":{"x":116,"y":650,"width":740,"height":12}},{"id":"a1141244-fbea-46ff-8f6a-0091205a7cbc","block_type":"box","text":"and investment strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the","page_number":72,"box":{"x":116,"y":665,"width":685,"height":13}},{"id":"30b1ab77-0619-4c32-8d87-c0846a579a8d","block_type":"box","text":"“Investment Objective and Policies,” “Investment Objectives and Policies” or “Investment Strategies","page_number":72,"box":{"x":116,"y":681,"width":737,"height":12}},{"id":"f8eb3562-6482-4e9d-ab4f-4efa9bf7a240","block_type":"box","text":"and Risks of the Fund” section, as applicable, of Part I of this SAI for further information on each","page_number":72,"box":{"x":116,"y":696,"width":714,"height":12}},{"id":"90f4b6b2-431e-4b1d-9a2e-fe6e94380721","block_type":"box","text":"Fund’s investment policies and risks. Information contained in this section about the risks and","page_number":72,"box":{"x":117,"y":712,"width":692,"height":12}},{"id":"01d48a2c-56b0-4111-a982-1ab36ee32caa","block_type":"box","text":"considerations associated with a Fund’s investments and/or investment strategies applies only to those","page_number":72,"box":{"x":116,"y":728,"width":765,"height":12}},{"id":"025bef6f-1390-4914-bb87-587291e323ba","block_type":"box","text":"Funds specifically identified in Part I of this SAI as making each type of investment or using each","page_number":72,"box":{"x":117,"y":743,"width":716,"height":12}},{"id":"cba3740f-a252-48ff-9742-9d971501e2dc","block_type":"box","text":"investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does","page_number":72,"box":{"x":117,"y":758,"width":764,"height":13}},{"id":"cdf9b1ae-b579-4fe1-adf8-990bb144df7e","block_type":"box","text":"not form a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered","page_number":72,"box":{"x":117,"y":774,"width":735,"height":12}},{"id":"77954566-8548-48e6-a73a-926a283e3403","block_type":"box","text":"Fund. Only information that is clearly identified as applicable to a Covered Fund is considered to form a","page_number":72,"box":{"x":117,"y":789,"width":765,"height":13}},{"id":"7c2f1162-a572-42ec-80c9-c1fd78f3c4ba","block_type":"box","text":"part of that Covered Fund’s SAI.","page_number":72,"box":{"x":117,"y":805,"width":238,"height":12}},{"id":"19c6988b-c23e-4570-98c3-a24213b125bd","block_type":"box","text":"Asset-Backed Securities.","page_number":72,"box":{"x":116,"y":831,"width":200,"height":9}},{"id":"c0154228-1196-4127-b4a1-7c379e1df6c9","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans,","page_number":72,"box":{"x":317,"y":831,"width":519,"height":12}},{"id":"674c1c53-1f87-4054-8ca1-11277e6a1562","block_type":"box","text":"installment sale contracts, credit card receivables or other assets. Asset-backed securities are “pass","page_number":72,"box":{"x":117,"y":846,"width":749,"height":12}},{"id":"3ed0a1f9-3a5c-4f67-b126-bc347a9572e1","block_type":"box","text":"through” securities, meaning that principal and interest payments — net of expenses — made by the","page_number":72,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"7f75d043-eacb-452c-afb0-76da81ca86f4","block_type":"box","text":"borrower on the underlying assets (such as credit card receivables) are passed through to a Fund. The","page_number":72,"box":{"x":117,"y":877,"width":768,"height":12}},{"id":"39ed3a60-1e4e-4051-94ee-641cdb1c300b","block_type":"box","text":"II-1","page_number":72,"box":{"x":489,"y":909,"width":20,"height":9}},{"id":"8e8acac7-4438-4a4b-b493-c83aed13a729","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":72,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0c8d1a35-048c-466a-82a0-16ac53db9b1d","block_type":"box","text":"value of asset-backed securities, like that of traditional fixed-income securities, typically increases","page_number":73,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"b3b0456a-ba91-4336-bbbe-7bb05028ac8b","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ","page_number":73,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"9f5de35e-5794-4491-8662-d1aa10a66d3c","block_type":"box","text":"from traditional fixed-income securities because of their potential for prepayment. The price paid by a","page_number":73,"box":{"x":116,"y":118,"width":755,"height":12}},{"id":"192abbc5-16d3-487e-9b18-9408dc77b981","block_type":"box","text":"Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and the","page_number":73,"box":{"x":117,"y":134,"width":767,"height":12}},{"id":"f42793ba-a752-4481-a002-718c2a69c0ef","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of","page_number":73,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"c60ee5e3-87dc-4b18-bd4a-86e028980f0b","block_type":"box","text":"prepayment of the underlying assets. In a period of declining interest rates, borrowers may prepay the","page_number":73,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"437ca83b-2373-451a-a441-9f6a792f48d0","block_type":"box","text":"underlying assets more quickly than anticipated, thereby reducing the yield to maturity and the average","page_number":73,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"98f112f4-c6af-4503-9ce6-20158916face","block_type":"box","text":"life of the asset-backed securities. Moreover, when a Fund reinvests the proceeds of a prepayment in","page_number":73,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"ec51b6b1-d36d-4e7d-bb49-ec92b0f9daf7","block_type":"box","text":"these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that","page_number":73,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"2f0f8956-30dd-4bd7-a73b-62a566b468ec","block_type":"box","text":"was prepaid. To the extent that a Fund purchases asset-backed securities at a premium, prepayments","page_number":73,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"9de94714-ec29-4d39-9bbe-151094b0c585","block_type":"box","text":"may result in a loss to the extent of the premium paid. If a Fund buys such securities at a discount,","page_number":73,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"3953fb53-eca2-4f76-8007-a3e02af7b6a2","block_type":"box","text":"both scheduled payments and unscheduled prepayments will increase current and total returns and","page_number":73,"box":{"x":117,"y":258,"width":742,"height":12}},{"id":"b4b3e13d-faa4-4957-a8a6-05bd1aee8183","block_type":"box","text":"unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":73,"box":{"x":117,"y":273,"width":738,"height":12}},{"id":"85fcc332-1cca-48cd-8701-11adbd4a32b2","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the","page_number":73,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"818e599a-d5b1-49bf-88b7-052fc89249a7","block_type":"box","text":"underlying assets may occur at a slower than expected rate, creating maturity extension risk. This","page_number":73,"box":{"x":117,"y":304,"width":730,"height":12}},{"id":"999a7128-11e2-4565-99a9-bed35e3aed81","block_type":"box","text":"particular risk may effectively change a security that was considered short- or intermediate-term at the","page_number":73,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"a5dfa053-9ffa-4e5d-8683-bce8d1e4f232","block_type":"box","text":"time of purchase into a longer term security. Since the value of longer-term securities generally","page_number":73,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"adf7a12f-38d3-4a11-ab44-4f0d26c50cdd","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than does the value of shorter-term","page_number":73,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"952c38b9-6116-4417-9825-9924dbb12659","block_type":"box","text":"securities, maturity extension risk could increase the volatility of the Fund. When interest rates decline,","page_number":73,"box":{"x":116,"y":366,"width":766,"height":12}},{"id":"552c0fc0-2a67-44e9-8dea-2d3d746b3b50","block_type":"box","text":"the value of an asset-backed security with prepayment features may not increase as much as that of","page_number":73,"box":{"x":116,"y":382,"width":751,"height":12}},{"id":"e641723c-8cf7-4185-9e03-58c743a92dd5","block_type":"box","text":"other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate","page_number":73,"box":{"x":116,"y":397,"width":767,"height":12}},{"id":"60f19b43-84b5-494c-b719-7b59239e7f7b","block_type":"box","text":"or retard prepayments and thus affect maturities.","page_number":73,"box":{"x":116,"y":413,"width":368,"height":12}},{"id":"3e14c250-deaa-4294-a9af-083e2ee8ea8f","block_type":"box","text":"Asset-Based Securities.","page_number":73,"box":{"x":116,"y":444,"width":190,"height":9}},{"id":"a5957443-98ab-4f75-b1f0-c19c53f07bd6","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the","page_number":73,"box":{"x":307,"y":444,"width":548,"height":12}},{"id":"c136632a-fb9e-40cc-b2b6-db712439dfd4","block_type":"box","text":"principal amount, redemption terms or conversion terms of which are related to the market price of","page_number":73,"box":{"x":117,"y":459,"width":734,"height":12}},{"id":"3ae86ee8-febd-42a1-b0a9-2496fc5de488","block_type":"box","text":"some natural resource asset such as gold bullion. These securities are referred to as “asset-based","page_number":73,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"476c5dbd-2b58-4640-b73f-0d4a551c1601","block_type":"box","text":"securities.” A Fund will purchase only asset-based securities that are rated, or are issued by issuers","page_number":73,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"25e9b803-1ba8-402f-b0ab-832be95a1a5c","block_type":"box","text":"that have outstanding debt obligations rated, investment grade (for example, AAA, AA, A or BBB by","page_number":73,"box":{"x":116,"y":506,"width":744,"height":12}},{"id":"5011ef03-7546-4a6d-ba3b-8228ab171c45","block_type":"box","text":"S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by Moody’s Investors Service, Inc.","page_number":73,"box":{"x":116,"y":521,"width":719,"height":12}},{"id":"fd525461-eab8-420e-a8a7-d8fcb23f5b74","block_type":"box","text":"(“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by issuers that the","page_number":73,"box":{"x":117,"y":537,"width":721,"height":12}},{"id":"4d75e7eb-9e62-4523-b452-046394b56ddd","block_type":"box","text":"Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":73,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"46232360-cbd8-49f5-8441-708555c8c3e9","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and","page_number":73,"box":{"x":117,"y":568,"width":766,"height":12}},{"id":"a50316f3-adf4-4f33-85a9-96a19fca23f9","block_type":"box","text":"may be more likely to be downgraded than securities rated in the three highest rating categories. If an","page_number":73,"box":{"x":117,"y":583,"width":759,"height":12}},{"id":"db6cbbb4-e0a9-4fa1-9501-9e65b9d67c78","block_type":"box","text":"asset-based security is backed by a bank letter of credit or other similar facility, the Manager may take","page_number":73,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"5e7219bb-42d7-44d3-9533-3ab7d7925761","block_type":"box","text":"such backing into account in determining the creditworthiness of the issuer. While the market prices for","page_number":73,"box":{"x":116,"y":614,"width":769,"height":12}},{"id":"c2ede20c-74e5-47f6-8fff-027b5eaf2244","block_type":"box","text":"an asset-based security and the related natural resource asset generally are expected to move in the","page_number":73,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"a0df66b1-e4a9-44d9-841c-c8df80638096","block_type":"box","text":"same direction, there may not be perfect correlation in the two price movements. Asset-based","page_number":73,"box":{"x":116,"y":645,"width":702,"height":12}},{"id":"4aff69bd-0221-48a7-aba3-4d597f2fc453","block_type":"box","text":"securities may not be secured by a security interest in or claim on the underlying natural resource","page_number":73,"box":{"x":116,"y":661,"width":723,"height":12}},{"id":"fe3e1c09-ec54-4d50-bc79-81fc93e19a94","block_type":"box","text":"asset. The asset-based securities in which a Fund may invest may bear interest or pay preferred","page_number":73,"box":{"x":116,"y":676,"width":716,"height":12}},{"id":"73b1a53b-0341-48e0-978e-26d81c372897","block_type":"box","text":"dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be","page_number":73,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"731e9345-536b-4669-8add-184afd84fb3c","block_type":"box","text":"payable at maturity in cash at the stated principal amount or, at the option of the holder, directly in a","page_number":73,"box":{"x":117,"y":707,"width":738,"height":12}},{"id":"9069b549-44a2-49cd-a570-f95b6476da07","block_type":"box","text":"stated amount of the asset to which it is related. In such instance, because no Fund presently intends","page_number":73,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"d566928d-0a49-473b-a31b-ad168b11bb19","block_type":"box","text":"to invest directly in natural resource assets, a Fund would sell the asset-based security in the","page_number":73,"box":{"x":116,"y":738,"width":691,"height":12}},{"id":"5a4404e2-131e-4d2b-9189-db02d4649772","block_type":"box","text":"secondary market, to the extent one exists, prior to maturity if the value of the stated amount of the","page_number":73,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"74cba272-6a2f-4a6a-ba47-3b1e2f990445","block_type":"box","text":"asset exceeds the stated principal amount and thereby realize the appreciation in the underlying asset.","page_number":73,"box":{"x":116,"y":769,"width":763,"height":12}},{"id":"f04d8031-3dab-42fe-876d-14f94b47685a","block_type":"box","text":"Precious Metal-Related Securities.","page_number":73,"box":{"x":116,"y":800,"width":256,"height":10}},{"id":"61b11e10-9b17-4f8a-ae53-58b5bdf717b4","block_type":"box","text":"A Fund may invest in the equity and other securities of companies","page_number":73,"box":{"x":378,"y":800,"width":491,"height":12}},{"id":"da7c657f-0665-4166-9ecf-80f3a87879f8","block_type":"box","text":"that explore for, extract, process or deal in precious metals (","page_number":73,"box":{"x":116,"y":816,"width":447,"height":12}},{"id":"24ade356-e62a-4a58-bf7c-51f17dc6db5e","block_type":"box","text":"e.g.","page_number":73,"box":{"x":564,"y":818,"width":26,"height":10}},{"id":"c48856ce-01c5-460a-a33d-0cfdbdcaa64b","block_type":"box","text":", gold, silver and platinum), and in","page_number":73,"box":{"x":593,"y":816,"width":249,"height":12}},{"id":"504f0921-6223-48b5-9d48-6ccec5524729","block_type":"box","text":"asset-based securities indexed to the value of such metals. Such securities may be purchased when","page_number":73,"box":{"x":116,"y":831,"width":752,"height":12}},{"id":"71d087a4-8b2d-40e6-ab60-2eb9c32792d0","block_type":"box","text":"they are believed to be attractively priced in relation to the value of a company’s precious metal-related","page_number":73,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"54637ac6-7bc6-4e71-957b-92b1faed9fdc","block_type":"box","text":"assets or when the values of precious metals are expected to benefit from inflationary pressure or","page_number":73,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"8030a4ab-ac7e-4e5b-a1ed-a8671d27aab9","block_type":"box","text":"other economic, political or financial uncertainty or instability. Based on historical experience, during","page_number":73,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"4915319d-3b2a-455e-8c11-16c2d1209b68","block_type":"box","text":"II-2","page_number":73,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"d4f2923d-11f9-476b-a1ee-27dd7e578d1a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":73,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e17ff435-9a32-4c97-9099-7f0549d0f5c1","block_type":"box","text":"periods of economic or financial instability the securities of companies involved in precious metals may","page_number":74,"box":{"x":117,"y":87,"width":766,"height":12}},{"id":"489f2044-f43e-49af-9063-c4a7a2d47a3d","block_type":"box","text":"be subject to extreme price fluctuations, reflecting the high volatility of precious metal prices during","page_number":74,"box":{"x":117,"y":102,"width":736,"height":13}},{"id":"dad861d1-ef57-4021-abcd-5518bca4ca7d","block_type":"box","text":"such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":74,"box":{"x":116,"y":118,"width":721,"height":12}},{"id":"b864bcc9-a650-4c79-a89c-c0fcbbf54965","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such","page_number":74,"box":{"x":117,"y":134,"width":754,"height":12}},{"id":"213688ee-fa81-418a-9530-6506c530ee6e","block_type":"box","text":"companies. The major producers of gold include the Republic of South Africa, Russia, Canada, the","page_number":74,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"08f55aaa-e1ab-41bc-9042-4c48682fb73c","block_type":"box","text":"United States, Brazil and Australia. Sales of gold by Russia are largely unpredictable and often relate","page_number":74,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"34818d1c-cfa5-4167-b6f9-25bc0b54d8ad","block_type":"box","text":"to political and economic considerations rather than to market forces. Economic, financial, social and","page_number":74,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"975831ad-531e-4bcb-a9f1-6f4bb1b44fc6","block_type":"box","text":"political factors within South Africa may significantly affect South African gold production.","page_number":74,"box":{"x":117,"y":196,"width":663,"height":12}},{"id":"1f597c96-8f91-4929-b179-414c91085d84","block_type":"box","text":"Borrowing and Leverage.","page_number":74,"box":{"x":116,"y":227,"width":201,"height":12}},{"id":"e66429c2-a50a-4821-9544-b0f64e9688b6","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or","page_number":74,"box":{"x":318,"y":227,"width":517,"height":12}},{"id":"b896831f-79d0-4eec-b3fb-c430f9ad7b50","block_type":"box","text":"emergency purposes, including to meet redemptions or to settle securities transactions. Certain Funds","page_number":74,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"b33c0314-2485-4f46-a126-9a37630fb502","block_type":"box","text":"will not purchase securities at any time when borrowings exceed 5% of their total assets, except (a) to","page_number":74,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"d2ac0be6-f201-4269-bb72-d7da552c7cc2","block_type":"box","text":"honor prior commitments or (b) to exercise subscription rights when outstanding borrowings have been","page_number":74,"box":{"x":117,"y":273,"width":768,"height":12}},{"id":"ba97acc5-eecf-4740-ac43-04b7399750c8","block_type":"box","text":"obtained exclusively for settlements of other securities transactions.","page_number":74,"box":{"x":116,"y":289,"width":508,"height":12}},{"id":"93b86f4b-e410-4712-b504-5dee46cc71b5","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s","page_number":74,"box":{"x":117,"y":320,"width":740,"height":12}},{"id":"0304853c-4b2f-4089-ae8f-b6a2370ec66c","block_type":"box","text":"Prospectus. The purchase of securities while borrowings are outstanding will have the effect of","page_number":74,"box":{"x":117,"y":335,"width":700,"height":12}},{"id":"574c40b1-a15c-40ed-9df1-f837181e879b","block_type":"box","text":"leveraging the Fund. Such leveraging increases the Fund’s exposure to capital risk, and borrowed funds","page_number":74,"box":{"x":117,"y":351,"width":769,"height":12}},{"id":"042c8429-377e-4b1b-8924-b82259e21cfe","block_type":"box","text":"are subject to interest costs that will reduce net income. The use of leverage by a Fund creates an","page_number":74,"box":{"x":116,"y":366,"width":727,"height":12}},{"id":"0870a901-76ee-4f55-8f28-35112e870f39","block_type":"box","text":"opportunity for greater total return, but, at the same time, creates special risks. For example, leveraging","page_number":74,"box":{"x":116,"y":382,"width":765,"height":12}},{"id":"f98a9090-c2bf-4ea1-8201-3bf9d942914b","block_type":"box","text":"may exaggerate changes in the net asset value (“NAV”) of Fund shares and in the yield on the Fund’s","page_number":74,"box":{"x":117,"y":397,"width":751,"height":12}},{"id":"2b9b17cb-5433-4d0f-aca3-bb8439a2ec0e","block_type":"box","text":"portfolio. Although the principal of such borrowings will be fixed, the Fund’s assets may change in value","page_number":74,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"382aa694-7848-4870-9827-f820f58b05c2","block_type":"box","text":"during the time the borrowings are outstanding. Borrowings will create interest expenses for the Fund","page_number":74,"box":{"x":116,"y":428,"width":749,"height":12}},{"id":"1191401b-2b6f-4224-97f5-0d1ce5b9bd92","block_type":"box","text":"that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":74,"box":{"x":116,"y":444,"width":769,"height":12}},{"id":"cec879b9-dafb-4095-9788-7d5ac82f39b6","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the","page_number":74,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"d8c46ab5-85aa-4aee-897b-fd87110c5df6","block_type":"box","text":"Fund will have to pay on the borrowings, the Fund’s return will be greater than if leverage had not been","page_number":74,"box":{"x":117,"y":475,"width":761,"height":12}},{"id":"2126c49b-b912-48f2-9348-7c250d0a7708","block_type":"box","text":"used. Conversely, if the income or capital appreciation from the securities purchased with such","page_number":74,"box":{"x":117,"y":490,"width":701,"height":12}},{"id":"e0dbf694-fa12-4d7e-9ca7-30d3e06d06ad","block_type":"box","text":"borrowed funds is not sufficient to cover the cost of borrowing, the return to the Fund will be less than if","page_number":74,"box":{"x":117,"y":506,"width":761,"height":12}},{"id":"178fc35d-17d7-4765-aaf9-f2b22db5a939","block_type":"box","text":"leverage had not been used and, therefore, the amount available for distribution to shareholders as","page_number":74,"box":{"x":117,"y":521,"width":732,"height":12}},{"id":"1f0e387e-558c-4de0-ac29-4b51ed36a605","block_type":"box","text":"dividends will be reduced. In the latter case, the Manager in its best judgment nevertheless may","page_number":74,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"c9547017-2968-4f16-9977-a20b9bc9444f","block_type":"box","text":"determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":74,"box":{"x":116,"y":552,"width":699,"height":12}},{"id":"fac55aac-38b9-4fe4-a08d-d09af53292f4","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":74,"box":{"x":116,"y":568,"width":677,"height":12}},{"id":"e81849ae-1a55-4dc0-aed2-014fc4730702","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit","page_number":74,"box":{"x":117,"y":599,"width":727,"height":12}},{"id":"437ca2bb-21dd-4034-8826-6bba9fad9686","block_type":"box","text":"agreements relating to asset coverage, portfolio composition requirements and other matters. It is not","page_number":74,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"5f274711-48ba-4fae-8016-88b5003f411c","block_type":"box","text":"anticipated that observance of such covenants would impede the Manager from managing a Fund’s","page_number":74,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"9df5ceb5-20b4-48eb-bdd4-2ca9eeff6108","block_type":"box","text":"portfolio in accordance with the Fund’s investment objectives and policies. However, a breach of any","page_number":74,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"92857508-a3d8-479a-b762-59bbe0ab82c3","block_type":"box","text":"such covenants not cured within the specified cure period may result in acceleration of outstanding","page_number":74,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"bb5ca0c6-1984-47b3-acf5-3a794e356b77","block_type":"box","text":"indebtedness and require the Fund to dispose of portfolio investments at a time when it may be","page_number":74,"box":{"x":117,"y":676,"width":706,"height":12}},{"id":"dcbc9154-9a24-4e56-b7e4-cd41693faf3e","block_type":"box","text":"disadvantageous to do so.","page_number":74,"box":{"x":116,"y":692,"width":195,"height":12}},{"id":"d534c565-46d0-4f79-937a-8e9be05669dc","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such","page_number":74,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"ea7b483e-a6cd-4dd5-a28d-ea9edbbff77d","block_type":"box","text":"borrowings are no less favorable than those available from comparable sources of funds in the","page_number":74,"box":{"x":117,"y":738,"width":701,"height":12}},{"id":"f9dde536-bd2f-459e-98da-9dc83b2372ce","block_type":"box","text":"marketplace.","page_number":74,"box":{"x":117,"y":754,"width":94,"height":12}},{"id":"9ffa1cba-8f9e-4a30-8ad5-139b9d3d3b98","block_type":"box","text":"Cash Management.","page_number":74,"box":{"x":117,"y":785,"width":151,"height":12}},{"id":"4951ae98-3805-4b4e-8ac7-d2656c08476b","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide","page_number":74,"box":{"x":275,"y":785,"width":567,"height":12}},{"id":"c4a0b63d-ef08-48f5-ab2e-c0ca0813c1b8","block_type":"box","text":"liquidity necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if","page_number":74,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"49d78890-8f38-4249-8805-6064c09a484c","block_type":"box","text":"considered appropriate in the opinion of the Manager, a portion of a Fund’s assets may be invested in","page_number":74,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"3c93057a-0720-42a2-a089-a5f89ee4ecc5","block_type":"box","text":"certain types of instruments with remaining maturities of 397 days or less for liquidity purposes. Such","page_number":74,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"f6b385d5-bd4d-4a8d-9722-91d688e38548","block_type":"box","text":"instruments would consist of: (i) obligations of the U.S. Government, its agencies, instrumentalities,","page_number":74,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"29cb7377-be08-4dc9-9f16-9224d6e4c6d3","block_type":"box","text":"authorities or political subdivisions (“U.S. Government Securities”); (ii) other fixed-income securities","page_number":74,"box":{"x":116,"y":862,"width":742,"height":12}},{"id":"1d216bdd-5694-452f-8120-bbc363be0358","block_type":"box","text":"rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of comparable quality in the","page_number":74,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"459b05be-664b-4fa3-9e65-d555c8349c0d","block_type":"box","text":"II-3","page_number":74,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"0bb524a8-398a-461b-b38f-b88b5a0b7377","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":74,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f24fe9d7-f4a2-4742-937c-033c8774721c","block_type":"box","text":"opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable certificates of","page_number":75,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"b01fc576-fd4d-453c-ada9-a7df522757be","block_type":"box","text":"deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":75,"box":{"x":116,"y":102,"width":730,"height":13}},{"id":"b734537b-4b3a-4fcf-a525-56fb98bbe78d","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the","page_number":75,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"54a28083-571e-44e3-bbac-7cec9dc5cdb1","block_type":"box","text":"issuer’s parent must have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or","page_number":75,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"17261627-3e45-4aef-90c4-1a54e41330b6","block_type":"box","text":"outstanding commercial paper, bank obligations or other short-term obligations rated Prime-1 by","page_number":75,"box":{"x":116,"y":149,"width":719,"height":12}},{"id":"f6aa8395-c657-42da-904b-ec9095172cae","block_type":"box","text":"Moody’s or A-1 by S&P; or, if no such ratings are available, the instrument must be of comparable","page_number":75,"box":{"x":117,"y":165,"width":731,"height":12}},{"id":"770a25ad-bf95-45d5-8b75-884eca05c391","block_type":"box","text":"quality in the opinion of the Manager. For more information on money market instruments, see “Money","page_number":75,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"9a96ed69-0138-44fc-8f4f-121e1e63df85","block_type":"box","text":"Market Securities” below.","page_number":75,"box":{"x":117,"y":196,"width":192,"height":9}},{"id":"ee7142d7-e19c-4d3c-ab8c-c73098a8514c","block_type":"box","text":"Collateralized Debt Obligations.","page_number":75,"box":{"x":117,"y":227,"width":251,"height":12}},{"id":"da5c9566-654b-4a3e-a70a-5c1247ac4a7f","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations","page_number":75,"box":{"x":369,"y":227,"width":444,"height":12}},{"id":"1f354c2c-56c1-4c68-bb9c-7ef9f0c427f8","block_type":"box","text":"(“CDOs”), which include collateralized bond obligations (“CBOs”), collateralized loan obligations","page_number":75,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"1dc27a93-3a9f-4fe6-89bd-a0bc80c050d6","block_type":"box","text":"(“CLOs”) and other similarly structured securities. CDOs are types of asset-backed securities. A CBO","page_number":75,"box":{"x":117,"y":258,"width":756,"height":12}},{"id":"3514ce32-1b39-4281-b3dd-dd6026df6e1d","block_type":"box","text":"is ordinarily issued by a trust or other special purpose entity (“SPE”) and is typically backed by a","page_number":75,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"537f6767-6feb-4555-a773-1745b73afcd5","block_type":"box","text":"diversified pool of fixed-income securities (which may include high risk, below investment grade","page_number":75,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"68c054f0-62b3-47d8-8ac2-75f9a234f035","block_type":"box","text":"securities) held by such issuer. A CLO is ordinarily issued by a trust or other SPE and is typically","page_number":75,"box":{"x":116,"y":304,"width":722,"height":12}},{"id":"2705d3c0-2cd7-45f2-9d40-da20cbb3cdc4","block_type":"box","text":"collateralized by a pool of loans, which may include, among others, domestic and non-U.S. senior","page_number":75,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"54001e24-b7dd-471d-a61f-b8c413d93f4a","block_type":"box","text":"secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be","page_number":75,"box":{"x":116,"y":335,"width":756,"height":12}},{"id":"eb2e1715-0a11-409e-b763-f1fd0f0eb719","block_type":"box","text":"rated below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO","page_number":75,"box":{"x":117,"y":351,"width":757,"height":12}},{"id":"c6d545d6-7791-4df6-9012-7e5f80b856fe","block_type":"box","text":"organized outside of the United States may not be deemed to be foreign securities if the CLO is","page_number":75,"box":{"x":116,"y":366,"width":715,"height":12}},{"id":"e971dfea-a584-4755-a55b-280b27006787","block_type":"box","text":"collateralized by a pool of loans, a substantial portion of which are U.S. loans. Although certain CDOs","page_number":75,"box":{"x":116,"y":382,"width":758,"height":12}},{"id":"9218bf8b-a2c5-4fbc-8000-5c3367944e73","block_type":"box","text":"may benefit from credit enhancement in the form of a senior-subordinate structure, over","page_number":75,"box":{"x":117,"y":397,"width":655,"height":12}},{"id":"4d21379e-3b8d-4330-a6f9-2d87c4f26a36","block_type":"box","text":"collateralization or bond insurance, such enhancement may not always be present, and may fail to","page_number":75,"box":{"x":116,"y":413,"width":735,"height":12}},{"id":"138c640f-d964-4812-9c4c-5cca477ed4eb","block_type":"box","text":"protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may use","page_number":75,"box":{"x":117,"y":428,"width":713,"height":12}},{"id":"abbe32f0-c9ab-4dc8-94e9-ff7093e0ed80","block_type":"box","text":"derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly,","page_number":75,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"e0941c05-40dc-4d1b-930a-d69ef45a38e0","block_type":"box","text":"which entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge","page_number":75,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"9a093363-7935-41be-a261-af735ee6120d","block_type":"box","text":"management fees and administrative expenses, which are in addition to those of a Fund.","page_number":75,"box":{"x":117,"y":475,"width":664,"height":12}},{"id":"cd714e41-5b1d-499a-ab82-2afdcb4a24b6","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called","page_number":75,"box":{"x":117,"y":506,"width":724,"height":12}},{"id":"d1cd736f-557f-448f-995e-c05f47aee36f","block_type":"box","text":"tranches, varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss","page_number":75,"box":{"x":116,"y":521,"width":765,"height":12}},{"id":"7477ca39-835a-4d1e-a39a-df55c6e1143e","block_type":"box","text":"from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches","page_number":75,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"f0cc1cf4-74a1-478b-8962-290e6b1b3479","block_type":"box","text":"from default (though such protection is not complete). Since it is partially protected from defaults, a","page_number":75,"box":{"x":116,"y":552,"width":737,"height":12}},{"id":"314619ec-647f-4b17-8f29-08710de03616","block_type":"box","text":"senior tranche from a CBO or CLO typically has higher ratings and lower yields than its underlying","page_number":75,"box":{"x":116,"y":568,"width":733,"height":12}},{"id":"de442224-7613-412a-a607-8b14db9968fb","block_type":"box","text":"securities, and may be rated investment grade. Despite the protection from the equity tranche, CBO or","page_number":75,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"d26bedda-26ec-4f55-b70c-e27ec33969e1","block_type":"box","text":"CLO tranches can experience substantial losses due to actual defaults, downgrades of the underlying","page_number":75,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"d12dc3c1-42ed-4104-b8f1-52cabcc3ee97","block_type":"box","text":"collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests,","page_number":75,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"95d59f03-3a32-4558-896e-023373ed1562","block_type":"box","text":"increased sensitivity to defaults due to collateral default and disappearance of protecting tranches,","page_number":75,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"55431b4f-9784-4805-b990-404e90e21d9d","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CBO or CLO securities as a class.","page_number":75,"box":{"x":117,"y":645,"width":716,"height":12}},{"id":"bfdc183c-b95c-4b0c-ba1a-8b75a7b262b3","block_type":"box","text":"Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the form","page_number":75,"box":{"x":117,"y":661,"width":757,"height":12}},{"id":"afd7bf74-7c8e-41ee-8d2b-3692ea394fdd","block_type":"box","text":"of obligations of the same type rather than cash), which involves continued exposure to default risk","page_number":75,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"dd2e6731-aa7d-4f53-add9-c1de428731dc","block_type":"box","text":"with respect to such payments.","page_number":75,"box":{"x":116,"y":692,"width":229,"height":12}},{"id":"7a08614d-f632-4743-88ac-5c2360eae83e","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the","page_number":75,"box":{"x":116,"y":723,"width":728,"height":12}},{"id":"fc6373fe-d78b-48a5-9452-8a47f295d165","block_type":"box","text":"class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately","page_number":75,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"a00efce6-e1b5-481d-b88c-f34bbb8cce05","block_type":"box","text":"offered and sold, and thus are not registered under the securities laws. However, an active dealer","page_number":75,"box":{"x":116,"y":754,"width":725,"height":12}},{"id":"00459bfc-793e-4200-a3d5-d7bd857b32b1","block_type":"box","text":"market may exist for CDOs, allowing a CDO to qualify for Rule 144A transactions. In addition to the","page_number":75,"box":{"x":117,"y":769,"width":736,"height":12}},{"id":"f5c79ea6-b9b9-4441-a3f4-de294f213d2b","block_type":"box","text":"normal risks associated with fixed-income securities and asset-backed securities generally discussed","page_number":75,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"2fbde5c2-f814-488c-885f-ef07f0d34dc7","block_type":"box","text":"elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the possibility that","page_number":75,"box":{"x":116,"y":800,"width":737,"height":12}},{"id":"2151027f-cf4b-4894-82d3-918d510c2710","block_type":"box","text":"distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":75,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"df88b7c0-4a2d-41f9-96f9-e0cd9457fba9","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally","page_number":75,"box":{"x":117,"y":831,"width":708,"height":12}},{"id":"bbd1cc77-4cb2-4a8b-8caa-c0bc08e6e459","block_type":"box","text":"recognized statistical rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that","page_number":75,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"61f1aa5f-50f8-42a2-bab8-8a596862619b","block_type":"box","text":"are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal","page_number":75,"box":{"x":116,"y":862,"width":736,"height":12}},{"id":"ba23b025-5429-4dee-8c5a-0c1f7524048e","block_type":"box","text":"documents could lead to disputes among investors regarding the characterization of proceeds; (v) the","page_number":75,"box":{"x":116,"y":878,"width":760,"height":12}},{"id":"2256e49c-e625-497e-a16f-cef4d150f1a6","block_type":"box","text":"II-4","page_number":75,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"9a7c2e13-0cf0-410f-b8f2-308d9ec8bd53","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":75,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f97348b4-4e20-4815-aed7-b84680687da5","block_type":"box","text":"investment return achieved by the Fund could be significantly different than those predicted by financial","page_number":76,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"08e22874-f633-474e-a7e0-6898f378889c","block_type":"box","text":"models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale”","page_number":76,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"393c5f5b-a6e0-4605-a988-a78359fd00e6","block_type":"box","text":"liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may","page_number":76,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"de5fe555-f598-4fd5-af30-bc3a9ae51dac","block_type":"box","text":"perform poorly.","page_number":76,"box":{"x":117,"y":134,"width":117,"height":12}},{"id":"b71c5a67-9919-46ed-ae87-b1707c6d2734","block_type":"box","text":"Commercial Paper.","page_number":76,"box":{"x":117,"y":165,"width":150,"height":11}},{"id":"1ed61976-289b-444f-9994-a435673f4945","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable","page_number":76,"box":{"x":268,"y":165,"width":607,"height":12}},{"id":"e85b1f6e-8e5d-46de-bc28-d907288e5721","block_type":"box","text":"by each Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance","page_number":76,"box":{"x":117,"y":180,"width":760,"height":12}},{"id":"b2c6c471-a0b2-4fec-9ecc-a561186cd247","block_type":"box","text":"on the “private placement” exemption from registration afforded by Section 4(a)(2) of the Securities","page_number":76,"box":{"x":116,"y":196,"width":739,"height":12}},{"id":"139e3b6f-2f7e-428c-8ad5-1ce6b1afa63c","block_type":"box","text":"Act. Section 4(a)(2) paper is restricted as to disposition under the Federal securities laws, and is","page_number":76,"box":{"x":116,"y":211,"width":719,"height":12}},{"id":"e36184a3-1c99-4ae8-a3e4-aafda99a3026","block_type":"box","text":"frequently sold (and resold) to institutional investors such as the Fund through or with the assistance of","page_number":76,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"75e49e9e-ce82-4c9e-acb6-f14cb34f36bf","block_type":"box","text":"investment dealers who make a market in the Section 4(a)(2) paper, thereby providing liquidity. Certain","page_number":76,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"6a205292-1f43-4978-a12f-f3952c8a3c49","block_type":"box","text":"transactions in Section 4(a)(2) paper may qualify for the registration exemption provided in Rule 144A","page_number":76,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"89bb9afd-b005-49ee-b075-f5cbfcb988c3","block_type":"box","text":"under the Securities Act. Most Funds can purchase commercial paper rated (at the time of purchase)","page_number":76,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"14530b43-8fd0-4af3-97e6-7d024aadf91b","block_type":"box","text":"“A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub-adviser,","page_number":76,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"cda22786-39c4-4be5-879e-dc3c1c65c640","block_type":"box","text":"“high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":76,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"cc891f97-ef54-4da6-9734-ec9f7620faea","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all","page_number":76,"box":{"x":117,"y":335,"width":740,"height":12}},{"id":"13cdf2ac-bead-4796-8be7-78088a163122","block_type":"box","text":"fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If","page_number":76,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"e76bbf30-260a-4929-b99c-ea43de1a9fa6","block_type":"box","text":"interest rates rise, commercial paper prices will decline and vice versa. However, the short-term nature","page_number":76,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"9c4c5ede-adce-4d3a-be6b-5585af4a5e06","block_type":"box","text":"of a commercial paper investment generally makes it less susceptible to volatility than many other fixed","page_number":76,"box":{"x":116,"y":382,"width":771,"height":12}},{"id":"cb6f751c-e307-41c6-80f6-f54ae8844b6a","block_type":"box","text":"income securities because interest rate risk typically increases as maturity lengths increase.","page_number":76,"box":{"x":117,"y":397,"width":686,"height":12}},{"id":"d08cb223-921d-472e-9f84-9dbd5fcb51a4","block_type":"box","text":"Commercial paper tends to yield smaller returns than longer-term corporate debt because securities","page_number":76,"box":{"x":117,"y":413,"width":746,"height":12}},{"id":"9ef3c941-13b2-4f35-aaae-6c0b37e930b8","block_type":"box","text":"with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":76,"box":{"x":116,"y":428,"width":686,"height":12}},{"id":"5d929e3c-fcbe-43e1-b339-8ea1647422f0","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":76,"box":{"x":117,"y":459,"width":535,"height":12}},{"id":"e7470591-0a1a-4c80-bced-ec8b88c6c279","block_type":"box","text":"Certain Funds seek to gain","page_number":76,"box":{"x":653,"y":459,"width":210,"height":12}},{"id":"2ed347b6-255d-47e1-a6c5-84bd79af228a","block_type":"box","text":"exposure to the commodities markets primarily through investments in hybrid instruments. Hybrid","page_number":76,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"3fcc2a56-01bf-4b0a-bf16-92b727885e42","block_type":"box","text":"instruments are either equity or debt derivative securities with one or more commodity-dependent","page_number":76,"box":{"x":117,"y":490,"width":727,"height":12}},{"id":"bce8ed98-5ec2-4746-a014-991638048e72","block_type":"box","text":"components that have payment features similar to a commodity futures contract, a commodity option","page_number":76,"box":{"x":116,"y":506,"width":753,"height":12}},{"id":"5f8c8b2e-216b-4d58-a263-c384a9167b4b","block_type":"box","text":"contract, or a combination of both. Therefore, these instruments are “commodity-linked.” They are","page_number":76,"box":{"x":116,"y":521,"width":731,"height":12}},{"id":"03bde89b-98d3-4485-b13c-3da2df036534","block_type":"box","text":"considered “hybrid” instruments because they have both commodity-like and security-like","page_number":76,"box":{"x":116,"y":537,"width":667,"height":12}},{"id":"3551d6a1-6fc4-4826-97fe-52d62850228c","block_type":"box","text":"characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":76,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"dd014b97-e7ef-4a70-986f-1e17be78d13f","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable","page_number":76,"box":{"x":116,"y":568,"width":766,"height":12}},{"id":"7dc0a586-2c47-451e-8aa4-ee966aef7ab0","block_type":"box","text":"economic variable.","page_number":76,"box":{"x":116,"y":583,"width":145,"height":10}},{"id":"ddc84375-b70a-483d-8c31-70a81af5053d","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than","page_number":76,"box":{"x":116,"y":614,"width":686,"height":12}},{"id":"78788787-fa33-49c7-8fde-e8c7714ce3e1","block_type":"box","text":"investments in traditional equity and debt securities when the value of those traditional securities is","page_number":76,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"8d3e331b-bc62-406f-9aca-f48114171de7","block_type":"box","text":"declining due to adverse economic conditions. As an example, during periods of rising inflation, debt","page_number":76,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"7eded279-9737-47df-80c5-f36c3c51ab38","block_type":"box","text":"securities have historically tended to decline in value due to the general increase in prevailing interest","page_number":76,"box":{"x":116,"y":661,"width":753,"height":12}},{"id":"f0a522fa-749a-4217-83c4-0c67ac8796d4","block_type":"box","text":"rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such","page_number":76,"box":{"x":117,"y":676,"width":763,"height":12}},{"id":"801edb1b-b0a8-4f7f-bf10-c975c3e26429","block_type":"box","text":"as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that","page_number":76,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"7a0559e5-5ca2-4cff-b4ad-b01ab8700d62","block_type":"box","text":"these investments will perform in that manner in the future, and at certain times the price movements","page_number":76,"box":{"x":116,"y":707,"width":749,"height":12}},{"id":"3ecd7d18-efea-44f6-a10a-dc46c1bf49c0","block_type":"box","text":"of commodity-linked instruments have been parallel to those of debt and equity securities.","page_number":76,"box":{"x":116,"y":723,"width":665,"height":12}},{"id":"b8624c93-cdd5-407d-b0a4-042f218b7f8f","block_type":"box","text":"Commodities have historically tended to increase and decrease in value during different parts of the","page_number":76,"box":{"x":117,"y":738,"width":739,"height":12}},{"id":"9456d9ef-747a-4e80-96ce-dd1fb7edbb93","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in","page_number":76,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"e58c6985-7a31-4238-9d6c-53ade1d7f96e","block_type":"box","text":"tandem with the prices of financial assets and thus may not provide overall portfolio diversification","page_number":76,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"a849ee86-41e2-4915-ad47-87dd946f529b","block_type":"box","text":"benefits. Under favorable economic conditions, the Fund’s investments may be expected to under","page_number":76,"box":{"x":117,"y":785,"width":731,"height":12}},{"id":"a5c1b69c-3c90-4cf4-8bd1-72d8a5e13db8","block_type":"box","text":"perform an investment in traditional securities. Over the long term, the returns on the Fund’s","page_number":76,"box":{"x":117,"y":800,"width":682,"height":12}},{"id":"e07c0d9e-0aef-45bf-98dc-9e8e5f0adf97","block_type":"box","text":"investments are expected to exhibit low or negative correlation with stocks and bonds.","page_number":76,"box":{"x":117,"y":816,"width":637,"height":12}},{"id":"b7ada3bc-fe99-4bdf-829f-b310072fb001","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":76,"box":{"x":117,"y":847,"width":222,"height":12}},{"id":"feb8a1b2-9b28-4165-98eb-77efcbdf6285","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion","page_number":76,"box":{"x":341,"y":847,"width":546,"height":12}},{"id":"e886a75f-4695-4d30-8c3f-9aa19b6716ca","block_type":"box","text":"from regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid","page_number":76,"box":{"x":116,"y":862,"width":761,"height":12}},{"id":"b1cab867-c4d4-4a93-ad89-57dea27bbd10","block_type":"box","text":"instrument that qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid","page_number":76,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"59d96094-1efd-40fd-a845-882260ad013e","block_type":"box","text":"II-5","page_number":76,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"0e59cc30-4065-4995-83c7-d480aadb1ef4","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":76,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b1031b95-8c4d-4242-bc20-8e3fe98206c1","block_type":"box","text":"instrument is considered to be predominantly a security if (a) the issuer of the hybrid instrument","page_number":77,"box":{"x":117,"y":87,"width":712,"height":12}},{"id":"cf9a4478-c932-4667-a417-1eb42b441c87","block_type":"box","text":"receives payment in full of the purchase price of the hybrid instrument, substantially","page_number":77,"box":{"x":117,"y":102,"width":624,"height":13}},{"id":"53c3ea7c-2c5c-4081-b712-03b47fdb4c91","block_type":"box","text":"contemporaneously with delivery of the hybrid instrument; (b) the purchaser or holder of the hybrid","page_number":77,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"6cdd56e9-d0eb-42c1-9e7f-0111a8a52d7a","block_type":"box","text":"instrument is not required to make any payment to the issuer in addition to the purchase price paid","page_number":77,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"fb621e2b-52df-4716-89fc-c06963bc496d","block_type":"box","text":"under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the","page_number":77,"box":{"x":117,"y":149,"width":743,"height":12}},{"id":"f8f44d71-3d74-4ee6-b3cc-26f15eb4dab6","block_type":"box","text":"hybrid instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the","page_number":77,"box":{"x":117,"y":165,"width":770,"height":12}},{"id":"aadf1ff3-77ed-4779-a621-d9f4f68af5e6","block_type":"box","text":"instrument to mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as","page_number":77,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"f01d65ce-c286-455b-87ab-254010269618","block_type":"box","text":"a contract of sale of a commodity for future delivery (or option on such a contract) subject to applicable","page_number":77,"box":{"x":116,"y":196,"width":768,"height":12}},{"id":"76319edd-6996-49bd-91e3-47a79a13723b","block_type":"box","text":"provisions of the Commodity Exchange Act. Hybrid instruments may be principal protected, partially","page_number":77,"box":{"x":117,"y":211,"width":743,"height":12}},{"id":"edf9d34c-0d0c-4f8f-a0c5-26f169151992","block_type":"box","text":"protected, or offer no principal protection. A principal protected hybrid instrument means that the issuer","page_number":77,"box":{"x":117,"y":227,"width":768,"height":12}},{"id":"30927f64-2255-4fb5-b31b-6fc665f60bf4","block_type":"box","text":"will pay, at a minimum, the par value of the note at maturity. Therefore, if the commodity value to which","page_number":77,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"041873db-9581-433c-8f97-7a15158f6ef1","block_type":"box","text":"the hybrid instrument is linked declines over the life of the note, the Fund will receive at maturity the","page_number":77,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"6429c40d-b670-4f10-b0a5-c9f88b0d62e5","block_type":"box","text":"face or stated value of the note. With a principal protected hybrid instrument, the Fund will receive at","page_number":77,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"dba4a5ae-bd71-45d6-bc78-81c2160c36c1","block_type":"box","text":"maturity the greater of the par value of the note or the increase in its value based on the underlying","page_number":77,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"fa913e46-a1b1-4203-922d-1d2b558deec7","block_type":"box","text":"commodity or index. This protection is, in effect, an option whose value is subject to the volatility and","page_number":77,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"40752afc-6253-44f3-a008-ebb874e203ce","block_type":"box","text":"price level of the underlying commodity. The Manager’s decision whether to use principal protection","page_number":77,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"5721643b-02c9-40a6-9d22-99d23989c066","block_type":"box","text":"depends in part on the cost of the protection. In addition, the protection feature depends upon the","page_number":77,"box":{"x":116,"y":335,"width":728,"height":12}},{"id":"80cc52b5-2ec6-41cf-a5ac-8c6766ab6d10","block_type":"box","text":"ability of the issuer to meet its obligation to buy back the security, and, therefore, depends on the","page_number":77,"box":{"x":116,"y":351,"width":724,"height":12}},{"id":"ce0d1684-9713-4595-a9ea-faeaee004315","block_type":"box","text":"creditworthiness of the issuer. With full principal protection, the Fund will receive at maturity of the","page_number":77,"box":{"x":116,"y":366,"width":731,"height":12}},{"id":"143d3245-7463-4777-9b94-01a62ab9dc79","block_type":"box","text":"hybrid instrument either the stated par value of the hybrid instrument, or potentially, an amount greater","page_number":77,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"5d241166-bbea-4961-9296-1bd0696d2f92","block_type":"box","text":"than the stated par value if the underlying commodity, index, futures contract or economic variable to","page_number":77,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"44fe65f6-54c3-4eb8-a23b-c7a55fd7ea4b","block_type":"box","text":"which the hybrid instrument is linked has increased in value. Partially protected hybrid instruments may","page_number":77,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"5e7c9de4-3ddf-42a8-8fa4-6888d70ef437","block_type":"box","text":"suffer some loss of principal if the underlying commodity, index, futures contract or economic variable","page_number":77,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"2efb8df3-2c70-451d-986d-dd7dca8bd0b9","block_type":"box","text":"to which the hybrid instrument is linked declines in value during the term of the hybrid instrument.","page_number":77,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"3253e444-29d1-417f-86fb-ac25d6ebdf39","block_type":"box","text":"However, partially protected hybrid instruments have a specified limit as to the amount of principal that","page_number":77,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"2ee4f2ea-046a-4139-a57a-7c87213a58ad","block_type":"box","text":"they may lose.","page_number":77,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"968c9f3b-aeb1-4cd0-a0d8-c55a00768d22","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":77,"box":{"x":116,"y":506,"width":355,"height":12}},{"id":"8d4d4474-a579-480d-9703-170828c4e681","block_type":"box","text":"Certain Funds may invest in hybrid instruments that","page_number":77,"box":{"x":473,"y":506,"width":393,"height":12}},{"id":"3980f8eb-db27-48ed-82c1-7c7f7c093132","block_type":"box","text":"offer no principal protection. At maturity, there is a risk that the underlying commodity price, futures","page_number":77,"box":{"x":116,"y":521,"width":738,"height":12}},{"id":"c6aaf8de-ed5c-4f6f-81f9-fa4a7a924e1b","block_type":"box","text":"contract, index or other economic variable may have declined sufficiently in value such that some or all","page_number":77,"box":{"x":116,"y":537,"width":768,"height":12}},{"id":"bd5f84f4-c28a-4a23-9443-0d406a1f465c","block_type":"box","text":"of the face value of the hybrid instrument might not be returned. The Manager, at its discretion, may","page_number":77,"box":{"x":116,"y":552,"width":746,"height":12}},{"id":"8d60dd86-6199-4fc4-b9c6-f5ced5f45a6b","block_type":"box","text":"invest in a partially protected principal structured note or a note without principal protection. In deciding","page_number":77,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"ee36aead-2217-4d11-84ee-c40fbacedf55","block_type":"box","text":"to purchase a note without principal protection, the Manager may consider, among other things, the","page_number":77,"box":{"x":116,"y":583,"width":743,"height":12}},{"id":"d478976b-ecca-4384-9a08-1f4380a260d8","block_type":"box","text":"expected performance of the underlying commodity futures contract, index or other economic variable","page_number":77,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"b9d75085-1968-410a-9929-f42b3aa4ec33","block_type":"box","text":"over the term of the note, the cost of the note, and any other economic factors that the Manager","page_number":77,"box":{"x":116,"y":614,"width":717,"height":12}},{"id":"1859b1b0-eb9b-4999-a32e-224183f1a5f3","block_type":"box","text":"believes are relevant.","page_number":77,"box":{"x":117,"y":630,"width":163,"height":9}},{"id":"89998a0d-cc27-461a-a0a9-f03b1413400b","block_type":"box","text":"Limitations on Leverage.","page_number":77,"box":{"x":116,"y":661,"width":181,"height":12}},{"id":"b7137ad8-377d-4133-86c7-6902b26a034b","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve","page_number":77,"box":{"x":304,"y":661,"width":534,"height":12}},{"id":"fd63e5bd-582f-43e9-b7d1-b5f35649c277","block_type":"box","text":"leverage. To avoid being subject to undue leverage risk, a Fund will seek to limit the amount of","page_number":77,"box":{"x":117,"y":676,"width":703,"height":12}},{"id":"e1993ccd-58a9-4eed-8797-411fde0fec13","block_type":"box","text":"economic leverage it has under any one hybrid instrument that it buys and the leverage of the Fund’s","page_number":77,"box":{"x":116,"y":692,"width":750,"height":12}},{"id":"42dc4e7f-04ca-4a53-bd19-5313c70ce8ed","block_type":"box","text":"overall portfolio. A Fund will not invest in a hybrid instrument if, at the time of purchase: (i) that","page_number":77,"box":{"x":116,"y":707,"width":699,"height":12}},{"id":"c60a7267-f3b5-4c5c-b44d-01b1b1c7df83","block_type":"box","text":"instrument’s “leverage ratio” exceeds 300% of the price increase in the underlying commodity, futures","page_number":77,"box":{"x":117,"y":723,"width":753,"height":12}},{"id":"c60cc99e-e284-4363-a99c-d37d5154557f","block_type":"box","text":"contract, index or other economic variable or (ii) the Fund’s “portfolio leverage ratio” exceeds 150%,","page_number":77,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"c83ec48c-1bd2-4ec3-9e9f-4196065850a6","block_type":"box","text":"measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a hybrid","page_number":77,"box":{"x":117,"y":754,"width":737,"height":12}},{"id":"9c1122d4-a68a-4e81-b1cf-ebd08c25a16e","block_type":"box","text":"instrument, assuming a one percent price increase in the underlying commodity, futures contract, index","page_number":77,"box":{"x":117,"y":769,"width":765,"height":12}},{"id":"e7c6483f-31e8-4a38-8b28-1f95b06bbae0","block_type":"box","text":"or other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1%","page_number":77,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"ed0fbcd3-fd91-4b8e-9738-7c7280198d42","block_type":"box","text":"gain in the underlying economic variable would be expected to result in a 1.5% gain in value for the","page_number":77,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"8b268d01-9277-4b98-a678-54d4ed3d7b3a","block_type":"box","text":"hybrid instrument. Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5%","page_number":77,"box":{"x":117,"y":816,"width":757,"height":12}},{"id":"787decb6-24a3-4180-a2c3-e0e6005fdf1d","block_type":"box","text":"loss if the underlying economic variable lost 1% of its value. “Portfolio leverage ratio” is defined as the","page_number":77,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"bfd7801e-d78e-4519-b72a-2fff0ff19c8d","block_type":"box","text":"average (mean) leverage ratio of all instruments in a Fund’s portfolio, weighted by the market values of","page_number":77,"box":{"x":116,"y":847,"width":769,"height":12}},{"id":"fdfea8d3-104b-4edd-9c1a-97348bd3e3c5","block_type":"box","text":"such instruments or, in the case of futures contracts, their notional values. A Fund may at times or from","page_number":77,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"db1769c4-ddf6-45a5-9b38-433e2603fc3c","block_type":"box","text":"II-6","page_number":77,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"06d57110-019b-4cab-8710-a6ee1b69ca24","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":77,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"41dedf87-b643-456f-8e27-faada373057a","block_type":"box","text":"time to time decide not to use leverage in its investments or use less leverage than may otherwise be","page_number":78,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"f93ed992-7162-4a2c-8fc6-d72cf2f8085f","block_type":"box","text":"allowable.","page_number":78,"box":{"x":116,"y":103,"width":79,"height":9}},{"id":"d70a9c2e-1940-4aeb-bbf4-5b62d99805d2","block_type":"box","text":"Counterparty Risk.","page_number":78,"box":{"x":117,"y":134,"width":136,"height":12}},{"id":"d73e0efa-e66b-40b3-b1c0-4eb2d62fd73d","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded","page_number":78,"box":{"x":255,"y":134,"width":625,"height":12}},{"id":"0298f962-5afa-4aae-8a81-0b7d8a1eae2b","block_type":"box","text":"futures and options, which are standard contracts, hybrid instruments are customized securities, tailor","page_number":78,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"265cb46c-f0a0-4b39-889a-a9f623221e5c","block_type":"box","text":"made by a specific issuer. With a listed futures or options contract, an investor’s counterparty is the","page_number":78,"box":{"x":117,"y":165,"width":740,"height":12}},{"id":"b6cb56b1-1733-4e77-8858-dbc32169a183","block_type":"box","text":"exchange clearinghouse. Exchange clearinghouses are capitalized by the exchange members and","page_number":78,"box":{"x":116,"y":180,"width":738,"height":12}},{"id":"c7176a2f-1de1-4231-830f-f56d58f7894c","block_type":"box","text":"typically have high investment grade ratings (","page_number":78,"box":{"x":116,"y":196,"width":336,"height":12}},{"id":"5be204c0-46ea-4774-a8fe-1f266468585f","block_type":"box","text":"e.g.","page_number":78,"box":{"x":453,"y":198,"width":26,"height":10}},{"id":"02733ae8-d466-4543-9655-79addb0cede2","block_type":"box","text":", ratings of AAA or AA by S&P). Therefore, the risk is","page_number":78,"box":{"x":482,"y":196,"width":396,"height":12}},{"id":"ec686afb-c201-4583-967a-504360c24507","block_type":"box","text":"small that an exchange clearinghouse might be unable to meet its obligations at maturity. However,","page_number":78,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"c6bb6407-8157-4997-ac4b-001d921b6a03","block_type":"box","text":"with a hybrid instrument, a Fund will take on the counterparty credit risk of the issuer. That is, at","page_number":78,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"7b584ecb-29dc-463f-98f6-fa1fc7dfd7a2","block_type":"box","text":"maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its obligations","page_number":78,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"49acd7f4-f2d2-49e0-9009-634b68f0901c","block_type":"box","text":"under the structured note.","page_number":78,"box":{"x":117,"y":258,"width":196,"height":9}},{"id":"c2f570b3-b18d-4b5a-8d24-67dd19b7587a","block_type":"box","text":"Convertible Securities.","page_number":78,"box":{"x":117,"y":289,"width":180,"height":9}},{"id":"f3d9ab6a-9405-4c1e-ba5e-e6cdc782d9eb","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other","page_number":78,"box":{"x":298,"y":289,"width":554,"height":12}},{"id":"2765717d-5602-48e2-9434-bf1cc5a8f1ee","block_type":"box","text":"security that may be converted into or exchanged for a prescribed amount of common stock or other","page_number":78,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"374978bf-f4ee-4971-9c86-d2fab19ccd7c","block_type":"box","text":"equity security of the same or a different issuer within a particular period of time at a specified price or","page_number":78,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"325b8f19-0c3a-47ff-b3b7-867b9a1c5472","block_type":"box","text":"formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the","page_number":78,"box":{"x":116,"y":335,"width":734,"height":12}},{"id":"27b84279-a5ff-4c15-be28-e5b1486f4b11","block_type":"box","text":"dividend paid on preferred stock until the convertible security matures or is redeemed, converted or","page_number":78,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"25ea77a2-8ed5-4939-b888-eee3afa0f09d","block_type":"box","text":"exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible","page_number":78,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"e0c0aa08-46b6-4344-bf5e-9eca836e16b5","block_type":"box","text":"income securities in that they ordinarily provide a stable stream of income with generally higher yields","page_number":78,"box":{"x":117,"y":382,"width":757,"height":12}},{"id":"234df8e9-01e5-4eb5-bddf-c4d3a4fa506f","block_type":"box","text":"than those of common stocks of the same or similar issuers, but lower yields than comparable","page_number":78,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"c2c3eed5-eb72-43d5-a79d-8e5ab0ebdaf4","block_type":"box","text":"nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":78,"box":{"x":117,"y":413,"width":767,"height":12}},{"id":"fd59bb7f-a1a0-4ae6-a7b4-a81747a6fdca","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The","page_number":78,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"11a58dec-8c44-4f68-a09b-029d81e40d19","block_type":"box","text":"credit standing of the issuer and other factors also may have an effect on the convertible security’s","page_number":78,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"ea487cd8-6bef-443f-9be4-608a1a8d29e6","block_type":"box","text":"investment value. Convertible securities rank senior to common stock in a corporation’s capital","page_number":78,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"a880f6c8-2cad-4842-927e-1693354ef14e","block_type":"box","text":"structure but are usually subordinated to comparable nonconvertible securities. Convertible securities","page_number":78,"box":{"x":116,"y":475,"width":757,"height":12}},{"id":"813aba9f-8bde-4ea4-a76b-5db93f852fc6","block_type":"box","text":"may be subject to redemption at the option of the issuer at a price established in the convertible","page_number":78,"box":{"x":117,"y":490,"width":714,"height":12}},{"id":"8cf61389-2f45-4d31-800e-5c87f90047aa","block_type":"box","text":"security’s governing instrument.","page_number":78,"box":{"x":116,"y":506,"width":241,"height":12}},{"id":"1f9c268a-c239-4de8-8c08-37864a7911dd","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an","page_number":78,"box":{"x":116,"y":537,"width":710,"height":12}},{"id":"4080cda0-53af-4b19-9ad0-b5edbebde2d2","block_type":"box","text":"investment company seeking a high total return from capital appreciation and investment income.","page_number":78,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"abcba785-fd11-425c-a583-f065f88b160c","block_type":"box","text":"These characteristics include the potential for capital appreciation as the value of the underlying","page_number":78,"box":{"x":116,"y":568,"width":716,"height":12}},{"id":"b67fd6d3-40f6-47ee-835e-45a746c2df6b","block_type":"box","text":"common stock increases, the relatively high yield received from dividend or interest payments as","page_number":78,"box":{"x":116,"y":583,"width":723,"height":12}},{"id":"187984b6-2045-4bd1-9a61-58af9d75c3d1","block_type":"box","text":"compared to common stock dividends and decreased risks of decline in value relative to the underlying","page_number":78,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"ae2f506c-d36f-4014-ae69-305c8fcb8f64","block_type":"box","text":"common stock due to their fixed-income nature. As a result of the conversion feature, however, the","page_number":78,"box":{"x":116,"y":614,"width":739,"height":11}},{"id":"c79e4055-7cb1-4cc2-8e08-9b49a2a529be","block_type":"box","text":"interest rate or dividend preference on a convertible security is generally less than would be the case if","page_number":78,"box":{"x":117,"y":630,"width":766,"height":12}},{"id":"f6c812c9-0a76-4cc1-8c48-1e9b4ee7f07c","block_type":"box","text":"the securities were issued in nonconvertible form.","page_number":78,"box":{"x":116,"y":645,"width":373,"height":10}},{"id":"c016167a-ac4f-4ad8-b90c-545a61dc9fe7","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security","page_number":78,"box":{"x":117,"y":676,"width":755,"height":12}},{"id":"a953b979-b410-4af0-9367-bb738b64ab9a","block_type":"box","text":"relative to its credit quality and the potential capital appreciation that is offered by the underlying","page_number":78,"box":{"x":117,"y":692,"width":710,"height":12}},{"id":"9f7e7cf2-8f0d-40e1-b99b-ef75574f2dfa","block_type":"box","text":"common stock, among other things.","page_number":78,"box":{"x":116,"y":707,"width":265,"height":12}},{"id":"123ee0ce-1efa-4d3e-a8cc-889be20c0d48","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":78,"box":{"x":117,"y":738,"width":758,"height":10}},{"id":"e608a666-3eea-4169-a7fa-22fcd856c3cd","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the","page_number":78,"box":{"x":116,"y":754,"width":734,"height":12}},{"id":"8e38a6b0-d72f-41fa-9001-392a4a3d8e7f","block_type":"box","text":"underlying equity securities may be quoted in the currency of the country where the issuer is domiciled.","page_number":78,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"10bdfd04-2056-4227-b684-12d390d06f69","block_type":"box","text":"As a result, fluctuations in the exchange rate between the currency in which the debt security is","page_number":78,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"5fc86ac7-a4f0-473b-b148-be139930051d","block_type":"box","text":"denominated and the currency in which the share price is quoted will affect the value of the convertible","page_number":78,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"41d67f82-6318-4c69-b5fc-84ba97d9e078","block_type":"box","text":"security. With respect to convertible securities denominated in a currency different from that of the","page_number":78,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"52592625-af0a-439f-89fb-2fff572c15c7","block_type":"box","text":"underlying equity securities, the conversion price may be based on a fixed exchange rate established","page_number":78,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"b7d21d98-a312-4f28-983f-dbee959a9652","block_type":"box","text":"at the time the security is issued, which may increase the effects of currency risk. As described below,","page_number":78,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"cfd1bcd1-839b-4804-8e17-e49cf7bcf3a3","block_type":"box","text":"a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to reduce","page_number":78,"box":{"x":116,"y":862,"width":766,"height":12}},{"id":"bb1909bc-1431-4543-aee1-af29912ad72b","block_type":"box","text":"the effect of exchange rate fluctuations.","page_number":78,"box":{"x":116,"y":878,"width":298,"height":12}},{"id":"84445cb6-d475-4ac5-844f-b7e38b15473a","block_type":"box","text":"II-7","page_number":78,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"ab99497c-2328-43fc-8318-89367c6c4ff2","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":78,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ab6bc3da-04c6-449f-977e-b12a5f63b828","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield","page_number":79,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"1fd4ca86-6cfa-41fa-bca5-55bfd309cf75","block_type":"box","text":"on nonconvertible securities of comparable issuers and by the value of the underlying common stock.","page_number":79,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"d236e8a2-b7dd-495d-9bdd-a86ca998b03a","block_type":"box","text":"The value of a convertible security viewed without regard to its conversion feature (","page_number":79,"box":{"x":116,"y":118,"width":617,"height":12}},{"id":"fabda8d2-3679-4344-b890-5afc6c2887f8","block_type":"box","text":"i.e.","page_number":79,"box":{"x":734,"y":118,"width":20,"height":10}},{"id":"c0e99cda-50cd-4832-a7bb-211b179d7f27","block_type":"box","text":", strictly on the","page_number":79,"box":{"x":757,"y":118,"width":112,"height":12}},{"id":"f75def3e-963e-4a02-87bf-e4d8e478344c","block_type":"box","text":"basis of its yield) is sometimes referred to as its “investment value.” To the extent interest rates","page_number":79,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"de07765e-c780-4b20-929f-073c0933e2b0","block_type":"box","text":"change, the investment value of the convertible security typically will fluctuate. At the same time,","page_number":79,"box":{"x":116,"y":149,"width":720,"height":12}},{"id":"4b16ace8-3845-44d6-8633-ae82913e55d0","block_type":"box","text":"however, the value of the convertible security will be influenced by its “conversion value,” which is the","page_number":79,"box":{"x":117,"y":165,"width":756,"height":12}},{"id":"7d616b26-67fd-4e2a-a1f5-d80a8d3c5c7d","block_type":"box","text":"market value of the underlying common stock that would be obtained if the convertible security were","page_number":79,"box":{"x":117,"y":180,"width":747,"height":12}},{"id":"1e8cfa59-bd03-421e-9cf7-22cf1788180e","block_type":"box","text":"converted. Conversion value fluctuates directly with the price of the underlying common stock. If the","page_number":79,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"2720a626-0f21-4d0c-a717-e065084f401d","block_type":"box","text":"conversion value of a convertible security is substantially below its investment value, the price of the","page_number":79,"box":{"x":116,"y":211,"width":748,"height":12}},{"id":"e593deca-7e3a-427f-a507-c21f224e5500","block_type":"box","text":"convertible security is governed principally by its investment value. To the extent the conversion value","page_number":79,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"00d49f13-b477-4b66-a37f-a993f8f84d00","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the","page_number":79,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"aef0e131-ec9e-4a09-8728-81118ac94879","block_type":"box","text":"price of the convertible security will be influenced principally by its conversion value. A convertible","page_number":79,"box":{"x":117,"y":258,"width":729,"height":12}},{"id":"8366c890-9c78-427d-94e7-37279934191a","block_type":"box","text":"security will sell at a premium over the conversion value to the extent investors place value on the right","page_number":79,"box":{"x":116,"y":273,"width":768,"height":12}},{"id":"5dd6cd05-d8ac-4b96-8b31-9bd9b26a1fb6","block_type":"box","text":"to acquire the underlying common stock while holding a fixed-income security. The yield and","page_number":79,"box":{"x":116,"y":289,"width":691,"height":12}},{"id":"f3b159ba-44ab-42fa-a99e-9f2f89ab5006","block_type":"box","text":"conversion premium of convertible securities issued in Japan and the Euromarket are frequently","page_number":79,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"ecd1a21a-4f09-45f3-a8c2-25661d3463ff","block_type":"box","text":"determined at levels that cause the conversion value to affect their market value more than the","page_number":79,"box":{"x":116,"y":320,"width":708,"height":9}},{"id":"8b6a8c90-087b-4e08-9e32-e17836ad7e60","block_type":"box","text":"securities’ investment value.","page_number":79,"box":{"x":116,"y":335,"width":215,"height":10}},{"id":"39083aa6-2819-4c40-8e60-0a35cc3072d8","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":79,"box":{"x":117,"y":362,"width":770,"height":12}},{"id":"c1b52d6f-9fdd-49bc-a2ca-6a6d0d08cde0","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible","page_number":79,"box":{"x":116,"y":378,"width":713,"height":12}},{"id":"cdfaf01c-704d-4420-9e4b-b0cfd108b3be","block_type":"box","text":"security may be subject to redemption at the option of the issuer at a price established in a charter","page_number":79,"box":{"x":116,"y":393,"width":734,"height":12}},{"id":"01615e1e-d422-4b41-9be7-432060698a5e","block_type":"box","text":"provision, indenture or other governing instrument pursuant to which the convertible security was","page_number":79,"box":{"x":117,"y":409,"width":723,"height":12}},{"id":"0fa5da2d-5fc0-4e2c-a4c4-e54a5dcfb9f0","block_type":"box","text":"issued. If a convertible security held by a Fund is called for redemption, the Fund will be required to","page_number":79,"box":{"x":117,"y":424,"width":741,"height":12}},{"id":"26028994-c4bd-49aa-9cdb-9e9c5216a0f2","block_type":"box","text":"redeem the security, convert it into the underlying common stock or sell it to a third party. Certain","page_number":79,"box":{"x":117,"y":440,"width":723,"height":12}},{"id":"a20f6ff2-8086-4e20-8f8a-ba1b09f4bac1","block_type":"box","text":"convertible debt securities may provide a put option to the holder, which entitles the holder to cause","page_number":79,"box":{"x":116,"y":455,"width":745,"height":12}},{"id":"21f1a6f5-87d6-4ba1-b322-d4390949326b","block_type":"box","text":"the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":79,"box":{"x":116,"y":471,"width":745,"height":12}},{"id":"e7df337b-6f38-490c-8435-bf39fe9cc1d4","block_type":"box","text":"security under certain circumstances.","page_number":79,"box":{"x":116,"y":486,"width":282,"height":12}},{"id":"16907f60-1dae-44e0-b941-c19960c552dc","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include","page_number":79,"box":{"x":116,"y":513,"width":765,"height":12}},{"id":"f48fa5c8-5e11-4df7-a2fa-2900ca0d57b4","block_type":"box","text":"either Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are","page_number":79,"box":{"x":116,"y":529,"width":717,"height":9}},{"id":"94a1a205-3acf-4a6f-b866-8624d766d2dc","block_type":"box","text":"instruments that are created by the issuer and have the economic characteristics of traditional","page_number":79,"box":{"x":117,"y":544,"width":701,"height":12}},{"id":"e554c556-baee-48aa-bfd3-5215dad4b704","block_type":"box","text":"convertible securities but may not actually permit conversion into the underlying equity securities in all","page_number":79,"box":{"x":116,"y":560,"width":760,"height":12}},{"id":"74e652fa-d063-46a1-8203-469db3a170b4","block_type":"box","text":"circumstances. As an example, a private company may issue a Cash-Settled Convertible that is","page_number":79,"box":{"x":116,"y":575,"width":715,"height":12}},{"id":"4c31c4e2-85cf-493c-b6fd-35e4f44b861e","block_type":"box","text":"convertible into common stock only if the company successfully completes a public offering of its","page_number":79,"box":{"x":116,"y":591,"width":721,"height":12}},{"id":"57c15895-1012-438a-b640-45e8ecec2b50","block_type":"box","text":"common stock prior to maturity and otherwise pays a cash amount to reflect any equity appreciation.","page_number":79,"box":{"x":116,"y":606,"width":751,"height":12}},{"id":"552fb368-e961-4abf-9d59-ba9fdfc46e68","block_type":"box","text":"“Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":79,"box":{"x":116,"y":622,"width":726,"height":12}},{"id":"a6041f61-f610-4b99-86f3-e38b050cddd4","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":79,"box":{"x":116,"y":637,"width":651,"height":12}},{"id":"d7eb7f14-f636-4370-bbc2-17fe8444112c","block_type":"box","text":"i.e.","page_number":79,"box":{"x":767,"y":638,"width":21,"height":9}},{"id":"57091bd2-a081-4380-852c-684cf903ac4d","block_type":"box","text":", fixed","page_number":79,"box":{"x":791,"y":637,"width":49,"height":12}},{"id":"8f580d51-0435-4d49-9a43-45ce2bdbb72d","block_type":"box","text":"income (“fixed-income component”) or a right to acquire equity securities (“convertibility component”).","page_number":79,"box":{"x":117,"y":653,"width":756,"height":12}},{"id":"05717917-09a8-4817-b9f6-dc1ae0d4c0ba","block_type":"box","text":"The fixed-income component is achieved by investing in nonconvertible fixed-income securities, such","page_number":79,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"14ceb7db-8b99-4e20-a29d-1985f041c1ea","block_type":"box","text":"as nonconvertible bonds, preferred stocks and money market instruments. The convertibility","page_number":79,"box":{"x":116,"y":684,"width":684,"height":12}},{"id":"c09ec74b-d648-4cb4-8e28-f9922f306e61","block_type":"box","text":"component is achieved by investing in call options, warrants, or other securities with equity conversion","page_number":79,"box":{"x":116,"y":700,"width":758,"height":12}},{"id":"b0814107-e3fd-4cee-87f7-320dcb1d55d9","block_type":"box","text":"features (“equity features”) granting the holder the right to purchase a specified quantity of the","page_number":79,"box":{"x":116,"y":715,"width":697,"height":12}},{"id":"b842a149-4e87-428c-9f56-7cc5e3b57fea","block_type":"box","text":"underlying stocks within a specified period of time at a specified price or, in the case of a stock index","page_number":79,"box":{"x":117,"y":730,"width":745,"height":13}},{"id":"90176525-62fb-44a6-b68e-e6587cfad6ab","block_type":"box","text":"option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":79,"box":{"x":116,"y":746,"width":685,"height":12}},{"id":"80219145-c3cb-409d-9ec4-55a6148cee63","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a","page_number":79,"box":{"x":116,"y":773,"width":751,"height":12}},{"id":"9479f691-371f-4830-a598-ecee686f048c","block_type":"box","text":"traditional convertible security, which is a single security that has a unitary market value, a","page_number":79,"box":{"x":116,"y":789,"width":669,"height":12}},{"id":"2e0b01da-e348-48df-a2bb-b3550a021c0d","block_type":"box","text":"Manufactured Convertible is comprised of two or more separate securities, each with its own market","page_number":79,"box":{"x":117,"y":804,"width":742,"height":12}},{"id":"088f9a74-cf28-4fd8-ad96-51b2991498d6","block_type":"box","text":"value. Therefore, the total “market value” of such a Manufactured Convertible is the sum of the values","page_number":79,"box":{"x":116,"y":820,"width":755,"height":11}},{"id":"62772d12-84ef-4590-aa6e-f9d63d417552","block_type":"box","text":"of its fixed-income component and its convertibility component.","page_number":79,"box":{"x":116,"y":835,"width":472,"height":12}},{"id":"d041f8c1-980d-411d-a731-4413161cf396","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a","page_number":79,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"ece2e1fa-c78d-4c80-8be0-518505a3d709","block_type":"box","text":"traditional convertible security. Because many corporations have not issued convertible securities, the","page_number":79,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"e18c933b-8259-4574-933f-1497db6cc021","block_type":"box","text":"II-8","page_number":79,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"36d0dcee-1271-4cc0-9345-068f81b22c77","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":79,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0a8235b9-bd63-4243-bb0b-4f75a2cbbc7a","block_type":"box","text":"Manager may combine a fixed-income instrument and an equity feature with respect to the stock of the","page_number":80,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"7f1a5614-911a-44c1-b98d-e9d1e391ab92","block_type":"box","text":"issuer of the fixed-income instrument to create a synthetic convertible security otherwise unavailable in","page_number":80,"box":{"x":117,"y":102,"width":767,"height":13}},{"id":"3574d043-f9b1-4032-a981-5aef855b9e46","block_type":"box","text":"the market. The Manager may also combine a fixed-income instrument of an issuer with an equity","page_number":80,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"ea938212-c034-46ff-9b2e-23afa5367216","block_type":"box","text":"feature with respect to the stock of a different issuer when the Manager believes such a Manufactured","page_number":80,"box":{"x":116,"y":134,"width":763,"height":12}},{"id":"6d1bc825-c973-423c-92c1-efad60d559ec","block_type":"box","text":"Convertible would better promote a Fund’s objective than alternative investments. For example, the","page_number":80,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"9779cc08-78b5-4bb6-aec3-0102846ef1ad","block_type":"box","text":"Manager may combine an equity feature with respect to an issuer’s stock with a fixed-income security","page_number":80,"box":{"x":117,"y":165,"width":759,"height":12}},{"id":"8c903269-1313-4443-9eec-b7c6ebfde34a","block_type":"box","text":"of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":80,"box":{"x":116,"y":180,"width":702,"height":12}},{"id":"744bf433-0407-4b94-8c1c-cb3629a2eb01","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional","page_number":80,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"44640607-7958-4426-a034-8a284cda6250","block_type":"box","text":"convertible security issued by that issuer. A Manufactured Convertible also is a more flexible","page_number":80,"box":{"x":116,"y":211,"width":691,"height":12}},{"id":"5514d86e-7ba3-44d7-a322-f0386dfc7024","block_type":"box","text":"investment in that its two components may be purchased separately and, upon purchasing the","page_number":80,"box":{"x":117,"y":227,"width":704,"height":12}},{"id":"dedf28e6-9c90-4422-a3d7-9c371cffa3ba","block_type":"box","text":"separate securities, “combined” to create a Manufactured Convertible. For example, the Fund may","page_number":80,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"d95ced58-8105-49e8-8bbc-06e2f6606959","block_type":"box","text":"purchase a warrant for eventual inclusion in a Manufactured Convertible while postponing the","page_number":80,"box":{"x":117,"y":258,"width":697,"height":12}},{"id":"26092ce7-743d-4404-9101-69d5429838c4","block_type":"box","text":"purchase of a suitable bond to pair with the warrant pending development of more favorable market","page_number":80,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"8820885f-a6d9-4aff-b51b-870c17163369","block_type":"box","text":"conditions.","page_number":80,"box":{"x":116,"y":289,"width":85,"height":9}},{"id":"9fe9063a-95d9-4884-859b-42827895b10f","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a","page_number":80,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"5d51118f-1ae6-4efe-b875-afc879600be4","block_type":"box","text":"traditional convertible security with similar characteristics. For example, in the event a Fund created a","page_number":80,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"88601317-f482-433c-9204-337b51ad1a3b","block_type":"box","text":"Manufactured Convertible by combining a short-term U.S. Treasury instrument and a call option on a","page_number":80,"box":{"x":117,"y":351,"width":752,"height":12}},{"id":"ed14268e-e4de-4a72-8f16-9db0ae526a82","block_type":"box","text":"stock, the Manufactured Convertible would be expected to outperform a traditional convertible of","page_number":80,"box":{"x":116,"y":366,"width":720,"height":12}},{"id":"c4856362-640f-4702-8b83-3140cac53087","block_type":"box","text":"similar maturity that is convertible into that stock during periods when Treasury instruments outperform","page_number":80,"box":{"x":116,"y":382,"width":767,"height":12}},{"id":"75e08875-43a8-457f-96c4-061d34c76f7d","block_type":"box","text":"corporate fixed-income securities and underperform during periods when corporate fixed-income","page_number":80,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"3c82e1e5-484e-4167-8af2-6e7010cd0eaf","block_type":"box","text":"securities outperform Treasury instruments.","page_number":80,"box":{"x":116,"y":413,"width":329,"height":12}},{"id":"b29a1439-3443-4549-9953-76c2f1be882e","block_type":"box","text":"Corporate Loans.","page_number":80,"box":{"x":117,"y":444,"width":134,"height":12}},{"id":"c7e7e201-872a-4b70-87d2-3f2f7d98e7ce","block_type":"box","text":"Certain Funds may invest in corporat","page_number":80,"box":{"x":252,"y":444,"width":274,"height":12}},{"id":"da04e798-5294-4fbe-a567-21287b0fa5d6","block_type":"box","text":"e loans. Corporate loans are generally","page_number":80,"box":{"x":527,"y":444,"width":282,"height":12}},{"id":"0734d8de-3954-4d2a-b3b1-070723988e3a","block_type":"box","text":"non-investment grade floating rate instruments. Usually","page_number":80,"box":{"x":117,"y":459,"width":401,"height":12}},{"id":"b193260c-23e7-4b8c-9815-fd13d609508b","block_type":"box","text":", they are freely callable at the issuer’s option.","page_number":80,"box":{"x":520,"y":459,"width":336,"height":12}},{"id":"b3aa16f7-7027-41f5-807b-e27f031552b8","block_type":"box","text":"Certain Funds may invest in fixed and floating rate loans (“Loans”) arranged through private negotiations","page_number":80,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"add6f6a9-4e79-4452-8a6b-99000e6e0cae","block_type":"box","text":"between a corporate borrower or a foreign soverei","page_number":80,"box":{"x":117,"y":490,"width":363,"height":12}},{"id":"975abb99-1980-4f3d-a94b-25345926ae3e","block_type":"box","text":"gn entity and one or more financial institutions or","page_number":80,"box":{"x":481,"y":490,"width":358,"height":12}},{"id":"2fcc6f71-5eed-4675-8599-1974d8fe46fc","block_type":"box","text":"institutional investors (“Lenders”). A Fund may invest in","page_number":80,"box":{"x":117,"y":506,"width":399,"height":12}},{"id":"dbc2f269-ccb6-42ee-ae22-d8b15b0f238b","block_type":"box","text":"such Loans in the form of participations in Loans","page_number":80,"box":{"x":517,"y":506,"width":362,"height":12}},{"id":"05bad5f7-6897-4d38-bec5-44682331dad7","block_type":"box","text":"(“Participations”) and assignments of all or a porti","page_number":80,"box":{"x":117,"y":521,"width":356,"height":12}},{"id":"c144fae1-6295-4f69-b51b-5edab1224180","block_type":"box","text":"on of Loans from third parties (“Assignments”). A Fund","page_number":80,"box":{"x":474,"y":521,"width":402,"height":12}},{"id":"5763b455-bd39-4511-85ef-14c4b106810f","block_type":"box","text":"considers these investments to be investments in debt","page_number":80,"box":{"x":116,"y":537,"width":400,"height":9}},{"id":"5abf36b4-77b4-4c40-9c2a-aaca1f79861c","block_type":"box","text":"securities for purposes of its investment policies.","page_number":80,"box":{"x":516,"y":537,"width":357,"height":12}},{"id":"f0d03010-c041-4a2d-a1b1-7c1d4804f972","block_type":"box","text":"Participations typically will result in the Fund havi","page_number":80,"box":{"x":117,"y":552,"width":353,"height":12}},{"id":"ae828af8-a5ce-4fb0-b586-a999030cfab9","block_type":"box","text":"ng a contractual relationship only with the Lender, not","page_number":80,"box":{"x":472,"y":552,"width":392,"height":12}},{"id":"bc822e1e-13df-4750-bddb-3fca89a8a04d","block_type":"box","text":"with the borrower. The Fund will have the right to receive","page_number":80,"box":{"x":116,"y":568,"width":417,"height":12}},{"id":"cc18245e-b358-4609-872b-94c81f53d75d","block_type":"box","text":"payments of principal, interest and any fees to","page_number":80,"box":{"x":534,"y":568,"width":340,"height":12}},{"id":"157961f4-8772-4037-aeec-72db70af8459","block_type":"box","text":"which it is entitled only from the Lender selling t","page_number":80,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"b95a0d6d-b15b-4f32-9e4b-9dfdb096e4b3","block_type":"box","text":"he Participation and only upon receipt by the Lender of","page_number":80,"box":{"x":461,"y":583,"width":402,"height":12}},{"id":"78ef065c-2058-461a-9381-c6bc92e0952a","block_type":"box","text":"the payments from the borrower. In connection wit","page_number":80,"box":{"x":116,"y":599,"width":365,"height":12}},{"id":"79cfcacd-a684-47f2-94ae-c4ad6a669278","block_type":"box","text":"h purchasing Participations, the Fund generally will","page_number":80,"box":{"x":482,"y":599,"width":374,"height":12}},{"id":"7ef2ee02-8b77-4dfc-9e83-1c0b06186038","block_type":"box","text":"have no right to enforce compliance by the borrower w","page_number":80,"box":{"x":117,"y":614,"width":383,"height":12}},{"id":"60d9472c-3a5f-4204-bdea-606d4dc02d8c","block_type":"box","text":"with the terms of the loan agreement relating to the","page_number":80,"box":{"x":500,"y":614,"width":376,"height":12}},{"id":"7bc8d40f-fe0a-42c1-ab88-6b4563598768","block_type":"box","text":"Loans, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any","page_number":80,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"adb9fff3-b6c6-499d-93a7-48d47b8f8e2a","block_type":"box","text":"collateral supporting the Loan in which it has purc","page_number":80,"box":{"x":116,"y":645,"width":360,"height":12}},{"id":"a3024294-b01e-4e7c-9e4c-f7f7f3a29e92","block_type":"box","text":"hased the Participation. As a result, the Fund will","page_number":80,"box":{"x":477,"y":645,"width":359,"height":12}},{"id":"1ce8b4bd-132e-4479-9141-45542d449f34","block_type":"box","text":"assume the credit risk of both the borrower and","page_number":80,"box":{"x":116,"y":661,"width":343,"height":9}},{"id":"0bb0c606-aa0f-4608-9f58-2e0e3ac7be6a","block_type":"box","text":"the Lender that is selling the Participation.","page_number":80,"box":{"x":465,"y":661,"width":303,"height":12}},{"id":"77d68879-5f83-4101-b24b-a328adc0dd54","block_type":"box","text":"In the event of the insolvency of the Lender selling the Participation, the Fund may be treated as a","page_number":80,"box":{"x":117,"y":692,"width":727,"height":12}},{"id":"1b1670a2-24d2-44b3-8973-b3628bee959a","block_type":"box","text":"general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":80,"box":{"x":116,"y":707,"width":709,"height":12}},{"id":"4dc58e70-a75a-4b0c-a31d-869ce95f6304","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and","page_number":80,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"f791c240-96bf-4f0a-8587-f2f3d6636275","block_type":"box","text":"the borrower is determined by the Fund’s manager to be creditworthy. When the Fund purchases","page_number":80,"box":{"x":116,"y":738,"width":721,"height":12}},{"id":"d270580b-1d5e-478d-9e1f-ddeff1894eba","block_type":"box","text":"Assignments from Lenders, the Fund will acquire direct rights against the borrower on the Loan, and","page_number":80,"box":{"x":116,"y":754,"width":743,"height":12}},{"id":"aa054385-ef17-41d6-a62f-e029a55ceef7","block_type":"box","text":"will not have exposure to a counterparty’s credit risk. The Funds may enter into Participations and","page_number":80,"box":{"x":116,"y":769,"width":725,"height":12}},{"id":"ab43f033-0443-4692-abcc-489a2d311b94","block_type":"box","text":"Assignments on a forward commitment or “when-issued” basis, whereby a Fund would agree to","page_number":80,"box":{"x":116,"y":785,"width":709,"height":12}},{"id":"1fc15bab-22d5-4966-9ff9-d313a790d036","block_type":"box","text":"purchase a Participation or Assignment at set terms in the future. For more information on forward","page_number":80,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"bfa4f3e9-ffe9-4a6a-9160-212f8baceef8","block_type":"box","text":"commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery Securities","page_number":80,"box":{"x":116,"y":816,"width":746,"height":12}},{"id":"4d2e6dcb-f4e4-4da1-8ed9-892f48ea4940","block_type":"box","text":"and Forward Commitments” below. A Fund may have difficulty disposing of Assignments and","page_number":80,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"000b3142-8478-4b64-8144-ad457140fb7c","block_type":"box","text":"Participations. In certain cases, the market for such instruments may lack sufficient liquidity, and","page_number":80,"box":{"x":117,"y":847,"width":718,"height":12}},{"id":"ddeb2f54-7fb9-42f2-8188-059caf4f1c96","block_type":"box","text":"therefore the Fund anticipates that in such cases such instruments could be sold only to a limited","page_number":80,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"bdd72dde-f5b3-43ec-97e9-8770457d1f58","block_type":"box","text":"number of institutional investors. The lack of a sufficiently liquid secondary market may have an","page_number":80,"box":{"x":117,"y":878,"width":713,"height":12}},{"id":"92a08a64-00b7-42a4-91e1-b97611ac4c19","block_type":"box","text":"II-9","page_number":80,"box":{"x":489,"y":909,"width":22,"height":9}},{"id":"2b3c46f8-3a65-4355-815f-367e4aaa9f7f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":80,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2986679d-3fef-473d-a0be-70ce704a556e","block_type":"box","text":"adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":81,"box":{"x":116,"y":87,"width":727,"height":12}},{"id":"6a4c8fa0-8fe6-40ce-8bd7-fe247b53b4e5","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the","page_number":81,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"760a0085-b4ab-4f40-9ead-6958c96e748f","block_type":"box","text":"creditworthiness of the borrower. Leading financial institutions often act as agent for a broader group of","page_number":81,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"c885a242-f0b3-454b-aca5-4d3036431ee1","block_type":"box","text":"Lenders, generally referred to as a syndicate. The syndicate’s agent arranges the loans, holds","page_number":81,"box":{"x":117,"y":134,"width":703,"height":12}},{"id":"147bc8d5-7fa3-466d-85ef-df987b1c7f51","block_type":"box","text":"collateral and accepts payments of principal and interest. Failure by the syndicate agent to fulfill its","page_number":81,"box":{"x":116,"y":149,"width":736,"height":12}},{"id":"59de5a0b-2fc9-4298-bb7d-baa3e31ce9f5","block_type":"box","text":"obligations may delay or adversely affect receipt of payment by the Fund.","page_number":81,"box":{"x":116,"y":165,"width":550,"height":12}},{"id":"0af40db7-d64c-4dfd-8007-ddef391cd99f","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income.","page_number":81,"box":{"x":116,"y":193,"width":706,"height":12}},{"id":"3be9fd47-0c34-4a3b-bf4a-a344e9bc9585","block_type":"box","text":"Although borrowers frequently provide collateral to secure repayment of these obligations they do not","page_number":81,"box":{"x":116,"y":209,"width":757,"height":12}},{"id":"99aa7e54-bab4-4464-9aee-b548b47c1f38","block_type":"box","text":"always do so. If they do provide collateral, the value of the collateral may not completely cover the","page_number":81,"box":{"x":116,"y":224,"width":732,"height":12}},{"id":"9768aa58-b6da-4511-9668-2a80e70b23a7","block_type":"box","text":"borrower’s obligations at the time of a default. If a borrower files for protection from its creditors under","page_number":81,"box":{"x":117,"y":240,"width":757,"height":12}},{"id":"f019afa9-a61b-4158-8f09-e0451acaeabd","block_type":"box","text":"the U.S. bankruptcy laws, these laws may limit a Fund’s rights to its collateral. In addition, the value of","page_number":81,"box":{"x":116,"y":255,"width":761,"height":12}},{"id":"59593350-4f88-4f65-93f4-17f4a8a9133c","block_type":"box","text":"collateral may erode during a bankruptcy case. In the event of a bankruptcy, the holder of a Loan may","page_number":81,"box":{"x":116,"y":271,"width":762,"height":12}},{"id":"18a98d78-0315-4623-afd6-3d382ec37495","block_type":"box","text":"not recover its principal, may experience a long delay in recovering its investment and may not receive","page_number":81,"box":{"x":117,"y":286,"width":765,"height":12}},{"id":"e5707ced-3c39-414a-8539-e490804541ff","block_type":"box","text":"interest during the delay.","page_number":81,"box":{"x":117,"y":302,"width":188,"height":12}},{"id":"a2a36382-b2a5-454e-98a9-3685626fe29b","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale","page_number":81,"box":{"x":116,"y":331,"width":763,"height":12}},{"id":"2d25b829-6e3e-4e96-a661-534971279fd6","block_type":"box","text":"of corporate loans may not be readily available to make additional investments or to meet a Fund’s","page_number":81,"box":{"x":116,"y":346,"width":738,"height":12}},{"id":"90083088-84d7-4ee9-93f7-5b91fe587cb4","block_type":"box","text":"redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity","page_number":81,"box":{"x":117,"y":362,"width":765,"height":12}},{"id":"3040b66a-2fa9-4061-9235-4afb62b6dc90","block_type":"box","text":"needs, a Fund may hold additional cash, sell investments or temporarily borrow from banks and other","page_number":81,"box":{"x":117,"y":377,"width":758,"height":12}},{"id":"271fe5eb-31df-4399-a7db-5dd104e13f83","block_type":"box","text":"lenders.","page_number":81,"box":{"x":117,"y":393,"width":63,"height":9}},{"id":"56fcec99-c19f-4c93-a3f8-9e79f08c08d4","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities","page_number":81,"box":{"x":117,"y":421,"width":746,"height":12}},{"id":"917c8bd0-3e23-4361-91df-73c7e675f357","block_type":"box","text":"laws. Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and","page_number":81,"box":{"x":117,"y":437,"width":758,"height":12}},{"id":"74a7bc0b-cd84-4ed3-9157-1d1820ff8ebd","block_type":"box","text":"purchasers of interests in Loans, such as the Funds, may not have the protection of the anti-fraud","page_number":81,"box":{"x":117,"y":452,"width":729,"height":12}},{"id":"4d17b9fb-e50f-4cc8-9f4a-22b2f3d05f5e","block_type":"box","text":"provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead,","page_number":81,"box":{"x":117,"y":468,"width":755,"height":12}},{"id":"227657dc-9bfb-4b61-b995-36bfa0dfd062","block_type":"box","text":"in such cases, parties generally would rely on the contractual provisions in the Loan agreement itself","page_number":81,"box":{"x":117,"y":483,"width":750,"height":12}},{"id":"4d9ed523-8aec-4bc2-bd6b-3790505400aa","block_type":"box","text":"and common-law fraud protections under applicable state law.","page_number":81,"box":{"x":116,"y":499,"width":467,"height":12}},{"id":"87f4580a-d105-447d-94a9-751229bc6538","block_type":"box","text":"Direct Lending","page_number":81,"box":{"x":116,"y":528,"width":108,"height":12}},{"id":"478567c3-fbfb-4768-8788-accc04495cf1","block_type":"box","text":". The Fund may act as the originator for direct loans and engage in direct lending. Direct","page_number":81,"box":{"x":226,"y":528,"width":658,"height":12}},{"id":"63429674-52e1-47f2-9063-750e34946dfe","block_type":"box","text":"loans between the Fund and a borrower may not be administered by an underwriter or agent bank. The","page_number":81,"box":{"x":117,"y":543,"width":771,"height":12}},{"id":"fd7efeca-c215-4329-aab9-8786fe354f71","block_type":"box","text":"Fund may provide financing to commercial borrowers directly or through companies acquired (or","page_number":81,"box":{"x":117,"y":559,"width":719,"height":12}},{"id":"8eec4b70-e82d-481a-a9b9-34cfb7b14495","block_type":"box","text":"created) and owned by or otherwise affiliated with the Fund. The terms of the direct loans are","page_number":81,"box":{"x":116,"y":574,"width":697,"height":12}},{"id":"e25bf128-7278-47c9-bbd0-b7d63c8dcd2e","block_type":"box","text":"negotiated with borrowers in private transactions. Furthermore, a direct loan may be secured or","page_number":81,"box":{"x":117,"y":590,"width":712,"height":12}},{"id":"1f1b0695-e336-4173-b875-ab657f5b7135","block_type":"box","text":"unsecured.","page_number":81,"box":{"x":117,"y":605,"width":87,"height":10}},{"id":"519857e5-f5b8-4ace-b587-576c143f6595","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of","page_number":81,"box":{"x":117,"y":634,"width":755,"height":12}},{"id":"223e2eab-7dcb-42d0-8ea4-1e085e058d2d","block_type":"box","text":"the borrower and/or any collateral for payment of interest and repayment of principal. The risks","page_number":81,"box":{"x":116,"y":649,"width":708,"height":12}},{"id":"fbd25b1a-38c7-49a9-96e4-5c6f7f51a5e5","block_type":"box","text":"associated with direct loans are substantially similar to those associated with investing in corporate","page_number":81,"box":{"x":116,"y":665,"width":733,"height":12}},{"id":"4dc931f1-b7d7-4230-b9b5-0ff477549a7c","block_type":"box","text":"loans. In making a direct loan, the Fund is exposed to the risk that the borrower may default or become","page_number":81,"box":{"x":117,"y":680,"width":764,"height":12}},{"id":"6fd31aba-0b2c-446b-9c35-db1b890d0bb0","block_type":"box","text":"insolvent and, consequently, that the Fund will lose money on the loan. Furthermore, direct loans may","page_number":81,"box":{"x":117,"y":696,"width":755,"height":12}},{"id":"b5e24dd2-54a3-4ced-9810-edea040bcdb3","block_type":"box","text":"subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid.","page_number":81,"box":{"x":116,"y":712,"width":720,"height":11}},{"id":"96d88cff-66f1-4317-b9ac-06f20ea48b79","block_type":"box","text":"Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary","page_number":81,"box":{"x":117,"y":727,"width":737,"height":12}},{"id":"22b1782c-af03-447b-bbfa-c6efafb644e6","block_type":"box","text":"market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct","page_number":81,"box":{"x":117,"y":742,"width":734,"height":12}},{"id":"59af9d8e-f943-4aa7-8ecc-5f6fa18abd28","block_type":"box","text":"loan and/or to value the direct loan.","page_number":81,"box":{"x":117,"y":758,"width":260,"height":10}},{"id":"54892f3d-099a-4304-b229-731d7900b7fb","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the","page_number":81,"box":{"x":116,"y":787,"width":731,"height":12}},{"id":"5bb008e9-0a66-4f67-aff6-8c907c6d253f","block_type":"box","text":"Fund to originate loans on advantageous terms. In originating loans, the Fund will compete with a","page_number":81,"box":{"x":117,"y":802,"width":722,"height":12}},{"id":"6ea3dff4-89a4-4291-a46f-7c489624c869","block_type":"box","text":"broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of,","page_number":81,"box":{"x":117,"y":818,"width":727,"height":12}},{"id":"a335399a-3a38-45bb-9a92-2986f13fcf0c","block_type":"box","text":"qualifying loans could result in lower yields on such loans, which could reduce Fund performance.","page_number":81,"box":{"x":116,"y":833,"width":730,"height":12}},{"id":"cb8c450a-1f55-4d50-a9f8-c127d382f065","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing","page_number":81,"box":{"x":116,"y":862,"width":719,"height":12}},{"id":"a5768f7e-4f70-43b5-aadc-ae418e210f5a","block_type":"box","text":"significant financial or business difficulties, including companies involved in bankruptcy or other","page_number":81,"box":{"x":116,"y":877,"width":710,"height":12}},{"id":"dcde0edd-d349-4f79-815e-4f5d310ae31b","block_type":"box","text":"II-10","page_number":81,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c0030f85-f6a6-43bf-abdb-c98209a532f8","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":81,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"718bd0cb-0f28-4f67-8219-a244b68f53a0","block_type":"box","text":"reorganization and liquidation proceedings. Although the terms of such financing may result in","page_number":82,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"f7c0a4c8-40a9-42f4-aed2-786f312931d5","block_type":"box","text":"significant financial returns to the Fund, they involve a substantial degree of risk. The level of analytical","page_number":82,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"2da69e8c-6cea-49e8-875a-42632d115ee6","block_type":"box","text":"sophistication, both financial and legal, necessary for successful financing to companies experiencing","page_number":82,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"0301ee22-1f11-48c8-87d0-123f405f1b23","block_type":"box","text":"significant business and financial difficulties is unusually high.","page_number":82,"box":{"x":116,"y":134,"width":461,"height":12}},{"id":"48bf7667-aa63-4180-8dfc-64729560f774","block_type":"box","text":"Credit Linked Securities.","page_number":82,"box":{"x":117,"y":162,"width":195,"height":10}},{"id":"39dce784-3b44-4488-83be-4309275bce89","block_type":"box","text":"Among the income producing securities in which a Fund may invest are","page_number":82,"box":{"x":313,"y":162,"width":541,"height":12}},{"id":"1cf1ab7a-a9ef-4ce6-a818-4372e8dc580f","block_type":"box","text":"credit linked securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests","page_number":82,"box":{"x":116,"y":178,"width":768,"height":12}},{"id":"7b6165c8-b8d0-4358-9da2-59366b14f2ad","block_type":"box","text":"in a derivative instrument or basket of derivative instruments, such as credit default swaps, interest rate","page_number":82,"box":{"x":117,"y":193,"width":771,"height":12}},{"id":"d6619f26-dc60-4b30-8c39-efc0aba29418","block_type":"box","text":"swaps and other securities, in order to provide exposure to certain fixed-income markets. For instance,","page_number":82,"box":{"x":116,"y":209,"width":768,"height":12}},{"id":"cfdf0e7f-5eba-4271-ba5e-7825bbe6615c","block_type":"box","text":"a Fund may invest in credit linked securities as a cash management tool in order to gain exposure to a","page_number":82,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"fffbe3b8-981b-4f50-989a-f0fea88b11e7","block_type":"box","text":"certain market and/or to remain fully invested when more traditional income producing securities are","page_number":82,"box":{"x":116,"y":240,"width":748,"height":12}},{"id":"39921943-b41a-4c30-b6d4-80b6d230af34","block_type":"box","text":"not available.","page_number":82,"box":{"x":117,"y":255,"width":103,"height":10}},{"id":"4bdbc5ad-c532-4afa-99a7-55f6b20264eb","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive","page_number":82,"box":{"x":117,"y":284,"width":770,"height":12}},{"id":"b8e05d02-7aa7-44e9-ae63-5f3d8bd7cd0e","block_type":"box","text":"periodic income payments (in the form of distributions) and payment of principal at the end of the term","page_number":82,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"b878e898-18a4-49df-9a80-4dd2b45b73ba","block_type":"box","text":"of the security.","page_number":82,"box":{"x":116,"y":315,"width":114,"height":12}},{"id":"b0d27480-b2c9-4680-a0e1-5df2a69e898d","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s","page_number":82,"box":{"x":117,"y":344,"width":748,"height":12}},{"id":"e4a9d206-805e-4d7f-966d-3de81f4104fb","block_type":"box","text":"potential obligations to, the counterparties to the derivative instruments and other securities in which","page_number":82,"box":{"x":117,"y":359,"width":747,"height":12}},{"id":"f6f298bd-3549-464d-9e3a-a07ebeef6c3b","block_type":"box","text":"the issuer invests. For instance, the issuer may sell one or more credit default swaps, under which the","page_number":82,"box":{"x":116,"y":375,"width":762,"height":12}},{"id":"72c39cb9-80b5-4603-946d-6f2db6a2366b","block_type":"box","text":"issuer would receive a stream of payments over the term of the swap agreements provided that no","page_number":82,"box":{"x":117,"y":390,"width":736,"height":12}},{"id":"30f1248b-e084-4632-9c28-ce79324f830e","block_type":"box","text":"event of default has occurred with respect to the referenced debt obligation upon which the swap is","page_number":82,"box":{"x":116,"y":406,"width":741,"height":12}},{"id":"bd1615bd-d57c-42ab-9e8c-d59912d768bb","block_type":"box","text":"based. If a default occurs, the stream of payments may stop and the issuer would be obligated to pay","page_number":82,"box":{"x":117,"y":421,"width":756,"height":12}},{"id":"39353401-be7d-4469-b061-bc3b534c9526","block_type":"box","text":"the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn,","page_number":82,"box":{"x":116,"y":437,"width":749,"height":12}},{"id":"616c039d-968c-454b-bec3-b060c2df2690","block_type":"box","text":"would reduce the amount of income and principal that","page_number":82,"box":{"x":116,"y":452,"width":404,"height":12}},{"id":"bdab6533-5602-4266-949e-31694b4fb065","block_type":"box","text":"a Fund would receive. A Fund’s investments in","page_number":82,"box":{"x":521,"y":452,"width":351,"height":10}},{"id":"2827b35f-808f-4324-a8c2-65e47da8500c","block_type":"box","text":"these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":82,"box":{"x":116,"y":468,"width":750,"height":12}},{"id":"cc93cb08-a88e-4996-b2b7-c9c1d4725eae","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk","page_number":82,"box":{"x":116,"y":483,"width":766,"height":12}},{"id":"221ce536-e0fb-4d8e-b616-ded70e68fbfb","block_type":"box","text":"and management risk. It is also expected that the securities will be exempt from registration under the","page_number":82,"box":{"x":116,"y":499,"width":761,"height":12}},{"id":"e93dc3a0-3882-4263-b1e2-08b0848bd888","block_type":"box","text":"Securities Act. Accordingly, there may be no established trading market for the securities and they may","page_number":82,"box":{"x":116,"y":514,"width":771,"height":12}},{"id":"45530be4-4705-438e-97b9-d0fb9be7ab76","block_type":"box","text":"constitute illiquid investments.","page_number":82,"box":{"x":116,"y":530,"width":227,"height":12}},{"id":"5775d83f-6b16-4956-bc8b-b8d8d51eb089","block_type":"box","text":"Debt Securities.","page_number":82,"box":{"x":116,"y":559,"width":126,"height":9}},{"id":"7aeb2493-bf0f-49b2-9763-b12981c288cf","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will","page_number":82,"box":{"x":243,"y":559,"width":633,"height":11}},{"id":"bda9e939-4189-4547-8437-cf487b6cbbe6","block_type":"box","text":"not make timely payments of principal and interest. The degree of credit risk depends on the issuer’s","page_number":82,"box":{"x":117,"y":574,"width":751,"height":12}},{"id":"3f01dae6-3470-4778-bae1-c00797351492","block_type":"box","text":"financial condition and on the terms of the debt securities. Changes in an issuer’s credit rating or the","page_number":82,"box":{"x":116,"y":590,"width":749,"height":12}},{"id":"ab6400bb-0bfb-4932-af92-cd2d5653d41e","block_type":"box","text":"market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in","page_number":82,"box":{"x":117,"y":605,"width":763,"height":12}},{"id":"7a530cce-c5fd-48a0-80cc-4606840539fa","block_type":"box","text":"that issuer. Credit risk is reduced to the extent a Fund limits its debt investments to U.S. Government","page_number":82,"box":{"x":116,"y":621,"width":754,"height":9}},{"id":"2303c6e0-7889-40da-bedf-962d1588aef8","block_type":"box","text":"Securities.","page_number":82,"box":{"x":116,"y":636,"width":83,"height":10}},{"id":"942f6a82-01a6-417e-8ab0-312e3f65427b","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the","page_number":82,"box":{"x":116,"y":665,"width":709,"height":12}},{"id":"53f9d4cd-9eca-4e14-a9d5-22826d058683","block_type":"box","text":"security may fall when interest rates rise. If interest rates move sharply in a manner not anticipated by","page_number":82,"box":{"x":116,"y":680,"width":755,"height":12}},{"id":"817ce0f0-e7af-4e61-80a1-338fcda0040b","block_type":"box","text":"Fund management, a Fund’s investments in debt securities could be adversely affected and the Fund","page_number":82,"box":{"x":117,"y":696,"width":752,"height":12}},{"id":"9380038e-fcb1-4ef3-ac08-3111c32f1afd","block_type":"box","text":"could lose money. In general, the market price of debt securities with longer maturities will go up or","page_number":82,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"15b56709-eb92-4e41-94b1-cc07981e0ced","block_type":"box","text":"down more in response to changes in interest rates than will the market price of shorter-term debt","page_number":82,"box":{"x":116,"y":727,"width":725,"height":12}},{"id":"286e861f-3250-4dd0-bd8f-a7c8b75dc817","block_type":"box","text":"securities.","page_number":82,"box":{"x":116,"y":743,"width":74,"height":9}},{"id":"507bf499-870e-4946-9c5b-16842c6e189b","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended","page_number":82,"box":{"x":117,"y":771,"width":738,"height":12}},{"id":"36623428-d537-48c7-a301-d7acddadb64a","block_type":"box","text":"because of slower than expected principal payments. This may lock in a below-market interest rate and","page_number":82,"box":{"x":117,"y":787,"width":765,"height":12}},{"id":"ab53588f-6ed3-4206-9fc6-00f30d651017","block_type":"box","text":"extend the duration of these fixed-income securities, especially mortgage-related securities, making","page_number":82,"box":{"x":116,"y":802,"width":739,"height":12}},{"id":"78dced7d-22fa-4e07-bdf6-5cf76a027636","block_type":"box","text":"them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these","page_number":82,"box":{"x":116,"y":818,"width":750,"height":12}},{"id":"34b610b6-7836-4480-9b78-878e9b2c891f","block_type":"box","text":"securities may exhibit additional volatility and lose value. This is known as extension risk.","page_number":82,"box":{"x":116,"y":833,"width":665,"height":12}},{"id":"36ce05d5-8d39-4cce-b9be-9d1afa73bd55","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in","page_number":82,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"7259a85f-46d4-45c6-adca-bceb810382bb","block_type":"box","text":"prevailing interest rates. Fixed-income securities with longer maturities, which tend to produce higher","page_number":82,"box":{"x":117,"y":878,"width":753,"height":11}},{"id":"ff637c8e-f891-4d99-8ed6-c78499403ce5","block_type":"box","text":"II-11","page_number":82,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"01f333ae-350d-4fee-9e5f-1c1a0bd13817","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":82,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4e4ed514-7999-481d-991f-7e5a2b0171cc","block_type":"box","text":"yields, are subject to potentially greater capital appreciation and depreciation than securities with","page_number":83,"box":{"x":116,"y":87,"width":723,"height":12}},{"id":"45f87adb-b36a-457a-97e3-3f5cc36bd9ae","block_type":"box","text":"shorter maturities. The Funds are not restricted to any maximum or minimum time to maturity in","page_number":83,"box":{"x":116,"y":103,"width":714,"height":12}},{"id":"09069e41-17fb-4dbd-bb7f-51a283de2fc1","block_type":"box","text":"purchasing individual portfolio securities, and the average maturity of a Fund’s assets will vary.","page_number":83,"box":{"x":117,"y":118,"width":707,"height":12}},{"id":"3e816304-f65f-48ee-b1d5-cc2f2dc4b78d","block_type":"box","text":"Floating and Variable Rate Securities.","page_number":83,"box":{"x":116,"y":149,"width":280,"height":12}},{"id":"999e106f-d4e8-4886-9b6e-8dce82fc7797","block_type":"box","text":"Certain Funds may invest in debt instruments that pay a variable","page_number":83,"box":{"x":398,"y":149,"width":490,"height":12}},{"id":"01afc555-477f-4051-be3c-da1ea9eded3f","block_type":"box","text":"coupon rate. Securities with floating or variable interest rates can be less sensitive to interest rate","page_number":83,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"ddcdec6e-d766-4743-8c52-9b770698c3b3","block_type":"box","text":"changes than securities with fixed interest rates, but may decline in value if their interest rates do not","page_number":83,"box":{"x":116,"y":180,"width":752,"height":12}},{"id":"5fdc3cf3-7cae-4053-bf9d-0457a435a963","block_type":"box","text":"rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not","page_number":83,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"4f975fdb-68fb-459c-8173-2f505aa63823","block_type":"box","text":"generally increase in value if interest rates decline. The","page_number":83,"box":{"x":116,"y":211,"width":415,"height":12}},{"id":"04fe097c-488b-4eca-a6f3-fc0eb5ea3084","block_type":"box","text":"impact of interest rate changes on floating rate","page_number":83,"box":{"x":532,"y":211,"width":350,"height":12}},{"id":"b70f96b4-9ae9-4f04-bc03-ceecb9c79f89","block_type":"box","text":"investments is typically mitigated by the periodic interest rate reset of the investments. Benchmark","page_number":83,"box":{"x":117,"y":227,"width":733,"height":12}},{"id":"cec31682-b153-4051-90b2-7a3ab78bafec","block_type":"box","text":"interest rates used for floating and variable rate securities may not accurately track market interest","page_number":83,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"1fad8405-8bb8-4678-9572-42df48deeab7","block_type":"box","text":"rates.","page_number":83,"box":{"x":117,"y":258,"width":45,"height":9}},{"id":"c4283df9-c0fa-491a-b2dd-16f4a4adb166","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":83,"box":{"x":117,"y":289,"width":179,"height":9}},{"id":"4ac54f4b-f682-42ba-8289-490be65a4cfb","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income","page_number":83,"box":{"x":297,"y":289,"width":577,"height":12}},{"id":"4450a295-0225-45dc-9bac-6d88c400177f","block_type":"box","text":"securities or other instruments whose principal value is periodically adjusted according to the rate of","page_number":83,"box":{"x":116,"y":304,"width":746,"height":12}},{"id":"c7199ea4-2caf-4c85-8898-bb1d294308bb","block_type":"box","text":"inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that","page_number":83,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"6364d631-8d6c-45c6-a64d-ce89a512b4e7","block_type":"box","text":"accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price","page_number":83,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"91123f43-2eb6-49c2-a45d-7a349fc12a73","block_type":"box","text":"Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":83,"box":{"x":117,"y":351,"width":417,"height":12}},{"id":"7fd70461-22c4-4253-8ea0-f2e6cccb2304","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years,","page_number":83,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"1fd08bdf-5908-476c-94d7-cd5d5b7406be","block_type":"box","text":"although it is possible that securities with other maturities will be issued in the future. The U.S.","page_number":83,"box":{"x":116,"y":397,"width":703,"height":12}},{"id":"3c76750b-0215-43c4-b14d-5d372bd0eccd","block_type":"box","text":"Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation","page_number":83,"box":{"x":116,"y":413,"width":738,"height":12}},{"id":"3082d4e8-8602-4fc9-a23a-a0ee4022094e","block_type":"box","text":"adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par","page_number":83,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"c9dd00ba-37b3-48d0-a9de-d60d160cd38d","block_type":"box","text":"value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over","page_number":83,"box":{"x":116,"y":443,"width":753,"height":13}},{"id":"3991ab99-9530-4344-8d24-6deaa8d010d0","block_type":"box","text":"the first six months was 1%, the mid-year par value of the bond would be $1,010 and the first semi","page_number":83,"box":{"x":116,"y":458,"width":736,"height":13}},{"id":"45a63a30-5def-42d1-a82d-926a97039f96","block_type":"box","text":"annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the","page_number":83,"box":{"x":116,"y":474,"width":766,"height":13}},{"id":"70f9da4b-6ed1-41a2-bdbb-21ddba016acc","block_type":"box","text":"year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be","page_number":83,"box":{"x":116,"y":490,"width":764,"height":12}},{"id":"51bf0e49-4de8-4af2-8f10-a00a3a347d18","block_type":"box","text":"$1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":83,"box":{"x":116,"y":505,"width":689,"height":13}},{"id":"2786f780-29cc-4338-b8af-06f1667f63a7","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds","page_number":83,"box":{"x":117,"y":537,"width":747,"height":12}},{"id":"0fdd8b7f-545e-4554-ac46-cf40bdc07254","block_type":"box","text":"will be adjusted downward, and, consequently, the interest payable on these securities (calculated with","page_number":83,"box":{"x":116,"y":552,"width":769,"height":12}},{"id":"adf19876-c088-44a7-ab28-021743c0687c","block_type":"box","text":"respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon","page_number":83,"box":{"x":117,"y":568,"width":754,"height":12}},{"id":"96b69681-9622-4172-905c-182b4ab680b6","block_type":"box","text":"maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds,","page_number":83,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"e3be5710-0d2e-4404-8214-cde554761791","block_type":"box","text":"even during a period of deflation. However, the current market value of the bonds is not guaranteed,","page_number":83,"box":{"x":116,"y":599,"width":748,"height":12}},{"id":"7a06ce75-5ed7-443c-a856-2efefb9f8e5f","block_type":"box","text":"and will fluctuate. Certain Funds may also invest in other inflation related bonds which may or may not","page_number":83,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"d0840312-bde2-4218-a014-0a33b7f8ddfb","block_type":"box","text":"provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of","page_number":83,"box":{"x":117,"y":630,"width":752,"height":12}},{"id":"f744bd55-62cd-4da6-a67f-40fc0bf802ab","block_type":"box","text":"the bond repaid at maturity may be less than the original principal. In addition, if the Fund purchases","page_number":83,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"56e8f03b-49b9-42df-85fd-fd9aa34d4e02","block_type":"box","text":"inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign inflation","page_number":83,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"207a45cc-ddca-47c0-ada5-45c6b9e08a52","block_type":"box","text":"index may not be correlated to the rate of inflation in the United States.","page_number":83,"box":{"x":117,"y":676,"width":523,"height":12}},{"id":"764d886c-67af-42da-8542-73e29b86c124","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest","page_number":83,"box":{"x":116,"y":707,"width":727,"height":12}},{"id":"c0cbfb6b-ae5b-4483-bd55-9440dcecb67d","block_type":"box","text":"rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates and the","page_number":83,"box":{"x":117,"y":723,"width":736,"height":12}},{"id":"a722f733-d25f-477f-b67f-3924c3404800","block_type":"box","text":"rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real","page_number":83,"box":{"x":117,"y":738,"width":717,"height":11}},{"id":"3b9b4101-2711-4829-be16-28f9ea85fb25","block_type":"box","text":"interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if","page_number":83,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"7f93e3e0-2248-4aba-8cc2-608cde21495f","block_type":"box","text":"nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a","page_number":83,"box":{"x":117,"y":769,"width":764,"height":12}},{"id":"fd23fdd7-3161-420d-a681-28398fe9e0f4","block_type":"box","text":"decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of","page_number":83,"box":{"x":116,"y":785,"width":745,"height":11}},{"id":"847b8965-95af-4976-ab3c-99da1b6a5262","block_type":"box","text":"inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":83,"box":{"x":117,"y":800,"width":570,"height":12}},{"id":"fe8dd1d8-1ca1-4b38-835f-1cbe6873be36","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term","page_number":83,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"e0619a80-8d52-4bc8-8d34-c0537d59535b","block_type":"box","text":"increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than","page_number":83,"box":{"x":117,"y":847,"width":731,"height":12}},{"id":"f049ad0d-7d41-4937-b781-a689107bc987","block_type":"box","text":"inflation (for example, due to changes in currency exchange rates), investors in these securities may","page_number":83,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"abfb1396-2ae1-42fa-bf7a-6e68d2dc7b74","block_type":"box","text":"not be protected to the extent that the increase is not reflected in the bond’s inflation measure.","page_number":83,"box":{"x":117,"y":878,"width":704,"height":12}},{"id":"0401c1e8-fa62-457b-8f5f-fb987e7dbdf4","block_type":"box","text":"II-12","page_number":83,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"39918e69-7bd8-4eca-b72b-7940d94c0351","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":83,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17913474-a2e7-4c54-887d-aadda1611be3","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is","page_number":84,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"5b890d38-7d4a-45bb-a892-b941592e53a7","block_type":"box","text":"the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S.","page_number":84,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"aff11bca-2bc5-4bb2-9c9d-ea5114e8f0da","block_type":"box","text":"Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of","page_number":84,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"21d7848a-8e07-4f6f-b57c-a479741135f5","block_type":"box","text":"components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a","page_number":84,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"ebfbcfdf-1261-4aaa-988e-1a19721235fc","block_type":"box","text":"foreign government are generally adjusted to reflect a comparable inflation index, calculated by that","page_number":84,"box":{"x":116,"y":149,"width":743,"height":12}},{"id":"ad9fa739-5623-42e3-aa40-57636e421ed6","block_type":"box","text":"government. There can be no assurance that the CPI-U or any foreign inflation index will accurately","page_number":84,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"7763892e-af32-4547-99ac-d02aba056e77","block_type":"box","text":"measure the real rate of inflation in the prices of goods and services. Moreover, there can be no","page_number":84,"box":{"x":117,"y":180,"width":716,"height":12}},{"id":"1eaf58e3-3b9b-42c3-b7eb-b475ab199400","block_type":"box","text":"assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":84,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"a7cfbf01-0d70-4724-85c8-a40bd531a4be","block_type":"box","text":"United States.","page_number":84,"box":{"x":117,"y":211,"width":109,"height":10}},{"id":"4cb971e2-6e07-4d1d-a546-49a5cd51dc0c","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary","page_number":84,"box":{"x":116,"y":241,"width":750,"height":12}},{"id":"a850452e-f14c-4140-8498-c39141fa26fe","block_type":"box","text":"income, even though investors do not receive their principal until maturity.","page_number":84,"box":{"x":117,"y":257,"width":552,"height":12}},{"id":"ffab449e-b98d-497e-a90b-d811fabb0f12","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":84,"box":{"x":117,"y":286,"width":265,"height":12}},{"id":"c3cab3c5-4799-4852-987c-821363d0c40b","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which","page_number":84,"box":{"x":383,"y":286,"width":492,"height":12}},{"id":"4cd7ddd4-fc3e-4e40-b8b2-210262c45732","block_type":"box","text":"are securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent","page_number":84,"box":{"x":116,"y":302,"width":750,"height":12}},{"id":"55ca47ee-286f-4372-a894-215681959be7","block_type":"box","text":"quality by a Fund’s Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or","page_number":84,"box":{"x":116,"y":317,"width":734,"height":12}},{"id":"008e4f24-2b9a-4c52-97b3-bf68ef6bedd7","block_type":"box","text":"AAA by S&P. It should be noted that debt obligations rated in the lowest of the top four ratings (","page_number":84,"box":{"x":116,"y":333,"width":708,"height":12}},{"id":"c7fe95b4-de58-46ac-b78c-c674a958aa78","block_type":"box","text":"i.e.","page_number":84,"box":{"x":825,"y":333,"width":20,"height":9}},{"id":"bea54c19-6cf9-4751-9d3e-59a707c47f59","block_type":"box","text":",","page_number":84,"box":{"x":848,"y":341,"width":8,"height":3}},{"id":"db3366b6-6186-49e8-9233-90bc4fc978c5","block_type":"box","text":"“Baa” by Moody’s or “BBB” by S&P) are considered to have some speculative characteristics and are","page_number":84,"box":{"x":116,"y":348,"width":756,"height":12}},{"id":"393b4505-be49-4cb3-b7e9-05ad01dea790","block_type":"box","text":"more sensitive to economic change than higher rated securities. If an investment grade security of a","page_number":84,"box":{"x":117,"y":364,"width":747,"height":12}},{"id":"0fa8aa1a-c811-46ed-aef3-666b8e8ed700","block_type":"box","text":"Fund is subsequently downgraded below investment grade, the Fund’s Manager will consider such an","page_number":84,"box":{"x":117,"y":380,"width":761,"height":11}},{"id":"b0615b7b-bdd0-489c-826e-63a388815b31","block_type":"box","text":"event in determining whether the Fund should continue to hold the security. Subject to its investment","page_number":84,"box":{"x":116,"y":395,"width":752,"height":12}},{"id":"4f568701-b14a-4a4a-9929-381b90ccf86d","block_type":"box","text":"strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":84,"box":{"x":116,"y":410,"width":679,"height":12}},{"id":"46b61278-ce15-40ec-acf3-ee2eb384f679","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":84,"box":{"x":116,"y":440,"width":566,"height":12}},{"id":"0b1c55ef-06d4-441a-b6c3-ac3d596bfa5f","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":84,"box":{"x":116,"y":477,"width":296,"height":13}},{"id":"cfce642c-d624-4938-8c2f-275e7ee1a367","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to","page_number":84,"box":{"x":117,"y":507,"width":711,"height":12}},{"id":"d1f06bf8-1257-44d7-9fd2-fc55d36515a8","block_type":"box","text":"investors as “junk bonds” are debt securities that are rated below investment grade by the major rating","page_number":84,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"4c6cfc21-fab7-4c2a-b368-f48e233a233e","block_type":"box","text":"agencies or are securities that Fund management believes are of comparable quality. While generally","page_number":84,"box":{"x":116,"y":538,"width":759,"height":12}},{"id":"5d5ae3be-d66d-448c-bd5c-70c13241e48f","block_type":"box","text":"providing greater income and opportunity for gain, non-investment grade debt securities may be","page_number":84,"box":{"x":117,"y":554,"width":715,"height":12}},{"id":"8090ca20-bf5d-4303-a1ae-ac07e313973d","block_type":"box","text":"subject to greater risks than securities which have higher credit ratings, including a high risk of default,","page_number":84,"box":{"x":116,"y":569,"width":764,"height":12}},{"id":"d1146bb2-5206-4d04-9d0b-91d7015d209a","block_type":"box","text":"and their yields will fluctuate over time. High yield securities will generally be in the lower rating","page_number":84,"box":{"x":116,"y":585,"width":709,"height":12}},{"id":"040cf7f7-c6f3-4557-8985-abaeb0edbcd1","block_type":"box","text":"categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P) or","page_number":84,"box":{"x":116,"y":600,"width":755,"height":12}},{"id":"f79e9855-30e7-49c2-b2b0-2b15ef805a21","block_type":"box","text":"will be non-rated. The credit rating of a high yield security does not necessarily address its market","page_number":84,"box":{"x":116,"y":616,"width":730,"height":12}},{"id":"3171d9a2-ab75-4b44-9806-9dbbbb7ca314","block_type":"box","text":"value risk, and ratings may from time to time change, positively or negatively, to reflect developments","page_number":84,"box":{"x":116,"y":631,"width":757,"height":12}},{"id":"1028fab5-8cd5-45ab-984e-0e9ef984ed73","block_type":"box","text":"regarding the issuer’s financial condition. High yield securities are considered to be speculative with","page_number":84,"box":{"x":117,"y":647,"width":743,"height":12}},{"id":"660468ba-e995-4f7b-ac73-683d6fae746c","block_type":"box","text":"respect to the capacity of the issuer to timely repay principal and pay interest or dividends in","page_number":84,"box":{"x":117,"y":662,"width":682,"height":12}},{"id":"305b1d8c-063e-4fa3-be88-a9db5ad738ef","block_type":"box","text":"accordance with the terms of the obligation and may have more credit risk than higher rated securities.","page_number":84,"box":{"x":116,"y":678,"width":761,"height":12}},{"id":"23ac7d89-9520-49e8-bff2-869522de10ea","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":84,"box":{"x":116,"y":708,"width":464,"height":12}},{"id":"f4b814ba-68e6-4044-9233-3768ae3558ec","block_type":"box","text":"• Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to","page_number":84,"box":{"x":117,"y":731,"width":731,"height":12}},{"id":"8021b87b-6514-4c0a-95af-d07104de89e7","block_type":"box","text":"adverse changes in the issuer’s industry and to general economic conditions. Issuers of junk","page_number":84,"box":{"x":150,"y":746,"width":686,"height":12}},{"id":"e059d6cf-e2c2-449c-9867-d59b14f49b76","block_type":"box","text":"bonds may be unable to meet their interest or principal payment obligations because of an","page_number":84,"box":{"x":150,"y":761,"width":669,"height":13}},{"id":"83f0de95-a89c-4885-bddb-e3b8ed5e6286","block_type":"box","text":"economic downturn, specific issuer developments or the unavailability of additional financing.","page_number":84,"box":{"x":150,"y":777,"width":689,"height":12}},{"id":"fe4097f4-7ca1-426f-b574-de9e10771692","block_type":"box","text":"• The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets","page_number":84,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"76d1cda7-2092-4f05-a77b-4cf7ed9097bb","block_type":"box","text":"than issuers of investment grade bonds. If the issuer experiences financial stress, it may be","page_number":84,"box":{"x":150,"y":815,"width":678,"height":12}},{"id":"739b31a8-bd16-40d1-967d-72a0aa496eb6","block_type":"box","text":"unable to meet its debt obligations. The issuer’s ability to pay its debt obligations also may be","page_number":84,"box":{"x":150,"y":831,"width":697,"height":12}},{"id":"4787f6ae-f65b-4ca6-887f-a7ea52402f8a","block_type":"box","text":"lessened by specific issuer developments, or the unavailability of additional financing. Issuers of","page_number":84,"box":{"x":150,"y":846,"width":717,"height":12}},{"id":"8d44379c-3a96-4c30-94ab-dcf57b9da27c","block_type":"box","text":"high yield securities are often in the growth stage of their development and/or involved in a","page_number":84,"box":{"x":150,"y":862,"width":677,"height":12}},{"id":"9daade7f-fc54-4a95-931a-228e823a217e","block_type":"box","text":"reorganization or takeover.","page_number":84,"box":{"x":150,"y":877,"width":204,"height":12}},{"id":"a70d3c42-248b-43a2-8f68-6b9162c4212d","block_type":"box","text":"II-13","page_number":84,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"97ba04c3-be61-4c1a-9e0c-98d460ee5247","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":84,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9e32410f-7678-4f92-ba2c-1fa724773113","block_type":"box","text":"• Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its","page_number":85,"box":{"x":117,"y":87,"width":754,"height":12}},{"id":"8ef12f49-74c7-44a1-b786-886ddd41b0dc","block_type":"box","text":"obligations, the senior obligations are generally paid off before the junior obligations, which will","page_number":85,"box":{"x":150,"y":102,"width":706,"height":13}},{"id":"6724c8fd-29b5-4040-942e-6f64fd9de7b0","block_type":"box","text":"potentially limit a Fund’s ability to fully recover principal or to receive interest payments when","page_number":85,"box":{"x":150,"y":118,"width":693,"height":12}},{"id":"368c7d73-344c-40e5-8093-74d9a5d78766","block_type":"box","text":"senior securities are in default. Thus, investors in high yield securities have a lower degree of","page_number":85,"box":{"x":150,"y":134,"width":696,"height":12}},{"id":"42172d89-d354-4a78-9d39-1cd069dfe7bc","block_type":"box","text":"protection with respect to principal and interest payments than do investors in higher rated","page_number":85,"box":{"x":150,"y":149,"width":674,"height":12}},{"id":"0e6d6349-f0f9-496a-9769-d5efca1be991","block_type":"box","text":"securities.","page_number":85,"box":{"x":150,"y":165,"width":80,"height":9}},{"id":"a231852e-ec1e-4706-bf3e-2e5eed33caf4","block_type":"box","text":"• Junk bonds frequently have redemption features that permit an issuer to repurchase the security","page_number":85,"box":{"x":117,"y":188,"width":753,"height":12}},{"id":"d063ff62-e07b-4441-a5cc-9d5745ba808b","block_type":"box","text":"from a Fund before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the","page_number":85,"box":{"x":149,"y":203,"width":738,"height":12}},{"id":"7e6301ad-32a8-46c0-ad91-381cc1793cde","block_type":"box","text":"proceeds in bonds with lower yields and may lose income.","page_number":85,"box":{"x":150,"y":219,"width":437,"height":12}},{"id":"8dfbb0e2-f071-442a-a369-3bdbe29b9d67","block_type":"box","text":"• Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments","page_number":85,"box":{"x":117,"y":242,"width":753,"height":12}},{"id":"a3024a2f-05b4-4678-a1c6-d1c90a8b385e","block_type":"box","text":"may have a greater impact on the prices of junk bonds than on those of other higher rated fixed","page_number":85,"box":{"x":150,"y":258,"width":713,"height":12}},{"id":"e021f1f7-2961-435f-8e54-5681522afc2a","block_type":"box","text":"income securities.","page_number":85,"box":{"x":150,"y":273,"width":139,"height":10}},{"id":"46ed7dd2-6f72-47bc-84fa-479598aeb0ef","block_type":"box","text":"• Junk bonds may be less liquid than higher rated fixed-income securities even under normal","page_number":85,"box":{"x":117,"y":296,"width":714,"height":12}},{"id":"db2e04e9-5545-447e-999f-033f756add30","block_type":"box","text":"economic conditions. Under certain economic and/or market conditions, a Fund may have difficulty","page_number":85,"box":{"x":150,"y":312,"width":738,"height":12}},{"id":"4816605a-9b8a-45ab-aa94-0766f352c71c","block_type":"box","text":"disposing of certain high yield securities due to the limited number of investors in that sector of the","page_number":85,"box":{"x":150,"y":327,"width":734,"height":12}},{"id":"0dc10950-dcb0-4b02-9fa8-a0add9260f7f","block_type":"box","text":"market. There are fewer dealers in the junk bond market, and there may be significant differences","page_number":85,"box":{"x":150,"y":343,"width":730,"height":12}},{"id":"54769621-b1e1-439c-8d60-992bb6c8bdec","block_type":"box","text":"in the prices quoted for junk bonds by the dealers, and such quotations may not be the actual","page_number":85,"box":{"x":150,"y":358,"width":698,"height":12}},{"id":"363436e9-d27c-4d80-8547-5990041698ea","block_type":"box","text":"prices available for a purchase or sale. Because junk bonds are less liquid than higher rated","page_number":85,"box":{"x":150,"y":374,"width":688,"height":12}},{"id":"4085d31c-bde5-482b-9b21-6a24b94d07ce","block_type":"box","text":"bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities than in","page_number":85,"box":{"x":150,"y":389,"width":720,"height":12}},{"id":"d6f7d31e-7a73-4744-9268-66382176b382","block_type":"box","text":"the case of securities trading in a more liquid market.","page_number":85,"box":{"x":150,"y":405,"width":398,"height":12}},{"id":"9d997e05-7c26-4e90-87a9-76dde189f690","block_type":"box","text":"• The secondary markets for high yield securities are not as liquid as the secondary markets for","page_number":85,"box":{"x":117,"y":428,"width":734,"height":12}},{"id":"1b3d9cae-70d9-412e-83f3-7a09cb2b8bca","block_type":"box","text":"higher rated securities. The secondary markets for high yield securities are concentrated in","page_number":85,"box":{"x":150,"y":444,"width":680,"height":12}},{"id":"6a7d4545-c5f8-4a58-b72f-828329dce61c","block_type":"box","text":"relatively few market makers and participants in the markets are mostly institutional investors,","page_number":85,"box":{"x":150,"y":459,"width":699,"height":12}},{"id":"a58c356c-a96a-4fd1-aecf-b9ca89ba2279","block_type":"box","text":"including insurance companies, banks, other financial institutions and mutual funds. In addition,","page_number":85,"box":{"x":150,"y":475,"width":712,"height":12}},{"id":"a13b2fd8-4a55-4865-b31e-c62bbb75b8e7","block_type":"box","text":"the trading volume for high yield securities is generally lower than that for higher rated securities","page_number":85,"box":{"x":150,"y":490,"width":718,"height":12}},{"id":"79c7ba74-34ce-43eb-884b-681ffd7b677e","block_type":"box","text":"and the secondary markets could contract under adverse market or economic conditions","page_number":85,"box":{"x":150,"y":506,"width":662,"height":12}},{"id":"8cf38591-201f-4fa0-8ceb-d8fb7e94e684","block_type":"box","text":"independent of any specific adverse changes in the condition of a particular issuer. Under certain","page_number":85,"box":{"x":150,"y":521,"width":725,"height":12}},{"id":"441ad58f-8cbf-4dab-b4d1-47e8c69ebbdb","block_type":"box","text":"economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":85,"box":{"x":150,"y":537,"width":695,"height":12}},{"id":"abeb931e-93a6-4c88-85c1-a41d611f2e81","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. An illiquid secondary","page_number":85,"box":{"x":150,"y":552,"width":728,"height":12}},{"id":"8d7c6cea-adfd-40ab-9392-5998ab67ad8e","block_type":"box","text":"market may adversely affect the market price of the high yield security, which may result in","page_number":85,"box":{"x":150,"y":568,"width":678,"height":12}},{"id":"b0ed864e-0fba-411d-9de8-06451f50a0b6","block_type":"box","text":"increased difficulty selling the particular issue and obtaining accurate market quotations on the","page_number":85,"box":{"x":150,"y":583,"width":706,"height":12}},{"id":"7ade1b73-ef19-44fa-8030-2687f99a8316","block_type":"box","text":"issue when valuing a Fund’s assets. Market quotations on high yield securities are available only","page_number":85,"box":{"x":150,"y":599,"width":722,"height":12}},{"id":"79a6a2c3-f6ff-4dfe-b348-e3cbb5ffcbff","block_type":"box","text":"from a limited number of dealers, and such quotations may not be the actual prices available for a","page_number":85,"box":{"x":149,"y":614,"width":731,"height":12}},{"id":"80f56831-53c2-4892-b6d0-4a9f9cd38fc3","block_type":"box","text":"purchase or sale. When the secondary market for high yield securities becomes more illiquid, or in","page_number":85,"box":{"x":150,"y":630,"width":734,"height":12}},{"id":"bde4c22e-e9d0-45b9-bd47-97c5d2dc823a","block_type":"box","text":"the absence of readily available market quotations for such securities, the relative lack of reliable","page_number":85,"box":{"x":150,"y":645,"width":723,"height":12}},{"id":"18672c11-f73e-46a9-8312-a0ec3bd5e354","block_type":"box","text":"objective data makes it more difficult to value a Fund’s securities, and judgment plays a more","page_number":85,"box":{"x":150,"y":661,"width":691,"height":12}},{"id":"4526b185-ea16-4e56-a26d-25d6b140eab0","block_type":"box","text":"important role in determining such valuations.","page_number":85,"box":{"x":150,"y":676,"width":337,"height":12}},{"id":"22771efa-9553-4e3d-ba15-33bae44cb711","block_type":"box","text":"• A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate","page_number":85,"box":{"x":117,"y":699,"width":757,"height":13}},{"id":"6394f40d-15a2-4e74-b08b-d3d4df82a9e8","block_type":"box","text":"new terms with a defaulting issuer.","page_number":85,"box":{"x":150,"y":715,"width":256,"height":12}},{"id":"44fdf0be-72c3-4eac-a132-c316476d446d","block_type":"box","text":"• The junk bond markets may react strongly to adverse news about an issuer or the economy, or to","page_number":85,"box":{"x":117,"y":738,"width":756,"height":12}},{"id":"c94b8995-103e-4328-b93d-65188216c6db","block_type":"box","text":"the perception or expectation of adverse news, whether or not it is based on fundamental analysis.","page_number":85,"box":{"x":150,"y":754,"width":731,"height":12}},{"id":"1daf0e69-a94f-4934-befc-244366a16806","block_type":"box","text":"Additionally, prices for high yield securities may be affected by legislative and regulatory","page_number":85,"box":{"x":149,"y":769,"width":654,"height":12}},{"id":"bb814eaa-0e28-43e6-acca-a3d55fbd3e1f","block_type":"box","text":"developments. These developments could adversely affect a Fund’s NAV and investment","page_number":85,"box":{"x":150,"y":785,"width":664,"height":12}},{"id":"f5c37799-abb8-441a-b16b-512d3382d5e2","block_type":"box","text":"practices, the secondary market for high yield securities, the financial condition of issuers of these","page_number":85,"box":{"x":150,"y":800,"width":726,"height":12}},{"id":"9a31aa3b-e9fa-4007-8656-a2f26840a180","block_type":"box","text":"securities and the value and liquidity of outstanding high yield securities, especially in a thinly","page_number":85,"box":{"x":150,"y":816,"width":690,"height":12}},{"id":"b48dff1a-ef0d-4be4-a7bb-502eb4bd4861","block_type":"box","text":"traded market. For example, federal legislation requiring the divestiture by federally insured","page_number":85,"box":{"x":150,"y":831,"width":681,"height":12}},{"id":"86c28978-b165-4650-90cf-ee7f17706332","block_type":"box","text":"savings and loan associations of their investments in high yield bonds and limiting the deductibility","page_number":85,"box":{"x":150,"y":847,"width":733,"height":12}},{"id":"cc0bc0a9-ee70-44b5-8306-16b07622cedf","block_type":"box","text":"of interest by certain corporate issuers of high yield bonds adversely affected the market in the","page_number":85,"box":{"x":150,"y":862,"width":706,"height":12}},{"id":"711ee826-9aef-4dca-875a-0b5611385ad3","block_type":"box","text":"past.","page_number":85,"box":{"x":150,"y":878,"width":41,"height":12}},{"id":"6a168653-58f5-4cc2-b488-c4aebc998486","block_type":"box","text":"II-14","page_number":85,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"bcad29ed-7dc3-447c-8b67-8cb9ee03777b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":85,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5029ec3a-7ceb-4144-932c-d2d817544697","block_type":"box","text":"• The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of","page_number":86,"box":{"x":117,"y":87,"width":770,"height":12}},{"id":"b92e7405-d850-4cf0-8552-9aed4b8d6e6d","block_type":"box","text":"a non-investment grade security’s principal and interest payments, but does not address market","page_number":86,"box":{"x":150,"y":103,"width":716,"height":12}},{"id":"e55c77cd-f194-403f-a7ca-76583e53720d","block_type":"box","text":"value risk. Because such ratings of the ratings agencies may not always reflect current conditions","page_number":86,"box":{"x":150,"y":118,"width":728,"height":12}},{"id":"a0838c56-b1aa-4eac-aa1b-81c1ccd3f682","block_type":"box","text":"and events, in addition to using recognized rating agencies and other sources, the Manager or","page_number":86,"box":{"x":150,"y":134,"width":705,"height":12}},{"id":"cb1b1beb-9a13-4268-bdc4-c01bdbef4f71","block_type":"box","text":"sub-adviser performs its own analysis of the issuers whose non-investment grade securities a","page_number":86,"box":{"x":150,"y":149,"width":700,"height":12}},{"id":"40df7b91-07bb-48ab-aec3-ed035793867f","block_type":"box","text":"Fund holds. Because of this, the Fund’s performance may depend more on the Manager’s or","page_number":86,"box":{"x":151,"y":165,"width":693,"height":12}},{"id":"cfe59dc4-7266-4cd1-a9a2-a968a2f53d20","block_type":"box","text":"sub-adviser’s own credit analysis than in the case of mutual funds investing in higher-rated","page_number":86,"box":{"x":150,"y":180,"width":678,"height":12}},{"id":"d45858ca-b21f-4cb8-ade2-f468954258a9","block_type":"box","text":"securities.","page_number":86,"box":{"x":150,"y":196,"width":80,"height":9}},{"id":"fecf1a7a-8b99-40a8-aa94-c7c8f7c950a8","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as","page_number":86,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"77204381-c952-401e-8ab2-12b6b2c6c7dd","block_type":"box","text":"those relating to the creditworthiness of issuers, the ratings and performance of the securities, the","page_number":86,"box":{"x":116,"y":242,"width":731,"height":12}},{"id":"055ce2a1-c43b-411b-a86c-2fb5479c7465","block_type":"box","text":"protections afforded the securities and the diversity of the Fund. The Manager or sub-adviser","page_number":86,"box":{"x":117,"y":258,"width":694,"height":12}},{"id":"caa232f2-7e3c-44de-b709-36257dee3773","block_type":"box","text":"continuously monitors the issuers of non-investment grade securities held by the Fund for their ability","page_number":86,"box":{"x":116,"y":273,"width":755,"height":12}},{"id":"78cde30e-9e21-4236-8e27-edaf08239857","block_type":"box","text":"to make required principal and interest payments, as well as in an effort to control the liquidity of the","page_number":86,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"3500022c-3d0f-4f5c-974d-40cc6fd6e2cd","block_type":"box","text":"Fund so that it can meet redemption requests. If a security’s rating is reduced below the minimum","page_number":86,"box":{"x":117,"y":304,"width":729,"height":12}},{"id":"6cc2a669-6d7c-427e-b9ec-eca0f3b57a32","block_type":"box","text":"credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will consider whether the","page_number":86,"box":{"x":116,"y":320,"width":745,"height":12}},{"id":"7b2bba87-32af-4f13-b4c4-401f153290f5","block_type":"box","text":"Fund should continue to hold the security.","page_number":86,"box":{"x":117,"y":335,"width":315,"height":12}},{"id":"be05d474-e99e-4186-b7ec-c59a69ec6ac7","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net","page_number":86,"box":{"x":117,"y":366,"width":718,"height":12}},{"id":"75a2d6dc-ee9e-4579-acb7-0afd68c4d331","block_type":"box","text":"redemptions, the Fund could be forced to sell its holdings without regard to the investment merits,","page_number":86,"box":{"x":117,"y":382,"width":729,"height":12}},{"id":"6b69a72a-d8c5-4036-b1a1-6ea3e904c969","block_type":"box","text":"thereby decreasing the assets upon which the Fund’s rate of return is based.","page_number":86,"box":{"x":116,"y":397,"width":575,"height":12}},{"id":"320fdf20-398e-4990-8f07-cda5d3465ab7","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons,","page_number":86,"box":{"x":116,"y":428,"width":733,"height":12}},{"id":"3141108b-0a84-4a14-9223-485d9ac97efe","block_type":"box","text":"such as higher investment research costs and higher commission costs.","page_number":86,"box":{"x":116,"y":444,"width":540,"height":12}},{"id":"a9246971-d856-46ea-a8ec-295fce4bc31f","block_type":"box","text":"Mezzanine Investments.","page_number":86,"box":{"x":116,"y":475,"width":179,"height":9}},{"id":"17f633b7-2b21-449e-8c92-740b6de3df7a","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a","page_number":86,"box":{"x":297,"y":475,"width":579,"height":12}},{"id":"832b14da-3dda-4141-a334-9aab3918dac4","block_type":"box","text":"specific credit quality, may invest in certain high yield securities known as mezzanine investments,","page_number":86,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"02d9f4ff-cdd7-473b-acc0-ade2ce6b502d","block_type":"box","text":"which are subordinated debt securities which are generally issued in private placements in connection","page_number":86,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"8139e89c-7157-400d-922f-e457e0c026be","block_type":"box","text":"with an equity security (","page_number":86,"box":{"x":116,"y":521,"width":175,"height":12}},{"id":"d8c13f2e-3e7f-4019-b14f-6a0c08b93dd9","block_type":"box","text":"e.g.","page_number":86,"box":{"x":292,"y":524,"width":26,"height":9}},{"id":"3becfde8-809a-408c-9e77-e71684fdb9f5","block_type":"box","text":", with attached warrants). Such mezzanine investments may be issued with","page_number":86,"box":{"x":321,"y":521,"width":563,"height":12}},{"id":"19911c50-309a-43e7-b390-257b13987494","block_type":"box","text":"or without registration rights. Similar to other high yield securities, maturities of mezzanine investments","page_number":86,"box":{"x":116,"y":537,"width":767,"height":12}},{"id":"14e1d9a0-5b17-4a27-958d-881532b1b7c9","block_type":"box","text":"are typically seven to ten years, but the expected average life is significantly shorter at three to five","page_number":86,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"e8388cc3-43dc-4f4a-bf71-35fad352562b","block_type":"box","text":"years. Mezzanine investments are usually unsecured and subordinate to other obligations of the","page_number":86,"box":{"x":116,"y":568,"width":719,"height":12}},{"id":"eec48a03-fb8e-4078-80f7-b8ac8a9e59f9","block_type":"box","text":"issuer.","page_number":86,"box":{"x":117,"y":583,"width":53,"height":10}},{"id":"07efd12c-8aa1-448d-847e-925e1613cf4c","block_type":"box","text":"Pay-in-kind Bonds.","page_number":86,"box":{"x":116,"y":614,"width":139,"height":12}},{"id":"aa134f6c-52d8-4aeb-9881-b91dfdeff617","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which","page_number":86,"box":{"x":257,"y":614,"width":631,"height":12}},{"id":"8615ff13-dbe9-4c39-878a-5d4cfd224ca5","block_type":"box","text":"pay interest through the issuance of additional debt or equity securities. Similar to zero coupon","page_number":86,"box":{"x":117,"y":630,"width":706,"height":12}},{"id":"6fb2fee7-c191-4fea-9b5a-faccca12b154","block_type":"box","text":"obligations, pay-in-kind bonds also carry additional risk as holders of these types of securities realize","page_number":86,"box":{"x":116,"y":645,"width":753,"height":12}},{"id":"705d1b14-306b-4f01-ae0b-42f26f8ec4ef","block_type":"box","text":"no cash until the cash payment date unless a portion of such securities is sold and, if the issuer","page_number":86,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"f6a7e178-9500-4048-8272-66c744edd841","block_type":"box","text":"defaults, a Fund may obtain no return at all on its investment. The market price of pay-in-kind bonds is","page_number":86,"box":{"x":116,"y":676,"width":759,"height":12}},{"id":"9973c4f4-0321-4214-83e0-914531d0c47c","block_type":"box","text":"affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that","page_number":86,"box":{"x":116,"y":692,"width":758,"height":12}},{"id":"18bc3a9a-a075-44ce-a1a6-f4b8409d7653","block_type":"box","text":"of securities which pay interest in cash. Additionally, current U.S. federal tax law requires the holder of","page_number":86,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"bccc9985-a790-4faf-96c7-696d31d69e6e","block_type":"box","text":"pay-in-kind bonds to accrue income with respect to these securities prior to the receipt of cash","page_number":86,"box":{"x":117,"y":723,"width":698,"height":12}},{"id":"ab59a496-fc7b-47de-8631-727f9868165f","block_type":"box","text":"payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":86,"box":{"x":117,"y":738,"width":747,"height":12}},{"id":"c4cd9576-c057-444a-b210-631a65a8fabc","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect","page_number":86,"box":{"x":116,"y":754,"width":765,"height":12}},{"id":"1ac879e5-9a0b-4746-848f-b20b170e2348","block_type":"box","text":"to these securities and may have to dispose of portfolio securities under disadvantageous","page_number":86,"box":{"x":116,"y":769,"width":665,"height":12}},{"id":"a4672aa1-a2ac-4138-b409-676db2bc2c31","block_type":"box","text":"circumstances in order to generate cash to satisfy these distribution requirements.","page_number":86,"box":{"x":116,"y":785,"width":608,"height":12}},{"id":"c9bbea54-4695-4036-8e47-10006fcf75d8","block_type":"box","text":"Supranational Entities.","page_number":86,"box":{"x":117,"y":816,"width":165,"height":12}},{"id":"98a0824a-f569-48d3-9682-29f7977966e7","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of","page_number":86,"box":{"x":289,"y":816,"width":555,"height":12}},{"id":"ffd7dd3c-df80-4d39-815f-8a2b97640e2a","block_type":"box","text":"such entities include the International Bank for Reconstruction and Development (the World Bank), the","page_number":86,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"d0ade78c-cc0e-4be5-8b4a-8c1b2f86fba6","block_type":"box","text":"European Steel and Coal Community, the Asian Development Bank and the Inter-American","page_number":86,"box":{"x":117,"y":847,"width":683,"height":12}},{"id":"b410365b-1549-4b78-89e2-c4f46848d397","block_type":"box","text":"Development Bank. The government members, or “stockholders,” usually make initial capital","page_number":86,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"95d71eae-d283-4fa6-b3af-ba6e39b549b7","block_type":"box","text":"contributions to the supranational entity and in many cases are committed to make additional capital","page_number":86,"box":{"x":116,"y":878,"width":748,"height":12}},{"id":"d8746ab5-d493-4d1a-832a-b6602da03014","block_type":"box","text":"II-15","page_number":86,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2f0da5fd-7e32-4889-a432-d80b2446fbf2","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":86,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"66d24718-c4de-4443-8f24-e385345d07c4","block_type":"box","text":"contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that","page_number":87,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"0e7432b4-1aee-4766-9d7d-7d5c16f2b2f9","block_type":"box","text":"one or more stockholders of a supranational entity will continue to make any necessary additional","page_number":87,"box":{"x":116,"y":102,"width":729,"height":13}},{"id":"32f94c78-0816-4b69-908a-17d851b95596","block_type":"box","text":"capital contributions. If such contributions are not made, the entity may be unable to pay interest or","page_number":87,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"a469a672-38b3-4529-9d89-af6925be30fc","block_type":"box","text":"repay principal on its debt securities, and a Fund may lose money on such investments.","page_number":87,"box":{"x":117,"y":134,"width":655,"height":12}},{"id":"8f057cad-862a-4801-aac3-0372e3a984fe","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":87,"box":{"x":116,"y":165,"width":367,"height":12}},{"id":"121c3377-0850-4b10-ad64-9d4d73a20872","block_type":"box","text":"Certain Funds may invest in the securities of foreign","page_number":87,"box":{"x":484,"y":165,"width":397,"height":12}},{"id":"437c5c37-4330-46ce-8f2e-352b6a3d216c","block_type":"box","text":"issuers in the form of Depositary Receipts or other securities convertible into securities of foreign","page_number":87,"box":{"x":117,"y":180,"width":722,"height":12}},{"id":"577c7e02-0030-428f-a035-0eb7268ac579","block_type":"box","text":"issuers. Depositary Receipts may not necessarily be denominated in the same currency as the","page_number":87,"box":{"x":117,"y":196,"width":707,"height":12}},{"id":"f3e91e7b-5708-48d9-b1d0-257597b51ff4","block_type":"box","text":"underlying securities into which they may be converted. The Fund may invest in both sponsored and","page_number":87,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"32293840-0fd3-4b18-8eba-7204586ccb6f","block_type":"box","text":"unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global","page_number":87,"box":{"x":117,"y":227,"width":769,"height":12}},{"id":"96bf5934-09bb-41fb-be49-c584e997a71a","block_type":"box","text":"Depositary Receipts (“GDRs”) and other similar global instruments. ADRs typically are issued by an","page_number":87,"box":{"x":117,"y":242,"width":743,"height":12}},{"id":"f857f3fe-cf21-4292-bcc0-f0763ca8d8dc","block_type":"box","text":"American bank or trust company and evidence ownership of underlying securities issued by a foreign","page_number":87,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"ede3cd9c-9cd9-42c4-8275-c5824ee64e92","block_type":"box","text":"corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts","page_number":87,"box":{"x":116,"y":273,"width":757,"height":12}},{"id":"893e328d-d75d-46fd-99ab-c6ecadfb09d1","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either","page_number":87,"box":{"x":117,"y":289,"width":739,"height":12}},{"id":"a6d52168-f0f6-461a-8335-e3e343cb0de1","block_type":"box","text":"foreign or domestic underlying securities. GDRs are depositary receipts structured like global debt","page_number":87,"box":{"x":116,"y":304,"width":732,"height":12}},{"id":"189ac3db-9f69-4b6e-ae0a-d9e201aadc73","block_type":"box","text":"issues to facilitate trading on an international basis. In addition to investment risks associated with the","page_number":87,"box":{"x":117,"y":320,"width":758,"height":12}},{"id":"5a5f9a07-6cd6-4f21-83a2-f9166d61e2db","block_type":"box","text":"underlying issuer, Depositary Receipts expose a Fund to additional risks associated with the","page_number":87,"box":{"x":117,"y":335,"width":689,"height":12}},{"id":"aa9ee0c8-5ab8-4f02-a61c-8f4e6e922ee1","block_type":"box","text":"non-uniform terms that apply to Depositary Receipt programs, credit exposure to the depository bank","page_number":87,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"9c40f952-feaa-446a-8ce6-df81103c4015","block_type":"box","text":"and to the sponsors and other parties with whom the depository bank establishes the programs,","page_number":87,"box":{"x":116,"y":366,"width":716,"height":12}},{"id":"df6a86b4-ae65-41ef-97c5-4d111c685b65","block_type":"box","text":"currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR, EDR and","page_number":87,"box":{"x":116,"y":382,"width":748,"height":12}},{"id":"83e30e14-8729-42eb-a998-6a64f60b0d02","block_type":"box","text":"GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":87,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"6f940e86-76c9-43ad-b4a8-c3c6464aefbb","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored","page_number":87,"box":{"x":116,"y":413,"width":701,"height":12}},{"id":"c8702568-1bb4-4e11-a6da-c716a6baba4a","block_type":"box","text":"programs and do not provide holders with many of the shareholder benefits that come from investing in","page_number":87,"box":{"x":117,"y":428,"width":769,"height":12}},{"id":"18aa3051-7418-413f-a22f-5eda4c4c2446","block_type":"box","text":"a sponsored Depositary Receipt. Available information concerning the issuer may not be as current as","page_number":87,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"d19442c2-f924-44d3-bb1c-5ac9696cd26e","block_type":"box","text":"for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs and GDRs may","page_number":87,"box":{"x":116,"y":459,"width":750,"height":12}},{"id":"bc2676dc-d1e7-4e07-b039-0fa4372eab14","block_type":"box","text":"be more volatile than if such instruments were sponsored by the issuer. Depositary Receipts are","page_number":87,"box":{"x":117,"y":475,"width":718,"height":12}},{"id":"1aafabce-8af7-42f2-a4a4-385f763555a2","block_type":"box","text":"generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":87,"box":{"x":116,"y":490,"width":759,"height":12}},{"id":"17a9a004-1b39-4ab6-98eb-e1e8451a170e","block_type":"box","text":"be converted. Investments in ADRs, EDRs and GDRs present additional investment considerations as","page_number":87,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"7d505cc2-3480-47fb-802b-5bad5737dfd9","block_type":"box","text":"described under “Foreign Investment Risks.”","page_number":87,"box":{"x":116,"y":521,"width":336,"height":12}},{"id":"f28aa6e1-3114-414f-b5ee-836d04eca2a1","block_type":"box","text":"Derivatives.","page_number":87,"box":{"x":116,"y":560,"width":99,"height":9}},{"id":"5682d50f-410b-4ac5-b5b3-3edf9c98e743","block_type":"box","text":"General.","page_number":87,"box":{"x":117,"y":583,"width":68,"height":10}},{"id":"83f9e702-35d6-490d-a5d0-536657371e7d","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments","page_number":87,"box":{"x":186,"y":583,"width":675,"height":12}},{"id":"6813ba1c-2ebe-460c-aa92-883270861e4d","block_type":"box","text":"that derive their value from one or more securities, commodities (such as gold or oil), currencies,","page_number":87,"box":{"x":116,"y":599,"width":722,"height":12}},{"id":"d38f7880-512d-4286-bc36-b755f3151ab1","block_type":"box","text":"interest rates, credit events or indices (a measure of value or rates, such as the S&P 500 Index or the","page_number":87,"box":{"x":117,"y":614,"width":758,"height":12}},{"id":"e94f7cf8-045c-46f2-83f0-5e29fdfa162b","block_type":"box","text":"prime lending rate) or other reference asset. Derivatives may allow a Fund to increase or decrease the","page_number":87,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"241a8e28-38b9-468e-8140-119e6bb79e35","block_type":"box","text":"level of risk to which the Fund is exposed more quickly and efficiently than with other transactions.","page_number":87,"box":{"x":117,"y":645,"width":732,"height":12}},{"id":"b3fccc3e-354b-4250-b454-1fce01c51679","block_type":"box","text":"Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":87,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"f9d64d88-24cd-4ee2-a348-555e4369a807","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is","page_number":87,"box":{"x":116,"y":676,"width":724,"height":12}},{"id":"f76eaebe-acd2-4ca8-bacb-12914978be22","block_type":"box","text":"prohibited by its investment restrictions from purchasing directly. As described below, derivatives can","page_number":87,"box":{"x":117,"y":692,"width":748,"height":12}},{"id":"45a55a58-1902-412a-918a-83e520be22fd","block_type":"box","text":"be used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":87,"box":{"x":117,"y":707,"width":747,"height":12}},{"id":"9fc1c361-8e13-46e1-90d7-77b31eaf7c59","block_type":"box","text":"i.e.","page_number":87,"box":{"x":116,"y":723,"width":20,"height":9}},{"id":"222daf1d-2cc8-4849-8227-4f4a3e5f42f1","block_type":"box","text":", the payment obligations of derivatives contracts are netted against one another with the Fund","page_number":87,"box":{"x":140,"y":723,"width":701,"height":12}},{"id":"a141264b-3558-409f-beca-f2acc74633fb","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payment streams.","page_number":87,"box":{"x":117,"y":738,"width":667,"height":12}},{"id":"5161e100-cc40-4ae2-abef-9a82e8a00c42","block_type":"box","text":"Hedging.","page_number":87,"box":{"x":116,"y":769,"width":65,"height":12}},{"id":"a1e36415-a7e6-46bc-b90a-b8669be0061d","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset","page_number":87,"box":{"x":189,"y":769,"width":680,"height":12}},{"id":"e7ac04a0-1434-4f6b-adf0-31555a361756","block_type":"box","text":"the risks associated with other Fund holdings. Losses on other investments may be substantially","page_number":87,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"c5fd5a66-0f6a-49e9-9c50-0aca6afffcf4","block_type":"box","text":"reduced by gains on a derivative that reacts in an opposite manner to market movements. Although","page_number":87,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"9df89929-1fa2-4d9b-96ef-cf98f3f6fe25","block_type":"box","text":"hedging may reduce losses, it may also reduce or eliminate gains. In addition, hedging may cause","page_number":87,"box":{"x":117,"y":816,"width":728,"height":12}},{"id":"e71fecab-4c40-4dae-b9fc-1c2f2ffe6dd6","block_type":"box","text":"losses if the market moves in an unanticipated manner, or if the cost of the derivative outweighs the","page_number":87,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"d08267f0-a704-4c13-a2bc-c9cbc1832919","block_type":"box","text":"benefit of the hedge. The effectiveness of hedging may be reduced by correlation risk,","page_number":87,"box":{"x":117,"y":847,"width":643,"height":12}},{"id":"39979f49-0f8a-4cbf-aac4-af904fa945f4","block_type":"box","text":"i.e.","page_number":87,"box":{"x":761,"y":847,"width":20,"height":9}},{"id":"1031ec4c-7e8e-4458-a358-66414500d694","block_type":"box","text":",","page_number":87,"box":{"x":784,"y":855,"width":2,"height":3}},{"id":"8e0eaaf3-9807-4232-9212-d10e61431a53","block_type":"box","text":"the risk that","page_number":87,"box":{"x":793,"y":847,"width":91,"height":9}},{"id":"28644f7e-36ba-49f0-9a57-401affa371d0","block_type":"box","text":"changes in the value of the derivative will not match those of the holdings being hedged as expected","page_number":87,"box":{"x":116,"y":862,"width":751,"height":12}},{"id":"0454e53d-d541-491e-8d55-67e0301f7d4a","block_type":"box","text":"by a Fund, which may result in additional losses to the Fund. The inability to close or offset derivatives","page_number":87,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"19ed09a2-827b-4f16-afdc-cf79babe30fc","block_type":"box","text":"II-16","page_number":87,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"7196deea-94a2-4336-a9a3-ce9a4cec6cb7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":87,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"42f166c5-c633-423a-90dd-0630caed1922","block_type":"box","text":"could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging","page_number":88,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"8dcd993e-a7c3-45d6-b343-01d9b897f366","block_type":"box","text":"will be effective. No Fund is required to use derivatives to hedge.","page_number":88,"box":{"x":116,"y":102,"width":486,"height":13}},{"id":"3b6abdfe-e29b-45bc-97ef-400ea0633089","block_type":"box","text":"Speculation.","page_number":88,"box":{"x":117,"y":131,"width":90,"height":12}},{"id":"45152fd1-5b33-4363-95ed-fc9b7ca4a510","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance","page_number":88,"box":{"x":208,"y":131,"width":638,"height":12}},{"id":"a8307b66-58ab-4505-9a54-cbe9793162ca","block_type":"box","text":"returns. The use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather","page_number":88,"box":{"x":117,"y":146,"width":753,"height":12}},{"id":"a7c55537-256b-4ceb-9364-7ede769b2cf6","block_type":"box","text":"than offset the risk of other positions. To the extent a Fund invests in a derivative for speculative","page_number":88,"box":{"x":116,"y":162,"width":719,"height":12}},{"id":"e70c5015-428b-4b41-ae84-370aa70d123f","block_type":"box","text":"purposes, the Fund will be fully exposed to the risks of loss of that derivative, which may sometimes be","page_number":88,"box":{"x":117,"y":177,"width":769,"height":12}},{"id":"07f3399a-d169-47dc-a535-ba4a9a29c585","block_type":"box","text":"greater than the derivative’s cost, and the potential for loss in certain cases may be unlimited.","page_number":88,"box":{"x":116,"y":193,"width":699,"height":12}},{"id":"e7f41d3f-3eda-4905-9cf2-9bbe6fd36020","block_type":"box","text":"Regulation of Derivatives.","page_number":88,"box":{"x":116,"y":227,"width":196,"height":12}},{"id":"05b84407-4f75-4363-8a7c-260996a84b61","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":88,"box":{"x":116,"y":249,"width":352,"height":12}},{"id":"1d8128f5-8115-4d4b-9957-cd99c089c150","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits","page_number":88,"box":{"x":469,"y":249,"width":416,"height":12}},{"id":"ffa03aa1-f8f1-4bb1-b183-bb28bca5c496","block_type":"box","text":"a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions","page_number":88,"box":{"x":116,"y":265,"width":708,"height":12}},{"id":"ca8120f0-e53f-4bbe-abb3-f74772ab1cc4","block_type":"box","text":"notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":88,"box":{"x":117,"y":280,"width":692,"height":12}},{"id":"3c1181c6-d7aa-46dd-b977-855fd777d892","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits","page_number":88,"box":{"x":117,"y":296,"width":747,"height":12}},{"id":"3b28ab69-131c-4e04-a08c-7e6fe77a34a8","block_type":"box","text":"open-end funds, including the Funds, from issuing or selling any “senior security,” other than borrowing","page_number":88,"box":{"x":116,"y":311,"width":769,"height":12}},{"id":"bee47d13-b8c3-4777-809e-0cf4edc2559b","block_type":"box","text":"from a bank (subject to a requirement to maintain 300% “asset coverage”).","page_number":88,"box":{"x":116,"y":327,"width":560,"height":12}},{"id":"d7c8fb6d-50d3-4b11-9f46-b1dd08b48459","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap","page_number":88,"box":{"x":117,"y":355,"width":761,"height":12}},{"id":"22503b1f-861d-43d0-8928-561feea6ea59","block_type":"box","text":"(including a contract for differences), futures contract, forward contract, option (excluding purchased","page_number":88,"box":{"x":117,"y":370,"width":747,"height":13}},{"id":"280770b2-4309-4b9b-b388-abf591cbbe8d","block_type":"box","text":"options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be","page_number":88,"box":{"x":116,"y":386,"width":764,"height":12}},{"id":"a9f6fbae-57f4-4ffc-b859-e3761eb4aaa1","block_type":"box","text":"required to make any payment or delivery of cash or other assets during the life of the instrument or at","page_number":88,"box":{"x":117,"y":401,"width":763,"height":13}},{"id":"6f288b0c-f123-43a6-bf07-dd4ebe60f001","block_type":"box","text":"maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale","page_number":88,"box":{"x":117,"y":417,"width":767,"height":12}},{"id":"c26d549e-94dc-47a4-a236-88a39947510e","block_type":"box","text":"borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and","page_number":88,"box":{"x":117,"y":432,"width":750,"height":13}},{"id":"fa2f0c8c-3557-4afd-a7ba-fe0fa4239a65","block_type":"box","text":"non-recourse tender option bonds, and borrowed bonds), if a Fund elects to treat all of these","page_number":88,"box":{"x":117,"y":448,"width":691,"height":12}},{"id":"0a9ce411-ded2-4cf0-b195-c2c0254301b2","block_type":"box","text":"transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":88,"box":{"x":116,"y":463,"width":738,"height":13}},{"id":"9fb52cf1-af64-451b-ab19-068302b3e73e","block_type":"box","text":"securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and","page_number":88,"box":{"x":116,"y":479,"width":763,"height":12}},{"id":"bd6f321e-e548-4697-bfe6-2db9c4ea5a2b","block_type":"box","text":"dollar rolls) and non-standard settlement cycle securities, unless such transactions meet the Delayed","page_number":88,"box":{"x":116,"y":494,"width":755,"height":13}},{"id":"ca1082fc-63c9-4115-a60b-447c70e4f9ba","block_type":"box","text":"Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed Delivery","page_number":88,"box":{"x":116,"y":510,"width":763,"height":12}},{"id":"487d595e-eb3e-4224-b281-9869f45c73e0","block_type":"box","text":"Securities and Forward Commitments”).","page_number":88,"box":{"x":116,"y":525,"width":302,"height":13}},{"id":"b2e39fc9-fc9b-49bb-889a-2130ce87558a","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must","page_number":88,"box":{"x":117,"y":554,"width":759,"height":12}},{"id":"31791d29-09d3-43f5-9425-7a62a86dcefb","block_type":"box","text":"comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things,","page_number":88,"box":{"x":116,"y":569,"width":744,"height":12}},{"id":"a7e29697-334b-4a4f-8515-6ff7eb1d2e8b","block_type":"box","text":"requires a Fund to adopt and implement a comprehensive written derivatives risk management","page_number":88,"box":{"x":117,"y":585,"width":708,"height":12}},{"id":"be98c66f-bbe4-4972-b32a-d21f31b880ee","block_type":"box","text":"program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based","page_number":88,"box":{"x":117,"y":600,"width":761,"height":12}},{"id":"2af95652-7e1d-4cea-9a1b-34e2db301b53","block_type":"box","text":"on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed","page_number":88,"box":{"x":116,"y":616,"width":760,"height":12}},{"id":"a23f5cc0-0115-4d5e-8e72-d156a2c5fe8a","block_type":"box","text":"by the Fund’s Board, including a majority of the independent Directors, and periodically reviews the","page_number":88,"box":{"x":117,"y":631,"width":739,"height":12}},{"id":"76be7672-af37-471f-803d-3d51c24ac581","block_type":"box","text":"DRMP and reports to the Fund’s Board.","page_number":88,"box":{"x":117,"y":647,"width":299,"height":12}},{"id":"fae84df8-cd95-4b97-b1c2-8c8ed27197f3","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":88,"box":{"x":117,"y":675,"width":758,"height":12}},{"id":"93228258-26ec-4ac5-bf4f-5215118d3672","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4)","page_number":88,"box":{"x":116,"y":690,"width":754,"height":13}},{"id":"63554272-3be8-43fa-9b7a-3d179ea23be9","block_type":"box","text":"and the Fund adopts and implements written policies and procedures reasonably designed to manage","page_number":88,"box":{"x":116,"y":706,"width":758,"height":12}},{"id":"18a586c8-a39c-4dd0-88b4-2ae65429bf34","block_type":"box","text":"its derivatives risks (the “Limited Derivatives User Exception”).","page_number":88,"box":{"x":117,"y":721,"width":459,"height":13}},{"id":"bb3b0643-267a-4a94-a27e-b7d8488fc534","block_type":"box","text":"Dodd-Frank Regulations","page_number":88,"box":{"x":116,"y":756,"width":182,"height":12}},{"id":"afa84a28-2901-4b86-8e00-e150bed4b9bf","block_type":"box","text":". The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd","page_number":88,"box":{"x":299,"y":756,"width":564,"height":12}},{"id":"db222f07-2f7c-4aae-8a1b-a7a65e1875dc","block_type":"box","text":"Frank”), enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter","page_number":88,"box":{"x":117,"y":772,"width":754,"height":12}},{"id":"9205f1cc-b98f-4cbd-8270-8ab36d19be5f","block_type":"box","text":"(“OTC”) derivatives markets for the first time. While the Commodity Futures Trading Commission","page_number":88,"box":{"x":117,"y":787,"width":716,"height":12}},{"id":"db1b9e57-c9b4-444f-b48d-7c5ff507ba7c","block_type":"box","text":"(“CFTC”) and other U.S. regulators have adopted many of the required Dodd-Frank regulations, certain","page_number":88,"box":{"x":117,"y":803,"width":764,"height":12}},{"id":"b6ef25f3-02cd-4d93-ba0f-0cc487cdecd2","block_type":"box","text":"regulations have only recently become effective and other regulations remain to be adopted. The full","page_number":88,"box":{"x":117,"y":818,"width":743,"height":12}},{"id":"f527ce45-28e7-4ea1-83e1-8fa190a90f41","block_type":"box","text":"impact of Dodd-Frank on the Funds remains uncertain.","page_number":88,"box":{"x":117,"y":834,"width":411,"height":12}},{"id":"a142bec5-fa03-432d-8741-7e9c793b2c7c","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the","page_number":88,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"99d740ec-a5e7-4a36-afdf-3d5f5aa52d2d","block_type":"box","text":"SEC as “security-based swap dealers”. Registered swap dealers and security-based swap dealers are","page_number":88,"box":{"x":116,"y":877,"width":765,"height":12}},{"id":"3a3b54dc-bb1e-4c26-be5e-20951fc12c01","block_type":"box","text":"II-17","page_number":88,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"48f12a6e-57b5-4181-a09d-47fb1c1f0064","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":88,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d44a85c1-1535-457f-a4ef-496884a206e3","block_type":"box","text":"subject to various regulatory requirements, including, but not limited to, margin, recordkeeping,","page_number":89,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"32a97d84-f5b7-48b6-8c3c-13ced605c08f","block_type":"box","text":"reporting, transparency, position limits, limitations on conflicts of interest, business conduct standards,","page_number":89,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"74c82b39-fbca-4cea-9a16-eda0999a16fb","block_type":"box","text":"minimum capital requirements and other regulatory requirements, which indirectly impact the Funds","page_number":89,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"8d838e70-e51b-41df-90e5-3840bae7cde0","block_type":"box","text":"that enter into transactions with them.","page_number":89,"box":{"x":116,"y":134,"width":284,"height":9}},{"id":"540d467d-ae04-425b-b5e5-226778580920","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed","page_number":89,"box":{"x":116,"y":165,"width":761,"height":11}},{"id":"93c6ca6b-b86e-44da-9ab7-65bb87804678","block_type":"box","text":"in regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also","page_number":89,"box":{"x":117,"y":180,"width":719,"height":12}},{"id":"5fac086e-abf5-4e24-b0e6-1c88d600097d","block_type":"box","text":"expected to impose similar requirements on certain security-based derivatives in the future. OTC","page_number":89,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"d5b7ac04-419f-438d-8dd5-d05f795d3c10","block_type":"box","text":"derivatives trades submitted for clearing are subject to minimum initial and variation margin","page_number":89,"box":{"x":116,"y":211,"width":681,"height":12}},{"id":"fe45f587-8089-4533-aa11-ba4e88abacad","block_type":"box","text":"requirements set by the relevant clearinghouse, as well as margin requirements mandated by the","page_number":89,"box":{"x":117,"y":227,"width":726,"height":12}},{"id":"9c55078c-17d3-4799-8ae7-338deaa55006","block_type":"box","text":"CFTC, SEC and/or federal prudential regulators. In addition, futures commission merchants (“FCMs”),","page_number":89,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"24e68ea0-6375-4f92-8371-d88a3147f79e","block_type":"box","text":"who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":89,"box":{"x":116,"y":258,"width":697,"height":12}},{"id":"03ab860f-1a96-40fc-a1d6-b67444622a0a","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond","page_number":89,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"1c9babb3-dec4-4856-87a1-1794e2f6d81c","block_type":"box","text":"any regulatory and clearinghouse minimums subject to any restrictions on such discretion in the","page_number":89,"box":{"x":116,"y":289,"width":715,"height":12}},{"id":"6b198e81-57e4-46fb-91ff-22bfb80dbb34","block_type":"box","text":"documentation between the FCM and the customer. These regulatory requirements may make it more","page_number":89,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"5a159a61-f4be-4407-b14e-f480353b77d4","block_type":"box","text":"difficult and costly for the Funds to enter into highly tailored or customized transactions, potentially","page_number":89,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"71130b7c-341d-45cb-9834-e8034dcf3b1d","block_type":"box","text":"rendering certain investment strategies impossible or not economically feasible. If a Fund decides to","page_number":89,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"281fe581-159a-4e25-91c4-2833343bd112","block_type":"box","text":"execute and clear cleared OTC derivatives and/or futures contracts through execution facilities,","page_number":89,"box":{"x":116,"y":351,"width":712,"height":12}},{"id":"8c937572-048c-4c20-b0fd-7ade7d440087","block_type":"box","text":"exchanges or clearinghouses, either indirectly through an executing broker, clearing member FCM or","page_number":89,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"abc9f327-6831-4b59-80c8-a3a3c83299e8","block_type":"box","text":"as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":89,"box":{"x":116,"y":382,"width":709,"height":12}},{"id":"d19d795d-0a1c-4ae8-afa8-f981a3bfba96","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":89,"box":{"x":116,"y":397,"width":397,"height":12}},{"id":"1fe0f662-2dd1-4197-a527-6d8e45702981","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not","page_number":89,"box":{"x":116,"y":428,"width":753,"height":12}},{"id":"530a21b7-e645-4fa9-8010-3351591008f7","block_type":"box","text":"face a clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/","page_number":89,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"a6348f3c-c908-4200-8e10-c964cbd50bc8","block_type":"box","text":"or SEC and that acts as a clearing member. A Fund may face the indirect risk of the failure of another","page_number":89,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"6d9dd222-f019-4d4b-a0d0-f940d78afb72","block_type":"box","text":"clearing member customer to meet its obligations to its clearing member. Such scenario could arise","page_number":89,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"4b61f125-ccc0-47db-a84b-912360543720","block_type":"box","text":"due to a default by the clearing member on its obligations to the clearinghouse simultaneously with a","page_number":89,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"45abfa41-28df-4732-aa04-77e030d1a763","block_type":"box","text":"customer’s failure to meet its obligations to the clearing member.","page_number":89,"box":{"x":116,"y":506,"width":485,"height":12}},{"id":"a8cad9f7-2111-4d9d-bbd8-b837acd53c94","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they","page_number":89,"box":{"x":117,"y":537,"width":742,"height":12}},{"id":"29fcaf31-d9ce-4dbd-83c6-26c6d6f04645","block_type":"box","text":"clear their customers’ cleared OTC derivatives and futures contracts, instead of using such initial","page_number":89,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"d96d9ff7-183f-4abc-8764-7cd14e7f98ff","block_type":"box","text":"margin in their businesses, as was widely permitted for OTC derivatives before Dodd-Frank. While an","page_number":89,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"5cd8a0ab-6913-427f-88db-c6da0520ebf2","block_type":"box","text":"FCM may require its customer to post initial margin in excess of clearinghouse requirements, and","page_number":89,"box":{"x":117,"y":583,"width":727,"height":12}},{"id":"058303ab-604e-492e-bdcd-9d0fa859629a","block_type":"box","text":"certain clearinghouses may share a portion of their earnings on initial margin with their clearing","page_number":89,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"00762d0e-07d4-4f3e-8824-1b220c479fa5","block_type":"box","text":"members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":89,"box":{"x":117,"y":614,"width":722,"height":12}},{"id":"beb4115f-1bf5-4fa9-b517-70dedd72a59d","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial","page_number":89,"box":{"x":116,"y":630,"width":722,"height":12}},{"id":"7b328ac0-8fbb-412b-b01e-b708e1f36108","block_type":"box","text":"margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives","page_number":89,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"3077d339-bbef-4861-a46c-33ecae25f535","block_type":"box","text":"may cause FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives","page_number":89,"box":{"x":117,"y":661,"width":747,"height":12}},{"id":"8996b409-ecd2-49b3-a79d-a4112c19bdb3","block_type":"box","text":"than swap dealers will provide for non-cleared OTC derivatives. Furthermore, customers, including the","page_number":89,"box":{"x":116,"y":676,"width":760,"height":12}},{"id":"379f9c16-01b5-41e8-80ae-3d2c9ebb33cb","block_type":"box","text":"Funds, are subject to additional fees payable to FCMs with respect to cleared OTC derivatives, which","page_number":89,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"48ec4a4a-a1d1-4e8f-bd91-27c120271c56","block_type":"box","text":"may raise the cost to Funds of clearing as compared to trading non-cleared OTC derivatives bilaterally.","page_number":89,"box":{"x":117,"y":707,"width":763,"height":12}},{"id":"901bcb8e-6442-45e9-a9d9-5c3d7209f7cc","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are","page_number":89,"box":{"x":116,"y":738,"width":710,"height":12}},{"id":"1372b8bb-78be-4d12-8326-03b8281c8422","block_type":"box","text":"required to exchange variation margin with a Fund and may be required by applicable regulations to","page_number":89,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"6d74ddd2-9eb8-41f9-9a43-bc145fa00211","block_type":"box","text":"collect (and in some cases exchange) initial margin with a Fund. Both initial and variation margin may","page_number":89,"box":{"x":116,"y":769,"width":752,"height":12}},{"id":"234c9aa1-b730-43f0-b33f-81305d16a33f","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts and other restrictions.","page_number":89,"box":{"x":117,"y":785,"width":757,"height":12}},{"id":"96bd117c-b3c3-4f0a-b951-af1874bd6592","block_type":"box","text":"Shares of investment companies (other than certain money market funds) may not be posted as","page_number":89,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"534cdfa4-22eb-4d56-b37a-4a379d74a159","block_type":"box","text":"collateral under applicable regulations.","page_number":89,"box":{"x":116,"y":816,"width":285,"height":12}},{"id":"2dad0dce-4fc1-47f2-ad9a-14de2be4625f","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to","page_number":89,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"349d421a-0cb3-42d6-b5df-52882106bec5","block_type":"box","text":"evaluate and monitor) speculative position limits (“position limits”) on the maximum speculative position","page_number":89,"box":{"x":116,"y":862,"width":771,"height":12}},{"id":"e6288d36-40e2-4b56-bcd5-06398b6a3d3d","block_type":"box","text":"which any person, or group of persons acting in concert, may hold or control in particular contracts. In","page_number":89,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"cc7423ba-0626-49c6-87f3-d7109f5b5b85","block_type":"box","text":"II-18","page_number":89,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4e59048c-40c2-4a8e-8255-782713ca1f40","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":89,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ef23ed69-e497-4ed1-b901-de0094b3b0fc","block_type":"box","text":"addition, U.S. federal position limits apply to swaps that are economically equivalent to futures","page_number":90,"box":{"x":116,"y":87,"width":703,"height":12}},{"id":"c037c4e8-c8b1-4b54-bede-f00e8591119a","block_type":"box","text":"contracts on certain agricultural, metals and energy commodities. All positions owned or controlled by","page_number":90,"box":{"x":116,"y":103,"width":758,"height":12}},{"id":"d2feed12-a4b5-4d3a-9093-0ac26ba6ce9c","block_type":"box","text":"the same person or entity, even if in different accounts, must be aggregated for purposes of complying","page_number":90,"box":{"x":116,"y":118,"width":766,"height":12}},{"id":"c9696601-c804-4912-badd-57581ed95e04","block_type":"box","text":"with the speculative limits. Thus, even if a Fund does not intend to exceed applicable position limits, it","page_number":90,"box":{"x":116,"y":134,"width":758,"height":11}},{"id":"b9e49cfe-dbef-4096-bf59-46f959bc3665","block_type":"box","text":"is possible that different clients managed by the Manager and its affiliates may be aggregated for this","page_number":90,"box":{"x":117,"y":149,"width":755,"height":12}},{"id":"edaf4801-8c8e-494a-937d-6e3a36f8f904","block_type":"box","text":"purpose. Therefore, the trading decisions of the Manager may have to be modified and positions held","page_number":90,"box":{"x":117,"y":165,"width":757,"height":12}},{"id":"b84c190f-45dc-4b46-9e62-c6ea04ec6773","block_type":"box","text":"by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions","page_number":90,"box":{"x":117,"y":180,"width":757,"height":12}},{"id":"0e67086a-088a-4f10-88ab-77ded8d21a61","block_type":"box","text":"or the elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A","page_number":90,"box":{"x":116,"y":196,"width":723,"height":12}},{"id":"83eb487c-a052-4521-859d-7716b891af5e","block_type":"box","text":"violation of position limits could also lead to regulatory action materially adverse to a Fund’s investment","page_number":90,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"9a4af5d9-8508-4528-8572-b102e8fd0236","block_type":"box","text":"strategy. A Fund may also be affected by other regimes, including those of the European Union and","page_number":90,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"bbc83960-e8b9-41e6-962a-077e716dca2f","block_type":"box","text":"United Kingdom, and trading venues that impose position limits on commodity derivative contracts.","page_number":90,"box":{"x":117,"y":242,"width":737,"height":12}},{"id":"55b5fcdd-82c2-45e9-9985-31666fbe6fd8","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":90,"box":{"x":115,"y":273,"width":269,"height":12}},{"id":"6d1b0548-2d9c-46b7-9889-1daafb966948","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed,","page_number":90,"box":{"x":386,"y":273,"width":489,"height":12}},{"id":"1fefc3e5-ede1-49cc-a1ba-56df1f0e3526","block_type":"box","text":"or may propose in the future, legislation similar to Dodd-Frank or other legislation that could increase","page_number":90,"box":{"x":116,"y":289,"width":753,"height":12}},{"id":"894e58bb-f1ea-4bc8-babe-b6493754a219","block_type":"box","text":"the costs of participating in, or otherwise adversely impact the liquidity of, participating in the","page_number":90,"box":{"x":116,"y":304,"width":689,"height":12}},{"id":"b41443db-4520-44a8-97aa-156815c71254","block_type":"box","text":"commodities markets. For example, the European Market Infrastructure Regulation (Regulation (EU)","page_number":90,"box":{"x":116,"y":320,"width":752,"height":12}},{"id":"25ffaee4-1e6b-411d-81df-f3ecb51ed28a","block_type":"box","text":"No 648/2012) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:(i) the","page_number":90,"box":{"x":117,"y":335,"width":757,"height":12}},{"id":"249f1369-9f1b-4944-ac0d-1048f72a00a6","block_type":"box","text":"mandatory clearing of OTC derivative contracts declared subject to the clearing obligation; (ii) risk","page_number":90,"box":{"x":117,"y":351,"width":728,"height":12}},{"id":"8afc1e3c-9925-4107-b9a7-e6393e6c57d4","block_type":"box","text":"mitigation techniques in respect of uncleared OTC derivative contracts, including the mandatory","page_number":90,"box":{"x":117,"y":366,"width":714,"height":12}},{"id":"e1d062af-f2a7-4108-b35b-960dbbd11a0b","block_type":"box","text":"margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements in","page_number":90,"box":{"x":117,"y":382,"width":765,"height":12}},{"id":"8ae220d3-1550-458e-8010-ea25aef06e62","block_type":"box","text":"respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":90,"box":{"x":117,"y":397,"width":703,"height":12}},{"id":"21c5e364-5889-4139-be65-be43e46fd884","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments","page_number":90,"box":{"x":117,"y":413,"width":688,"height":12}},{"id":"74270122-b2d4-49bd-876f-a31f4195ed0d","block_type":"box","text":"Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which have applied since January 3,","page_number":90,"box":{"x":117,"y":428,"width":753,"height":12}},{"id":"11b0adf5-589b-413a-b833-e633ac1559e9","block_type":"box","text":"2018, govern the provision of investment services and activities in relation to, as well as the organized","page_number":90,"box":{"x":116,"y":444,"width":762,"height":12}},{"id":"5b592576-ff4a-4ed8-95e5-45cedd676318","block_type":"box","text":"trading of, financial instruments such as shares, bonds, units in collective investment schemes and","page_number":90,"box":{"x":116,"y":459,"width":738,"height":12}},{"id":"fe8394f7-8d81-4cbe-ba8a-47f6fb20942d","block_type":"box","text":"derivatives. In particular, MiFID II requires European Union Member States to apply position limits to","page_number":90,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"d50828c3-a275-4db6-9899-b97b770c75be","block_type":"box","text":"the size of a net position a person can hold at any time in commodity derivatives traded on European","page_number":90,"box":{"x":116,"y":490,"width":754,"height":12}},{"id":"d7789dd2-d805-42a2-98f8-f9a6dae6de54","block_type":"box","text":"Union trading venues and in “economically equivalent” OTC contracts. If the requirements of EMIR and","page_number":90,"box":{"x":117,"y":506,"width":769,"height":12}},{"id":"eac937ad-adbb-44c9-9c58-c9ce69f6f6ea","block_type":"box","text":"MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":90,"box":{"x":117,"y":521,"width":557,"height":12}},{"id":"cc69a1e4-4821-48a1-889d-1750e5ee31d8","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain","page_number":90,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"ecb265cf-b657-490c-a06e-989835bafa80","block_type":"box","text":"prudentially regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to","page_number":90,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"cd07ac18-4a41-451d-ae80-fba2dcc4a6fd","block_type":"box","text":"include in their derivatives contracts and certain other financial contracts, terms that delay or restrict","page_number":90,"box":{"x":117,"y":583,"width":745,"height":12}},{"id":"89421acd-fbf1-4f8c-a543-58510b0efd32","block_type":"box","text":"the rights of counterparties (such as the Funds) to terminate such contracts, foreclose upon collateral,","page_number":90,"box":{"x":116,"y":599,"width":761,"height":12}},{"id":"5d4f589f-9b19-4d38-9eba-15065922fc4c","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the prudentially","page_number":90,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"c31f73c0-ce78-4398-84be-e22826b85f5a","block_type":"box","text":"regulated entity and/or its affiliates are subject to certain types of resolution or insolvency proceedings.","page_number":90,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"a8a8a6d5-7a9b-492c-99c8-da4e69f58a29","block_type":"box","text":"Similar regulations and laws have been adopted in non-U.S. jurisdictions that may apply to a Fund’s","page_number":90,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"1e82139a-ab98-4b6b-8355-92939b2813c0","block_type":"box","text":"counterparties located in those jurisdictions. In particular, in the United Kingdom and the European","page_number":90,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"8733ec94-8b62-4d14-ab59-3f1d1b83a75f","block_type":"box","text":"Union, governmental authorities could reduce, eliminate or convert to equity the liabilities to a Fund of","page_number":90,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"c4e3ec29-660a-495e-ba5c-e65de09d0cd7","block_type":"box","text":"a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":90,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"9fba781d-9c77-4560-9f18-9dc5a692089b","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely","page_number":90,"box":{"x":116,"y":707,"width":726,"height":12}},{"id":"9d1cbb78-54db-4488-9be3-0fcc36170332","block_type":"box","text":"affect a Fund’s ability to terminate existing derivatives contracts, exercise default rights or satisfy","page_number":90,"box":{"x":116,"y":723,"width":716,"height":12}},{"id":"c3bd829a-77c6-4934-839e-a0c63b50a3d5","block_type":"box","text":"obligations owed to it with collateral received under such contracts.","page_number":90,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"0812f8f4-51ba-45cc-9a15-3fa782e08f15","block_type":"box","text":"Risk Factors in Derivatives.","page_number":90,"box":{"x":116,"y":777,"width":202,"height":9}},{"id":"f31f2016-263f-45ab-8cb0-8e843da72e73","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":90,"box":{"x":116,"y":808,"width":620,"height":12}},{"id":"ef74ccb1-a996-4860-a196-bd689a21fa92","block_type":"box","text":"Correlation Risk —","page_number":90,"box":{"x":117,"y":831,"width":123,"height":10}},{"id":"5b9866f2-a3b0-4daf-bed1-1ab27ad6d33b","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the","page_number":90,"box":{"x":240,"y":831,"width":631,"height":12}},{"id":"49b437f8-f650-4daf-a4c8-d2963712fc2d","block_type":"box","text":"value of the portfolio holdings that are being hedged or of the particular market or security to which the","page_number":90,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"2fc3b0bc-b0d2-44e6-a378-1174742c4866","block_type":"box","text":"Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from","page_number":90,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"a936f6e7-bbdc-4b86-96a8-fe276f8a39af","block_type":"box","text":"achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such","page_number":90,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"fc679cf5-e734-4c6d-b657-5f1de9a1a8e0","block_type":"box","text":"II-19","page_number":90,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"94b1febf-196c-4334-8f3f-8bee7693e99a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":90,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"079a2275-9af3-4076-8a64-46194c0b4cc9","block_type":"box","text":"as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity","page_number":91,"box":{"x":116,"y":87,"width":772,"height":12}},{"id":"4813522c-3a41-427f-84cc-cb5f7dd8591c","block_type":"box","text":"in the markets for such derivative instrument.","page_number":91,"box":{"x":117,"y":102,"width":338,"height":10}},{"id":"adab1183-f4ab-472e-9b31-455d554b6b7c","block_type":"box","text":"Counterparty Risk —","page_number":91,"box":{"x":117,"y":134,"width":138,"height":12}},{"id":"51eb573a-f3d9-490c-8378-deae2c1c453e","block_type":"box","text":"—","page_number":91,"box":{"x":255,"y":139,"width":22,"height":4}},{"id":"756782b0-ceaa-4245-9408-b861636705d3","block_type":"box","text":"the risk that a derivatives transaction counterparty will be unable or unwilling to","page_number":91,"box":{"x":277,"y":134,"width":590,"height":12}},{"id":"f3a48497-d4aa-4eba-81b6-e9e4f3f49754","block_type":"box","text":"make payments or otherwise honor its obligations to a Fund and the related risks of having","page_number":91,"box":{"x":117,"y":149,"width":678,"height":12}},{"id":"89669b92-08e0-4f1e-a587-45d98784b900","block_type":"box","text":"concentrated exposure to such a counterparty. In particular, derivatives traded in OTC markets often","page_number":91,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"5b81c9b0-e548-4f94-b725-3731b0f5105b","block_type":"box","text":"are not guaranteed by an exchange or clearing corporation and often do not require payment of","page_number":91,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"5c7aa5fa-4aab-431f-ace5-256a8be3a2fc","block_type":"box","text":"margin, and to the extent that the Fund has unrealized gains in such instruments or has deposited","page_number":91,"box":{"x":117,"y":196,"width":732,"height":12}},{"id":"a6d1dbf8-c4a0-42e3-b46e-3ce6ef6555d3","block_type":"box","text":"collateral with its counterparties the Fund is at risk that its counterparties will become bankrupt or","page_number":91,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"56046840-3b43-4ec1-9d53-72bfe8829322","block_type":"box","text":"otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":91,"box":{"x":116,"y":227,"width":750,"height":12}},{"id":"aa404f6a-ccc1-4c27-ba8a-19a663f3b30f","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or","page_number":91,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"50cd4659-6ddb-4f6e-956a-358e32686657","block_type":"box","text":"that have provided the Fund with a third-party guaranty or other credit support. When a Fund enters","page_number":91,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"6d1a2796-01b2-4821-a71a-0c33ab218ba4","block_type":"box","text":"into a derivatives transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is","page_number":91,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"8b1968a7-171f-4615-8005-8470461851cf","block_type":"box","text":"subject to the credit risk of the clearing house and the clearing member through which it holds its","page_number":91,"box":{"x":116,"y":289,"width":722,"height":12}},{"id":"819c5b87-7108-4c0c-a5e0-6d34b6c75593","block_type":"box","text":"cleared position. Credit risk of market participants with respect to derivatives that are centrally cleared","page_number":91,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"10f7108f-cc43-4d35-b3f8-5be43cb5645a","block_type":"box","text":"is concentrated in a few clearing houses and increasingly fewer clearing members. It is not clear how","page_number":91,"box":{"x":117,"y":320,"width":754,"height":12}},{"id":"0e38669b-2bb5-454c-b6c8-2f771b4c6e7d","block_type":"box","text":"an insolvency proceeding of a clearing house would be conducted and what impact an insolvency of a","page_number":91,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"084603b9-44b9-4225-80c4-b90bb116b8d3","block_type":"box","text":"clearing house would have on the financial system. Also, a Fund will not be fully protected in the event","page_number":91,"box":{"x":116,"y":351,"width":764,"height":12}},{"id":"d17d0373-2573-4b0b-9edc-aa228f522389","block_type":"box","text":"of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":91,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"2788185b-1bc8-47e0-9b2e-de813f9d690c","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for","page_number":91,"box":{"x":117,"y":382,"width":747,"height":12}},{"id":"da078e60-d11b-405a-827f-5f93c163e3d6","block_type":"box","text":"cleared derivatives. Although a clearing member is required to segregate assets from customers with","page_number":91,"box":{"x":116,"y":397,"width":755,"height":12}},{"id":"31446501-bd02-409f-9088-205cf43511d1","block_type":"box","text":"respect to cleared derivatives positions from the clearing member’s proprietary assets, if a clearing","page_number":91,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"dbbb0f06-750e-4344-a22a-0b312c3f3ea7","block_type":"box","text":"member does not comply with the applicable regulations, or in the event of fraud or misappropriation of","page_number":91,"box":{"x":117,"y":428,"width":768,"height":12}},{"id":"7b1c1d59-59b2-491e-90a0-21e4c3c3d904","block_type":"box","text":"customer assets by a clearing member, a Fund could have only an unsecured creditor claim in an","page_number":91,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"351f03c3-5819-4b04-93ec-8590959394ff","block_type":"box","text":"insolvency of the clearing member with respect to the assets held by the clearing member.","page_number":91,"box":{"x":117,"y":459,"width":675,"height":12}},{"id":"569f9c6d-a47d-4935-8d10-81c0f27e0a9e","block_type":"box","text":"Credit Risk —","page_number":91,"box":{"x":117,"y":490,"width":86,"height":10}},{"id":"6c5a9937-c818-4a1a-b14b-ac4c885fa844","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be","page_number":91,"box":{"x":203,"y":490,"width":668,"height":12}},{"id":"cf69824f-fe17-4276-9afe-d3e9a986c35d","block_type":"box","text":"able to honor its financial obligations.","page_number":91,"box":{"x":116,"y":506,"width":280,"height":12}},{"id":"381b7df8-b243-481f-a6ad-672a85e5983b","block_type":"box","text":"Currency Risk —","page_number":91,"box":{"x":117,"y":537,"width":109,"height":12}},{"id":"d29a8e59-7438-4703-b3e3-a0559dd00f86","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely","page_number":91,"box":{"x":226,"y":537,"width":625,"height":12}},{"id":"f52e40a0-f9f8-4b95-8d82-2c1e3aaf991e","block_type":"box","text":"affect the value (in U.S. dollar terms) of a derivative.","page_number":91,"box":{"x":116,"y":552,"width":392,"height":12}},{"id":"e0e0e745-6eee-4c26-b95f-179892e04d93","block_type":"box","text":"Illiquidity Risk —","page_number":91,"box":{"x":117,"y":583,"width":105,"height":12}},{"id":"8c8df5d7-a02a-4e34-a074-69f51cdb7061","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at","page_number":91,"box":{"x":222,"y":583,"width":644,"height":12}},{"id":"1f22196e-d1b8-4dae-810f-e3ae50906081","block_type":"box","text":"the time or at the price desired by a Fund in connection with payments of margin, collateral, or","page_number":91,"box":{"x":116,"y":599,"width":703,"height":12}},{"id":"9cd75dde-d015-4e08-a2c1-d8044a30c6a1","block_type":"box","text":"settlement payments. There can be no assurance that a Fund will be able to unwind or offset a","page_number":91,"box":{"x":116,"y":614,"width":708,"height":12}},{"id":"9a32379b-974f-4142-9c9a-ff7d91bced7f","block_type":"box","text":"derivative at its desired price, in a secondary market or otherwise. It may, therefore, not be possible for","page_number":91,"box":{"x":116,"y":630,"width":768,"height":12}},{"id":"6348ddc4-bd5b-4d88-b2af-7c1cafa2429c","block_type":"box","text":"the Fund to unwind its position in a derivative without incurring substantial losses (if at all). Certain","page_number":91,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"7d7aebe6-c225-49ff-b1a1-a49e9d21921d","block_type":"box","text":"OTC derivatives, including swaps and OTC options, involve substantial illiquidity risk. Illiquidity may","page_number":91,"box":{"x":116,"y":661,"width":736,"height":12}},{"id":"ec35b969-8f45-444b-9ca5-accf66ce0ee8","block_type":"box","text":"also make it more difficult for a Fund to ascertain a market value for such derivatives. A Fund will,","page_number":91,"box":{"x":116,"y":676,"width":723,"height":11}},{"id":"636c39d6-22d2-4692-affd-4b4c0cc85112","block_type":"box","text":"therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":91,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"9c66f01a-5ff9-4f30-b3b4-e43f991e5805","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":91,"box":{"x":117,"y":707,"width":757,"height":12}},{"id":"c30b052e-7ef3-4a98-8b3a-7155cc0ef458","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or","page_number":91,"box":{"x":116,"y":723,"width":751,"height":12}},{"id":"c7f6342d-7f2e-4696-883c-93becb86e581","block_type":"box","text":"offers, unless a quotation from only one dealer is available, in which case that dealer’s quotation may","page_number":91,"box":{"x":116,"y":738,"width":751,"height":12}},{"id":"b92c45bc-d570-4e91-be3b-1e8dec4a0ed4","block_type":"box","text":"be used. The illiquidity of the derivatives markets may be due to various factors, including congestion,","page_number":91,"box":{"x":117,"y":754,"width":752,"height":12}},{"id":"c38db713-61d5-48ac-be1f-b48a4703d660","block_type":"box","text":"disorderly markets, limitations on deliverable supplies, the participation of speculators, government","page_number":91,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"966c7fd8-ea7a-4998-8590-ea7bc4c1e2f8","block_type":"box","text":"regulation and intervention, and technical and operational or system failures. In addition, the liquidity of","page_number":91,"box":{"x":117,"y":785,"width":763,"height":12}},{"id":"320383ae-2403-4be4-94c0-847343f7c2a5","block_type":"box","text":"a market in an exchange-traded derivative contract may be adversely affected by “daily price","page_number":91,"box":{"x":116,"y":800,"width":688,"height":12}},{"id":"90328f67-ea73-4499-850f-fe9746be8c7c","block_type":"box","text":"fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":91,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"841cb4eb-a8ad-419b-a58a-ac890bd8aded","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract,","page_number":91,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"c1512c04-84b8-4478-b209-7df15233e561","block_type":"box","text":"no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":91,"box":{"x":117,"y":847,"width":717,"height":12}},{"id":"4f92e9f8-216c-4358-bcf9-e699fe144575","block_type":"box","text":"positions. Prices have in the past moved to the daily limit on a number of consecutive trading days with","page_number":91,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"7d70d06b-ead4-491d-8607-936065a357df","block_type":"box","text":"little to no trading. If it is not possible to close an open derivative position entered into by the Fund, the","page_number":91,"box":{"x":117,"y":878,"width":762,"height":12}},{"id":"f871f72e-99cf-48db-ba2f-92d25411a7ea","block_type":"box","text":"II-20","page_number":91,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"71e6fdf8-b340-4596-bfab-435cd4fa71f5","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":91,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f7cb6e6d-74cc-4f3a-93ba-10b4f36b2cab","block_type":"box","text":"Fund would continue to be required to make daily cash payments of variation margin in the event of","page_number":92,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"ea80a6b8-6946-49c1-a8d9-5c55f1bc0387","block_type":"box","text":"adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell","page_number":92,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"b1772841-ccac-4096-be6c-21ba537789f6","block_type":"box","text":"portfolio securities to meet daily variation margin requirements at a time when it may be","page_number":92,"box":{"x":117,"y":118,"width":654,"height":12}},{"id":"8889cc16-4c28-46ea-ac72-879afa9acff0","block_type":"box","text":"disadvantageous to do so.","page_number":92,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"09509e13-31a3-4819-96da-92e371584632","block_type":"box","text":"Index Risk —","page_number":92,"box":{"x":117,"y":163,"width":82,"height":10}},{"id":"60e4a889-bb3c-42ad-8745-f289693ee34a","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks","page_number":92,"box":{"x":199,"y":163,"width":651,"height":12}},{"id":"915bcbd2-0f3d-4499-92a6-fbf76fa8ad8d","block_type":"box","text":"associated with changes in that index. If the index changes, the Fund could receive lower interest","page_number":92,"box":{"x":116,"y":179,"width":728,"height":12}},{"id":"13d9ad3c-96b5-47ff-b69f-8c0e6de9e8fa","block_type":"box","text":"payments or experience a reduction in the value of the derivative to below the price that the Fund paid","page_number":92,"box":{"x":117,"y":194,"width":762,"height":12}},{"id":"1afe9f7c-6d51-4a5c-90e0-7dd2e905e26f","block_type":"box","text":"for such derivative.","page_number":92,"box":{"x":116,"y":210,"width":146,"height":9}},{"id":"0dc39f54-7f64-45d1-a365-144a9eacfe14","block_type":"box","text":"Legal Risk","page_number":92,"box":{"x":116,"y":240,"width":79,"height":12}},{"id":"b76de535-dea2-45be-b9a0-a4d39a32014b","block_type":"box","text":"k — the risk of insufficient documentation, insufficient capacity or authority of counterparty, or","page_number":92,"box":{"x":194,"y":240,"width":689,"height":12}},{"id":"3fb2b161-f31b-474d-b806-385048d6fe10","block_type":"box","text":"legality or enforceability of a contract.","page_number":92,"box":{"x":117,"y":255,"width":281,"height":12}},{"id":"5f3a2a42-6867-4f30-8bc7-d58e14333516","block_type":"box","text":"Leverage Risk —","page_number":92,"box":{"x":116,"y":285,"width":112,"height":12}},{"id":"11b71b9b-307b-407e-bfb5-57003fd9366f","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and","page_number":92,"box":{"x":228,"y":285,"width":619,"height":12}},{"id":"40c3f23f-e55c-4e36-9c84-bd2ba6bb02f8","block_type":"box","text":"losses. Relatively small market movements may result in large changes in the value of a derivatives","page_number":92,"box":{"x":117,"y":300,"width":744,"height":12}},{"id":"75a84ac4-7561-4fb0-984a-95f16d744d2d","block_type":"box","text":"position and can result in losses that greatly exceed the amount originally invested.","page_number":92,"box":{"x":117,"y":316,"width":621,"height":12}},{"id":"2044ffe8-f8bb-439f-b8d8-53557945ab28","block_type":"box","text":"Market Risk —","page_number":92,"box":{"x":116,"y":346,"width":93,"height":9}},{"id":"534a4043-36e9-4bf5-bbd5-13dbff2bd9b7","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to","page_number":92,"box":{"x":209,"y":346,"width":653,"height":12}},{"id":"38ac7a14-cb3c-4b91-ba66-084d1b3b171c","block_type":"box","text":"the value of the underlying asset will adversely affect the value of a derivative. In the event of an","page_number":92,"box":{"x":116,"y":361,"width":719,"height":12}},{"id":"2e93776a-12ae-4166-acd7-823fe04ef7e9","block_type":"box","text":"adverse movement, a Fund may be required to pay substantial additional margin to maintain its","page_number":92,"box":{"x":116,"y":377,"width":713,"height":12}},{"id":"36c82d03-c17a-42f7-8255-eae95e225a92","block_type":"box","text":"position or the Fund’s returns may be adversely affected.","page_number":92,"box":{"x":117,"y":392,"width":427,"height":12}},{"id":"c8478800-b25a-4f53-9f3f-3c0787517cbf","block_type":"box","text":"Operational Risk","page_number":92,"box":{"x":117,"y":422,"width":124,"height":12}},{"id":"11ca501c-1508-4354-bbd9-00bbb2cea94f","block_type":"box","text":"k — the risk related to potential operational issues, including documentation issues,","page_number":92,"box":{"x":240,"y":422,"width":616,"height":12}},{"id":"0c1964e2-9530-42ae-bad2-8bcedf6b55e3","block_type":"box","text":"settlement issues, systems failures, inadequate controls and human error.","page_number":92,"box":{"x":116,"y":437,"width":555,"height":13}},{"id":"42e67315-53e9-4dfe-a5fe-2db0031a0634","block_type":"box","text":"Valuation Risk —","page_number":92,"box":{"x":118,"y":467,"width":110,"height":10}},{"id":"7d64ff8c-fd4a-41be-9a3c-8212400efc97","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the","page_number":92,"box":{"x":228,"y":467,"width":614,"height":12}},{"id":"71774ded-c502-4cc7-8557-bd931b64ed3b","block_type":"box","text":"market. This is possible especially in times of market distress, since many market participants may be","page_number":92,"box":{"x":117,"y":483,"width":760,"height":12}},{"id":"6d5d69e5-953c-4189-9ecc-a2058f178f58","block_type":"box","text":"reluctant to purchase complex instruments or quote prices for them.","page_number":92,"box":{"x":117,"y":498,"width":507,"height":12}},{"id":"a469c96e-7cbd-4456-9b78-6a4361e42a42","block_type":"box","text":"Volatility Risk —","page_number":92,"box":{"x":118,"y":528,"width":102,"height":12}},{"id":"8e4e377d-89fe-43fb-912b-1771a6048e06","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time","page_number":92,"box":{"x":220,"y":528,"width":619,"height":12}},{"id":"14d6ee4f-6eb1-4e8c-8485-1546c209a5eb","block_type":"box","text":"period.","page_number":92,"box":{"x":117,"y":544,"width":55,"height":11}},{"id":"d21c9530-a175-4c22-82c0-81f92da8e3b0","block_type":"box","text":"Types of Derivatives Transactions.","page_number":92,"box":{"x":118,"y":580,"width":261,"height":13}},{"id":"d9298404-21ea-4863-9b9a-924c51ac898c","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and","page_number":92,"box":{"x":116,"y":610,"width":715,"height":12}},{"id":"7c6b7ff7-1503-42d8-bf80-27e15216217c","block_type":"box","text":"restrictions, including the following:","page_number":92,"box":{"x":117,"y":626,"width":263,"height":12}},{"id":"1d933d34-a8bc-4d77-bf90-988c170710f9","block_type":"box","text":"Futures.","page_number":92,"box":{"x":116,"y":663,"width":60,"height":9}},{"id":"a604a49f-e608-49cf-9880-5956ba17dae2","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are","page_number":92,"box":{"x":116,"y":692,"width":713,"height":13}},{"id":"47b593e7-330c-45f2-97cf-5338d8cd656d","block_type":"box","text":"standardized, exchange-traded contracts that require a purchaser to take delivery, and a seller to make","page_number":92,"box":{"x":116,"y":708,"width":767,"height":12}},{"id":"977fcc6c-f7c1-4897-8233-dea8dd77e179","block_type":"box","text":"delivery, of a specified amount of an asset at a specified future date and price. Upon purchasing or","page_number":92,"box":{"x":116,"y":723,"width":734,"height":13}},{"id":"1b77906b-c0dc-427c-bd60-bdbe39a041b8","block_type":"box","text":"selling a futures contract, a Fund is required to deposit initial margin equal to a percentage of the","page_number":92,"box":{"x":116,"y":739,"width":718,"height":12}},{"id":"00822959-6b04-4d0b-8c8c-67b0972e0065","block_type":"box","text":"contract value. Futures contracts are marked to market daily for the duration of the contract, and the","page_number":92,"box":{"x":116,"y":754,"width":743,"height":13}},{"id":"4cc43161-4808-4fd1-8fee-2243a5983974","block_type":"box","text":"Fund will either post additional margin or be entitled to a payment, as applicable, based on the","page_number":92,"box":{"x":117,"y":770,"width":699,"height":12}},{"id":"93027b60-23b3-4a9a-a7f2-0f599c133d40","block_type":"box","text":"mark-to-market movement of the contract.","page_number":92,"box":{"x":117,"y":786,"width":311,"height":9}},{"id":"8c7c8d74-630a-4c3d-b2b1-d5bdda82e180","block_type":"box","text":"A Fund may sell a futures contract prior to the completion","page_number":92,"box":{"x":116,"y":815,"width":425,"height":12}},{"id":"dd3606b6-3985-415d-af10-976b1c7434b1","block_type":"box","text":"of its term to limit its risk of loss from a","page_number":92,"box":{"x":548,"y":815,"width":284,"height":10}},{"id":"96cb601a-4eac-46fc-81e9-92adbdfb1dcb","block_type":"box","text":"decline in the market value of portfolio holdings correlated with the futures contract. However, in the","page_number":92,"box":{"x":116,"y":831,"width":745,"height":12}},{"id":"2e30c52d-9bfe-4e43-a06e-681368b626a5","block_type":"box","text":"event the market value of the portfolio holdings correlated with the futures contract increases rather","page_number":92,"box":{"x":116,"y":846,"width":742,"height":12}},{"id":"9b761002-5d18-4736-9f81-cad79788a139","block_type":"box","text":"than decreases, a Fund will realize a loss on the futures position and a lower return on the portfolio","page_number":92,"box":{"x":116,"y":862,"width":739,"height":12}},{"id":"4fff7f70-eba5-4c22-8556-56ae4c32424a","block_type":"box","text":"holdings than would have been realized without the purchase of the futures contract.","page_number":92,"box":{"x":117,"y":877,"width":631,"height":12}},{"id":"23a924a6-d289-483e-b6eb-752f80fa2b09","block_type":"box","text":"II-21","page_number":92,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"ae4a56de-83aa-4b41-9fa6-1dcd8a49b68b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":92,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b7c5761c-afec-4df6-8e30-b3e074e1c56b","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing","page_number":93,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"3aedb183-9b01-4287-9f8e-5bcb630ba143","block_type":"box","text":"securities or commodities directly. In the event that such securities or commodities decline in value or a","page_number":93,"box":{"x":116,"y":103,"width":772,"height":12}},{"id":"2de98af4-8881-477b-93c8-f764181c93a9","block_type":"box","text":"Fund determines not to complete an anticipatory hedge transaction relating to a futures contract,","page_number":93,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"2024ba69-ffad-49bf-b255-27f8085ed811","block_type":"box","text":"however, the Fund may realize a loss relating to the futures position.","page_number":93,"box":{"x":117,"y":134,"width":512,"height":12}},{"id":"4bcb5360-1ac9-41c5-8300-674f93f9d916","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may","page_number":93,"box":{"x":117,"y":165,"width":763,"height":12}},{"id":"9133844f-4634-4d5c-95f8-ba0cedf6e69d","block_type":"box","text":"be required to liquidate positions or may not be able to fully implement trading instructions. Any such","page_number":93,"box":{"x":117,"y":180,"width":750,"height":12}},{"id":"ab2a0660-6ea4-475e-8b86-86f13960903c","block_type":"box","text":"liquidation or limited implementation could result in substantial costs to a Fund. See “—Regulation of","page_number":93,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"8c5bd250-ce1f-480f-b804-8b01036eec0f","block_type":"box","text":"Derivatives—Dodd-Frank Regulations” above.","page_number":93,"box":{"x":117,"y":211,"width":346,"height":12}},{"id":"1960ed77-8a69-4fef-a639-123e340e7cca","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including","page_number":93,"box":{"x":116,"y":242,"width":706,"height":12}},{"id":"9f2d3e46-ff8c-4e40-a135-42490ab56cec","block_type":"box","text":"financial futures and stock indices. Generally, these strategies would be used under the same market","page_number":93,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"1b1e7ba8-96b1-48fd-9566-03381d49b47b","block_type":"box","text":"and market sector conditions (","page_number":93,"box":{"x":116,"y":273,"width":225,"height":12}},{"id":"f5af7ec3-085e-4274-bdba-033effbcce40","block_type":"box","text":"i.e.","page_number":93,"box":{"x":342,"y":273,"width":20,"height":10}},{"id":"d1ee1be9-13f8-4f30-8e37-77543d3341c0","block_type":"box","text":", conditions relating to specific types of investments) in which the","page_number":93,"box":{"x":365,"y":273,"width":485,"height":12}},{"id":"b61a2b84-8714-467b-b2cd-38ecbf5fd0f6","block_type":"box","text":"Fund entered into futures transactions. A Fund may purchase put options or write call options on","page_number":93,"box":{"x":117,"y":289,"width":720,"height":12}},{"id":"71fb6967-5a9e-4247-8cbf-b164da141abd","block_type":"box","text":"futures contracts and stock indices in lieu of selling the underlying futures contract in anticipation of a","page_number":93,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"759c75cb-8afd-4567-8ec4-cbed5384733a","block_type":"box","text":"decrease in the market value of its securities. Similarly, a Fund can purchase call options, or write put","page_number":93,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"f43472a3-5bf2-43a7-b182-e6bd82fe07c1","block_type":"box","text":"options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":93,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"4f1480a0-eaec-4980-8fa9-1cd8fcd1e4df","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of","page_number":93,"box":{"x":116,"y":351,"width":707,"height":12}},{"id":"3fa1f155-30bc-461c-b169-09dc8c25f953","block_type":"box","text":"securities which the Fund intends to purchase.","page_number":93,"box":{"x":116,"y":366,"width":350,"height":12}},{"id":"6bc63f94-fd02-418d-b953-10e6bb38bd79","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to","page_number":93,"box":{"x":116,"y":397,"width":748,"height":12}},{"id":"fc2a307f-bd54-4d31-b1fe-29eb716099b9","block_type":"box","text":"futures contracts. These instruments may take a variety of forms, such as debt securities with interest","page_number":93,"box":{"x":116,"y":413,"width":759,"height":12}},{"id":"1ce3867c-bb07-41fd-9093-ce61c1ef89b7","block_type":"box","text":"or principal payments determined by reference to the value of a security, an index of securities or a","page_number":93,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"de800370-5b3b-4538-bc7d-ebe9b2bdb659","block_type":"box","text":"commodity at a future point in time. The risks of such investments could reflect the risks of investing in","page_number":93,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"c0741b93-f16e-4935-9103-c07acf20f44a","block_type":"box","text":"futures and securities, including volatility and illiquidity.","page_number":93,"box":{"x":116,"y":459,"width":410,"height":12}},{"id":"521a68d7-240f-415a-b061-606bc5b461e0","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage","page_number":93,"box":{"x":117,"y":490,"width":751,"height":12}},{"id":"3c8cb724-6e89-4e9f-830a-eb8b47198aa6","block_type":"box","text":"risk, illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the","page_number":93,"box":{"x":117,"y":506,"width":726,"height":12}},{"id":"32b5fab5-7f1b-46c6-b517-328d7eb26be9","block_type":"box","text":"clearinghouse. See “—Risk Factors in Derivatives” above.","page_number":93,"box":{"x":116,"y":521,"width":436,"height":12}},{"id":"f19870f2-d086-4439-84c9-c1e0998067fa","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a","page_number":93,"box":{"x":117,"y":552,"width":771,"height":12}},{"id":"cb4d41c9-e1cd-4df4-9dd6-5a70540a7f22","block_type":"box","text":"limit is set by a regulator, such as a government entity, on the total amount of specific greenhouse","page_number":93,"box":{"x":117,"y":568,"width":732,"height":12}},{"id":"93e29493-0eff-4dbd-a106-53360661df84","block_type":"box","text":"gases, such as CO2, that can be emitted by regulated entities, such as manufacturers or energy","page_number":93,"box":{"x":116,"y":583,"width":720,"height":12}},{"id":"edfca8fd-9bab-4069-ba8f-771b1339e8fc","block_type":"box","text":"producers. The regulator then may issue or sell individual “emission allowances” to regulated entities,","page_number":93,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"49024326-50f9-4b37-b663-59319b43d399","block_type":"box","text":"which can then be traded on the open market. Commodity futures contracts linked to the value of","page_number":93,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"3ded0934-0e1f-414e-80af-bb906622f261","block_type":"box","text":"emission allowances are known as “carbon futures.”","page_number":93,"box":{"x":116,"y":630,"width":392,"height":9}},{"id":"5a8a1599-c638-4c8c-9c43-5d08b0a59e5a","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the","page_number":93,"box":{"x":116,"y":661,"width":756,"height":12}},{"id":"806d20ca-48a1-4c54-9da0-36bb282094b3","block_type":"box","text":"demand for carbon futures contracts. Changes in law, market conditions and expectations, position","page_number":93,"box":{"x":116,"y":676,"width":734,"height":12}},{"id":"ecc7e2f9-a1a3-418c-9069-b9dbe92ac944","block_type":"box","text":"limits, collateral requirements, and other factors each can impact the supply of and demand for carbon","page_number":93,"box":{"x":117,"y":692,"width":758,"height":12}},{"id":"42b77367-cc6f-4bb6-8430-2f24aa11c2fe","block_type":"box","text":"futures contracts. The market for carbon futures contracts is still developing and may be subject to","page_number":93,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"59937667-add1-40dd-b94b-cbefdc07b0d7","block_type":"box","text":"periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the","page_number":93,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"c3418939-2e06-4af9-b8fa-9fb91271c4a2","block_type":"box","text":"desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to","page_number":93,"box":{"x":116,"y":738,"width":742,"height":12}},{"id":"4a1b36f1-a92e-4aed-8f36-e1b276b8573f","block_type":"box","text":"transact at a reasonable price and sufficient size.","page_number":93,"box":{"x":116,"y":754,"width":363,"height":12}},{"id":"b672e89e-03ac-49eb-a51f-3e5e9f13c59a","block_type":"box","text":"Swap Agreements.","page_number":93,"box":{"x":117,"y":792,"width":139,"height":12}},{"id":"344d6f10-c035-417f-9d1c-6dfb250f36f3","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap","page_number":93,"box":{"x":116,"y":823,"width":699,"height":13}},{"id":"c8deecac-b404-40cb-a2a3-75a1299f2cc9","block_type":"box","text":"agreements are OTC contracts entered into primarily by financial institutions and institutional investors","page_number":93,"box":{"x":116,"y":839,"width":764,"height":12}},{"id":"d330ec54-ce24-4e9b-886e-412e3e81091a","block_type":"box","text":"which may or may not be cleared by a central clearinghouse. In a standard “swap” transaction, two","page_number":93,"box":{"x":116,"y":854,"width":738,"height":13}},{"id":"4b20c3cf-0b88-4e1c-a5a0-56d04813f5d5","block_type":"box","text":"parties agree to exchange the returns earned or realized from one or more underlying assets or rates","page_number":93,"box":{"x":117,"y":870,"width":755,"height":12}},{"id":"82e67366-7ab6-47c1-b4bb-548b99d33893","block_type":"box","text":"II-22","page_number":93,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"4006485e-7bc4-417c-859b-9b441a2e9079","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":93,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b4bfa5fa-5db9-474f-bd8b-b9d5bd07e15c","block_type":"box","text":"of return, which may be adjusted for an interest factor. The gross returns to be exchanged or","page_number":94,"box":{"x":116,"y":87,"width":693,"height":12}},{"id":"9658154f-2b2a-4dd7-96cf-681bceb48aba","block_type":"box","text":"“swapped” between the parties are generally calculated with respect to a “notional amount,”","page_number":94,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"fc28f0c8-3ff9-41a3-8442-243ce1fa375a","block_type":"box","text":"e.g.","page_number":94,"box":{"x":801,"y":105,"width":26,"height":10}},{"id":"becaf79c-1ee9-4220-b0bb-f70c4790bce0","block_type":"box","text":", the","page_number":94,"box":{"x":830,"y":103,"width":36,"height":11}},{"id":"5c06f1f0-502f-4068-8e66-08b1da26e04c","block_type":"box","text":"return or increase in value of a particular dollar amount invested at a particular interest rate, in a","page_number":94,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"ab810157-f6ac-4478-a1e3-c84929fcc8d0","block_type":"box","text":"particular foreign currency, or in a “basket” of securities representing a particular index. The notional","page_number":94,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"8f2307c3-310b-40d5-acf1-dbdc5ffa4122","block_type":"box","text":"amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":94,"box":{"x":116,"y":149,"width":726,"height":12}},{"id":"a36fa47e-97d6-40a4-b66d-cc5122f33d1d","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will","page_number":94,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"8af84b1a-a65a-4e62-b8c8-283d70e38486","block_type":"box","text":"generally be equal only to the net amount to be paid or received under the agreement based on the","page_number":94,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"b39ac128-afca-4764-9d0c-7c4961891695","block_type":"box","text":"relative values of the positions held by each party to the agreement. Swaps that are not cleared involve","page_number":94,"box":{"x":117,"y":196,"width":770,"height":12}},{"id":"b606af0b-36cb-46c5-a51e-00da06d8ac10","block_type":"box","text":"substantial counterparty risk. A Fund will typically attempt to mitigate this counterparty risk by entering","page_number":94,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"04804023-f91c-40a8-b2ec-f7e0e89fedac","block_type":"box","text":"into swap agreements only with creditworthy entities that have substantial capital or that have provided","page_number":94,"box":{"x":117,"y":227,"width":767,"height":12}},{"id":"cf703172-dd24-470c-8efb-c8668033febf","block_type":"box","text":"the Fund with a third-party guaranty or other credit support. A Fund’s ability to use swap agreements","page_number":94,"box":{"x":116,"y":242,"width":751,"height":12}},{"id":"bb92dd88-d6ea-42a5-a295-2322e407c75e","block_type":"box","text":"may be restricted by the tax rules applicable to registered investment companies.","page_number":94,"box":{"x":117,"y":258,"width":607,"height":12}},{"id":"6775d5bb-e4fc-4436-902d-402d451c7085","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":94,"box":{"x":117,"y":289,"width":348,"height":12}},{"id":"820dfa7d-f9a8-4929-be3c-e2a9d7a0b15b","block_type":"box","text":"Certain Funds may enter into credit default swaps and","page_number":94,"box":{"x":466,"y":289,"width":407,"height":12}},{"id":"fd9970c7-c0f1-49b0-97d5-41da087f8343","block_type":"box","text":"similar instruments. Credit default swaps are standardized agreements in which the protection “buyer”","page_number":94,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"9579321a-ddec-48d4-b427-9668b7517655","block_type":"box","text":"pays the protection “seller” an up-front payment, or a periodic stream of payments, over the term of the","page_number":94,"box":{"x":117,"y":320,"width":768,"height":12}},{"id":"b2782c25-ec5f-4154-8dbf-02b71e135dc6","block_type":"box","text":"contract, provided generally that no credit event on a reference obligation has occurred. If a credit","page_number":94,"box":{"x":116,"y":335,"width":730,"height":12}},{"id":"731f95d4-8de7-4b47-a7d4-167d1091c4e7","block_type":"box","text":"event occurs, the seller generally must pay the buyer the difference between the notional amount of","page_number":94,"box":{"x":116,"y":351,"width":745,"height":12}},{"id":"a8d92086-a621-47cf-b3da-b3f8c5ab3d53","block_type":"box","text":"the contract and the value of a portfolio of securities issued by the reference entity. A Fund may be","page_number":94,"box":{"x":116,"y":366,"width":738,"height":12}},{"id":"c8baf857-612d-4d6c-b578-063ec8c7dfef","block_type":"box","text":"either the buyer or seller in the transaction. The Funds may enter into credit default swaps that","page_number":94,"box":{"x":116,"y":382,"width":706,"height":12}},{"id":"92fa30dd-e87c-4828-9f5c-414345240bb3","block_type":"box","text":"reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that make","page_number":94,"box":{"x":117,"y":397,"width":761,"height":12}},{"id":"e180459e-1f6d-4127-acce-7f82e7b00466","block_type":"box","text":"up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name","page_number":94,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"fceb2b5f-2fd4-41de-8f4e-14f552de3717","block_type":"box","text":"CDS and index CDS.","page_number":94,"box":{"x":117,"y":428,"width":161,"height":10}},{"id":"3b31f76a-aa79-4eb3-a795-c8506dc14598","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not","page_number":94,"box":{"x":117,"y":459,"width":706,"height":12}},{"id":"b331a7f9-5798-467c-b855-659a3e47cec9","block_type":"box","text":"currently held by a Fund. In circumstances in which a Fund does not own the securities or loans that","page_number":94,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"693a7535-b960-4755-bac9-3992a1dab936","block_type":"box","text":"are deliverable under a credit default swap, the Fund is exposed to the risk that deliverable securities","page_number":94,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"ca7d2909-20cb-41c2-930f-302eb75e3a69","block_type":"box","text":"will not be available in the market, or will be available only at unfavorable prices, as would be the case","page_number":94,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"5fb4782c-4fa8-4657-86d7-20b674d9a437","block_type":"box","text":"in a so-called “short squeeze.” In certain instances of issuer defaults or restructurings, it has been","page_number":94,"box":{"x":117,"y":521,"width":729,"height":12}},{"id":"93f0b32a-bc12-4bfb-a9d6-2141d943efbc","block_type":"box","text":"unclear under the standard industry documentation for credit default swaps whether or not a “credit","page_number":94,"box":{"x":117,"y":537,"width":739,"height":12}},{"id":"7c660f91-7b5a-4d48-bdf1-4f5066e71aa4","block_type":"box","text":"event” triggering the seller’s payment obligation had occurred. Certain initiatives adopted by derivatives","page_number":94,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"d2331b05-cb47-47ab-9fc2-afba33164ace","block_type":"box","text":"market participants, including the International Swaps and Derivatives Association (“ISDA”), are","page_number":94,"box":{"x":117,"y":568,"width":713,"height":12}},{"id":"a538f038-5303-429c-9529-6fec13101b46","block_type":"box","text":"designed to implement uniform settlement terms into standard credit default swap documentation, as","page_number":94,"box":{"x":116,"y":583,"width":753,"height":12}},{"id":"149ca45e-50f8-4d0c-9027-1ae573a1763b","block_type":"box","text":"well as refine the practices for the transparent conduct of the credit default swap market generally.","page_number":94,"box":{"x":116,"y":599,"width":735,"height":12}},{"id":"f0f25c97-24de-4d11-a6c4-a8d994890d4d","block_type":"box","text":"Among these initiatives are the ISDA Credit Derivatives Determination Committee and the","page_number":94,"box":{"x":116,"y":614,"width":672,"height":12}},{"id":"a4990172-4c35-4d85-83ff-bf1e5a972527","block_type":"box","text":"implementation of market-wide cash settlement protocols applicable to all market-standard credit","page_number":94,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"84168ff5-213c-45ba-be7d-9ba514949f06","block_type":"box","text":"default swaps. These initiatives are intended to reduce both the uncertainty as to the occurrence of","page_number":94,"box":{"x":116,"y":645,"width":739,"height":12}},{"id":"f14c7189-4240-4c3b-a3ea-23dbc9601776","block_type":"box","text":"credit events and the risk of a “short squeeze” by providing that the ISDA Credit Derivatives","page_number":94,"box":{"x":116,"y":661,"width":679,"height":12}},{"id":"eb4dc7e3-5314-43e8-8b55-6f48bf75854a","block_type":"box","text":"Determinations Committee will make determinations as to whether a credit event has occurred,","page_number":94,"box":{"x":117,"y":676,"width":704,"height":11}},{"id":"bfe53262-a5a7-4c63-8b26-3d9f3926672c","block_type":"box","text":"establish an auction to determine a settlement price and identify the deliverable securities for purposes","page_number":94,"box":{"x":116,"y":692,"width":763,"height":12}},{"id":"7c2dd612-43f1-4ee0-8d44-0066f0cd5044","block_type":"box","text":"of the auction, although the ISDA Credit Derivatives Determinations Committee may in certain limited","page_number":94,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"d78189d3-f4f0-455a-942a-360710f9ae4b","block_type":"box","text":"circumstances refrain from doing so. In the event the ISDA Credit Derivatives Determinations","page_number":94,"box":{"x":116,"y":723,"width":691,"height":12}},{"id":"e37f3a41-d225-4962-8d3e-473acc21f23a","block_type":"box","text":"Committee cannot reach a timely resolution with respect to a “credit event” or otherwise does not","page_number":94,"box":{"x":117,"y":738,"width":718,"height":12}},{"id":"acbd60f2-d91a-4018-9e6a-02c681ecff0c","block_type":"box","text":"establish a cash settlement auction, a Fund may not be able to realize the full value of the credit","page_number":94,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"acfed014-e378-4e91-8435-f613b7c48737","block_type":"box","text":"default swap upon a default by the reference entity. Furthermore, a Fund may enter into certain credit","page_number":94,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"df6648ec-d7ef-4676-b500-8c08be676130","block_type":"box","text":"default swaps or similar instruments that may not be covered by these initiatives.","page_number":94,"box":{"x":116,"y":785,"width":598,"height":12}},{"id":"ee625ad8-7e30-4834-95ae-1c420dc757ec","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","page_number":94,"box":{"x":117,"y":816,"width":723,"height":12}},{"id":"26ac9cf4-1b13-42cc-8b14-7d86f041bdff","block_type":"box","text":"recover nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value","page_number":94,"box":{"x":117,"y":831,"width":757,"height":12}},{"id":"14707dc1-d7f7-4073-a930-31b67115ba1a","block_type":"box","text":"of any deliverable obligation received by the Fund or the amount of cash settlement received by the","page_number":94,"box":{"x":116,"y":847,"width":744,"height":12}},{"id":"d09ca40c-a9d4-40d6-af45-531882510409","block_type":"box","text":"Fund pursuant to the relevant cash settlement auction, together with the up-front or periodic payments","page_number":94,"box":{"x":117,"y":862,"width":763,"height":12}},{"id":"1ba826f5-5ce4-4efc-9096-b09366340cf8","block_type":"box","text":"previously received, may be less than the amount it pays to the buyer, resulting in a loss of value to the","page_number":94,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"c61897f1-5ba1-41c6-911a-8eaebd8af592","block_type":"box","text":"II-23","page_number":94,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"975c4428-6256-4094-8822-b6e209b03ad7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":94,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"15b1c0c5-b2be-4cd7-acb0-3ed4ff5b7a07","block_type":"box","text":"Fund. A Fund that sells credit default swaps incurs leveraged exposure to the credit of one or more","page_number":95,"box":{"x":117,"y":87,"width":739,"height":12}},{"id":"b8687298-3210-4d96-b439-68950e2309a8","block_type":"box","text":"reference entities and is subject to many of the same risks it would incur if it were holding debt","page_number":95,"box":{"x":117,"y":102,"width":703,"height":13}},{"id":"4cd414ac-9cea-4f12-ba0b-658a67c0f630","block_type":"box","text":"securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":95,"box":{"x":116,"y":118,"width":742,"height":12}},{"id":"1c867e6f-ce54-4623-84dd-b592d52488e5","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt","page_number":95,"box":{"x":116,"y":134,"width":764,"height":12}},{"id":"127d13e2-3eed-4aa0-8382-1b891cc2d186","block_type":"box","text":"obligations. In the event the ISDA Credit Derivatives Determinations Committee does not establish a","page_number":95,"box":{"x":116,"y":149,"width":750,"height":12}},{"id":"b676e8e0-7e60-4fa4-b444-2d21cc89d783","block_type":"box","text":"cash settlement auction and identify the relevant deliverable securities or loans, the credit default swap","page_number":95,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"051bfd27-47c3-4be4-acea-163d2425a81b","block_type":"box","text":"buyer will have broad discretion to select which of the reference entity’s debt obligations to deliver to","page_number":95,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"c1ae6b63-35f8-4ad6-888d-4f43d2d130ed","block_type":"box","text":"the Fund following a credit event and will likely choose the obligations with the lowest market value in","page_number":95,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"ca07fac8-2e2b-4c6b-8e49-a4b50acc0693","block_type":"box","text":"order to maximize the payment obligations of the Fund. In addition, credit default swaps generally trade","page_number":95,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"5ef679bb-6747-440e-8c60-752e15adf973","block_type":"box","text":"on the basis of theoretical pricing and valuation models, which may not accurately value such swap","page_number":95,"box":{"x":116,"y":227,"width":742,"height":12}},{"id":"d14cea12-040a-4eb4-9dbc-1fd0c6536e82","block_type":"box","text":"positions when established or when subsequently traded or unwound under actual market conditions.","page_number":95,"box":{"x":117,"y":242,"width":756,"height":12}},{"id":"dd5b7903-72e4-4abe-b4ea-9139b2bbf23a","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for","page_number":95,"box":{"x":117,"y":274,"width":719,"height":13}},{"id":"177d2853-fd5d-403e-812e-73b13cebc5d7","block_type":"box","text":"clearing to regulated clearinghouses. See “—Derivatives—Regulation of Derivatives—Dodd-Frank","page_number":95,"box":{"x":116,"y":290,"width":734,"height":12}},{"id":"3b276674-003a-4666-87e0-f838e54ddc9f","block_type":"box","text":"Regulations” above. Other single-name CDS and index CDS are permitted, although not required, to","page_number":95,"box":{"x":117,"y":305,"width":750,"height":13}},{"id":"013eab20-4eef-4dd8-a766-45b157b63635","block_type":"box","text":"be cleared through regulated clearinghouses. The Funds clear all credit default swaps that are subject","page_number":95,"box":{"x":117,"y":321,"width":762,"height":12}},{"id":"cc4571b8-9a56-4d36-969b-bb9ba5ae093d","block_type":"box","text":"to mandatory clearing and may voluntarily clear some, but not all, of the other credit default swaps not","page_number":95,"box":{"x":116,"y":336,"width":762,"height":13}},{"id":"60ffa814-2699-4f29-872b-19c720b1e16c","block_type":"box","text":"subject to mandatory clearing. The Funds face counterparty risk with respect to the clearinghouse","page_number":95,"box":{"x":116,"y":352,"width":731,"height":12}},{"id":"c3928ead-930e-441f-961d-066ba60b8cd9","block_type":"box","text":"when entering into cleared single-name CDS and cleared index CDS. The Funds face significant","page_number":95,"box":{"x":116,"y":367,"width":722,"height":13}},{"id":"ae31b155-f5b4-4308-9c75-4a553daa01b6","block_type":"box","text":"counterparty risk with respect to their counterparties to non-cleared credit default swaps and similar","page_number":95,"box":{"x":116,"y":383,"width":743,"height":12}},{"id":"f5689926-b78d-4102-85c2-38b98386b296","block_type":"box","text":"instruments. A Fund typically will enter into non-cleared credit default swaps and similar instruments","page_number":95,"box":{"x":117,"y":398,"width":746,"height":13}},{"id":"f50bb15d-1b3b-418f-8145-97730ff22dac","block_type":"box","text":"with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":95,"box":{"x":116,"y":414,"width":771,"height":12}},{"id":"6a8c3ce8-8b2c-4c1a-bc52-ed6681e416a8","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":95,"box":{"x":116,"y":430,"width":373,"height":12}},{"id":"bf8d2f84-24f7-4d20-8a25-5580f9722d02","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either","page_number":95,"box":{"x":117,"y":462,"width":755,"height":12}},{"id":"eef4211e-3ec4-456b-bf42-9b6fd6971ea6","block_type":"box","text":"as protection buyer or protection seller. While these contracts are similar in their operation to the","page_number":95,"box":{"x":116,"y":477,"width":720,"height":12}},{"id":"55848615-c393-4175-8c09-87a2b6523d3d","block_type":"box","text":"market-standard credit default swaps described above, they are less standardized and instead have","page_number":95,"box":{"x":117,"y":493,"width":746,"height":12}},{"id":"8ca5e672-bc9a-4ad8-8eb9-5485ced0161b","block_type":"box","text":"bespoke or tailored features. For example, as compared to market-standard credit defaults, the range","page_number":95,"box":{"x":117,"y":508,"width":758,"height":12}},{"id":"83d9e89d-e4d1-4896-b682-45c309c6839d","block_type":"box","text":"of “credit events” triggering settlement of such bespoke contracts may be narrower or broader, any","page_number":95,"box":{"x":116,"y":524,"width":737,"height":12}},{"id":"249d826d-6952-4fb7-a8de-664b8d345e60","block_type":"box","text":"such triggered contracts are settled by physical delivery of the underlying security or loan to or by the","page_number":95,"box":{"x":116,"y":539,"width":755,"height":12}},{"id":"73ae6b5f-507e-4f87-adf6-0c0705ed6229","block_type":"box","text":"Fund rather than by way of cash settlement, and there may be a wider range of securities as the","page_number":95,"box":{"x":117,"y":555,"width":719,"height":12}},{"id":"71d88ff0-c6de-4b75-8229-bfdb8fa13cb2","block_type":"box","text":"reference obligations and/or deliverable obligations.","page_number":95,"box":{"x":117,"y":570,"width":388,"height":12}},{"id":"598c785e-3913-4f51-bc3e-1c95521eaf64","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund","page_number":95,"box":{"x":117,"y":603,"width":752,"height":12}},{"id":"7f292f90-a9a3-411f-a239-8983217e3852","block_type":"box","text":"had invested in the reference obligation directly and are subject to significant credit risk, correlation","page_number":95,"box":{"x":117,"y":618,"width":738,"height":12}},{"id":"2391e54b-3210-4660-8462-2b4a2ec9cabb","block_type":"box","text":"risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":95,"box":{"x":117,"y":634,"width":684,"height":12}},{"id":"e28fec68-cf51-4aee-afba-977c466b104c","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":95,"box":{"x":117,"y":658,"width":292,"height":12}},{"id":"45f782c3-edf8-4111-9869-121ca5fd9c85","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of","page_number":95,"box":{"x":410,"y":658,"width":450,"height":12}},{"id":"ce9f1701-8aeb-45dd-b232-ce85108eaf93","block_type":"box","text":"interest rate swaps and interest rate caps and floors. As described in further detail below, a Fund may","page_number":95,"box":{"x":117,"y":673,"width":755,"height":12}},{"id":"01a637a6-faf8-4572-b01d-6f577fa7392b","block_type":"box","text":"enter into these transactions primarily to preserve a return or spread on a particular investment or","page_number":95,"box":{"x":116,"y":689,"width":724,"height":12}},{"id":"658cea13-de03-4ca8-a5c3-9b7daf128843","block_type":"box","text":"portion of its holdings, as a duration management technique, to protect against an increase in the price","page_number":95,"box":{"x":117,"y":704,"width":762,"height":12}},{"id":"78f8d48b-a333-47df-853d-332c034c7cbf","block_type":"box","text":"of securities a Fund anticipates purchasing at a later date, or for speculation to increase returns.","page_number":95,"box":{"x":116,"y":720,"width":712,"height":12}},{"id":"de3fa508-9c35-478a-bc13-030bbf421b48","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted","page_number":95,"box":{"x":117,"y":752,"width":750,"height":12}},{"id":"00d93858-8912-49f4-8bf2-b952d2e67e9c","block_type":"box","text":"for clearing to regulated clearinghouses. See “—Regulation of Derivatives—Dodd-Frank Regulations”","page_number":95,"box":{"x":116,"y":767,"width":752,"height":13}},{"id":"3fbff69d-fe33-4ef3-8a65-bd47d5df6f45","block_type":"box","text":"above. Other interest rate swaps are permitted, although not required, to be cleared. Most of the","page_number":95,"box":{"x":116,"y":783,"width":715,"height":12}},{"id":"4037d7f0-5258-41b3-9f4c-73a10a9791ab","block_type":"box","text":"interest rate swaps entered into by the Funds are cleared. The Funds face counterparty risk with","page_number":95,"box":{"x":117,"y":798,"width":714,"height":13}},{"id":"04c14bdc-80cc-4148-bb9c-927cf1c65310","block_type":"box","text":"respect to the clearinghouse when entering into cleared interest rate swaps.","page_number":95,"box":{"x":117,"y":814,"width":561,"height":12}},{"id":"8c3c997e-75a6-4514-910d-167846a15f27","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest","page_number":95,"box":{"x":116,"y":846,"width":764,"height":12}},{"id":"28177d0e-8532-4f68-9c7c-9eadd06e8f90","block_type":"box","text":"rate swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared","page_number":95,"box":{"x":117,"y":862,"width":719,"height":12}},{"id":"ae3dd6fa-c656-438c-8416-6df28f484c86","block_type":"box","text":"interest rate derivatives transactions are swap dealers and other creditworthy entities that have","page_number":95,"box":{"x":117,"y":878,"width":709,"height":11}},{"id":"14a97c03-621f-46de-b617-e85900578130","block_type":"box","text":"II-24","page_number":95,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"34b8fd14-aa06-4413-8c2d-94f0634ed404","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":95,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1940d875-bf99-42f2-8143-c2fd6f95e8fe","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support.","page_number":96,"box":{"x":116,"y":87,"width":746,"height":12}},{"id":"0c5603df-2244-4404-9ef8-904cec56f53c","block_type":"box","text":"If the Fund’s counterparty defaults on such a transaction, a Fund will have contractual remedies with","page_number":96,"box":{"x":117,"y":102,"width":749,"height":13}},{"id":"e4643885-fb63-4b1d-8b72-231d7a569a4b","block_type":"box","text":"respect to the transaction, but there can be no guarantee that the Fund will be successful in enforcing","page_number":96,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"e7590b10-f98f-409f-ac70-c16b0e93a320","block_type":"box","text":"such remedies. The market for interest rate swaps is relatively liquid in comparison with other similar","page_number":96,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"c1ff3282-0046-4bfd-939f-cee318b7b5c3","block_type":"box","text":"instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":96,"box":{"x":117,"y":149,"width":732,"height":12}},{"id":"c6410212-9f4a-4e26-9bab-6957e0c285d7","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":96,"box":{"x":117,"y":165,"width":503,"height":11}},{"id":"6496bf84-af92-4b2a-81d1-fa40f73c87a2","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a","page_number":96,"box":{"x":117,"y":196,"width":762,"height":12}},{"id":"26b4095a-2c1d-4f17-9921-2536fd558fa8","block_type":"box","text":"fixed or variable interest rate, index or asset in return for periodic payments from its counterparty based","page_number":96,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"4936b9ca-5a74-4d36-a9c5-fd5b35351887","block_type":"box","text":"on a different fixed or variable interest rate, index or asset.","page_number":96,"box":{"x":116,"y":227,"width":439,"height":11}},{"id":"e0397399-5640-4cf2-ac02-0a1409623f0f","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls","page_number":96,"box":{"x":116,"y":258,"width":746,"height":11}},{"id":"2389db03-c496-4de9-a46a-c20823c739c1","block_type":"box","text":"below a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":96,"box":{"x":117,"y":273,"width":736,"height":12}},{"id":"1a352c10-d214-4231-a62c-56c65bc31ca8","block_type":"box","text":"from the party selling such interest rate floor.","page_number":96,"box":{"x":116,"y":289,"width":337,"height":12}},{"id":"08008658-0a0d-4bde-9aa9-44e42a06517a","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises","page_number":96,"box":{"x":116,"y":320,"width":746,"height":12}},{"id":"92873fe8-cb39-46e2-89d7-485e0ed14f6d","block_type":"box","text":"above a predetermined interest rate, to receive payments of interest on a notional principal amount","page_number":96,"box":{"x":116,"y":335,"width":739,"height":12}},{"id":"10cf49ed-a4ce-40d0-b1a2-2f551b44c11e","block_type":"box","text":"from the party selling such interest rate cap.","page_number":96,"box":{"x":116,"y":351,"width":331,"height":12}},{"id":"3353f024-5837-4970-b3c0-20cd0b13d48f","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":96,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"c4df895a-8e8b-4a1f-b801-1e8b907a5827","block_type":"box","text":"commitments to pay or receive interest,","page_number":96,"box":{"x":116,"y":397,"width":298,"height":12}},{"id":"d3b368d2-36cd-4637-ad51-808d49ada725","block_type":"box","text":"e.g.","page_number":96,"box":{"x":415,"y":400,"width":26,"height":9}},{"id":"579a2fa8-659a-4c3f-8a44-ed1afda70999","block_type":"box","text":", an exchange of fixed rate payments for floating rate","page_number":96,"box":{"x":444,"y":397,"width":396,"height":12}},{"id":"9626aa1e-1937-4bf6-a993-ff32267058e8","block_type":"box","text":"payments. For example, if a Fund holds a mortgage-backed security with an interest rate that is reset","page_number":96,"box":{"x":117,"y":413,"width":755,"height":12}},{"id":"f86bcdb6-4c12-4a6f-9446-2f1b0b59936d","block_type":"box","text":"only once each year, it may swap the right to receive interest at this fixed rate for the right to receive","page_number":96,"box":{"x":116,"y":428,"width":748,"height":12}},{"id":"ed5f9594-06da-4583-aed8-86639216516a","block_type":"box","text":"interest at a rate that is reset every week. This would enable a Fund to offset a decline in the value of","page_number":96,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"c57fde0c-d8fc-4804-91e2-6c3f42f6b0e8","block_type":"box","text":"the mortgage-backed security due to rising interest rates but would also limit its ability to benefit from","page_number":96,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"f45e8a10-5473-45f6-bf0e-07accdd81856","block_type":"box","text":"falling interest rates. Conversely, if a Fund holds a mortgage-backed security with an interest rate that","page_number":96,"box":{"x":116,"y":475,"width":761,"height":12}},{"id":"2501407a-0be6-4d0b-ab9d-0768cf6072e4","block_type":"box","text":"is reset every week and it would like to lock in what","page_number":96,"box":{"x":117,"y":490,"width":383,"height":12}},{"id":"77f9beec-cdd2-4621-96b0-8e05a8c889e9","block_type":"box","text":"it believes to be a high interest rate for one year, it","page_number":96,"box":{"x":501,"y":490,"width":377,"height":12}},{"id":"278c76ce-e161-4a03-bdbc-22e2a80630d7","block_type":"box","text":"may swap the right to receive interest at this variable weekly rate for the right to receive interest at a","page_number":96,"box":{"x":117,"y":506,"width":746,"height":12}},{"id":"5da4c1f4-5530-47bc-a402-c95a3b275351","block_type":"box","text":"rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to","page_number":96,"box":{"x":117,"y":521,"width":733,"height":12}},{"id":"0af97874-6dec-4d47-8856-3bd0796bad84","block_type":"box","text":"falling interest rates and may permit the Fund to enhance its income through the positive differential","page_number":96,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"d7f73ab9-ce2f-47a1-ab26-32a58dceda74","block_type":"box","text":"between one week and one year interest rates, but would preclude it from taking full advantage of","page_number":96,"box":{"x":117,"y":552,"width":729,"height":12}},{"id":"bf99a1d8-f29a-4c85-9874-0f11ab29f75f","block_type":"box","text":"rising interest rates.","page_number":96,"box":{"x":117,"y":568,"width":150,"height":12}},{"id":"c902d3d8-d52f-42dc-a818-5bb46832f7c8","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary","page_number":96,"box":{"x":117,"y":599,"width":746,"height":12}},{"id":"1346516e-9c4f-4ea9-8851-dde8882af383","block_type":"box","text":"income or, in certain circumstances, as long term capital gains to shareholders.","page_number":96,"box":{"x":117,"y":614,"width":593,"height":12}},{"id":"0f583fec-5863-48b5-876f-5a5db174fa5b","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk,","page_number":96,"box":{"x":117,"y":645,"width":751,"height":12}},{"id":"a86180d4-1352-4c8e-a2fe-8d83d7b72580","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":96,"box":{"x":117,"y":661,"width":538,"height":12}},{"id":"0eca0b1f-0363-46d0-9e1b-4251ba377e35","block_type":"box","text":"Total Return Swaps.","page_number":96,"box":{"x":118,"y":692,"width":148,"height":12}},{"id":"20666b97-3dba-462b-b249-90b6e0110dfd","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic","page_number":96,"box":{"x":273,"y":692,"width":565,"height":12}},{"id":"697ddf38-d994-4928-a807-c981e10dcb6f","block_type":"box","text":"payments to the other party based on the return of the assets underlying the contract in exchange for","page_number":96,"box":{"x":117,"y":707,"width":750,"height":12}},{"id":"aae26984-e460-4f36-8ee5-a945603019d7","block_type":"box","text":"periodic payments based on a fixed or variable interest rate or the total return from different underlying","page_number":96,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"427af17a-971c-42a6-ac4f-f0d25c85c833","block_type":"box","text":"assets. The return of the assets underlying the contract includes both the income generated by the","page_number":96,"box":{"x":116,"y":738,"width":732,"height":12}},{"id":"0452e6a9-39fe-44ed-b6ac-1a6a04b6a0c4","block_type":"box","text":"asset and the change in market value of the asset. The asset underlying the contract may include a","page_number":96,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"e8bb9668-73ff-41d8-a3a9-36098dc1be67","block_type":"box","text":"specified security, basket of securities or securities indices. Total return swaps on a specified security,","page_number":96,"box":{"x":116,"y":769,"width":757,"height":12}},{"id":"ed6baefc-a507-44d9-8871-6c5555b93923","block_type":"box","text":"basket of securities or securities indices may sometimes be referred to as “contracts for difference.”","page_number":96,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"d8684730-f9ec-4d5a-8c32-1d18a47e8f7f","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking","page_number":96,"box":{"x":116,"y":816,"width":738,"height":12}},{"id":"d62f40ba-24f8-402b-8af0-19cf020e3f17","block_type":"box","text":"physical custody of such security or investing directly in such market. Upon entering into a total return","page_number":96,"box":{"x":117,"y":831,"width":758,"height":12}},{"id":"649e6373-a230-42f9-a187-38c995f97c85","block_type":"box","text":"swap, a Fund is required to deposit initial margin but the parties do not exchange the notional amount.","page_number":96,"box":{"x":116,"y":847,"width":763,"height":12}},{"id":"48001a23-3dbb-4598-beac-1744c7f1263b","block_type":"box","text":"As a result, total return swaps may effectively add leverage to the Fund’s portfolio because the Fund","page_number":96,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"3b9c0663-b781-4f3c-aca2-c0143c9698b1","block_type":"box","text":"would be subject to investment exposure on the notional amount of the swap.","page_number":96,"box":{"x":116,"y":878,"width":580,"height":12}},{"id":"716b7c85-189f-4073-a4b9-4f6a0f32771a","block_type":"box","text":"II-25","page_number":96,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"73ed2c9a-c081-4c9b-81dd-dbc83376d90e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":96,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"20475293-8fa4-4565-8861-35ab97c13bcd","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk","page_number":97,"box":{"x":116,"y":87,"width":743,"height":12}},{"id":"f95bcb0f-0add-44bb-8f50-a46c486e8dd0","block_type":"box","text":"and counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":97,"box":{"x":116,"y":102,"width":488,"height":13}},{"id":"32279b70-7560-4c47-af59-893e0f6e1f42","block_type":"box","text":"Options","page_number":97,"box":{"x":117,"y":143,"width":57,"height":12}},{"id":"fce19ef2-ef54-490d-b507-28393a2c3c6a","block_type":"box","text":".","page_number":97,"box":{"x":175,"y":151,"width":8,"height":1}},{"id":"21a25925-400d-482d-b101-44732ccab6f8","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":97,"box":{"x":117,"y":175,"width":337,"height":12}},{"id":"00a6eb0e-c2e5-4e5e-a1f1-fbfa06cc153e","block_type":"box","text":"A Fund may engage in transactions in options on","page_number":97,"box":{"x":454,"y":175,"width":370,"height":12}},{"id":"3679c605-3325-4e79-ad18-a721e6aa7863","block_type":"box","text":"individual securities, baskets of securities or securities indices, or particular measurements of value or","page_number":97,"box":{"x":117,"y":191,"width":761,"height":12}},{"id":"fdeb1edc-bd4a-4b41-b128-ba80aa8c7090","block_type":"box","text":"rates, such as an index of the price of treasury securities or an index representative of short-term","page_number":97,"box":{"x":117,"y":206,"width":724,"height":12}},{"id":"3454af68-f45e-411b-99cb-9dfb4dd455ab","block_type":"box","text":"interest rates. Such investments may be made on exchanges and in the OTC markets. In general,","page_number":97,"box":{"x":117,"y":222,"width":732,"height":12}},{"id":"baa444bd-0930-4f31-8a1f-319ed75f9f78","block_type":"box","text":"exchange-traded options have standardized exercise prices and expiration dates and require the","page_number":97,"box":{"x":116,"y":237,"width":723,"height":12}},{"id":"3cbddd18-7831-4ee0-870f-d2db37f01f5f","block_type":"box","text":"parties to post margin against their obligations, and the performance of the parties’ obligations in","page_number":97,"box":{"x":117,"y":253,"width":720,"height":12}},{"id":"c6c51d86-3b5e-462c-a57f-eb1ea937531d","block_type":"box","text":"connection with such options is guaranteed by the exchange or a related clearing corporation. OTC","page_number":97,"box":{"x":116,"y":268,"width":742,"height":12}},{"id":"a8bf2887-f0ba-46c6-888d-3aaad5ebd714","block_type":"box","text":"options have more flexible terms negotiated between the buyer and the seller, but are subject to","page_number":97,"box":{"x":116,"y":284,"width":717,"height":12}},{"id":"300d87e5-7868-405f-9fdf-0eed5b1c78e6","block_type":"box","text":"greater credit risk. OTC options also involve greater illiquidity risk.","page_number":97,"box":{"x":116,"y":299,"width":493,"height":12}},{"id":"6b1a1414-c230-4d70-923c-ee7758c7ed64","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in","page_number":97,"box":{"x":116,"y":331,"width":709,"height":12}},{"id":"6c19b3ae-fcdb-45d7-9f23-a746fa87f3af","block_type":"box","text":"different payment structures and/or expirations (commonly referred to as exotic options). For example,","page_number":97,"box":{"x":116,"y":347,"width":765,"height":12}},{"id":"61f3d906-2a77-4892-8046-6937ffc01547","block_type":"box","text":"barrier options are exotic options that can only be exercised (or automatically expire) if the price of the","page_number":97,"box":{"x":117,"y":362,"width":761,"height":12}},{"id":"61388690-4aa3-46d9-bc00-56a1c3a806c8","block_type":"box","text":"underlying asset reaches one or more predetermined levels on or before expiration. Binary options are","page_number":97,"box":{"x":117,"y":378,"width":765,"height":12}},{"id":"6a6c27da-f8f8-45b9-8a6d-a5cab6084510","block_type":"box","text":"another example of exotic options which have a fixed all-or-nothing payout if one or more","page_number":97,"box":{"x":116,"y":393,"width":666,"height":12}},{"id":"ebfbf7aa-f04f-4a39-a51f-67438f5d9e2a","block_type":"box","text":"predetermined conditions are met. Exotic options are typically traded in OTC markets.","page_number":97,"box":{"x":117,"y":409,"width":641,"height":12}},{"id":"1f65db5c-0220-496d-bfb0-758f42ee102c","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example,","page_number":97,"box":{"x":116,"y":441,"width":770,"height":12}},{"id":"1d482099-0fa7-4b36-ac4a-341361f6a256","block_type":"box","text":"there are significant differences between the securities and options markets that could result in an","page_number":97,"box":{"x":116,"y":457,"width":731,"height":12}},{"id":"25394006-393d-45f7-8c9a-2e7cb1854802","block_type":"box","text":"imperfect correlation between these markets, causing a given transaction not to achieve its objectives.","page_number":97,"box":{"x":117,"y":472,"width":763,"height":12}},{"id":"bb4d5c3c-da9e-4fa1-a552-aa5031db19b6","block_type":"box","text":"In addition, a liquid market for particular options, whether traded OTC or on a national securities","page_number":97,"box":{"x":117,"y":488,"width":716,"height":12}},{"id":"c052003f-bfa5-4017-bf5f-1ca2bf6b2cd7","block_type":"box","text":"exchange (“Exchange”) may be absent for reasons which include the following: there may be","page_number":97,"box":{"x":116,"y":503,"width":695,"height":12}},{"id":"fa3b830c-8be0-445b-b8a9-1bbf49c82cd0","block_type":"box","text":"insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening","page_number":97,"box":{"x":117,"y":519,"width":763,"height":12}},{"id":"bb222c25-dba7-4a7a-abe5-dabed41ed700","block_type":"box","text":"transactions or closing transactions or both; trading halts, suspensions or other restrictions may be","page_number":97,"box":{"x":116,"y":534,"width":737,"height":12}},{"id":"37cf8628-24b3-40f5-b1f7-6e51c1912db1","block_type":"box","text":"imposed with respect to particular classes or series of options or underlying securities; unusual or","page_number":97,"box":{"x":117,"y":550,"width":727,"height":12}},{"id":"e8e57f7f-2719-4279-900b-2b54d923816f","block_type":"box","text":"unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an","page_number":97,"box":{"x":117,"y":565,"width":708,"height":12}},{"id":"135ec1e8-b872-4a27-a755-c72d5724fd46","block_type":"box","text":"Exchange or the Options Clearing Corporation may not at all times be adequate to handle current","page_number":97,"box":{"x":117,"y":581,"width":728,"height":12}},{"id":"6388f582-97c2-48b8-9f62-5c3e600bca51","block_type":"box","text":"trading volume; or one or more Exchanges could, for economic or other reasons, decide or be","page_number":97,"box":{"x":116,"y":596,"width":703,"height":12}},{"id":"eb909017-25fc-4ff0-8773-b6a29625c82f","block_type":"box","text":"compelled at some future date to discontinue the trading of options (or a particular class or series of","page_number":97,"box":{"x":116,"y":612,"width":746,"height":12}},{"id":"1987b57f-9d04-4234-9f68-9c38f86385b7","block_type":"box","text":"options), in which event the market on that Exchange (or in that class or series of options) would cease","page_number":97,"box":{"x":116,"y":627,"width":770,"height":12}},{"id":"d6d53797-9cd7-4ba4-bee8-856c8e029e7d","block_type":"box","text":"to exist, although outstanding options that had been issued by the Options Clearing Corporation as a","page_number":97,"box":{"x":116,"y":643,"width":753,"height":12}},{"id":"193c4a6a-3c3c-4bc7-96d4-cab50e206bd1","block_type":"box","text":"result of trades on that Exchange would continue to be exercisable in accordance with their terms.","page_number":97,"box":{"x":117,"y":658,"width":732,"height":12}},{"id":"ea80c0d4-238a-43c8-99d6-11299ef33aa7","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or","page_number":97,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"886d3c73-ec4d-44d7-be05-87b21d32123e","block_type":"box","text":"put options on the same asset that may be bought or written by a single investor, whether acting alone","page_number":97,"box":{"x":117,"y":706,"width":759,"height":12}},{"id":"0764d606-20e7-4f69-9d44-fc37df6d0572","block_type":"box","text":"or in concert with others (regardless of whether such options are written on the same or different","page_number":97,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"efd6b06f-0928-4210-a87a-056a74a1c602","block_type":"box","text":"exchanges or are held or written on one or more accounts or through one or more brokers). Under","page_number":97,"box":{"x":116,"y":737,"width":730,"height":12}},{"id":"2b09fa39-51c2-4674-a0ee-4a9f7e58b6e5","block_type":"box","text":"these limitations, option positions of all investment companies advised by the Manager are combined","page_number":97,"box":{"x":116,"y":752,"width":749,"height":12}},{"id":"451b268d-6d18-4080-9870-1341c7e7ee87","block_type":"box","text":"for purposes of these limits. Pursuant to these limitations, an exchange may order the liquidation of","page_number":97,"box":{"x":116,"y":768,"width":736,"height":12}},{"id":"95baedf6-19f1-43c2-bb53-5f09606aae1c","block_type":"box","text":"positions and may impose other sanctions or restrictions. These position limits may restrict the number","page_number":97,"box":{"x":117,"y":783,"width":762,"height":12}},{"id":"ec8102b3-f431-4923-85da-2cddcb028e7b","block_type":"box","text":"of listed options that a Fund may buy or sell.","page_number":97,"box":{"x":116,"y":799,"width":328,"height":12}},{"id":"4bac40bf-72c1-4ae2-853d-7357d0865a4b","block_type":"box","text":"Call Options.","page_number":97,"box":{"x":117,"y":831,"width":100,"height":12}},{"id":"80798b46-99b2-44be-87d0-61534b247644","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in","page_number":97,"box":{"x":217,"y":831,"width":629,"height":12}},{"id":"b2db3a28-9cf8-4199-9ef2-4fece9415f63","block_type":"box","text":"which it may invest. A purchased call option gives a Fund the right to buy, and obligates the seller to","page_number":97,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"254b4015-17fd-4b72-9602-1bb2f51fce93","block_type":"box","text":"sell, the underlying security at the exercise price at any time during the option period. A Fund also may","page_number":97,"box":{"x":116,"y":862,"width":767,"height":12}},{"id":"da512ce4-bb16-4a11-a181-890ccd19e9f3","block_type":"box","text":"purchase and sell call options on indices. Index options are similar to options on securities except that,","page_number":97,"box":{"x":117,"y":878,"width":765,"height":11}},{"id":"6980502b-7204-4e8e-8b1d-47701afbab0c","block_type":"box","text":"II-26","page_number":97,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f9aedd59-e6c1-4a9e-8450-61abe395d8bb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":97,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5500e917-5744-4807-b9ef-ad9a31ee72ca","block_type":"box","text":"rather than taking or making delivery of securities underlying the option at a specified price upon","page_number":98,"box":{"x":117,"y":87,"width":718,"height":12}},{"id":"d118ff48-660f-4570-bb6d-6666682fac95","block_type":"box","text":"exercise, an index option gives the holder the right to receive cash upon exercise of the option if the","page_number":98,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"3dfc61ee-69a9-419b-9ec1-16921b22dc52","block_type":"box","text":"level of the index upon which the option is based is greater than the exercise price of the option.","page_number":98,"box":{"x":117,"y":118,"width":716,"height":12}},{"id":"24f8c387-4b5a-423b-ad29-7fd09aec62a5","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","page_number":98,"box":{"x":116,"y":146,"width":750,"height":12}},{"id":"f3b6064c-630d-4030-8e9c-6a2e72efd2d8","block_type":"box","text":"where the exercise price of the call held is (i) equal to or less than the exercise price of the call written,","page_number":98,"box":{"x":116,"y":161,"width":765,"height":13}},{"id":"8ee1ea03-622e-4409-bf60-ba32a9c08d5c","block_type":"box","text":"or (ii) greater than the exercise price of the call written provided the difference is maintained by the","page_number":98,"box":{"x":116,"y":177,"width":736,"height":12}},{"id":"8f8c6766-371f-4cbc-84e3-c1e786af3763","block_type":"box","text":"Fund in assets which are not considered illiquid investments under the Funds’ Liquidity Program (as","page_number":98,"box":{"x":117,"y":192,"width":745,"height":13}},{"id":"6166bffc-ee49-418f-9e2d-d7fd498c1dbc","block_type":"box","text":"defined below) (“liquid assets”) designated on the Manager’s or the sub-adviser’s books and records to","page_number":98,"box":{"x":116,"y":208,"width":769,"height":12}},{"id":"f230fe96-bcc4-41f1-a4b9-1b417e080795","block_type":"box","text":"the extent required by Commission guidelines.","page_number":98,"box":{"x":116,"y":223,"width":350,"height":13}},{"id":"c45f44ce-e3dd-4731-a9f0-ea2e47ea7e7d","block_type":"box","text":"A Fund may write (","page_number":98,"box":{"x":116,"y":251,"width":140,"height":12}},{"id":"ef06af9e-8bfd-4596-8110-c1037f1b5cc1","block_type":"box","text":"i.e.","page_number":98,"box":{"x":257,"y":251,"width":21,"height":10}},{"id":"44eeeab7-ce4a-4ef7-adcd-064cf4e940c5","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest","page_number":98,"box":{"x":281,"y":251,"width":599,"height":12}},{"id":"4e159cad-e5d2-4dcb-90fd-978b44e606eb","block_type":"box","text":"and to enter into closing purchase transactions with respect to certain of such options. A covered call","page_number":98,"box":{"x":116,"y":267,"width":754,"height":12}},{"id":"92f0c764-ca22-4749-9e43-df7ccfb982ce","block_type":"box","text":"option is an option in which a Fund, in return for a premium, gives another party a right to buy specified","page_number":98,"box":{"x":116,"y":282,"width":769,"height":12}},{"id":"4611591d-862a-41fa-9092-9c35a1d2fc0c","block_type":"box","text":"securities owned by the Fund at a specified future date and price set at the time of the contract. The","page_number":98,"box":{"x":116,"y":298,"width":747,"height":12}},{"id":"d510a88f-d27f-41bb-b1b6-97e5c768d304","block_type":"box","text":"principal reason for writing call options is the attempt to realize, through the receipt of premiums, a","page_number":98,"box":{"x":117,"y":313,"width":733,"height":12}},{"id":"47564a8c-4b53-4feb-8bfb-4edc28ab3b83","block_type":"box","text":"greater return than would be realized on the securities alone. By writing covered call options, a Fund","page_number":98,"box":{"x":116,"y":329,"width":750,"height":12}},{"id":"0a6ef9e1-7887-46a8-8ebe-8d224424ed06","block_type":"box","text":"gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying","page_number":98,"box":{"x":116,"y":344,"width":763,"height":12}},{"id":"cbe996e6-9aef-4b0a-82b2-e2812187aff8","block_type":"box","text":"security above the option exercise price. In addition, a Fund’s ability to sell the underlying security will","page_number":98,"box":{"x":116,"y":360,"width":758,"height":12}},{"id":"4652800a-63af-49e7-93e4-7becb3a161a3","block_type":"box","text":"be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":98,"box":{"x":117,"y":375,"width":738,"height":12}},{"id":"88f49a62-d515-42a3-b7fb-1d59fee83106","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an","page_number":98,"box":{"x":116,"y":391,"width":748,"height":12}},{"id":"a109b1d8-6653-4a15-892a-4e1720365fc4","block_type":"box","text":"offsetting purchase of an identical option prior to the expiration of the option it has written. Covered call","page_number":98,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"72ac2c07-b084-495c-a0fa-b32cf7d96394","block_type":"box","text":"options also serve as a partial hedge to the extent of the premium received against the price of the","page_number":98,"box":{"x":116,"y":422,"width":736,"height":12}},{"id":"b3d07834-d983-4940-9f88-d55e81fbff35","block_type":"box","text":"underlying security declining.","page_number":98,"box":{"x":117,"y":438,"width":219,"height":11}},{"id":"379ec7be-68d8-4ace-9af6-8caf18b52bca","block_type":"box","text":"A Fund may write (","page_number":98,"box":{"x":116,"y":465,"width":140,"height":12}},{"id":"59ab475f-4118-4fdf-9d2f-1c61fd17bd24","block_type":"box","text":"i.e.","page_number":98,"box":{"x":257,"y":465,"width":21,"height":10}},{"id":"905e6c20-cacd-44de-b499-0ea7875772ee","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest","page_number":98,"box":{"x":281,"y":465,"width":590,"height":12}},{"id":"333e933e-a386-4b21-b105-7ef2200faeb3","block_type":"box","text":"but that are not currently held by the Fund. The principal reason for writing uncovered call options is to","page_number":98,"box":{"x":117,"y":481,"width":763,"height":12}},{"id":"141c31cc-67b7-4620-93b3-4254f816994e","block_type":"box","text":"realize income without committing capital to the ownership of the underlying securities or instruments.","page_number":98,"box":{"x":117,"y":496,"width":758,"height":12}},{"id":"fb8a96ae-1e3e-491d-abf3-0cf221f670d6","block_type":"box","text":"When writing uncovered call options, a Fund must deposit and maintain sufficient margin with the","page_number":98,"box":{"x":116,"y":512,"width":727,"height":12}},{"id":"256a1a12-bd8b-497b-af01-72e990e95960","block_type":"box","text":"broker-dealer through which it made the uncovered call option as collateral to ensure that the securities","page_number":98,"box":{"x":117,"y":527,"width":771,"height":12}},{"id":"9f304c01-3864-4ae2-8650-d55ca043bca3","block_type":"box","text":"can be purchased for delivery if and when the option is exercised. During periods of declining","page_number":98,"box":{"x":116,"y":543,"width":697,"height":12}},{"id":"a65ac38e-ebcb-4543-840d-8b78314ff818","block_type":"box","text":"securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to","page_number":98,"box":{"x":116,"y":558,"width":724,"height":12}},{"id":"31e7f561-9978-4780-a497-364555d00ff4","block_type":"box","text":"increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls","page_number":98,"box":{"x":117,"y":574,"width":724,"height":12}},{"id":"528e9407-895d-4a00-92a4-15ee7366138f","block_type":"box","text":"because there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls","page_number":98,"box":{"x":117,"y":589,"width":771,"height":12}},{"id":"58f19f89-9e90-45d2-b5ed-91421bc27ecc","block_type":"box","text":"have speculative characteristics and the potential for loss is unlimited. When an uncovered call is","page_number":98,"box":{"x":117,"y":605,"width":725,"height":12}},{"id":"df05454f-3b41-4a9b-bd86-874fae6c014e","block_type":"box","text":"exercised, a Fund must purchase the underlying security to meet its call obligation. There is also a risk,","page_number":98,"box":{"x":116,"y":620,"width":771,"height":12}},{"id":"9cb5a668-c249-459c-ac3e-851b83a41e6d","block_type":"box","text":"especially with preferred and debt securities that lack sufficient liquidity, that the securities may not be","page_number":98,"box":{"x":116,"y":636,"width":760,"height":12}},{"id":"b6205521-1ec5-4c25-95b8-2fda9daa2fe9","block_type":"box","text":"available for purchase. If the purchase price exceeds the exercise price, a Fund will lose the difference.","page_number":98,"box":{"x":116,"y":651,"width":772,"height":12}},{"id":"89450751-b071-4217-bf54-ef6a95ab1ccd","block_type":"box","text":"Put Options.","page_number":98,"box":{"x":116,"y":679,"width":91,"height":12}},{"id":"a151f550-9d0b-4020-a213-0beb4b873aca","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its","page_number":98,"box":{"x":213,"y":679,"width":642,"height":12}},{"id":"a5233b64-c5ae-4d42-bf1d-62aef577fe99","block_type":"box","text":"securities or to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying","page_number":98,"box":{"x":116,"y":695,"width":764,"height":12}},{"id":"a5119141-89eb-4ea9-8baa-2dd935ea6bba","block_type":"box","text":"securities or instruments at the exercise price, thus limiting the Fund’s risk of loss through a decline in","page_number":98,"box":{"x":116,"y":710,"width":754,"height":12}},{"id":"dc8acd3a-53cd-40ff-b740-d5ce05651258","block_type":"box","text":"the market value of the securities or instruments until the put option expires. The amount of any","page_number":98,"box":{"x":116,"y":726,"width":709,"height":12}},{"id":"8e61b423-88ef-4fac-9059-5f782ff85e73","block_type":"box","text":"appreciation in the value of the underlying securities or instruments will be partially offset by the","page_number":98,"box":{"x":116,"y":741,"width":708,"height":12}},{"id":"f51a8cca-0d77-4143-9aa7-5b432add5aaf","block_type":"box","text":"amount of the premium paid for the put option and any related transaction costs. Prior to its expiration,","page_number":98,"box":{"x":116,"y":757,"width":758,"height":12}},{"id":"1eb985b2-1169-4b69-870b-f1f4e66915b4","block_type":"box","text":"a put option may be sold in a closing sale transaction and profit or loss from the sale will depend on","page_number":98,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"e55c04e6-4e81-4ee9-8e84-6179c531aee9","block_type":"box","text":"whether the amount received is more or less than the premium paid for the put option plus the related","page_number":98,"box":{"x":116,"y":788,"width":753,"height":12}},{"id":"d219d224-63cd-410e-a5bf-9cad144219d6","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an","page_number":98,"box":{"x":116,"y":803,"width":719,"height":12}},{"id":"5258c718-63ba-45ab-891b-80799f86cf14","block_type":"box","text":"option by means of an offsetting sale of an identical option prior to the expiration of the option it has","page_number":98,"box":{"x":116,"y":819,"width":737,"height":12}},{"id":"e32b6488-07d7-4182-93ec-e21821beae7d","block_type":"box","text":"purchased. A Fund also may purchase uncovered put options.","page_number":98,"box":{"x":117,"y":834,"width":467,"height":12}},{"id":"009977c3-1674-4484-96f0-a7a144b1d835","block_type":"box","text":"A Fund also may write (","page_number":98,"box":{"x":116,"y":862,"width":176,"height":12}},{"id":"99186357-1260-4a93-a15e-d2e7082b9995","block_type":"box","text":"i.e.","page_number":98,"box":{"x":293,"y":862,"width":20,"height":10}},{"id":"881d4406-c654-4fff-8cfc-9af6c4dce60a","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held","page_number":98,"box":{"x":316,"y":862,"width":563,"height":12}},{"id":"3769102e-e2a4-46d9-8710-54b226210308","block_type":"box","text":"by the Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":98,"box":{"x":117,"y":878,"width":763,"height":12}},{"id":"b065b2bb-9bda-4adf-afb0-79d053228095","block_type":"box","text":"II-27","page_number":98,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"50be86b0-bcd8-4768-827e-9800f152972d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":98,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d0818ecd-d8f9-43b4-9834-31f1f14ea8ec","block_type":"box","text":"A Fund also may write (","page_number":99,"box":{"x":116,"y":87,"width":176,"height":12}},{"id":"d7b9fbbc-3f5d-45b1-9673-ba03527a9f00","block_type":"box","text":"i.e.","page_number":99,"box":{"x":293,"y":87,"width":20,"height":10}},{"id":"e54bf0cf-5649-42b0-97de-6be94931ab8e","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may","page_number":99,"box":{"x":316,"y":87,"width":540,"height":12}},{"id":"15ebe6ca-a7be-48a0-8667-0a0f6fa6cfa2","block_type":"box","text":"invest but with respect to which the Fund does not currently have a corresponding short position or has","page_number":99,"box":{"x":117,"y":103,"width":769,"height":12}},{"id":"d0ab170d-2d64-4e1d-9e92-16fcba0ef200","block_type":"box","text":"not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer","page_number":99,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"55e905c3-9ec4-4354-a369-ba616b96bb64","block_type":"box","text":"through which it made the uncovered put option. The principal reason for writing uncovered put options","page_number":99,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"d5a8fad6-6667-42c5-97f3-8f587179f45a","block_type":"box","text":"is to receive premium income and to acquire such securities or instruments at a net cost below the","page_number":99,"box":{"x":117,"y":149,"width":734,"height":12}},{"id":"7bfc0594-bec7-4607-b7fd-cc65c49f3b9f","block_type":"box","text":"current market value. A Fund has the obligation to buy the securities or instruments at an agreed upon","page_number":99,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"b3717d2f-7ef4-49a5-8d51-d1feaf2ea966","block_type":"box","text":"price if the price of the securities or instruments decreases below the exercise price. If the price of the","page_number":99,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"01d7c7dc-3037-4010-aca3-447c3bea8f98","block_type":"box","text":"securities or instruments increases during the option period, the option will expire worthless and a","page_number":99,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"3bcca7a2-3e7f-40aa-ba69-2906c299c17e","block_type":"box","text":"Fund will retain the premium and will not have to purchase the securities or instruments at the exercise","page_number":99,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"80663f5b-4d08-4b2f-9705-00bc9a91b25e","block_type":"box","text":"price.","page_number":99,"box":{"x":117,"y":227,"width":45,"height":11}},{"id":"e0975d43-0b47-4cac-ae29-a75959284650","block_type":"box","text":"Options on Government National Mortgage Association (“GNMA”) Certificates.","page_number":99,"box":{"x":117,"y":258,"width":586,"height":12}},{"id":"24b25889-48dc-40ff-bad1-16e2a25cf2de","block_type":"box","text":"The following","page_number":99,"box":{"x":704,"y":258,"width":103,"height":12}},{"id":"8b0de008-721b-4e7f-b7ca-df8932499312","block_type":"box","text":"information relates to the unique characteristics of options on GNMA Certificates. Since the remaining","page_number":99,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"48c489fd-2ec4-41eb-87ed-dbf6351585ed","block_type":"box","text":"principal balance of GNMA Certificates declines each month as a result of mortgage payments, a","page_number":99,"box":{"x":117,"y":289,"width":725,"height":12}},{"id":"ca355840-4da8-4db8-a93d-420964c467a1","block_type":"box","text":"Fund, as a writer of a GNMA call holding GNMA Certificates as “cover” to satisfy its delivery obligation","page_number":99,"box":{"x":117,"y":304,"width":761,"height":12}},{"id":"6e6d4a99-5831-408d-ab62-a98cfaac118e","block_type":"box","text":"in the event of exercise, may find that the GNMA Certificates it holds no longer have a sufficient","page_number":99,"box":{"x":117,"y":320,"width":714,"height":12}},{"id":"7f45636d-59e8-4d86-89bd-5df597e68199","block_type":"box","text":"remaining principal balance for this purpose. Should this occur, a Fund will purchase additional GNMA","page_number":99,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"95b78e91-7442-48cc-9062-bb787b187f15","block_type":"box","text":"Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash market in order","page_number":99,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"7c8afc8a-a09a-4d72-b3b3-b828923be115","block_type":"box","text":"to maintain its “cover.”","page_number":99,"box":{"x":116,"y":366,"width":170,"height":10}},{"id":"6e84ef12-494d-428b-9287-dc0dbb5c1848","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month","page_number":99,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"6bd36db4-5009-45c1-bc69-893e4f8e5b66","block_type":"box","text":"may cease to represent cover for the option in the event of a decline in the GNMA coupon rate at","page_number":99,"box":{"x":117,"y":413,"width":724,"height":12}},{"id":"aa7c9ee2-971a-4147-b6da-be471b736f8e","block_type":"box","text":"which new pools are originated under the FHA/VA loan ceiling in effect at any given time. If this should","page_number":99,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"f5c531cf-ec20-46b4-8b91-c7aa9379100e","block_type":"box","text":"occur, a Fund will no longer be covered, and the Fund will either enter into a closing purchase","page_number":99,"box":{"x":116,"y":444,"width":701,"height":12}},{"id":"9283b676-2017-48ae-993f-75348624dc64","block_type":"box","text":"transaction or replace such Certificate with a certificate that represents cover. When a Fund closes its","page_number":99,"box":{"x":116,"y":459,"width":760,"height":12}},{"id":"197feb7b-a25e-42a1-b71b-a9b876702810","block_type":"box","text":"position or replaces such Certificate, it may realize an unanticipated loss and incur transaction costs.","page_number":99,"box":{"x":117,"y":475,"width":751,"height":12}},{"id":"5dd4f127-2fd2-495d-a9c4-89a5331e8ec3","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":99,"box":{"x":117,"y":506,"width":243,"height":12}},{"id":"d9000c06-49f2-481e-86da-1db5efdccc41","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to","page_number":99,"box":{"x":362,"y":506,"width":517,"height":12}},{"id":"64f4ece2-78ba-4109-b620-547b59b6c1ba","block_type":"box","text":"enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap","page_number":99,"box":{"x":116,"y":521,"width":750,"height":12}},{"id":"95b3666f-4b4e-4969-93b4-99b267d1e152","block_type":"box","text":"agreement, at a designated future time on specified terms. A Fund may write (","page_number":99,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"98bb6b2e-cc44-44be-880b-1541af5bd282","block_type":"box","text":"i.e.","page_number":99,"box":{"x":698,"y":537,"width":20,"height":9}},{"id":"8fc4049a-9571-4afb-a7bf-b3e90b089a78","block_type":"box","text":", sell) and purchase","page_number":99,"box":{"x":721,"y":537,"width":150,"height":12}},{"id":"76ed1cbe-2999-418e-9930-2eb0f02c27e5","block_type":"box","text":"put and call swaptions. Depending on the terms of the particular option agreement, a Fund will","page_number":99,"box":{"x":117,"y":552,"width":704,"height":12}},{"id":"39908d8e-e3f1-42fa-bd54-e764ae60bf61","block_type":"box","text":"generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a","page_number":99,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"2fdf82db-0a3f-4edc-95ca-c209b97e8a63","block_type":"box","text":"swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has","page_number":99,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"84568dcd-cef9-44c1-b804-228c6b8becde","block_type":"box","text":"paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption,","page_number":99,"box":{"x":117,"y":599,"width":743,"height":12}},{"id":"35b32d96-34f4-4869-83d6-2b05ff080f4c","block_type":"box","text":"upon exercise of the option the Fund will become obligated according to the terms of the underlying","page_number":99,"box":{"x":117,"y":614,"width":743,"height":12}},{"id":"cd7be287-ba3d-462e-8a26-3cb0afd5a81f","block_type":"box","text":"agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":99,"box":{"x":116,"y":630,"width":754,"height":12}},{"id":"0d049d93-0f88-4e4a-8715-04c3c0e11166","block_type":"box","text":"required, to be cleared.","page_number":99,"box":{"x":117,"y":645,"width":177,"height":12}},{"id":"202fda71-6335-4041-a338-a19d01b67dd5","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment","page_number":99,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"bb7a70bc-de08-4c69-90dc-db113b26d74b","block_type":"box","text":"or portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates","page_number":99,"box":{"x":116,"y":692,"width":767,"height":12}},{"id":"106f306c-bf3d-497e-93f2-912ceb02ea6c","block_type":"box","text":"purchasing at a later date. A Fund generally will use these transactions for hedging purposes, not for","page_number":99,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"b56e086f-f7d1-4730-a3b2-970584a1d088","block_type":"box","text":"speculation.","page_number":99,"box":{"x":116,"y":723,"width":88,"height":12}},{"id":"c7fd56db-d653-4f21-b641-1f9868d80b0a","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “— Risk","page_number":99,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"fd456902-050c-4922-9d51-e498e7be9fbb","block_type":"box","text":"Factors in Derivatives” above.","page_number":99,"box":{"x":117,"y":769,"width":220,"height":10}},{"id":"d082861d-4195-46c9-880e-37edc9e22df7","block_type":"box","text":"FLEX Options.","page_number":99,"box":{"x":116,"y":800,"width":107,"height":12}},{"id":"258355a6-035b-42f5-b839-d19ed1264d68","block_type":"box","text":"FLEX Options are customized option contracts available through national securities","page_number":99,"box":{"x":231,"y":800,"width":617,"height":12}},{"id":"fa6df413-0263-4863-b8ef-912ad717ce5e","block_type":"box","text":"exchanges that are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX","page_number":99,"box":{"x":116,"y":816,"width":729,"height":12}},{"id":"f3235f1a-31c4-4358-b91b-dc21128e2f69","block_type":"box","text":"Options are listed on a U.S. national securities exchange. FLEX Options provide investors with the","page_number":99,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"66d3c6bf-9302-4383-b52a-e6076fe49cdf","block_type":"box","text":"ability to customize assets referenced by the options, exercise prices, exercise styles (i.e., American","page_number":99,"box":{"x":116,"y":847,"width":750,"height":12}},{"id":"747cf40c-29d5-4003-93ec-9d65acdc4cb7","block_type":"box","text":"style, exercisable any time prior to the expiration date, or European-style, exercisable only on the","page_number":99,"box":{"x":116,"y":862,"width":726,"height":12}},{"id":"7c26c8ca-8853-4dce-8afa-b833fc5b4ffe","block_type":"box","text":"option expiration date) and expiration dates, while achieving price discovery in competitive, transparent","page_number":99,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"041700c7-1d2d-40c3-aa1d-0a78dcde4b29","block_type":"box","text":"II-28","page_number":99,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"4ea24002-5e43-4de9-9ed0-18d96186c64d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":99,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ed30a6eb-744a-45b6-ba4e-3e321fc7c517","block_type":"box","text":"auctions markets and avoiding the counterparty exposure of OTC options positions. Each option","page_number":100,"box":{"x":116,"y":87,"width":719,"height":12}},{"id":"c26ba047-4059-4048-8dd1-0da0c52ded91","block_type":"box","text":"contract entitles the holder thereof to purchase (for the","page_number":100,"box":{"x":116,"y":102,"width":410,"height":13}},{"id":"5aab5bd3-022b-4223-8c7c-62d70f162524","block_type":"box","text":"call options) or sell (for the put options) shares","page_number":100,"box":{"x":527,"y":102,"width":349,"height":13}},{"id":"968839d4-243f-49a5-b744-5180c9d07e42","block_type":"box","text":"of the reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options,","page_number":100,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"74c167e1-8c64-46f1-8d65-51693f05ce5a","block_type":"box","text":"including both purchased and written put and call options (as further described below). The FLEX","page_number":100,"box":{"x":117,"y":134,"width":726,"height":12}},{"id":"1318e18c-40c6-4ef8-9ea7-feae806ed206","block_type":"box","text":"Options are all European style options, which means that they are exercisable at a predetermined","page_number":100,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"ddef8b04-3eab-45f5-ac8a-762b106588c9","block_type":"box","text":"specified price (the “strike price”) only on the FLEX Option’s expiration date.","page_number":100,"box":{"x":116,"y":165,"width":569,"height":12}},{"id":"2d22ba63-d3a8-4aa9-b59d-5aed85c9ea49","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the","page_number":100,"box":{"x":116,"y":198,"width":752,"height":12}},{"id":"ce41c7db-c50a-4325-83b5-c4e82320f39f","block_type":"box","text":"“buyer for every seller and the seller for every buyer”, reducing counterparty risk for clearing members","page_number":100,"box":{"x":116,"y":213,"width":762,"height":12}},{"id":"83c6e335-38e1-4447-8e22-31820feb732d","block_type":"box","text":"and options traders. Although guaranteed for settlement by the OCC, FLEX Options are still subject to","page_number":100,"box":{"x":116,"y":229,"width":762,"height":12}},{"id":"95574a51-8dd2-4745-812a-d8229d78ca72","block_type":"box","text":"counterparty risk with the OCC and subject to the risk that the OCC may fail to perform the settlement","page_number":100,"box":{"x":116,"y":244,"width":760,"height":12}},{"id":"81db7376-3cbd-4f06-8aef-2d4ec69ae7c7","block_type":"box","text":"of the FLEX Options due to bankruptcy or other adverse reasons. A Fund bears the risk that the OCC","page_number":100,"box":{"x":116,"y":260,"width":759,"height":12}},{"id":"1f4aeaaf-fa32-4b5a-ab88-9d5d72c24ae4","block_type":"box","text":"will be unable or unwilling to perform its obligations under the FLEX Options contracts.","page_number":100,"box":{"x":116,"y":275,"width":646,"height":12}},{"id":"7e06f1d4-8aa7-4120-8282-30c929eb1879","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the","page_number":100,"box":{"x":116,"y":308,"width":744,"height":13}},{"id":"78855d48-e3ba-445f-bb3a-a85d7c932bae","block_type":"box","text":"FLEX Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and","page_number":100,"box":{"x":117,"y":324,"width":760,"height":12}},{"id":"bda14cb5-98b8-4160-9463-2e3b831f747b","block_type":"box","text":"rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings,","page_number":100,"box":{"x":117,"y":339,"width":702,"height":13}},{"id":"f0356985-9a4f-4eb3-b90d-50446b9ac5ef","block_type":"box","text":"distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying","page_number":100,"box":{"x":116,"y":355,"width":715,"height":12}},{"id":"8ab7ddd0-3fa4-458f-b666-e84fc57c700b","block_type":"box","text":"security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security.","page_number":100,"box":{"x":116,"y":370,"width":748,"height":13}},{"id":"72352882-fab2-4bac-8aaa-bc41a3f3f33f","block_type":"box","text":"According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by","page_number":100,"box":{"x":116,"y":386,"width":759,"height":12}},{"id":"567db6e4-2f6c-40b2-9532-5e7a8bc8799b","block_type":"box","text":"the OCC’s Securities Committee, in light of the circumstances known to it at the time such","page_number":100,"box":{"x":116,"y":401,"width":673,"height":13}},{"id":"938a2bb2-f3f6-421a-be28-31539b009f35","block_type":"box","text":"determination is made, based on its judgment as to what is appropriate for the protection of investors","page_number":100,"box":{"x":116,"y":417,"width":754,"height":12}},{"id":"bd77db2f-e645-4cab-acfa-31ffec24b573","block_type":"box","text":"and the public interest, taking into account such factors as fairness to holders and writers (or","page_number":100,"box":{"x":116,"y":432,"width":691,"height":13}},{"id":"93659b8f-36f0-4e1c-aeee-1e5f2f185e1e","block_type":"box","text":"purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the","page_number":100,"box":{"x":117,"y":448,"width":734,"height":12}},{"id":"1160634e-64e2-48ba-b8d7-67328da661e6","block_type":"box","text":"affected options, consistency of interpretation and practice, efficiency of exercise settlement","page_number":100,"box":{"x":116,"y":463,"width":687,"height":13}},{"id":"f3fc22a6-d364-464f-8749-0e900634cb1f","block_type":"box","text":"procedures, and the coordination with other clearing agencies of the clearance and settlement of","page_number":100,"box":{"x":117,"y":479,"width":721,"height":12}},{"id":"c3bdc37d-8803-48b7-b5cc-790a482ea2b5","block_type":"box","text":"transactions in the underlying interest.","page_number":100,"box":{"x":116,"y":495,"width":288,"height":12}},{"id":"aa61bfda-d7f0-425b-a7f8-e4cf31d2b437","block_type":"box","text":"Certain Considerations Regarding Options","page_number":100,"box":{"x":151,"y":519,"width":314,"height":12}},{"id":"2a78209e-85fd-4cff-8639-2b53f8ac3c5f","block_type":"box","text":". The FLEX Options in which each Fund may invest will","page_number":100,"box":{"x":467,"y":519,"width":414,"height":12}},{"id":"c16a0038-2e79-492d-878c-bd29a0ab1fb7","block_type":"box","text":"be options on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a","page_number":100,"box":{"x":150,"y":534,"width":723,"height":12}},{"id":"6df59617-2de1-4277-ab67-82a8d13fb73e","block_type":"box","text":"“Reference Asset”). As such, the value of a Fund’s FLEX Options will fluctuate with changes in the","page_number":100,"box":{"x":150,"y":550,"width":735,"height":12}},{"id":"f834fed5-723e-4d4a-b8d4-e13ca1d2c63e","block_type":"box","text":"value of the securities held by the ETF, and thus the ETF’s share price. In addition to the value of","page_number":100,"box":{"x":150,"y":565,"width":726,"height":12}},{"id":"a9d0c22c-6314-4db6-b219-75dea58b9ced","block_type":"box","text":"the ETF, the value of an option, in general, will reflect, among other things, the time remaining until","page_number":100,"box":{"x":150,"y":581,"width":738,"height":12}},{"id":"bb884a26-0ca8-4194-9d06-65381ddb9df0","block_type":"box","text":"expiration (the end of the Outcome Period), the relationship of the exercise price to the market","page_number":100,"box":{"x":150,"y":596,"width":704,"height":12}},{"id":"98f0c837-cd34-47ab-adaa-d4528fed656e","block_type":"box","text":"price of the Reference Asset, and general market conditions. Options that expire unexercised","page_number":100,"box":{"x":150,"y":612,"width":698,"height":12}},{"id":"95e19a21-98c0-48c2-87c4-da90cc9a94f6","block_type":"box","text":"have no value.","page_number":100,"box":{"x":150,"y":628,"width":113,"height":9}},{"id":"83311649-8086-4397-99da-a16d213e18ee","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase","page_number":100,"box":{"x":150,"y":652,"width":734,"height":12}},{"id":"8e8c3d73-8351-4e99-9b2a-a60222b22ac9","block_type":"box","text":"(for a call option) or sell (for a put option) the Reference Asset at a predetermined specified price","page_number":100,"box":{"x":150,"y":667,"width":718,"height":12}},{"id":"a68dd2d5-9992-4943-b0bc-ea505ddbbf6a","block_type":"box","text":"(the “strike price”). When a Fund writes a call on the Reference Asset, it receives a premium and","page_number":100,"box":{"x":150,"y":683,"width":716,"height":12}},{"id":"952eccff-41f6-43f7-b2f3-3155c6d5d30d","block_type":"box","text":"agrees that the purchaser of the call, upon exercise of the call, will receive from the Fund the","page_number":100,"box":{"x":150,"y":698,"width":688,"height":12}},{"id":"f4f234b4-fd92-4af0-83c3-27df3a894344","block_type":"box","text":"delivery of a specified number of shares of the ETF in exchange for the strike price. When a Fund","page_number":100,"box":{"x":150,"y":714,"width":724,"height":12}},{"id":"98b53996-7c6b-4dd5-b321-d238e55b078c","block_type":"box","text":"buys a call on the Reference Asset, it pays a premium and has the same rights to such call as","page_number":100,"box":{"x":150,"y":729,"width":697,"height":12}},{"id":"b8078a7e-0e4d-4c1e-9009-1212e9d1d937","block_type":"box","text":"indicated above. When a Fund buys a put on the Reference Asset, it pays a premium and has the","page_number":100,"box":{"x":150,"y":745,"width":725,"height":12}},{"id":"ac002da1-eabc-4045-8fad-df6d7e85d57a","block_type":"box","text":"right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":100,"box":{"x":150,"y":760,"width":704,"height":12}},{"id":"43df57b7-d7dd-44aa-b3f8-6c6d3f48e780","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the","page_number":100,"box":{"x":150,"y":776,"width":700,"height":12}},{"id":"ba947698-257a-45e1-8f53-7e0ac4009d78","block_type":"box","text":"Reference Asset, it receives a premium and the purchaser of the put has the right to require the","page_number":100,"box":{"x":151,"y":791,"width":708,"height":12}},{"id":"5e3a1a62-9328-4ad4-9f87-791cccdb0a33","block_type":"box","text":"Fund to deliver the specified number of shares of the ETF in exchange for the strike price.","page_number":100,"box":{"x":151,"y":807,"width":665,"height":12}},{"id":"dbd052d3-2dea-4fcd-a023-aba448d3547f","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may","page_number":100,"box":{"x":149,"y":831,"width":705,"height":12}},{"id":"e8b6fb34-11b0-429f-abc7-bcff796d7ce9","block_type":"box","text":"also utilize FLEX Options that are cash-settled. Cash-settled options give the holder the right to","page_number":100,"box":{"x":150,"y":847,"width":711,"height":12}},{"id":"87d1f723-2264-4056-aeab-6abfeb701dc3","block_type":"box","text":"receive an amount (or owe an amount) of cash upon the exercise of the option. Gain or loss","page_number":100,"box":{"x":150,"y":862,"width":686,"height":12}},{"id":"1563ef9d-19f6-4eae-bce3-2d5f56d3913b","block_type":"box","text":"depends on changes in the value of the ETF’s share price relative to the strike price for a given","page_number":100,"box":{"x":150,"y":878,"width":710,"height":12}},{"id":"c9b5f521-7ab0-410f-9b5c-d99d937f7ccc","block_type":"box","text":"II-29","page_number":100,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b5a70790-c3ce-4abd-9ff4-ae11ba8dc6db","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":100,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4aa2777a-e86c-47c3-8717-a593a6b243e2","block_type":"box","text":"option contract. The amount of cash is equal to the difference between the closing price of the","page_number":101,"box":{"x":150,"y":87,"width":702,"height":12}},{"id":"701ffd37-18a1-4a27-988d-97cc0807ae47","block_type":"box","text":"ETF’s share price and the exercise price of the option contract times a specified multiple","page_number":101,"box":{"x":151,"y":102,"width":659,"height":12}},{"id":"20457af6-764f-4e67-b6d9-aabac044835f","block_type":"box","text":"(“multiplier”), which determines the total value for each point of such difference.","page_number":101,"box":{"x":150,"y":118,"width":593,"height":12}},{"id":"71958d2f-0e63-48f9-a391-5f00f6e7ec6a","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":101,"box":{"x":150,"y":141,"width":306,"height":12}},{"id":"48643917-2a5c-44fe-850f-e0f898c29cfa","block_type":"box","text":". If a Fund has purchased an option and exercises it","page_number":101,"box":{"x":458,"y":141,"width":382,"height":12}},{"id":"90828a73-08a6-424e-b3c5-15895a3f458e","block_type":"box","text":"before the closing value for that day is available, it runs the risk that the level of the Reference Asset","page_number":101,"box":{"x":150,"y":157,"width":735,"height":12}},{"id":"cd02e7b5-d532-429c-b421-10e4508562db","block_type":"box","text":"may subsequently change. If such a change causes the exercised option to fall out of the money,","page_number":101,"box":{"x":150,"y":172,"width":714,"height":12}},{"id":"c13fbdaf-32b9-4cb0-b0f0-8585b282a2fe","block_type":"box","text":"the applicable Fund will be required to pay the difference between the closing Reference Asset","page_number":101,"box":{"x":150,"y":188,"width":698,"height":12}},{"id":"595b20f1-ef33-4fce-811a-9b13935b8721","block_type":"box","text":"value and the exercise price of the option (times the applicable multiplier) to the assigned writer.","page_number":101,"box":{"x":150,"y":203,"width":706,"height":12}},{"id":"f49cec76-79e0-48f4-ac07-02c5bde75d5d","block_type":"box","text":"Foreign Exchange Transactions.","page_number":101,"box":{"x":116,"y":242,"width":247,"height":12}},{"id":"30d1fe2d-6861-4052-bfd6-29d9e3b15810","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions","page_number":101,"box":{"x":116,"y":273,"width":731,"height":12}},{"id":"9ae863c6-18da-453b-8680-827e2d96fe8b","block_type":"box","text":"(“FX forwards”) and currency swaps, purchase and sell currency options, currency futures and related","page_number":101,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"8c6770fb-ede7-4e2f-95c4-d07338aa18b3","block_type":"box","text":"options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the","page_number":101,"box":{"x":116,"y":304,"width":772,"height":12}},{"id":"af386497-c435-4cd9-9ab0-c9aabfd69057","block_type":"box","text":"value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with","page_number":101,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"0a2ccf18-f4c5-44ff-8e94-e1aaca4fd816","block_type":"box","text":"respect to certain Funds, to seek to enhance returns.","page_number":101,"box":{"x":117,"y":335,"width":397,"height":12}},{"id":"a8f3f2bd-6edf-482e-951f-505f9f7e57a9","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities","page_number":101,"box":{"x":116,"y":366,"width":734,"height":12}},{"id":"920ebd5f-082b-47ef-a990-ce1a46537c6e","block_type":"box","text":"owned by a Fund, sold by a Fund but not","page_number":101,"box":{"x":116,"y":382,"width":309,"height":12}},{"id":"dfe0b5c5-3fcb-4781-9520-d95573d65d40","block_type":"box","text":"yet delivered, or committed or anticipated to be purchased by","page_number":101,"box":{"x":426,"y":382,"width":460,"height":12}},{"id":"f6a71337-5e09-455d-8f09-30807b9b4ad1","block_type":"box","text":"a Fund. As an illustration, a Fund may use such techniques to hedge the stated value in U.S. dollars of","page_number":101,"box":{"x":116,"y":397,"width":768,"height":12}},{"id":"a7fde046-1e5b-4588-a529-dfbce77021ea","block_type":"box","text":"an investment in a yen-denominated security. For example, the Fund may purchase a foreign currency","page_number":101,"box":{"x":116,"y":413,"width":767,"height":12}},{"id":"82055640-4148-4a72-a80e-e6603ac21255","block_type":"box","text":"put option enabling it to sell a specified amount of yen","page_number":101,"box":{"x":117,"y":428,"width":404,"height":12}},{"id":"121acd94-42c6-4a81-a9a7-a719cb48f1b1","block_type":"box","text":"for dollars at a specified price by a future date.","page_number":101,"box":{"x":521,"y":428,"width":350,"height":12}},{"id":"e0a2fdfd-b172-4d37-9b7d-9ca2cb099651","block_type":"box","text":"To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be","page_number":101,"box":{"x":116,"y":444,"width":764,"height":12}},{"id":"af76fb73-c45e-43c7-98d4-87966262da91","block_type":"box","text":"offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring","page_number":101,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"61c61b27-ff2f-4f2f-a809-ef01ec61de2b","block_type":"box","text":"such a put option, the Fund may also sell a call option which, if exercised, requires it to sell a specified","page_number":101,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"d61982a1-d00a-4a34-b14b-534f4ebc3d9b","block_type":"box","text":"amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":101,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"39774a90-b901-4a49-9e4c-e2ae31396b76","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from","page_number":101,"box":{"x":116,"y":506,"width":767,"height":12}},{"id":"5f3d1662-3099-4de5-a490-9587a8dedd84","block_type":"box","text":"increases in the relative value of the yen to the dollar. “Straddles” of the type that may be used by a","page_number":101,"box":{"x":117,"y":521,"width":742,"height":12}},{"id":"5fc2bd18-20f0-4ecb-bc24-4d402e65fa38","block_type":"box","text":"Fund are considered hedging transactions. Certain Funds have a fundamental investment restriction","page_number":101,"box":{"x":117,"y":537,"width":749,"height":12}},{"id":"3198e394-69b1-4ed1-9388-c3d4e9701a4d","block_type":"box","text":"that restricts currency option strategies.","page_number":101,"box":{"x":116,"y":552,"width":298,"height":12}},{"id":"615f5b6c-4cd0-4367-9427-8d98aedbbdf1","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation","page_number":101,"box":{"x":117,"y":583,"width":737,"height":12}},{"id":"0896d064-6630-484c-92ac-bc96c4658cee","block_type":"box","text":"risk. A Fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the","page_number":101,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"2dd88703-338e-475f-8dde-1f2e53dc067f","block_type":"box","text":"volatility of the NAV of the Fund’s shares; however, the use of such hedging strategies will not prevent","page_number":101,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"a2990bf6-05d1-4c1c-bb33-2b48116511fc","block_type":"box","text":"the NAV of the Fund’s shares from fluctuating. Moreover, although Currency Instruments will be used","page_number":101,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"03742736-ef3e-4849-bdd3-25a9d9050bc5","block_type":"box","text":"with the intention of hedging against adverse currency movements, transactions in Currency","page_number":101,"box":{"x":116,"y":645,"width":689,"height":12}},{"id":"80aac4f7-6634-4584-a0af-5e6613f29a71","block_type":"box","text":"Instruments involve the risk that anticipated currency movements will not be accurately predicted and","page_number":101,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"aa0e1846-4dfd-4990-9192-0b616db08ac7","block_type":"box","text":"that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges against","page_number":101,"box":{"x":116,"y":676,"width":701,"height":12}},{"id":"46571f88-c7d5-4a1b-a5c4-f1e62ad50df4","block_type":"box","text":"anticipated currency movements that do not occur, the Fund may realize losses and decrease its total","page_number":101,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"1bc89797-105d-4d16-b4f5-daa858b56900","block_type":"box","text":"return. Furthermore, a Fund will only engage in hedging activities from time to time and may not be","page_number":101,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"e848ea53-073b-4bef-9eb5-250f892b3864","block_type":"box","text":"engaging in hedging activities when movements in currency exchange rates actually occur.","page_number":101,"box":{"x":116,"y":723,"width":674,"height":12}},{"id":"135cbd73-52d4-477d-abf9-8a3beba968ae","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign","page_number":101,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"3718a4d4-b9ed-4cdc-abba-2b50fd306680","block_type":"box","text":"or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified","page_number":101,"box":{"x":116,"y":769,"width":766,"height":12}},{"id":"49c09284-2b85-4abf-84de-aa8ef726bf66","block_type":"box","text":"amount of a particular currency. There are no limitations on daily price moves in such forward","page_number":101,"box":{"x":116,"y":785,"width":693,"height":12}},{"id":"161390bc-f77c-466f-91b0-3c2161d59d7c","block_type":"box","text":"contracts, and banks and dealers are not required to continue to make markets in such contracts.","page_number":101,"box":{"x":116,"y":800,"width":722,"height":12}},{"id":"f0924a0c-4b86-432e-ae93-b0cf904f756f","block_type":"box","text":"There have been periods during which certain banks or dealers have refused to quote prices for such","page_number":101,"box":{"x":116,"y":816,"width":751,"height":12}},{"id":"d50c16a2-408b-4b62-a945-b156262d1dab","block_type":"box","text":"forward contracts or have quoted prices with an unusually wide spread between the price at which the","page_number":101,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"4041029a-47e8-4414-8938-4d83fc0823e5","block_type":"box","text":"bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of","page_number":101,"box":{"x":117,"y":847,"width":747,"height":12}},{"id":"41f2ccbc-f831-4923-89d3-f98e519d40a0","block_type":"box","text":"currency controls might limit any such forward contract trading. With respect to its trading of forward","page_number":101,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"f12ba5cf-181c-46ac-bbd1-a2d0f21e3564","block_type":"box","text":"contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a","page_number":101,"box":{"x":116,"y":878,"width":689,"height":12}},{"id":"6c7900f6-64e9-48a0-a2f0-1a4d451f7e4a","block_type":"box","text":"II-30","page_number":101,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"569c26f3-a4f6-4f5b-ab9e-8ca709891271","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":101,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"abe6a627-803d-453c-b5f2-bb60ef8e709d","block_type":"box","text":"counterparty would deprive the Fund of any profit potential or force the Fund to cover its commitments","page_number":102,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"59658c7f-304c-4593-8e6a-98e20ef9a02b","block_type":"box","text":"for resale, if any, at the then market price and could result in a loss to the Fund.","page_number":102,"box":{"x":116,"y":102,"width":595,"height":13}},{"id":"2e1fab54-28ec-4c09-bdf1-f646735fd9c5","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if","page_number":102,"box":{"x":117,"y":134,"width":709,"height":12}},{"id":"a7c89d55-1363-4595-821b-f52fbc2c40b9","block_type":"box","text":"correctly anticipated, in the event that (i) the currency exchange rate movement is so generally","page_number":102,"box":{"x":116,"y":149,"width":707,"height":12}},{"id":"f018e943-4a47-403f-ae4a-2e7a12c967de","block_type":"box","text":"anticipated that the Fund is not able to enter into a hedging transaction at an effective price, or (ii) the","page_number":102,"box":{"x":116,"y":165,"width":757,"height":12}},{"id":"10dedc51-8a05-4c69-a801-c03d5d0780ce","block_type":"box","text":"currency exchange rate movement relates to a market with respect to which Currency Instruments are","page_number":102,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"5db4f5d0-9ba3-4967-af9e-7ce87f514793","block_type":"box","text":"not available and it is not possible to engage in effective foreign currency hedging. The cost to a Fund","page_number":102,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"bf5f7a49-41cc-4b4b-ab42-f27e82487d40","block_type":"box","text":"of engaging in foreign currency transactions varies with such factors as the currencies involved, the","page_number":102,"box":{"x":116,"y":211,"width":743,"height":12}},{"id":"a7a65f75-53fc-4150-9126-7c504485022a","block_type":"box","text":"length of the contract period and the market conditions then prevailing. Since transactions in foreign","page_number":102,"box":{"x":117,"y":227,"width":744,"height":12}},{"id":"200538d6-e973-4b2f-9142-3772451a16c0","block_type":"box","text":"currency exchange usually are conducted on a principal basis, no fees or commissions are involved.","page_number":102,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"1db66e69-3368-422e-8112-73f2a392086f","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns","page_number":102,"box":{"x":116,"y":273,"width":765,"height":12}},{"id":"6b8fbdb3-6b4a-4bd6-a6bf-58157d949107","block_type":"box","text":"(including receivables for unsettled securities sales), or has committed to purchase or anticipates","page_number":102,"box":{"x":117,"y":289,"width":724,"height":12}},{"id":"71258b40-79b9-4cb2-9fa6-c86d7647d032","block_type":"box","text":"purchasing, which are denominated in such currency.","page_number":102,"box":{"x":117,"y":304,"width":401,"height":12}},{"id":"150c5a76-7c9e-44fb-b4b1-8947e77895d8","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":102,"box":{"x":117,"y":335,"width":271,"height":12}},{"id":"e34c61a7-9404-45db-bcae-52c1c2620409","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified","page_number":102,"box":{"x":390,"y":335,"width":470,"height":12}},{"id":"1ebb7319-b5e9-4f34-b1f3-a4740330da0c","block_type":"box","text":"amount of a specified currency or multinational currency unit at a specified price and specified future","page_number":102,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"a1b8e2d3-68e5-407d-9ff3-8dce587e339b","block_type":"box","text":"date. Spot foreign exchange transactions are similar but are settled in the current, or “spot”, market. A","page_number":102,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"4fd0aedd-22d4-4ebd-9a96-81c81aafbcc0","block_type":"box","text":"Fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction","page_number":102,"box":{"x":117,"y":382,"width":764,"height":12}},{"id":"0599fa3f-9f0e-49d0-aef8-42ac150eeeb4","block_type":"box","text":"or a portfolio position, or, with respect to certain Funds, to seek to enhance returns. FX forwards","page_number":102,"box":{"x":116,"y":397,"width":719,"height":12}},{"id":"e7d83c7e-be5d-4c72-a0e8-10e816a47cda","block_type":"box","text":"involve substantial currency risk, credit risk and liquidity risk. A Fund may enter into a foreign exchange","page_number":102,"box":{"x":117,"y":413,"width":770,"height":12}},{"id":"5073e158-ef60-4888-96f6-6e39d7f52c38","block_type":"box","text":"transaction for purposes of hedging a specific transaction by, for example, purchasing a currency","page_number":102,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"564d5252-add9-46b7-8791-a328feb6f55c","block_type":"box","text":"needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":102,"box":{"x":117,"y":444,"width":699,"height":12}},{"id":"b044963f-44a4-46c9-ac5c-8cd705af63bb","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction","page_number":102,"box":{"x":116,"y":459,"width":754,"height":12}},{"id":"d0bc0c24-70cc-4b3b-8b66-5fe38ac8ecd0","block_type":"box","text":"for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of","page_number":102,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"16282bf7-0f21-43fb-8cf2-8d2cfcbd1484","block_type":"box","text":"the Fund is denominated or by purchasing a currency in which the Fund anticipates acquiring a","page_number":102,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"b8702969-a574-45af-8278-02f23f1737c0","block_type":"box","text":"portfolio position in the near future. A Fund may also hedge a currency by entering into a transaction in","page_number":102,"box":{"x":117,"y":506,"width":767,"height":12}},{"id":"bebb65f1-ffb3-4845-8d5f-3c5de468528d","block_type":"box","text":"a Currency Instrument denominated in a currency other than the currency being hedged (a “cross","page_number":102,"box":{"x":116,"y":521,"width":729,"height":12}},{"id":"452c39ad-ab61-4b98-8e2f-ad548c4ca2ce","block_type":"box","text":"hedge”). A Fund will only enter into a cross-hedge if the Manager believes that (i) there is a","page_number":102,"box":{"x":117,"y":537,"width":680,"height":12}},{"id":"3ab3c90f-7e5c-4d32-a961-2cfb99e05cb8","block_type":"box","text":"demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":102,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"924e0165-7e01-4aac-be37-d2412182341c","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross","page_number":102,"box":{"x":116,"y":568,"width":722,"height":12}},{"id":"5064bb10-5c21-4214-83f9-2cce84107a74","block_type":"box","text":"hedge is denominated will be significantly more cost-effective or provide substantially greater liquidity","page_number":102,"box":{"x":117,"y":583,"width":755,"height":12}},{"id":"f6320ec3-ecbf-46a1-a8f8-c396c98668e5","block_type":"box","text":"than executing a similar hedging transaction by means of the currency being hedged.","page_number":102,"box":{"x":116,"y":599,"width":638,"height":12}},{"id":"a86640e0-07cc-422f-b6e6-ccabcb8f80cf","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on","page_number":102,"box":{"x":116,"y":630,"width":765,"height":12}},{"id":"a8f596ee-cad7-4bed-a0b7-5812c45f0cfd","block_type":"box","text":"the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when","page_number":102,"box":{"x":116,"y":645,"width":747,"height":12}},{"id":"5c1022e5-599d-4652-b6b7-19f7e5233168","block_type":"box","text":"the currency to which the Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar.","page_number":102,"box":{"x":116,"y":661,"width":727,"height":12}},{"id":"7f32dd8f-6ce2-4353-ba21-f6934a77bef9","block_type":"box","text":"Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are","page_number":102,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"1e1904ff-2ccb-4910-afbd-14b925c28deb","block_type":"box","text":"generally considered to be linked to a currency or currencies in which some or all of the Fund’s","page_number":102,"box":{"x":116,"y":692,"width":704,"height":12}},{"id":"faf80f90-854e-4506-a339-7031f92f7a54","block_type":"box","text":"securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves","page_number":102,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"544674d6-f001-4bf9-a6b6-587ec9eb1492","block_type":"box","text":"some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":102,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"105459c9-e3b0-4dda-a061-ee9bcedf14a6","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a","page_number":102,"box":{"x":116,"y":738,"width":717,"height":12}},{"id":"538c715a-9984-4946-bdb6-b32dd0d53687","block_type":"box","text":"degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage","page_number":102,"box":{"x":116,"y":754,"width":742,"height":12}},{"id":"2211a6e7-a8f7-4e1a-be93-7835fe929ae9","block_type":"box","text":"between various currencies may not be present, including during the particular time that a Fund is","page_number":102,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"401ac4e0-c0b9-472b-bf39-207718b620bb","block_type":"box","text":"engaging in proxy hedging.","page_number":102,"box":{"x":116,"y":785,"width":200,"height":12}},{"id":"0333b7e8-4a2b-40f4-8b17-3452f3295c5b","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more","page_number":102,"box":{"x":116,"y":816,"width":703,"height":12}},{"id":"e5b4c38d-4da9-48ad-86b0-8b804554b01a","block_type":"box","text":"currencies that are expected to decline in value relative to other currencies to which the Fund has or in","page_number":102,"box":{"x":116,"y":831,"width":766,"height":12}},{"id":"6defd4ef-1fca-400a-b5c1-6ce87e3ce913","block_type":"box","text":"which the Fund expects to have portfolio exposure. For example, a Fund may hold both Canadian","page_number":102,"box":{"x":116,"y":847,"width":731,"height":12}},{"id":"084ab1ae-63db-45f4-b7d7-bf88cd606024","block_type":"box","text":"government bonds and Japanese government bonds, and the Manager or sub-adviser may believe","page_number":102,"box":{"x":116,"y":862,"width":741,"height":12}},{"id":"c9a96478-3500-4e9e-8ee7-e80ea808b08d","block_type":"box","text":"that Canadian dollars will deteriorate against Japanese yen. The Fund would sell Canadian dollars to","page_number":102,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"e58d10b2-72c2-4172-a863-d5dc647bceb8","block_type":"box","text":"II-31","page_number":102,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"75ce91ff-908b-473e-8ab7-79f51ae9ea18","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":102,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1def33a9-17f8-4ebc-809a-48d48fc206da","block_type":"box","text":"reduce its exposure to that currency and buy Japanese yen. This strategy would be a hedge against a","page_number":103,"box":{"x":117,"y":87,"width":761,"height":12}},{"id":"d4cf4984-e6c2-4e4a-8770-89d23a74e975","block_type":"box","text":"decline in the value of Canadian dollars, although it would expose the Fund to declines in the value of","page_number":103,"box":{"x":116,"y":102,"width":758,"height":13}},{"id":"304207ff-d3ac-4ce7-b504-4f0dcda1c3de","block_type":"box","text":"the Japanese yen relative to the U.S. dollar.","page_number":103,"box":{"x":116,"y":118,"width":331,"height":12}},{"id":"00559347-30ff-4712-93e4-c9cbcfb85655","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as","page_number":103,"box":{"x":116,"y":152,"width":690,"height":12}},{"id":"a2f81b13-97aa-42dd-a8b0-3eae5c851be6","block_type":"box","text":"non-deliverable forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be","page_number":103,"box":{"x":117,"y":168,"width":748,"height":12}},{"id":"da674656-3489-4680-806f-8f37086b376c","block_type":"box","text":"thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the","page_number":103,"box":{"x":116,"y":183,"width":736,"height":12}},{"id":"8fccd7d4-0422-4fd5-abb1-dd9d44ffd68c","block_type":"box","text":"time at the settlement date is calculated by taking the difference between the agreed upon exchange","page_number":103,"box":{"x":116,"y":199,"width":752,"height":12}},{"id":"4840bc4a-6ede-4702-b6f2-155fe286d4d7","block_type":"box","text":"rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs","page_number":103,"box":{"x":117,"y":214,"width":765,"height":12}},{"id":"22c5a859-c537-4aa3-9fea-b14d51f54a1c","block_type":"box","text":"have a fixing date and a settlement date. The fixing date is the date at which the difference between","page_number":103,"box":{"x":117,"y":230,"width":746,"height":12}},{"id":"b4014ba1-b175-4717-a046-83a6f89ac2b7","block_type":"box","text":"the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement","page_number":103,"box":{"x":116,"y":245,"width":761,"height":12}},{"id":"f7d48158-b2ae-45fe-8b68-0aaefd9f6634","block_type":"box","text":"date is the date by which the payment of the difference is due to the party receiving payment. NDFs","page_number":103,"box":{"x":116,"y":261,"width":745,"height":12}},{"id":"25246ce6-53b2-45b5-8e17-51d1c278aee5","block_type":"box","text":"are commonly quoted for time periods of one month up to two years, and are normally quoted and","page_number":103,"box":{"x":116,"y":276,"width":733,"height":12}},{"id":"4f456c7f-e1fc-4fd0-b0be-0ef4f377e7d6","block_type":"box","text":"settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign","page_number":103,"box":{"x":116,"y":292,"width":723,"height":12}},{"id":"7481d443-5899-4417-b5b9-f8241246599a","block_type":"box","text":"currencies that are not internationally traded.","page_number":103,"box":{"x":116,"y":307,"width":337,"height":12}},{"id":"280c4850-765d-4643-b0a5-4d1ceeddbd10","block_type":"box","text":"Currency Futures.","page_number":103,"box":{"x":117,"y":341,"width":132,"height":12}},{"id":"363e7433-9476-450b-8565-b6d3b318a89e","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":103,"box":{"x":250,"y":341,"width":626,"height":12}},{"id":"72bf3031-4af1-43b7-8d3d-3699d592b7ea","block_type":"box","text":"currency through use of currency futures or options on currency futures. Currency futures are similar to","page_number":103,"box":{"x":116,"y":357,"width":769,"height":12}},{"id":"36ef8acb-7b9b-4a18-8aac-809b674c3670","block_type":"box","text":"forward foreign exchange transactions except that futures are standardized, exchange-traded contracts","page_number":103,"box":{"x":116,"y":372,"width":772,"height":12}},{"id":"7e9ac08f-2f9b-43d6-84d3-2dc00e3babc4","block_type":"box","text":"while forward foreign exchange transactions are traded in the OTC market. Currency futures involve","page_number":103,"box":{"x":116,"y":388,"width":747,"height":12}},{"id":"6c9517c0-345a-483d-b821-f7d4b53ffe1b","block_type":"box","text":"substantial currency risk as well as the risks discussed above in “—Futures.”","page_number":103,"box":{"x":116,"y":403,"width":573,"height":12}},{"id":"95a081c2-3a5c-40ab-b41a-14c4713a99b2","block_type":"box","text":"Currency Options.","page_number":103,"box":{"x":117,"y":437,"width":133,"height":12}},{"id":"2a45213d-fac5-4ac0-91a6-db1c8a30f652","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a","page_number":103,"box":{"x":251,"y":437,"width":626,"height":12}},{"id":"fb9040a5-9f35-469c-8fa4-b7f5ceea1e70","block_type":"box","text":"currency through the use of currency options. Certain Funds have fundamental investment restrictions","page_number":103,"box":{"x":116,"y":453,"width":763,"height":12}},{"id":"4a4ac519-598b-4daf-bebf-98f0215a3845","block_type":"box","text":"that permit the purchase of currency options, but prohibit the writing of currency options. Currency","page_number":103,"box":{"x":116,"y":468,"width":732,"height":12}},{"id":"95f323ab-1c5e-4dab-b4df-de6d7a13015a","block_type":"box","text":"options are similar to options on securities. For example, in consideration for an option premium the","page_number":103,"box":{"x":116,"y":484,"width":745,"height":12}},{"id":"aa2ef899-c10c-49ab-a37b-30c9f420041a","block_type":"box","text":"writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a","page_number":103,"box":{"x":116,"y":499,"width":765,"height":13}},{"id":"c204e496-48ed-425f-8bea-c17e2b19cfe1","block_type":"box","text":"put option) a specified amount of a specified currency on or before the expiration date for a specified","page_number":103,"box":{"x":117,"y":515,"width":750,"height":12}},{"id":"56ea1011-cbbc-4a2e-a7a9-07ad25cfe870","block_type":"box","text":"amount of another currency. A Fund may engage in transactions in options on currencies either on","page_number":103,"box":{"x":116,"y":530,"width":737,"height":13}},{"id":"6fbc5a03-4b54-4647-9d92-9866eaea7c0c","block_type":"box","text":"exchanges or OTC markets. Such transactions in options may include exotic options on currencies,","page_number":103,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"90f02d07-20d3-4085-a7ac-f6dea5331209","block_type":"box","text":"which are typically traded in OTC markets and have additional features that result in different payment","page_number":103,"box":{"x":116,"y":561,"width":763,"height":13}},{"id":"66fa1bb2-0f1a-46cd-9a38-7c7d49390c44","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered","page_number":103,"box":{"x":116,"y":577,"width":771,"height":12}},{"id":"1d482ec0-8bc4-4dbb-a358-b1193d7390f7","block_type":"box","text":"call options on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options","page_number":103,"box":{"x":116,"y":592,"width":752,"height":13}},{"id":"9f01d8f3-98d4-46e2-aa51-91a2f31502a6","block_type":"box","text":"involve substantial currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":103,"box":{"x":117,"y":608,"width":651,"height":12}},{"id":"1a2ca119-fbcf-4027-af9c-b7fb2667720d","block_type":"box","text":"Currency Swaps.","page_number":103,"box":{"x":117,"y":642,"width":131,"height":12}},{"id":"5868c907-9763-4dcc-83d7-fc915d1bdcf0","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency","page_number":103,"box":{"x":248,"y":642,"width":557,"height":12}},{"id":"618d470c-16f9-4167-b9a8-4c9e914f891b","block_type":"box","text":"fluctuations or to hedge portfolio positions. Currency swaps are transactions in which one currency is","page_number":103,"box":{"x":116,"y":658,"width":754,"height":12}},{"id":"91609086-e4f6-4f2a-97de-ac48ea380bae","block_type":"box","text":"simultaneously bought for a second currency on a spot basis and sold for the second currency on a","page_number":103,"box":{"x":116,"y":673,"width":737,"height":12}},{"id":"833f9c5a-6ae2-4596-84ed-3356ba85da6d","block_type":"box","text":"forward basis. Currency swaps involve the exchange of the rights of a Fund and another party to make","page_number":103,"box":{"x":116,"y":689,"width":762,"height":12}},{"id":"353950a2-f783-45d7-9dd2-9a22aa1c55b2","block_type":"box","text":"or receive payments in specified currencies, and typically require the delivery of the entire principal","page_number":103,"box":{"x":116,"y":704,"width":732,"height":12}},{"id":"bbdd9e43-d739-42f5-9d35-f54d700df172","block_type":"box","text":"value of one designated currency in exchange for the other designated currency. As a result, the entire","page_number":103,"box":{"x":116,"y":720,"width":763,"height":12}},{"id":"d2d08703-a7b3-4380-8f96-886b530d17e6","block_type":"box","text":"principal value of a currency swap is subject to the risk that the other party to the swap will default on","page_number":103,"box":{"x":117,"y":735,"width":747,"height":12}},{"id":"8b37ba40-ce3c-4f44-b34e-7f29da06a185","block_type":"box","text":"its contractual delivery obligations.","page_number":103,"box":{"x":117,"y":751,"width":254,"height":12}},{"id":"4dc04245-a109-444f-9cf0-9a6866a448e6","block_type":"box","text":"Distressed Securities.","page_number":103,"box":{"x":116,"y":785,"width":174,"height":9}},{"id":"dc8b1b82-2a40-471a-b2e6-d2025cee3c78","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary","page_number":103,"box":{"x":296,"y":785,"width":565,"height":12}},{"id":"10723df2-6557-45df-99a6-15b49f9c1433","block_type":"box","text":"market, that are the subject of bankruptcy proceedings or otherwise in default or in risk of being in","page_number":103,"box":{"x":117,"y":800,"width":724,"height":12}},{"id":"b7fb861d-9c67-4b99-b2f5-13c98d74a17f","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are","page_number":103,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"015fc13e-3b1b-4db7-a009-4bf8530ab64a","block_type":"box","text":"rated in the lower rating categories by one or more nationally recognized statistical rating organizations","page_number":103,"box":{"x":117,"y":831,"width":768,"height":12}},{"id":"ca1da8ed-0d0c-4962-b3f5-900d72a36267","block_type":"box","text":"(for example, Ca or lower by Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the","page_number":103,"box":{"x":117,"y":847,"width":715,"height":12}},{"id":"f2e58a27-20f8-4523-987c-69b022e381b2","block_type":"box","text":"judgment of the Manager of equivalent quality (“Distressed Securities”). Investment in Distressed","page_number":103,"box":{"x":115,"y":862,"width":725,"height":12}},{"id":"82b0d0f8-854c-4a4c-83c1-3de34f451a39","block_type":"box","text":"Securities is speculative and involves significant risks.","page_number":103,"box":{"x":116,"y":878,"width":405,"height":12}},{"id":"3f674d29-457d-4702-95c2-2f79fee18cde","block_type":"box","text":"II-32","page_number":103,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"27975e64-928a-432d-97a1-adc99cada679","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":103,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e70eb152-384b-4e19-bbbe-98ec24ab53a3","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely","page_number":104,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"7ae605a9-2e80-46ff-9d96-6cb88a32be50","block_type":"box","text":"that the issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan","page_number":104,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"cd74fe47-c571-4be4-9b85-3f9286797d74","block_type":"box","text":"of reorganization pursuant to which the Fund will receive new securities in return for the Distressed","page_number":104,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"06d783cb-c558-4b75-927d-32df7eecbee7","block_type":"box","text":"Securities. However, there can be no assurance that such an exchange offer will be made or that such","page_number":104,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"dfcf8fc1-65f5-4ab9-9fba-84c2901251eb","block_type":"box","text":"a plan of reorganization will be adopted. In addition, a significant period of time may pass between the","page_number":104,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"49104ef9-bacc-4ab6-bdcc-2997407f1cec","block_type":"box","text":"time at which a Fund makes its investment in Distressed Securities and the time that any such","page_number":104,"box":{"x":116,"y":165,"width":704,"height":12}},{"id":"7f352475-7d99-480b-a7f9-9bb47b54794d","block_type":"box","text":"exchange offer or plan of reorganization is completed. During this period, it is unlikely that a Fund will","page_number":104,"box":{"x":116,"y":180,"width":756,"height":12}},{"id":"20cbaeba-da3b-4ac0-99f3-5b7fc08ea19e","block_type":"box","text":"receive any interest payments on the Distressed Securities, the Fund will be subject to significant","page_number":104,"box":{"x":117,"y":196,"width":725,"height":12}},{"id":"472ae82c-ea09-462f-9393-f058b50cf4f9","block_type":"box","text":"uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":104,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"09cffc76-7c44-4ec6-8a93-ebf1b15613a5","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment.","page_number":104,"box":{"x":117,"y":227,"width":741,"height":12}},{"id":"deac07d7-21d0-409b-ab68-deb809144239","block_type":"box","text":"Therefore, to the extent the Fund seeks capital appreciation through investment in distressed","page_number":104,"box":{"x":116,"y":242,"width":696,"height":12}},{"id":"1712daea-a356-4569-af5d-e626c561f889","block_type":"box","text":"securities, the Fund’s ability to achieve current income for its shareholders may be diminished. The","page_number":104,"box":{"x":116,"y":258,"width":740,"height":12}},{"id":"596f8b74-783e-43e9-afc8-879970489b5c","block_type":"box","text":"Fund also will be subject to significant uncertainty as to when and in what manner and for what value","page_number":104,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"905c72b9-b443-4921-98d0-7eea03c5b94d","block_type":"box","text":"the obligations evidenced by the distressed securities will eventually be satisfied (","page_number":104,"box":{"x":116,"y":289,"width":605,"height":12}},{"id":"3dd6f8d4-5a2d-4023-ab96-4b96a562f563","block_type":"box","text":"e.g.","page_number":104,"box":{"x":723,"y":291,"width":25,"height":10}},{"id":"61485a91-7792-4319-8314-36149a141503","block_type":"box","text":", through a","page_number":104,"box":{"x":751,"y":289,"width":84,"height":12}},{"id":"6767738e-0787-4f32-881a-738291540aba","block_type":"box","text":"liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed","page_number":104,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"10f5f337-2eb1-4502-b3c4-faf261d75d9d","block_type":"box","text":"securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":104,"box":{"x":116,"y":320,"width":757,"height":12}},{"id":"2cab0755-2634-48fc-8d63-02134bc251de","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there","page_number":104,"box":{"x":117,"y":335,"width":754,"height":12}},{"id":"71263e25-2cb5-4b99-8632-8c705d708035","block_type":"box","text":"can be no assurance that the securities or other assets received by a Fund in connection with such","page_number":104,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"b1fa3a3a-b8b7-4c9b-97f9-1d9cafa78625","block_type":"box","text":"exchange offer or plan of reorganization will not have a lower value or income potential than may have","page_number":104,"box":{"x":116,"y":366,"width":765,"height":12}},{"id":"74dcc497-724e-4fd0-8f14-59b4df639ecd","block_type":"box","text":"been anticipated when the investment was made or no value. Moreover, any securities received by a","page_number":104,"box":{"x":117,"y":382,"width":753,"height":12}},{"id":"fdecec17-4a35-4bdc-bb32-7fc47c1749c6","block_type":"box","text":"Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale.","page_number":104,"box":{"x":117,"y":397,"width":745,"height":12}},{"id":"8c9eb0e3-e001-4989-920e-9f9531f23d3f","block_type":"box","text":"Similarly, if a Fund participates in negotiations with respect to any exchange offer or plan of","page_number":104,"box":{"x":116,"y":413,"width":683,"height":12}},{"id":"7a226d40-1c0d-46a0-b46d-0ae6357d631c","block_type":"box","text":"reorganization with respect to an issuer of Distressed Securities, the Fund may be restricted from","page_number":104,"box":{"x":117,"y":428,"width":726,"height":12}},{"id":"8fc2a1ba-461d-4319-b432-165dbf50dfce","block_type":"box","text":"disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":104,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"d9f1aae8-81b8-4b60-bddd-3ff1d56a3861","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by","page_number":104,"box":{"x":117,"y":459,"width":752,"height":12}},{"id":"4b26252a-b7d5-4b33-b094-67b33ccf644e","block_type":"box","text":"an investor. The Fund, however, will not make investments for the purpose of exercising day-to-day","page_number":104,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"68d6b2c5-d0b7-4696-a096-fa6ed969d2d8","block_type":"box","text":"management of any issuer’s affairs.","page_number":104,"box":{"x":117,"y":490,"width":269,"height":12}},{"id":"fdabdabf-2ccd-4d5b-b1a4-94446f2e7bdc","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":104,"box":{"x":116,"y":521,"width":472,"height":12}},{"id":"1ee06497-bd56-4bc9-9e2f-c129091bb567","block_type":"box","text":". Although a Fund does not seek to","page_number":104,"box":{"x":590,"y":521,"width":264,"height":12}},{"id":"6009800a-0574-4f4e-8684-02bf02d4969b","block_type":"box","text":"implement a specific sustainability objective, strategy or process unless disclosed in its Prospectus,","page_number":104,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"e665e4c4-c4b3-409f-8707-2a8f5e8a6a1d","block_type":"box","text":"Fund management will consider ESG factors as part of the investment process for the Fund. Fund","page_number":104,"box":{"x":117,"y":552,"width":733,"height":12}},{"id":"3ad39df5-0482-44aa-9a79-b7814e497246","block_type":"box","text":"management views ESG integration as the practice of incorporating financially material ESG data or","page_number":104,"box":{"x":117,"y":568,"width":747,"height":12}},{"id":"8a2ce8e8-4065-4380-a32a-fdd051d6bdb6","block_type":"box","text":"information into investment processes with the objective of enhancing risk-adjusted returns. These","page_number":104,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"b82d8b26-38e1-4dc6-876b-c8628a4cea80","block_type":"box","text":"ESG considerations will vary depending on a Fund’s particular investment strategies and may include","page_number":104,"box":{"x":117,"y":599,"width":757,"height":12}},{"id":"41fd2298-edd1-44e1-b6fa-294565ef99ff","block_type":"box","text":"consideration of third-party research as well as consideration of proprietary BlackRock research across","page_number":104,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"a0c346f9-9a20-4365-81cb-b7dc713aae6d","block_type":"box","text":"the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":104,"box":{"x":116,"y":630,"width":725,"height":12}},{"id":"2a7439cf-1b55-488f-a09e-1788a49339e7","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be","page_number":104,"box":{"x":117,"y":645,"width":738,"height":12}},{"id":"066307f5-b7c0-4927-9800-27304eae37c1","block_type":"box","text":"relevant with respect to all issuers that are eligible for investment.","page_number":104,"box":{"x":117,"y":661,"width":484,"height":12}},{"id":"5be960e4-d229-4750-af6b-82533c5ce14e","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While","page_number":104,"box":{"x":117,"y":692,"width":764,"height":12}},{"id":"aeb626cc-5136-4ec9-8248-004a6340d46d","block_type":"box","text":"Fund management views ESG considerations as having the potential to contribute to a Fund’s long","page_number":104,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"330a33eb-09a1-424a-9808-654b8261031b","block_type":"box","text":"term performance, there is no guarantee that such results will be achieved.","page_number":104,"box":{"x":116,"y":723,"width":555,"height":12}},{"id":"b2e9fe84-0ca5-407f-9de1-c20d326fcd0b","block_type":"box","text":"Equity Securities.","page_number":104,"box":{"x":116,"y":754,"width":140,"height":12}},{"id":"b28fecfb-bea7-4c43-a765-3b2c0f975bfb","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for","page_number":104,"box":{"x":263,"y":754,"width":618,"height":12}},{"id":"312ee3ef-63a9-4c28-8ae5-441454d2421d","block_type":"box","text":"certain Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants","page_number":104,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"4382b654-a52c-4d4c-809d-a01b9b03e7e6","block_type":"box","text":"and rights; equity interests in trusts; general and limited partnerships and limited liability companies;","page_number":104,"box":{"x":116,"y":785,"width":739,"height":12}},{"id":"245db545-67c0-41f6-9520-bd2a85851dcf","block_type":"box","text":"and depositary receipts. Stock markets are volatile. The price of equity securities will fluctuate and can","page_number":104,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"00a9ee2b-4cfc-4f4a-87f0-eea5560f0a8d","block_type":"box","text":"decline and reduce the value of a portfolio investing in equities. The price of equity securities fluctuates","page_number":104,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"ee6876b8-f99e-4f9a-acb9-048153801667","block_type":"box","text":"based on changes in a company’s financial condition and overall market and economic conditions. The","page_number":104,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"daf1396f-10fd-46b7-bbd2-723310eb7221","block_type":"box","text":"value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":104,"box":{"x":116,"y":847,"width":695,"height":12}},{"id":"28762dea-b008-4a81-9aa5-2b61afbc9058","block_type":"box","text":"companies the Fund invests in decline or if overall market and economic conditions deteriorate. They","page_number":104,"box":{"x":116,"y":862,"width":755,"height":12}},{"id":"724d87f0-505f-4551-92f8-c55f6fc40946","block_type":"box","text":"may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":104,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"9502d66d-830b-4e98-a8aa-858f80b5d37a","block_type":"box","text":"II-33","page_number":104,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"76ab534d-9877-41fa-943a-d89bfca835fa","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":104,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1e04bb6e-2b92-4d02-af3b-f88cc59dcb99","block_type":"box","text":"increase in production costs and competitive conditions within an industry. In addition, they may","page_number":105,"box":{"x":117,"y":87,"width":714,"height":12}},{"id":"78adc4e5-d49c-4d5e-87de-2f9ab3c108a0","block_type":"box","text":"decline due to general market conditions that are not specifically related to a company or industry,","page_number":105,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"425b1604-8a0a-473e-9a4e-c5593941332b","block_type":"box","text":"such as real or perceived adverse economic conditions, changes in the general outlook for corporate","page_number":105,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"1c29dd44-2f27-447a-b94f-7ced557440f8","block_type":"box","text":"earnings, changes in interest or currency rates or generally adverse investor sentiment.","page_number":105,"box":{"x":116,"y":134,"width":654,"height":12}},{"id":"72f4b648-1a41-407f-8574-87d75e301191","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public","page_number":105,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"5305392d-dc60-4974-ab4a-d43baca846ab","block_type":"box","text":"offerings (“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for","page_number":105,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"d42c3470-e0fe-4d60-bb21-88e34532cb86","block_type":"box","text":"certain Funds. There is no assurance that any Fund will have continued access to profitable IPOs and","page_number":105,"box":{"x":116,"y":196,"width":761,"height":12}},{"id":"63e13103-3b0e-4ec4-8304-748bc8514d73","block_type":"box","text":"therefore investors should not rely on these past gains as an indication of future performance. The","page_number":105,"box":{"x":116,"y":211,"width":734,"height":12}},{"id":"3a0b45ab-fdbf-4878-be82-e1e965722811","block_type":"box","text":"investment performance of a Fund during periods when it is unable to invest significantly or at all in","page_number":105,"box":{"x":117,"y":227,"width":738,"height":12}},{"id":"ff837890-da29-4317-aebf-8dffc26cb502","block_type":"box","text":"IPOs may be lower than during periods when it is able to do so. In addition, as a Fund increases in","page_number":105,"box":{"x":117,"y":242,"width":736,"height":12}},{"id":"1a07428c-4570-4047-8a38-18c00cd07179","block_type":"box","text":"size, the impact of IPOs on its performance will generally decrease. Securities issued in IPOs are","page_number":105,"box":{"x":116,"y":258,"width":727,"height":12}},{"id":"5405bd9a-8f6f-4daa-b78f-e919b41c24f6","block_type":"box","text":"subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":105,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"f8afbd83-3275-4bbf-8d0c-91b809cedf6b","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be","page_number":105,"box":{"x":116,"y":289,"width":713,"height":12}},{"id":"8d2a8964-3793-46bc-ac10-fbac8dd44160","block_type":"box","text":"available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile","page_number":105,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"70f7c47f-451d-4456-bda5-05ae44fc3b35","block_type":"box","text":"or may decline shortly after the initial public offering.","page_number":105,"box":{"x":116,"y":320,"width":392,"height":12}},{"id":"d80b766b-d3b4-449e-98f4-542b5d1854e7","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These","page_number":105,"box":{"x":116,"y":351,"width":685,"height":12}},{"id":"5cade473-2b02-4396-9833-372bc81fadb4","block_type":"box","text":"organizations will normally have more limited product lines, markets and financial resources and will be","page_number":105,"box":{"x":116,"y":366,"width":769,"height":12}},{"id":"7cde8c3b-3c2a-41c7-8ffd-523731a36304","block_type":"box","text":"dependent upon a more limited management group than larger capitalized companies. In addition, it is","page_number":105,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"efa89244-959e-43fb-bc4c-66610d2c40af","block_type":"box","text":"more difficult to get information on smaller companies, which tend to be less well known, have shorter","page_number":105,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"b969f38b-fe73-461c-895f-0181182d5d31","block_type":"box","text":"operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":105,"box":{"x":116,"y":413,"width":758,"height":12}},{"id":"abc2f050-07ed-4231-8af5-3de3e87b8139","block_type":"box","text":"few securities analysts. The securities of smaller capitalized companies are often traded in the OTC","page_number":105,"box":{"x":116,"y":428,"width":744,"height":12}},{"id":"5ba99449-a69b-4aa4-bf0b-cc3ef65aca60","block_type":"box","text":"markets and may have fewer market makers and wider price spreads. This may result in greater price","page_number":105,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"ee049d40-cceb-4531-8d26-c61d553ec032","block_type":"box","text":"movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":105,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"1f371f15-4150-4363-94a9-5ab9d549fbdb","block_type":"box","text":"more established companies.","page_number":105,"box":{"x":117,"y":475,"width":222,"height":12}},{"id":"71c02f61-de52-403e-9b7c-d516abb65206","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks","page_number":105,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"db91fecf-0717-43e7-93d4-f3a529e78674","block_type":"box","text":"associated with investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds","page_number":105,"box":{"x":116,"y":521,"width":754,"height":12}},{"id":"d3f42377-8cb3-4e28-a3e0-b13b2b1589d4","block_type":"box","text":"may also invest in shares of private companies, which are subject to the risks of “Illiquid Investments”","page_number":105,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"893fc80e-091e-499d-b72d-abf9c720bdf6","block_type":"box","text":"and “Restricted Securities” described below.","page_number":105,"box":{"x":116,"y":552,"width":334,"height":10}},{"id":"2cea35a7-71ff-40b7-87db-4d38541d00a0","block_type":"box","text":"Real Estate-Related Securities.","page_number":105,"box":{"x":116,"y":583,"width":232,"height":10}},{"id":"3884968e-e633-4969-a061-162a4c07649b","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may","page_number":105,"box":{"x":349,"y":583,"width":535,"height":12}},{"id":"6e518bfd-1fee-4b19-9b98-ca9b019d5c0e","block_type":"box","text":"invest in equity securities of issuers that are principally engaged in the real estate industry. Such","page_number":105,"box":{"x":117,"y":599,"width":719,"height":12}},{"id":"ca4e6aa7-26c7-4604-9bb8-ab658b60576d","block_type":"box","text":"investments are subject to certain risks associated with the ownership of real estate and with the real","page_number":105,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"a783d719-80aa-4d46-a345-aaa14ae97b9a","block_type":"box","text":"estate industry in general. These risks include, among others: possible declines in the value of real","page_number":105,"box":{"x":116,"y":630,"width":738,"height":12}},{"id":"b2efa9fa-02d5-4fd5-b405-57c312666da4","block_type":"box","text":"estate; risks related to general and local economic conditions; possible lack of availability of mortgage","page_number":105,"box":{"x":116,"y":645,"width":760,"height":12}},{"id":"baea6739-b78f-4714-86d8-9d7788ce2846","block_type":"box","text":"funds or other limitations on access to capital; overbuilding; risks associated with leverage; market","page_number":105,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"e63d8484-462e-464b-9f8f-8893fc2b1335","block_type":"box","text":"illiquidity; extended vacancies of properties; increase in competition, property taxes, capital","page_number":105,"box":{"x":117,"y":676,"width":673,"height":12}},{"id":"225dc700-6766-43c2-b026-d247fd6d454d","block_type":"box","text":"expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":105,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"0c444e31-4b3a-48fe-a2d3-a580a9704030","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental","page_number":105,"box":{"x":117,"y":707,"width":740,"height":12}},{"id":"c893f3be-74d1-4754-9087-9638e8b0ef87","block_type":"box","text":"problems; tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured","page_number":105,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"fe2b4202-1a8a-4474-8c10-b8773ec5f87f","block_type":"box","text":"damages from floods, earthquakes or other natural disasters; limitations on and variations in rents,","page_number":105,"box":{"x":116,"y":738,"width":730,"height":12}},{"id":"570a2ea5-6b2f-4cd1-8b4a-d71b8a62c518","block_type":"box","text":"including decreases in market rates for rents; investment in developments that are not completed or","page_number":105,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"6d4ea2d3-cc6e-4b40-a790-949c2b12e6c2","block_type":"box","text":"that are subject to delays in completion; and changes in interest rates. To the extent that assets","page_number":105,"box":{"x":116,"y":769,"width":710,"height":12}},{"id":"a98bfd52-1a26-4379-879e-209ca46bff35","block_type":"box","text":"underlying a Fund’s investments are concentrated geographically, by property type or in certain other","page_number":105,"box":{"x":117,"y":785,"width":750,"height":12}},{"id":"2dc00ca9-abe6-485f-9502-b08662180793","block_type":"box","text":"respects, the Fund may be subject to certain of the foregoing risks to a greater extent. Investments by","page_number":105,"box":{"x":117,"y":800,"width":755,"height":12}},{"id":"1f917f9f-d39b-4de5-baa4-b855c039dfa0","block_type":"box","text":"a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":105,"box":{"x":116,"y":816,"width":750,"height":12}},{"id":"e302c5d1-3a5c-455e-b7e9-e8a289823f35","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":105,"box":{"x":116,"y":831,"width":399,"height":12}},{"id":"75a77c4d-fd7b-48c4-8f95-b6849436e931","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as","page_number":105,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"4e5622dd-680c-4d7c-a8fe-37040e5581c7","block_type":"box","text":"a result of a default on securities the Fund owns, the receipt of such income may adversely affect the","page_number":105,"box":{"x":116,"y":878,"width":755,"height":12}},{"id":"17e13d82-9bd3-4db2-95a4-f58cc7b4b8c1","block_type":"box","text":"II-34","page_number":105,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1c3a2c9f-fbf6-4c28-857d-32d5b098e2fb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":105,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d2825868-3d86-41ae-936c-6bd116fbb0a8","block_type":"box","text":"Fund’s ability to retain its tax status as a regulated investment company because of certain income","page_number":106,"box":{"x":117,"y":87,"width":737,"height":12}},{"id":"9306420a-209e-47ce-aa15-9d697a1ea55e","block_type":"box","text":"source requirements applicable to regulated investment companies under the Internal Revenue Code","page_number":106,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"f09b5fec-f76a-4b49-bfa9-a6b3a99b3473","block_type":"box","text":"of 1986, as amended (the “Code”).","page_number":106,"box":{"x":116,"y":118,"width":263,"height":12}},{"id":"20e5f0ac-daef-429f-bad6-4c1d234ed527","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":106,"box":{"x":117,"y":151,"width":401,"height":12}},{"id":"f1a23342-38b7-48f8-9cde-39110f461523","block_type":"box","text":"Investment in smaller or emerging growth","page_number":106,"box":{"x":520,"y":151,"width":318,"height":12}},{"id":"8f45347a-8901-4d64-8ba9-09d972aa71c4","block_type":"box","text":"companies involves greater risk than is customarily associated with investments in more established","page_number":106,"box":{"x":116,"y":167,"width":749,"height":12}},{"id":"b484854e-f2a0-46f4-b8b7-91cb331e7998","block_type":"box","text":"companies. The securities of smaller or emerging growth companies may be subject to more abrupt or","page_number":106,"box":{"x":116,"y":182,"width":765,"height":12}},{"id":"eea156a0-79a7-481c-a5ee-ae4ae044c4b0","block_type":"box","text":"erratic market movements than larger, more established companies or the market average in general.","page_number":106,"box":{"x":116,"y":198,"width":761,"height":12}},{"id":"958578bf-9fc3-4a5c-bf39-ebfdd166bf44","block_type":"box","text":"These companies may have limited product lines, markets or financial resources, or they may be","page_number":106,"box":{"x":116,"y":213,"width":723,"height":12}},{"id":"2487dc1d-de0a-4fb4-86ab-35851764efe2","block_type":"box","text":"dependent on a limited management group.","page_number":106,"box":{"x":116,"y":229,"width":330,"height":12}},{"id":"7284d41c-b3b2-4405-9875-d96756fdb57f","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":106,"box":{"x":117,"y":262,"width":727,"height":12}},{"id":"5cd91f85-fc5c-4780-93a6-5d85534deb42","block_type":"box","text":"considered speculative. Full development of these companies and trends frequently takes time.","page_number":106,"box":{"x":116,"y":277,"width":713,"height":12}},{"id":"3776c778-6851-4548-862d-48947f90f15c","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional","page_number":106,"box":{"x":116,"y":310,"width":762,"height":12}},{"id":"c3f1ca7c-e4f7-4519-9a1d-8951ff9d4764","block_type":"box","text":"securities exchange and may not be traded every day or in the volume typical of trading on a national","page_number":106,"box":{"x":116,"y":325,"width":757,"height":12}},{"id":"d8bcce54-bb6b-4e4a-a77c-92598dcc26e3","block_type":"box","text":"securities exchange. As a result, the disposition by a Fund of portfolio securities to meet redemptions","page_number":106,"box":{"x":116,"y":341,"width":756,"height":12}},{"id":"5083119c-b5e5-4a49-90b4-4ad52e8291b5","block_type":"box","text":"or otherwise may require the Fund to make many small sales over a lengthy period of time, or to sell","page_number":106,"box":{"x":116,"y":356,"width":749,"height":12}},{"id":"7a25c5b1-553c-436e-bad2-e52de5ece885","block_type":"box","text":"these securities at a discount from market prices or during periods when, in Fund management’s","page_number":106,"box":{"x":116,"y":372,"width":722,"height":12}},{"id":"23bb2e8c-1c8d-4c53-8644-8c6c41e4a941","block_type":"box","text":"judgment, such disposition is not desirable.","page_number":106,"box":{"x":115,"y":388,"width":326,"height":11}},{"id":"0b9ca6fd-8706-4514-9f06-517af7aa3817","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee","page_number":106,"box":{"x":116,"y":420,"width":714,"height":12}},{"id":"d9065a44-edc6-4182-ae3c-d7bbca7b2a49","block_type":"box","text":"successful investment results. Careful initial selection is particularly important in this area as many new","page_number":106,"box":{"x":116,"y":436,"width":770,"height":12}},{"id":"370680e6-34b4-469e-bd5b-5e566c4b887a","block_type":"box","text":"enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in","page_number":106,"box":{"x":116,"y":451,"width":767,"height":12}},{"id":"46e8cbbf-7fe5-4cbb-b1ea-71fb0e0c0d59","block_type":"box","text":"small cap and emerging growth companies requires specialized research and analysis.","page_number":106,"box":{"x":116,"y":467,"width":651,"height":12}},{"id":"3c37f4df-291e-4e0e-ae8a-c5dfa1fde3ea","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into","page_number":106,"box":{"x":117,"y":500,"width":753,"height":12}},{"id":"8c907134-b7dc-4b43-b2ef-1166e9eaa6bc","block_type":"box","text":"significant business enterprises. A Fund may invest in securities of small issuers in the relatively early","page_number":106,"box":{"x":116,"y":515,"width":759,"height":12}},{"id":"a0267a2f-a5fd-4c80-8cb4-1d658b807313","block_type":"box","text":"stages of business development that have a new technology, a unique or proprietary product or","page_number":106,"box":{"x":116,"y":531,"width":714,"height":12}},{"id":"60cd529b-2016-4827-8abf-fdb4b4bd8cb8","block_type":"box","text":"service, or a favorable market position.","page_number":106,"box":{"x":116,"y":546,"width":294,"height":12}},{"id":"0b642ae9-6895-4bf7-8d7c-7facac3e787e","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":106,"box":{"x":117,"y":579,"width":757,"height":12}},{"id":"079770dd-81b1-43ab-b4c6-3e7626145495","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying","page_number":106,"box":{"x":116,"y":595,"width":763,"height":12}},{"id":"1a03336c-53af-49b1-9a87-05b3f459cc3d","block_type":"box","text":"stages of their business development. The market valuation of small cap issuers tends to fluctuate","page_number":106,"box":{"x":116,"y":610,"width":734,"height":12}},{"id":"e3283686-4af7-4c12-a80f-b8b8aead9f42","block_type":"box","text":"during economic or market cycles.","page_number":106,"box":{"x":116,"y":626,"width":260,"height":12}},{"id":"e8b7f675-6f25-4f9b-9184-802bffa6a7cc","block_type":"box","text":"Tracking Stocks.","page_number":106,"box":{"x":118,"y":659,"width":120,"height":12}},{"id":"6ae19366-e94a-49fc-8d32-093695f75d57","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a","page_number":106,"box":{"x":240,"y":659,"width":601,"height":12}},{"id":"9f33eddf-9168-4683-9399-a361d3f63d9c","block_type":"box","text":"specific business unit or operating division within a larger company and is designed to “track” the","page_number":106,"box":{"x":116,"y":674,"width":718,"height":12}},{"id":"9f243b5d-5181-4e62-9db6-d0e39f23df70","block_type":"box","text":"performance of such business unit or division. The tracking stock may pay dividends to shareholders","page_number":106,"box":{"x":117,"y":690,"width":746,"height":12}},{"id":"ba70acf4-cf0a-4e82-b7c7-2283478e8af3","block_type":"box","text":"independent of the parent company. The parent company, rather than the business unit or division,","page_number":106,"box":{"x":117,"y":705,"width":733,"height":12}},{"id":"cf3ce6f9-a862-465e-a60b-1e0583ae68c4","block_type":"box","text":"generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same","page_number":106,"box":{"x":116,"y":721,"width":763,"height":12}},{"id":"44c2a489-2a36-4219-aaef-87d5aaab7590","block_type":"box","text":"rights as holders of the company’s common stock.","page_number":106,"box":{"x":117,"y":736,"width":371,"height":12}},{"id":"102f9941-f08f-4b7c-8553-78ed7f3500ea","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":106,"box":{"x":116,"y":769,"width":271,"height":12}},{"id":"5904683a-b3a3-47bd-aea4-e1e5daf85914","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes","page_number":106,"box":{"x":394,"y":769,"width":453,"height":12}},{"id":"e35d6a43-e8f5-4ad6-8087-028b956dfd66","block_type":"box","text":"representing debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and","page_number":106,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"b618fd42-d048-4452-9613-595004a60d71","block_type":"box","text":"ETFs. An ETN’s returns are based on the performance of one or more underlying assets, reference","page_number":106,"box":{"x":117,"y":800,"width":737,"height":12}},{"id":"b5a4b49b-ea98-451e-a6f5-0d2b754f737c","block_type":"box","text":"rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and","page_number":106,"box":{"x":117,"y":816,"width":724,"height":12}},{"id":"8a1593f1-a5a6-4179-abba-0a5482dd4aea","block_type":"box","text":"traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN’s maturity,","page_number":106,"box":{"x":116,"y":831,"width":767,"height":12}},{"id":"8fbf82fd-1c13-43db-b27f-74e44ac7e48f","block_type":"box","text":"at which time the issuer will pay a return linked to the performance of the specific asset, index or rate","page_number":106,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"cbca59f6-4b9e-4a8e-8996-1ee20f90319f","block_type":"box","text":"(“reference instrument”) to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do","page_number":106,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"5a4f5542-4a56-400c-b68a-e71f58d06981","block_type":"box","text":"not make periodic interest payments, and principal is not protected.","page_number":106,"box":{"x":117,"y":878,"width":503,"height":12}},{"id":"c3b1cff6-87e5-4d57-9e6b-d2f92b54fe35","block_type":"box","text":"II-35","page_number":106,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f17092a3-5ecd-4ffb-b613-9ab2fd131297","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":106,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2dd310ac-4c7b-430a-a77b-00a0e5451a63","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and","page_number":107,"box":{"x":116,"y":87,"width":749,"height":12}},{"id":"d6257ca7-b908-4b8a-8181-551b8f97c38f","block_type":"box","text":"demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable","page_number":107,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"cf49875e-8165-43da-adf5-f41bd3e079f6","block_type":"box","text":"interest rates, the performance of the reference instrument, changes in the issuer’s credit rating and","page_number":107,"box":{"x":117,"y":118,"width":745,"height":12}},{"id":"da1b949d-6698-4ca2-bd2a-3b488aea70b4","block_type":"box","text":"economic, legal, political or geographic events that affect the reference instrument. ETNs are subject to","page_number":107,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"84ecbde0-69de-412e-a7f2-28fc1d22821a","block_type":"box","text":"credit risk and the value of the ETN may drop due to a downgrade in an issuer’s credit rating, despite","page_number":107,"box":{"x":116,"y":149,"width":755,"height":12}},{"id":"03193b91-9247-4b56-be6c-9f38284539c3","block_type":"box","text":"the underlying reference instrument remaining unchanged. When a Fund invests in ETNs, it will bear","page_number":107,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"6afb92b9-410b-43bd-a4ac-a8e9e3c25467","block_type":"box","text":"its proportionate share of any fees and expenses borne by the ETN.","page_number":107,"box":{"x":117,"y":180,"width":509,"height":12}},{"id":"52863a6e-57c8-417f-a879-7d9d48ccf160","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference","page_number":107,"box":{"x":116,"y":212,"width":720,"height":12}},{"id":"a9102ad0-880e-4db0-8f0a-2cc6a5b37f27","block_type":"box","text":"instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument.","page_number":107,"box":{"x":117,"y":227,"width":740,"height":13}},{"id":"d177cf4c-8789-43e8-9741-da19dd4d49ce","block_type":"box","text":"Some ETNs that use leverage may, at times, be illiquid and","page_number":107,"box":{"x":116,"y":243,"width":446,"height":12}},{"id":"6fd5aa81-fd82-47ca-876f-4b6a1b536d58","block_type":"box","text":"may be difficult to purchase or sell at a fair","page_number":107,"box":{"x":563,"y":243,"width":319,"height":12}},{"id":"0836847c-28c1-443d-babc-c577fe5014fa","block_type":"box","text":"price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form.","page_number":107,"box":{"x":117,"y":259,"width":751,"height":12}},{"id":"299d34f2-132d-42c0-bfb5-b4bca4e820c5","block_type":"box","text":"While leverage allows for greater potential return, the potential for loss is also greater. Finally,","page_number":107,"box":{"x":116,"y":274,"width":700,"height":12}},{"id":"ecef72dd-fdbd-4441-9805-c4dd2f951d3a","block_type":"box","text":"additional losses may be incurred if the investment loses value because, in addition to the money lost","page_number":107,"box":{"x":116,"y":290,"width":757,"height":12}},{"id":"d180f518-3de8-453d-af68-74692fc46baa","block_type":"box","text":"on the investment, the loan still needs to be repaid.","page_number":107,"box":{"x":116,"y":305,"width":384,"height":12}},{"id":"db406248-a90e-4a58-a517-8c021b18851f","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its","page_number":107,"box":{"x":117,"y":337,"width":685,"height":12}},{"id":"c9ead9da-ba0e-4651-8644-3dd8979978cf","block_type":"box","text":"obligations, the value of the ETN may change due to a change in the issuer’s credit rating, despite no","page_number":107,"box":{"x":116,"y":352,"width":757,"height":13}},{"id":"5371ed31-3f3d-42ac-be45-e44100d0f7f9","block_type":"box","text":"change in the underlying reference instrument. The market value of ETN shares may differ from the","page_number":107,"box":{"x":116,"y":368,"width":744,"height":12}},{"id":"20468275-85b9-4023-bd19-73f2179ae310","block_type":"box","text":"value of the reference instrument. This difference in price may be due to the fact that the supply and","page_number":107,"box":{"x":116,"y":384,"width":748,"height":12}},{"id":"b4614ad3-74d6-443b-ae06-d2b559e66b8c","block_type":"box","text":"demand in the market for ETN shares at any point in time is not always identical to the supply and","page_number":107,"box":{"x":116,"y":399,"width":732,"height":12}},{"id":"b350a1ef-316a-4c25-8b1c-97009b9f80da","block_type":"box","text":"demand in the market for the assets underlying the reference instrument that the ETN seeks to track.","page_number":107,"box":{"x":116,"y":415,"width":755,"height":12}},{"id":"91eb380c-4ebc-4f56-9480-be98b23bddac","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally","page_number":107,"box":{"x":116,"y":447,"width":761,"height":12}},{"id":"f4711b5f-93d9-4254-96c9-490a78b9ae05","block_type":"box","text":"meant to be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the","page_number":107,"box":{"x":117,"y":462,"width":728,"height":12}},{"id":"9efaf4a8-08cc-4f38-abff-37906d426541","block_type":"box","text":"availability of a secondary market. An investor in an ETN could lose some or all of the amount","page_number":107,"box":{"x":116,"y":477,"width":701,"height":13}},{"id":"2f7f6339-237f-4009-8252-69c9a0900f9f","block_type":"box","text":"invested.","page_number":107,"box":{"x":117,"y":493,"width":71,"height":10}},{"id":"882a479d-1e9d-49f7-ab85-ec2541ab3081","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a","page_number":107,"box":{"x":117,"y":525,"width":739,"height":12}},{"id":"955de785-82eb-4c4c-8ee9-cf2bc2ce510d","block_type":"box","text":"court may not uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and","page_number":107,"box":{"x":116,"y":540,"width":742,"height":13}},{"id":"d2faf853-ae20-4c41-9b64-89eb8b4e291b","block_type":"box","text":"character of income and gains derived by a Fund from investments in ETNs may be affected by future","page_number":107,"box":{"x":116,"y":556,"width":762,"height":12}},{"id":"a3644ba2-3627-4295-8954-2e3becb6eb38","block_type":"box","text":"legislation.","page_number":107,"box":{"x":117,"y":572,"width":83,"height":12}},{"id":"bf66b7f0-29e1-4d10-8dc8-e0b3849e8fc3","block_type":"box","text":"Foreign Investments.","page_number":107,"box":{"x":116,"y":604,"width":174,"height":12}},{"id":"98b69088-1e2f-4008-a664-a591843144de","block_type":"box","text":"Foreign Investment Risks.","page_number":107,"box":{"x":116,"y":627,"width":193,"height":12}},{"id":"9b72a457-63f4-410d-83c3-2660160510d0","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from","page_number":107,"box":{"x":310,"y":627,"width":540,"height":12}},{"id":"4ccf82d3-96c2-4e4f-804c-f04b0b67923a","block_type":"box","text":"issuers located in emerging market countries. These securities may be denominated in U.S. dollars or","page_number":107,"box":{"x":117,"y":643,"width":760,"height":12}},{"id":"6933908a-2aa8-4b21-bf32-a28d6c9ac4a1","block_type":"box","text":"in a foreign currency. Investing in foreign securities involves risks not typically associated with investing","page_number":107,"box":{"x":117,"y":658,"width":770,"height":12}},{"id":"8ae77d43-5b4e-49d7-8dc9-db3c58c5f046","block_type":"box","text":"in securities of companies organized and operated in the United States that can increase the chances","page_number":107,"box":{"x":117,"y":674,"width":754,"height":12}},{"id":"0a63a50f-7c27-40e5-8ae2-1f8165a0ffc1","block_type":"box","text":"that a Fund will lose money.","page_number":107,"box":{"x":116,"y":689,"width":207,"height":12}},{"id":"fac8f4ce-5258-4354-a3b8-3a8181e31a59","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be","page_number":107,"box":{"x":116,"y":721,"width":757,"height":12}},{"id":"6485aacd-a382-4dc7-b0ea-22b60b612e54","block_type":"box","text":"foreign securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are","page_number":107,"box":{"x":116,"y":737,"width":761,"height":12}},{"id":"99d9fe6a-795d-478c-b451-563e6591bbcf","block_type":"box","text":"conducted from the U.S., (ii) the company’s equity securities trade principally on a U.S. stock","page_number":107,"box":{"x":116,"y":752,"width":689,"height":12}},{"id":"8f7565ae-23be-4688-9fa1-d1abb431d4dd","block_type":"box","text":"exchange, (iii) the company does a substantial amount of business in the U.S. or (iv) the issuer of","page_number":107,"box":{"x":116,"y":768,"width":725,"height":12}},{"id":"7eb86570-f16e-479b-b8fb-aaa161d97413","block_type":"box","text":"securities is included in the Fund’s primary U.S. benchmark index.","page_number":107,"box":{"x":116,"y":783,"width":490,"height":12}},{"id":"3393abe3-74a5-4332-8cd3-105f8f57e78f","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations","page_number":107,"box":{"x":117,"y":815,"width":721,"height":12}},{"id":"28197c63-3e60-412b-a5ee-5b295d4b47cb","block_type":"box","text":"issued or guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities","page_number":107,"box":{"x":117,"y":831,"width":767,"height":12}},{"id":"dffe089a-d8ce-4562-9406-df136aee68ad","block_type":"box","text":"or political subdivisions, including a foreign state, province or municipality; (b) debt obligations of","page_number":107,"box":{"x":116,"y":846,"width":720,"height":12}},{"id":"5d0a8753-233d-492e-b3a7-0f08dbebffa2","block_type":"box","text":"supranational organizations; (c) debt obligations of foreign banks and bank holding companies;","page_number":107,"box":{"x":116,"y":862,"width":710,"height":12}},{"id":"ec38387f-403a-4bf8-8d6b-de555edfe6cf","block_type":"box","text":"(d) debt obligations of domestic banks and corporations issued in foreign currencies; (e) debt","page_number":107,"box":{"x":117,"y":877,"width":694,"height":12}},{"id":"f128de39-fe55-4a02-aed2-d22b88c3c379","block_type":"box","text":"II-36","page_number":107,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"2efdd6ff-6eb0-44c1-b453-f3751f419780","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":107,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"10a674d3-28c3-45d9-ab98-d919918f2fe1","block_type":"box","text":"obligations denominated in the Euro; and (f) foreign corporate debt securities and commercial paper.","page_number":108,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"53772be4-bebc-4ad3-9ce9-233748386140","block_type":"box","text":"Such securities may include loan participations and assignments, convertible securities and","page_number":108,"box":{"x":116,"y":102,"width":684,"height":13}},{"id":"b200456a-a000-4a88-87cb-7371f2589af2","block_type":"box","text":"zero-coupon securities.","page_number":108,"box":{"x":116,"y":118,"width":178,"height":12}},{"id":"de97510b-dcca-4977-858f-a67057da1091","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign","page_number":108,"box":{"x":117,"y":149,"width":729,"height":12}},{"id":"17252c19-d8f1-4592-9e8c-2a0f48139252","block_type":"box","text":"withholding taxes.","page_number":108,"box":{"x":116,"y":165,"width":138,"height":12}},{"id":"ecf4c6a9-a47b-462a-8331-30fae83580f4","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign","page_number":108,"box":{"x":116,"y":196,"width":715,"height":12}},{"id":"1c04c0ed-cf97-4dc6-94a5-5e974e9ed9ba","block_type":"box","text":"exchanges or in foreign markets that are closed when the securities exchange on which the Fund’s","page_number":108,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"dac83390-3835-446a-a70d-9a95406b1b4f","block_type":"box","text":"shares trade is open, there are likely to be deviations between the current price of such an underlying","page_number":108,"box":{"x":116,"y":227,"width":758,"height":12}},{"id":"99c0b80e-d354-42d0-8bb9-1882538946ba","block_type":"box","text":"security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed","page_number":108,"box":{"x":116,"y":242,"width":736,"height":12}},{"id":"f4279728-f725-422e-a680-a3ba53ff4328","block_type":"box","text":"foreign market). The impact of a closed foreign market on a Fund is likely to be greater where a large","page_number":108,"box":{"x":116,"y":258,"width":755,"height":12}},{"id":"edff7efd-4f9e-4816-b555-25fd09f80cb9","block_type":"box","text":"portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or","page_number":108,"box":{"x":117,"y":273,"width":754,"height":12}},{"id":"e1625cda-b1c2-432a-9dec-d506b9860016","block_type":"box","text":"when the foreign market is closed for unscheduled reasons. These deviations may result in premiums","page_number":108,"box":{"x":116,"y":289,"width":759,"height":12}},{"id":"e2e0c575-0a4b-4cb6-a574-e30d9ea79a37","block_type":"box","text":"or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":108,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"125d3ade-5089-4b79-b4b3-e90bf9439771","block_type":"box","text":"Foreign Market Risk.","page_number":108,"box":{"x":116,"y":335,"width":152,"height":12}},{"id":"c9df4a9f-2dcd-4b30-adc3-b0684eb85821","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more","page_number":108,"box":{"x":269,"y":335,"width":521,"height":12}},{"id":"7466e31e-2d35-4065-b879-10da8238dc3e","block_type":"box","text":"diversification than a Fund that invests only in the United States because securities traded on foreign","page_number":108,"box":{"x":116,"y":351,"width":746,"height":12}},{"id":"8c49926d-127a-43d8-8af1-f36e36e8cdf2","block_type":"box","text":"markets have often (though not always) performed differently from securities traded in the United","page_number":108,"box":{"x":117,"y":366,"width":715,"height":12}},{"id":"379bae5f-ada3-4ee9-8ed7-d0c78fb122ac","block_type":"box","text":"States. However, such investments often involve risks not present in U.S. investments that can increase","page_number":108,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"8ee51c6d-0eea-4018-848e-7a24e4a1f28c","block_type":"box","text":"the chances that a Fund will lose money. In particular, a Fund is subject to the risk that, because there","page_number":108,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"f7e8c7a5-1222-47f0-9924-b2d28ffb753c","block_type":"box","text":"are generally fewer investors on foreign exchanges and a smaller number of shares traded each day, it","page_number":108,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"b53c4b5f-f34f-4db1-bdc2-0c608e1cb50d","block_type":"box","text":"may be difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of foreign","page_number":108,"box":{"x":117,"y":428,"width":763,"height":12}},{"id":"e8837b5f-6a6d-4ab4-a531-5b5119dd7369","block_type":"box","text":"securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":108,"box":{"x":116,"y":444,"width":719,"height":12}},{"id":"5ec225fb-d3a1-479a-a1f3-0d1dd3b99e26","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of","page_number":108,"box":{"x":116,"y":459,"width":727,"height":12}},{"id":"2ec828e9-8a63-4eb2-83c7-db7e2206405c","block_type":"box","text":"punitive taxes or tariffs. In addition, economic conditions, such as volatile currency exchange rates and","page_number":108,"box":{"x":117,"y":475,"width":759,"height":12}},{"id":"7627b96b-d6b4-48ae-9e32-888aacef18d8","block_type":"box","text":"interest rates, political events, military action and other conditions may, without prior warning, lead to the","page_number":108,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"ae39f65a-ec9c-4931-8639-e48b19b5d92d","block_type":"box","text":"governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting","page_number":108,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"149c4581-4b98-443e-8830-c0133c3b7df4","block_type":"box","text":"or imposing substantial restrictions through capital controls and/or sanctions on foreign investing in the","page_number":108,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"4c09bd66-a829-48e1-9568-b1afb003f1dc","block_type":"box","text":"capital markets or certain industries in those countries. Capital controls and/or sanctions may include","page_number":108,"box":{"x":116,"y":537,"width":746,"height":12}},{"id":"17fd3c7d-f93a-4007-88d2-1d73bd4caf68","block_type":"box","text":"the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or","page_number":108,"box":{"x":116,"y":552,"width":730,"height":12}},{"id":"354657a9-8d04-4064-b3a4-b3b960ddd2a1","block_type":"box","text":"other assets and may also include retaliatory actions of one government against another government,","page_number":108,"box":{"x":116,"y":568,"width":752,"height":12}},{"id":"9ccc0b9d-6446-4d04-80e7-63c44bf64d59","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":108,"box":{"x":116,"y":583,"width":758,"height":12}},{"id":"ae75278e-385f-421c-a41f-3acb4e7bf492","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the","page_number":108,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"c1a3a243-77d6-4f44-87e9-34232317232c","block_type":"box","text":"ability to transfer the Fund’s assets or income back into the United States, and could negatively impact","page_number":108,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"251b79eb-0aef-462a-a6d1-f7848cc8e969","block_type":"box","text":"the value and/or liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the","page_number":108,"box":{"x":116,"y":630,"width":757,"height":12}},{"id":"051178b3-9bd5-407e-b05c-3e9413309bfb","block_type":"box","text":"Fund to decline in value. Other potential foreign market risks include exchange controls, difficulties in","page_number":108,"box":{"x":117,"y":645,"width":745,"height":12}},{"id":"ecdb9549-70cf-4b5c-87af-d89ea8f2ae59","block_type":"box","text":"pricing securities, defaults on foreign government securities, difficulties in enforcing favorable legal","page_number":108,"box":{"x":117,"y":661,"width":722,"height":12}},{"id":"254b2ef9-4043-4fa0-8e48-74a6fa658489","block_type":"box","text":"judgments in foreign courts, and political and social conditions, such as diplomatic relations,","page_number":108,"box":{"x":115,"y":676,"width":674,"height":12}},{"id":"1be535ff-bba5-465c-9b29-a5bfae81b131","block_type":"box","text":"confiscatory taxation, expropriation, limitation on the removal of funds or assets, or imposition of (or","page_number":108,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"b221d8d5-d399-4179-b73d-c849d9f04a85","block_type":"box","text":"change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":108,"box":{"x":116,"y":707,"width":705,"height":12}},{"id":"b72360ce-2e43-467c-bd06-dcfd2ff3b558","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign","page_number":108,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"e6574b2b-a9c1-4e60-85ff-6aa505dcdc8e","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the","page_number":108,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"4581b4f4-8d38-4782-8c2b-0c06bebd3098","block_type":"box","text":"United States or abroad could result in appreciation or depreciation of portfolio securities and could","page_number":108,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"78ebdd32-c4a7-4ca3-9eec-6d7b1b2465b4","block_type":"box","text":"favorably or adversely affect a Fund’s operations.","page_number":108,"box":{"x":116,"y":769,"width":362,"height":12}},{"id":"2b7deeda-53fe-4317-8e95-5c72ea2130d5","block_type":"box","text":"Foreign Economy Risk.","page_number":108,"box":{"x":116,"y":800,"width":172,"height":12}},{"id":"0fbb6e3d-228e-4368-b342-ebd0265fb9da","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with","page_number":108,"box":{"x":295,"y":800,"width":579,"height":12}},{"id":"d992691f-41d8-4f3e-b89f-45aabe88de23","block_type":"box","text":"that of the United States with respect to such issues as growth of gross national product, reinvestment","page_number":108,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"17ed1c83-0b2b-4cd4-8326-7a72e3c9267e","block_type":"box","text":"of capital, resources, and balance of payments position. Certain such economies may rely heavily on","page_number":108,"box":{"x":116,"y":831,"width":754,"height":12}},{"id":"c1a18240-0655-4857-9317-fe8fc0de44d2","block_type":"box","text":"particular industries or foreign capital and are more vulnerable to diplomatic developments, the","page_number":108,"box":{"x":117,"y":847,"width":707,"height":12}},{"id":"fa56017f-3f04-4d86-bdc1-8241641f181a","block_type":"box","text":"imposition of economic sanctions against a particular country or countries, changes in international","page_number":108,"box":{"x":117,"y":862,"width":737,"height":12}},{"id":"34fcbf66-19c0-46e7-aabd-beabe556f6e2","block_type":"box","text":"trading patterns, trade barriers, and other protectionist or retaliatory measures.","page_number":108,"box":{"x":116,"y":878,"width":589,"height":12}},{"id":"791da2fc-1caa-4b56-8fcb-16c0ac62d987","block_type":"box","text":"II-37","page_number":108,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"54364184-e16f-4ac9-9c5d-c9a424c5b5db","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":108,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ffd1a30b-1136-47ea-adc1-404cfe2eff87","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":109,"box":{"x":117,"y":87,"width":257,"height":12}},{"id":"e74c5441-b780-424a-8dad-3861dc196ad0","block_type":"box","text":"Because foreign securities generally are denominated and pay","page_number":109,"box":{"x":376,"y":87,"width":475,"height":12}},{"id":"a6c0cbb3-893a-4e3f-9352-ccb4522f9a3d","block_type":"box","text":"dividends or interest in foreign currencies, the value of a Fund that invests in foreign securities as","page_number":109,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"4778e162-11a7-49bb-8767-e1057c39aca5","block_type":"box","text":"measured in U.S. dollars will be affected favorably or unfavorably by changes in exchange rates.","page_number":109,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"ef777646-4e25-4913-9cd3-a2ffe98a036e","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in","page_number":109,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"a6a65428-fa71-4dae-9c8a-1501f8324d9f","block_type":"box","text":"that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S.","page_number":109,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"20e2a7a1-5669-43fd-aea7-6e2caac136f2","block_type":"box","text":"dollar decreases in value against a foreign currency, a security denominated in that currency gains","page_number":109,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"e01de20d-a497-4089-870f-baaf9f138454","block_type":"box","text":"value because the currency is worth more U.S. dollars. This risk, generally known as “currency risk,”","page_number":109,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"2a0697e3-c951-47d8-a3f5-658fd6a214fc","block_type":"box","text":"means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will","page_number":109,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"8bc0f4c6-f91c-4109-afff-608d1615be20","block_type":"box","text":"increase those returns. Currency exchange rates can also be affected unpredictably by intervention by","page_number":109,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"4bd41b35-25ee-4694-8160-68bbf5e4eddd","block_type":"box","text":"U.S. or foreign governments or central banks, or the failure to intervene, or buy currency controls or","page_number":109,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"86698907-c052-4319-b410-c733b70fbac2","block_type":"box","text":"political developments in the United States or abroad.","page_number":109,"box":{"x":117,"y":242,"width":402,"height":12}},{"id":"d21fd3a5-d2b5-4679-8a91-adb25726c33e","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":109,"box":{"x":117,"y":269,"width":487,"height":12}},{"id":"da73c840-04a2-4004-8d96-b44bdb8130e9","block_type":"box","text":"Many foreign governments","page_number":109,"box":{"x":606,"y":269,"width":208,"height":12}},{"id":"f101bf95-3036-458d-b28d-5bbd5fe60da4","block_type":"box","text":"supervise and regulate stock exchanges, brokers and the sale of securities less than does the United","page_number":109,"box":{"x":116,"y":285,"width":756,"height":12}},{"id":"b630ab3c-d104-46b9-a257-43eb5606a1be","block_type":"box","text":"States. Some countries may not have laws to protect investors comparable to the U.S. securities laws.","page_number":109,"box":{"x":116,"y":300,"width":765,"height":12}},{"id":"9ddb5b43-1217-4af8-9cb8-9722e58f9e69","block_type":"box","text":"For example, some foreign countries may have no laws or rules against insider trading. Insider trading","page_number":109,"box":{"x":117,"y":316,"width":762,"height":12}},{"id":"c15702dc-c81d-4ba9-80df-1c030b377998","block_type":"box","text":"occurs when a person buys or sells a company’s securities based on nonpublic information about that","page_number":109,"box":{"x":116,"y":331,"width":760,"height":12}},{"id":"1f002df7-0392-419f-81d8-6ff12e7630a2","block_type":"box","text":"company. Accounting standards in other countries are not necessarily the same as in the United","page_number":109,"box":{"x":116,"y":347,"width":719,"height":12}},{"id":"3d98a191-fec5-4c2a-81f7-95e053e3b61f","block_type":"box","text":"States. If the accounting standards in another country do not require as much detail as U.S. accounting","page_number":109,"box":{"x":116,"y":362,"width":771,"height":12}},{"id":"81247fcf-d64f-4754-a994-da276dc77c35","block_type":"box","text":"standards, it may be harder for Fund management to completely and accurately determine a","page_number":109,"box":{"x":116,"y":378,"width":691,"height":12}},{"id":"7df6d107-d887-498b-afde-4fdd95182e6d","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past","page_number":109,"box":{"x":116,"y":393,"width":722,"height":12}},{"id":"8c8d2112-46dd-44de-be50-38dcfcb3bd26","block_type":"box","text":"imposed restrictions, through penalties and otherwise, on foreign investments by U.S. investors such","page_number":109,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"54e46b0a-ae9f-40d5-8c6d-8ecd262612e4","block_type":"box","text":"as the Fund. If such restrictions should be reinstituted, it might become necessary for the Fund to","page_number":109,"box":{"x":116,"y":424,"width":727,"height":12}},{"id":"fcd2674e-f2d3-4575-8df3-5e3e492e7710","block_type":"box","text":"invest all or substantially all of its assets in U.S. securities. Also, brokerage commissions and other","page_number":109,"box":{"x":117,"y":440,"width":737,"height":12}},{"id":"d7ca7d41-45eb-403e-be86-baf335d59a6c","block_type":"box","text":"costs of buying or selling securities often are higher in foreign countries than they are in the United","page_number":109,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"705417d1-3fe2-444c-940b-981e5a326130","block_type":"box","text":"States. This reduces the amount the Fund can earn on its investments.","page_number":109,"box":{"x":116,"y":471,"width":532,"height":9}},{"id":"89f397a3-aed5-4d1d-94b9-4998115804df","block_type":"box","text":"Certain Risks of Holding Fund Assets Outside the United States.","page_number":109,"box":{"x":117,"y":498,"width":477,"height":12}},{"id":"3dfff2e6-8dec-4867-9bfb-6e03fa9522b1","block_type":"box","text":"A Fund generally holds its foreign","page_number":109,"box":{"x":596,"y":498,"width":259,"height":12}},{"id":"e4770d7f-bb71-4ae7-9854-851023b870c5","block_type":"box","text":"securities and cash in foreign banks and securities depositories. Some foreign banks and securities","page_number":109,"box":{"x":116,"y":513,"width":743,"height":12}},{"id":"232ea8eb-9367-4095-a879-65063c188680","block_type":"box","text":"depositories may be recently organized or new to the foreign custody business. In addition, there may","page_number":109,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"06a00052-108f-41de-b959-924880bb5e20","block_type":"box","text":"be limited or no regulatory oversight over their operations. Also, the laws of certain countries may put","page_number":109,"box":{"x":117,"y":544,"width":754,"height":12}},{"id":"0378faff-cc3b-44bd-aca2-36584b845a54","block_type":"box","text":"limits on a Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or","page_number":109,"box":{"x":117,"y":560,"width":747,"height":12}},{"id":"d29dca52-8e05-483b-9ba6-77b614f9a9a5","block_type":"box","text":"any of their agents goes bankrupt. In addition, it is often more expensive for a Fund to buy, sell and","page_number":109,"box":{"x":116,"y":575,"width":741,"height":12}},{"id":"13b18e0c-0980-4d09-8e80-fbc9bcd537c2","block_type":"box","text":"hold securities in certain foreign markets than in the United States. The increased expense of investing","page_number":109,"box":{"x":117,"y":591,"width":768,"height":12}},{"id":"7f34c548-88d3-4d5d-832b-6f922bb1fe5c","block_type":"box","text":"in foreign markets reduces the amount a Fund can earn on its investments and typically results in a","page_number":109,"box":{"x":117,"y":606,"width":741,"height":12}},{"id":"ad5fd40d-3e15-4b74-85da-6ef35d17ab53","block_type":"box","text":"higher operating expense ratio for the Fund as compared to investment companies that invest only in","page_number":109,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"a03cd570-835d-492e-b9ec-a1c7ce5f66d8","block_type":"box","text":"the United States.","page_number":109,"box":{"x":116,"y":637,"width":138,"height":10}},{"id":"5adb2019-c8dc-4a5e-a418-951db64e2cd9","block_type":"box","text":"Publicly Available Information.","page_number":109,"box":{"x":116,"y":665,"width":222,"height":12}},{"id":"791c7f6c-00dd-4c24-b853-70c0445c37d0","block_type":"box","text":"In general, less information is publicly available with respect to foreign","page_number":109,"box":{"x":346,"y":665,"width":518,"height":12}},{"id":"58d766b4-6f8c-4f96-901d-79fb2a28bfa8","block_type":"box","text":"issuers than is available with respect to U.S. companies. Most foreign companies are also not subject","page_number":109,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"161d0a09-5b3f-4cbb-8d64-5fcad0b192c2","block_type":"box","text":"to the uniform accounting and financial reporting requirements applicable to issuers in the United","page_number":109,"box":{"x":116,"y":696,"width":717,"height":12}},{"id":"aa296727-0fbf-4630-b136-9b6fa846a7ad","block_type":"box","text":"States. While the volume of transactions effected on foreign stock exchanges has increased in recent","page_number":109,"box":{"x":116,"y":711,"width":753,"height":12}},{"id":"68465cdb-d18f-45bd-a06b-c603f8bee358","block_type":"box","text":"years, it remains appreciably below that of the New York Stock Exchange. Accordingly, a Fund’s","page_number":109,"box":{"x":116,"y":727,"width":716,"height":12}},{"id":"9eb461db-353e-48ee-b797-27446c00616d","block_type":"box","text":"foreign investments may be less liquid than, and their prices may be more volatile than, comparable","page_number":109,"box":{"x":116,"y":742,"width":740,"height":12}},{"id":"2f069cac-ad65-4c86-b0b4-560a43ea28cc","block_type":"box","text":"investments in securities in U.S. companies. In addition, there is generally less government supervision","page_number":109,"box":{"x":117,"y":758,"width":765,"height":12}},{"id":"85ee8e75-e0af-40b0-a51f-912988084e86","block_type":"box","text":"and regulation of securities exchanges, brokers and issuers in foreign countries than in the United","page_number":109,"box":{"x":116,"y":773,"width":726,"height":12}},{"id":"93c186e1-e74c-49da-b9d5-e643bf08dcfb","block_type":"box","text":"States.","page_number":109,"box":{"x":116,"y":789,"width":51,"height":9}},{"id":"580f841c-9f5e-4174-a1e2-12d9eb9b9201","block_type":"box","text":"Settlement Risk.","page_number":109,"box":{"x":117,"y":816,"width":120,"height":9}},{"id":"8ad95250-1e3d-4a2a-adfd-c887d8fa5712","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly","page_number":109,"box":{"x":244,"y":816,"width":606,"height":12}},{"id":"e45ece5a-9c8c-4e3c-8e33-8e647c08afb8","block_type":"box","text":"from those in the United States. Supervisory authorities may also be unable to apply standards which","page_number":109,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"05f72fba-b4aa-46ed-8a39-a359d9b1818a","block_type":"box","text":"are comparable with those in the United States. Foreign settlement procedures and trade regulations","page_number":109,"box":{"x":116,"y":847,"width":754,"height":12}},{"id":"c938e45d-5c54-4e62-b39e-f2153ece10c1","block_type":"box","text":"also may involve certain risks (such as delays in payment for or delivery of securities) not typically","page_number":109,"box":{"x":116,"y":862,"width":731,"height":12}},{"id":"98ab77f2-0edd-46c4-9aab-6ad1d93935ac","block_type":"box","text":"generated by the settlement of U.S. investments.","page_number":109,"box":{"x":116,"y":878,"width":369,"height":12}},{"id":"daba2ef4-5b1d-449d-9a0d-dfaa0d1e8222","block_type":"box","text":"II-38","page_number":109,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b47aa094-2fd7-4dd8-be30-1edfbff63188","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":109,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1688cd23-76bf-48d2-9375-b41bcc51ccf8","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable,","page_number":110,"box":{"x":117,"y":87,"width":710,"height":12}},{"id":"ffbe68b0-ece4-47b1-a800-e480ebd63cd5","block_type":"box","text":"increasing the risk of delayed settlements or losses of security certificates in markets that still rely on","page_number":110,"box":{"x":117,"y":102,"width":750,"height":13}},{"id":"23468166-0f51-4462-8f9f-eba28807e873","block_type":"box","text":"physical settlement. Settlements in certain foreign countries at times have not kept pace with the","page_number":110,"box":{"x":117,"y":118,"width":720,"height":12}},{"id":"6e552467-38b3-4e71-a8f8-05f1628b57f8","block_type":"box","text":"number of securities transactions; these problems may make it difficult for a Fund to carry out","page_number":110,"box":{"x":117,"y":134,"width":698,"height":12}},{"id":"1701c703-222a-450b-8eb8-f7624446f64f","block_type":"box","text":"transactions. If a Fund cannot settle or is delayed in settling a purchase of securities, it may miss","page_number":110,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"374ad6f1-b03d-46c3-b6b7-9ce1b1990fd4","block_type":"box","text":"attractive investment opportunities and certain of its assets may be uninvested with no return earned","page_number":110,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"f43789f8-9899-429a-a6e0-e8ee7b5307c3","block_type":"box","text":"thereon for some period. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose","page_number":110,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"12bc93da-5fc5-4f03-bb5f-2cce675279ae","block_type":"box","text":"money if the value of the security then declines or, if it has contracted to sell the security to another","page_number":110,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"cceab0bd-5ac0-429c-b6f2-f117ff9f7378","block_type":"box","text":"party, the Fund could be liable to that party for any losses incurred.","page_number":110,"box":{"x":117,"y":211,"width":501,"height":12}},{"id":"27d361b1-d134-4686-a8cb-ffd1f6784c96","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing","page_number":110,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"580417cb-ca6b-4e56-89e1-30e1f012e902","block_type":"box","text":"claims may arise in respect of securities held by or to be transferred to a Fund. Compensation","page_number":110,"box":{"x":116,"y":258,"width":703,"height":12}},{"id":"251131fd-84b7-49d5-a3c3-84dc4e3564a2","block_type":"box","text":"schemes may not exist or may otherwise be limited or inadequate to meet the Fund’s claims in case of","page_number":110,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"90c178cd-3eb8-45b4-95b4-572f08bd1a6e","block_type":"box","text":"such event.","page_number":110,"box":{"x":116,"y":289,"width":90,"height":9}},{"id":"bc81a1e3-7284-4c15-9a80-b5cf789f32ea","block_type":"box","text":"Sovereign Debt.","page_number":110,"box":{"x":117,"y":320,"width":118,"height":12}},{"id":"0ec1547c-ead8-47a5-a56b-6d9d5af81299","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental","page_number":110,"box":{"x":236,"y":320,"width":616,"height":12}},{"id":"37840544-1b6b-45e9-948b-624e9f510a60","block_type":"box","text":"entity that controls the repayment of sovereign debt may not be able or willing to repay the principal","page_number":110,"box":{"x":116,"y":335,"width":743,"height":12}},{"id":"f028dd58-0664-4040-a0cf-02c5092af79c","block_type":"box","text":"and/or interest when due in accordance with the terms of such debt. A governmental entity’s","page_number":110,"box":{"x":116,"y":351,"width":689,"height":12}},{"id":"4a0e08e9-7441-45ca-9df8-7512c937352f","block_type":"box","text":"willingness or ability to repay principal and interest due in a timely manner may be affected by, among","page_number":110,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"c8b16df6-8d5c-4147-923d-21304397e750","block_type":"box","text":"other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient","page_number":110,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"58fbdc62-f858-4bf5-b46d-bcf1b3ce022e","block_type":"box","text":"foreign exchange on the date a payment is due, the relative size of the debt service burden to the","page_number":110,"box":{"x":116,"y":397,"width":728,"height":12}},{"id":"534d9e37-175d-41bf-befd-48c3b410b8d7","block_type":"box","text":"economy as a whole, the governmental entity’s policy towards the International Monetary Fund and the","page_number":110,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"2b3742a8-e181-4933-a20f-570c98d342d4","block_type":"box","text":"political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":110,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"b8b50c50-6ae8-4efd-820a-e6d5c812010b","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others","page_number":110,"box":{"x":116,"y":444,"width":738,"height":12}},{"id":"7fa38d13-f632-4f39-8a3b-0f26ef3b2b5c","block_type":"box","text":"abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these","page_number":110,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"b20c535d-8116-4578-9488-9894b5c44a79","block_type":"box","text":"governments, agencies and others to make such disbursements may be conditioned on the","page_number":110,"box":{"x":116,"y":475,"width":684,"height":12}},{"id":"bc530623-14dc-48ad-8c72-261bd9137d27","block_type":"box","text":"implementation of economic reforms and/or economic performance and the timely service of such","page_number":110,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"272ca979-bb5e-4199-b97b-41737d7fb442","block_type":"box","text":"debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance","page_number":110,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"8f80fa3f-dd48-49ed-b359-baa9fb020402","block_type":"box","text":"or repay principal or interest when due may result in the cancellation of such third parties’","page_number":110,"box":{"x":116,"y":521,"width":668,"height":12}},{"id":"7dfa92d1-d2c4-44fb-b6e4-61464700828f","block_type":"box","text":"commitments to lend funds to the governmental entity, which may further impair such debtor’s ability or","page_number":110,"box":{"x":116,"y":537,"width":769,"height":12}},{"id":"e9287016-660e-4ed6-b607-10b3806bbd88","block_type":"box","text":"willingness to timely service its debts. Consequently, governmental entities may default on their","page_number":110,"box":{"x":116,"y":552,"width":713,"height":12}},{"id":"37ad6ec0-8507-49ca-8aa4-120df12ac9f4","block_type":"box","text":"sovereign debt.","page_number":110,"box":{"x":116,"y":568,"width":119,"height":12}},{"id":"734491e7-77ca-4a87-ae84-0c43910bc414","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to","page_number":110,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"9fda33fc-11a9-46f7-8a98-82b523adab0e","block_type":"box","text":"extend further loans to governmental entities. In the event of a default by a governmental entity, there","page_number":110,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"f5accd22-d2ae-4af6-9c0a-e51024898748","block_type":"box","text":"may be few or no effective legal remedies for collecting on such debt.","page_number":110,"box":{"x":117,"y":630,"width":519,"height":12}},{"id":"7e0cfb58-1698-448c-a659-b30f32c42e9c","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":110,"box":{"x":118,"y":661,"width":230,"height":12}},{"id":"637d390c-12bb-4d3f-9088-b1d271715f34","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on","page_number":110,"box":{"x":349,"y":661,"width":469,"height":12}},{"id":"62433f12-d185-4c65-b407-8d810561e143","block_type":"box","text":"dividend and interest income (if any) received from issuers in certain countries and capital gains on the","page_number":110,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"cd2a5bad-9ae4-477b-b1b6-e06aba9b1878","block_type":"box","text":"disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a","page_number":110,"box":{"x":116,"y":692,"width":745,"height":12}},{"id":"2501b0fc-84f3-4347-b86c-65fdcf77c33f","block_type":"box","text":"Fund will receive a withholding tax refund is within the control of the tax authorities in such countries.","page_number":110,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"1fba4973-da5d-4bf0-aa25-52b535f733b4","block_type":"box","text":"Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes","page_number":110,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"e792d175-c935-4fb3-91ac-1e4467df758f","block_type":"box","text":"accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the","page_number":110,"box":{"x":116,"y":738,"width":696,"height":12}},{"id":"87574257-5913-40d2-86ce-d87a63340c9d","block_type":"box","text":"likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach","page_number":110,"box":{"x":117,"y":754,"width":765,"height":12}},{"id":"2da4d4d3-fc7e-4f87-bace-7e252fb4267a","block_type":"box","text":"in the foreign country, accruals in a Fund’s net asset value for such refunds may be written down","page_number":110,"box":{"x":117,"y":769,"width":716,"height":12}},{"id":"86ce65f9-9691-408d-a49f-2dfb828ff021","block_type":"box","text":"partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the","page_number":110,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"80e551a7-c3e3-4987-a8b8-0299b9568720","block_type":"box","text":"time an accrual is written down will bear the impact of the resulting reduction in net asset value","page_number":110,"box":{"x":116,"y":800,"width":703,"height":12}},{"id":"f439e4a0-9c9d-4392-9f17-760110dc921f","block_type":"box","text":"regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives","page_number":110,"box":{"x":117,"y":816,"width":765,"height":12}},{"id":"1f72d91a-b93e-4ab9-8f9f-446be841d3d5","block_type":"box","text":"a tax refund that has not been previously accrued, shareholders in the Fund at the time of the","page_number":110,"box":{"x":116,"y":831,"width":699,"height":12}},{"id":"a6684db0-d407-4ba6-a7e6-13d2d65a56f1","block_type":"box","text":"successful recovery will benefit from the resulting increase in the Fund’s net asset value. Shareholders","page_number":110,"box":{"x":116,"y":847,"width":767,"height":12}},{"id":"809be9c0-f1ad-43a4-8692-15b8aa5fe0a2","block_type":"box","text":"who sold their shares prior to such time will not benefit from such increase in the Fund’s net asset","page_number":110,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"cab5769e-3ce9-41f7-87e2-a787789cf539","block_type":"box","text":"value.","page_number":110,"box":{"x":116,"y":878,"width":49,"height":9}},{"id":"0dfb2535-5b7d-4653-9daf-f51bfd503ebb","block_type":"box","text":"II-39","page_number":110,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"14ae42ca-1a8a-4939-b6be-8758ff434f52","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":110,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e7e04a90-7dd4-4529-a71b-0284aa842b3f","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":111,"box":{"x":117,"y":87,"width":287,"height":12}},{"id":"997d4118-af66-476c-9f09-36df03c26e45","block_type":"box","text":"The United States is a significant, and in some cases the most","page_number":111,"box":{"x":404,"y":87,"width":469,"height":12}},{"id":"a7480a25-8048-4370-a5a3-93bbdd28acf2","block_type":"box","text":"significant, trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a","page_number":111,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"1b76460c-0f1b-4120-b84a-ea0305d28c95","block_type":"box","text":"result, economic conditions of such countries may be particularly affected by changes in the U.S.","page_number":111,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"eee86943-ccf4-4174-a015-1d8488c26629","block_type":"box","text":"economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs, changes","page_number":111,"box":{"x":116,"y":134,"width":770,"height":12}},{"id":"2c048cba-9f93-45e8-99b4-a73328a60a86","block_type":"box","text":"in the U.S. dollar exchange rate or an economic slowdown in the United States may have a material","page_number":111,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"8e0a4434-e9ed-4629-803d-028e4f5e5409","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which the Fund has","page_number":111,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"35025e14-4159-4a35-8cf8-c3f76281a7cf","block_type":"box","text":"exposure. Circumstances could arise that could prevent the timely payment of interest or principal on","page_number":111,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"754b954f-9da3-41d4-854d-9ead102f548d","block_type":"box","text":"U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result","page_number":111,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"a147ea1d-9899-4798-b8b9-b809f23bc6eb","block_type":"box","text":"in substantial negative consequences for the U.S. economy and the global financial system.","page_number":111,"box":{"x":117,"y":211,"width":685,"height":12}},{"id":"364db872-0edb-4f5c-9213-05b9efd7d669","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including","page_number":111,"box":{"x":116,"y":238,"width":745,"height":12}},{"id":"941b3445-18c3-4e3a-b0e6-186a50af50f3","block_type":"box","text":"traditional allies, such as certain European countries, and historical adversaries, such as North Korea,","page_number":111,"box":{"x":116,"y":254,"width":761,"height":12}},{"id":"bc0ebe31-5dff-45b0-8a87-d36fce1b98c3","block_type":"box","text":"Iran, China and Russia. If these relations were to worsen, it could adversely affect U.S. issuers as well","page_number":111,"box":{"x":117,"y":269,"width":763,"height":12}},{"id":"b5da3391-f6dd-4914-be8d-332268d34c70","block_type":"box","text":"as non-U.S. issuers that rely on the United States for trade. The United States has also experienced","page_number":111,"box":{"x":116,"y":285,"width":748,"height":12}},{"id":"289a92bf-5864-41ee-beaf-d751e6d5ce51","block_type":"box","text":"increased internal unrest and discord. If these trends were to continue, it may have an adverse impact","page_number":111,"box":{"x":117,"y":300,"width":761,"height":12}},{"id":"bd0894aa-0bab-4a1c-a367-6b6dcd505e47","block_type":"box","text":"on the U.S. economy and many of the issuers in which a Fund may invest.","page_number":111,"box":{"x":116,"y":316,"width":557,"height":12}},{"id":"a1166ddf-ea36-4957-98f4-350375d248d6","block_type":"box","text":"Funding Agreements.","page_number":111,"box":{"x":116,"y":343,"width":171,"height":12}},{"id":"1343e795-2b88-446d-a01e-337f34c3b558","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar","page_number":111,"box":{"x":289,"y":343,"width":561,"height":12}},{"id":"b14a3df6-ec4a-41b6-b2de-839075b14258","block_type":"box","text":"funding agreements. In connection with these investments, a Fund makes cash contributions to a","page_number":111,"box":{"x":116,"y":358,"width":727,"height":12}},{"id":"67920f4e-36a5-4763-8393-40f74cb89b7d","block_type":"box","text":"deposit fund of an insurance company’s general account. The insurance company then credits to the","page_number":111,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"355b37f4-6ed8-4d2f-96c4-981514961b45","block_type":"box","text":"Fund on a monthly basis guaranteed interest, which is based on an index. The funding agreements","page_number":111,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"6b760d77-5653-47c1-8e99-b0695d43e356","block_type":"box","text":"provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":111,"box":{"x":117,"y":405,"width":753,"height":12}},{"id":"304277a7-6fe7-4b54-9d25-4c5ccd94396c","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the","page_number":111,"box":{"x":117,"y":420,"width":749,"height":12}},{"id":"da0b70bd-fe54-4194-8acc-ce93f6038c90","block_type":"box","text":"contract is paid from the general assets of the insurance company. Generally, funding agreements are","page_number":111,"box":{"x":116,"y":436,"width":764,"height":12}},{"id":"445e8fcb-d20f-48c4-8162-15d843c069b0","block_type":"box","text":"not assignable or transferable without the permission of the issuing insurance companies, and an","page_number":111,"box":{"x":117,"y":451,"width":726,"height":12}},{"id":"f1d26fa8-9bb2-470e-bda7-3c130967d069","block_type":"box","text":"active secondary market in some funding agreements does not currently exist.","page_number":111,"box":{"x":116,"y":467,"width":586,"height":12}},{"id":"1db115c7-5488-41c5-ae46-8feb270f9f88","block_type":"box","text":"Guarantees","page_number":111,"box":{"x":117,"y":494,"width":91,"height":10}},{"id":"0ab28cb8-5d99-4314-8878-4cad2cae5abd","block_type":"box","text":".","page_number":111,"box":{"x":209,"y":502,"width":3,"height":1}},{"id":"7e30c9a9-128f-4f03-933e-2500a46ed29c","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate","page_number":111,"box":{"x":213,"y":494,"width":660,"height":12}},{"id":"d297a670-0b4b-4c71-a2a5-54d8d4a0c47c","block_type":"box","text":"from the issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will","page_number":111,"box":{"x":116,"y":509,"width":771,"height":13}},{"id":"5e414e6e-0d3d-4605-89a7-3a86ec073a3a","block_type":"box","text":"fulfill an issuer’s payment obligations under a security if the issuer is unable to do so.","page_number":111,"box":{"x":116,"y":525,"width":634,"height":12}},{"id":"0bc522e8-6260-4e3a-8d87-c0106ef18868","block_type":"box","text":"Illiquid Investments.","page_number":111,"box":{"x":116,"y":552,"width":166,"height":12}},{"id":"e0ef9427-a4df-4bf4-ab0c-f4bf03622ebe","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the","page_number":111,"box":{"x":284,"y":552,"width":557,"height":12}},{"id":"0d55bdd9-d032-4286-a7cc-442ddf088604","block_type":"box","text":"acquisition, a Fund would have invested more than 15% of its net assets in illiquid investments. An","page_number":111,"box":{"x":116,"y":568,"width":737,"height":12}},{"id":"46952b8d-5f48-4698-b98f-ef945abf0bdb","block_type":"box","text":"illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in","page_number":111,"box":{"x":117,"y":583,"width":753,"height":12}},{"id":"68f849ea-13d5-4640-a7cb-7aae19ab982c","block_type":"box","text":"current market conditions in seven calendar days or less without the sale or disposition significantly","page_number":111,"box":{"x":116,"y":599,"width":742,"height":12}},{"id":"b8b18df0-f1c4-4ce0-ae9d-7af346199d08","block_type":"box","text":"changing the market value of the investment. Liquid investments may become illiquid after purchase by","page_number":111,"box":{"x":116,"y":614,"width":771,"height":12}},{"id":"2642350f-1093-446e-8f34-dbe4eadd67c0","block_type":"box","text":"a Fund, particularly during periods of market turmoil. There can be no assurance that a security or","page_number":111,"box":{"x":116,"y":630,"width":733,"height":12}},{"id":"526b310f-da24-4355-a940-6e0fa3dcb425","block_type":"box","text":"instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held","page_number":111,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"a5d4a89e-6b74-4047-89cc-28934ba1dba2","block_type":"box","text":"by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":111,"box":{"x":117,"y":661,"width":725,"height":12}},{"id":"1ecc1043-4a04-4e47-b71e-9eb2a3c65783","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce","page_number":111,"box":{"x":117,"y":676,"width":742,"height":12}},{"id":"3775fbca-bcfb-48fe-8775-423cfe4aa6b9","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous","page_number":111,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"2e807d87-7d9e-4412-ac33-1f012c1d3ba8","block_type":"box","text":"time or price. In addition, if a Fund is limited in its ability to dispose of illiquid investments during","page_number":111,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"ec0db89a-6b59-4faa-9641-63bb9ea0a598","block_type":"box","text":"periods when shareholders are redeeming or selling their shares or the Fund’s net assets otherwise","page_number":111,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"8ebafc35-5aff-4c4c-8780-58c52ce08312","block_type":"box","text":"shrink, the Fund will need to dispose of liquid securities to meet redemption requests and illiquid","page_number":111,"box":{"x":116,"y":738,"width":712,"height":12}},{"id":"38c4ed65-b3c3-468d-97c9-0d0b705dae4c","block_type":"box","text":"securities will become a larger portion of the Fund’s holdings. If illiquid investments exceed 15% of a","page_number":111,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"4342c210-a8cc-4a23-85b3-636f05413d24","block_type":"box","text":"Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as defined below)","page_number":111,"box":{"x":117,"y":769,"width":749,"height":12}},{"id":"38e61737-483a-4c86-8c2f-386da15d93aa","block_type":"box","text":"will require that certain remedial actions be taken.","page_number":111,"box":{"x":116,"y":785,"width":368,"height":12}},{"id":"cfb78afe-0473-43e4-bae8-da974163166a","block_type":"box","text":"Illiquid investments may trade at a discount from","page_number":111,"box":{"x":491,"y":785,"width":358,"height":12}},{"id":"e78f5806-71ce-400f-9ca7-765e940802cc","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the","page_number":111,"box":{"x":116,"y":800,"width":742,"height":12}},{"id":"0b5db24a-a2e8-486a-aade-d681a6a2b98f","block_type":"box","text":"ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its","page_number":111,"box":{"x":116,"y":816,"width":728,"height":12}},{"id":"b49a9de8-6ec2-48b8-9d0c-c467ab0b092e","block_type":"box","text":"ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly","page_number":111,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"82757d04-c3a7-4c9d-9072-f00a2252d90e","block_type":"box","text":"acute where a Fund’s operations require cash, such as when the Fund redeems shares or pays","page_number":111,"box":{"x":116,"y":847,"width":715,"height":12}},{"id":"8f63a301-8d07-4d6e-a831-e2e88e4407fc","block_type":"box","text":"dividends, and could result in the Fund borrowing to meet short-term cash requirements or incurring","page_number":111,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"b9f1a6be-e1c0-41c9-9bfa-955a3837b50c","block_type":"box","text":"capital losses on the sale of illiquid investments.","page_number":111,"box":{"x":116,"y":878,"width":362,"height":12}},{"id":"c02dda8f-9d83-4ea7-88af-13996e584c03","block_type":"box","text":"II-40","page_number":111,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c5cd545a-aab0-4fe6-9b55-9aafd9beb672","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":111,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a6cc3ba6-6849-490d-a9ac-e803e0132c88","block_type":"box","text":"Index Funds","page_number":112,"box":{"x":116,"y":87,"width":99,"height":10}},{"id":"d85de24e-7434-44a5-bea1-f12d692db27d","block_type":"box","text":".","page_number":112,"box":{"x":216,"y":95,"width":2,"height":1}},{"id":"eb1f2cb3-c893-4264-a9c4-871a93948c1c","block_type":"box","text":"Cash Flows; Expenses.","page_number":112,"box":{"x":117,"y":111,"width":173,"height":12}},{"id":"f20163dd-2441-4f6e-b83f-6ea7fd6c8ee4","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some","page_number":112,"box":{"x":291,"y":111,"width":573,"height":12}},{"id":"b5fb1cba-c4b0-4cdf-93ae-860a19ebfd12","block_type":"box","text":"extent on the Manager’s ability to manage cash flow (primarily from purchases and redemptions and","page_number":112,"box":{"x":116,"y":127,"width":749,"height":12}},{"id":"4d669190-49eb-4e92-8552-f15b0c01ed43","block_type":"box","text":"distributions from the Fund’s investments). The Manager will make investment changes to a Fund’s","page_number":112,"box":{"x":116,"y":142,"width":742,"height":12}},{"id":"4213746e-1d34-46e2-b9b1-37df9c6f9c0d","block_type":"box","text":"portfolio to accommodate cash flow while continuing to seek to replicate the total return of the Fund’s","page_number":112,"box":{"x":117,"y":158,"width":753,"height":12}},{"id":"cceecf88-ab37-41d3-b1a2-12e4bfd89b5b","block_type":"box","text":"target index. Investors should also be aware that the investment performance of each index is a","page_number":112,"box":{"x":116,"y":173,"width":716,"height":12}},{"id":"2d782c5c-456f-415c-8cdc-90290adcd4c8","block_type":"box","text":"hypothetical number which does not take into account brokerage commissions and other transaction","page_number":112,"box":{"x":117,"y":189,"width":749,"height":12}},{"id":"0baae49d-57a0-47d1-a1ef-ee41a003fd10","block_type":"box","text":"costs, custody and other costs of investing, and any incremental operating costs (","page_number":112,"box":{"x":116,"y":204,"width":606,"height":12}},{"id":"adce0254-806a-4c3e-9a89-0732d4db82b4","block_type":"box","text":"e.g.","page_number":112,"box":{"x":723,"y":207,"width":26,"height":9}},{"id":"6ddba106-300e-40e9-ae2a-f2d24f5b4ea0","block_type":"box","text":", transfer agency","page_number":112,"box":{"x":752,"y":204,"width":129,"height":12}},{"id":"be72326b-b65d-4027-86d6-3c3a8e4a8a96","block_type":"box","text":"and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to replicate the","page_number":112,"box":{"x":116,"y":220,"width":757,"height":12}},{"id":"c7daa1a5-506b-4c70-ae31-567dbbf157aa","block_type":"box","text":"total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":112,"box":{"x":116,"y":235,"width":706,"height":12}},{"id":"23da08bf-75c3-4b3a-ac1e-e8afcf2a5de1","block_type":"box","text":"particular security as an investment.","page_number":112,"box":{"x":117,"y":251,"width":272,"height":12}},{"id":"6fc50eed-64f0-4164-b158-14affe0b7d49","block_type":"box","text":"Tracking Error Risk","page_number":112,"box":{"x":118,"y":284,"width":142,"height":12}},{"id":"ab6aa7f2-5dac-46dc-ac87-cc5c35cb4350","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s","page_number":112,"box":{"x":260,"y":284,"width":586,"height":12}},{"id":"76dae125-77c8-4d21-b8a6-4f38b09a35f9","block_type":"box","text":"performance from that of the Underlying Index. Tracking error may occur because of differences","page_number":112,"box":{"x":117,"y":300,"width":711,"height":12}},{"id":"6698b55b-7765-4d47-a954-99420812b849","block_type":"box","text":"between the securities and other instruments held in the Fund’s portfolio and those included in the","page_number":112,"box":{"x":117,"y":315,"width":725,"height":12}},{"id":"d8ca10f0-2873-4f6f-83d7-0fc252263f47","block_type":"box","text":"Underlying Index, pricing differences (including, as applicable, differences between a security’s price at","page_number":112,"box":{"x":117,"y":331,"width":762,"height":12}},{"id":"ff764b64-3271-42e0-a659-a48ed69f5276","block_type":"box","text":"the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s net","page_number":112,"box":{"x":116,"y":346,"width":757,"height":12}},{"id":"6e85686a-2ed5-4c24-91c3-60c0e15b5731","block_type":"box","text":"asset value), differences in transaction costs incurred by the Fund, the Fund’s holding of uninvested","page_number":112,"box":{"x":116,"y":362,"width":739,"height":12}},{"id":"d3331e33-40e6-49c7-a335-1f509599df70","block_type":"box","text":"cash, differences in timing of the accrual of or the valuation of dividends or other distributions, interest,","page_number":112,"box":{"x":116,"y":377,"width":756,"height":12}},{"id":"e0f7d0c9-ce0f-4ba3-a3dd-f2c589816c80","block_type":"box","text":"the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize","page_number":112,"box":{"x":116,"y":393,"width":757,"height":12}},{"id":"a99a75c8-4254-423c-b79d-ed9ad87ccec5","block_type":"box","text":"the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the","page_number":112,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"cc4f8fca-699b-46e6-b730-7ad111eac16f","block_type":"box","text":"Fund of complying with various new or existing regulatory requirements. These risks may be heightened","page_number":112,"box":{"x":117,"y":424,"width":770,"height":12}},{"id":"5eada69e-3d91-46f2-94e2-b72c2ecf0109","block_type":"box","text":"during times of increased market volatility or other unusual market conditions. In addition, tracking error","page_number":112,"box":{"x":116,"y":439,"width":765,"height":12}},{"id":"778795c7-c87f-4a1e-b14e-5ac8a2eb4558","block_type":"box","text":"may result because the Fund incurs fees and expenses, while the Underlying Index does not.","page_number":112,"box":{"x":117,"y":455,"width":690,"height":12}},{"id":"dad769b3-014c-462a-8b3b-c3bedb9c62a0","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may","page_number":112,"box":{"x":116,"y":488,"width":758,"height":12}},{"id":"997c8010-c9da-4205-9e84-925477c71cd2","block_type":"box","text":"conduct an analysis on such issuer’s securities to identify and screen for outlier high risk behavior","page_number":112,"box":{"x":116,"y":503,"width":729,"height":12}},{"id":"7513fb7c-7ae5-4d5e-b60e-c66b7a812ad6","block_type":"box","text":"(such as rapid or unusual price growth that does not appear to be supported by publicly available","page_number":112,"box":{"x":117,"y":519,"width":724,"height":12}},{"id":"5af4a5a8-ae50-4024-8084-0a253b0303da","block_type":"box","text":"information on the business and assets of the issuer, unusual or significant short interest or lending","page_number":112,"box":{"x":117,"y":534,"width":740,"height":12}},{"id":"0fbae139-f69f-45ec-ba66-817e84ca0a33","block_type":"box","text":"activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":112,"box":{"x":116,"y":550,"width":728,"height":12}},{"id":"736831af-6f84-443c-a449-b036caf7e1bc","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). 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Bloomberg is not responsible for","page_number":114,"box":{"x":117,"y":506,"width":754,"height":12}},{"id":"35a0029d-dfd5-45cd-986f-b3d1ccb20dc9","block_type":"box","text":"nor has it reviewed any Fund nor any associated literature or publications, and Bloomberg makes no","page_number":114,"box":{"x":117,"y":521,"width":750,"height":12}},{"id":"2286c28e-f517-4b44-a8fa-2550a082d8d3","block_type":"box","text":"representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.","page_number":114,"box":{"x":117,"y":537,"width":740,"height":12}},{"id":"6bdbbdf1-9472-4cd8-a819-142cc0c29299","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way","page_number":114,"box":{"x":117,"y":568,"width":757,"height":12}},{"id":"ff5814c7-ccc3-42f7-b3d2-cbf86bb47816","block_type":"box","text":"change a Bloomberg Index. 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ICE has no obligation to take the needs of any particular Fund or its participants or","page_number":114,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"8ae01aaa-39d2-4c83-b160-95f3680dae9d","block_type":"box","text":"any other product or person into consideration in determining, composing or calculating an ICE BofA","page_number":114,"box":{"x":116,"y":785,"width":745,"height":12}},{"id":"f11af95c-5e07-40f8-b3d6-f798327bdb1b","block_type":"box","text":"Index.","page_number":114,"box":{"x":117,"y":800,"width":43,"height":10}},{"id":"5a78b4e0-5a60-4532-a228-bb8532c7de2a","block_type":"box","text":"Indexed and Inverse Securities.","page_number":114,"box":{"x":116,"y":831,"width":250,"height":10}},{"id":"a539a38b-c4b7-4fbc-9f86-cb989f47c903","block_type":"box","text":"A Fund may invest in securities that provide a potential return based","page_number":114,"box":{"x":367,"y":831,"width":517,"height":12}},{"id":"a41f6d10-b150-4cd4-b9ea-b7e33d1c219d","block_type":"box","text":"on a particular index of value or interest rates. 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Municipal tender option bonds,","page_number":115,"box":{"x":117,"y":506,"width":751,"height":12}},{"id":"7e4727dd-5d9c-44c9-bb70-ce5e9e9bbbb7","block_type":"box","text":"both taxable and tax-exempt, which may include inverse floating rate debt instruments, (including","page_number":115,"box":{"x":117,"y":521,"width":725,"height":12}},{"id":"4b333b8c-b504-4c81-aec3-2a30382a020a","block_type":"box","text":"residual interests thereon) are excluded from this 10% limitation.","page_number":115,"box":{"x":117,"y":537,"width":483,"height":12}},{"id":"febe1cdc-aeba-4efa-9c49-e1ad7901a0df","block_type":"box","text":"Inflation Risk.","page_number":115,"box":{"x":116,"y":568,"width":109,"height":9}},{"id":"f865201e-fb20-4fc9-ac9b-b173818974f9","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the","page_number":115,"box":{"x":226,"y":568,"width":627,"height":12}},{"id":"2ed0cb83-93e0-443e-a939-b5b87cbae804","block_type":"box","text":"present value of assets or income from investments will be less in the future as inflation decreases the","page_number":115,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"c1da6d8b-15ac-4ca4-b8bf-3c91a46dd572","block_type":"box","text":"value of money. As inflation increases, the present value of a Fund’s assets can decline as can the","page_number":115,"box":{"x":116,"y":599,"width":739,"height":12}},{"id":"17fe2577-e08d-40b0-9116-5fe61d2be607","block_type":"box","text":"value of a Fund’s distributions. Inflation rates may change frequently and significantly due to a number","page_number":115,"box":{"x":116,"y":614,"width":764,"height":12}},{"id":"1d0bf37d-03fb-4b9a-b2ab-87c1e29ba82f","block_type":"box","text":"of potential factors, including, among others, unexpected economic shifts or changes in fiscal or","page_number":115,"box":{"x":116,"y":630,"width":716,"height":12}},{"id":"0739909c-a18c-4918-b4fc-733e3687ce5a","block_type":"box","text":"monetary policies.","page_number":115,"box":{"x":117,"y":645,"width":139,"height":12}},{"id":"8f6ce357-7227-4c92-b3f9-eeb260ab4022","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":115,"box":{"x":116,"y":676,"width":275,"height":12}},{"id":"53ad0921-98ac-46ab-a9dc-84d8f1ff8ea1","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued","page_number":115,"box":{"x":397,"y":676,"width":451,"height":12}},{"id":"30b2ff64-672e-432b-84d6-c1b8f2e84ca0","block_type":"box","text":"stocks trade in the secondary market are affected by the performance of the stock market overall. If","page_number":115,"box":{"x":116,"y":692,"width":739,"height":12}},{"id":"da0be329-ec1d-4f7a-802d-bfdc1612da82","block_type":"box","text":"IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any","page_number":115,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"0b40ac69-41db-499a-9002-22b9cf027aab","block_type":"box","text":"shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at","page_number":115,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"125c04f2-cb5c-421a-bfea-c8af77277f3a","block_type":"box","text":"the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject","page_number":115,"box":{"x":116,"y":738,"width":758,"height":12}},{"id":"d4ffa002-ff57-4337-bd73-b1adad44f2b3","block_type":"box","text":"to greater and more unpredictable price changes than more established stocks. IPOs have the","page_number":115,"box":{"x":116,"y":754,"width":701,"height":12}},{"id":"496e89c5-e7bc-4485-8f08-ce7a3720a4f2","block_type":"box","text":"potential to produce substantial gains. A Fund may hold shares from an IPO for only a short period of","page_number":115,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"a8835053-4b31-491b-8977-480a79108396","block_type":"box","text":"time given possible price volatility. This may result in increased portfolio turnover and expenses, such","page_number":115,"box":{"x":116,"y":785,"width":752,"height":12}},{"id":"af94889e-69d6-4ea6-afc9-b974af57c313","block_type":"box","text":"as commissions and transaction costs, and potentially result in taxable gains that the Fund will","page_number":115,"box":{"x":116,"y":800,"width":699,"height":12}},{"id":"aab19cbb-da63-4030-9382-763ab701599a","block_type":"box","text":"subsequently distribute to shareholders. There is no assurance that any Fund will have access to","page_number":115,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"62287080-7316-416c-931a-7278b3696a24","block_type":"box","text":"profitable IPOs and therefore investors should not rely on any past gains from IPOs as an indication of","page_number":115,"box":{"x":117,"y":831,"width":763,"height":12}},{"id":"6224f85c-9499-4a72-8c94-60cbd1122e3b","block_type":"box","text":"future performance. The investment performance of a Fund during periods when it is unable to invest","page_number":115,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"7084e4a9-53a4-4f14-94b2-a7784fbb1d9a","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when it is able to do so. In addition, as a","page_number":115,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"2782a559-85c0-406f-80fc-894e2dbf2722","block_type":"box","text":"Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":115,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"97725732-4a2a-4974-b940-8603997f659c","block_type":"box","text":"II-44","page_number":115,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"c0677588-d6a0-492a-a362-bd2e7faaafc9","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":115,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6113a46e-a79c-458e-8cd6-eb8fe087db1d","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market","page_number":116,"box":{"x":117,"y":87,"width":743,"height":12}},{"id":"49658790-b561-4c8b-9e05-5ea777939d71","block_type":"box","text":"capitalizations. Securities issued in IPOs have no trading history, and information about the companies","page_number":116,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"53cf3058-c974-440c-870a-3fb80ef500e2","block_type":"box","text":"may be available for very limited periods.","page_number":116,"box":{"x":117,"y":118,"width":308,"height":12}},{"id":"50c0e12e-2de0-4e25-91f3-c565eb8b5fa0","block_type":"box","text":"Investment in Emerging Markets.","page_number":116,"box":{"x":116,"y":157,"width":268,"height":12}},{"id":"af6894f8-1bfa-45a0-a27c-91ebc5f19bda","block_type":"box","text":"General","page_number":116,"box":{"x":117,"y":180,"width":59,"height":10}},{"id":"2866b1e2-5944-48d9-81e6-6482f0d7d2ac","block_type":"box","text":".","page_number":116,"box":{"x":177,"y":188,"width":8,"height":1}},{"id":"c9e9fa9b-1b75-4d24-acfe-f644c448f74e","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging","page_number":116,"box":{"x":117,"y":211,"width":727,"height":12}},{"id":"ccde99d5-d7f3-458c-b258-900aa65b02a9","block_type":"box","text":"capital markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital","page_number":116,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"7fb82f83-3eff-4647-83b6-bd818531e9a5","block_type":"box","text":"market is any country that is (i) generally recognized to be an emerging market country by the","page_number":116,"box":{"x":117,"y":242,"width":700,"height":12}},{"id":"555d16bb-e3fa-428b-8b70-bb669116f2c5","block_type":"box","text":"international financial community, such as the International Finance Corporation, or","page_number":116,"box":{"x":117,"y":258,"width":617,"height":12}},{"id":"b0a5e532-1f03-42a9-bca8-02b71fa39114","block_type":"box","text":"determined by the","page_number":116,"box":{"x":739,"y":258,"width":139,"height":12}},{"id":"3a784c69-eab1-44a0-be5e-4ad48e2c033c","block_type":"box","text":"World Bank to have a low, middle or middle upper income economy; (ii) classified by the United","page_number":116,"box":{"x":116,"y":273,"width":714,"height":12}},{"id":"d5622cbd-8306-407f-b54d-649d62725f2f","block_type":"box","text":"Nations or its authorities to be developing; and/or (iii) included in a broad-based index that is generally","page_number":116,"box":{"x":117,"y":289,"width":762,"height":12}},{"id":"03e039b8-afa7-46e2-acd6-9370b5585f1b","block_type":"box","text":"representative of emerging markets. Countries with emerging markets can be found in regions such as","page_number":116,"box":{"x":117,"y":304,"width":766,"height":12}},{"id":"5bb406fc-622b-4eb1-81fe-eed1b468d6f2","block_type":"box","text":"Asia, Latin America, Eastern Europe and Africa.","page_number":116,"box":{"x":116,"y":320,"width":361,"height":12}},{"id":"fbdb0e90-d854-4e81-8e62-62c3547a7194","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve","page_number":116,"box":{"x":117,"y":351,"width":743,"height":12}},{"id":"ab5281a9-7247-4e37-9c7b-e79d51afe9ce","block_type":"box","text":"certain additional risks that do not generally apply to investments in securities of issuers in more","page_number":116,"box":{"x":116,"y":366,"width":717,"height":12}},{"id":"0dd40410-4849-4cd1-a018-3fdd76a08c27","block_type":"box","text":"developed capital markets, such as (i) low or non-existent trading volume, resulting in market illiquidity","page_number":116,"box":{"x":116,"y":382,"width":763,"height":12}},{"id":"1d0184bd-eddc-4e6f-8d49-d2dc4ae1e2c0","block_type":"box","text":"and increased volatility in prices for such securities, as compared to securities of comparable issuers in","page_number":116,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"59798378-c7da-4059-816f-9cce1ac1c16d","block_type":"box","text":"more developed capital markets; (ii) uncertain national policies and social, political and economic","page_number":116,"box":{"x":117,"y":413,"width":723,"height":12}},{"id":"a3aaa7b0-5427-4f71-b798-8378a886107a","block_type":"box","text":"instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of","page_number":116,"box":{"x":117,"y":428,"width":718,"height":12}},{"id":"6683c3d1-3beb-42d4-a390-e5bce26a6649","block_type":"box","text":"inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing","page_number":116,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"43e9b383-1da8-48ca-a506-69b5132c5398","block_type":"box","text":"legal systems and the existence or possible imposition of exchange controls, custodial restrictions or","page_number":116,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"14172a4c-0d25-40eb-9342-852fb79ff5bd","block_type":"box","text":"other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":116,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"2e2586ab-c794-4d97-8ec2-1ddcd5a115cf","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers","page_number":116,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"b00f3318-4e05-43cc-9f1a-6ff9fda9778a","block_type":"box","text":"or industries deemed sensitive to national interests; and (v) the lack or relatively early development of","page_number":116,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"c957c640-3873-4fb2-9796-b596f32ab344","block_type":"box","text":"legal structures governing private and foreign investments and private property. In addition to","page_number":116,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"945447ce-25d5-4e75-acb8-700b9aefe4fa","block_type":"box","text":"withholding taxes on investment income, some countries with emerging markets may impose","page_number":116,"box":{"x":116,"y":537,"width":695,"height":12}},{"id":"14425598-27ab-419e-a1d5-faf98c76df73","block_type":"box","text":"differential capital gains taxes on foreign investors.","page_number":116,"box":{"x":116,"y":552,"width":381,"height":12}},{"id":"edfdcb1a-256e-4ac2-9853-cc7d06f4ebee","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":116,"box":{"x":117,"y":583,"width":699,"height":12}},{"id":"b50ed376-2987-4031-9672-9cf055884bc5","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":116,"box":{"x":116,"y":599,"width":726,"height":12}},{"id":"20779dcb-e199-465e-acac-58536540c85e","block_type":"box","text":"stability characteristic of more developed countries. In such a dynamic environment, there can be no","page_number":116,"box":{"x":116,"y":614,"width":750,"height":12}},{"id":"3c08a224-53ac-4904-ba2e-6d9d3d65a2dd","block_type":"box","text":"assurance that any or all of these capital markets will continue to present viable investment","page_number":116,"box":{"x":116,"y":630,"width":681,"height":12}},{"id":"74768924-391f-482b-a7f2-9de478065fa1","block_type":"box","text":"opportunities for a Fund. In the past, governments of such nations have expropriated substantial","page_number":116,"box":{"x":116,"y":645,"width":719,"height":12}},{"id":"f8e8259d-0cbc-4b5a-b7c7-810d6b9804b1","block_type":"box","text":"amounts of private property, and most claims of the property owners have never been fully settled.","page_number":116,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"69d2b0f5-2078-4613-87f6-8dba0aaa183b","block_type":"box","text":"There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":116,"box":{"x":116,"y":676,"width":747,"height":12}},{"id":"24e44cc8-d29c-4ba7-aa19-d7817c331b39","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks","page_number":116,"box":{"x":117,"y":692,"width":694,"height":9}},{"id":"0153f766-6c07-47af-9568-5dbf0b1a121b","block_type":"box","text":"described above, including the risks of nationalization or expropriation of assets, may be heightened. In","page_number":116,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"d6484859-d383-400b-af1f-0aeecfa41d0b","block_type":"box","text":"addition, unanticipated political or social developments may affect the value of investments in these","page_number":116,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"b5e1d691-8248-4561-a657-6dcad6371a97","block_type":"box","text":"countries and the availability to a Fund of additional investments. The small size and inexperience of","page_number":116,"box":{"x":116,"y":738,"width":746,"height":12}},{"id":"c3111e82-5847-49be-89d9-8e33488ebb30","block_type":"box","text":"the securities markets in certain of these countries and the limited volume of trading in securities in","page_number":116,"box":{"x":116,"y":754,"width":732,"height":12}},{"id":"49483552-84aa-4c49-9aed-5c6cb78bdbb3","block_type":"box","text":"these countries may make investments in the countries illiquid and more volatile than investments in","page_number":116,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"f313a929-d30f-40b6-974d-47697fb4c82c","block_type":"box","text":"more established markets.","page_number":116,"box":{"x":117,"y":785,"width":195,"height":9}},{"id":"91630356-7de0-41a8-a2c7-cab98f961ea7","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be","page_number":116,"box":{"x":116,"y":816,"width":765,"height":12}},{"id":"3638f54d-1cd9-4013-8fcc-e0a8703967d7","block_type":"box","text":"available about issuers in more developed capital markets, and such issuers may not be subject to","page_number":116,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"0ee4287a-d5fe-4f26-ba4e-5942089136d1","block_type":"box","text":"accounting, auditing and financial reporting standards and requirements comparable to those to which","page_number":116,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"1bec3560-cbce-4b5c-ad2f-0a20c86f8edb","block_type":"box","text":"U.S. companies are subject. In certain countries with emerging capital markets, reporting standards","page_number":116,"box":{"x":117,"y":862,"width":743,"height":12}},{"id":"8396d3fc-cf47-484d-a767-6a1ff9033d9c","block_type":"box","text":"vary widely. As a result, traditional investment measurements used in the United States, such as price/","page_number":116,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"98144367-1683-4a3b-ab73-789a683a77be","block_type":"box","text":"II-45","page_number":116,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9feec6c9-5b00-42ae-a85e-81d809f9c633","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":116,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ed8e1c36-abda-41e5-b178-d2246b7a89cb","block_type":"box","text":"earnings ratios, may not be applicable. Emerging market securities may be substantially less liquid","page_number":117,"box":{"x":116,"y":87,"width":737,"height":12}},{"id":"9f14a543-a128-4619-b033-dd0466aef409","block_type":"box","text":"than, and more volatile than, those of mature markets, and company shares may be held by a limited","page_number":117,"box":{"x":116,"y":102,"width":755,"height":13}},{"id":"54decc5b-7a12-47bf-98b3-4a655192edd2","block_type":"box","text":"number of persons. This may adversely affect the timing and pricing of the Fund’s acquisition or","page_number":117,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"3c1c00e3-1d46-4feb-ba06-e6f4bfbf9264","block_type":"box","text":"disposal of securities.","page_number":117,"box":{"x":116,"y":134,"width":165,"height":11}},{"id":"51ec4add-58d4-4f7d-8008-1b9cfd2cf123","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks","page_number":117,"box":{"x":117,"y":165,"width":746,"height":12}},{"id":"a6bf0923-26d6-4e97-adb9-bfaf140a58cc","block_type":"box","text":"than those in developed markets, in part because a Fund will need to use brokers and counterparties","page_number":117,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"da0f5d91-51f2-4322-badc-105e3109c055","block_type":"box","text":"that are less well capitalized, and custody and registration of assets in some countries may be","page_number":117,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"b67e42b1-3369-41df-a89b-3d1dd4fd9971","block_type":"box","text":"unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal","page_number":117,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"a3ac3a16-964b-4aca-81a2-99a1a2858bd5","block_type":"box","text":"to recognize ownership exists in some emerging markets, and, along with other factors, could result in","page_number":117,"box":{"x":116,"y":227,"width":762,"height":12}},{"id":"7b128dde-dcfd-4be1-ac18-ff190239f754","block_type":"box","text":"ownership registration being completely lost. A Fund would absorb any loss resulting from such","page_number":117,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"c2f0d70f-4841-4b7d-8b10-2a6c599c9f5d","block_type":"box","text":"registration problems and may have no successful claim for compensation.","page_number":117,"box":{"x":117,"y":258,"width":560,"height":12}},{"id":"fbde94cf-441c-456d-9e8f-f1ec4d129e31","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging","page_number":117,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"4e230c71-9ed5-4236-9264-6729840d855a","block_type":"box","text":"market countries may be on either a currency hedged or unhedged basis, and the Funds may hold","page_number":117,"box":{"x":117,"y":304,"width":735,"height":12}},{"id":"41d52635-1254-4022-8eb6-9e5af8484466","block_type":"box","text":"from time to time various foreign currencies pending investment or conversion into U.S. dollars. Some","page_number":117,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"7d3c64a1-5c64-4fcc-9019-0ec0d58bc013","block_type":"box","text":"of these instruments may have the characteristics of futures contracts. In addition, certain Funds may","page_number":117,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"2e575c28-0444-40c0-ba92-2d542beeb414","block_type":"box","text":"engage in foreign currency exchange transactions to seek to protect against changes in the level of","page_number":117,"box":{"x":116,"y":351,"width":742,"height":12}},{"id":"d66a99cf-5649-4bdb-b646-c9b38c4653b7","block_type":"box","text":"future exchange rates which would adversely affect the Fund’s performance. These investments and","page_number":117,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"fbad36b4-6ea8-44a3-b040-0caefaa0ecd3","block_type":"box","text":"transactions involving foreign securities, currencies, options (including options that relate to foreign","page_number":117,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"70ed2d79-a298-4ca1-849f-77095c3c55c1","block_type":"box","text":"currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":117,"box":{"x":116,"y":397,"width":619,"height":12}},{"id":"2e99ca94-fb78-491c-905e-b659c0141b50","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":117,"box":{"x":116,"y":428,"width":328,"height":12}},{"id":"a8347d96-882f-4dcf-95d7-effc1a34b842","block_type":"box","text":"In addition to the risks of foreign investing and the risks of","page_number":117,"box":{"x":445,"y":428,"width":432,"height":12}},{"id":"fdc73a2f-d4a5-447e-a172-7032975fdfbb","block_type":"box","text":"investing in developing markets, the developing market Asia-Pacific countries in which a Fund may","page_number":117,"box":{"x":117,"y":444,"width":738,"height":12}},{"id":"b932aaaa-2e3e-43a9-ade9-da6581f1f35e","block_type":"box","text":"invest are subject to certain additional or specific risks. Certain Funds may make substantial","page_number":117,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"3f35b315-11da-43b8-aebe-4306ff911b2d","block_type":"box","text":"investments in Asia-Pacific countries. In many of these markets, there is a high concentration of market","page_number":117,"box":{"x":117,"y":475,"width":771,"height":12}},{"id":"e21dfa75-24bc-4055-bbdf-b39de03e8394","block_type":"box","text":"capitalization and trading volume in a small number of issuers representing a limited number of","page_number":117,"box":{"x":116,"y":490,"width":710,"height":12}},{"id":"470d8a81-4815-4e2a-97cb-574e1306c422","block_type":"box","text":"industries, as well as a high concentration of investors and financial intermediaries. Many of these","page_number":117,"box":{"x":117,"y":506,"width":730,"height":12}},{"id":"3bc2d438-9112-44f1-9492-1f60b453d71e","block_type":"box","text":"markets also may be affected by developments with respect to more established markets in the region","page_number":117,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"716678ba-5e44-48e6-992a-e0a8cad04b29","block_type":"box","text":"such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are","page_number":117,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"05e77436-c4e0-4522-9e90-4f3f6aeba5af","block_type":"box","text":"fewer in number and less well capitalized than brokers in the United States. These factors, combined","page_number":117,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"91a31946-d4f0-4a75-92ef-ebdd52fa04d3","block_type":"box","text":"with the U.S. regulatory requirements for open-end investment companies and the restrictions on","page_number":117,"box":{"x":116,"y":568,"width":725,"height":12}},{"id":"0cb2ca13-a5bf-437b-9a2d-b3ea9aab02c2","block_type":"box","text":"foreign investment discussed below, result in potentially fewer investment opportunities for a Fund and","page_number":117,"box":{"x":116,"y":583,"width":766,"height":12}},{"id":"2a943adf-1d17-4706-be05-d8eb91c43375","block_type":"box","text":"may have an adverse impact on the investment performance of the Fund.","page_number":117,"box":{"x":117,"y":599,"width":550,"height":12}},{"id":"edc1e918-87ce-42b4-9f34-18cb774ea80b","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic,","page_number":117,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"0d788292-1859-4d76-a372-d51a26780245","block_type":"box","text":"political and social instability than is the case in the United States and Western European countries.","page_number":117,"box":{"x":117,"y":645,"width":743,"height":12}},{"id":"5a55d40d-1b61-46b7-a843-e36f87d4e67d","block_type":"box","text":"Such instability may result from, among other things: (i) authoritarian governments or military","page_number":117,"box":{"x":116,"y":661,"width":688,"height":12}},{"id":"46ca2417-a7f2-4aec-b98c-94e19ff405b7","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through","page_number":117,"box":{"x":117,"y":676,"width":718,"height":12}},{"id":"64ab7dc3-d87c-45a6-8ab7-067201d37c38","block_type":"box","text":"extra-constitutional means; (ii) popular unrest associated with demands for improved political,","page_number":117,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"7c4374c4-d6f9-4674-89bb-eaaaaf998493","block_type":"box","text":"economic and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring","page_number":117,"box":{"x":116,"y":707,"width":704,"height":12}},{"id":"0e50c356-d3e9-4b4b-a722-cbe62aaad421","block_type":"box","text":"countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of such","page_number":117,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"365e6009-a5f1-4749-978d-de5bc73c3e6a","block_type":"box","text":"countries, such as Indonesia, have a substantial role in regulating and supervising the economy.","page_number":117,"box":{"x":116,"y":738,"width":714,"height":12}},{"id":"b695ab8b-4619-435b-94c3-9ee35ec07936","block_type":"box","text":"Another risk common to most such countries is that the economy is heavily export oriented and,","page_number":117,"box":{"x":116,"y":754,"width":710,"height":12}},{"id":"16024c77-bb58-446f-ab45-717851402673","block_type":"box","text":"accordingly, is dependent upon international trade. The existence of overburdened infrastructure and","page_number":117,"box":{"x":116,"y":769,"width":748,"height":12}},{"id":"c8644be2-a45e-4de0-a7fa-5afe6e9facce","block_type":"box","text":"obsolete financial systems also presents risks in certain countries, as do environmental problems.","page_number":117,"box":{"x":116,"y":785,"width":724,"height":12}},{"id":"a70f61a9-f150-4b4b-ac9b-1b13904c2c79","block_type":"box","text":"Certain economies also depend to a significant degree upon exports of primary commodities and,","page_number":117,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"a16cb455-a346-48ae-9292-670da08ad8ad","block_type":"box","text":"therefore, are vulnerable to changes in commodity prices that, in turn, may be affected by a variety of","page_number":117,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"6fd6722c-8fa4-4fa2-9de3-19b4ec13c34a","block_type":"box","text":"factors.","page_number":117,"box":{"x":116,"y":831,"width":60,"height":10}},{"id":"09497786-59ca-4920-b867-655a4d3329f0","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse","page_number":117,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"8a367fb0-28a2-4294-9e75-d3155d6460aa","block_type":"box","text":"impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with","page_number":117,"box":{"x":117,"y":878,"width":769,"height":12}},{"id":"d425a6a4-af36-42b3-b9c3-63b91b8b2f5a","block_type":"box","text":"II-46","page_number":117,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9ebef905-dfb3-4844-96b8-539c04502771","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":117,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"35c68a45-0aa4-420c-a028-8cde0da59f4a","block_type":"box","text":"respect to acts of the corporation is generally limited to the amount of the shareholder’s investment, the","page_number":118,"box":{"x":117,"y":87,"width":771,"height":12}},{"id":"f4614b06-692c-48ff-9070-d366df602a89","block_type":"box","text":"notion of limited liability is less clear in certain emerging market Asia-Pacific countries. Similarly, the","page_number":118,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"11eb140f-5bc1-4b38-af27-0fd4198d8aed","block_type":"box","text":"rights of investors in developing market Asia-Pacific companies may be more limited than those of","page_number":118,"box":{"x":117,"y":118,"width":732,"height":12}},{"id":"e528a58a-2a86-4801-96c9-4dfa90a5e3e5","block_type":"box","text":"shareholders of U.S. corporations. It may be difficult or impossible to obtain and/or enforce a judgment","page_number":118,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"e669af6d-0206-4959-9af3-6ad33aa47c30","block_type":"box","text":"in a developing market Asia-Pacific country.","page_number":118,"box":{"x":117,"y":149,"width":330,"height":12}},{"id":"71277b84-8ab9-4c5c-9ede-0334980cf2d1","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to","page_number":118,"box":{"x":117,"y":180,"width":714,"height":12}},{"id":"22076e92-e06c-4d3b-9dea-d13c3b1c76a5","block_type":"box","text":"exercise substantial influence over many aspects of the private sector. In certain cases, the","page_number":118,"box":{"x":116,"y":196,"width":683,"height":12}},{"id":"a5b42365-e995-43b3-80f0-fa49fa328f5c","block_type":"box","text":"government owns or controls many companies, including the largest in the country. Accordingly,","page_number":118,"box":{"x":116,"y":211,"width":718,"height":12}},{"id":"d8d4d03f-7438-4780-af70-f2d304b62db2","block_type":"box","text":"government actions in the future could have a significant effect on economic conditions in developing","page_number":118,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"d40c6791-f14d-4032-a054-bfb7fcf72d82","block_type":"box","text":"market Asia-Pacific countries, which could affect private sector companies and a Fund itself, as well as","page_number":118,"box":{"x":117,"y":242,"width":768,"height":12}},{"id":"a60d9144-16b6-4d21-aeb4-73d9fc3f54f4","block_type":"box","text":"the value of securities in the Fund’s portfolio. In addition, economic statistics of developing market","page_number":118,"box":{"x":116,"y":258,"width":731,"height":12}},{"id":"968e5c89-e37e-4213-8f2d-3721acddadb2","block_type":"box","text":"Asia-Pacific countries may be less reliable than economic statistics of more developed nations.","page_number":118,"box":{"x":116,"y":273,"width":710,"height":12}},{"id":"1a70e65d-ebaa-4303-b2eb-8f1258c27e28","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific","page_number":118,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"f35b6f80-4ceb-4fdb-83ec-ff531374568b","block_type":"box","text":"issuers and the possibility that such issuers may not be subject to the same accounting, auditing and","page_number":118,"box":{"x":117,"y":320,"width":752,"height":12}},{"id":"a08305a8-6181-4c44-a1bf-710a5c02ab73","block_type":"box","text":"financial reporting standards as U.S. companies, inflation accounting rules in some developing market","page_number":118,"box":{"x":116,"y":335,"width":762,"height":12}},{"id":"59161699-dce3-4c9a-abcd-55b37178cc0e","block_type":"box","text":"Asia-Pacific countries require companies that keep accounting records in the local currency, for both","page_number":118,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"b6db27e0-2919-475d-b11f-b21adb75383b","block_type":"box","text":"tax and accounting purposes, to restate certain assets and liabilities on the company’s balance sheet","page_number":118,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"68acfe51-7cb5-4689-a9ec-e5d9a36e7147","block_type":"box","text":"in order to express items in terms of currency of constant purchasing power. Inflation accounting may","page_number":118,"box":{"x":117,"y":382,"width":756,"height":12}},{"id":"c43c7617-a44f-4104-980e-6b8d06ddd0a2","block_type":"box","text":"indirectly generate losses or profits for certain developing market Asia-Pacific companies.","page_number":118,"box":{"x":117,"y":397,"width":669,"height":12}},{"id":"d24c3602-6903-44e9-b8b1-5608eef43d1c","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia","page_number":118,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"fa43c67f-222c-4780-8de9-375db72bab18","block_type":"box","text":"Pacific countries, which may result in the Fund incurring additional costs and delays in providing","page_number":118,"box":{"x":117,"y":444,"width":716,"height":12}},{"id":"b0bc416a-b9fc-4fe1-85d2-0eb6469d75cb","block_type":"box","text":"transportation and custody services for such securities outside such countries.","page_number":118,"box":{"x":116,"y":459,"width":586,"height":12}},{"id":"a5e01c24-a26d-4b96-9bc7-db836bf9fedb","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially","page_number":118,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"ade00180-747f-41f7-94ba-a8e47d6892c6","block_type":"box","text":"large debtors to commercial banks and foreign governments.","page_number":118,"box":{"x":117,"y":506,"width":456,"height":12}},{"id":"fcde39ca-54cc-483b-8620-37a7939cdf2d","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and","page_number":118,"box":{"x":117,"y":537,"width":705,"height":12}},{"id":"c69aa16d-d2b1-4b26-8f60-0923239e7762","block_type":"box","text":"negative impact on a Fund’s investment portfolio and, in the longer term, could impair the ability of","page_number":118,"box":{"x":117,"y":552,"width":732,"height":12}},{"id":"69c05ca8-377f-469f-8a69-7d1c1ba04fa1","block_type":"box","text":"issuers in which the Fund invests to conduct their businesses in the manner normally conducted.","page_number":118,"box":{"x":117,"y":568,"width":722,"height":12}},{"id":"761f8a14-754f-465f-87e2-59fd216d36a4","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may","page_number":118,"box":{"x":117,"y":599,"width":766,"height":12}},{"id":"75affe03-8744-493d-b402-897408a8e2ba","block_type":"box","text":"not be practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may","page_number":118,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"71da7a0f-cfbb-4314-8598-a559b58be668","block_type":"box","text":"invest in countries in which foreign investors, including management of the Fund, have had no or","page_number":118,"box":{"x":117,"y":630,"width":722,"height":12}},{"id":"418950f4-ef70-41b0-bfc9-5a83981d3175","block_type":"box","text":"limited prior experience.","page_number":118,"box":{"x":117,"y":645,"width":182,"height":12}},{"id":"f3776cf6-453a-45ea-ae21-7ae88a010d50","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":118,"box":{"x":116,"y":676,"width":458,"height":12}},{"id":"d7718124-252a-457e-a70e-75c3ad4312d3","block_type":"box","text":"Some developing Asia-Pacific countries","page_number":118,"box":{"x":581,"y":676,"width":294,"height":12}},{"id":"cf2a10b5-4e28-46d5-a876-6543f9901d1e","block_type":"box","text":"prohibit or impose substantial restrictions on investments in their capital markets, particularly their","page_number":118,"box":{"x":117,"y":692,"width":723,"height":12}},{"id":"380ac4b2-f2f1-40fe-ac5f-8ca8d05ac256","block_type":"box","text":"equity markets, by foreign entities such as a Fund. As illustrations, certain countries may require","page_number":118,"box":{"x":116,"y":707,"width":714,"height":12}},{"id":"b77e1086-1f61-4b93-9181-32eff5b92a51","block_type":"box","text":"governmental approval prior to investments by foreign persons or limit the amount of investment by","page_number":118,"box":{"x":116,"y":723,"width":736,"height":12}},{"id":"102bd35e-fec8-496b-ba98-db458bad979d","block_type":"box","text":"foreign persons in a particular company or limit the investment by foreign persons to only a specific","page_number":118,"box":{"x":116,"y":738,"width":735,"height":12}},{"id":"2f7ffc57-5f0b-48c3-ba99-86e6a1fa45d5","block_type":"box","text":"class of securities of a company which may have less advantageous terms (including price and","page_number":118,"box":{"x":116,"y":754,"width":705,"height":12}},{"id":"67b3a4b9-860b-4724-9a8f-2a422f919970","block_type":"box","text":"shareholder rights) than securities of the company available for purchase by nationals. There can be","page_number":118,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"efcbbfd9-b4cf-4065-9494-c11f398a522d","block_type":"box","text":"no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In","page_number":118,"box":{"x":117,"y":785,"width":762,"height":12}},{"id":"fa5131eb-a526-496c-9724-d37919cf8b58","block_type":"box","text":"addition, changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of","page_number":118,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"eabe188d-7506-43cb-90d7-51525277fcc9","block_type":"box","text":"such securities may have an adverse effect on the value of such shares. Certain countries may restrict","page_number":118,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"e3dcf22d-7772-4288-8bfa-6f4bfce361d4","block_type":"box","text":"investment opportunities in issuers or industries deemed important to national interests.","page_number":118,"box":{"x":117,"y":831,"width":654,"height":12}},{"id":"edf5bac3-ccd1-4473-ad51-305e249c7827","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific","page_number":118,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"0d901433-3ead-4c52-aa5f-320c740ce4cd","block_type":"box","text":"countries, as well as limitations on such investments, also may have an adverse impact on the","page_number":118,"box":{"x":116,"y":878,"width":705,"height":12}},{"id":"d3940710-8361-4485-9b89-68374c1b61cf","block_type":"box","text":"II-47","page_number":118,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"aeaf6766-5bb5-476b-8a8a-ed311703c8af","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":118,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ea85b03d-895d-4884-968d-3b61d5f5d102","block_type":"box","text":"operations of a Fund. For example, a Fund may be required in certain of such countries to invest","page_number":119,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"d36c5a4c-c42e-4c8b-bd20-fbfcfa4e2887","block_type":"box","text":"initially through a local broker or other entity and then have the shares purchased re-registered in the","page_number":119,"box":{"x":117,"y":103,"width":753,"height":12}},{"id":"5d797dd9-419a-42d5-939a-ebdf80cb9a70","block_type":"box","text":"name of the Fund. Re-registration may in some instances not be able to occur on a timely basis,","page_number":119,"box":{"x":117,"y":118,"width":718,"height":12}},{"id":"b182d5f8-4c22-4913-89ab-d86ab26b48ec","block_type":"box","text":"resulting in a delay during which a Fund may be denied certain of its rights as an investor, including","page_number":119,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"1da780b3-43b2-49c7-9a32-4a573d1f1de2","block_type":"box","text":"rights as to dividends or to be made aware of certain corporate actions. There also may be instances","page_number":119,"box":{"x":117,"y":149,"width":753,"height":12}},{"id":"c79b8afe-4d24-4d43-b7f1-7c0b0371686c","block_type":"box","text":"where a Fund places a purchase order but is subsequently informed, at the time of re-registration, that","page_number":119,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"949b8a40-a493-45e2-bf49-d3cb8fecfdf3","block_type":"box","text":"the permissible allocation of the investment to foreign investors has been filled, depriving the Fund of","page_number":119,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"f67821e9-d1b5-4b6b-a6da-697519c20010","block_type":"box","text":"the ability to make its desired investment at that time.","page_number":119,"box":{"x":116,"y":196,"width":400,"height":12}},{"id":"9de236cb-4f99-4f07-9e7b-7091c7634afa","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate","page_number":119,"box":{"x":116,"y":227,"width":714,"height":12}},{"id":"ea1300a1-dfd2-4737-a2bf-decea2ca0ff7","block_type":"box","text":"investment income, capital or the proceeds of sales of securities by foreign investors. A Fund could be","page_number":119,"box":{"x":117,"y":242,"width":763,"height":12}},{"id":"933c0a2c-32d2-4b0a-b0fd-294a41ad0ad7","block_type":"box","text":"adversely affected by delays in, or a refusal to grant, any required governmental approval for","page_number":119,"box":{"x":116,"y":258,"width":693,"height":12}},{"id":"bed3a8c2-d116-4891-893a-23ad7aedbc29","block_type":"box","text":"repatriation of capital, as well as by the application to the Fund of any restrictions on investments. It is","page_number":119,"box":{"x":117,"y":273,"width":759,"height":12}},{"id":"90b4504b-daff-45b5-8b06-32211edb4a93","block_type":"box","text":"possible that certain countries may impose currency controls or other restrictions relating to their","page_number":119,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"08cbfa9e-1481-4d19-bb93-b7e2f1fd89c1","block_type":"box","text":"currencies or to securities of issuers in those countries. To the extent that such restrictions have the","page_number":119,"box":{"x":116,"y":304,"width":746,"height":10}},{"id":"916520f0-f19b-43ee-a759-22807cf5ff4b","block_type":"box","text":"effect of making certain investments illiquid, securities may not be available for sale to meet","page_number":119,"box":{"x":116,"y":320,"width":685,"height":12}},{"id":"202dea72-ecf5-4306-a94d-6c7afbcab27d","block_type":"box","text":"redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":119,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"779c8778-1ef7-42ce-a566-60823d2e856d","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the","page_number":119,"box":{"x":116,"y":351,"width":763,"height":12}},{"id":"f0e107a4-404b-44a9-ac71-580b330a38b9","block_type":"box","text":"Fund’s assets that may be used to meet redemptions may be further decreased. Even where there is","page_number":119,"box":{"x":117,"y":366,"width":754,"height":12}},{"id":"e28a0e12-2401-4fc5-add0-855fd2f4678c","block_type":"box","text":"no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects","page_number":119,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"25af7231-b91c-4de1-b37f-31cc3beaad75","block_type":"box","text":"of the operations of a Fund (for example, if funds may be withdrawn only in certain currencies and/or","page_number":119,"box":{"x":116,"y":397,"width":751,"height":12}},{"id":"8dd3c4da-e6f0-4104-93b8-e8faf36e674e","block_type":"box","text":"only at an exchange rate established by the government).","page_number":119,"box":{"x":116,"y":413,"width":433,"height":12}},{"id":"1688a5b6-dff8-4376-a34c-30b72a266858","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have","page_number":119,"box":{"x":117,"y":444,"width":763,"height":12}},{"id":"fb92ba51-572e-4bc4-9fc1-05bd6b4bd4da","block_type":"box","text":"actively traded securities available for investment. The Investment Company Act restricts a Fund’s","page_number":119,"box":{"x":116,"y":459,"width":734,"height":12}},{"id":"0c5f7d9b-3537-4e2f-9926-d86a6a67b484","block_type":"box","text":"investments in any equity securities of an issuer that, in its most recent fiscal year, derived more than","page_number":119,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"90cd8aef-2372-4daa-893f-7eca0eda9b1d","block_type":"box","text":"15% of its revenues from “securities related activities,” as defined by the rules thereunder. These","page_number":119,"box":{"x":118,"y":490,"width":722,"height":12}},{"id":"06788cc4-2b3f-4b6c-9a78-f6521906ec4e","block_type":"box","text":"provisions may restrict a Fund’s investments in certain foreign banks and other financial institutions.","page_number":119,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"182ff0a8-6ff5-4802-a0e4-1b2887d53c8d","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant","page_number":119,"box":{"x":117,"y":537,"width":699,"height":12}},{"id":"6058bebc-9263-403f-bab7-302e535a9b2f","block_type":"box","text":"evolution and rapid development, and these countries may lack the social, political and economic","page_number":119,"box":{"x":116,"y":552,"width":726,"height":12}},{"id":"8e400939-2dfb-4ca6-aaef-134ba2d010de","block_type":"box","text":"stability characteristic of more developed countries. Some of these countries may have in the past","page_number":119,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"2ac1418f-7cc8-4cf0-b66e-d160948a4648","block_type":"box","text":"failed to recognize private property rights and have at times nationalized or expropriated the assets of","page_number":119,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"084877fc-51dc-4ed1-bd0c-79ea182b5df4","block_type":"box","text":"private companies. As a result the risks described above, including the risks of nationalization or","page_number":119,"box":{"x":117,"y":599,"width":718,"height":12}},{"id":"a812ed68-57f6-4dd5-9c9f-649caaebeffd","block_type":"box","text":"expropriation of assets, may be heightened. In addition, unanticipated political or social developments","page_number":119,"box":{"x":116,"y":614,"width":760,"height":12}},{"id":"9639b8d0-a789-4b87-8248-e6fad3b6d9d6","block_type":"box","text":"may affect the value of investments in these countries and the availability to a Fund of additional","page_number":119,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"c23a433c-262b-45d7-a424-dcf70c88826a","block_type":"box","text":"investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":119,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"7c8e801c-ed98-4f5e-97b5-fa462f5b960a","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make","page_number":119,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"f9097e7b-637d-42c7-95e6-5b9a7d5f6855","block_type":"box","text":"investments in the countries illiquid and more volatile than investments in Japan or most Western","page_number":119,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"05c5f88d-6fe7-4440-970a-0172b3e828a7","block_type":"box","text":"European countries. There may be little financial or accounting information available with respect to","page_number":119,"box":{"x":117,"y":692,"width":736,"height":12}},{"id":"8603c5cb-4085-403a-9428-e768c588fba0","block_type":"box","text":"issuers located in certain emerging market countries, and it may be difficult to assess the value or","page_number":119,"box":{"x":117,"y":707,"width":724,"height":12}},{"id":"70de94c9-ff6c-4955-826f-a815db61c38e","block_type":"box","text":"prospects of an investment in such issuers.","page_number":119,"box":{"x":117,"y":723,"width":319,"height":12}},{"id":"a49be8b9-e539-44c7-ad5f-7dd3b485b1c7","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be","page_number":119,"box":{"x":116,"y":754,"width":723,"height":12}},{"id":"83ae9dcf-ac92-42f5-95f2-5bd11f1a11f0","block_type":"box","text":"higher than those of Funds investing primarily in domestic securities. The costs attributable to investing","page_number":119,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"f8d7e199-5236-438c-9c2f-18b4dc78089c","block_type":"box","text":"abroad are usually higher for several reasons, such as the higher cost of custody of foreign securities,","page_number":119,"box":{"x":116,"y":785,"width":755,"height":12}},{"id":"e0517ad3-dd43-46df-89fb-beac15dd634d","block_type":"box","text":"higher commissions paid on comparable transactions on foreign markets and additional costs arising","page_number":119,"box":{"x":117,"y":800,"width":746,"height":12}},{"id":"b3858055-cfcd-444b-bf7a-4271277f2ccb","block_type":"box","text":"from delays in settlements of transactions involving foreign securities.","page_number":119,"box":{"x":116,"y":816,"width":515,"height":12}},{"id":"d1266e27-b783-4e85-8335-4bd6cc29da02","block_type":"box","text":"Risks of Investments in Russia.","page_number":119,"box":{"x":116,"y":847,"width":232,"height":9}},{"id":"01a3bceb-c834-481c-a811-ca9c80e6d4a5","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by","page_number":119,"box":{"x":350,"y":847,"width":482,"height":12}},{"id":"79ecf220-72b4-443d-b729-252c4bae32bd","block_type":"box","text":"companies located in Russia. The Russian securities market suffers from a variety of problems","page_number":119,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"806fa434-df49-47e0-8f55-6e251866ac64","block_type":"box","text":"described above in “Investment in Emerging Markets” not encountered in more developed markets.","page_number":119,"box":{"x":116,"y":878,"width":742,"height":12}},{"id":"61667794-d01c-45af-a427-62b9fbb3e772","block_type":"box","text":"II-48","page_number":119,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a6b70ea8-396b-48ef-a757-766a035a7ea0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":119,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d8f05f50-47d5-4f83-829a-fbf7d22ea50f","block_type":"box","text":"The Russian securities market is relatively new, and a substantial portion of securities transactions in","page_number":120,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"2f8eaadb-93ab-4205-933a-a168800960ab","block_type":"box","text":"Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities","page_number":120,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"0e3c06a3-bd1d-44f7-8e58-9d3efbdbe7d0","block_type":"box","text":"market and the limited volume of trading in securities in the market may make obtaining accurate","page_number":120,"box":{"x":117,"y":118,"width":723,"height":12}},{"id":"3f9dd302-68cc-4233-ad63-27f1448cacf6","block_type":"box","text":"prices on portfolio securities from independent sources more difficult than in more developed markets.","page_number":120,"box":{"x":117,"y":134,"width":761,"height":11}},{"id":"061db021-aa45-4d4b-8a7e-3ab5f4e5eb58","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and","page_number":120,"box":{"x":117,"y":165,"width":639,"height":12}},{"id":"c7cb4b74-c5fb-4fec-b393-b0a336ce463d","block_type":"box","text":"telecommunication systems, settlement, clearing and registration of securities transactions are subject","page_number":120,"box":{"x":116,"y":180,"width":764,"height":12}},{"id":"6f9cc61a-678c-4005-b628-4276026ad523","block_type":"box","text":"to additional risks. Prior to 2013, there was no central registration system for equity share registration","page_number":120,"box":{"x":116,"y":196,"width":756,"height":12}},{"id":"c6d53bb8-c018-4424-81a4-e6c6587ef1fe","block_type":"box","text":"in Russia and registration was carried out either by the issuers themselves or by registrars located","page_number":120,"box":{"x":117,"y":211,"width":733,"height":12}},{"id":"e16ade33-aaa1-49bd-8875-8e8d043b5aff","block_type":"box","text":"throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":120,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"4ba10901-4c38-4fda-bf41-01151a66f140","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository","page_number":120,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"179bb13d-ef3f-406b-901e-d599761094d0","block_type":"box","text":"(“NSD”) as a recognized central securities depository, and title to Russian equities held through the","page_number":120,"box":{"x":117,"y":258,"width":740,"height":12}},{"id":"dcac74da-b82e-4cb9-a90b-46695a14fe33","block_type":"box","text":"NSD is now based on the records of the NSD and not on the records of the local registrars. Although","page_number":120,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"114f2779-904b-4128-bc52-e0d4865bbc10","block_type":"box","text":"the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities","page_number":120,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"6a234f10-cef5-4e36-9a81-7bfbe7e4762b","block_type":"box","text":"market, loss still can occur. Additionally, issuers and registrars remain prominent in the validation and","page_number":120,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"11a9e0f3-64e4-47ea-bc26-2e1c46a85115","block_type":"box","text":"approval of documentation requirements for corporate action processing in Russia, and, because the","page_number":120,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"ba692008-dd0c-4c24-9b6b-9e5a6710d048","block_type":"box","text":"documentation requirements and approval criteria vary between registrars and issuers, there remain","page_number":120,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"b32a9ca7-5690-4ee5-9e38-38e1b6cff6f8","block_type":"box","text":"inconsistent market standards in the Russian market with respect to the completion and submission of","page_number":120,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"7c2b00f6-e7a4-42c3-bd9a-a1ea4deaa07a","block_type":"box","text":"corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions","page_number":120,"box":{"x":116,"y":366,"width":761,"height":12}},{"id":"4f701a82-b2ef-4aac-8753-684a353ab6ca","block_type":"box","text":"relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise","page_number":120,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"1c79208f-6b37-4cc8-8daf-91484776dfc3","block_type":"box","text":"remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":120,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"d071d25b-593d-4097-a2e9-cc154124d2cb","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held","page_number":120,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"a6a4aed5-d399-4cc0-abc1-1b640fba2dc6","block_type":"box","text":"on behalf of their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments","page_number":120,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"144ac3da-4795-4fb6-890b-605fe173257a","block_type":"box","text":"in Russia.","page_number":120,"box":{"x":117,"y":444,"width":77,"height":9}},{"id":"b36054a6-11df-4d53-a6bc-a8360d073f4d","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military","page_number":120,"box":{"x":117,"y":475,"width":708,"height":12}},{"id":"45e0efa9-cde7-4a3f-afde-12065384e2cf","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia","page_number":120,"box":{"x":117,"y":490,"width":735,"height":12}},{"id":"edcf4dbd-9a3d-4357-8c63-3fb96559d686","block_type":"box","text":"launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the","page_number":120,"box":{"x":117,"y":506,"width":720,"height":12}},{"id":"85ea7cb9-b5c2-4f24-9d84-5846f475b9e0","block_type":"box","text":"military action, resulting sanctions and resulting future market disruptions, including declines in its","page_number":120,"box":{"x":117,"y":521,"width":727,"height":12}},{"id":"dc249a13-a909-4ecb-a965-e90f430263e3","block_type":"box","text":"stock markets and the value of the ruble against the U.S. dollar, are impossible to predict. Any such","page_number":120,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"6f56412c-5dc7-401a-9ad3-1ff484786953","block_type":"box","text":"disruptions caused by Russian military action or other actions (including cyberattacks and espionage)","page_number":120,"box":{"x":116,"y":552,"width":757,"height":12}},{"id":"9683a1a5-2d0b-4cd8-a10c-3e7f026afa63","block_type":"box","text":"or resulting actual and threatened responses to such activity, including purchasing and financing","page_number":120,"box":{"x":116,"y":568,"width":720,"height":12}},{"id":"6cdab50f-6905-4acf-b1ad-c842ddf305d1","block_type":"box","text":"restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or","page_number":120,"box":{"x":117,"y":583,"width":685,"height":12}},{"id":"d9456881-765f-4f06-b3c3-cff1d66e9494","block_type":"box","text":"cyberattacks on the Russian government, Russian companies or Russian individuals, including","page_number":120,"box":{"x":116,"y":599,"width":710,"height":12}},{"id":"531b6a31-e9e6-46d2-b74c-6da0db31e38c","block_type":"box","text":"politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund invests.","page_number":120,"box":{"x":117,"y":614,"width":763,"height":12}},{"id":"d936ec06-fd4d-4b35-bd67-4fc16ab6f4c6","block_type":"box","text":"Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":120,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"0a7d1ad3-736a-41a3-84f9-6f5671b7f6ee","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and","page_number":120,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"0a823498-dfc9-424a-b695-486de2157029","block_type":"box","text":"Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":120,"box":{"x":117,"y":661,"width":720,"height":12}},{"id":"5027af82-a9e2-45af-98aa-8c64a5659d41","block_type":"box","text":"military action may also impact the markets for certain Russian commodities, such as oil and natural","page_number":120,"box":{"x":117,"y":676,"width":741,"height":12}},{"id":"75988817-6c47-43c3-b746-04c1602f5461","block_type":"box","text":"gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":120,"box":{"x":116,"y":692,"width":752,"height":12}},{"id":"923472c4-0b07-4c82-92a0-dc641d5da26b","block_type":"box","text":"sectors globally.","page_number":120,"box":{"x":116,"y":707,"width":119,"height":12}},{"id":"382b82ae-b0df-403a-9d64-a8169800a6f6","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”)","page_number":120,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"e2665e59-474d-43d6-b0fd-3ae36777d49a","block_type":"box","text":"have imposed economic sanctions, which can consist of prohibiting certain securities trades, certain","page_number":120,"box":{"x":117,"y":754,"width":739,"height":12}},{"id":"7ff49487-4568-490c-b118-1a9c9fddcbd0","block_type":"box","text":"private transactions in the energy sector, asset freezes and prohibition of all business, against certain","page_number":120,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"5adff6d8-57bc-411e-859f-e2fad261271f","block_type":"box","text":"Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning","page_number":120,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"9ffe4cf4-5498-4e76-aedc-0a2b1e1fcf73","block_type":"box","text":"Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from","page_number":120,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"616be38b-c121-4630-a9c1-01608b01cd3d","block_type":"box","text":"global payments systems that facilitate cross-border payments. These sanctions, or even the threat of","page_number":120,"box":{"x":116,"y":816,"width":758,"height":12}},{"id":"156a20d1-40cf-4e66-8449-b8618d08e24a","block_type":"box","text":"further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening","page_number":120,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"d863b0e5-3932-450a-ae4e-8d2a83da3276","block_type":"box","text":"of the ruble or other adverse consequences to the Russian economy. These sanctions have resulted","page_number":120,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"afa3d541-f3cc-4199-a17e-676226301aef","block_type":"box","text":"and may continue to result in the immediate freeze of Russian securities and/or funds invested in","page_number":120,"box":{"x":116,"y":862,"width":725,"height":12}},{"id":"3098256b-4993-4006-b97d-240687c3f490","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":120,"box":{"x":117,"y":878,"width":757,"height":12}},{"id":"7592b257-f9e4-4c4c-8e94-d53ce76a47b5","block_type":"box","text":"II-49","page_number":120,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"0b450929-7fb9-4ece-8c59-322f59b36146","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":120,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2aa58360-7dd8-4fa3-8ee6-b88dfdd806b0","block_type":"box","text":"assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":121,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"3a58898a-d88f-4c03-8274-5041a228ec7f","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":121,"box":{"x":116,"y":102,"width":435,"height":13}},{"id":"2554def7-5735-4759-94f7-a42c85e79290","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":121,"box":{"x":116,"y":134,"width":253,"height":12}},{"id":"d8e7dc85-8015-4a08-ad50-271ef38a41ce","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi","page_number":121,"box":{"x":371,"y":134,"width":497,"height":12}},{"id":"3f8659ac-5d0f-497c-9c9b-415f94f19f48","block_type":"box","text":"Arabian issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian","page_number":121,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"2fbde87b-da88-4a97-9a5a-5e8261298e1d","block_type":"box","text":"government at any time, and unforeseen risks could materialize due to foreign ownership in such","page_number":121,"box":{"x":116,"y":165,"width":724,"height":12}},{"id":"ae954d05-6318-4ce6-9f0e-ff7e22a000f5","block_type":"box","text":"securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":121,"box":{"x":116,"y":180,"width":715,"height":12}},{"id":"38e8e903-18c0-4c93-9075-18db906fe15b","block_type":"box","text":"ownership of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership","page_number":121,"box":{"x":116,"y":196,"width":753,"height":12}},{"id":"9dfa24e3-b4cc-4b8e-b8b0-124499ef1a96","block_type":"box","text":"of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from","page_number":121,"box":{"x":116,"y":211,"width":726,"height":12}},{"id":"6ba270db-4c72-4bb2-b57a-cf72c1e9f473","block_type":"box","text":"investing in accordance with its strategy and contribute to tracking error against the Underlying Index.","page_number":121,"box":{"x":117,"y":227,"width":757,"height":12}},{"id":"e42f51d1-164d-4168-bafa-ab2917d196fd","block_type":"box","text":"These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":121,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"d2535825-33b1-45f0-a4d9-40f8ff199baf","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain","page_number":121,"box":{"x":116,"y":258,"width":756,"height":12}},{"id":"c709aa9d-3f55-4163-b347-b56046cc10a0","block_type":"box","text":"or maintain any such licenses or approvals and may not be able to buy and sell securities at full value.","page_number":121,"box":{"x":116,"y":273,"width":763,"height":12}},{"id":"9c4d126f-5036-460d-bce1-2d9f67d7f706","block_type":"box","text":"Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":121,"box":{"x":117,"y":289,"width":750,"height":12}},{"id":"cf34776a-82d0-42a7-94e7-ddaabfaf75d1","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets,","page_number":121,"box":{"x":117,"y":304,"width":741,"height":12}},{"id":"5a8cd5f6-ae82-4dbc-87fd-929ca9af62d7","block_type":"box","text":"given the limited history of foreign investment in the Saudi Arabian market. Investments in","page_number":121,"box":{"x":116,"y":320,"width":672,"height":12}},{"id":"2b3bd5bb-06c0-4bef-bde3-27a1b1e646c4","block_type":"box","text":"Saudi Arabia may also be subject to loss due to expropriation or nationalization of assets and property","page_number":121,"box":{"x":116,"y":335,"width":764,"height":12}},{"id":"33315235-c153-4ac5-9509-6551e0d4ea75","block_type":"box","text":"or the imposition of restrictions on additional foreign investments and repatriation of capital. Such","page_number":121,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"5e271525-f712-4fcb-8f2f-9aadb1e6d966","block_type":"box","text":"heightened risks may include, among others, restrictions on and government intervention in","page_number":121,"box":{"x":117,"y":366,"width":683,"height":12}},{"id":"d74ce7d6-1589-4cf2-99c0-563522ef2333","block_type":"box","text":"international trade, confiscatory taxation, political instability, including authoritarian and/or military","page_number":121,"box":{"x":117,"y":382,"width":724,"height":12}},{"id":"e4a83bd8-ebcc-4ddb-a513-9760cdaf06f0","block_type":"box","text":"involvement in governmental decision making, armed conflict, crime and instability as a result of","page_number":121,"box":{"x":117,"y":397,"width":715,"height":12}},{"id":"fcabe894-cbfc-4f79-a13e-8121a68c423f","block_type":"box","text":"religious, ethnic and/or socioeconomic unrest. Saudi Arabia has privatized, or has begun the process","page_number":121,"box":{"x":117,"y":413,"width":754,"height":12}},{"id":"dec164a1-d3d0-4940-afb8-a1af00d5e612","block_type":"box","text":"of privatizing, certain entities and industries. Newly privatized companies may face strong competition","page_number":121,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"35dda872-647e-4c64-b250-80cbc833b5b5","block_type":"box","text":"from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":121,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"499797d6-18a5-4f3b-96de-a2f50db144aa","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to","page_number":121,"box":{"x":117,"y":459,"width":728,"height":12}},{"id":"a1e1f1a3-7664-4b36-89ee-307b3d5e0859","block_type":"box","text":"adjust quickly to a competitive environment or changing regulatory and legal standards or, in some","page_number":121,"box":{"x":116,"y":475,"width":737,"height":12}},{"id":"4c8ae6b1-29d8-46c2-b1d0-46f5214069e0","block_type":"box","text":"cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses","page_number":121,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"66114979-bbe6-46d3-936a-731145a8f76f","block_type":"box","text":"will not recur. Further, under income tax laws imposed by the Department of Zakat and Income Tax,","page_number":121,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"56a259c6-1794-4d96-ae39-1d2f8d18db3e","block_type":"box","text":"dividends paid by a Saudi Arabian company to foreign stockholders are generally subject to a 5%","page_number":121,"box":{"x":116,"y":521,"width":727,"height":12}},{"id":"facc6523-6564-45d2-8475-12c4dbc45e07","block_type":"box","text":"withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly","page_number":121,"box":{"x":116,"y":537,"width":754,"height":12}},{"id":"93c0e53b-182b-4351-a18f-d4995fc80c68","block_type":"box","text":"reliant on income from the sale of petroleum and trade with other countries involved in the sale of","page_number":121,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"8acae33d-6941-4aa8-beee-e05d5dccd8ea","block_type":"box","text":"petroleum, and its economy is therefore vulnerable to changes in foreign currency values and the","page_number":121,"box":{"x":117,"y":568,"width":726,"height":12}},{"id":"67032e34-f753-4330-99aa-4698a18781c4","block_type":"box","text":"market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":121,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"c2e06d01-f5ff-4098-8ba7-7d192edab100","block_type":"box","text":"impacted.","page_number":121,"box":{"x":117,"y":599,"width":76,"height":12}},{"id":"69199e74-d8d7-475c-9b12-3e7eab39c852","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial","page_number":121,"box":{"x":117,"y":630,"width":701,"height":12}},{"id":"987556b1-6ffa-4a5a-bde6-9bf3874e5f7a","block_type":"box","text":"influence over many aspects of the private sector. Although liberalization in the wider economy is","page_number":121,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"a6754072-3381-4509-9dfc-c2f45ae8a113","block_type":"box","text":"underway, in many areas it has lagged significantly: restrictions on foreign ownership persist, and the","page_number":121,"box":{"x":117,"y":661,"width":749,"height":12}},{"id":"db8d3e83-553c-4c44-807f-3aaf14227c3f","block_type":"box","text":"government has an ownership stake in many key industries. The situation is exacerbated by the fact","page_number":121,"box":{"x":116,"y":676,"width":743,"height":12}},{"id":"ebc2bad0-ff2f-4696-bb7b-280e51959a57","block_type":"box","text":"that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":121,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"ef58d09b-e8fb-4ae2-861b-89e3712da074","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East due to","page_number":121,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"0822d3c5-bdad-4f9e-b2e4-ffdf978a2fca","block_type":"box","text":"geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security, including","page_number":121,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"ad90d11b-5685-431b-9ca3-ee3917f0be48","block_type":"box","text":"terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":121,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"0fabaaef-ad11-4e85-b7ef-a79081cd06a0","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions","page_number":121,"box":{"x":117,"y":754,"width":761,"height":12}},{"id":"dbc79b73-ed6d-4563-a981-c7c456c7cf4b","block_type":"box","text":"in Saudi Arabia, which could affect private sector companies and a Fund, as well as the value of","page_number":121,"box":{"x":117,"y":769,"width":713,"height":12}},{"id":"690495db-9186-4df4-9d18-cba4ea2fe6d0","block_type":"box","text":"securities in a Fund’s portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian","page_number":121,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"8275c5b5-e907-4cf2-bc11-5aa2c45ca92e","block_type":"box","text":"corporate entities, or even the threat of sanctions, may result in the decline of the value and liquidity of","page_number":121,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"0a3bc060-6e66-4513-875d-574d6f77caf8","block_type":"box","text":"Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":121,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"170366ed-523f-421b-ad6b-4f9246779cae","block_type":"box","text":"Arabian economy. In addition, Saudi Arabia’s economy relies heavily on cheap, foreign labor, and","page_number":121,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"ded7027d-51f1-43d1-95c0-0765bb9564a1","block_type":"box","text":"changes in the availability of this labor supply could have an adverse effect on the economy.","page_number":121,"box":{"x":116,"y":847,"width":690,"height":12}},{"id":"95a886d1-7ccc-4280-b1fb-a8f49da1de95","block_type":"box","text":"II-50","page_number":121,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"129c3b96-303f-4dc2-be1d-0a3494a1dc66","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":121,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"acbc58fa-bdf0-47a9-8577-65ff344eebae","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a","page_number":122,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"1bf15c13-92e1-40ed-96e2-24a942bc1dee","block_type":"box","text":"result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility,","page_number":122,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"1f7477e3-fc1a-450f-8567-eb757dc62a23","block_type":"box","text":"lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations,","page_number":122,"box":{"x":117,"y":118,"width":705,"height":12}},{"id":"30690d1b-f367-4463-8338-490a791dcb79","block_type":"box","text":"uncertainty regarding the existence of trading markets, governmental control and heavy regulation of","page_number":122,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"2aa6f918-d6b5-4f78-8276-07ec64d161fe","block_type":"box","text":"labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than those","page_number":122,"box":{"x":117,"y":149,"width":766,"height":12}},{"id":"5f26bc67-4f8c-4b2d-ac67-4842ad712e63","block_type":"box","text":"of companies on exchanges in more developed markets. Such infrequent trading may adversely affect","page_number":122,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"10851d53-4f45-49e4-bdf8-dfa752f7bc7e","block_type":"box","text":"the pricing of these securities and a Fund’s ability to sell these securities in the future. Current","page_number":122,"box":{"x":116,"y":180,"width":701,"height":12}},{"id":"d4c7a188-b5b9-4021-a8a2-6f852a5c23e9","block_type":"box","text":"regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":122,"box":{"x":117,"y":196,"width":733,"height":12}},{"id":"9f856142-f965-4d14-a811-263576392954","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a","page_number":122,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"51ac5279-c4c6-48b9-9669-b507c720769d","block_type":"box","text":"Fund than is typically the case for investment managers.","page_number":122,"box":{"x":117,"y":227,"width":424,"height":12}},{"id":"8c975b95-4302-40ce-bab1-546718b6f557","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically","page_number":122,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"5f822c5a-d64b-49f5-a947-ff50c2e2a79f","block_type":"box","text":"experienced political instability, and there remains the possibility that the stability will not hold in the","page_number":122,"box":{"x":116,"y":273,"width":741,"height":12}},{"id":"f83275f4-6a54-4ba2-8c1d-6f436e450108","block_type":"box","text":"future or that instability in the larger Middle East region could adversely impact the economy of Saudi","page_number":122,"box":{"x":116,"y":289,"width":755,"height":12}},{"id":"f5d045fd-84f8-4c79-91fe-e8a77e23dd0b","block_type":"box","text":"Arabia. Instability may be caused by military developments, government interventions in the","page_number":122,"box":{"x":116,"y":304,"width":686,"height":12}},{"id":"c3c065bc-182c-44d2-80cd-91ba155e7965","block_type":"box","text":"marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences,","page_number":122,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"e94f4dd1-c023-4ce8-8a21-8e882124c494","block_type":"box","text":"or other factors. Additionally, anti-Western views held by certain groups in the Middle East may","page_number":122,"box":{"x":116,"y":335,"width":710,"height":12}},{"id":"e46d03d0-6258-41e6-a0ba-35befba8df11","block_type":"box","text":"influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":122,"box":{"x":117,"y":351,"width":740,"height":12}},{"id":"463beabe-b687-4e7c-aced-3b2bb283472d","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S.","page_number":122,"box":{"x":116,"y":366,"width":768,"height":12}},{"id":"70a52cb3-219d-4b1d-8f67-28959d10e815","block_type":"box","text":"is a significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi","page_number":122,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"95f82f4a-1af2-4a5e-be7d-298c5e4469c2","block_type":"box","text":"Arabia. As a result, economic conditions of Saudi Arabia may be particularly affected by changes in the","page_number":122,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"ea4b301a-de1c-4848-9cc4-9d2cd14ab0cb","block_type":"box","text":"U.S. economy. A decrease in U.S. imports or exports, new trade and financial regulations or tariffs,","page_number":122,"box":{"x":117,"y":413,"width":738,"height":12}},{"id":"f47b711f-fe38-4885-8b2d-0b0dc41310de","block_type":"box","text":"changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":122,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"a53b7efe-c1f4-4f79-a233-8c4d954dc43a","block_type":"box","text":"adverse effect on the economic conditions of Saudi Arabia and, as a result, securities to which the","page_number":122,"box":{"x":116,"y":444,"width":733,"height":11}},{"id":"2c36e8eb-5801-4fc6-8a52-49de87f4f930","block_type":"box","text":"Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":122,"box":{"x":117,"y":459,"width":743,"height":12}},{"id":"6cf61f14-2933-4956-be4f-5df9bff94a92","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may","page_number":122,"box":{"x":116,"y":475,"width":732,"height":12}},{"id":"3021d173-6e14-498f-b755-2a9453f817bf","block_type":"box","text":"negatively affect the value of securities in a Fund’s portfolio.","page_number":122,"box":{"x":117,"y":490,"width":449,"height":12}},{"id":"923ca159-296b-48de-940d-2f1d85fe7220","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to","page_number":122,"box":{"x":117,"y":521,"width":731,"height":12}},{"id":"5f52cceb-0602-4d01-96be-61b5c2ce9811","block_type":"box","text":"sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries","page_number":122,"box":{"x":116,"y":537,"width":772,"height":12}},{"id":"19fb5874-9516-4b81-a58a-19f8d126b5fe","block_type":"box","text":"identified by the U.S. Government as state sponsors of terrorism. As a result, an issuer may sustain","page_number":122,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"75b87cfb-5fdc-47a1-97d1-f1c234f60c80","block_type":"box","text":"damage to its reputation if it is identified as an issuer which operates in, or has dealings with, such","page_number":122,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"9cf6b2fb-31c7-44ff-b1ff-953853e70da8","block_type":"box","text":"countries. A Fund, as an investor in such issuers will be indirectly subject to those risks.","page_number":122,"box":{"x":116,"y":583,"width":655,"height":12}},{"id":"60964c6d-8dce-474b-9f1a-67d0e7674202","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":122,"box":{"x":116,"y":614,"width":237,"height":12}},{"id":"f4565c06-3d1c-43d2-ac63-c31c707c2819","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory,","page_number":122,"box":{"x":354,"y":614,"width":493,"height":12}},{"id":"5938cbb7-d95e-4bf6-9a98-7a56a5c515fd","block_type":"box","text":"political, currency, security, expropriation and/or nationalization of assets and economic risk specific to","page_number":122,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"615439fe-48ce-4091-8d49-0141c15692e2","block_type":"box","text":"Venezuela. Venezuela is extremely well endowed with natural resources, including oil and natural gas,","page_number":122,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"57a2afef-17d4-41b0-8ac9-25344f6cf3d5","block_type":"box","text":"and its economy is heavily dependent on export of natural resources to key trading partners. Any act of","page_number":122,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"b9bc436d-9913-4c0c-9590-3515a8ff3e8a","block_type":"box","text":"terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or","page_number":122,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"b396fc8f-666a-4ec8-bd09-509cc1235bec","block_type":"box","text":"export of natural resources will likely negatively affect the Venezuelan economy. The government","page_number":122,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"1927cc63-ffeb-4509-aaa3-420854710ac2","block_type":"box","text":"continues to control key sectors of the economy, including upstream oil and gas production, and has","page_number":122,"box":{"x":116,"y":707,"width":744,"height":12}},{"id":"7e9fc8d8-e7d2-444a-8a17-82cc43ef3f29","block_type":"box","text":"sought to increase its role in key sectors, such as telecommunications and steel. Meanwhile,","page_number":122,"box":{"x":116,"y":723,"width":686,"height":12}},{"id":"c7f906a9-bc57-4067-a80c-4836bf561d64","block_type":"box","text":"ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":122,"box":{"x":116,"y":738,"width":747,"height":12}},{"id":"32e0e575-13e3-45dd-a0db-2026ec25e0e1","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues","page_number":122,"box":{"x":116,"y":754,"width":741,"height":12}},{"id":"52376bf8-b5c0-4fbc-95bb-b680e1c20496","block_type":"box","text":"between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":122,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"175b74ee-9f75-44e1-9a7f-945517783714","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and","page_number":122,"box":{"x":116,"y":785,"width":687,"height":11}},{"id":"165e595d-f76c-4d3b-8257-daa812ac5e6d","block_type":"box","text":"Venezuelan corporate entities, and on the Venezuelan government. The U.S. could also institute","page_number":122,"box":{"x":116,"y":800,"width":717,"height":12}},{"id":"827c17bb-b2e9-4d58-8aa7-398bb3cbec92","block_type":"box","text":"broader sanctions on Venezuela. The U.S. has also taken military action against Venezuela in an effort","page_number":122,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"155e9bc8-54a0-4222-a5e1-7d4ad92266c2","block_type":"box","text":"to effect regime change. Military action, sanctions, or even the threat of further military action and","page_number":122,"box":{"x":116,"y":831,"width":727,"height":12}},{"id":"b76a7e64-98fb-40a8-b258-6f459f1669a8","block_type":"box","text":"sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of","page_number":122,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"cb78ac33-a40d-48fd-8b59-67cf51ff5bc1","block_type":"box","text":"the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":122,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"b58dea8d-e9ca-4b02-a22a-addfd59a0db9","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions","page_number":122,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"78a05304-b7ed-4ac0-8c63-2e5439c2d5ee","block_type":"box","text":"II-51","page_number":122,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"effaac01-df84-484f-b9c8-bad3562db6eb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":122,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"92dabebe-df72-4ff3-978e-bc11719c6936","block_type":"box","text":"against Venezuela may in the future be imposed by the U.S. or other countries. These factors, among","page_number":123,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"14ce60d5-4ab4-4d07-a279-ccc9a8879f13","block_type":"box","text":"others, can have a negative impact on a Fund’s investments.","page_number":123,"box":{"x":116,"y":103,"width":457,"height":12}},{"id":"b01c39dc-a883-4d04-a3e4-5edcc5a53d2c","block_type":"box","text":"Brady Bonds.","page_number":123,"box":{"x":116,"y":135,"width":97,"height":12}},{"id":"8d57fa10-2c8d-406c-82a6-70202fc4e785","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may","page_number":123,"box":{"x":215,"y":135,"width":661,"height":12}},{"id":"146dee67-d8dd-4bd3-a607-1c6e9655b8a4","block_type":"box","text":"include emerging market governmental debt obligati","page_number":123,"box":{"x":117,"y":151,"width":376,"height":11}},{"id":"d845f769-0276-4875-818b-2a97929f2955","block_type":"box","text":"ons commonly referred to as Brady Bonds. Brady","page_number":123,"box":{"x":494,"y":150,"width":364,"height":12}},{"id":"6b235216-f99c-42d6-9de6-c2301e039039","block_type":"box","text":"Bonds are securities created through the exchange of existing commercial bank loans to sovereign","page_number":123,"box":{"x":117,"y":166,"width":722,"height":12}},{"id":"c411222c-f7c9-4ef7-bbec-171080bdbc23","block_type":"box","text":"entities for new obligations in connection with debt","page_number":123,"box":{"x":116,"y":181,"width":365,"height":12}},{"id":"f3f9ed14-0bd3-4aa8-a0e5-31673d506b65","block_type":"box","text":"t restructurings under a debt restructuring plan","page_number":123,"box":{"x":481,"y":182,"width":338,"height":11}},{"id":"2a2b97f4-7051-493d-95e7-161bd5626558","block_type":"box","text":"introduced by former U.S. Secretary of the Treasury,","page_number":123,"box":{"x":117,"y":197,"width":380,"height":12}},{"id":"bc43b057-ac32-4225-9ccd-bbe7dc128294","block_type":"box","text":"Nicholas F. Brady (the “Brady Plan”). Brady Plan","page_number":123,"box":{"x":498,"y":197,"width":364,"height":12}},{"id":"21574c3a-689b-400d-b44a-67b9b71b634a","block_type":"box","text":"debt restructurings have been implemented in a number of","page_number":123,"box":{"x":116,"y":212,"width":427,"height":12}},{"id":"9687f0f7-a530-4bf3-b496-2fae2545044c","block_type":"box","text":"f countries, including: Argentina, Bolivia, Brazil,","page_number":123,"box":{"x":542,"y":213,"width":342,"height":11}},{"id":"55f4c9e8-c47f-41d9-9059-258c51f14832","block_type":"box","text":"Bulgaria, Costa Rica, the Dominican Republic, Ecuado","page_number":123,"box":{"x":117,"y":228,"width":396,"height":12}},{"id":"1018c465-f4af-4b74-ad11-40aac522c0d4","block_type":"box","text":"r, Jordan, Mexico, Niger, Nigeria, Panama, Peru,","page_number":123,"box":{"x":515,"y":228,"width":359,"height":12}},{"id":"9143a9f4-dfb8-4a98-9e7e-8d1f48b7d801","block_type":"box","text":"the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early 2000s, certain","page_number":123,"box":{"x":116,"y":244,"width":707,"height":11}},{"id":"552e9df8-cf95-406b-ae31-4babbc3b8ad7","block_type":"box","text":"countries began retiring their Brady Bonds, includi","page_number":123,"box":{"x":116,"y":259,"width":361,"height":12}},{"id":"c498752b-3ba4-4760-8527-cfb9da1f5a50","block_type":"box","text":"ng Brazil, Colombia, Mexico, the Philippines, and","page_number":123,"box":{"x":480,"y":259,"width":360,"height":12}},{"id":"b90dd925-99e5-4d42-b827-615a9febb637","block_type":"box","text":"Venezuela.","page_number":123,"box":{"x":116,"y":275,"width":87,"height":9}},{"id":"85948904-0e41-41fc-b386-02e7a619e660","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the","page_number":123,"box":{"x":117,"y":307,"width":758,"height":12}},{"id":"5e3be873-447b-408b-8895-64ce9f7af19d","block_type":"box","text":"U.S. dollar) and are actively traded in the OTC secondary market. Brady Bonds are not considered to","page_number":123,"box":{"x":117,"y":322,"width":762,"height":12}},{"id":"5e604cfd-b6de-4162-b5b3-8bf4d688f551","block_type":"box","text":"be U.S. Government Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be","page_number":123,"box":{"x":117,"y":338,"width":754,"height":12}},{"id":"aaa9c0eb-1106-42ec-9b28-66535e7e5749","block_type":"box","text":"fixed rate par bonds or floating rate discount bonds, are generally collateralized in full as to principal","page_number":123,"box":{"x":116,"y":353,"width":751,"height":12}},{"id":"7c966e84-9883-41f6-aec1-9bee5b45fee4","block_type":"box","text":"by U.S. Treasury zero-coupon bonds having the same maturity as the Brady Bonds. Interest","page_number":123,"box":{"x":117,"y":369,"width":694,"height":12}},{"id":"590fc65b-dc1a-46a1-84e7-8c822a53bcf3","block_type":"box","text":"payments on these Brady Bonds generally are collateralized on a one-year or longer rolling-forward","page_number":123,"box":{"x":117,"y":384,"width":749,"height":12}},{"id":"4d123bda-1a24-4a10-bede-114640f4643e","block_type":"box","text":"basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one","page_number":123,"box":{"x":117,"y":400,"width":753,"height":12}},{"id":"593b146e-51c8-495e-a5fe-2612c274a2ce","block_type":"box","text":"year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":123,"box":{"x":116,"y":415,"width":754,"height":12}},{"id":"76c73d04-3e1b-48bc-9d0c-359d88f89aaf","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals","page_number":123,"box":{"x":117,"y":431,"width":767,"height":12}},{"id":"1ee0fcb9-b020-43be-b87c-913978ff214e","block_type":"box","text":"thereafter. Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances,","page_number":123,"box":{"x":116,"y":446,"width":747,"height":12}},{"id":"169cd205-f07b-432a-acb9-4b542a253cba","block_type":"box","text":"which in effect constitute supplemental interest payments but generally are not collateralized. Brady","page_number":123,"box":{"x":116,"y":462,"width":751,"height":12}},{"id":"1177bf3a-1105-4624-a870-2c1abeea3643","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment","page_number":123,"box":{"x":117,"y":477,"width":767,"height":12}},{"id":"11ca7491-9b58-41b6-9b5b-0b8c913c28e5","block_type":"box","text":"of principal at final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest","page_number":123,"box":{"x":116,"y":493,"width":749,"height":12}},{"id":"0b83a168-7599-437a-ab0e-6523a6807bee","block_type":"box","text":"payments; and (iv) any uncollateralized repayment of principal at maturity (the uncollateralized","page_number":123,"box":{"x":117,"y":508,"width":710,"height":12}},{"id":"e5b1e4db-26d7-422d-8cac-d31b7805008f","block_type":"box","text":"amounts constitute the “residual risk”).","page_number":123,"box":{"x":116,"y":524,"width":292,"height":12}},{"id":"999e2884-cc1b-4f50-9dcd-a0da9c43c640","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign","page_number":123,"box":{"x":117,"y":556,"width":695,"height":12}},{"id":"2ccf6197-f749-428d-af93-705aad47dc9a","block_type":"box","text":"securities, including the history of defaults with respect to commercial bank loans by public and private","page_number":123,"box":{"x":116,"y":572,"width":765,"height":12}},{"id":"57da4c4a-d6af-4d17-963f-034406ede0f1","block_type":"box","text":"entities of countries issuing Brady Bonds. In light of the residual risk of Brady Bonds and, among other","page_number":123,"box":{"x":116,"y":587,"width":764,"height":12}},{"id":"6adc192e-9575-46ff-b164-d80919f57807","block_type":"box","text":"factors, the history of defaults, investments in Brady Bonds are considered speculative. There can be","page_number":123,"box":{"x":116,"y":603,"width":756,"height":12}},{"id":"a2b68944-aafc-4a0b-bec3-0f0e85e23ef0","block_type":"box","text":"no assurance that Brady Bonds in which the Funds may invest will not be subject to restructuring","page_number":123,"box":{"x":117,"y":618,"width":723,"height":12}},{"id":"b66c9f0a-3f82-4b92-8330-2b91f3304e3e","block_type":"box","text":"arrangements or to requests for new credit, which may cause the Funds to suffer a loss of interest or","page_number":123,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"cb50f937-0a6b-4a5e-a48d-12d1703d9732","block_type":"box","text":"principal on any of its holdings.","page_number":123,"box":{"x":117,"y":649,"width":234,"height":12}},{"id":"7d872cec-4a95-422c-b914-619a37c81780","block_type":"box","text":"China Investments Risk.","page_number":123,"box":{"x":117,"y":682,"width":178,"height":9}},{"id":"eea4da05-783c-490b-9c0d-2173b36d44ef","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the","page_number":123,"box":{"x":117,"y":705,"width":729,"height":13}},{"id":"869f65a6-432a-48b6-994c-b6462661af3b","block_type":"box","text":"“PRC”), including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and","page_number":123,"box":{"x":116,"y":721,"width":758,"height":12}},{"id":"a50b3e93-4d72-4c74-bbcb-dbb02b308cf9","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such","page_number":123,"box":{"x":116,"y":736,"width":719,"height":13}},{"id":"6cc5bc04-044b-4d5e-a8e4-933b13ccdbcc","block_type":"box","text":"heightened risks include, among others, an authoritarian government, popular unrest associated with","page_number":123,"box":{"x":117,"y":752,"width":747,"height":12}},{"id":"321ed3b8-feb0-46a9-9946-7e02c167da3c","block_type":"box","text":"demands for improved political, economic and social conditions, the impact of regional conflict on the","page_number":123,"box":{"x":116,"y":767,"width":748,"height":13}},{"id":"66559a5d-1307-4c23-b1ef-e708f4abc4bf","block_type":"box","text":"economy and hostile relations with other countries.","page_number":123,"box":{"x":116,"y":783,"width":376,"height":12}},{"id":"b178b35c-a21f-463e-aa2c-afb06ed246f0","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could","page_number":123,"box":{"x":117,"y":815,"width":723,"height":12}},{"id":"7bfff284-ee46-4f3f-bfdc-c06225dde3de","block_type":"box","text":"disrupt economic development. The Chinese economy is vulnerable to the long-running disagreements","page_number":123,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"bdb761ad-f742-4fa5-940a-9ab8bb20d4d7","block_type":"box","text":"and religious and nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been","page_number":123,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"999e6926-091b-44b2-b617-0c32d8706bab","block_type":"box","text":"tensions between the Chinese government and many people in Hong Kong who perceive China as","page_number":123,"box":{"x":116,"y":862,"width":738,"height":12}},{"id":"f4d02a6a-e394-4e1c-8951-acbfe9f4928b","block_type":"box","text":"tightening control over Hong Kong’s semi-autonomous liberal political, economic, legal, and social","page_number":123,"box":{"x":116,"y":878,"width":731,"height":11}},{"id":"f21c6f44-4ace-4e6e-9f88-11fa56c1b60f","block_type":"box","text":"II-52","page_number":123,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"eb7c033e-3317-49de-a733-f3a890b84834","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":123,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a4b39d0c-c238-4a1d-a695-9271bc99530e","block_type":"box","text":"framework. Protests and unrest have increased tensions even further. Due to the interconnected","page_number":124,"box":{"x":116,"y":87,"width":721,"height":10}},{"id":"8f7833ff-926e-40cf-93fb-09a37cff25f3","block_type":"box","text":"nature of the Hong Kong and Chinese economies, this instability in Hong Kong may cause uncertainty","page_number":124,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"9bbf3250-f8c9-44d2-9ea6-ad5f61803d51","block_type":"box","text":"in the Hong Kong and Chinese markets. China has a complex territorial dispute regarding the","page_number":124,"box":{"x":117,"y":118,"width":697,"height":12}},{"id":"6bd35af2-4f7d-4a43-af2a-f103079919f3","block_type":"box","text":"sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":124,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"9850090a-bd48-443c-abda-164a4afd16df","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse","page_number":124,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"26cc0afd-4e2f-45a2-bcbf-a4b52a0f1ac1","block_type":"box","text":"impact on the value of the Fund’s investments in China or Taiwan, may cause a suspension in a","page_number":124,"box":{"x":117,"y":165,"width":717,"height":12}},{"id":"07984acf-70fb-4577-ab35-5a6d6bec8b08","block_type":"box","text":"Fund’s ability to trade in certain securities or other assets or may otherwise make such investments","page_number":124,"box":{"x":117,"y":180,"width":742,"height":12}},{"id":"a0c84adf-0302-4620-b38a-1989a63bb3fb","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a","page_number":124,"box":{"x":117,"y":196,"width":759,"height":12}},{"id":"bd68c416-9d44-412a-abe5-0e095d427c8d","block_type":"box","text":"significant adverse impact on the value of the Fund’s investments in both countries and the region. In","page_number":124,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"e9665072-3b3a-41fb-8d24-3aefc5bee311","block_type":"box","text":"addition, China has strained international relations with Japan, India, the Philippines and other","page_number":124,"box":{"x":116,"y":227,"width":703,"height":11}},{"id":"c1fc7e82-d02e-4fe0-a0cc-dd8852ae13d2","block_type":"box","text":"neighbors due to territorial disputes, historical animosities and other defense concerns. Frictions","page_number":124,"box":{"x":117,"y":242,"width":717,"height":12}},{"id":"d4c025e2-b2cc-4f16-bc3a-cbc39dd2aab3","block_type":"box","text":"between China and the Philippines in the South China Sea pose a risk of escalation potentially leading","page_number":124,"box":{"x":117,"y":258,"width":765,"height":12}},{"id":"c73c887d-2459-4e7e-bcb5-7099a7380cea","block_type":"box","text":"to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks","page_number":124,"box":{"x":116,"y":273,"width":752,"height":12}},{"id":"fe47d0d2-ddc5-4a88-9215-eb8fab38a00b","block_type":"box","text":"against foreign companies and foreign governments. Actual and threatened responses to such activity","page_number":124,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"2118d19e-df74-4d54-9eeb-4351bfe1fe91","block_type":"box","text":"and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks","page_number":124,"box":{"x":116,"y":304,"width":760,"height":12}},{"id":"9e6ca735-95ed-45c2-ba65-e7b5b4d3a68c","block_type":"box","text":"on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers","page_number":124,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"fcec4f09-b50b-49e8-a100-e627a981def6","block_type":"box","text":"of securities in which a Fund invests. China could be affected by military events on the Korean","page_number":124,"box":{"x":116,"y":335,"width":705,"height":12}},{"id":"fe9d7e5d-1494-4f55-ad8c-46a8d15ab0ca","block_type":"box","text":"peninsula or internal instability within North Korea. These situations may cause uncertainty in the","page_number":124,"box":{"x":117,"y":351,"width":723,"height":12}},{"id":"6a4d3464-e1fc-41a4-a737-4f9d974fc32a","block_type":"box","text":"Chinese market and may adversely affect the performance of the Chinese economy.","page_number":124,"box":{"x":117,"y":366,"width":631,"height":12}},{"id":"3a496dcc-367c-46d3-9820-1c118335ba96","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy,","page_number":124,"box":{"x":116,"y":393,"width":712,"height":12}},{"id":"9d135483-3575-4c0a-a7f2-b77f9931f61d","block_type":"box","text":"promote foreign investment in the economy, reduce government control of the economy and develop","page_number":124,"box":{"x":117,"y":409,"width":752,"height":12}},{"id":"9cb02258-5e5d-49e8-b2f4-b81295179d11","block_type":"box","text":"market mechanisms. However, the Chinese government still exercises substantial influence over many","page_number":124,"box":{"x":117,"y":424,"width":768,"height":12}},{"id":"bc04e29e-ce06-4400-8114-511379cec0ac","block_type":"box","text":"aspects of the private sector and may own or control many companies. Chinese companies, such as","page_number":124,"box":{"x":116,"y":440,"width":751,"height":12}},{"id":"ac6a2e20-3e65-4331-bfc1-2de715887f13","block_type":"box","text":"those in the financial services or technology sectors, and potentially other sectors in the future, are","page_number":124,"box":{"x":116,"y":455,"width":736,"height":12}},{"id":"7844b923-4d9f-4687-8b29-3c70c6b6f6b6","block_type":"box","text":"subject to the risk that Chinese authorities can intervene in their operations and structure. The Chinese","page_number":124,"box":{"x":116,"y":471,"width":769,"height":12}},{"id":"6df0ea81-629a-4106-9f73-319f8a093e56","block_type":"box","text":"government continues to maintain a major role in economic policymaking and investing in China","page_number":124,"box":{"x":116,"y":486,"width":717,"height":12}},{"id":"74c3b42a-d872-4961-b234-66771b6d5513","block_type":"box","text":"involves risk of loss due to expropriation, nationalization, confiscation of assets and property or the","page_number":124,"box":{"x":117,"y":502,"width":736,"height":12}},{"id":"a05bd760-3cc2-4d06-84b2-39cb35bda8e7","block_type":"box","text":"imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":124,"box":{"x":117,"y":517,"width":647,"height":12}},{"id":"58d0f53d-b684-4472-8152-2fe90da83d0e","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of","page_number":124,"box":{"x":116,"y":544,"width":764,"height":12}},{"id":"3a010650-6c80-4efe-9aaf-0e6a37f85390","block_type":"box","text":"trading restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks.","page_number":124,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"9b6842cc-b39f-4981-9f0d-70b2912c3c09","block_type":"box","text":"This may affect market price and liquidity of these stocks, and may have an unpredictable impact on","page_number":124,"box":{"x":116,"y":575,"width":748,"height":12}},{"id":"238164bc-3aa8-4c85-b852-79ac16057ee0","block_type":"box","text":"the investment activities of the Funds. Furthermore, such market interventions may have a negative","page_number":124,"box":{"x":116,"y":591,"width":745,"height":12}},{"id":"5fc6b2a6-1517-4dee-ba4b-0058df4dc230","block_type":"box","text":"impact on market sentiment which may in turn affect the performance of the securities markets and as","page_number":124,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"708247c5-eff0-47ec-80e9-00fb513fee22","block_type":"box","text":"a result the performance of the Funds.","page_number":124,"box":{"x":116,"y":622,"width":290,"height":12}},{"id":"ca4713f8-8705-4249-a51d-037751e79049","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of","page_number":124,"box":{"x":117,"y":649,"width":749,"height":12}},{"id":"a0f6a9a1-7ca3-4646-8d21-5504ced6946f","block_type":"box","text":"investors, brokers and other participants than in the United States. Accordingly, issuers of securities in","page_number":124,"box":{"x":117,"y":665,"width":757,"height":12}},{"id":"ff5870d0-b234-4d90-a920-5a7dddee64e6","block_type":"box","text":"China, including Chinese companies that are listed on U.S. exchanges, are not subject to the same","page_number":124,"box":{"x":117,"y":680,"width":735,"height":12}},{"id":"f8fa5568-1d9c-4da8-8778-fd587c952acb","block_type":"box","text":"degree of regulation as are U.S. issuers with respect to such matters as insider trading rules, tender","page_number":124,"box":{"x":116,"y":696,"width":742,"height":12}},{"id":"ae0df53f-b3d5-499b-b8a1-fa97b3859d5a","block_type":"box","text":"offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":124,"box":{"x":116,"y":711,"width":735,"height":12}},{"id":"64b96705-6c9f-4632-8268-ecef86f82bce","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are","page_number":124,"box":{"x":117,"y":727,"width":761,"height":12}},{"id":"42ffc82d-1d91-4a60-96ed-1a7e28d2aaa0","block_type":"box","text":"in the process of change and further development. This may lead to trading volatility, difficulty in the","page_number":124,"box":{"x":117,"y":742,"width":738,"height":12}},{"id":"c4eeeec6-e5ae-46cb-9bfc-aad053fcef07","block_type":"box","text":"settlement and recording of transactions and difficulty in interpreting and applying the relevant","page_number":124,"box":{"x":116,"y":758,"width":697,"height":12}},{"id":"0e30701e-2133-4da4-a732-7d5153111a9c","block_type":"box","text":"regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":124,"box":{"x":117,"y":773,"width":750,"height":12}},{"id":"5fd89e11-1e6f-4abc-8cec-8dff8dba7c73","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In","page_number":124,"box":{"x":116,"y":789,"width":743,"height":12}},{"id":"baf1eec7-e174-447a-8e45-d52b8778152b","block_type":"box","text":"particular, there is a risk that a Fund may not be recognized as the owner of securities that are held on","page_number":124,"box":{"x":117,"y":804,"width":759,"height":12}},{"id":"91ba050f-ee1e-41d4-8e85-c716567be9d6","block_type":"box","text":"behalf of the Fund by a sub-custodian.","page_number":124,"box":{"x":117,"y":820,"width":284,"height":12}},{"id":"e3054aee-7179-4265-8caa-7ad721094e0d","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or","page_number":124,"box":{"x":116,"y":847,"width":707,"height":12}},{"id":"b8fc12ff-0f95-4b73-a38e-73ef17668017","block_type":"box","text":"litigation against Chinese companies, and shareholders may have limited legal remedies. The Funds","page_number":124,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"4957ac13-7f82-41cd-887c-b6ac8e8e7c89","block_type":"box","text":"do not select investments based on investor protection considerations.","page_number":124,"box":{"x":116,"y":878,"width":528,"height":12}},{"id":"38b53f2a-7041-41e2-98bb-d733787b45c4","block_type":"box","text":"II-53","page_number":124,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"61783293-f433-4850-8377-e599e6e0655a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":124,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1cd65d60-8ba3-4297-bf3d-b6a4f447a825","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company","page_number":125,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"9e4f559f-4f89-4a5e-85da-f80ed36d356a","block_type":"box","text":"Accounting Oversight Board (“PCAOB”) from inspecting the audit work and practices of accounting","page_number":125,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"2a75204c-a78d-4b62-9cfc-475384c4fc51","block_type":"box","text":"firms in mainland China and Hong Kong for compliance with U.S. law and professional standards. On","page_number":125,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"fd64618c-2ced-49a0-957e-2ccaf3b961af","block_type":"box","text":"August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory","page_number":125,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"29eef837-943c-4530-8d62-4a1fda4b89c4","block_type":"box","text":"Commission and the Ministry of Finance of the PRC, which marked the first step toward opening","page_number":125,"box":{"x":117,"y":149,"width":719,"height":12}},{"id":"4bd660f1-fca7-4351-bcd4-27c05dd0bcd2","block_type":"box","text":"access for the PCAOB to inspect and investigate registered public accounting firms headquartered in","page_number":125,"box":{"x":116,"y":165,"width":755,"height":12}},{"id":"407b406f-6c81-4335-b57b-754f1b5560cc","block_type":"box","text":"mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":125,"box":{"x":117,"y":180,"width":672,"height":12}},{"id":"673a9485-f6f9-42d7-9437-43938a48b345","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested.","page_number":125,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"84cadd27-3a1e-44fc-a58f-4fe89b8647df","block_type":"box","text":"Audits performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be","page_number":125,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"cf285cc9-78e0-4a8e-8fcf-ba3d844d2d22","block_type":"box","text":"less reliable than those performed by firms subject to PCAOB inspection. Accordingly, information","page_number":125,"box":{"x":117,"y":227,"width":730,"height":12}},{"id":"3b7c445c-e10f-47e2-9cc8-68b024682f82","block_type":"box","text":"about the Chinese securities in which the Funds invest may be less reliable or complete. Under","page_number":125,"box":{"x":116,"y":242,"width":712,"height":12}},{"id":"e6c9de68-47c3-400c-9a81-d24219e7da07","block_type":"box","text":"amendments to the Sarbanes-Oxley Act enacted in December 2020, which requires that the PCAOB","page_number":125,"box":{"x":116,"y":258,"width":752,"height":12}},{"id":"9701a8b2-ec7d-4ef2-bb18-3c9d4355c786","block_type":"box","text":"be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer, Chinese companies with","page_number":125,"box":{"x":117,"y":273,"width":743,"height":12}},{"id":"7687eedc-983f-4197-8783-fa9a3d665f97","block_type":"box","text":"securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the accounting","page_number":125,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"c364ea10-16a5-40e4-9b04-bdfcc2406098","block_type":"box","text":"firm.","page_number":125,"box":{"x":116,"y":304,"width":37,"height":9}},{"id":"d463cf1c-f4a0-44a4-8a50-f6a3466266a0","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange","page_number":125,"box":{"x":116,"y":335,"width":763,"height":12}},{"id":"ad4106a2-dffe-4dc8-909a-2aad51c6e49e","block_type":"box","text":"control policies and repatriation restrictions imposed by the Chinese government. 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The interpretation, applicability and enforcement","page_number":126,"box":{"x":487,"y":533,"width":386,"height":12}},{"id":"edc93583-0834-45ce-9abe-50a3e276ddaf","block_type":"box","text":"of such laws by PRC tax authorities are not as c","page_number":126,"box":{"x":116,"y":549,"width":341,"height":12}},{"id":"25826f2d-4558-462d-86f3-5fca59a553fb","block_type":"box","text":"onsistent and transparent as those of more developed","page_number":126,"box":{"x":458,"y":549,"width":389,"height":12}},{"id":"9aeae364-6de6-4e3f-a8ed-a89d3f8f393f","block_type":"box","text":"nations, and may vary over time and from region to","page_number":126,"box":{"x":117,"y":564,"width":362,"height":12}},{"id":"a98951cb-15f2-44f7-9984-794a58f3ce29","block_type":"box","text":"region. The application and enforcement of PRC tax","page_number":126,"box":{"x":479,"y":564,"width":380,"height":12}},{"id":"3b6c3547-fd9e-45e7-9d74-9f73c7e419f8","block_type":"box","text":"rules could have a significant adverse effect on a Fund and","page_number":126,"box":{"x":117,"y":580,"width":423,"height":12}},{"id":"cf010fbf-20c0-4a16-a84c-4a8c1307a8e4","block_type":"box","text":"its investors, particularly in relation to capital","page_number":126,"box":{"x":541,"y":580,"width":316,"height":12}},{"id":"f7193895-7b39-47b5-b1c1-8eb144f85d45","block_type":"box","text":"gains withholding tax imposed upon non-residents. In","page_number":126,"box":{"x":116,"y":595,"width":383,"height":12}},{"id":"3970d135-ff08-4326-879d-cc4b87cd4b6c","block_type":"box","text":"addition, the accounting, auditing and financial","page_number":126,"box":{"x":500,"y":595,"width":333,"height":12}},{"id":"511afcab-0602-4582-a18e-12c7b0ce5fca","block_type":"box","text":"reporting standards and practices applicable to Chinese companies may be less rigorous, and may result in","page_number":126,"box":{"x":117,"y":611,"width":767,"height":12}},{"id":"abd5667f-1029-4669-8799-13624765c277","block_type":"box","text":"significant differences between financial stat","page_number":126,"box":{"x":116,"y":626,"width":313,"height":12}},{"id":"6e1dd80f-fa50-4eb6-9a74-36a95084e82c","block_type":"box","text":"ements prepared in accordance with PRC accounting","page_number":126,"box":{"x":429,"y":626,"width":385,"height":12}},{"id":"fcb77a2f-5f9a-41f5-9d9f-88e3f688dd78","block_type":"box","text":"standards and practice and those prepared in acco","page_number":126,"box":{"x":116,"y":642,"width":362,"height":12}},{"id":"d12416b3-6fbe-4966-a336-4606cd8f0b97","block_type":"box","text":"rdance with international accounting standards.","page_number":126,"box":{"x":479,"y":642,"width":340,"height":12}},{"id":"5e5d82c6-ed31-410c-8277-458510f0e47f","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the","page_number":126,"box":{"x":117,"y":671,"width":762,"height":12}},{"id":"4592c62a-74d7-48cb-a81b-fc1c46deb134","block_type":"box","text":"country may be subject to other public health threats, infectious illnesses, diseases or similar issues in","page_number":126,"box":{"x":116,"y":686,"width":757,"height":13}},{"id":"f5b6c42c-0481-47a9-ba61-bd72303f3758","block_type":"box","text":"the future. Any spread of an infectious illness, public health threat or similar issue could reduce","page_number":126,"box":{"x":116,"y":702,"width":704,"height":12}},{"id":"83e20d44-67a5-48af-8f39-0e84260c980e","block_type":"box","text":"consumer demand or economic output, result in market closures, travel restrictions or quarantines, and","page_number":126,"box":{"x":116,"y":718,"width":764,"height":11}},{"id":"f145926e-77e7-49eb-9c92-03cf3c30fe12","block_type":"box","text":"generally have a significant impact on the Chinese economy, which in turn could adversely affect a","page_number":126,"box":{"x":116,"y":733,"width":732,"height":12}},{"id":"ca47fab3-8e0c-4851-ba16-c5b03a88b341","block_type":"box","text":"Fund’s investments.","page_number":126,"box":{"x":117,"y":749,"width":147,"height":9}},{"id":"5a59be00-b4db-47e7-9cbd-71ce7bab339c","block_type":"box","text":"Risk of Investing through Stock Connect","page_number":126,"box":{"x":116,"y":778,"width":300,"height":12}},{"id":"ab509cfd-b96e-42e8-8567-d00b0e426563","block_type":"box","text":".","page_number":126,"box":{"x":417,"y":786,"width":1,"height":1}},{"id":"497264f4-d069-4322-9d36-90a0f9100ab7","block_type":"box","text":"General.","page_number":126,"box":{"x":117,"y":800,"width":62,"height":10}},{"id":"08f73344-a689-4c3e-a1e2-71e12f62598d","block_type":"box","text":"China A-shares are equity securities of companies domiciled in China that trade on Chinese","page_number":126,"box":{"x":186,"y":800,"width":681,"height":12}},{"id":"8081c525-19e2-4eeb-a533-d6fca7861370","block_type":"box","text":"stock exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange","page_number":126,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"6ea511ef-08d0-4a8c-9b53-7054388ed27e","block_type":"box","text":"(“SZSE”) and the Beijing Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the","page_number":126,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"a35fd84f-fda8-4c82-b365-355b7518afc3","block_type":"box","text":"SSE and SZSE is not permitted, other than pursuant to available exceptions, such as through a","page_number":126,"box":{"x":116,"y":847,"width":713,"height":12}},{"id":"ac12b2ad-56c2-44ac-bb30-a4f3f29706b6","block_type":"box","text":"qualified foreign investor approved pursuant to the relevant mainland China laws and regulations as","page_number":126,"box":{"x":116,"y":862,"width":745,"height":12}},{"id":"b9fc46ab-b89a-4ded-b397-bdf698ffee07","block_type":"box","text":"may be promulgated and/or amended from time to time (“QFI”).","page_number":126,"box":{"x":117,"y":878,"width":474,"height":12}},{"id":"98fab700-0b94-4b3f-816d-e7a77827e38f","block_type":"box","text":"II-55","page_number":126,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"3ea0d63a-4e97-4c61-968e-ad20e6e9e269","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":126,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0f0f3796-de3c-49f8-8df0-e21e28a50e6b","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE","page_number":127,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"e2038dd4-7b78-40ab-9d22-648132afd4b8","block_type":"box","text":"(“Stock Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect","page_number":127,"box":{"x":117,"y":102,"width":711,"height":13}},{"id":"d16dc034-6a70-4b35-82c7-6dd509a66b19","block_type":"box","text":"program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a “Stock Connect”","page_number":127,"box":{"x":117,"y":118,"width":764,"height":12}},{"id":"3660ab87-c25a-4e0d-9e00-28e4aa3df45c","block_type":"box","text":"and collectively, “Stock Connects”). Each Stock Connect is a securities trading and clearing links","page_number":127,"box":{"x":116,"y":134,"width":722,"height":12}},{"id":"299cdebc-08e8-449b-8d6e-29259f511017","block_type":"box","text":"program established by The Stock Exchange of Hong Kong Limited (“SEHK”), the Hong Kong","page_number":127,"box":{"x":117,"y":149,"width":699,"height":12}},{"id":"8003eb50-70b6-4860-aed7-aec05c27ec06","block_type":"box","text":"Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable, and China","page_number":127,"box":{"x":116,"y":165,"width":700,"height":12}},{"id":"05b79de2-ccea-446f-9ee0-0a9df76f8f94","block_type":"box","text":"Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":127,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"3a5dad0b-a18b-49e6-96da-c87e2d5dc027","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on","page_number":127,"box":{"x":117,"y":196,"width":761,"height":12}},{"id":"23b69c33-5333-4880-beb0-94e53009905f","block_type":"box","text":"each market through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock","page_number":127,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"44e8f692-7a3b-4403-982c-5f7ae0a55d4c","block_type":"box","text":"Connect Securities listed on the SSE or SZSE, as applicable, would be effectuated through its Hong","page_number":127,"box":{"x":117,"y":227,"width":747,"height":12}},{"id":"8df1e386-38a0-4f7f-8e4c-f9992f46554e","block_type":"box","text":"Kong broker and a securities trading service company established by SEHK.","page_number":127,"box":{"x":117,"y":242,"width":572,"height":12}},{"id":"8f0803c4-bc01-49df-84d2-dd744ce69612","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock","page_number":127,"box":{"x":116,"y":273,"width":703,"height":12}},{"id":"18d65a30-d5c3-49b8-ad95-7d420d14ea36","block_type":"box","text":"Connect, trading through a Stock Connect’s Northbound Trading Link is subject to daily investment","page_number":127,"box":{"x":117,"y":289,"width":738,"height":12}},{"id":"b6b243c9-906a-42b7-9551-782459aaec81","block_type":"box","text":"quota limitations which require that buy orders for Stock Connect Securities be rejected once the daily","page_number":127,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"ebb4efcb-b85d-4aa4-915f-86da064f000e","block_type":"box","text":"quota is exceeded (although a Fund will be permitted to sell their Stock Connect Securities regardless","page_number":127,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"d2505c3a-1074-415b-b5da-8cdb388978e7","block_type":"box","text":"of the quota). These limitations may restrict a Fund from investing in Stock Connect Securities on a","page_number":127,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"b768027d-2dc9-43d8-8e2f-d847986d562c","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy.","page_number":127,"box":{"x":116,"y":351,"width":698,"height":12}},{"id":"f2b653b4-001c-48d0-a915-c65b15c4d5e3","block_type":"box","text":"Investment quotas are also subject to change. Investment in Stock Connect Securities through a Stock","page_number":127,"box":{"x":117,"y":366,"width":767,"height":12}},{"id":"c2a60e43-8935-41af-b424-504d5969c9aa","block_type":"box","text":"Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund.","page_number":127,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"3ab5e151-262a-414f-8dc1-0cf045ca5c4b","block_type":"box","text":"Stock Connect Securities purchased through Stock Connects generally may not be sold or otherwise","page_number":127,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"5fe1096d-8969-4b14-8eb2-bada948b749b","block_type":"box","text":"transferred other than through Stock Connects in accordance with applicable rules. For example, the","page_number":127,"box":{"x":116,"y":413,"width":752,"height":12}},{"id":"bf37bd7b-187d-44d3-9ae2-1cfa714bf9d2","block_type":"box","text":"PRC regulations require that in order for an investor to sell any Stock Connect Securities on a certain","page_number":127,"box":{"x":117,"y":428,"width":755,"height":12}},{"id":"d891e496-1021-4023-b368-abb34348a6d3","block_type":"box","text":"trading day, there must be sufficient Stock Connect Securities in the investor’s account before the","page_number":127,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"2efdc7f2-f755-4732-bcc9-41d524d0819c","block_type":"box","text":"market opens on that day. If there are insufficient Stock Connect Securities in the investor’s account,","page_number":127,"box":{"x":117,"y":459,"width":751,"height":12}},{"id":"354612bb-1c17-4b58-91b0-ecaf391242c6","block_type":"box","text":"the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking","page_number":127,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"546c87bb-6a93-42f3-b3be-ace051fc2d40","block_type":"box","text":"on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market (“SZSE","page_number":127,"box":{"x":116,"y":490,"width":746,"height":12}},{"id":"7377d6c3-560d-4600-906a-91328d400a7c","block_type":"box","text":"Securities”) of its participants (i.e., stock brokers) to ensure that this requirement is satisfied. While","page_number":127,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"1ea0fc34-a0d6-43ca-b864-730e04aace0a","block_type":"box","text":"shares must be designated as eligible to be traded under a Stock Connect, those shares may also lose","page_number":127,"box":{"x":116,"y":521,"width":770,"height":12}},{"id":"a1bdf926-6b49-4e83-a6b1-1ccf8d45bb1d","block_type":"box","text":"such designation, and if this occurs, such shares may be sold but cannot be purchased through a","page_number":127,"box":{"x":116,"y":537,"width":728,"height":12}},{"id":"20f6ba7f-e238-4bbe-916d-da124afa8bc7","block_type":"box","text":"Stock Connect. In addition, Stock Connects will only operate on days when both the Chinese and Hong","page_number":127,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"090cfd84-d3d4-40f5-be59-33b2224b5c73","block_type":"box","text":"Kong markets are open for trading, and banking services are available in both markets on the","page_number":127,"box":{"x":117,"y":568,"width":698,"height":12}},{"id":"2de98869-a38a-4291-ace3-8f68f4c6c2d8","block_type":"box","text":"corresponding settlement days. Therefore, an investment in Stock Connect Securities through a Stock","page_number":127,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"a93e4ddf-f7c9-45af-a230-0d5bb97e8417","block_type":"box","text":"Connect may subject a Fund to a risk of price fluctuations on days when the Chinese market is open,","page_number":127,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"071ca686-25e4-45cf-90d6-7f66feb59c3e","block_type":"box","text":"but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on the Stock","page_number":127,"box":{"x":117,"y":614,"width":745,"height":12}},{"id":"15df28b6-8156-41ee-8aed-b6ae3083a7b4","block_type":"box","text":"Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will","page_number":127,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"b422837d-07b6-4b73-a158-e43716fd0680","block_type":"box","text":"only be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock","page_number":127,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"ca5d27e8-6cd7-4a6e-a706-bed2b3fc504b","block_type":"box","text":"Connect Securities must be settled in RMB, investors must have timely access to a reliable supply of","page_number":127,"box":{"x":117,"y":661,"width":748,"height":12}},{"id":"6d16b780-90dc-4f4a-a9fa-6bea62a82415","block_type":"box","text":"offshore RMB, which cannot be guaranteed. There is also no assurance that RMB will not be subject to","page_number":127,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"efde9ef1-5ae3-4d52-b67e-e41f8198d37f","block_type":"box","text":"devaluation. Any devaluation of RMB could adversely affect a Fund’s investments. If a Fund holds a","page_number":127,"box":{"x":116,"y":692,"width":741,"height":12}},{"id":"47b49c09-2f88-4227-aaac-ce5fdc11ae69","block_type":"box","text":"class of shares denominated in a local currency other than RMB, the Fund will be exposed to currency","page_number":127,"box":{"x":116,"y":707,"width":760,"height":12}},{"id":"338c4680-4544-4b41-a65b-0a1b0195293b","block_type":"box","text":"exchange risk if the Fund converts the local currency into RMB for investments in Stock Connect","page_number":127,"box":{"x":116,"y":723,"width":717,"height":12}},{"id":"13ba5494-3ffd-4387-a02a-3ba04a55637b","block_type":"box","text":"Securities. A Fund may also incur conversion costs.","page_number":127,"box":{"x":116,"y":738,"width":384,"height":12}},{"id":"fb4f0756-646b-402f-9627-8c88eff21385","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held","page_number":127,"box":{"x":116,"y":769,"width":716,"height":12}},{"id":"8ccaa3fb-67f1-422e-9b37-3ac61ffe74a8","block_type":"box","text":"through HKSCC as nominee on behalf of investors. The precise nature and rights of a Fund as the","page_number":127,"box":{"x":116,"y":785,"width":731,"height":12}},{"id":"e9ad205e-3584-4d34-a8e2-722535485f86","block_type":"box","text":"beneficial owner of the SSE Securities or SZSE Securities through HKSCC as nominee is not well","page_number":127,"box":{"x":117,"y":800,"width":725,"height":12}},{"id":"7feabd43-a2c3-4022-a675-57bb9f1473b4","block_type":"box","text":"defined under the PRC laws. There is a lack of a clear definition of, and distinction between, legal","page_number":127,"box":{"x":116,"y":816,"width":722,"height":12}},{"id":"1205c0bb-8ff7-4b1d-8488-5ae87ef4400b","block_type":"box","text":"ownership and beneficial ownership under the PRC laws and there have been few cases involving a","page_number":127,"box":{"x":116,"y":831,"width":748,"height":12}},{"id":"dd1c6f97-0149-427e-aee9-6b3ff2e7d633","block_type":"box","text":"nominee account structure in the PRC courts. The exact nature and methods of enforcement of the","page_number":127,"box":{"x":117,"y":847,"width":740,"height":9}},{"id":"2ed5955e-1434-4c7a-86d7-46e878786295","block_type":"box","text":"rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC","page_number":127,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"779d32bd-ff81-4b6f-9fb5-4b114b725f21","block_type":"box","text":"becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or","page_number":127,"box":{"x":117,"y":878,"width":743,"height":12}},{"id":"01ef8f55-1022-4104-9fb2-9c39fd78ed17","block_type":"box","text":"II-56","page_number":127,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6f14db53-de5b-45e1-a5c9-261797677c2e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":127,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a1edc9be-04e7-4ae7-99e4-999eb059d4f7","block_type":"box","text":"SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the","page_number":128,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"3a0a06da-89c0-4779-a945-7a42c2712255","block_type":"box","text":"general assets of HKSCC available for general distribution to its creditors. Notwithstanding the fact that","page_number":128,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"28aac491-c9d7-49d9-85c5-b69912a484a9","block_type":"box","text":"HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":128,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"11c31a82-3a00-4537-92a6-9f6525e5ca5e","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed","page_number":128,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"4830eeb0-6455-4ce4-a55c-7fcf5f4c5d2e","block_type":"box","text":"companies will still treat HKSCC as one of the shareholders when it handles corporate actions in","page_number":128,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"2339adeb-3c97-421b-af77-23955c4f1d7c","block_type":"box","text":"respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting","page_number":128,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"07f4f1e7-3bb6-4f99-bdca-c21e49e1a732","block_type":"box","text":"SSE Securities and SZSE Securities and keeps participants of Central Clearing and Settlement","page_number":128,"box":{"x":116,"y":180,"width":712,"height":12}},{"id":"521a1863-e12a-448a-a09c-66645f61fc38","block_type":"box","text":"System (“CCASS”) informed of all such corporate actions that require CCASS participants to take","page_number":128,"box":{"x":116,"y":196,"width":729,"height":12}},{"id":"dd933459-3a80-4735-81bf-0e5f2578f82e","block_type":"box","text":"steps in order to participate in them. Investors may only exercise their voting rights by providing their","page_number":128,"box":{"x":116,"y":211,"width":750,"height":12}},{"id":"3de3e97a-699d-4bfd-b68c-fdecbfdc593b","block_type":"box","text":"voting instructions to HKSCC through participants of CCASS. All voting instructions from CCASS","page_number":128,"box":{"x":116,"y":227,"width":724,"height":12}},{"id":"f0e508f0-1ceb-4032-b71e-e0c8c8e45267","block_type":"box","text":"participants will be consolidated by HKSCC, who will then submit a combined single voting instruction","page_number":128,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"3a407ad2-b120-4012-8b44-2d9e810c045c","block_type":"box","text":"to the relevant SSE- or SZSE-listed company. As a result, a Fund may suffer difficulties or delays in","page_number":128,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"7a5f3da2-885a-49f1-b9da-2f701531deac","block_type":"box","text":"enforcing its rights in SSE Securities or SZSE Securities.","page_number":128,"box":{"x":116,"y":273,"width":427,"height":12}},{"id":"89643d08-ed65-441f-b621-5befc18e7a01","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any","page_number":128,"box":{"x":117,"y":304,"width":728,"height":12}},{"id":"52eab4a7-3475-4002-a8b8-2aec871a54b8","block_type":"box","text":"nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized","page_number":128,"box":{"x":117,"y":320,"width":747,"height":12}},{"id":"0e49f2ef-f03b-46d0-99d7-189d3dea5082","block_type":"box","text":"financial institution in relation to exchange-traded products in Hong Kong. For defaults occurring on or","page_number":128,"box":{"x":116,"y":335,"width":760,"height":12}},{"id":"1853f033-8549-47ea-81d9-fccbba3bc740","block_type":"box","text":"after January 1, 2020, Hong Kong’s Investor Compensation Fund covers investors’ losses in relation to","page_number":128,"box":{"x":116,"y":351,"width":769,"height":12}},{"id":"f77895b7-5692-49f3-b852-aaa7250a1727","block_type":"box","text":"securities (i) that are traded on the SSE or the SZSE and (ii) in respect of which an order for sale or","page_number":128,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"ad315e52-43b4-4561-b60a-091bf6d8b414","block_type":"box","text":"purchase is permitted to be routed through the Northbound Trading Link of a Stock Connect. On the","page_number":128,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"615342fe-005b-4db4-bd3b-3b244489b5c1","block_type":"box","text":"other hand, since a Fund carries out Northbound trading through securities brokers in Hong Kong but","page_number":128,"box":{"x":116,"y":397,"width":756,"height":12}},{"id":"71e7fa82-0911-4475-bc6b-1d4c6613163c","block_type":"box","text":"not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the PRC.","page_number":128,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"1a1d7408-9e2f-4f82-aa40-f8b002040147","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information","page_number":128,"box":{"x":117,"y":444,"width":737,"height":12}},{"id":"7a40d568-ac1f-4fdd-b1c0-ccabc31eef09","block_type":"box","text":"technology capability, risk management and other requirements as may be specified by the relevant","page_number":128,"box":{"x":116,"y":459,"width":746,"height":12}},{"id":"1744c0c6-7e62-4137-8a31-d7595d90db9a","block_type":"box","text":"exchange and/or clearing house. Further, the “connectivity” in Stock Connects requires routing of","page_number":128,"box":{"x":116,"y":475,"width":725,"height":12}},{"id":"27972772-820a-4377-8f0c-de38926a53d4","block_type":"box","text":"orders across the border of Hong Kong and the PRC. This requires the development of new","page_number":128,"box":{"x":116,"y":490,"width":687,"height":12}},{"id":"92b9669f-71c1-4f60-8dfb-7dd18e88078e","block_type":"box","text":"information technology systems on the part of SEHK and exchange participants. There is no assurance","page_number":128,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"c26ea95f-8790-44f4-a32d-44442167f488","block_type":"box","text":"that the systems of SEHK and market participants will function properly or will continue to be adapted","page_number":128,"box":{"x":116,"y":521,"width":757,"height":12}},{"id":"3f4df76b-66b4-49ab-90cc-cb5075ed09f9","block_type":"box","text":"to changes and developments in both markets. In the event that the relevant systems fail to function","page_number":128,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"58cbcc48-f794-422b-9d9b-7bfb6ecbac12","block_type":"box","text":"properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":128,"box":{"x":117,"y":552,"width":667,"height":12}},{"id":"4adb74f2-94cf-4df3-bd78-3ad5da4fbf38","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the","page_number":128,"box":{"x":116,"y":583,"width":656,"height":12}},{"id":"2e7cea94-5197-4029-90f9-ae166b17454c","block_type":"box","text":"Shenzhen-Hong Kong Stock Connect program launched in December 2016. Each program does not","page_number":128,"box":{"x":116,"y":599,"width":751,"height":12}},{"id":"2899029b-cebb-43e4-ba3a-0f72af4369e8","block_type":"box","text":"have an extensive operating history. New or revised regulations may be issued from time to time by the","page_number":128,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"f820a46c-3f73-4f1d-abf4-8e0b05c47043","block_type":"box","text":"regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":128,"box":{"x":117,"y":630,"width":695,"height":12}},{"id":"6c987890-4d67-496d-8ef7-f629da480a04","block_type":"box","text":"enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":128,"box":{"x":116,"y":645,"width":748,"height":11}},{"id":"c89b400b-de88-4684-bb3e-5c4f32e110ac","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such","page_number":128,"box":{"x":116,"y":661,"width":726,"height":12}},{"id":"75ebc844-4aa5-4136-9498-0b3f39585064","block_type":"box","text":"changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":128,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"d3585f5f-36c7-47f7-bdd6-ad1b2610d9c1","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the","page_number":128,"box":{"x":116,"y":692,"width":722,"height":12}},{"id":"face909b-37c0-41dd-9a10-5c8c2c1ff051","block_type":"box","text":"relevant systems fail to function properly, trading in both markets through Stock Connects could be","page_number":128,"box":{"x":117,"y":707,"width":732,"height":12}},{"id":"81b43738-9e50-4d46-a797-8d811598d077","block_type":"box","text":"disrupted and a Fund’s ability to achieve its investment objective may be adversely affected. In","page_number":128,"box":{"x":116,"y":723,"width":702,"height":12}},{"id":"0484b9d4-e875-468e-9485-86bc660042eb","block_type":"box","text":"addition, a Fund’s investments in Stock Connect Securities through Stock Connects are generally","page_number":128,"box":{"x":116,"y":738,"width":724,"height":12}},{"id":"fe0a1893-92d8-45ee-b242-afa2b8c1e5c2","block_type":"box","text":"subject to Chinese securities regulations and listing rules, among other restrictions. Further, different","page_number":128,"box":{"x":116,"y":754,"width":746,"height":12}},{"id":"9c5bd48f-21ca-4a5b-b035-e7101e17dc75","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through","page_number":128,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"2efa6f3d-14f4-4af0-bffb-0d89bba7fba8","block_type":"box","text":"Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":128,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"54739328-5994-40a3-a192-cb204f936c65","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":128,"box":{"x":116,"y":800,"width":618,"height":12}},{"id":"d5394b1d-dd8d-4385-b24b-5e62b331eca5","block_type":"box","text":"Suspension Risk","page_number":128,"box":{"x":117,"y":831,"width":125,"height":12}},{"id":"541276e9-e402-4cf6-b58b-3e03ed2050a5","block_type":"box","text":". SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at","page_number":128,"box":{"x":242,"y":831,"width":634,"height":12}},{"id":"ea335649-466c-4452-bbe2-ca5ac6a830c5","block_type":"box","text":"times when the relevant SSE Securities and SZSE Securities may be sold or purchased on the","page_number":128,"box":{"x":116,"y":847,"width":709,"height":12}},{"id":"a448651d-9eb4-4c8d-8612-e154fd6062e2","block_type":"box","text":"relevant Chinese stock exchange. The SSE Securities and SZSE Securities markets have a higher","page_number":128,"box":{"x":117,"y":862,"width":738,"height":12}},{"id":"e2bce3b9-5a9e-404b-b16f-753a773a996d","block_type":"box","text":"propensity for trading suspensions than many other global equity markets. Each of the SEHK, SSE and","page_number":128,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"21e663c4-e21b-4fc9-8085-3cd12732ab45","block_type":"box","text":"II-57","page_number":128,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"26cde6b4-2fa5-4010-ac67-2b331071ce9b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":128,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ead49def-adb6-4188-9965-8dc45b356404","block_type":"box","text":"SZSE reserves the right to suspend trading of SSE Securities and SZSE Securities purchased on the","page_number":129,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"8e30ed06-e69e-4c36-9bcc-c9f44a745256","block_type":"box","text":"Stock Connects if necessary for ensuring an orderly and fair market and ensuring that risks are","page_number":129,"box":{"x":116,"y":102,"width":710,"height":13}},{"id":"c4002933-b7a6-4a3e-9028-dd54fb74c525","block_type":"box","text":"managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":129,"box":{"x":117,"y":118,"width":724,"height":12}},{"id":"3ed4b294-978c-4aa9-8d8b-5f8e7be20c8b","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit","page_number":129,"box":{"x":117,"y":134,"width":727,"height":12}},{"id":"eff9c968-8f79-4166-bfbf-2511071aca45","block_type":"box","text":"breakers” and other measures to halt or suspend Northbound trading. Where a suspension in the","page_number":129,"box":{"x":117,"y":149,"width":725,"height":12}},{"id":"c783f817-8aed-4919-9619-0295fcfa92ac","block_type":"box","text":"Northbound trading through Stock Connect is effected, the Fund’s ability to access the PRC market will","page_number":129,"box":{"x":117,"y":165,"width":769,"height":12}},{"id":"242edee2-4b39-4c03-a00f-174f4b3e654c","block_type":"box","text":"be adversely affected. Trading suspensions in certain stocks could lead to greater market execution","page_number":129,"box":{"x":117,"y":180,"width":745,"height":12}},{"id":"ecaea295-1ab4-494e-9b34-e06df3c8484e","block_type":"box","text":"risk and costs for a Fund. The SSE and SZSE currently","page_number":129,"box":{"x":117,"y":196,"width":415,"height":12}},{"id":"221003b9-5f92-4149-b97b-1b32b76249cf","block_type":"box","text":"apply a daily price limit, generally set at 10%,","page_number":129,"box":{"x":533,"y":196,"width":340,"height":12}},{"id":"2105f9f2-1806-4e75-be55-b7f709c9c4ac","block_type":"box","text":"of the amount of fluctuation permitted in the prices of the relevant SSE Securities and SZSE Securities","page_number":129,"box":{"x":116,"y":211,"width":766,"height":12}},{"id":"8c4270eb-f7f1-4ccd-8a77-e674cde5b41f","block_type":"box","text":"during a single trading day. The daily price limit refers to price movements only and does not restrict","page_number":129,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"6d3e5c76-8837-457d-9575-e17c32e34420","block_type":"box","text":"trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":129,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"12a98cd5-4ca9-4a49-b850-324bf2e63b63","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":129,"box":{"x":116,"y":258,"width":598,"height":12}},{"id":"2ed89a5e-7cef-4e7f-ad79-4cb76525f4e8","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect","page_number":129,"box":{"x":116,"y":289,"width":567,"height":12}},{"id":"7b754198-46b8-4ffb-ba2d-848dc4086fce","block_type":"box","text":". A Fund may invest","page_number":129,"box":{"x":683,"y":289,"width":152,"height":12}},{"id":"03163b43-550a-4e84-b54a-0ca98d6dc30d","block_type":"box","text":"directly in the domestic bond market in the PRC (the “China Interbank Bond Market”) through the","page_number":129,"box":{"x":116,"y":304,"width":724,"height":12}},{"id":"dd318657-1d10-41b5-8109-464e5ce01138","block_type":"box","text":"northbound trading of Bond Connect (“Bond Connect”). Bond Connect is an initiative launched in July","page_number":129,"box":{"x":117,"y":320,"width":755,"height":12}},{"id":"34f6caf5-fb19-4c17-ac85-ed57cb6eef3c","block_type":"box","text":"2017 for mutual bond market access between the PRC and Hong Kong, established by the China","page_number":129,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"7f70a0b9-deab-41fa-a49d-71bca8d2ca8d","block_type":"box","text":"Foreign Exchange Trade System & National Interbank Funding Centre (“CFETS”), China Central","page_number":129,"box":{"x":117,"y":351,"width":722,"height":12}},{"id":"167459ba-64c9-40b8-b737-c8219cb42aac","block_type":"box","text":"Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”), Hong Kong Exchanges","page_number":129,"box":{"x":117,"y":366,"width":752,"height":12}},{"id":"69403b0b-33ef-4cc9-b1ae-2db2461b2dd1","block_type":"box","text":"and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":129,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"ecb0d67d-6ddf-4f2c-8174-94849bdedd97","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the","page_number":129,"box":{"x":117,"y":397,"width":738,"height":12}},{"id":"3486b76c-24d4-4488-badc-e4060e6779b7","block_type":"box","text":"China Interbank Bond Market through Bond Connect. Eligible foreign investors may submit trade","page_number":129,"box":{"x":117,"y":413,"width":721,"height":12}},{"id":"0a098982-e954-40e3-8143-896c0caaaeea","block_type":"box","text":"requests for bonds circulated in the China Interbank Bond Market through offshore electronic bond","page_number":129,"box":{"x":117,"y":428,"width":735,"height":12}},{"id":"1a2e8d54-cc6b-4f53-a1c5-c2c2381bb690","block_type":"box","text":"trading platforms (such as Tradeweb), which will in turn transmit their requests for quotation to CFETS.","page_number":129,"box":{"x":116,"y":444,"width":768,"height":12}},{"id":"0aaed9e5-292c-4fda-b7a0-00490c065657","block_type":"box","text":"CFETS will send the requests for quotation to a number of approved onshore dealers (including market","page_number":129,"box":{"x":117,"y":459,"width":770,"height":12}},{"id":"856f8912-8cf6-498c-b8ea-9f279e0159e5","block_type":"box","text":"makers and others engaged in the market making business) in the PRC. The approved onshore","page_number":129,"box":{"x":117,"y":475,"width":715,"height":12}},{"id":"cd85ae61-9b1e-4bdd-a607-fa35bf2c8079","block_type":"box","text":"dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their responses to","page_number":129,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"e392038f-6a7c-496f-b42b-edad682af473","block_type":"box","text":"those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":129,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"f7707f01-a95b-413d-b5dc-04bcddcf7da9","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":129,"box":{"x":116,"y":521,"width":603,"height":12}},{"id":"b59ee62d-07fb-44e3-863a-5488dca90517","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect","page_number":129,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"f77bbea1-4901-435c-9a4a-13af98a91921","block_type":"box","text":"will be effected through the settlement and custody link between CMU, as an offshore custody agent,","page_number":129,"box":{"x":116,"y":568,"width":755,"height":12}},{"id":"add13109-fc9a-4dd3-a4b2-d5f7f98d7b7c","block_type":"box","text":"and CDCC and SCH, as onshore custodians and clearing institutions in the PRC. Under the settlement","page_number":129,"box":{"x":116,"y":583,"width":768,"height":12}},{"id":"61943354-7ad8-4a90-8cdf-91f2a963205c","block_type":"box","text":"link, CDCC or SCH will effect gross settlement of confirmed trades onshore and CMU will process","page_number":129,"box":{"x":117,"y":599,"width":730,"height":12}},{"id":"8c033d3f-4e3f-4154-baa2-5da4e8fa3b51","block_type":"box","text":"bond settlement instructions from CMU members on behalf of eligible foreign investors in accordance","page_number":129,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"e67122a4-df9e-491c-a95c-5a21701ad1bf","block_type":"box","text":"with its relevant rules. Since the introduction in August 2018 of delivery versus payment (DVP)","page_number":129,"box":{"x":116,"y":630,"width":705,"height":12}},{"id":"48cbdc7e-952c-49e1-8ffc-4bde383c3dc5","block_type":"box","text":"settlement in respect of Bond Connect, the movement of cash and securities is carried out","page_number":129,"box":{"x":116,"y":645,"width":675,"height":12}},{"id":"5c4d03fe-5ed4-4dcd-b3b7-f2df487acc69","block_type":"box","text":"simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":129,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"ce816a60-94e5-4338-8fb9-acfbba63529f","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee","page_number":129,"box":{"x":116,"y":676,"width":754,"height":12}},{"id":"1698bc6f-f70d-4660-9a06-33d829b957ae","block_type":"box","text":"accounts with the onshore custody agent recognized by the People’s Bank of China (i.e., CDCC and","page_number":129,"box":{"x":116,"y":692,"width":744,"height":12}},{"id":"260edb44-ab97-4410-8b55-c21700b6acb6","block_type":"box","text":"SCH). All bonds traded by eligible foreign investors through Bond Connect will be registered in the","page_number":129,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"bdf98868-95d0-42f6-8540-dcdc83ecc3b8","block_type":"box","text":"name of CMU, which will hold such bonds as a nominee owner. Therefore, a Fund will be exposed to","page_number":129,"box":{"x":117,"y":723,"width":748,"height":12}},{"id":"dca05bd7-dd0e-4b1b-9532-a82ce93e8a79","block_type":"box","text":"custody risks with respect to CMU. In the remote event of a CDCC or SCH default, CMU’s liabilities in","page_number":129,"box":{"x":116,"y":738,"width":754,"height":12}},{"id":"a2bab37c-1b89-43e0-92b9-e88696c44ded","block_type":"box","text":"Bond Connect bonds under its market contracts with clearing participants will be limited to assisting","page_number":129,"box":{"x":117,"y":754,"width":736,"height":12}},{"id":"fb678449-202e-4edf-b788-e99cee1d0b7d","block_type":"box","text":"clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer delay in the","page_number":129,"box":{"x":116,"y":769,"width":753,"height":12}},{"id":"b10ff772-4120-4fbf-a892-fea05157c8a6","block_type":"box","text":"recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":129,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"fc7024da-a32b-43ab-8f17-aea7d1e997bf","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by","page_number":129,"box":{"x":116,"y":800,"width":733,"height":12}},{"id":"63a18dc5-dddb-4a72-a37a-e1dbfe33f9fd","block_type":"box","text":"third parties, including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or","page_number":129,"box":{"x":116,"y":816,"width":723,"height":12}},{"id":"98ef172a-a3c8-430e-acdb-3819c2a2380c","block_type":"box","text":"errors on the part of such third parties.","page_number":129,"box":{"x":116,"y":831,"width":290,"height":12}},{"id":"bd514dd6-1d26-4f96-ad68-3b5a33b8a815","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China","page_number":129,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"11da7f59-8af7-4ab1-ac7d-5972b0ee5627","block_type":"box","text":"Interbank Bond Market through CMU as nominee is not well-defined under PRC law. There is a lack of","page_number":129,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"c5fa6f6f-5fa9-4841-b86a-73a555090c63","block_type":"box","text":"II-58","page_number":129,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ff275e66-b3ec-41a8-bf67-08599082c84d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":129,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1d0ac3f1-573b-4b27-8177-29accf2d2d89","block_type":"box","text":"a clear definition of, and distinction between, legal ownership and beneficial ownership under PRC law","page_number":130,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"de02c5e4-4bbe-430d-a2ef-288460c9c723","block_type":"box","text":"and there have been few cases involving a nominee account structure in the PRC courts. The exact","page_number":130,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"8ce49de4-d788-408b-b17b-86569fd8017a","block_type":"box","text":"nature and methods of enforcement of the rights and interests of a Fund under PRC law are also","page_number":130,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"fddbf76c-e35c-43ca-aadb-73c148ee9e57","block_type":"box","text":"uncertain.","page_number":130,"box":{"x":117,"y":134,"width":77,"height":9}},{"id":"36db31a1-6468-426a-9814-41c17b1f413b","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China","page_number":130,"box":{"x":117,"y":164,"width":750,"height":12}},{"id":"c2288959-7dbe-4aca-a672-3e56207d69a0","block_type":"box","text":"Interbank Bond Market may result in prices of certain bonds traded on such market fluctuating","page_number":130,"box":{"x":117,"y":179,"width":702,"height":12}},{"id":"220501bd-c94e-47d3-8fcd-76358584f438","block_type":"box","text":"significantly. A Fund investing in such market is therefore subject to liquidity and volatility risks. The","page_number":130,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"67941031-a780-46e7-97a4-36011d86298d","block_type":"box","text":"bid-ask spreads of the prices of such securities may be large, and a Fund may therefore incur","page_number":130,"box":{"x":117,"y":209,"width":700,"height":12}},{"id":"29858ddc-1875-4bb9-a819-ab1cbb933ab6","block_type":"box","text":"significant costs and may suffer losses when selling such investments. The bonds traded in the China","page_number":130,"box":{"x":116,"y":224,"width":759,"height":12}},{"id":"3548d501-7cd2-43a7-8ceb-6a6a953b70b5","block_type":"box","text":"Interbank Bond Market may be difficult or impossible to sell, which may impact a Fund’s ability to","page_number":130,"box":{"x":117,"y":239,"width":722,"height":12}},{"id":"30a0773b-e186-4b6d-bf7b-c823332c4568","block_type":"box","text":"acquire or dispose of such securities at their expected prices.","page_number":130,"box":{"x":116,"y":254,"width":460,"height":12}},{"id":"7d4ea1a3-71d9-4a11-8090-44cb852ee609","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks.","page_number":130,"box":{"x":117,"y":284,"width":766,"height":12}},{"id":"ca79a723-0401-44c5-a940-cc4135d4155e","block_type":"box","text":"The relevant rules and regulations are subject to change, which may have potential retrospective","page_number":130,"box":{"x":116,"y":299,"width":724,"height":12}},{"id":"c42557d1-f6ff-4e3e-8148-3e5b741f9bdd","block_type":"box","text":"effect, and there can be no assurance that Bond Connect will not be discontinued or abolished.","page_number":130,"box":{"x":116,"y":314,"width":711,"height":11}},{"id":"af9dbb9c-ca37-4ff5-8aaf-5ac350ec0800","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and","page_number":130,"box":{"x":117,"y":329,"width":764,"height":12}},{"id":"522dd3fd-b516-4cf1-9a4e-d44b3357a1b5","block_type":"box","text":"issues may arise based on these differences. In the event that the relevant authorities suspend","page_number":130,"box":{"x":117,"y":344,"width":709,"height":12}},{"id":"9a52738f-118c-4ecc-8133-9a639be7a9e8","block_type":"box","text":"account opening or trading on the China Interbank Bond Market, a Fund’s ability to invest in the China","page_number":130,"box":{"x":116,"y":359,"width":762,"height":12}},{"id":"b4ccc1ba-acdc-4546-98b0-74611ab9a510","block_type":"box","text":"Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability to","page_number":130,"box":{"x":117,"y":374,"width":716,"height":12}},{"id":"7d2410c7-8c7c-4049-92cb-dee576b9dc5d","block_type":"box","text":"achieve its investment objective will be negatively affected and, after exhausting other trading","page_number":130,"box":{"x":116,"y":389,"width":699,"height":12}},{"id":"e2f2b113-5074-488c-b477-2d8f63771199","block_type":"box","text":"alternatives, the Fund may suffer substantial losses as a result. Further, if Bond Connect is not","page_number":130,"box":{"x":116,"y":404,"width":707,"height":12}},{"id":"e47eb69b-10fd-49ba-9814-d8a509908286","block_type":"box","text":"operating, a Fund may not be able to acquire or dispose of bonds through Bond Connect in a timely","page_number":130,"box":{"x":116,"y":419,"width":745,"height":12}},{"id":"53d83660-441d-4d5d-9d07-2dac428eefb7","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":130,"box":{"x":117,"y":434,"width":467,"height":12}},{"id":"09f6964b-9fcf-4a58-8fc7-8abef8b8353a","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and","page_number":130,"box":{"x":116,"y":464,"width":687,"height":12}},{"id":"e0929c26-1aeb-4410-9ade-ab084910c821","block_type":"box","text":"operational systems. There is no assurance that such systems will function properly or will continue to","page_number":130,"box":{"x":116,"y":479,"width":761,"height":12}},{"id":"03badc95-1abe-413b-9c95-0d21f64c89e7","block_type":"box","text":"be adapted to changes and developments in the market. In the event that the relevant systems fail to","page_number":130,"box":{"x":117,"y":494,"width":753,"height":12}},{"id":"790f0093-0e51-4ca8-b36f-0481481f1f22","block_type":"box","text":"function properly, trading through Bond Connect may be disrupted. A Fund’s ability to trade through","page_number":130,"box":{"x":116,"y":509,"width":744,"height":12}},{"id":"0d44e12f-15a1-4eb9-920f-70218f497bbb","block_type":"box","text":"Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. In","page_number":130,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"25680c93-f078-424a-a25c-e5da77cb3c09","block_type":"box","text":"addition, where a Fund invests in the China Interbank Bond Market through Bond Connect, it may be","page_number":130,"box":{"x":116,"y":539,"width":753,"height":12}},{"id":"19226cd8-c5c0-477d-828e-925d84fbeb5c","block_type":"box","text":"subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":130,"box":{"x":116,"y":554,"width":607,"height":12}},{"id":"f03f91e3-f04f-4a91-b086-497a9be0c27d","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not","page_number":130,"box":{"x":117,"y":584,"width":746,"height":12}},{"id":"b2f969fe-8389-4945-9e7a-4f562c3db1f3","block_type":"box","text":"freely convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed","page_number":130,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"646005f1-7295-445e-b5e7-0e98684123a1","block_type":"box","text":"that investors will have timely access to a reliable supply of RMB.","page_number":130,"box":{"x":116,"y":614,"width":490,"height":12}},{"id":"1654dffa-07c1-42e4-8fd3-344ed931b361","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk.","page_number":130,"box":{"x":118,"y":645,"width":309,"height":12}},{"id":"7ad00742-918a-437d-9a38-61b03663b815","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends","page_number":130,"box":{"x":116,"y":667,"width":760,"height":12}},{"id":"38adc7fb-3ac3-44f5-b3ed-345fa67f18da","block_type":"box","text":"and interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is","page_number":130,"box":{"x":116,"y":682,"width":755,"height":12}},{"id":"842475c6-1e65-4e13-af40-ac907109760b","block_type":"box","text":"reduced under an applicable tax treaty. From a technical perspective, withholding income tax is also","page_number":130,"box":{"x":117,"y":697,"width":733,"height":12}},{"id":"f051b7fd-1ebf-4dab-b8a5-c0336f76c3c2","block_type":"box","text":"applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.","page_number":130,"box":{"x":116,"y":712,"width":697,"height":12}},{"id":"bdbaf822-55c8-4445-a465-9d085e65ed1b","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":130,"box":{"x":116,"y":742,"width":729,"height":12}},{"id":"53424d66-a99f-4acc-9668-b569b0685b1d","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“Mo","page_number":130,"box":{"x":116,"y":772,"width":375,"height":12}},{"id":"368a03f2-509c-43f8-bd29-79043f021dbd","block_type":"box","text":"F”), China Securities Regulatory Commission and the","page_number":130,"box":{"x":493,"y":772,"width":379,"height":12}},{"id":"903ccd2a-9b80-4b73-b919-40f97dbf25d7","block_type":"box","text":"State Taxation Administration (“STA”), acting with St","page_number":130,"box":{"x":116,"y":787,"width":372,"height":12}},{"id":"940b8378-f2c4-4931-8495-5716f5a7282f","block_type":"box","text":"ate Council’s approval, jointly released Circular 79,","page_number":130,"box":{"x":489,"y":787,"width":359,"height":12}},{"id":"97457143-6029-444e-aef8-5b149df96076","block_type":"box","text":"which temporarily exempts Qualified Foreign Instit","page_number":130,"box":{"x":116,"y":802,"width":356,"height":12}},{"id":"77eb3947-1f70-4fcb-b364-26bb233a3993","block_type":"box","text":"utional Investors (“QFIIs”) and Renminbi Qualified","page_number":130,"box":{"x":473,"y":802,"width":352,"height":12}},{"id":"35a75d99-e92c-4d97-a656-654d3d04904d","block_type":"box","text":"Foreign Institutional Investors (“RQFIIs”) from tax on","page_number":130,"box":{"x":117,"y":817,"width":369,"height":12}},{"id":"3b7f448a-7f62-42f5-a814-cc715331bc25","block_type":"box","text":"capital gains derived from the trading of shares and","page_number":130,"box":{"x":492,"y":817,"width":365,"height":12}},{"id":"fb20256d-2498-4c07-9e22-10bdc54925b6","block_type":"box","text":"other equity interest investments on or after No","page_number":130,"box":{"x":116,"y":832,"width":334,"height":12}},{"id":"02125526-98ad-47f5-8761-c6d36f2fad83","block_type":"box","text":"vember 17, 2014. Subsequently, Circulars 81 and 127 were","page_number":130,"box":{"x":450,"y":832,"width":429,"height":12}},{"id":"b72bfee6-3375-486b-9362-f78d8b8f62b1","block_type":"box","text":"issued to temporarily exempt tax on capital gains der","page_number":130,"box":{"x":117,"y":847,"width":375,"height":12}},{"id":"787505ff-f7d7-4c3a-9208-28421274d09c","block_type":"box","text":"ived from trading of equity securities of companies","page_number":130,"box":{"x":493,"y":847,"width":361,"height":12}},{"id":"2f08d2e4-40b7-495c-956d-41a572c788ae","block_type":"box","text":"domiciled in the PRC that trade on Chinese stock exchanges (“A-Shares”) through the Shanghai-Hong","page_number":130,"box":{"x":116,"y":862,"width":734,"height":12}},{"id":"247c27d1-a499-4e6e-99d9-06c8f85a4bd0","block_type":"box","text":"Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable (each, a","page_number":130,"box":{"x":117,"y":877,"width":764,"height":12}},{"id":"f8ed01d0-2716-4aa8-93eb-b86c2b6eb827","block_type":"box","text":"II-59","page_number":130,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"74a13b6c-8b8a-4db9-8b62-04022ae84a73","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":130,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7643c407-bef7-4c88-8a14-07181583ed4d","block_type":"box","text":"“Stock Connect” and collectively, “Stock Connects”). The dur","page_number":131,"box":{"x":116,"y":86,"width":431,"height":13}},{"id":"56129dca-39c3-4756-a38e-406931e0e03f","block_type":"box","text":"ation of the temporary exemptions is not stated","page_number":131,"box":{"x":548,"y":86,"width":338,"height":13}},{"id":"960c5430-72ac-413a-9013-ea393fe8d964","block_type":"box","text":"in the circulars and is subject to termination by","page_number":131,"box":{"x":117,"y":102,"width":328,"height":12}},{"id":"5f623091-53ba-4d30-9080-cad3a3aa6344","block_type":"box","text":"the PRC tax authorities w","page_number":131,"box":{"x":445,"y":101,"width":175,"height":10}},{"id":"de9142e0-0c43-40a2-a690-dcdb63220c0d","block_type":"box","text":"with or without notice.","page_number":131,"box":{"x":620,"y":102,"width":159,"height":9}},{"id":"68c701ce-13dc-4afd-8f02-f6553e89a9a9","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":131,"box":{"x":116,"y":133,"width":766,"height":12}},{"id":"d5c7852a-56a2-4715-95cf-327cf4b5d467","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds","page_number":131,"box":{"x":117,"y":148,"width":742,"height":12}},{"id":"de4541c5-2a25-448d-a163-832d3f1e0cc0","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":131,"box":{"x":116,"y":163,"width":727,"height":11}},{"id":"4e11626f-5e0d-4a4d-a51f-550935d439af","block_type":"box","text":"2021, the MoF and STA issued Public Notice 34 to extend the temporary exemption from November 7,","page_number":131,"box":{"x":116,"y":178,"width":743,"height":12}},{"id":"2b052cb1-18d2-4ec9-950d-769133c3ed0f","block_type":"box","text":"2021 to December 31, 2025. On January 15, 2026, it was announced via Public Notice No. 5 of 2026 that","page_number":131,"box":{"x":116,"y":193,"width":762,"height":12}},{"id":"1b062c69-6b02-4ea7-9e00-7b20148ec49e","block_type":"box","text":"the exemption was extended through December 31, 2027.","page_number":131,"box":{"x":116,"y":208,"width":424,"height":12}},{"id":"4c592196-2c31-440a-b01e-fa112c421b6e","block_type":"box","text":"Value Added Tax (“VAT”) Risk","page_number":131,"box":{"x":118,"y":239,"width":225,"height":13}},{"id":"5934974f-9f26-46d0-99a1-ac87b87d7166","block_type":"box","text":"k — From May 1, 2016, VAT applies to certain income derived by the","page_number":131,"box":{"x":342,"y":240,"width":511,"height":12}},{"id":"6b288488-a4ff-4a8d-af9e-f547a9462a27","block_type":"box","text":"Fund, including PRC sourced interest income on non-government bonds and trading gains.","page_number":131,"box":{"x":117,"y":255,"width":681,"height":12}},{"id":"cdc6b9aa-9a44-4d61-96c5-82974f1308b2","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":131,"box":{"x":116,"y":286,"width":735,"height":12}},{"id":"a52a3bbc-de95-4aa0-9e47-40a2f1428f4c","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares","page_number":131,"box":{"x":116,"y":317,"width":741,"height":13}},{"id":"2beacfdd-4228-4bf0-a6e0-a2ae0f541564","block_type":"box","text":"traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":131,"box":{"x":116,"y":332,"width":699,"height":10}},{"id":"fd766df7-4aa0-423a-8685-73b826148c3d","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign","page_number":131,"box":{"x":116,"y":364,"width":694,"height":12}},{"id":"adc6328e-a71a-4ae3-a7ae-b8f9e0a4e69e","block_type":"box","text":"institutional investors are temporarily exempt from VAT with respect to interest income on bonds","page_number":131,"box":{"x":117,"y":379,"width":718,"height":12}},{"id":"3763a0d8-d8da-48cf-8890-18400363dc17","block_type":"box","text":"derived from the PRC bond market from November 7, 2018 to November 6, 2021. On November 22,","page_number":131,"box":{"x":116,"y":394,"width":750,"height":11}},{"id":"45105bd0-5034-41b1-a7df-4897ecded221","block_type":"box","text":"2021, the MoF and STA jointly issued Public Notice 34 to extend the temporary exemption from","page_number":131,"box":{"x":116,"y":409,"width":714,"height":12}},{"id":"b3eedc49-883e-4bcb-9754-80787a1f249c","block_type":"box","text":"November 7, 2021 to December 31, 2025. However, on July 31, 2025, the MoF and STA jointly issued","page_number":131,"box":{"x":117,"y":424,"width":764,"height":12}},{"id":"c58148a4-f6d2-44f0-a144-fa692a1a5d8e","block_type":"box","text":"Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income derived from","page_number":131,"box":{"x":117,"y":439,"width":735,"height":12}},{"id":"5d79df91-f6f8-42f2-b7e1-f4cc44488970","block_type":"box","text":"treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is","page_number":131,"box":{"x":116,"y":454,"width":742,"height":12}},{"id":"afa69168-f30c-41fe-9531-956cf0869a94","block_type":"box","text":"understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for","page_number":131,"box":{"x":117,"y":469,"width":739,"height":12}},{"id":"823872fb-9806-4fb4-9448-772eeaa61d9a","block_type":"box","text":"foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":131,"box":{"x":116,"y":484,"width":668,"height":12}},{"id":"b221b111-4be6-4173-be96-1e136555b874","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement","page_number":131,"box":{"x":116,"y":515,"width":754,"height":12}},{"id":"5422d8f0-6256-41bf-85fd-450c120ff037","block_type":"box","text":"by the PRC tax authorities may result in a loss which could be material to the Fund. There is a risk the","page_number":131,"box":{"x":117,"y":530,"width":761,"height":12}},{"id":"60809d02-6a2c-47cb-9ce3-81fd79e22641","block_type":"box","text":"PRC tax authorities may withdraw the temporary tax exemptions in the future and seek to collect taxes","page_number":131,"box":{"x":117,"y":545,"width":765,"height":12}},{"id":"16117af3-0ecd-4bd3-8146-0d6bb04f4c64","block_type":"box","text":"realized on the sale of A-Shares or PRC sourced interest income on non-government bonds received","page_number":131,"box":{"x":117,"y":560,"width":756,"height":12}},{"id":"7886f6bd-b18f-4154-8fb6-e613dc82189d","block_type":"box","text":"by the Fund without giving any prior notice. If the temporary tax exemptions are withdrawn, any taxes","page_number":131,"box":{"x":117,"y":575,"width":755,"height":12}},{"id":"c2fbddd7-81cf-41a0-8a8f-254a166187c8","block_type":"box","text":"may be directly borne by or indirectly passed on to the Fund and may result in a substantial impact to","page_number":131,"box":{"x":117,"y":590,"width":755,"height":12}},{"id":"59e6745d-551b-4f8d-b515-6b9d72e1a397","block_type":"box","text":"its net asset value. As with any net asset value adjustment, investors may be advantaged or","page_number":131,"box":{"x":117,"y":605,"width":687,"height":12}},{"id":"3ff82ff9-0351-405a-89f5-613a66115f0f","block_type":"box","text":"disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":131,"box":{"x":116,"y":620,"width":763,"height":12}},{"id":"34b42ca0-e56f-4122-bc6b-01919c6e3d81","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":131,"box":{"x":116,"y":635,"width":494,"height":12}},{"id":"797ed6b5-dbe8-4b2a-9b96-1c28e07cf8fe","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from","page_number":131,"box":{"x":117,"y":666,"width":752,"height":12}},{"id":"909b60bf-c185-4aac-bdc4-b38be6e8217c","block_type":"box","text":"time to time, make a provision for potential tax liabilities if in its opinion such provision is warranted or","page_number":131,"box":{"x":116,"y":681,"width":751,"height":12}},{"id":"b909805f-9359-492e-ba6f-0c38657d2cb9","block_type":"box","text":"as further clarified by the PRC in notifications.","page_number":131,"box":{"x":116,"y":696,"width":339,"height":12}},{"id":"e87db695-552f-455a-b4dd-f5df9860886f","block_type":"box","text":"Investment in Other Investment Companies.","page_number":131,"box":{"x":116,"y":727,"width":350,"height":12}},{"id":"6afbf581-a949-461a-8c8d-e08718ac80e9","block_type":"box","text":"Each Fund may, subject to applicable law, invest in","page_number":131,"box":{"x":474,"y":727,"width":378,"height":12}},{"id":"cd8e4077-faf6-4812-9127-88e02910fd5d","block_type":"box","text":"other investment companies (including investment companies managed by BlackRock and its","page_number":131,"box":{"x":116,"y":742,"width":694,"height":12}},{"id":"1983be7f-1f66-445f-a18a-ab6d5ab64b3a","block_type":"box","text":"affiliates), including money market funds and ETFs, which are typically open-end funds or unit","page_number":131,"box":{"x":116,"y":757,"width":697,"height":12}},{"id":"d57ccc28-e0bf-4475-a34d-2241ed733a4b","block_type":"box","text":"investment trusts listed on a stock exchange. Under Section 12(d)(1)(A) of the Investment Company","page_number":131,"box":{"x":117,"y":772,"width":743,"height":12}},{"id":"0682725d-06ba-4127-956d-6f64cae55836","block_type":"box","text":"Act, however, a Fund may invest up to 10% of its total assets in securities of other investment","page_number":131,"box":{"x":116,"y":787,"width":696,"height":12}},{"id":"cc4ce3e1-a064-4c06-8a15-491a5e1f0aa7","block_type":"box","text":"companies (measured at the time of such investment). In addition, under Section 12(d)(1)(A) of the","page_number":131,"box":{"x":116,"y":802,"width":734,"height":12}},{"id":"e7d2f605-44cc-464f-a105-d525efcb375b","block_type":"box","text":"Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":131,"box":{"x":117,"y":817,"width":698,"height":12}},{"id":"e76a5935-aa9c-40c0-9ced-71eb2b52e0af","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such","page_number":131,"box":{"x":116,"y":832,"width":745,"height":12}},{"id":"c38f3791-65f0-42a5-81ad-3e52a0b1451c","block_type":"box","text":"investment company and a Fund may not invest in another investment company if such investment","page_number":131,"box":{"x":117,"y":847,"width":739,"height":12}},{"id":"cf548d33-11af-40fe-9016-0c9c5790476e","block_type":"box","text":"would cause more than 5% of the value of the Fund’s total assets to be invested in securities of such","page_number":131,"box":{"x":116,"y":862,"width":753,"height":10}},{"id":"432f674b-4b2f-4fce-9fde-6faa63449f95","block_type":"box","text":"investment company. (These limits do not restrict a Feeder Fund from investing all of its assets in","page_number":131,"box":{"x":117,"y":877,"width":727,"height":12}},{"id":"0d678fe6-1ff4-4bda-a643-26b71db65b53","block_type":"box","text":"II-60","page_number":131,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9a54bb38-6830-481a-b3ce-1cd1a9b9dc1e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":131,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a0a3fd50-c707-4916-9d93-71b28c002627","block_type":"box","text":"shares of its Master Portfolio.) In addition to the restrictions on investing in other investment companies","page_number":132,"box":{"x":116,"y":86,"width":771,"height":13}},{"id":"b6472177-d9c4-452b-928d-ed24e3512926","block_type":"box","text":"discussed above, under Section 12(d)(1)(C) of the Investment Company Act a Fund may not invest in","page_number":132,"box":{"x":116,"y":101,"width":759,"height":13}},{"id":"e5aa4d32-bd1f-4309-a2b5-5f4423720108","block_type":"box","text":"a registered closed-end investment company if such investment would cause the Fund and other","page_number":132,"box":{"x":116,"y":116,"width":724,"height":13}},{"id":"04969e87-745c-4131-8c82-49e0909dbb81","block_type":"box","text":"BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock","page_number":132,"box":{"x":117,"y":131,"width":760,"height":13}},{"id":"75fb6845-28cf-4c07-bfb6-637c72fdbf73","block_type":"box","text":"of such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company","page_number":132,"box":{"x":116,"y":146,"width":761,"height":13}},{"id":"91f44ea1-1e23-4d5a-80dc-f00dccd6d369","block_type":"box","text":"Act, these percentage limitations do not apply to investments in affiliated investment companies,","page_number":132,"box":{"x":116,"y":161,"width":719,"height":13}},{"id":"0520270c-1b93-4c7e-a0ca-85edcc19e164","block_type":"box","text":"including ETFs, subject to certain conditions. In addition, a Fund may be able to rely on certain rules","page_number":132,"box":{"x":117,"y":177,"width":747,"height":12}},{"id":"52c760f4-e1d8-4fab-ab8e-94c2161178f3","block_type":"box","text":"under the Investment Company Act to invest in shares of money market funds or other investment","page_number":132,"box":{"x":117,"y":191,"width":733,"height":12}},{"id":"4cd66310-d6c7-4984-ae6f-6c96fe187195","block_type":"box","text":"companies beyond the statutory limits noted above, but subject to certain conditions.","page_number":132,"box":{"x":116,"y":207,"width":633,"height":11}},{"id":"a8f06173-0e38-4b38-9cb3-89e6678367b2","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and","page_number":132,"box":{"x":116,"y":238,"width":723,"height":11}},{"id":"6bbb2cbc-116b-4a2e-b589-f2c097d1e2fc","block_type":"box","text":"selection risk.","page_number":132,"box":{"x":116,"y":253,"width":106,"height":9}},{"id":"ac924db9-669b-4db4-9fcf-65cd785d4166","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an","page_number":132,"box":{"x":116,"y":284,"width":740,"height":12}},{"id":"a0ea8066-4aa5-4fc3-9e04-804daa1fe048","block_type":"box","text":"exchange may at times be acquired at market prices representing premiums to their NAVs. In addition,","page_number":132,"box":{"x":116,"y":300,"width":767,"height":12}},{"id":"fe8e8462-9b57-41a1-a533-ad3041f95182","block_type":"box","text":"investment companies held by a Fund that trade on an exchange could trade at a discount from NAV,","page_number":132,"box":{"x":117,"y":315,"width":758,"height":12}},{"id":"a78d8ccf-ce17-45c1-a0a1-7c0b546eb5c4","block_type":"box","text":"and such discount could increase while the Fund holds the shares. If the market price of shares of an","page_number":132,"box":{"x":116,"y":330,"width":756,"height":12}},{"id":"f8695d72-d4b7-4aa4-95dc-15290101b368","block_type":"box","text":"exchange-traded investment company decreases below the price that the Fund paid for the shares and","page_number":132,"box":{"x":116,"y":346,"width":771,"height":12}},{"id":"fa115f1a-7a03-47dd-81de-b8dd76951a74","block_type":"box","text":"the Fund were to sell its shares of such investment company at a time when the market price is lower","page_number":132,"box":{"x":116,"y":361,"width":757,"height":13}},{"id":"b05e1850-a48d-45be-82eb-e9ee9fa5d108","block_type":"box","text":"than the price at which it purchased the shares, the Fund would experience a loss.","page_number":132,"box":{"x":116,"y":377,"width":617,"height":12}},{"id":"cb64f2ce-8f09-45c6-b783-c5e1d6bef9c4","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment","page_number":132,"box":{"x":117,"y":408,"width":698,"height":12}},{"id":"82483f68-3bdb-4ff8-bf25-4722bf9735a8","block_type":"box","text":"companies, shareholders would bear both their proportionate share of expenses in the Fund and,","page_number":132,"box":{"x":116,"y":423,"width":727,"height":12}},{"id":"c6f7f985-fd8c-4c78-a729-b801e33e7139","block_type":"box","text":"indirectly, the expenses of such investment companies. Such expenses, both at the Fund level and","page_number":132,"box":{"x":117,"y":439,"width":739,"height":12}},{"id":"ec236cb8-bd81-4252-b5c7-1a736ca0f95c","block_type":"box","text":"acquired investment company level, would include management and advisory fees, unless such fees","page_number":132,"box":{"x":116,"y":454,"width":753,"height":13}},{"id":"b3209fcd-66e3-4d99-9e5e-db6e0df1dfe3","block_type":"box","text":"have been waived by BlackRock. Please see the relevant Fund’s Prospectus to determine whether any","page_number":132,"box":{"x":117,"y":470,"width":769,"height":12}},{"id":"383dc9fa-082f-4fe3-a8ad-9e245c06edeb","block_type":"box","text":"such management and advisory fees have been waived by BlackRock. Investments by a Fund in","page_number":132,"box":{"x":116,"y":485,"width":724,"height":13}},{"id":"345f28b9-1c28-478e-b3db-dde1486de9ee","block_type":"box","text":"wholly owned investment entities created under the laws of certain countries will not be deemed an","page_number":132,"box":{"x":116,"y":501,"width":740,"height":12}},{"id":"03146519-4960-48a1-8c33-9400368c51b8","block_type":"box","text":"investment in other investment companies. Pursuant to guidance issued by the staff of the","page_number":132,"box":{"x":117,"y":516,"width":674,"height":13}},{"id":"62224464-2bd8-4bf4-a8f6-916d1c6927dd","block_type":"box","text":"Commission, fees and expenses of money market funds used for the investment of cash collateral","page_number":132,"box":{"x":117,"y":532,"width":733,"height":12}},{"id":"0e4b1efb-709d-49c7-a93a-6e058b3c320f","block_type":"box","text":"received in connection with loans of Fund securities are not treated as “acquired fund fees and","page_number":132,"box":{"x":117,"y":547,"width":706,"height":12}},{"id":"da8e4396-48a7-4403-95c3-bb290f36e6ce","block_type":"box","text":"expenses,” which are fees and expenses charged by other investment companies and pooled","page_number":132,"box":{"x":116,"y":563,"width":701,"height":12}},{"id":"767d7ce1-7f6c-40ea-9565-2d243750ab46","block_type":"box","text":"investment vehicles in which a Fund invests a portion of its assets.","page_number":132,"box":{"x":117,"y":578,"width":498,"height":12}},{"id":"c29c1b84-dce5-4e8d-94cc-eb4cfdd42ec9","block_type":"box","text":"To the extent shares of a Fund are held by another f","page_number":132,"box":{"x":116,"y":609,"width":380,"height":13}},{"id":"52c3dee0-5579-46b5-88cf-14e6d500a993","block_type":"box","text":"und, the ability of the Fund it","page_number":132,"box":{"x":497,"y":609,"width":205,"height":13}},{"id":"ff006339-722e-4ac5-8a0b-cee140d9eecb","block_type":"box","text":"self to purchase other","page_number":132,"box":{"x":702,"y":609,"width":163,"height":12}},{"id":"d430f01a-fd5f-46ad-b179-dcb05f816d45","block_type":"box","text":"funds may be limited. In addition, a fund-of-funds (","page_number":132,"box":{"x":116,"y":625,"width":365,"height":12}},{"id":"2cd2c742-4d97-4782-abff-4b78635337e4","block_type":"box","text":"e.g.","page_number":132,"box":{"x":482,"y":628,"width":25,"height":9}},{"id":"a5052044-f088-4f21-a430-8f25e77e02ce","block_type":"box","text":", an investment company that seeks to meet its","page_number":132,"box":{"x":510,"y":625,"width":347,"height":12}},{"id":"cf24ecbf-73f2-4196-bd63-05c8c396af79","block_type":"box","text":"investment objective by investing significantly in","page_number":132,"box":{"x":117,"y":640,"width":350,"height":13}},{"id":"1163f519-419d-43a2-9c0c-ed5c2c9ca947","block_type":"box","text":"other investment companies)","page_number":132,"box":{"x":468,"y":640,"width":215,"height":13}},{"id":"434d81d5-6662-46ee-bc4e-b5bbcf56510a","block_type":"box","text":"may be limited in its ability","page_number":132,"box":{"x":684,"y":641,"width":195,"height":12}},{"id":"3ecc8ecb-7a31-4ab3-8a37-ceff06161b0c","block_type":"box","text":"to purchase underlying funds if such underlying f","page_number":132,"box":{"x":116,"y":656,"width":353,"height":12}},{"id":"5938162e-e230-4a57-afe7-934b2a5e0887","block_type":"box","text":"unds themselves own shares of underlying funds.","page_number":132,"box":{"x":470,"y":656,"width":364,"height":12}},{"id":"69c4c53b-0ab2-4079-96ff-26a769ee75e5","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate","page_number":132,"box":{"x":116,"y":687,"width":710,"height":12}},{"id":"63534e49-ade0-4ecd-840c-fd3a075a2746","block_type":"box","text":"indirect foreign investment in developing countries, and certain of such countries, such as Thailand,","page_number":132,"box":{"x":117,"y":702,"width":736,"height":13}},{"id":"90d2cbfe-2667-406b-ba9c-32f74ca8be55","block_type":"box","text":"South Korea, Chile and Brazil, have specifically authorized such funds. There also are investment","page_number":132,"box":{"x":116,"y":718,"width":725,"height":12}},{"id":"1fd61c77-8991-4056-97e6-5e5c490f1540","block_type":"box","text":"opportunities in certain of such countries in pooled vehicles that resemble open-end investment","page_number":132,"box":{"x":116,"y":734,"width":708,"height":11}},{"id":"91f263ec-75d2-4043-8c80-71a463653ab1","block_type":"box","text":"companies. The restrictions on investments in securities of investment companies set forth above may","page_number":132,"box":{"x":116,"y":749,"width":760,"height":12}},{"id":"ef30ed37-129c-48a9-998c-b1eaa1d54a54","block_type":"box","text":"limit opportunities for a Fund to invest indirectly in certain developing countries.","page_number":132,"box":{"x":117,"y":765,"width":585,"height":12}},{"id":"31bcb1c5-6285-4320-b321-ae78cbd28574","block_type":"box","text":"Issuer Insolvency Risk.","page_number":132,"box":{"x":116,"y":796,"width":185,"height":12}},{"id":"0d9e05d4-1f34-4cb4-8525-1b2cd9342832","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled","page_number":132,"box":{"x":307,"y":796,"width":532,"height":12}},{"id":"1b1e9a28-842d-4e92-9182-141b3cdd5e0c","block_type":"box","text":"issuers involves a high degree of credit and market risk, which may be heightened during an economic","page_number":132,"box":{"x":117,"y":811,"width":761,"height":12}},{"id":"7d3dd08a-1188-4518-850a-9f4311364a70","block_type":"box","text":"downturn or recession. Should an issuer of securities held by a Fund become involved in a bankruptcy","page_number":132,"box":{"x":116,"y":827,"width":765,"height":12}},{"id":"4ad6460c-6a39-404d-ab65-3b183fd79144","block_type":"box","text":"proceeding, reorganization or financial restructuring, a wide variety of considerations make an","page_number":132,"box":{"x":117,"y":842,"width":700,"height":12}},{"id":"415a60ba-dbac-436e-bce6-9ef71fbfa8d4","block_type":"box","text":"evaluation of the outcome of the Fund’s exposure to the issuer uncertain.","page_number":132,"box":{"x":116,"y":858,"width":548,"height":12}},{"id":"8e7efe50-46f6-44b3-8ec9-bad3171bda05","block_type":"box","text":"II-61","page_number":132,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"8763de2e-0895-40c6-9118-f17da6e95c05","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":132,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fff03639-41fd-4562-a989-ec494185914d","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that","page_number":133,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"61653159-a1a1-41ae-bd5d-ac6d328a9358","block_type":"box","text":"a Fund will receive any interest payments on the securities of the issuer. A Fund will be subject to","page_number":133,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"a7900931-4795-4e88-b735-1bd4b512b3a2","block_type":"box","text":"significant uncertainty as to whether the reorganization or restructuring will be completed, and the Fund","page_number":133,"box":{"x":116,"y":118,"width":772,"height":12}},{"id":"c8632ed4-9e82-4143-aff9-fa89624836cb","block_type":"box","text":"may bear certain extraordinary expenses to protect and recover its investment. A Fund will also be","page_number":133,"box":{"x":117,"y":134,"width":735,"height":12}},{"id":"2965ffc8-9b3d-4f2c-b39a-bba304e3a580","block_type":"box","text":"subject to significant uncertainty as to when and in what manner and for what value the obligations","page_number":133,"box":{"x":116,"y":149,"width":737,"height":12}},{"id":"21169b26-be24-4a97-83f2-6e7572f5eb6e","block_type":"box","text":"evidenced by the securities of the issuer held by the Fund will eventually be satisfied.","page_number":133,"box":{"x":116,"y":165,"width":637,"height":12}},{"id":"fd325d19-4b0d-4438-9a2c-240cf5786032","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer","page_number":133,"box":{"x":117,"y":196,"width":741,"height":12}},{"id":"048303ad-9825-4f5b-a0eb-7998a2468e4f","block_type":"box","text":"held by the Fund, there can be no assurance that the securities or other assets received by a Fund in","page_number":133,"box":{"x":117,"y":211,"width":748,"height":12}},{"id":"768c1a7a-db55-418c-8c9e-a5a8630fa097","block_type":"box","text":"connection with such plan of reorganization or restructuring will not have a lower value or income","page_number":133,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"9d02bb58-a51b-49b7-9c00-6eb4010cb332","block_type":"box","text":"potential than may have been anticipated or no value. A Fund may be unable to enforce its claims or","page_number":133,"box":{"x":117,"y":242,"width":742,"height":12}},{"id":"a2b89fb3-6606-47b8-a765-052574fa791d","block_type":"box","text":"rights in any collateral or may have its claims or security interest in any collateral challenged, disallowed","page_number":133,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"16cc00f8-bc88-484c-ba84-1aab04ea5087","block_type":"box","text":"or subordinated to the claims or security interests of other creditors. In addition, amendments to the U.S.","page_number":133,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"37428a33-c5bf-44a8-9240-01654c566103","block_type":"box","text":"Bankruptcy Code or other relevant laws could alter the expected outcome or introduce greater","page_number":133,"box":{"x":117,"y":289,"width":695,"height":12}},{"id":"b01ea74e-a8f2-48f1-a33e-f2ae48bc173b","block_type":"box","text":"uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":133,"box":{"x":117,"y":304,"width":716,"height":12}},{"id":"4090c36f-04e7-4927-b4d7-bf9425455819","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be","page_number":133,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"4eb950f6-d821-4937-b59f-bb477bf7600a","block_type":"box","text":"re-characterized or a Fund may receive different securities or other assets, including equity securities.","page_number":133,"box":{"x":117,"y":335,"width":752,"height":12}},{"id":"f1478866-b255-47df-ae09-f95d098b694a","block_type":"box","text":"These types of equity securities include, but are not limited to: common stock; preferred stock (including","page_number":133,"box":{"x":116,"y":351,"width":768,"height":12}},{"id":"9f752a14-8ce8-4cc0-8cf9-634307371b3d","block_type":"box","text":"convertible preferred stock); bonds, notes and debentures convertible into common or preferred stock;","page_number":133,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"ef4845b1-dcef-4483-a578-72e01b8c3450","block_type":"box","text":"stock purchase warrants and rights; equity interests in trusts; and depositary receipts. Equity securities","page_number":133,"box":{"x":116,"y":382,"width":759,"height":12}},{"id":"4faac567-f89d-4d24-88ce-f07c1ba2a842","block_type":"box","text":"are subject to changes in value, and their value may be more volatile than those of other asset classes.","page_number":133,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"9a2ca445-71b3-480e-bbf9-d1e5c4b6387f","block_type":"box","text":"Holders of equity securities are subject to more risk than holders of debt securities because the status of","page_number":133,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"504ed4a2-1a86-402a-88fb-ab2379c921f3","block_type":"box","text":"equity holders is subordinate to debtholders in an issuer’s capital structure. The value of equity","page_number":133,"box":{"x":116,"y":428,"width":701,"height":12}},{"id":"5e7a2043-8ef8-4fcb-9938-7799d145ec30","block_type":"box","text":"securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":133,"box":{"x":116,"y":444,"width":721,"height":12}},{"id":"c3d09888-705a-46ce-8d00-1cc5e20a73e3","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":133,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"5665c20c-ba26-4d0e-96dd-a470be84ce47","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding,","page_number":133,"box":{"x":116,"y":490,"width":681,"height":12}},{"id":"22d076ea-e02c-45db-a3e1-c4e5b1f64a80","block_type":"box","text":"reorganization or financial restructuring, the Fund may also be subject to additional risks associated with","page_number":133,"box":{"x":117,"y":506,"width":770,"height":12}},{"id":"f9c71d9d-6215-4df8-9f20-53306e90ede6","block_type":"box","text":"the assets received. One example of assets that a Fund could receive is an interest in one or more","page_number":133,"box":{"x":116,"y":521,"width":730,"height":12}},{"id":"da0a6249-0e57-4e88-9c81-329b37f7b622","block_type":"box","text":"loans made to the issuer as part of a workout agreed to by a consortium of lienholders and creditors of","page_number":133,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"37469303-cad6-46c7-ab47-43946cc4c1a7","block_type":"box","text":"the issuer. A Fund may receive such interests in loans to the extent permitted by the Investment","page_number":133,"box":{"x":116,"y":552,"width":710,"height":12}},{"id":"9cf4b151-0174-4065-8351-c03158766fc1","block_type":"box","text":"Company Act.","page_number":133,"box":{"x":117,"y":568,"width":108,"height":12}},{"id":"a851572b-077f-4b6d-9c8e-3b32c5dcad71","block_type":"box","text":"Securities or other assets received in a reorganization","page_number":133,"box":{"x":116,"y":599,"width":387,"height":12}},{"id":"379ed248-b668-4c22-ab94-c36bb9dfee23","block_type":"box","text":"or restructuring typically entail a higher degree of risk","page_number":133,"box":{"x":503,"y":599,"width":380,"height":12}},{"id":"cd655050-ece6-4b62-91ba-cae59f0902e4","block_type":"box","text":"than investments in securities of issuers that","page_number":133,"box":{"x":116,"y":614,"width":319,"height":10}},{"id":"14d51e6a-2c95-4f40-87b1-abcc883e19d3","block_type":"box","text":"have not undergone a reorganization or restructuring and may","page_number":133,"box":{"x":436,"y":614,"width":446,"height":12}},{"id":"363cb499-5497-4729-b592-10c35f8b2fdd","block_type":"box","text":"be subject to heavy selling or downward pricing pre","page_number":133,"box":{"x":117,"y":630,"width":363,"height":12}},{"id":"48ef5cb1-ba71-4114-acad-f7b4250f2d53","block_type":"box","text":"ssure after completion of the reorganization or","page_number":133,"box":{"x":481,"y":630,"width":332,"height":12}},{"id":"dbb05188-a25e-4f0a-a5b2-ae01655450c5","block_type":"box","text":"restructuring. The post-reorganization/restructuring assets","page_number":133,"box":{"x":117,"y":645,"width":411,"height":12}},{"id":"d2032ba6-5d2d-4b61-b68b-b47a7387aec1","block_type":"box","text":"and securities may also be illiquid and difficult to","page_number":133,"box":{"x":528,"y":645,"width":351,"height":12}},{"id":"3ccab5d8-94b3-4ea8-8290-00909424b89e","block_type":"box","text":"sell or value. If a Fund participates in negotiations with","page_number":133,"box":{"x":116,"y":661,"width":384,"height":12}},{"id":"7b1c080b-2bef-4d4e-bba9-8269704f9b0a","block_type":"box","text":"respect to a plan of reorganization or restructuring","page_number":133,"box":{"x":506,"y":661,"width":353,"height":12}},{"id":"a69c67c4-7aa3-4f6d-8f7f-5a8c979fd495","block_type":"box","text":"with respect to securities of the issuer held by a","page_number":133,"box":{"x":116,"y":676,"width":336,"height":12}},{"id":"8f6984a2-ac7d-4af8-a69c-ece17b813f93","block_type":"box","text":"Fund, the Fund also may be restricted from disposing such","page_number":133,"box":{"x":458,"y":676,"width":417,"height":12}},{"id":"6f45e8e5-06e6-4db8-9400-85ae6080a9ff","block_type":"box","text":"securities for a period of time. If a Fund becomes involved in such proceedings, the Fund may have more","page_number":133,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"c07d42ed-d640-4d46-9958-033f2b9bbd35","block_type":"box","text":"active participation in the affairs of the iss","page_number":133,"box":{"x":116,"y":707,"width":292,"height":12}},{"id":"9d7c7f10-fa21-4337-a792-cff83e544ab5","block_type":"box","text":"uer than that assumed generally by an investor.","page_number":133,"box":{"x":409,"y":707,"width":337,"height":12}},{"id":"e7bccf07-0d61-4c56-bb01-89137154fe64","block_type":"box","text":"Lease Obligations.","page_number":133,"box":{"x":116,"y":738,"width":148,"height":12}},{"id":"c16edf00-deb2-4459-a68a-8871ac1c13f0","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase","page_number":133,"box":{"x":270,"y":738,"width":571,"height":12}},{"id":"b47111fb-4676-40e9-8a5b-e68c7247de57","block_type":"box","text":"contract, or a conditional sales contract (“lease obligations”). The Manager will monitor the credit","page_number":133,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"09bf6a72-bcdb-488b-b3cd-f542e11e5ae0","block_type":"box","text":"standing of each borrower and each entity providing credit support and/or a put option relating to lease","page_number":133,"box":{"x":116,"y":769,"width":761,"height":12}},{"id":"d0fb0182-6dbb-4896-bc64-beba2b309cec","block_type":"box","text":"obligations.","page_number":133,"box":{"x":116,"y":785,"width":83,"height":12}},{"id":"d625b486-4031-462a-93dc-53c8e653a4b6","block_type":"box","text":"Life Settlement Investments.","page_number":133,"box":{"x":116,"y":816,"width":227,"height":9}},{"id":"b894faa7-1f26-48a7-88ce-ea33db1b2ee0","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties,","page_number":133,"box":{"x":349,"y":816,"width":514,"height":12}},{"id":"286b0bcb-9300-4480-ba5a-42835230bed2","block_type":"box","text":"such as the Fund, of existing life insurance contracts for more than their cash surrender value but less","page_number":133,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"5d560c7c-461a-414c-99a4-7138a7aec749","block_type":"box","text":"than the net benefits to be paid under the policies. When a Fund acquires such a contract, it pays the","page_number":133,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"3893592b-2aff-4854-b95f-349c7a0aab70","block_type":"box","text":"policy premiums in return for the expected receipt of the net benefit as the beneficiary under the policy.","page_number":133,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"63ba6b43-c17e-475b-a6e0-7beff2f27737","block_type":"box","text":"Investments in these contracts involve certain risks, including liquidity risk, credit risk of the insurance","page_number":133,"box":{"x":117,"y":878,"width":756,"height":12}},{"id":"2b166e7a-e2a7-41b4-aceb-3c1824de9f30","block_type":"box","text":"II-62","page_number":133,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"de803e41-0d16-4329-827f-db0a47349f92","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":133,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e69f5024-3af5-49a8-b149-476a4764e5a3","block_type":"box","text":"company, and inaccurate estimations of life expectancy of the insured individuals (viators). These","page_number":134,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"b4810914-38d6-4954-b9b0-81a78368acb1","block_type":"box","text":"policies may be considered illiquid because they are bought and sold in a secondary market through","page_number":134,"box":{"x":117,"y":103,"width":748,"height":12}},{"id":"c83a56fc-085d-4d73-a575-809adc739f12","block_type":"box","text":"life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a policy, the Fund","page_number":134,"box":{"x":117,"y":118,"width":760,"height":12}},{"id":"236697d2-f7f8-4cd2-8c97-7a63adec0537","block_type":"box","text":"may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":134,"box":{"x":117,"y":134,"width":708,"height":12}},{"id":"4a89a5af-174c-426e-9ea6-760f34e137d8","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund","page_number":134,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"9e28649f-a85e-4849-83aa-0cd21070807a","block_type":"box","text":"may encounter losses on its investments if there is an inaccurate estimation of the life expectancies of","page_number":134,"box":{"x":117,"y":165,"width":761,"height":12}},{"id":"f579df01-e933-4cbb-b6bd-cc2e0803ae2c","block_type":"box","text":"viators. A Fund intends to reduce this life expectancy risk by investing only in contracts where the life","page_number":134,"box":{"x":116,"y":180,"width":754,"height":12}},{"id":"e19db3c2-384c-42fa-af89-38474e8ca5d4","block_type":"box","text":"expectancy was reviewed by an experienced actuary, as well as by diversifying its investments across","page_number":134,"box":{"x":116,"y":196,"width":763,"height":12}},{"id":"b2b4f291-3cd8-42de-a5b4-d871790ed3f9","block_type":"box","text":"viators of varying ages and medical profiles. In addition, it is unclear whether the income from life","page_number":134,"box":{"x":116,"y":211,"width":725,"height":12}},{"id":"c42e1944-454c-43bc-92df-55013a1cdf0c","block_type":"box","text":"settlements is qualifying income for purposes of the IRS 90% gross income test a Fund must satisfy","page_number":134,"box":{"x":116,"y":227,"width":746,"height":12}},{"id":"46a8cc16-a448-424c-83e0-70ac7b13f8f7","block_type":"box","text":"each year to qualify as a regulated investment company. A Fund intends to monitor its investments to","page_number":134,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"18291bc9-1508-40ae-8b29-ff2ea2dc21d4","block_type":"box","text":"ensure that the Fund remains qualified as a regulated investment company.","page_number":134,"box":{"x":116,"y":258,"width":567,"height":12}},{"id":"06f2200b-7f04-42ee-9cdb-7fdd60065252","block_type":"box","text":"Liquidity Risk Management.","page_number":134,"box":{"x":116,"y":289,"width":221,"height":12}},{"id":"90b3ef1a-0e98-4853-81ee-f6fd158e5d74","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”)","page_number":134,"box":{"x":338,"y":289,"width":517,"height":12}},{"id":"c3895dfe-36c3-49a4-aaf1-a72e6739f7ad","block_type":"box","text":"requires open-end funds, such as the Funds, to adopt a liquidity risk management program and","page_number":134,"box":{"x":117,"y":304,"width":712,"height":12}},{"id":"1231b18c-e1b7-4680-a6fa-acb0e08c6484","block_type":"box","text":"enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":134,"box":{"x":116,"y":320,"width":709,"height":12}},{"id":"445d4729-3164-435a-9892-665a272e7de4","block_type":"box","text":"implemented a liquidity risk management program (the “Liquidity Program”), and the Boards of","page_number":134,"box":{"x":117,"y":335,"width":704,"height":12}},{"id":"6ab88e50-f159-46f6-9c12-930348f5cd51","block_type":"box","text":"Directors of the Funds, including a majority of the independent Directors, have appointed the Manager","page_number":134,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"568da4b7-60f6-4de2-b72e-60e44c673f5a","block_type":"box","text":"as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity Program, the","page_number":134,"box":{"x":116,"y":366,"width":745,"height":12}},{"id":"af507e90-1687-4366-bb05-735cb89e984c","block_type":"box","text":"Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":134,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"7cfd06b6-d333-4689-b2be-9d5d0d7c2b67","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid","page_number":134,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"aefa3889-0787-48cd-b938-343e20e2bee6","block_type":"box","text":"investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund","page_number":134,"box":{"x":117,"y":413,"width":736,"height":12}},{"id":"8b4520b0-a114-4363-abb3-26b44b20ee9f","block_type":"box","text":"could not meet requests to redeem shares issued by the Fund without significant dilution of the","page_number":134,"box":{"x":116,"y":428,"width":709,"height":12}},{"id":"f2df5dd2-f844-4143-ac11-cc9df0bec5a8","block_type":"box","text":"remaining investors’ interests in the Fund. The liquidity of a Fund’s portfolio investments is determined","page_number":134,"box":{"x":117,"y":444,"width":762,"height":12}},{"id":"738ac549-77ed-4983-ad11-170b27ab342d","block_type":"box","text":"based on relevant market, trading and investment-specific considerations under the Liquidity Program.","page_number":134,"box":{"x":117,"y":459,"width":764,"height":12}},{"id":"872ea373-2b43-491c-9415-ad96bad8f59b","block_type":"box","text":"To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a","page_number":134,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"e0668fa8-748b-463c-aff2-a0e50a59f535","block_type":"box","text":"Fund can expect to be exposed to greater liquidity risk.","page_number":134,"box":{"x":117,"y":490,"width":411,"height":12}},{"id":"29e2c140-77ba-4bd4-af61-adf2631606e9","block_type":"box","text":"Master Limited Partnerships.","page_number":134,"box":{"x":116,"y":521,"width":230,"height":12}},{"id":"6e4fa3dc-12b9-486b-b960-36732f9f4e1a","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships","page_number":134,"box":{"x":347,"y":521,"width":538,"height":12}},{"id":"39e12559-6193-461f-911e-8ae27494fb3f","block_type":"box","text":"(“MLPs”) which are limited partnerships or limited liability companies taxable as partnerships. MLPs","page_number":134,"box":{"x":117,"y":537,"width":741,"height":12}},{"id":"93d8d674-437a-44ef-a573-02fe15e97ad7","block_type":"box","text":"may derive income and gains from the exploration, development, mining or production, processing,","page_number":134,"box":{"x":117,"y":552,"width":739,"height":12}},{"id":"2b49f32f-97f3-4ffa-a4f9-5376cb6ba39c","block_type":"box","text":"refining, transportation (including pipelines transporting gas, oil, or products thereof), or the marketing","page_number":134,"box":{"x":117,"y":568,"width":758,"height":12}},{"id":"36cf7a20-331d-44d3-bc1a-7ee4c4cd7d46","block_type":"box","text":"of any mineral or natural resources. MLPs generally have two classes of owners, the general partner","page_number":134,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"6d68adcd-169a-4409-ac67-615beb1e954b","block_type":"box","text":"and limited partners. When investing in an MLP, a Fund intends to purchase publicly traded common","page_number":134,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"878e0cfb-7cd2-4311-8199-faafd949afdb","block_type":"box","text":"units issued to limited partners of the MLP. The general partner is typically owned by a major energy","page_number":134,"box":{"x":117,"y":614,"width":749,"height":12}},{"id":"aeb1ea34-006a-4609-9b99-c6a41012ee0d","block_type":"box","text":"company, an investment fund, the direct management of the MLP or is an entity owned by one or more","page_number":134,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"1b424bba-0d4f-4a15-973e-c7ec3aeeead2","block_type":"box","text":"of such parties. The general partner may be structured as a private or publicly traded corporation or","page_number":134,"box":{"x":116,"y":645,"width":744,"height":12}},{"id":"4a9af885-8fb3-43eb-8515-b17972d3dfb1","block_type":"box","text":"other entity. The general partner typically controls the operations and management of the MLP through","page_number":134,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"c9f59d15-c6e1-4d61-ab21-e2b81fdbb04a","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and","page_number":134,"box":{"x":116,"y":676,"width":683,"height":12}},{"id":"1461a66c-e73d-449d-885f-f00d3fa31a2b","block_type":"box","text":"subordinated units. Limited partners own the remainder of the partnership, through ownership of","page_number":134,"box":{"x":116,"y":692,"width":714,"height":12}},{"id":"297ed09e-4587-4adf-b89d-f2bbf39d7ccd","block_type":"box","text":"common units, and have a limited role in the partnership’s operations and management.","page_number":134,"box":{"x":116,"y":707,"width":652,"height":12}},{"id":"cd9e62b8-23a3-476f-8593-b7b8e6092c45","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to","page_number":134,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"6f1d44d3-95e5-4bc8-a02d-dfbaf128ab92","block_type":"box","text":"receive quarterly cash distributions up to an established minimum amount (“minimum quarterly","page_number":134,"box":{"x":117,"y":754,"width":701,"height":12}},{"id":"d64b09c6-1f7a-4428-af0a-5c801a919d0e","block_type":"box","text":"distributions” or “MQD”). Common and general partner interests also accrue arrearages in distributions","page_number":134,"box":{"x":116,"y":769,"width":762,"height":12}},{"id":"cc904b36-303e-4910-b4f7-246789a5d328","block_type":"box","text":"to the extent the MQD is not paid. Once common and general partner interests have been paid,","page_number":134,"box":{"x":116,"y":785,"width":708,"height":12}},{"id":"edbfdbed-9e23-40c2-b05d-003c4cafbc97","block_type":"box","text":"subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue","page_number":134,"box":{"x":116,"y":800,"width":750,"height":12}},{"id":"73535b96-7b7a-4a50-ab25-a35ded84570d","block_type":"box","text":"arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is","page_number":134,"box":{"x":116,"y":816,"width":743,"height":12}},{"id":"2ca6f5d4-7a85-43af-ab1b-79147ec2de03","block_type":"box","text":"distributed to both common and subordinated units generally on a pro rata basis. The general partner","page_number":134,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"5a9ced3a-9441-4140-903b-16d314ac7e64","block_type":"box","text":"is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":134,"box":{"x":117,"y":847,"width":712,"height":12}},{"id":"1ccaf94c-851f-48e5-8b4a-3bf27121eb65","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the","page_number":134,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"f01910b1-a27b-4bdc-b697-f58e12b22e11","block_type":"box","text":"general partner increases cash distributions to the limited partners, the general partner receives an","page_number":134,"box":{"x":116,"y":878,"width":739,"height":12}},{"id":"3a644829-d85f-470e-99d6-5fcceb756cad","block_type":"box","text":"II-63","page_number":134,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1e84922c-f180-4c27-861f-81dc57521ac4","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":134,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bd0da3bb-27f7-41e3-ab23-d30ba76f92b7","block_type":"box","text":"increasingly higher percentage of the incremental cash distributions. A common arrangement provides","page_number":135,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"ce9100fa-063a-446b-9ce6-25b62655d8b9","block_type":"box","text":"that the general partner can reach a tier where it receives 50% of every incremental dollar paid to","page_number":135,"box":{"x":116,"y":102,"width":727,"height":13}},{"id":"7470d213-d71d-495a-ab2a-6f320d902972","block_type":"box","text":"common and subordinated unit holders. These incentive distributions encourage the general partner to","page_number":135,"box":{"x":116,"y":118,"width":767,"height":12}},{"id":"e4106df9-339c-436c-829d-8b13cd99e812","block_type":"box","text":"streamline costs, increase capital expenditures and acquire assets in order to increase the","page_number":135,"box":{"x":116,"y":134,"width":676,"height":11}},{"id":"e372a203-89ee-4c23-991e-2a0acb1fd73a","block_type":"box","text":"partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such","page_number":135,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"b2ae6f89-e9bf-4905-be5e-74a3f1d724a3","block_type":"box","text":"results benefit all security holders of the MLP.","page_number":135,"box":{"x":117,"y":165,"width":343,"height":12}},{"id":"54bfbc77-002a-40e0-9f41-847c47146267","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and","page_number":135,"box":{"x":117,"y":196,"width":748,"height":11}},{"id":"f68a4ff7-5689-4318-8aae-85969d3279b8","block_type":"box","text":"traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing","page_number":135,"box":{"x":116,"y":211,"width":739,"height":12}},{"id":"08545e3b-d9e6-4046-88b5-d39395940206","block_type":"box","text":"market conditions and the success of the MLP. Certain Funds intend to purchase common units in","page_number":135,"box":{"x":117,"y":227,"width":733,"height":11}},{"id":"2a536422-eb4a-49aa-b9d5-96c7a14041fd","block_type":"box","text":"market transactions. Unlike owners of common stock of a corporation, owners of common units have","page_number":135,"box":{"x":117,"y":242,"width":752,"height":12}},{"id":"f4ea134d-760e-4ed8-b4e1-67b7297ae840","block_type":"box","text":"limited voting rights and have no ability to annually elect directors. In the event of liquidation, common","page_number":135,"box":{"x":117,"y":258,"width":758,"height":12}},{"id":"b2663ed5-824b-4063-a18c-1345f03e478e","block_type":"box","text":"units have preference over subordinated units, but not over debt or preferred units, to the remaining","page_number":135,"box":{"x":117,"y":273,"width":744,"height":12}},{"id":"f0a85348-654e-483c-88ab-7bbfe8df6912","block_type":"box","text":"assets of the MLP.","page_number":135,"box":{"x":116,"y":289,"width":144,"height":9}},{"id":"161fd79a-ef64-4e00-8d81-ee1166f15cf9","block_type":"box","text":"Merger Transaction Risk.","page_number":135,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"211763b0-634c-4f6f-b812-91a874b52a72","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger","page_number":135,"box":{"x":317,"y":320,"width":531,"height":12}},{"id":"3f717ef9-77d6-483d-9fa3-b1f105c35fd6","block_type":"box","text":"transaction prior to the consummation of such transaction. In that circumstance, a Fund would expect","page_number":135,"box":{"x":116,"y":335,"width":757,"height":12}},{"id":"8234ab31-1d5d-4d6b-b2c7-5f9230087416","block_type":"box","text":"to receive an amount (whether in cash, stock of the acquiring company or a combination of both) in","page_number":135,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"df9d8dee-fde2-416e-a5d2-0855f03e4311","block_type":"box","text":"excess of the purchase price paid by the Fund for the target company’s stock. However, a Fund is","page_number":135,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"680ec81c-dc08-4034-bdf8-2c54a4714d63","block_type":"box","text":"subject to the risk that the merger transaction may be canceled, delayed or restructured, in which case","page_number":135,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"fe6a5041-dc06-4453-a833-15c7bcdabd9d","block_type":"box","text":"a Fund’s holding of the target company’s stock may not result in any profit for the Fund and may lose","page_number":135,"box":{"x":116,"y":397,"width":754,"height":12}},{"id":"1a7eb15d-804e-4b52-a905-357ba20b474d","block_type":"box","text":"significant value.","page_number":135,"box":{"x":116,"y":413,"width":129,"height":12}},{"id":"11f348b5-1200-451f-8d17-d07d6d46cccd","block_type":"box","text":"Money Market Obligations of Domestic Banks,","page_number":135,"box":{"x":116,"y":444,"width":355,"height":12}},{"id":"86f40bb4-4c27-437b-ba98-c91d0a73e6f0","block_type":"box","text":"Foreign Banks and Foreign Branches of U.S. Banks.","page_number":135,"box":{"x":472,"y":444,"width":404,"height":12}},{"id":"7ccb5e81-f369-4cb2-9d10-a9d9b974b99e","block_type":"box","text":"Certain Funds may purchase bank obligations, such as","page_number":135,"box":{"x":117,"y":459,"width":396,"height":12}},{"id":"a3db597c-bb47-49c2-93c1-5937e319caf8","block_type":"box","text":"certificates of deposit, notes, bankers’ acceptances","page_number":135,"box":{"x":513,"y":459,"width":367,"height":12}},{"id":"66d61b64-7169-4a8e-83bf-9f820af55cca","block_type":"box","text":"and time deposits, including instruments issued or suppo","page_number":135,"box":{"x":116,"y":475,"width":403,"height":12}},{"id":"a04b1856-a347-4313-ba6e-6b9bea2f0431","block_type":"box","text":"rted by the credit of U.S. or foreign banks or","page_number":135,"box":{"x":521,"y":475,"width":315,"height":12}},{"id":"fcd2e5fb-48ad-4508-af56-9a099b141cde","block_type":"box","text":"savings institutions having total assets at the time","page_number":135,"box":{"x":116,"y":490,"width":356,"height":12}},{"id":"c89be362-c1d2-4487-b854-bc440d739c06","block_type":"box","text":"of purchase in excess of $1 billion. These obligations may","page_number":135,"box":{"x":472,"y":489,"width":415,"height":13}},{"id":"e6442331-8ac0-4f33-890e-d1e5e17eed26","block_type":"box","text":"be general obligations of the parent bank","page_number":135,"box":{"x":117,"y":506,"width":290,"height":12}},{"id":"2cda5370-8966-487e-b2a3-e9294570b488","block_type":"box","text":"k or may be limited to the issuing branch or subsidiary by the terms","page_number":135,"box":{"x":407,"y":506,"width":473,"height":12}},{"id":"08e74f4d-fba9-4aa0-bb14-73ae70ab4425","block_type":"box","text":"of a specific obligation or by gov","page_number":135,"box":{"x":116,"y":521,"width":228,"height":12}},{"id":"88f0a12f-2b48-4a6d-84ac-a3f872633ace","block_type":"box","text":"ernment regulation. The assets of","page_number":135,"box":{"x":344,"y":521,"width":244,"height":12}},{"id":"a72fdd05-2fd9-4db4-89d6-c6d13c4989d4","block_type":"box","text":"a bank or savings institution will be","page_number":135,"box":{"x":588,"y":521,"width":251,"height":12}},{"id":"c8779b8e-2b01-4eba-9501-8165a9c25deb","block_type":"box","text":"deemed to include the assets of its domestic and fore","page_number":135,"box":{"x":116,"y":537,"width":380,"height":9}},{"id":"a0bb64fa-e339-4f2b-92db-43617aa3c849","block_type":"box","text":"ign branches for purposes of a Fund’s investment","page_number":135,"box":{"x":497,"y":537,"width":356,"height":12}},{"id":"01705d87-98d6-4b59-90e9-709952388d38","block_type":"box","text":"policies. Investments in short-term bank obligations","page_number":135,"box":{"x":117,"y":552,"width":368,"height":12}},{"id":"eabedab2-4a83-4732-add3-1cb0e1481a68","block_type":"box","text":"may include obligations of foreign banks and domestic","page_number":135,"box":{"x":485,"y":552,"width":390,"height":12}},{"id":"86a9ae94-4b9d-4b73-813e-eccf877b9c04","block_type":"box","text":"branches of foreign banks, and also foreign branches of domestic banks.","page_number":135,"box":{"x":117,"y":568,"width":521,"height":12}},{"id":"8e3fae56-f14c-41c3-bdbd-f7f23c5ff8b9","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of","page_number":135,"box":{"x":116,"y":599,"width":727,"height":12}},{"id":"f4a8c086-ab67-4a3b-a1e8-061645966d9a","block_type":"box","text":"domestic or foreign corporations and banks, and may acquire commercial obligations issued by","page_number":135,"box":{"x":116,"y":614,"width":713,"height":12}},{"id":"cc5da9de-ec35-4b6c-bab1-b8e33e6e1be3","block_type":"box","text":"Canadian corporations and Canadian counterparts of U.S. corporations, as well as Europaper, which is","page_number":135,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"f1a656b3-0261-4d00-9d81-f3edd4433901","block_type":"box","text":"U.S. dollar-denominated commercial paper of a foreign issuer.","page_number":135,"box":{"x":117,"y":645,"width":466,"height":12}},{"id":"fe338610-c655-4c6b-9286-82289742da94","block_type":"box","text":"Money Market Securities.","page_number":135,"box":{"x":116,"y":676,"width":201,"height":12}},{"id":"29076cc5-9378-493d-a6dc-536413ceba53","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S.","page_number":135,"box":{"x":323,"y":676,"width":553,"height":12}},{"id":"e887e28a-6e0e-4bc6-a27f-6050effb2ebe","block_type":"box","text":"dollar-denominated instruments, such as government, bank, commercial and other obligations that are","page_number":135,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"24dd9905-f0bb-41aa-b430-058e82ba75e2","block_type":"box","text":"available in the money markets. In particular, the Funds may invest in:","page_number":135,"box":{"x":116,"y":707,"width":519,"height":12}},{"id":"e8139bb2-d622-43b3-b8c5-73f1f677f5ca","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks","page_number":135,"box":{"x":150,"y":738,"width":729,"height":12}},{"id":"f2e78f4f-6276-42b5-8ca8-cdcd5089cd65","block_type":"box","text":"or savings institutions with total assets in excess of $1 billion (including obligations of foreign","page_number":135,"box":{"x":184,"y":753,"width":684,"height":13}},{"id":"a82a2e46-ffc4-4028-ba64-0c30967871f9","block_type":"box","text":"branches of such banks);","page_number":135,"box":{"x":184,"y":769,"width":186,"height":12}},{"id":"af73a6fd-0e62-4229-b45e-9d366348d329","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign","page_number":135,"box":{"x":150,"y":792,"width":728,"height":13}},{"id":"6639999e-373c-426a-8e70-6d9139e7f7ce","block_type":"box","text":"corporations and other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2","page_number":135,"box":{"x":184,"y":808,"width":686,"height":12}},{"id":"35e1c3ce-c312-4fdf-aa14-70b42e2da32b","block_type":"box","text":"or higher by Moody’s or F-2 or higher by Fitch, as well as high quality corporate bonds rated","page_number":135,"box":{"x":184,"y":824,"width":681,"height":12}},{"id":"555881a0-bcfe-49c1-974b-82bc76828f99","block_type":"box","text":"(at the time of purchase) A or higher by those rating agencies;","page_number":135,"box":{"x":184,"y":839,"width":465,"height":12}},{"id":"fd0e493f-b21a-4e07-82d7-f2b312671d32","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments","page_number":135,"box":{"x":150,"y":862,"width":726,"height":12}},{"id":"41a59b93-542f-495a-a2b6-306f4aa87f65","block_type":"box","text":"described in (b) above as determined by the Fund’s Manager;","page_number":135,"box":{"x":184,"y":878,"width":463,"height":12}},{"id":"e2548994-9166-4587-88ec-2618d703caaf","block_type":"box","text":"II-64","page_number":135,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"13683a3b-1354-4498-982f-f00be0b5fe38","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":135,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4a66b363-1625-4f6d-b9d6-8fcfa83dc491","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment","page_number":136,"box":{"x":150,"y":87,"width":730,"height":12}},{"id":"44f6ca53-51b9-4f48-ba86-71158d4c150c","block_type":"box","text":"purchase obligations and credit card receivables);","page_number":136,"box":{"x":184,"y":102,"width":374,"height":13}},{"id":"58079fa0-91a5-4fe6-ad1c-e86872f79397","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its","page_number":136,"box":{"x":150,"y":126,"width":722,"height":12}},{"id":"8971ce9e-eff4-4e19-bcd9-70d0adca80f2","block_type":"box","text":"agencies or authorities and related custodial receipts;","page_number":136,"box":{"x":184,"y":141,"width":401,"height":12}},{"id":"73d3302f-8271-41b5-8ebd-b9ab8bfbf73f","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political","page_number":136,"box":{"x":150,"y":165,"width":719,"height":12}},{"id":"dede9778-184a-4c78-ad17-b0defa7f9071","block_type":"box","text":"subdivisions, agencies or authorities;","page_number":136,"box":{"x":184,"y":180,"width":279,"height":12}},{"id":"09208a3b-3e69-46c3-9bdf-1adeea6ded9d","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":136,"box":{"x":150,"y":203,"width":561,"height":12}},{"id":"84bb870a-4cf3-45c9-920a-1c8409ab5a9d","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":136,"box":{"x":150,"y":227,"width":560,"height":12}},{"id":"33c4a3a5-a981-4a39-b29e-9f63f57428a1","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":136,"box":{"x":150,"y":250,"width":469,"height":12}},{"id":"1eef13f8-7562-477c-a05f-59ff0cf2d5db","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S.","page_number":136,"box":{"x":150,"y":273,"width":736,"height":12}},{"id":"93b13f40-4e71-49c1-8a27-d8140400aa01","block_type":"box","text":"Government or one of its agencies or authorities or which otherwise depend directly or","page_number":136,"box":{"x":184,"y":289,"width":646,"height":12}},{"id":"d53e8937-0b8f-4fd0-9941-faba1ad81f24","block_type":"box","text":"indirectly on the credit of the United States;","page_number":136,"box":{"x":184,"y":304,"width":325,"height":12}},{"id":"8a3273e9-ace1-4cdf-9747-1c3f97ff7b8f","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or","page_number":136,"box":{"x":150,"y":327,"width":730,"height":12}},{"id":"4e879d0c-973e-4736-862d-daf0a5306022","block_type":"box","text":"higher by Moody’s, SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":136,"box":{"x":184,"y":343,"width":563,"height":12}},{"id":"d793ffee-684f-4cb3-823c-27cedecf562f","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by","page_number":136,"box":{"x":150,"y":366,"width":675,"height":12}},{"id":"de853e0e-4bd1-4d37-b163-52bf3945e4ca","block_type":"box","text":"Moody’s, A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":136,"box":{"x":184,"y":382,"width":428,"height":12}},{"id":"ecc3510e-0c56-44cd-95c3-e977a286612e","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":136,"box":{"x":150,"y":405,"width":488,"height":12}},{"id":"0aab8177-f9cf-4068-b17f-c91fff66c51f","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments","page_number":136,"box":{"x":150,"y":428,"width":713,"height":12}},{"id":"fc051348-747e-4cb2-b7d8-80e2fc6703e1","block_type":"box","text":"described above, as determined by the Fund’s Manager under guidelines established by the","page_number":136,"box":{"x":184,"y":444,"width":688,"height":12}},{"id":"54a6e58e-4325-4e96-a91a-65ded22049d5","block_type":"box","text":"Board; and","page_number":136,"box":{"x":184,"y":459,"width":86,"height":11}},{"id":"fb0708bf-e2c1-418b-a2fa-53032bee7ace","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S.","page_number":136,"box":{"x":150,"y":482,"width":693,"height":12}},{"id":"3416f989-ed08-45e7-8fdd-3a1d30fafc87","block_type":"box","text":"Government or an agency or instrumentality thereof or which otherwise depend directly or","page_number":136,"box":{"x":184,"y":498,"width":671,"height":12}},{"id":"1e0b0aa2-106b-46c2-822c-dd07a8c101b3","block_type":"box","text":"indirectly on the credit of the United States.","page_number":136,"box":{"x":184,"y":513,"width":325,"height":12}},{"id":"79ddb24e-eb17-4077-8599-45486a03a215","block_type":"box","text":"Mortgage-Related Securities.","page_number":136,"box":{"x":116,"y":544,"width":236,"height":12}},{"id":"06367d9d-2ed3-47cb-8756-481528df957d","block_type":"box","text":"Mortgage-Backed Securities.","page_number":136,"box":{"x":116,"y":568,"width":214,"height":12}},{"id":"dc28c5cc-673e-4e14-bae2-6b146e74bab7","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in","page_number":136,"box":{"x":332,"y":568,"width":544,"height":12}},{"id":"ad02426e-bb2a-4bb4-a4f0-8265e08c307a","block_type":"box","text":"which payments of both principal and interest on the securities are generally made monthly, in effect","page_number":136,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"1e9186fb-32c1-4c2a-9de0-b0dbdaed6381","block_type":"box","text":"“passing through” monthly payments made by borrowers on the residential or commercial mortgage","page_number":136,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"6ea00abb-c9b0-4fb2-886d-4e82234bf374","block_type":"box","text":"loans that underlie the securities (net of any fees paid to the issuer or guarantor of the securities).","page_number":136,"box":{"x":117,"y":614,"width":728,"height":12}},{"id":"5c8b766d-80ef-4d01-a2f3-569405f8999b","block_type":"box","text":"Mortgage-backed securities differ from other forms of debt securities, which normally provide for","page_number":136,"box":{"x":117,"y":630,"width":718,"height":12}},{"id":"ee79684a-cbd8-4980-8703-06e9f3ff5ded","block_type":"box","text":"periodic payment of interest in fixed amounts with principal payments at maturity or specified call","page_number":136,"box":{"x":117,"y":645,"width":721,"height":12}},{"id":"bd27e178-e5d6-4413-94df-aecfa1817c09","block_type":"box","text":"dates.","page_number":136,"box":{"x":116,"y":661,"width":44,"height":9}},{"id":"d301ddae-d0c9-42bc-9a2f-3ff548750f93","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate","page_number":136,"box":{"x":117,"y":692,"width":731,"height":12}},{"id":"51172927-0802-4698-aba1-edccab412767","block_type":"box","text":"securities; that is, they may lose value if the value of the underlying real estate to which a pool of","page_number":136,"box":{"x":116,"y":707,"width":718,"height":12}},{"id":"f3c544a8-d2bb-4c18-9915-b85bb4240c03","block_type":"box","text":"mortgages relates declines. In addition, investments in mortgage-backed securities involve certain","page_number":136,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"3ca1e90a-3e92-4c36-acee-8a7325c6c596","block_type":"box","text":"specific risks. These risks include the failure of a party to meet its commitments under the related","page_number":136,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"9a0beda4-c263-430d-84da-d08972e9b304","block_type":"box","text":"operative documents, adverse interest rate changes and the effects of prepayments on mortgage cash","page_number":136,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"7633dba1-c3ae-4714-8d10-0abba7df26bf","block_type":"box","text":"flows. Mortgage-backed securities are “pass-through” securities, meaning that principal and interest","page_number":136,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"eba029df-7b47-4819-8545-47d80547f26c","block_type":"box","text":"payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":136,"box":{"x":117,"y":785,"width":687,"height":12}},{"id":"466f2950-2a96-4f73-b6f2-da039f039e57","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly","page_number":136,"box":{"x":116,"y":800,"width":720,"height":12}},{"id":"662551a5-9cc6-497c-91e1-ebaeeda3caef","block_type":"box","text":"sensitive to changes in prevailing interest rates, and, like other fixed income investments, the ability of","page_number":136,"box":{"x":116,"y":816,"width":757,"height":12}},{"id":"39c05f90-84cf-4ec2-b2a2-d787a1d37421","block_type":"box","text":"a Fund to utilize these instruments successfully may depend in part upon the ability of the Manager to","page_number":136,"box":{"x":116,"y":831,"width":760,"height":12}},{"id":"063d2b65-19b7-46fc-ae0c-b1640e9c744f","block_type":"box","text":"forecast interest rates and other economic factors correctly. The value of mortgage-backed securities,","page_number":136,"box":{"x":116,"y":847,"width":761,"height":12}},{"id":"031abb47-e299-44b8-ae1b-250bee84e341","block_type":"box","text":"like that of traditional fixed-income securities, typically increases when interest rates fall and decreases","page_number":136,"box":{"x":117,"y":862,"width":768,"height":12}},{"id":"9d47916e-2072-48db-8ea9-ba86ca47b624","block_type":"box","text":"when interest rates rise. However, mortgage-backed securities differ from traditional fixed-income","page_number":136,"box":{"x":116,"y":878,"width":729,"height":12}},{"id":"856256e2-b232-4194-a53b-d57fa6024be8","block_type":"box","text":"II-65","page_number":136,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"30ba6b4a-dc05-432a-891e-83e0bb28c067","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":136,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7ecead0d-111f-43b4-9399-adee0372afd2","block_type":"box","text":"securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":137,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"ee3c1ed3-8086-4c4a-80f4-6ac98b861713","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the","page_number":137,"box":{"x":117,"y":102,"width":709,"height":13}},{"id":"1a285d92-2e26-45e1-baf8-5b4a7058a402","block_type":"box","text":"weighted average life of the securities are based on a number of factors, including the anticipated rate","page_number":137,"box":{"x":116,"y":118,"width":762,"height":12}},{"id":"1845eb1b-4718-4d91-8e3e-c97d8d69fae5","block_type":"box","text":"of prepayment of the underlying mortgages. In a period of declining interest rates, borrowers may","page_number":137,"box":{"x":116,"y":134,"width":727,"height":12}},{"id":"cef6d953-734a-4ca0-9d01-5e2d9ab57600","block_type":"box","text":"prepay the underlying mortgages more quickly than anticipated, thereby reducing the yield to maturity","page_number":137,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"440b0b57-d98a-42b2-9782-63917753c6f8","block_type":"box","text":"and the average life of the mortgage-backed securities. Moreover, when a Fund reinvests the proceeds","page_number":137,"box":{"x":116,"y":165,"width":772,"height":12}},{"id":"12f5a206-ea3e-4fbc-b58e-c45fbed79187","block_type":"box","text":"of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate","page_number":137,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"bb30d679-e896-48d5-9af3-7a355132fdd5","block_type":"box","text":"on the security that was prepaid.","page_number":137,"box":{"x":116,"y":196,"width":247,"height":12}},{"id":"29d59be6-b834-4f6c-9271-9c35acd1de06","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures","page_number":137,"box":{"x":116,"y":227,"width":766,"height":12}},{"id":"599930e2-d00e-4767-bde8-30b5d36074cf","block_type":"box","text":"and principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such","page_number":137,"box":{"x":116,"y":242,"width":758,"height":12}},{"id":"6bd088d4-53e3-4ee8-958e-f270eebb91ce","block_type":"box","text":"securities at a discount, both scheduled payments of principal and unscheduled prepayments will","page_number":137,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"428ece12-4e29-4c3b-a949-abb6892f5bf1","block_type":"box","text":"increase current and total returns and will accelerate the recognition of income, which, when distributed","page_number":137,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"7544fab4-1d72-4b2e-9450-ab84def3194d","block_type":"box","text":"to shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of","page_number":137,"box":{"x":116,"y":289,"width":762,"height":12}},{"id":"3288ff4d-917b-4f9a-92a5-a230d3124fab","block_type":"box","text":"the underlying mortgages may occur at a slower than expected rate, creating maturity extension risk.","page_number":137,"box":{"x":116,"y":304,"width":753,"height":12}},{"id":"5fea6c4d-9208-45c2-a1ae-0e92af782af3","block_type":"box","text":"This particular risk may effectively change a security that was considered short- or intermediate-term at","page_number":137,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"fb75822f-f63b-4fcf-a38b-0c7d63776e23","block_type":"box","text":"the time of purchase into a long-term security. Since the value of long-term securities generally","page_number":137,"box":{"x":116,"y":335,"width":709,"height":12}},{"id":"d6856448-4018-4f19-8cb7-effeb72b0a4b","block_type":"box","text":"fluctuates more widely in response to changes in interest rates than that of shorter-term securities,","page_number":137,"box":{"x":116,"y":351,"width":736,"height":12}},{"id":"13329d8a-90d5-4ace-b31a-94121f85c1b3","block_type":"box","text":"maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":137,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"31a1a4cc-7403-4932-9c6a-ca1b6888976e","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities","page_number":137,"box":{"x":117,"y":382,"width":740,"height":12}},{"id":"ca710170-aa69-4425-9c37-b662fd47fa41","block_type":"box","text":"notwithstanding any direct or indirect governmental or agency guarantee.","page_number":137,"box":{"x":117,"y":397,"width":547,"height":12}},{"id":"c5c88149-9e77-48a5-8f93-b938ec51c6f9","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S.","page_number":137,"box":{"x":116,"y":428,"width":725,"height":12}},{"id":"67cec272-a46e-4282-ad77-8b8e6b90c1c1","block_type":"box","text":"Government or one of its agencies or instrumentalities, such as the Government National Mortgage","page_number":137,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"6b1503c6-1376-44e7-8ee2-a3df282d28d5","block_type":"box","text":"Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal","page_number":137,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"036deed9-3a47-4999-a740-7b29916b8101","block_type":"box","text":"Home Loan Mortgage Corporation (“Freddie Mac”); (2) those issued by private issuers that represent","page_number":137,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"addbb268-668d-4b4e-add8-948c2b98a529","block_type":"box","text":"an interest in or are collateralized by pass-through securities issued or guaranteed by the U.S.","page_number":137,"box":{"x":116,"y":490,"width":704,"height":12}},{"id":"d5336005-c2a0-47ed-be3b-b0b415af5791","block_type":"box","text":"Government or one of its agencies or instrumentalities; and (3) those issued by private issuers that","page_number":137,"box":{"x":117,"y":506,"width":737,"height":12}},{"id":"61fe2806-4cc1-4c35-a29c-f876df2175cc","block_type":"box","text":"represent an interest in or are collateralized by whole mortgage loans or pass-through securities","page_number":137,"box":{"x":117,"y":521,"width":717,"height":12}},{"id":"3cc17d57-a097-45ba-b7bb-7447c00a0edd","block_type":"box","text":"without a government guarantee but that usually have some form of private credit enhancement.","page_number":137,"box":{"x":116,"y":537,"width":720,"height":12}},{"id":"184cfbf2-0651-4d44-a1f5-09d8c7fa12e7","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and","page_number":137,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"686fe521-e19e-4d7e-a1e4-1417ff5ca3fe","block_type":"box","text":"Urban Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S.","page_number":137,"box":{"x":117,"y":583,"width":741,"height":12}},{"id":"71c7e019-3433-4f29-8f1a-c97d5cce1190","block_type":"box","text":"Government, the timely payment of principal and interest on securities issued by the institutions","page_number":137,"box":{"x":117,"y":599,"width":713,"height":12}},{"id":"1a69ae15-fa38-4752-8090-a4e7dbe43af7","block_type":"box","text":"approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage","page_number":137,"box":{"x":116,"y":614,"width":725,"height":12}},{"id":"a5fa03d3-7f64-4e6b-bbee-68320acc9ede","block_type":"box","text":"banks), and backed by pools of Federal Housing Administration (“FHA”)-insured or Veterans’","page_number":137,"box":{"x":117,"y":630,"width":693,"height":12}},{"id":"6d7bf3e1-fd7c-45d3-9d4c-97bf697ab637","block_type":"box","text":"Administration (“VA”)-guaranteed mortgages. Pass-through certificates guaranteed by Ginnie Mae","page_number":137,"box":{"x":116,"y":645,"width":733,"height":12}},{"id":"56cb71df-9ddc-4073-b9ad-9e514c7283d4","block_type":"box","text":"(such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely payment of","page_number":137,"box":{"x":117,"y":661,"width":707,"height":12}},{"id":"87da54dd-744c-4d21-bcfa-8f5cca3f0731","block_type":"box","text":"principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the","page_number":137,"box":{"x":117,"y":676,"width":720,"height":12}},{"id":"f3739b6c-4308-4135-936c-d05b8c4c22ec","block_type":"box","text":"United States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow","page_number":137,"box":{"x":117,"y":692,"width":729,"height":12}},{"id":"612b4ecb-ab69-49ad-a5be-dbb3b57005a9","block_type":"box","text":"funds from the U.S. Treasury Department to make payments under its guarantee. Mortgage-related","page_number":137,"box":{"x":116,"y":707,"width":737,"height":12}},{"id":"91c2ac59-0163-43e7-8b1a-5b43ce4b099d","block_type":"box","text":"securities issued by Fannie Mae include Fannie Mae guaranteed Mortgage Pass-Through Certificates","page_number":137,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"a4d19bf6-f999-4e06-bdba-0b4c6464b2ac","block_type":"box","text":"(also known as “Fannie Maes”), which are guaranteed as to timely payment of principal and interest by","page_number":137,"box":{"x":117,"y":738,"width":761,"height":12}},{"id":"6c9ab222-f667-4e06-82a2-4a48853597a5","block_type":"box","text":"Fannie Mae. They are not backed by or entitled to the full faith and credit of the United States, but are","page_number":137,"box":{"x":117,"y":754,"width":754,"height":12}},{"id":"63a41251-2469-430e-a97d-3d72156cfea0","block_type":"box","text":"supported by the right of Fannie Mae to borrow from the U.S. Treasury Department. Fannie Mae was","page_number":137,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"a4cb2dd2-1ba1-46e5-9a08-0ee4ecc34939","block_type":"box","text":"established as a federal agency in 1938 and in 1968 was chartered by Congress as a private","page_number":137,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"8c811f2e-306d-44fd-8152-9a7409f7e158","block_type":"box","text":"shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":137,"box":{"x":116,"y":800,"width":760,"height":12}},{"id":"a790cdd4-0ceb-409b-91a1-d08568ee32e8","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a","page_number":137,"box":{"x":117,"y":816,"width":697,"height":12}},{"id":"0395d3b9-cc22-41b3-b52a-199b9f2b7241","block_type":"box","text":"stockholder-owned corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by","page_number":137,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"71c57edb-3927-48e6-bbdc-89426c5f44fe","block_type":"box","text":"the United States or by any Federal Home Loan Banks and do not constitute a debt or obligation of the","page_number":137,"box":{"x":116,"y":847,"width":768,"height":12}},{"id":"d97c4e13-14b1-4571-b60c-edfe76b3cc84","block_type":"box","text":"United States or of any Federal Home Loan Bank. Freddie Macs entitle the holder to timely payment of","page_number":137,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"8145f2c9-6b9d-4b5b-a152-0ab9c7eb1ece","block_type":"box","text":"interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or","page_number":137,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"cf314b43-ec3c-4eb2-8d89-0b146e48e25b","block_type":"box","text":"II-66","page_number":137,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b8ad36fb-929c-436f-8e37-5175b110b0a4","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":137,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6146dbae-cb9e-40c8-9aab-937748905ec8","block_type":"box","text":"timely payment of all principal payments on the underlying mortgage loans. While Freddie Mac","page_number":138,"box":{"x":116,"y":87,"width":707,"height":12}},{"id":"7d50ed03-1c92-4240-8676-59c7c465770e","block_type":"box","text":"generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due on","page_number":138,"box":{"x":116,"y":102,"width":753,"height":13}},{"id":"5b33e840-0cb1-4f1a-b518-20cf7b31abde","block_type":"box","text":"account of its guarantee of ultimate payment of principal at any time after default on an underlying","page_number":138,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"929ef448-2c82-4dd3-ba37-22d02ae06846","block_type":"box","text":"mortgage, but in no event later than one year after it becomes payable.","page_number":138,"box":{"x":117,"y":134,"width":532,"height":12}},{"id":"d02c6e35-85be-4de3-9406-6ce849da9c89","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and","page_number":138,"box":{"x":117,"y":168,"width":730,"height":12}},{"id":"0ce3df13-9aa5-4905-8329-eab922a058c1","block_type":"box","text":"Freddie Mac mortgage pass-through securities and are issued by originators of and investors in","page_number":138,"box":{"x":117,"y":183,"width":714,"height":12}},{"id":"3a466398-a044-4cde-ab52-7c383c930bf3","block_type":"box","text":"mortgage loans, including depository institutions, mortgage banks, investment banks and special","page_number":138,"box":{"x":117,"y":199,"width":722,"height":12}},{"id":"e32a08d8-2958-47ae-912f-7fb7582d4349","block_type":"box","text":"purpose subsidiaries of the foregoing.","page_number":138,"box":{"x":117,"y":214,"width":284,"height":12}},{"id":"1b390af9-4101-469e-9a8d-2421505f858e","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than","page_number":138,"box":{"x":117,"y":248,"width":747,"height":12}},{"id":"6c3456be-9fbf-4e93-9b4e-ab9b822c517f","block_type":"box","text":"government and government-related pools because there are no direct or indirect government or","page_number":138,"box":{"x":116,"y":264,"width":723,"height":12}},{"id":"b7328be0-3e16-4cff-9aa2-5e467bf4968a","block_type":"box","text":"agency guarantees of payments in the private pools. However, timely payment of interest and principal","page_number":138,"box":{"x":116,"y":279,"width":767,"height":12}},{"id":"f425cbf6-ed2b-40c3-a6a3-2658d1a52302","block_type":"box","text":"of these pools may be supported by various forms of insurance or guarantees, including individual","page_number":138,"box":{"x":116,"y":295,"width":732,"height":12}},{"id":"091f285c-62e5-4c55-9578-cc89b81e85de","block_type":"box","text":"loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by","page_number":138,"box":{"x":117,"y":310,"width":769,"height":12}},{"id":"0965be95-a78e-409b-a626-378e1a1b8b79","block_type":"box","text":"governmental entities, private insurers and the mortgage poolers. The insurance and guarantees and","page_number":138,"box":{"x":116,"y":326,"width":756,"height":12}},{"id":"93ee6710-6766-4e00-bd6a-9ab77b66ca47","block_type":"box","text":"the creditworthiness of the issuers thereof will be considered in determining whether a mortgage","page_number":138,"box":{"x":116,"y":341,"width":720,"height":12}},{"id":"9fa1002f-b62d-465b-b57f-fcd699704651","block_type":"box","text":"related security meets a Fund’s investment quality standards. There can be no assurance that the","page_number":138,"box":{"x":117,"y":357,"width":731,"height":12}},{"id":"2a796630-f5a2-4fbb-b666-c66666333f25","block_type":"box","text":"private insurers or guarantors can meet their obligations under the insurance policies or guarantee","page_number":138,"box":{"x":117,"y":372,"width":734,"height":12}},{"id":"d97694bc-9110-42c7-8b4b-af2b6b59b8c1","block_type":"box","text":"arrangements. Private mortgage pass-through securities may be bought without insurance or","page_number":138,"box":{"x":116,"y":388,"width":696,"height":12}},{"id":"760b377d-bec2-492f-aa13-7ea0ec2f0e60","block_type":"box","text":"guarantees if, through an examination of the loan experience and practices of the originator/servicers","page_number":138,"box":{"x":116,"y":403,"width":756,"height":12}},{"id":"93861c83-8409-48f2-8245-32db2ccc8b4c","block_type":"box","text":"and poolers, the Manager determines that the securities meet a Fund’s quality standards. Any","page_number":138,"box":{"x":116,"y":419,"width":703,"height":12}},{"id":"062fec99-8311-48d0-94ad-d59951e932ca","block_type":"box","text":"mortgage-related securities that are issued by private issuers have some exposure to subprime loans","page_number":138,"box":{"x":117,"y":434,"width":757,"height":12}},{"id":"6afbf3c1-f493-426d-8b92-2720cf24abc3","block_type":"box","text":"as well as to the mortgage and credit markets generally.","page_number":138,"box":{"x":116,"y":450,"width":422,"height":12}},{"id":"c643aad1-03b8-4879-a7d9-14792a41a96b","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the","page_number":138,"box":{"x":117,"y":484,"width":707,"height":12}},{"id":"603d8222-97ae-4254-9161-d33987510ecd","block_type":"box","text":"underwriting requirements for the underlying mortgages that are applicable to those mortgage-related","page_number":138,"box":{"x":117,"y":499,"width":757,"height":13}},{"id":"25386a71-8892-49fa-a6b5-a010c1e6319d","block_type":"box","text":"securities that have a government or government-sponsored entity guarantee. As a result, the","page_number":138,"box":{"x":116,"y":515,"width":702,"height":12}},{"id":"1a3eb61f-98eb-4917-a4f7-794fde9e9fb1","block_type":"box","text":"mortgage loans underlying private mortgage-related securities may, and frequently do, have less","page_number":138,"box":{"x":117,"y":530,"width":722,"height":13}},{"id":"80f9ad36-b918-456f-b6d7-2fcc26668afa","block_type":"box","text":"favorable collateral, credit risk or other underwriting characteristics than government or government","page_number":138,"box":{"x":116,"y":546,"width":743,"height":12}},{"id":"36b891bd-9079-42ce-8de1-e5b0347fe084","block_type":"box","text":"sponsored mortgage-related securities and have wider variances in a number of terms including","page_number":138,"box":{"x":116,"y":561,"width":717,"height":13}},{"id":"bf814e6f-5602-4bcc-a235-4ae7bb89307c","block_type":"box","text":"interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently","page_number":138,"box":{"x":117,"y":577,"width":755,"height":12}},{"id":"885057ed-24d9-41e7-9bec-555d22ec847e","block_type":"box","text":"include second mortgages, high loan-to-value mortgages and manufactured housing loans. The","page_number":138,"box":{"x":117,"y":592,"width":714,"height":13}},{"id":"2b969b3f-dc4e-43f5-a254-08c5b9f2fdd4","block_type":"box","text":"coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-related","page_number":138,"box":{"x":116,"y":608,"width":723,"height":12}},{"id":"51d6673e-a3eb-428c-98cc-a7d8ba56b046","block_type":"box","text":"securities pool may vary to a greater extent than those included in a government guaranteed pool, and","page_number":138,"box":{"x":116,"y":624,"width":766,"height":12}},{"id":"ec1ee81a-bbd8-497f-9070-fac3a2723695","block_type":"box","text":"the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with","page_number":138,"box":{"x":116,"y":639,"width":762,"height":12}},{"id":"609b4c74-d32d-4d07-8768-2ccd253ea4be","block_type":"box","text":"weakened credit histories or with a lower capacity to make timely payments on their loans. For these","page_number":138,"box":{"x":116,"y":655,"width":751,"height":12}},{"id":"b18982a4-87b4-460d-a770-c8567fef5026","block_type":"box","text":"reasons, the loans underlying these securities have had in many cases higher default rates than those","page_number":138,"box":{"x":117,"y":670,"width":758,"height":12}},{"id":"c96f954c-1cd9-4047-bc25-0fabfe040b3d","block_type":"box","text":"loans that meet government underwriting requirements.","page_number":138,"box":{"x":117,"y":686,"width":410,"height":12}},{"id":"fb0d34b1-bb20-4c39-86fa-487ed87bd3e5","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools","page_number":138,"box":{"x":116,"y":720,"width":753,"height":12}},{"id":"2fc8c405-ab85-4ad6-acfa-d4be561be99d","block_type":"box","text":"that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting","page_number":138,"box":{"x":116,"y":735,"width":740,"height":12}},{"id":"a1421af5-028e-4f3c-98cf-d996a0a7a97f","block_type":"box","text":"mortgage loan repayments may include a general economic turndown, high unemployment, a general","page_number":138,"box":{"x":117,"y":751,"width":754,"height":12}},{"id":"670e150c-1ee9-4d32-9d9e-de3964392507","block_type":"box","text":"slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest","page_number":138,"box":{"x":116,"y":766,"width":763,"height":12}},{"id":"04ca4c5b-7f32-44e2-a5e9-a4da326f79e5","block_type":"box","text":"rates resulting in higher mortgage payments by holders of adjustable rate mortgages.","page_number":138,"box":{"x":117,"y":782,"width":631,"height":12}},{"id":"4a6ec8c4-0c69-4b7c-9814-d4c4e02bf991","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited","page_number":138,"box":{"x":117,"y":816,"width":761,"height":12}},{"id":"d592ee08-fc79-4952-93f3-65135e66bbf7","block_type":"box","text":"market for the securities, especially when there is a perceived weakness in the mortgage and real","page_number":138,"box":{"x":117,"y":831,"width":729,"height":12}},{"id":"f1930d8d-f9d5-4fcb-b0dc-92a7e4d8b373","block_type":"box","text":"estate market sectors. Without an active trading market, mortgage-related securities held in a Fund’s","page_number":138,"box":{"x":116,"y":847,"width":753,"height":12}},{"id":"1b34a67f-7236-41bc-aa54-ded939b4fa40","block_type":"box","text":"portfolio may be particularly difficult to value because of the complexities involved in assessing the","page_number":138,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"1135d870-26a8-40b2-a007-f2ee71611345","block_type":"box","text":"value of the underlying mortgage loans.","page_number":138,"box":{"x":116,"y":878,"width":299,"height":12}},{"id":"248f40e1-7b9f-4118-9687-b06fc9ef04b8","block_type":"box","text":"II-67","page_number":138,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9189b013-a6bd-482e-a9cf-6251efeb1f93","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":138,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"faf56864-ae57-4a25-bca7-7de7fa3cb543","block_type":"box","text":"Collateralized Mortgage Obligations (“CMOs”).","page_number":139,"box":{"x":117,"y":87,"width":343,"height":12}},{"id":"05d24980-2813-4922-b8ff-b1a045a6c300","block_type":"box","text":"CMOs are debt obligations collateralized by residential","page_number":139,"box":{"x":462,"y":87,"width":415,"height":12}},{"id":"b9f75b36-8d85-47fa-bf78-aebc8a072684","block_type":"box","text":"or commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest","page_number":139,"box":{"x":116,"y":103,"width":762,"height":12}},{"id":"1c9a559d-e17e-47f2-8242-856ec94a5874","block_type":"box","text":"and prepaid principal are generally paid monthly. CMOs may be collateralized by whole mortgage","page_number":139,"box":{"x":116,"y":118,"width":729,"height":12}},{"id":"fc8ed629-fc06-4010-9edb-678c8d8b6c56","block_type":"box","text":"loans or private mortgage pass-through securities but are more typically collateralized by portfolios of","page_number":139,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"f67cc485-123a-4655-80e8-ca37011d012a","block_type":"box","text":"mortgage pass-through securities guaranteed by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer","page_number":139,"box":{"x":117,"y":149,"width":765,"height":12}},{"id":"adbabfd3-256e-42c8-a0b9-c1f826143383","block_type":"box","text":"of a series of CMOs may elect to be treated as a Real Estate Mortgage Investment Conduit (“REMIC”).","page_number":139,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"04e1fad9-2e1e-4332-be9c-5a99e7d087ec","block_type":"box","text":"All future references to CMOs also include REMICs.","page_number":139,"box":{"x":116,"y":180,"width":392,"height":10}},{"id":"7e6a33c7-0e3e-4b13-b5be-e8a701c3fef3","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific","page_number":139,"box":{"x":117,"y":211,"width":746,"height":12}},{"id":"7a0798e2-b522-42ec-9fdb-023e75aae42f","block_type":"box","text":"adjustable or fixed interest rate, and bearing a different stated maturity date and each must be fully","page_number":139,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"68dcd29b-8772-40ab-9bd7-25345a05ec4a","block_type":"box","text":"retired no later than its final distribution date. Actual maturity and average life will depend upon the","page_number":139,"box":{"x":117,"y":242,"width":734,"height":12}},{"id":"dbf13f95-ff71-482e-891b-ea2930bf604e","block_type":"box","text":"prepayment experience of the collateral, which is ordinarily unrelated to the stated maturity date.","page_number":139,"box":{"x":117,"y":258,"width":719,"height":12}},{"id":"75d79e49-c7fa-4514-883d-f440b85164a7","block_type":"box","text":"CMOs often provide for a modified form of call protection through a de facto breakdown of the","page_number":139,"box":{"x":117,"y":273,"width":700,"height":12}},{"id":"8f1c0ab6-c4be-42a4-94a7-f14f0ab92012","block_type":"box","text":"underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of","page_number":139,"box":{"x":117,"y":289,"width":718,"height":12}},{"id":"083ce277-4833-47d0-8250-4f758fe28036","block_type":"box","text":"principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":139,"box":{"x":117,"y":304,"width":740,"height":12}},{"id":"17e512b4-6adb-4345-99ff-41e500584621","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually","page_number":139,"box":{"x":117,"y":320,"width":729,"height":12}},{"id":"5f844351-b52b-490c-a820-7941187472dc","block_type":"box","text":"receive principal only after the first class has been retired. An investor may be partially protected","page_number":139,"box":{"x":117,"y":335,"width":719,"height":12}},{"id":"b814df03-bc0c-48d7-b634-f812c59eed64","block_type":"box","text":"against a sooner than desired return of principal because of the sequential payments.","page_number":139,"box":{"x":116,"y":351,"width":640,"height":12}},{"id":"842defd8-ac83-4114-8163-1d136fdd054c","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":139,"box":{"x":117,"y":382,"width":755,"height":12}},{"id":"34072781-74dd-43e4-948f-9f1e4be49eeb","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by","page_number":139,"box":{"x":117,"y":397,"width":771,"height":12}},{"id":"9368f967-ef54-4fe4-a38a-d60a1dd36537","block_type":"box","text":"the Investment Company Act on investments by a Fund in other investment companies. In addition, in","page_number":139,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"828b3b0f-bf2c-4feb-961d-b527b92ce6cd","block_type":"box","text":"reliance on an earlier Commission interpretation, a Fund’s investments in certain other qualifying","page_number":139,"box":{"x":117,"y":428,"width":721,"height":12}},{"id":"fb7d260e-1204-4b89-b474-61a7f0eac7a4","block_type":"box","text":"CMOs, which cannot or do not rely on the rule, are also not subject to the limitation of the Investment","page_number":139,"box":{"x":117,"y":444,"width":753,"height":12}},{"id":"b6934be4-c01d-4cb5-9e09-bb61134ea421","block_type":"box","text":"Company Act on acquiring interests in other investment companies. In order to be able to rely on the","page_number":139,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"740c37bf-4dc7-4980-aa80-271415a70e1b","block_type":"box","text":"Commission’s interpretation, these CMOs must be unmanaged, fixed asset issuers, that: (1) invest","page_number":139,"box":{"x":117,"y":475,"width":736,"height":12}},{"id":"666f67b3-cc8f-47cc-b72e-474bb9f6d09f","block_type":"box","text":"primarily in mortgage-backed securities; (2) do not issue redeemable securities; (3) operate under","page_number":139,"box":{"x":117,"y":490,"width":730,"height":12}},{"id":"710d40fc-2890-4295-baac-210294699a8a","block_type":"box","text":"general exemptive orders exempting them from all provisions of the Investment Company Act; and","page_number":139,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"4685517a-59d8-4976-8444-c5e3f1935d71","block_type":"box","text":"(4) are not registered or regulated under the Investment Company Act as investment companies. To","page_number":139,"box":{"x":117,"y":521,"width":748,"height":12}},{"id":"537e4cc5-fbc6-4540-87da-da97602cc6bb","block_type":"box","text":"the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above","page_number":139,"box":{"x":116,"y":537,"width":674,"height":12}},{"id":"86f043cd-b434-4952-a5e6-2f3827c88f52","block_type":"box","text":"requirements, the Fund may not invest more than 10% of its assets in all such entities and may not","page_number":139,"box":{"x":117,"y":552,"width":738,"height":12}},{"id":"994b640f-5067-4e71-8fbe-98a50a98f1a0","block_type":"box","text":"acquire more than 3% of the voting securities of any single such entity.","page_number":139,"box":{"x":116,"y":568,"width":530,"height":12}},{"id":"295daf65-02ff-451e-85e8-aa5b64afb559","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating","page_number":139,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"a126ab64-7a23-4bac-995b-a7cf05ecfaef","block_type":"box","text":"rate CMOs. Parallel pay CMOs are structured to provide payments of principal on each payment date","page_number":139,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"c8e30c33-4dbb-40e0-bcc3-0dc02003c673","block_type":"box","text":"to more than one class, concurrently on a proportionate or disproportionate basis. These simultaneous","page_number":139,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"c249a147-4054-45a3-b87d-10dbd0621d25","block_type":"box","text":"payments are taken into account in calculating the final distribution date of each class. Sequential pay","page_number":139,"box":{"x":117,"y":645,"width":759,"height":12}},{"id":"4c75d220-58c5-467d-9d35-c1c64027e41d","block_type":"box","text":"CMOs generally pay principal to only one class at a time while paying interest to several classes. A","page_number":139,"box":{"x":117,"y":661,"width":734,"height":12}},{"id":"500cfd43-ee89-45db-98bd-2123434f355b","block_type":"box","text":"wide variety of REMIC Certificates may be issued in the parallel pay or sequential pay structures.","page_number":139,"box":{"x":116,"y":676,"width":719,"height":12}},{"id":"c1a2f8c6-b3a3-4153-b6e1-d7b78b31f758","block_type":"box","text":"These securities include accrual certificates (also known as “Z-Bonds”), which only accrue interest at a","page_number":139,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"4574e48f-e47c-4c03-9bf5-65ad72a771a1","block_type":"box","text":"specified rate until all other certificates having an earlier final distribution date have been retired and","page_number":139,"box":{"x":116,"y":707,"width":740,"height":12}},{"id":"0374fa9f-8996-40b1-8b3e-7dd3cdeea0b9","block_type":"box","text":"are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose","page_number":139,"box":{"x":116,"y":723,"width":712,"height":12}},{"id":"7b39193f-00a4-439a-848b-d1d056d1e364","block_type":"box","text":"coupon rate fluctuates according to some formula related to an existing market index or rate. Typical","page_number":139,"box":{"x":116,"y":738,"width":745,"height":12}},{"id":"08d61b84-6a64-4ceb-b13e-d0de672a95ec","block_type":"box","text":"indices would include the eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and","page_number":139,"box":{"x":117,"y":754,"width":753,"height":12}},{"id":"ee976385-55f5-4742-9451-bf0d45e1ac99","block_type":"box","text":"ten-year Treasury yields.","page_number":139,"box":{"x":116,"y":769,"width":184,"height":12}},{"id":"b7c36840-dd0c-4b77-aeea-baedcbbf7665","block_type":"box","text":"Classes of CMOs also include planned amortization","page_number":139,"box":{"x":117,"y":800,"width":375,"height":12}},{"id":"3c6becac-447e-49db-9ebf-2acd7c24fc86","block_type":"box","text":"classes (“PACs”) and targeted amortization classes","page_number":139,"box":{"x":498,"y":800,"width":373,"height":12}},{"id":"699d7a50-4ab7-4443-9290-584591484958","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a s","page_number":139,"box":{"x":117,"y":816,"width":402,"height":12}},{"id":"1485a4ee-598a-4b62-b63e-421caa6c2a54","block_type":"box","text":"pecified amount of principal on each payment","page_number":139,"box":{"x":521,"y":816,"width":330,"height":12}},{"id":"55f30768-988a-4749-a694-092e679ed568","block_type":"box","text":"date. The scheduled principal payments for PAC Certifi","page_number":139,"box":{"x":116,"y":831,"width":399,"height":12}},{"id":"228b3dd0-a26c-407c-84fa-15fd371b8db0","block_type":"box","text":"cates generally have the highest priority on each","page_number":139,"box":{"x":517,"y":831,"width":357,"height":12}},{"id":"18fdef2a-46c8-4657-8b4f-a562a4e99820","block_type":"box","text":"payment date after interest due has been paid to all","page_number":139,"box":{"x":117,"y":847,"width":378,"height":12}},{"id":"448cad34-5f50-45a2-bf23-747dea0cd912","block_type":"box","text":"classes entitled to receive interest currently.","page_number":139,"box":{"x":496,"y":847,"width":323,"height":12}},{"id":"abd4bbdd-db68-4d5e-a2f1-78119c70b70d","block_type":"box","text":"Shortfalls, if any, are added to the amount payabl","page_number":139,"box":{"x":116,"y":862,"width":357,"height":12}},{"id":"c6bf67ca-b16e-4611-8917-6c312189f033","block_type":"box","text":"e on the next payment date. The PAC Certificate","page_number":139,"box":{"x":475,"y":862,"width":358,"height":12}},{"id":"6da833e7-e74e-45e2-a496-a55c936b2287","block_type":"box","text":"payment schedule is taken into account in calculating t","page_number":139,"box":{"x":117,"y":878,"width":391,"height":12}},{"id":"74c9e4eb-ff14-48c7-b1f6-4ac2a2463c8e","block_type":"box","text":"the final distribution date of each class of PAC. In","page_number":139,"box":{"x":508,"y":878,"width":363,"height":9}},{"id":"158d8f57-4323-4a35-ae5b-568af414e114","block_type":"box","text":"II-68","page_number":139,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9db8abfa-a49c-4fbd-b58c-fa70ddb0acab","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":139,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ff7eab0c-27dc-4ef1-8f62-9f9a00502fc2","block_type":"box","text":"order to create PAC tranches, one or more tranches gener","page_number":140,"box":{"x":116,"y":87,"width":426,"height":12}},{"id":"02b2f8db-88e4-4527-9e2e-7215e383bb7b","block_type":"box","text":"ally must be created that absorb most of the","page_number":140,"box":{"x":542,"y":87,"width":325,"height":12}},{"id":"0f809ed1-0981-4865-8f98-2a3d63a35c15","block_type":"box","text":"volatility in the underlying mortgage assets. These","page_number":140,"box":{"x":116,"y":103,"width":369,"height":12}},{"id":"d74e46ec-8ef6-45b2-8296-788daf16f16c","block_type":"box","text":"tranches (often called “supports” or “companion”","page_number":140,"box":{"x":485,"y":102,"width":356,"height":13}},{"id":"989a031d-0be3-4a00-8bc4-e4fdb720a279","block_type":"box","text":"tranches) tend to have market prices and yields t","page_number":140,"box":{"x":116,"y":118,"width":350,"height":12}},{"id":"9984f457-bcba-4f5f-a0af-a51895e2c205","block_type":"box","text":"that are more volatile than the PAC classes.","page_number":140,"box":{"x":466,"y":118,"width":325,"height":10}},{"id":"cc989416-62f7-4f7a-b3c8-71a231e54129","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each","page_number":140,"box":{"x":116,"y":149,"width":745,"height":12}},{"id":"07298bf8-48f5-4f45-8a3a-e64c547d9967","block_type":"box","text":"payment date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however,","page_number":140,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"c39332d6-a4ca-44a5-ab13-cce324429275","block_type":"box","text":"remains in effect as long as prepayment rates on the underlying mortgages do not exceed certain","page_number":140,"box":{"x":117,"y":180,"width":728,"height":12}},{"id":"3a555550-b521-406c-8128-3551776f22ff","block_type":"box","text":"ranges. In contrast, a TAC provides investors with protection, to a certain level, against either faster","page_number":140,"box":{"x":117,"y":196,"width":743,"height":12}},{"id":"0a7c4aa4-ed6b-48cb-a411-162dd218362b","block_type":"box","text":"than expected or slower than expected prepayment rates, but not both. TACs thus provide more cash","page_number":140,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"391fb7bc-68a5-48d3-a66a-68e54812acb7","block_type":"box","text":"flow stability than a regular sequential paying class, but less than a PAC. TACs also tend to have","page_number":140,"box":{"x":116,"y":227,"width":725,"height":12}},{"id":"d8e80df1-0821-4e39-b9a1-49c8225328dc","block_type":"box","text":"market prices and yields that are more volatile than PACs.","page_number":140,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"a7e8c2a3-cfdd-4efd-8c32-86ddb05a2f40","block_type":"box","text":"Adjustable Rate Mortgage Securities.","page_number":140,"box":{"x":115,"y":273,"width":277,"height":12}},{"id":"c716a64e-45e5-4880-855f-dada880a5f9c","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through","page_number":140,"box":{"x":393,"y":273,"width":479,"height":12}},{"id":"7250f566-4056-4008-9fd9-b863bd8a2487","block_type":"box","text":"securities collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for","page_number":140,"box":{"x":116,"y":289,"width":706,"height":12}},{"id":"0629a909-bc30-4885-aa0d-f076a3a41c15","block_type":"box","text":"inclusion in a mortgage pool generally provide for a fixed initial mortgage interest rate for a set number","page_number":140,"box":{"x":117,"y":304,"width":764,"height":12}},{"id":"68693e9a-6d8a-496b-be56-e96d1b5ce122","block_type":"box","text":"of scheduled monthly payments. After that schedule of payments has been completed, the interest","page_number":140,"box":{"x":116,"y":320,"width":736,"height":12}},{"id":"bf714e30-4299-4caa-b5dc-533ffff86828","block_type":"box","text":"rates are subject to periodic adjustment based on changes to a designated benchmark index.","page_number":140,"box":{"x":117,"y":335,"width":697,"height":12}},{"id":"4f351786-d51a-401e-afa5-0e2bb81aad32","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary","page_number":140,"box":{"x":116,"y":366,"width":741,"height":12}},{"id":"cdb23bd8-2d8f-4748-a1b3-c2af2abf6089","block_type":"box","text":"over the lifetime of the security. In addition, certain ARMs provide for additional limitations on the","page_number":140,"box":{"x":116,"y":382,"width":722,"height":12}},{"id":"26fdb0b5-7b45-4a5d-b97c-d9f33d825234","block_type":"box","text":"maximum amount by which the mortgage interest rate may adjust for any single adjustment period. In","page_number":140,"box":{"x":117,"y":397,"width":758,"height":12}},{"id":"745da7ad-104e-43cc-9e90-89c54a7bfb38","block_type":"box","text":"the event that market rates of interest rise more rapidly to levels above that of the ARM’s maximum","page_number":140,"box":{"x":116,"y":413,"width":741,"height":12}},{"id":"f96ca462-8f2c-40ed-a662-5f455489a8be","block_type":"box","text":"rate, the ARM’s coupon may represent a below market rate of interest. In these circumstances, the","page_number":140,"box":{"x":117,"y":428,"width":737,"height":12}},{"id":"ee8f05d6-3096-4f0e-86d0-690eb701a2c0","block_type":"box","text":"market value of the ARM security will likely have fallen.","page_number":140,"box":{"x":117,"y":444,"width":412,"height":12}},{"id":"220f6386-b071-4f69-a2ff-5c05d9387c68","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a","page_number":140,"box":{"x":117,"y":475,"width":728,"height":12}},{"id":"74ef1826-f155-4f12-b49e-5055bf81b53a","block_type":"box","text":"monthly payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is","page_number":140,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"b11b7c27-d569-403f-b18a-25e0ed3ac269","block_type":"box","text":"added to the principal balance of the mortgage loan, which is repaid through future monthly payments.","page_number":140,"box":{"x":116,"y":506,"width":764,"height":12}},{"id":"d69249fa-7394-4a2b-8b40-b2cb66e3ad5c","block_type":"box","text":"If the monthly payment for such an instrument exceeds the sum of the interest accrued at the","page_number":140,"box":{"x":117,"y":521,"width":695,"height":12}},{"id":"01d5d675-8e7a-4e03-bc64-f05dc1e99814","block_type":"box","text":"applicable mortgage interest rate and the principal payment required at such point to amortize the","page_number":140,"box":{"x":116,"y":537,"width":730,"height":12}},{"id":"0a3f7bdf-a844-409f-a819-212408646777","block_type":"box","text":"outstanding principal balance over the remaining term of the loan, the excess is then used to reduce","page_number":140,"box":{"x":116,"y":552,"width":748,"height":12}},{"id":"e9fbdc68-5f89-4346-983c-12870f9f1c97","block_type":"box","text":"the outstanding principal balance of the ARM.","page_number":140,"box":{"x":116,"y":568,"width":344,"height":12}},{"id":"54589811-8e13-406f-b315-c82a3a956421","block_type":"box","text":"CMO Residuals.","page_number":140,"box":{"x":117,"y":599,"width":120,"height":9}},{"id":"a2e421ef-4ab3-435a-accf-3f67993cf9c4","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or","page_number":140,"box":{"x":238,"y":599,"width":546,"height":12}},{"id":"c4a44615-c779-4ad3-bd5e-1612e1e07112","block_type":"box","text":"instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans,","page_number":140,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"aa7e6866-5ccd-427e-86ae-8ea01bdc908c","block_type":"box","text":"including savings and loan associations, homebuilders, mortgage banks, commercial banks,","page_number":140,"box":{"x":117,"y":630,"width":688,"height":12}},{"id":"1020c2c3-0f79-4387-89b5-0bb4e17c102c","block_type":"box","text":"investment banks, and special purpose entities of the foregoing. The cash flow generated by the","page_number":140,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"18e99c4c-efef-4030-abe7-b738de7185a3","block_type":"box","text":"mortgage assets underlying a series of CMOs is applied first to make required payments of principal","page_number":140,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"516d7fed-6f91-4e41-8ac3-9700295f4bd2","block_type":"box","text":"and interest on the CMOs and second to pay the related administrative expenses and any","page_number":140,"box":{"x":116,"y":676,"width":668,"height":12}},{"id":"e3eb8809-c1d1-4dbb-8632-1755f3cf7ef4","block_type":"box","text":"management fees of the issuer. The residual in a CMO structure generally represents the interest in","page_number":140,"box":{"x":117,"y":692,"width":740,"height":12}},{"id":"3105c931-6f9b-4a30-905c-48468948830b","block_type":"box","text":"any excess cash flow remaining after making the foregoing payments. Each payment of such excess","page_number":140,"box":{"x":116,"y":707,"width":748,"height":12}},{"id":"eecaf9d9-e103-4dd1-9460-e644d352a739","block_type":"box","text":"cash flow to a holder of the related CMO residual represents income and/or a return of capital. The","page_number":140,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"544aedb7-6891-4d3d-9244-382a35c90790","block_type":"box","text":"amount of residual cash flow resulting from a CMO will depend on, among other things, the","page_number":140,"box":{"x":116,"y":738,"width":676,"height":12}},{"id":"8d654da6-6591-4bd7-b668-3ddec5af4c85","block_type":"box","text":"characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates,","page_number":140,"box":{"x":116,"y":754,"width":762,"height":12}},{"id":"13d0deb9-c209-478c-974f-547e48eed573","block_type":"box","text":"the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":140,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"5741d6b6-5617-4f21-9fd5-259130abc845","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related","page_number":140,"box":{"x":117,"y":785,"width":743,"height":12}},{"id":"38380ae3-b972-4a00-a7fc-47aa460706ff","block_type":"box","text":"underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":140,"box":{"x":117,"y":800,"width":764,"height":12}},{"id":"6001a5d5-3cc7-48e4-863e-c3b641ef1e90","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate,","page_number":140,"box":{"x":116,"y":816,"width":739,"height":12}},{"id":"f556b421-2e4a-4e49-a3cb-990c1ceebc8e","block_type":"box","text":"the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the","page_number":140,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"62a8ab7e-d64c-4ea5-bd68-f50a99ec1585","block_type":"box","text":"level of the index upon which interest rate adjustments are based. In certain circumstances, a Fund","page_number":140,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"4a048787-e0bb-4780-b863-b5a61fb5a612","block_type":"box","text":"may fail to recoup fully its initial investment in a CMO residual.","page_number":140,"box":{"x":117,"y":862,"width":466,"height":12}},{"id":"74aca063-eee4-4da8-bb80-4884fada7e33","block_type":"box","text":"II-69","page_number":140,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ee5f74f7-e89b-4d21-8733-ae7583b44490","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":140,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"593d2be3-29e7-4d94-95d1-711875a82e5c","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more","page_number":141,"box":{"x":117,"y":87,"width":709,"height":12}},{"id":"1b5273ba-f630-4e34-a0f1-7e8167c36b9a","block_type":"box","text":"investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally","page_number":141,"box":{"x":117,"y":102,"width":744,"height":13}},{"id":"2001acc6-dc73-4fc3-b7a1-71d3c4c6fe30","block_type":"box","text":"completed only after careful review of the characteristics of the securities in question. In addition, CMO","page_number":141,"box":{"x":116,"y":118,"width":768,"height":12}},{"id":"3b27e0cd-0e40-4263-acec-b3bf9f51cf9d","block_type":"box","text":"residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":141,"box":{"x":117,"y":134,"width":711,"height":12}},{"id":"d25e0e30-ab57-4ea1-84db-09417fff56c0","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than,","page_number":141,"box":{"x":116,"y":149,"width":748,"height":12}},{"id":"a8805ad0-364b-447f-b2b5-2d845958d413","block_type":"box","text":"“regular” CMO and REMIC interests. CMO residuals, whether or not registered under the Securities","page_number":141,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"f4703321-144c-4482-bf8d-52f0f04fbfde","block_type":"box","text":"Act, may be subject to certain restrictions on transferability.","page_number":141,"box":{"x":116,"y":180,"width":444,"height":12}},{"id":"b3a16c60-f551-444b-af7d-418780bb6cf6","block_type":"box","text":"Stripped Mortgage-Backed Securities.","page_number":141,"box":{"x":117,"y":207,"width":280,"height":12}},{"id":"ba0503c7-e101-4989-99e1-73bddaa23430","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities","page_number":141,"box":{"x":399,"y":207,"width":443,"height":12}},{"id":"3420b07e-df42-4892-a603-cb4bcd553a7b","block_type":"box","text":"(“SMBSs”) issued by agencies or instrumentalities of the United States. SMBSs are derivative multi","page_number":141,"box":{"x":117,"y":223,"width":740,"height":12}},{"id":"4a942d34-2c6f-4bf6-ae4f-6ee0351cc60b","block_type":"box","text":"class mortgage-backed securities. SMBS arrangements commonly involve two classes of securities","page_number":141,"box":{"x":116,"y":238,"width":744,"height":12}},{"id":"fb24a24a-5c09-40c9-8fac-de8afecd81c3","block_type":"box","text":"that receive different proportions of the interest and principal distributions on a pool of mortgage","page_number":141,"box":{"x":116,"y":254,"width":716,"height":12}},{"id":"df6b3d85-7869-4a39-8e28-d3eec90e51bc","block_type":"box","text":"assets. A common variety of SMBS is where one class (the principal only or PO class) receives some","page_number":141,"box":{"x":116,"y":269,"width":759,"height":12}},{"id":"9b7d3286-9fcb-498e-94f5-dbd7f4884f31","block_type":"box","text":"of the interest and most of the principal from the underlying assets, while the other class (the interest","page_number":141,"box":{"x":116,"y":285,"width":752,"height":12}},{"id":"fd668dcd-a6a2-4d48-bb92-d0cd3f089a4d","block_type":"box","text":"only or IO class) receives most of the interest and the remainder of the principal. In the most extreme","page_number":141,"box":{"x":116,"y":300,"width":755,"height":12}},{"id":"64a31593-35ac-4e35-a7c5-0fcf43b503be","block_type":"box","text":"case, the IO class receives all of the interest, while","page_number":141,"box":{"x":116,"y":316,"width":382,"height":11}},{"id":"321889ff-a838-4607-9b6c-556f46eca3d1","block_type":"box","text":"the PO class receives all of the principal. While a","page_number":141,"box":{"x":498,"y":316,"width":368,"height":12}},{"id":"85de8442-b1e9-4466-8710-5505114b4874","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO","page_number":141,"box":{"x":117,"y":331,"width":758,"height":12}},{"id":"ce5e87e2-54c5-4b81-aa00-0ccaf1459681","block_type":"box","text":"class. The yield to maturity of an IO class is extremely sensitive to the rate of principal payments","page_number":141,"box":{"x":116,"y":347,"width":720,"height":12}},{"id":"66f7b827-fe57-4143-a005-56da42bb7952","block_type":"box","text":"(including prepayments) on the related underlying assets, and a rapid rate of principal prepayments in","page_number":141,"box":{"x":117,"y":362,"width":759,"height":12}},{"id":"2377ea5f-2c1c-42cf-be73-3e6ea583c4ff","block_type":"box","text":"excess of that considered in pricing the securities will have a material adverse effect on an IO","page_number":141,"box":{"x":116,"y":378,"width":699,"height":12}},{"id":"8e4d464c-c2f6-4bd2-aa93-22e4e055f841","block_type":"box","text":"security’s yield to maturity. If the underlying mortgage assets experience greater than anticipated","page_number":141,"box":{"x":116,"y":393,"width":724,"height":12}},{"id":"5984f03e-7921-4232-9a15-90027007cc83","block_type":"box","text":"payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition, there are","page_number":141,"box":{"x":117,"y":409,"width":760,"height":12}},{"id":"225dfe77-eb03-462f-a126-ee8be8f20948","block_type":"box","text":"certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":141,"box":{"x":116,"y":424,"width":751,"height":12}},{"id":"c9fbfa14-d4c8-4c40-8418-07064e674da8","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":141,"box":{"x":117,"y":440,"width":768,"height":12}},{"id":"ffb109e0-ddca-4260-ab86-e89689b73824","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above","page_number":141,"box":{"x":117,"y":455,"width":733,"height":12}},{"id":"e3240760-5cbf-4fb1-9eae-d0a47a2ab339","block_type":"box","text":"factors, a Fund generally will purchase IOs only as a component of so called “synthetic” securities. This","page_number":141,"box":{"x":116,"y":471,"width":772,"height":12}},{"id":"5559b941-ca4f-4960-9771-167939e299c5","block_type":"box","text":"means that purchases of IOs will be matched with certain purchases of other securities, such as POs,","page_number":141,"box":{"x":117,"y":486,"width":759,"height":12}},{"id":"74a7cdd9-4f28-45e3-9ec8-173f0605204e","block_type":"box","text":"inverse floating rate CMOs or fixed rate securities; as interest rates fall, presenting a greater risk of","page_number":141,"box":{"x":117,"y":502,"width":737,"height":12}},{"id":"fcd52cdf-2660-4ea5-b133-3cd856329117","block_type":"box","text":"unanticipated prepayments of principal, the negative effect on a Fund because of its holdings of IOs","page_number":141,"box":{"x":117,"y":517,"width":744,"height":12}},{"id":"40fc9a53-f163-40b7-975b-4adf53e0cea5","block_type":"box","text":"should be diminished somewhat because of the increased yield on the inverse floating rate CMOs or","page_number":141,"box":{"x":116,"y":533,"width":751,"height":12}},{"id":"0c60aa94-530d-4a09-becf-e7ec3d6959b3","block_type":"box","text":"the increased appreciation on the POs or fixed rate securities.","page_number":141,"box":{"x":116,"y":548,"width":465,"height":12}},{"id":"792ef739-5a85-4627-82d0-3efbe3c35d47","block_type":"box","text":"Tiered Index Bonds.","page_number":141,"box":{"x":118,"y":576,"width":147,"height":9}},{"id":"8fc48097-ce5b-4795-bf7b-042b95abb231","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on","page_number":141,"box":{"x":266,"y":575,"width":612,"height":12}},{"id":"d9b1948e-0861-4355-bca7-f8db482223fb","block_type":"box","text":"a tiered index bond is tied to a specified index or","page_number":141,"box":{"x":116,"y":591,"width":365,"height":12}},{"id":"21343a19-4fdb-405d-8a69-f6d9e9aaf459","block_type":"box","text":"market rate. So long as this index or market rate is","page_number":141,"box":{"x":482,"y":591,"width":380,"height":12}},{"id":"bd01ae68-f77a-488c-ba69-a3daca09bd7b","block_type":"box","text":"below a predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If,","page_number":141,"box":{"x":117,"y":606,"width":704,"height":12}},{"id":"598607e5-1456-46bc-ad60-6db7ddbd7894","block_type":"box","text":"however, the specified index or market rate rises above the “strike” rate, the interest rate of the tiered","page_number":141,"box":{"x":117,"y":622,"width":754,"height":12}},{"id":"a09664ab-b77c-4a4c-9194-8be26d0d7e8e","block_type":"box","text":"index bond will decrease. Thus, under these circumstances, the interest rate on a tiered index bond,","page_number":141,"box":{"x":117,"y":638,"width":747,"height":11}},{"id":"663f3bc0-b249-4498-8892-ab2d22576061","block_type":"box","text":"like an inverse floater, will move in the opposite direction of prevailing interest rates, with the result that","page_number":141,"box":{"x":117,"y":653,"width":767,"height":12}},{"id":"39249de1-81eb-46f4-9473-2af38eb87bb2","block_type":"box","text":"the price of the tiered index bond may be considerably more volatile than that of a fixed-rate bond.","page_number":141,"box":{"x":116,"y":668,"width":727,"height":12}},{"id":"dd0b8fe7-9acf-4f48-ae54-edb5cfe89c1e","block_type":"box","text":"TBA Commitments.","page_number":141,"box":{"x":118,"y":696,"width":142,"height":9}},{"id":"09a98b9e-6b3f-4be0-ad98-7889ccc5a28c","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA","page_number":141,"box":{"x":267,"y":696,"width":573,"height":12}},{"id":"e00c96cc-284e-4911-ba02-f2b88a01a490","block_type":"box","text":"commitments are forward agreements for the purchase or sale of securities, including mortgage","page_number":141,"box":{"x":116,"y":711,"width":716,"height":12}},{"id":"216634a6-0c5d-4c60-9dea-bde1b54582a9","block_type":"box","text":"backed securities for a fixed price, with payment and delivery on an agreed upon future settlement","page_number":141,"box":{"x":117,"y":727,"width":728,"height":12}},{"id":"83ffd3ac-fb15-455a-a031-103387f22d81","block_type":"box","text":"date. The specific securities to be delivered are not identified at the trade date. However, delivered","page_number":141,"box":{"x":116,"y":742,"width":731,"height":12}},{"id":"621f81f8-20bd-4c9b-8b30-01ff0c43fb78","block_type":"box","text":"securities must meet specified terms, including issuer, rate and mortgage terms. When the Fund enters","page_number":141,"box":{"x":116,"y":758,"width":767,"height":12}},{"id":"2789b9d3-5f73-40ba-aa1f-bca7aacc606c","block_type":"box","text":"into a TBA commitment for the sale of mortgage-backed securities for a fixed price, with payment and","page_number":141,"box":{"x":117,"y":773,"width":752,"height":12}},{"id":"437d4e9c-ab1a-459e-b73c-14d5311720d1","block_type":"box","text":"delivery on an agreed upon future settlement date (which may be referred to as having a short position","page_number":141,"box":{"x":116,"y":789,"width":761,"height":12}},{"id":"2c9e8857-6c80-4509-8992-9ed6f0dea27d","block_type":"box","text":"in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":141,"box":{"x":117,"y":804,"width":707,"height":12}},{"id":"8674ad72-2853-4624-af70-72c306b9c7f7","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":141,"box":{"x":117,"y":820,"width":733,"height":12}},{"id":"7f2913cc-0023-455c-bf66-b0b2bf231d00","block_type":"box","text":"Commitments” below.","page_number":141,"box":{"x":117,"y":835,"width":166,"height":10}},{"id":"7c4cb754-2f24-4414-ab29-065a75c39833","block_type":"box","text":"Mortgage Dollar Rolls.","page_number":141,"box":{"x":116,"y":862,"width":164,"height":12}},{"id":"600f69be-bac4-4049-81a6-7a827a523e92","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll","page_number":141,"box":{"x":282,"y":862,"width":562,"height":12}},{"id":"80e57485-215f-45c3-b4fc-55a9e8b86d20","block_type":"box","text":"transaction, a Fund sells mortgage-backed securities for delivery in the current month and","page_number":141,"box":{"x":116,"y":878,"width":673,"height":12}},{"id":"1b84d842-42fb-4a42-a9d9-d53d9c8b6ce7","block_type":"box","text":"II-70","page_number":141,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"183413d2-209c-4441-97d2-ef7f83c7a3af","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":141,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"93e4c3c5-3a13-4442-9316-74e2854b8702","block_type":"box","text":"simultaneously contracts to repurchase substantially similar securities on a specified future date. The","page_number":142,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"4053c30b-a08d-4698-8106-64c5a7696f16","block_type":"box","text":"securities that are repurchased will bear the same interest rate and a similar maturity as those sold, but","page_number":142,"box":{"x":116,"y":103,"width":771,"height":12}},{"id":"55f2ef09-6185-4d08-9430-4e9240e70ce3","block_type":"box","text":"pools of mortgages collateralizing those securities may have different prepayment histories than those","page_number":142,"box":{"x":117,"y":118,"width":762,"height":12}},{"id":"3f919c5e-cdb8-45cd-b82f-36d9c1870ea5","block_type":"box","text":"sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest","page_number":142,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"be35148c-463c-4a3c-98b5-abb1604d1cfc","block_type":"box","text":"and principal payments on the securities sold. Proceeds of the sale will be invested in additional","page_number":142,"box":{"x":116,"y":149,"width":716,"height":12}},{"id":"2d5058db-2f72-4bc9-972a-667555c0ef4b","block_type":"box","text":"instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":142,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"5ade0011-55f8-40c0-8285-97d988e72fd3","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been","page_number":142,"box":{"x":116,"y":180,"width":757,"height":12}},{"id":"c3fb19be-2011-4df6-9b35-1c47c7b08b72","block_type":"box","text":"realized on the securities sold as part of the dollar roll, the use of this technique will diminish the","page_number":142,"box":{"x":117,"y":196,"width":715,"height":11}},{"id":"8402c59a-98c3-4ee8-927e-9697136b2f03","block_type":"box","text":"investment performance of a Fund compared with what the performance would have been without the","page_number":142,"box":{"x":117,"y":211,"width":759,"height":12}},{"id":"c60b40be-9554-4ded-9682-9d429764e2c0","block_type":"box","text":"use of dollar rolls.","page_number":142,"box":{"x":117,"y":227,"width":135,"height":9}},{"id":"8aa3fc09-cc50-4ce3-99b2-63ee11d03722","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and","page_number":142,"box":{"x":117,"y":255,"width":760,"height":12}},{"id":"b01c8170-0002-4a7c-b24d-26915d9c1cb3","block_type":"box","text":"a subsequent purchase or sale of a substantially similar security in the forward market. Transactions in","page_number":142,"box":{"x":116,"y":270,"width":767,"height":12}},{"id":"c0fe3c97-4794-433f-a73c-eb3135c4169c","block_type":"box","text":"mortgage dollar rolls may increase trading costs and portfolio turnover.","page_number":142,"box":{"x":117,"y":286,"width":529,"height":12}},{"id":"cd05fa22-f54f-4930-8616-b3f479c59766","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes","page_number":142,"box":{"x":117,"y":314,"width":738,"height":12}},{"id":"c6040b23-1302-4571-89e4-3481109b2b85","block_type":"box","text":"insolvent, a Fund’s use of the proceeds of the current sale portion of the transaction may be restricted","page_number":142,"box":{"x":117,"y":330,"width":760,"height":12}},{"id":"24d7384c-483a-49f9-92c2-6ef5139878f8","block_type":"box","text":"pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s","page_number":142,"box":{"x":117,"y":345,"width":738,"height":12}},{"id":"98e12733-cc31-41fe-b7f2-1fb097f56e59","block_type":"box","text":"obligation to purchase the similar securities in the forward transaction.","page_number":142,"box":{"x":116,"y":361,"width":525,"height":12}},{"id":"29de9278-8e6c-420f-8910-34e94065323b","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar","page_number":142,"box":{"x":116,"y":389,"width":750,"height":12}},{"id":"c2e50849-cd92-469c-a45d-e148079668db","block_type":"box","text":"rolls may depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar","page_number":142,"box":{"x":117,"y":405,"width":765,"height":12}},{"id":"c6013f58-1c1a-419d-9864-3254887222f2","block_type":"box","text":"rolls involve the risk that the market value of the securities subject to a Fund’s forward purchase","page_number":142,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"784c5ba3-da14-4da4-aae8-9783381ffd81","block_type":"box","text":"commitment may decline below, or the market value of the securities subject to a Fund’s forward sale","page_number":142,"box":{"x":116,"y":436,"width":758,"height":12}},{"id":"ce105c87-48df-424c-b64b-44b84dc25aef","block_type":"box","text":"commitment may increase above, the exercise price of the forward commitment. Dollar rolls are","page_number":142,"box":{"x":116,"y":451,"width":715,"height":12}},{"id":"ca762d2b-6f9d-4aa0-9d1c-ca87b593e157","block_type":"box","text":"speculative techniques that can be deemed to involve leverage. There is no assurance that dollar rolls","page_number":142,"box":{"x":116,"y":467,"width":763,"height":12}},{"id":"47871849-f1eb-43a4-b308-da423484887f","block_type":"box","text":"can be successfully employed.","page_number":142,"box":{"x":116,"y":482,"width":233,"height":12}},{"id":"4a87e1b5-89f0-4caf-b2e7-d39c331cb164","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":142,"box":{"x":117,"y":511,"width":740,"height":12}},{"id":"e062a051-f8c9-4fc0-8cb6-7273ae4b96dd","block_type":"box","text":"settling securities (e.g., dollar rolls and firm and standby commitments, including TBA commitments)","page_number":142,"box":{"x":116,"y":526,"width":748,"height":12}},{"id":"a0ac3be7-3098-402d-b574-a4f0cc258a0c","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":142,"box":{"x":116,"y":542,"width":750,"height":12}},{"id":"abd23e3b-f297-431a-af89-d0985dad980e","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the transaction meets the","page_number":142,"box":{"x":116,"y":557,"width":718,"height":12}},{"id":"6c67f853-dae2-4c5c-8ee7-e0930b59d1ec","block_type":"box","text":"Delayed-Settlement Securities Provision (as defined below under “—When-Issued Securities, Delayed","page_number":142,"box":{"x":117,"y":573,"width":764,"height":12}},{"id":"a7e47988-4310-4e57-9125-74c582a4f87c","block_type":"box","text":"Delivery Securities and Forward Commitments”). If a when-issued, forward-settling or non-standard","page_number":142,"box":{"x":117,"y":588,"width":742,"height":12}},{"id":"09cc3fb0-7eca-45c9-8f54-01bd79651942","block_type":"box","text":"settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is","page_number":142,"box":{"x":116,"y":604,"width":715,"height":12}},{"id":"d0e4b4d2-6c61-4646-aa35-07f12b7360a7","block_type":"box","text":"treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives—Regulation of","page_number":142,"box":{"x":116,"y":619,"width":669,"height":12}},{"id":"553f265d-fc9e-45cf-8bb3-3ee11d2a5ebc","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":142,"box":{"x":117,"y":635,"width":511,"height":12}},{"id":"cc301d74-baed-404b-ad5e-4df8b5ffc8f1","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":142,"box":{"x":117,"y":663,"width":270,"height":12}},{"id":"151237e3-901c-420b-a0c0-860aab283125","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities.","page_number":142,"box":{"x":394,"y":663,"width":438,"height":12}},{"id":"7630bb45-80c9-4470-8fc4-d7bf870033ac","block_type":"box","text":"These securities are derivative interest-only mortgage securities structured off home equity loan","page_number":142,"box":{"x":116,"y":678,"width":711,"height":13}},{"id":"9c6f593f-16fc-435c-801d-f4dbfdfde450","block_type":"box","text":"transactions. NIM securities receive any “excess” interest computed after paying coupon costs,","page_number":142,"box":{"x":116,"y":694,"width":704,"height":12}},{"id":"cb438a20-73ab-4499-bef5-30595ef49d06","block_type":"box","text":"servicing costs and fees and any credit losses associated with the underlying pool of home equity","page_number":142,"box":{"x":116,"y":709,"width":724,"height":13}},{"id":"982c3692-8519-4d5a-bd8b-ced387d53c9a","block_type":"box","text":"loans. Like traditional stripped mortgage-backed securities, the yield to maturity on a NIM security is","page_number":142,"box":{"x":117,"y":725,"width":740,"height":12}},{"id":"6207b46b-f853-44ed-99d6-9799f15dc817","block_type":"box","text":"sensitive not only to changes in prevailing interest rates but also to the rate of principal payments","page_number":142,"box":{"x":116,"y":740,"width":720,"height":13}},{"id":"cf5d74c8-b5d4-41f4-b098-dee5df1f415a","block_type":"box","text":"(including prepayments) on the underlying home equity loans. NIM securities are highly sensitive to","page_number":142,"box":{"x":117,"y":756,"width":735,"height":12}},{"id":"65eeafaf-ec0b-4818-a249-f0ebbcca80ac","block_type":"box","text":"credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":142,"box":{"x":116,"y":772,"width":651,"height":12}},{"id":"e96da37b-da41-4a85-bcee-4652421cd496","block_type":"box","text":"Municipal Investments.","page_number":142,"box":{"x":116,"y":800,"width":184,"height":12}},{"id":"3d913e92-020c-45e1-b6b1-314229c7b7e2","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states,","page_number":142,"box":{"x":307,"y":800,"width":533,"height":12}},{"id":"05f08eae-06be-4c1e-a16a-5176fff73a9c","block_type":"box","text":"territories and possessions of the United States and the District of Columbia and their political","page_number":142,"box":{"x":116,"y":815,"width":694,"height":12}},{"id":"72b3289d-7cc6-4018-9f65-b9f213c746af","block_type":"box","text":"subdivisions, agencies and instrumentalities, the payments from which, in the opinion of bond counsel","page_number":142,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"4b1ac96f-9435-4f03-bee4-ed79eb68e071","block_type":"box","text":"to the issuer, are excludable from gross income for U.S. federal income tax purposes (“Municipal","page_number":142,"box":{"x":116,"y":846,"width":723,"height":12}},{"id":"f4fe5b82-896d-4d3b-927f-b7c0d4ab7ec3","block_type":"box","text":"Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that pay interest","page_number":142,"box":{"x":117,"y":862,"width":691,"height":12}},{"id":"f41ef819-6ed3-4328-9684-145c3db7c944","block_type":"box","text":"excludable from gross income for purposes of state and local income taxes of the designated state","page_number":142,"box":{"x":116,"y":877,"width":737,"height":12}},{"id":"8b353f25-c987-4019-a33c-b7b52297c0fc","block_type":"box","text":"II-71","page_number":142,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"bb871cf9-2a20-49b0-a23d-da0e0713d51f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":142,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"09869f6e-72bf-419e-bae3-ab67d7c1a157","block_type":"box","text":"and/or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated","page_number":143,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"d0634a93-51e6-442d-9bd9-62ba14e3c501","block_type":"box","text":"state (“State Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on","page_number":143,"box":{"x":116,"y":102,"width":762,"height":13}},{"id":"90a999fe-c6af-4394-bd2c-1f8e4c2a8ff1","block_type":"box","text":"behalf of a state or territory or by an agency or instrumentality thereof, if the Manager believes such","page_number":143,"box":{"x":117,"y":118,"width":743,"height":12}},{"id":"5b5eaf54-0580-4bfb-bc6f-9bdb99fe348f","block_type":"box","text":"securities to pay interest excludable from gross income for purposes of U.S. federal income tax and","page_number":143,"box":{"x":116,"y":134,"width":744,"height":12}},{"id":"1cf036c0-c697-487b-973b-d18a2aa5beca","block_type":"box","text":"state and local income taxes of the designated state and/or state and local personal property taxes of","page_number":143,"box":{"x":116,"y":149,"width":757,"height":12}},{"id":"2ba03b77-593a-421a-b2ca-b02bd5ef1fa8","block_type":"box","text":"the designated state (“Non-Municipal Tax-Exempt Securities”). Non-Municipal Tax-Exempt Securities","page_number":143,"box":{"x":116,"y":165,"width":756,"height":12}},{"id":"b47337c2-07e1-487e-8cc1-af050dd7f7ea","block_type":"box","text":"could include trust certificates or other instruments evidencing interest in one or more long-term","page_number":143,"box":{"x":116,"y":180,"width":714,"height":12}},{"id":"98ad5df4-a2f8-4e7f-aeb2-c3066c328997","block_type":"box","text":"municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":143,"box":{"x":117,"y":196,"width":765,"height":12}},{"id":"4f0a33d2-abaa-45d3-bb57-da6ffb309102","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by","page_number":143,"box":{"x":117,"y":211,"width":760,"height":12}},{"id":"8a0ddcc2-e6ba-4f68-a174-75940a4a7cc4","block_type":"box","text":"applicable law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income","page_number":143,"box":{"x":116,"y":227,"width":754,"height":12}},{"id":"660cefdc-b578-4127-9479-d9e3baa2f920","block_type":"box","text":"for U.S. federal income tax purposes will be considered “Municipal Bonds” for purposes of a Municipal","page_number":143,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"db184b75-0cf9-4232-a09c-8877ba9003ea","block_type":"box","text":"Fund’s investment objective and policies. Non-Municipal Tax-Exempt Securities that pay interest","page_number":143,"box":{"x":117,"y":258,"width":720,"height":12}},{"id":"3301e486-5184-48ed-9f75-d7736c82df2e","block_type":"box","text":"excludable from gross income for purposes of U.S. federal income tax and state and local income","page_number":143,"box":{"x":116,"y":273,"width":730,"height":12}},{"id":"dfcdf6e9-fc0e-43e9-971a-8f0157710f5d","block_type":"box","text":"taxes of a designated state and/or allow the value of a Fund’s shares to be exempt from state and local","page_number":143,"box":{"x":116,"y":289,"width":771,"height":12}},{"id":"4da3a980-de99-4183-b78f-79935546714a","block_type":"box","text":"personal property taxes of that state will be considered “State Municipal Bonds” for purposes of the","page_number":143,"box":{"x":117,"y":304,"width":739,"height":12}},{"id":"aa7aa945-88f9-47ff-8750-d2222fccb490","block_type":"box","text":"investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":143,"box":{"x":117,"y":320,"width":724,"height":12}},{"id":"b880ccf7-a5b6-4d2e-8dfc-b551caa728b7","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond","page_number":143,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"63fd6852-187b-41fd-9900-32e243195409","block_type":"box","text":"Fund.","page_number":143,"box":{"x":117,"y":351,"width":46,"height":9}},{"id":"be3fee05-cd51-478a-b5db-9b936e484a71","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":143,"box":{"x":116,"y":380,"width":519,"height":12}},{"id":"06cf4b13-1039-4fc4-870b-ab653c6f20d1","block_type":"box","text":"The risks and special","page_number":143,"box":{"x":636,"y":380,"width":168,"height":12}},{"id":"de9f5e56-da60-4b8d-8ae8-88eb73f552f7","block_type":"box","text":"considerations involved in investment in Municipal Bonds vary with the types of instruments being","page_number":143,"box":{"x":116,"y":395,"width":729,"height":12}},{"id":"5525c420-e214-4964-9e43-ac6c854f2376","block_type":"box","text":"acquired. Investments in Non-Municipal Tax-Exempt Securities may present similar risks, depending","page_number":143,"box":{"x":116,"y":411,"width":751,"height":12}},{"id":"acf48674-ba6e-4be6-b06c-1932f5663199","block_type":"box","text":"on the particular product. Certain municipal instruments in which a Fund may invest may be","page_number":143,"box":{"x":116,"y":426,"width":685,"height":12}},{"id":"56a74127-d886-43e9-a18d-e7c895aecd8f","block_type":"box","text":"characterized as derivatives.","page_number":143,"box":{"x":116,"y":442,"width":218,"height":9}},{"id":"9b075e5d-3dbb-4aff-acc7-fa1c07ebf533","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a","page_number":143,"box":{"x":116,"y":471,"width":768,"height":12}},{"id":"820c3dd3-74d6-49dc-9ee8-feb576f9ffa2","block_type":"box","text":"result of legislation or litigation, including legislation or litigation that changes the taxation of Municipal","page_number":143,"box":{"x":117,"y":487,"width":757,"height":12}},{"id":"8a557780-2d3d-4931-9e51-4d525c30d255","block_type":"box","text":"Bonds or the rights of Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are","page_number":143,"box":{"x":117,"y":502,"width":764,"height":12}},{"id":"25b046dd-97c8-4cda-b409-7f2ce7e4cf72","block_type":"box","text":"rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear.","page_number":143,"box":{"x":117,"y":518,"width":732,"height":12}},{"id":"5619dc16-9804-44fa-82e0-92a2ce476d44","block_type":"box","text":"Further, the application of state law to Municipal Bond issuers could produce varying results among the","page_number":143,"box":{"x":117,"y":533,"width":770,"height":12}},{"id":"313a9632-8773-466d-bfac-ea3106254071","block_type":"box","text":"states or among Municipal Bond issuers within a state. These uncertainties could have a significant","page_number":143,"box":{"x":116,"y":549,"width":742,"height":12}},{"id":"fc1e8fd0-cc91-4f79-a7cc-3bf5bbb961bf","block_type":"box","text":"impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":143,"box":{"x":117,"y":564,"width":513,"height":12}},{"id":"3c587a6d-08ba-46ad-9dd5-fc79deaaacae","block_type":"box","text":"Description of Municipal Bonds.","page_number":143,"box":{"x":116,"y":593,"width":240,"height":12}},{"id":"29f06e42-2547-4166-9824-f2461977551e","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including","page_number":143,"box":{"x":117,"y":616,"width":757,"height":12}},{"id":"12e5cdf4-2222-468e-8bd9-1a66e970d845","block_type":"box","text":"the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining","page_number":143,"box":{"x":116,"y":631,"width":756,"height":12}},{"id":"29393938-d238-41ac-948f-fa02c161745a","block_type":"box","text":"funds for general operating expenses and loans to other public institutions and facilities. In addition,","page_number":143,"box":{"x":116,"y":647,"width":744,"height":12}},{"id":"b6b1e90b-ae61-43d9-8d8e-e75045c74624","block_type":"box","text":"certain types of bonds are issued by or on behalf of public authorities to finance various privately","page_number":143,"box":{"x":116,"y":662,"width":716,"height":12}},{"id":"77ef40df-3682-490e-a450-c31ebe091878","block_type":"box","text":"owned or operated facilities, including certain facilities for the local furnishing of electric energy or gas,","page_number":143,"box":{"x":116,"y":678,"width":757,"height":12}},{"id":"40d3fad0-cffd-4883-b586-f7773ed9275a","block_type":"box","text":"sewage facilities, solid waste disposal facilities and other specialized facilities. Such obligations are","page_number":143,"box":{"x":116,"y":693,"width":735,"height":12}},{"id":"c03b3d54-2603-471d-8146-127d02790c83","block_type":"box","text":"included within the term Municipal Bonds if the interest paid thereon is excluded from gross income for","page_number":143,"box":{"x":117,"y":709,"width":760,"height":12}},{"id":"0dbfdbfc-7d7c-4ffb-8239-58536661910f","block_type":"box","text":"U.S. federal income tax purposes and any applicable state and local taxes. Other types of private","page_number":143,"box":{"x":117,"y":724,"width":721,"height":12}},{"id":"f9564535-cb11-4b8a-8208-6a131f585b08","block_type":"box","text":"activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":143,"box":{"x":116,"y":740,"width":722,"height":12}},{"id":"81b4fd4e-8fc5-4213-86de-8a9a76ba1170","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the","page_number":143,"box":{"x":117,"y":755,"width":727,"height":12}},{"id":"518e46ea-9f4e-4ef9-9f77-869fcf4c9fd2","block_type":"box","text":"current U.S. federal tax laws place substantial limitations on the size of such issues. The interest on","page_number":143,"box":{"x":116,"y":771,"width":739,"height":12}},{"id":"52adb65b-4b45-4239-9333-4767e3f0f948","block_type":"box","text":"Municipal Bonds may bear a fixed rate or be payable at a variable or floating rate. The two principal","page_number":143,"box":{"x":117,"y":786,"width":736,"height":12}},{"id":"6a6b94c6-29cc-44fd-b90f-32c97dc148ae","block_type":"box","text":"classifications of Municipal Bonds are “general obligation” and “revenue” or “special obligation” bonds,","page_number":143,"box":{"x":116,"y":802,"width":756,"height":12}},{"id":"d5f286c1-71ad-4376-b747-906048ca3ec0","block_type":"box","text":"which latter category includes private activity bonds (“PABs”) (or “industrial development bonds” under","page_number":143,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"178f2179-4f95-44e8-a9c9-8a014418f706","block_type":"box","text":"pre-1986 law).","page_number":143,"box":{"x":117,"y":833,"width":111,"height":12}},{"id":"37505888-3f29-4c6e-bc16-8fbe84c06a08","block_type":"box","text":"General Obligation Bonds.","page_number":143,"box":{"x":117,"y":862,"width":194,"height":12}},{"id":"7b5b24f8-036a-413b-bbb6-df05c2e5c531","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith,","page_number":143,"box":{"x":313,"y":862,"width":565,"height":12}},{"id":"f9a8b954-6178-4123-803d-ef12966e78ee","block_type":"box","text":"credit and taxing power for the payment of principal and interest. The taxing power of any","page_number":143,"box":{"x":116,"y":878,"width":668,"height":12}},{"id":"4ba55baa-4987-4d05-87c2-c880f6dc623f","block_type":"box","text":"II-72","page_number":143,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"4568ee11-4f3d-4269-a495-c040f5b29ceb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":143,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0e236354-5c7c-4a35-943a-06c1dec2c7c4","block_type":"box","text":"governmental entity may be limited, however, by provisions of its state constitution or laws, and an","page_number":144,"box":{"x":116,"y":87,"width":735,"height":12}},{"id":"7d14966b-3541-4b0b-98c4-24ae97d20379","block_type":"box","text":"entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to","page_number":144,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"b633f2b9-c12e-4797-84c4-659a27607895","block_type":"box","text":"population declines, natural disasters, declines in the state’s industrial base or inability to attract new","page_number":144,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"6669c26c-1fdf-4e43-804c-84000868db81","block_type":"box","text":"industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals","page_number":144,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"f111e543-432d-435c-a21f-c531eeebb7b0","block_type":"box","text":"or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on","page_number":144,"box":{"x":116,"y":149,"width":740,"height":12}},{"id":"6f051049-1602-49a3-a944-8511e4fcc1aa","block_type":"box","text":"federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":144,"box":{"x":116,"y":165,"width":738,"height":12}},{"id":"b02fa736-771b-4e32-b05c-50216317b07c","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest","page_number":144,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"1900d921-eec3-4f3e-be91-746752c151e6","block_type":"box","text":"and the repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":144,"box":{"x":116,"y":196,"width":717,"height":12}},{"id":"128b5a25-3cbf-49a5-9e88-0b18a075c819","block_type":"box","text":"Revenue Bonds.","page_number":144,"box":{"x":116,"y":227,"width":122,"height":9}},{"id":"939bd7ee-0e6d-4c08-bff8-b50c8b3b6f15","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility","page_number":144,"box":{"x":240,"y":227,"width":634,"height":12}},{"id":"0d15a177-d565-45ca-bbb3-9a23ed3aa4e7","block_type":"box","text":"or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific","page_number":144,"box":{"x":116,"y":242,"width":720,"height":12}},{"id":"00372f54-1553-418e-8dfa-bd4944bdc2b9","block_type":"box","text":"revenue source such as payments from the user of the facility being financed; accordingly, the timely","page_number":144,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"14729e7d-8d90-4e19-81c6-0fe82b8f85a2","block_type":"box","text":"payment of interest and the repayment of principal in accordance with the terms of the revenue or","page_number":144,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"ec33aec0-a3ba-4697-a28a-c231a590dec1","block_type":"box","text":"special obligation bond is a function of the economic viability of such facility or such revenue source.","page_number":144,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"ce30f030-8344-46b3-964e-5d47e701771f","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi","page_number":144,"box":{"x":117,"y":320,"width":730,"height":12}},{"id":"06f0046c-d815-4539-8554-37d2ba255644","block_type":"box","text":"family housing involve special risks in addition to those associated with municipal bonds generally,","page_number":144,"box":{"x":116,"y":335,"width":735,"height":12}},{"id":"ba972f38-d21e-447e-9bf3-bfb4f3510231","block_type":"box","text":"including that the underlying properties may not generate sufficient income to pay expenses and","page_number":144,"box":{"x":117,"y":351,"width":718,"height":12}},{"id":"1d05189a-bf51-4e64-9b96-7eccaf88e745","block_type":"box","text":"interest costs. Such bonds are generally non-recourse against the property owner, may be junior to the","page_number":144,"box":{"x":117,"y":366,"width":768,"height":12}},{"id":"302b648f-4516-44ee-89cc-7683ee7a2c84","block_type":"box","text":"rights of others with an interest in the properties, may pay interest that changes based in part on the","page_number":144,"box":{"x":117,"y":382,"width":746,"height":12}},{"id":"980f0f7f-225c-4ca1-a348-6073e780c370","block_type":"box","text":"financial performance of the property, may be prepayable without penalty and may be used to finance","page_number":144,"box":{"x":116,"y":397,"width":760,"height":12}},{"id":"b98a0c2a-848d-4b08-bfd9-3d2bc2faf9d7","block_type":"box","text":"the construction of housing developments which, until completed and rented, do not generate income","page_number":144,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"fc6a4e07-5680-4f74-9064-15badf69e6b2","block_type":"box","text":"to pay interest. Increases in interest rates payable on senior obligations may make it more difficult for","page_number":144,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"1f2d4c82-98d4-40e4-920c-b3fbd10dbd11","block_type":"box","text":"issuers to meet payment obligations on subordinated bonds.","page_number":144,"box":{"x":117,"y":444,"width":452,"height":12}},{"id":"76038060-0a16-42e7-9df8-4fc94a4e0a2a","block_type":"box","text":"PABs.","page_number":144,"box":{"x":116,"y":475,"width":45,"height":9}},{"id":"c1fd177b-9233-4702-ab57-77c11cbfb555","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public","page_number":144,"box":{"x":162,"y":475,"width":666,"height":12}},{"id":"14b05aeb-59d3-47cc-ac36-ded3fab99337","block_type":"box","text":"authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the","page_number":144,"box":{"x":116,"y":490,"width":735,"height":12}},{"id":"929b806d-a5f3-4b7d-93cf-44ed59144787","block_type":"box","text":"purpose of financing construction or improvement of a facility to be used by the entity. Such bonds are","page_number":144,"box":{"x":117,"y":506,"width":762,"height":12}},{"id":"a623632d-5a93-44af-b4c5-6da2980ba8fb","block_type":"box","text":"secured primarily by revenues derived from loan repayments or lease payments due from the entity,","page_number":144,"box":{"x":116,"y":521,"width":747,"height":12}},{"id":"f662da1e-fc74-478a-bdaf-d1fedc74bd9a","block_type":"box","text":"which may or may not be guaranteed by a parent company or otherwise secured. PABs generally are","page_number":144,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"08027e4d-4b6d-4bcc-8812-f5dca4207562","block_type":"box","text":"not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, an investor should","page_number":144,"box":{"x":117,"y":552,"width":764,"height":12}},{"id":"0c1c0972-be30-40aa-a89f-49b416b29c86","block_type":"box","text":"understand that repayment of such bonds generally depends on the revenues of a private entity and be","page_number":144,"box":{"x":117,"y":568,"width":771,"height":12}},{"id":"3ad3030b-68b2-476f-bcf9-360124b7cf48","block_type":"box","text":"aware of the risks that such an investment may entail. The continued ability of an entity to generate","page_number":144,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"06470302-cc77-4f60-a23b-1cb9796f981a","block_type":"box","text":"sufficient revenues for the payment of principal and interest on such bonds will be affected by many","page_number":144,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"d85edaf1-82c9-4e81-92c0-e02e6517eb27","block_type":"box","text":"factors including the size of the entity, its capital structure, demand for its products or services,","page_number":144,"box":{"x":116,"y":614,"width":707,"height":12}},{"id":"99887672-a267-400a-b759-887311dfd24f","block_type":"box","text":"competition, general economic conditions, government regulation and the entity’s dependence on","page_number":144,"box":{"x":116,"y":630,"width":728,"height":12}},{"id":"95fa1917-ebba-490b-bdb7-0bf21e65345f","block_type":"box","text":"revenues for the operation of the particular facility being financed.","page_number":144,"box":{"x":117,"y":645,"width":491,"height":12}},{"id":"f398ae82-c81a-429a-87b9-63cf63998c8e","block_type":"box","text":"Moral Obligation Bonds.","page_number":144,"box":{"x":116,"y":676,"width":178,"height":12}},{"id":"de9a315f-b9d2-431c-9a2b-08a313a9c073","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public","page_number":144,"box":{"x":301,"y":676,"width":523,"height":12}},{"id":"5fb75c5f-e121-4519-bcf0-a8677511328d","block_type":"box","text":"authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of","page_number":144,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"1e1afce7-f15f-47a1-b89b-915b4951a680","block_type":"box","text":"such bonds becomes a moral commitment but not a legal obligation of the state or municipality that","page_number":144,"box":{"x":116,"y":707,"width":736,"height":12}},{"id":"db19c176-9cee-462f-845d-69f84aba981e","block_type":"box","text":"created the special purpose public authority that issued the bonds.","page_number":144,"box":{"x":116,"y":723,"width":492,"height":12}},{"id":"308626b6-7d1a-4fa5-82fc-af439cd0504d","block_type":"box","text":"Municipal Notes.","page_number":144,"box":{"x":116,"y":754,"width":122,"height":12}},{"id":"8686a64f-0b79-4376-9724-2ff7f3a3ab8b","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":144,"box":{"x":246,"y":754,"width":636,"height":12}},{"id":"eaf1a04a-27da-42cf-8886-283a401990e7","block_type":"box","text":"financing in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the","page_number":144,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"9997983f-6eae-4c8b-acff-e7c55fd4aff7","block_type":"box","text":"anticipated proceeds, repayment on the note may be delayed or the note may not be fully repaid, and a","page_number":144,"box":{"x":116,"y":785,"width":766,"height":12}},{"id":"0e7119dc-b9a7-4209-ad4f-24d1aeb90a01","block_type":"box","text":"Fund may lose money.","page_number":144,"box":{"x":117,"y":800,"width":167,"height":12}},{"id":"b1d3978b-334a-4696-b710-e06e10bb9a37","block_type":"box","text":"Municipal Commercial Paper.","page_number":144,"box":{"x":116,"y":831,"width":218,"height":12}},{"id":"b0f2f905-2886-422d-8341-1bdeddf4e930","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet","page_number":144,"box":{"x":335,"y":831,"width":539,"height":12}},{"id":"cc8eac16-91eb-4bfa-8e26-d702b7f8397e","block_type":"box","text":"short-term financing needs. The lack of security presents some risk of loss to a Fund since, in the","page_number":144,"box":{"x":116,"y":847,"width":728,"height":12}},{"id":"3634ef4a-fb4c-45fe-be1c-1bbe1058747a","block_type":"box","text":"event of an issuer’s bankruptcy, unsecured creditors are repaid only after the secured creditors out of","page_number":144,"box":{"x":116,"y":862,"width":757,"height":12}},{"id":"0b3e47ff-58f0-4e96-a688-623e217466fd","block_type":"box","text":"the assets, if any, that remain.","page_number":144,"box":{"x":116,"y":878,"width":229,"height":12}},{"id":"761bcd12-5a8d-457f-95c6-a8e7b344e39e","block_type":"box","text":"II-73","page_number":144,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8f6f2141-817b-4af6-b0d7-514cc478b8e0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":144,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f81f7373-cf0e-4ae9-955c-e842d4b9e65a","block_type":"box","text":"Municipal Lease Obligations.","page_number":145,"box":{"x":116,"y":87,"width":213,"height":12}},{"id":"17eaf154-0ee0-4796-9cee-e474027bb35d","block_type":"box","text":"Also included within the general category of Municipal Bonds are","page_number":145,"box":{"x":331,"y":87,"width":491,"height":12}},{"id":"8fa3f3bb-21da-41b7-973a-84c97fd3e9d7","block_type":"box","text":"certificates of participation (“COPs”) issued by government authorities or entities to finance the","page_number":145,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"15816b47-add2-4a99-ae83-c9ad6e81f25c","block_type":"box","text":"acquisition or construction of equipment, land and/or facilities. The COPs represent participations in a","page_number":145,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"5886a93d-03c1-4e34-a748-0bb68bffb9d4","block_type":"box","text":"lease, an installment purchase contract or a conditional sales contract (hereinafter collectively called","page_number":145,"box":{"x":117,"y":134,"width":748,"height":12}},{"id":"361a0ca2-4c67-4ee0-a31a-a4b028088267","block_type":"box","text":"“lease obligations”) relating to such equipment, land or facilities. Municipal leases, like other municipal","page_number":145,"box":{"x":116,"y":149,"width":761,"height":12}},{"id":"968fffa2-3f77-4928-b684-bd815c80a2a0","block_type":"box","text":"debt obligations, are subject to the risk of non-payment. Although lease obligations do not constitute","page_number":145,"box":{"x":116,"y":165,"width":747,"height":12}},{"id":"28f60d3a-fe05-4ef1-9fa2-0c6b5b941aee","block_type":"box","text":"general obligations of the issuer for which the issuer’s unlimited taxing power is pledged, a lease","page_number":145,"box":{"x":116,"y":180,"width":721,"height":12}},{"id":"dec731d8-cf39-4874-aff4-ccf89eeb211c","block_type":"box","text":"obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":145,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"430e153f-4c10-46ef-8187-4bdefd18768b","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain","page_number":145,"box":{"x":117,"y":211,"width":631,"height":12}},{"id":"bbb8f090-71d4-41dc-813d-662fc0a66ed6","block_type":"box","text":"“non-appropriation” clauses, which provide that the issuer has no obligation to make lease or","page_number":145,"box":{"x":116,"y":227,"width":693,"height":12}},{"id":"69a2336c-529f-4a18-bcdc-9716bde2f8c4","block_type":"box","text":"installment purchase payments in future years unless money is appropriated for such purpose on a","page_number":145,"box":{"x":117,"y":242,"width":739,"height":12}},{"id":"3e8cf675-b2bc-438e-a2cc-b9c8d76c8c2f","block_type":"box","text":"yearly basis. Although “non-appropriation” lease obligations are secured by the leased property,","page_number":145,"box":{"x":116,"y":258,"width":716,"height":12}},{"id":"ff3ceb55-5703-4667-9dd6-a3402a07a4e6","block_type":"box","text":"disposition of the property in the event of foreclosure might prove difficult. These securities represent a","page_number":145,"box":{"x":116,"y":273,"width":767,"height":12}},{"id":"7bfed935-1864-4655-afb1-da8814e2a6fc","block_type":"box","text":"type of financing that has not yet developed the depth of marketability associated with more","page_number":145,"box":{"x":116,"y":289,"width":685,"height":12}},{"id":"c4df5de6-a1ce-41f3-813a-156ffedaa435","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":145,"box":{"x":116,"y":304,"width":596,"height":12}},{"id":"24642777-ab86-4c4c-8644-aa891ff3b08a","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in","page_number":145,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"ddf5073b-211a-4acc-9198-fc3f682ce40b","block_type":"box","text":"general economic downturns and as relative governmental cost burdens are allocated and reallocated","page_number":145,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"4a29e0e8-3133-4496-99c0-23509336f19f","block_type":"box","text":"among federal, state and local governmental units. Such non-payment would result in a reduction of","page_number":145,"box":{"x":116,"y":366,"width":746,"height":12}},{"id":"a542c359-7570-406a-b1b7-0693a14039de","block_type":"box","text":"income to a Fund and could result in a","page_number":145,"box":{"x":117,"y":382,"width":289,"height":9}},{"id":"7ff0ee5b-471b-4f91-85d8-b708957bb072","block_type":"box","text":"reduction in the value of the municipal lease experiencing","page_number":145,"box":{"x":407,"y":382,"width":431,"height":12}},{"id":"5a506450-ca13-4a92-a34f-c0e950b79bdd","block_type":"box","text":"non-payment and a potential decrease in the NAV of a Fund. Issuers of municipal securities might","page_number":145,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"294b37e0-d39a-4533-a4f2-7f097a641f70","block_type":"box","text":"seek protection under the bankruptcy laws. In the event of bankruptcy of such an issuer, a Fund could","page_number":145,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"57850cba-05a0-409d-ade6-a6bb6d4c0a96","block_type":"box","text":"experience delays and limitations with respect to the collection of principal and interest on such","page_number":145,"box":{"x":116,"y":428,"width":711,"height":12}},{"id":"720ff625-184a-4275-8ec9-5353bc70c8c7","block_type":"box","text":"municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest","page_number":145,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"483d3c50-04d3-4100-92ac-74f3502a8712","block_type":"box","text":"to which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might","page_number":145,"box":{"x":116,"y":459,"width":740,"height":12}},{"id":"6d2b21c6-6af3-452b-b0ad-09837ea3cee6","block_type":"box","text":"take possession of and manage the assets securing the issuer’s obligations on such securities, which","page_number":145,"box":{"x":116,"y":475,"width":758,"height":12}},{"id":"263c6851-e3e5-46ea-a5d6-67cf308e44a6","block_type":"box","text":"may increase a Fund’s operating expenses and adversely affect the NAV of a Fund. When the lease","page_number":145,"box":{"x":117,"y":490,"width":749,"height":12}},{"id":"939f1e3a-6a85-4ce2-8759-1e4f3b9d7ce3","block_type":"box","text":"contains a non-appropriation clause, however, the failure to pay would not be a default and a Fund","page_number":145,"box":{"x":116,"y":506,"width":737,"height":12}},{"id":"19415bc8-d76b-4992-ae82-6f25e6584749","block_type":"box","text":"would not have the right to take possession of the assets. Any income derived from a Fund’s","page_number":145,"box":{"x":116,"y":521,"width":692,"height":12}},{"id":"73031726-d032-4669-8db5-a997ee4efd83","block_type":"box","text":"ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s intention to qualify","page_number":145,"box":{"x":116,"y":537,"width":765,"height":12}},{"id":"90e991b2-0395-463c-8207-0d8199018fc0","block_type":"box","text":"as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":145,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"5df86e34-6ef9-4e3e-82c1-ae7d711107e2","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a","page_number":145,"box":{"x":116,"y":568,"width":765,"height":12}},{"id":"5917fa1c-14c8-4091-8906-84e8a92662de","block_type":"box","text":"Fund is subject to certain limitations on its investments and on the nature of its income.","page_number":145,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"c2bad039-fea8-43b7-ad97-03ea2dd90274","block_type":"box","text":"Tender Option Bonds.","page_number":145,"box":{"x":118,"y":614,"width":161,"height":12}},{"id":"67eee033-316e-4a35-bfff-b58b6d710796","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option","page_number":145,"box":{"x":280,"y":614,"width":596,"height":12}},{"id":"0afa0452-10e2-4948-b867-ef880f93eff6","block_type":"box","text":"bonds (“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in","page_number":145,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"623d1b1c-dbd0-488f-8284-0ff687ae4a56","block_type":"box","text":"which the Funds will invest pay interest or income that, in the opinion of counsel to the issuer, is","page_number":145,"box":{"x":116,"y":645,"width":715,"height":12}},{"id":"5629bc01-6f1c-4a1e-af1d-d07ca8a16fcf","block_type":"box","text":"exempt from regular U.S. federal income tax. BlackRock will not conduct its own analysis of the tax","page_number":145,"box":{"x":116,"y":661,"width":735,"height":12}},{"id":"89e9819e-7fce-4d3d-8bd4-2df28604ebea","block_type":"box","text":"status of the interest or income paid by TOB Residuals held by the Funds, but will rely on the opinion of","page_number":145,"box":{"x":116,"y":676,"width":767,"height":12}},{"id":"8426be7a-f340-481f-8185-eb2ca73789c8","block_type":"box","text":"counsel to the issuer. Although volatile, TOB Residuals typically offer the potential for yields exceeding","page_number":145,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"9330b66f-3424-4dc6-bead-40c0a46ccd95","block_type":"box","text":"the yields available on fixed rate Municipal Bonds with comparable credit quality. The Funds may","page_number":145,"box":{"x":116,"y":707,"width":720,"height":12}},{"id":"fe01c1c1-aab6-4c6c-afa6-4c2d7ce4f63b","block_type":"box","text":"invest in TOB Residuals for the purpose of using economic leverage.","page_number":145,"box":{"x":117,"y":723,"width":509,"height":12}},{"id":"5baf026d-a6ce-42e2-a1c6-81b45e12dd85","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of","page_number":145,"box":{"x":116,"y":754,"width":719,"height":12}},{"id":"fe55ae76-606f-447f-92a0-2b59533b45c6","block_type":"box","text":"holding Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically","page_number":145,"box":{"x":117,"y":769,"width":719,"height":12}},{"id":"4b037d95-1d48-490a-ab24-791ffce355a9","block_type":"box","text":"issues two classes of beneficial interests: short-term floating rate interests (“TOB Floaters”), which are","page_number":145,"box":{"x":117,"y":785,"width":756,"height":12}},{"id":"e6eda9fa-6b41-4fc4-a076-0f886f3f22ec","block_type":"box","text":"sold to third-party investors, and TOB Residuals, which are generally issued to the fund(s) that","page_number":145,"box":{"x":116,"y":800,"width":701,"height":12}},{"id":"bf4d860c-2a6d-42d0-8169-c48eb89dab18","block_type":"box","text":"transferred Municipal Bonds to the TOB Trust. The Funds may invest in both TOB Floaters and TOB","page_number":145,"box":{"x":116,"y":816,"width":745,"height":12}},{"id":"d5ab9eca-b4bf-4725-903d-bed79f5928cf","block_type":"box","text":"Residuals. TOB Floaters may have first priority on the cash flow from the Municipal Bonds held by the","page_number":145,"box":{"x":117,"y":831,"width":759,"height":12}},{"id":"e8365f32-7d22-4716-9115-f9e5a186d2f1","block_type":"box","text":"TOB Trust and are enhanced with a liquidity support arrangement from a third-party Liquidity Provider","page_number":145,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"2281dc17-6e6f-41b9-9e33-c8b7e64d781f","block_type":"box","text":"(defined below) which allows holders to tender their position at par (plus accrued interest). A Fund, as","page_number":145,"box":{"x":117,"y":862,"width":758,"height":12}},{"id":"bf695023-cb3f-4bf7-95c1-947004b6b57b","block_type":"box","text":"a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes","page_number":145,"box":{"x":116,"y":878,"width":759,"height":12}},{"id":"a1252972-dd4d-418a-958c-4f6511c74273","block_type":"box","text":"II-74","page_number":145,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"748957a0-7546-4b68-b8f4-e84d3b169ab2","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":145,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"43f994b2-6a24-42ea-8a25-e6cf83c17496","block_type":"box","text":"the Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the","page_number":146,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"3cde73a2-8c99-4242-9db1-6dfb9b91d1b5","block_type":"box","text":"TOB Floaters, less certain transaction costs, and typically will invest the cash to purchase additional","page_number":146,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"547464ff-2f78-4615-bdbc-c19c40b88a52","block_type":"box","text":"Municipal Bonds or other investments permitted by its investment policies. If a Fund ever purchases all","page_number":146,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"00f17cff-b2f7-427f-a238-98ccce5017ec","block_type":"box","text":"or a portion of the TOB Floaters sold by the TOB Trust, it may surrender those TOB Floaters together","page_number":146,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"38ede665-2610-4589-9a68-b2517529c958","block_type":"box","text":"with a proportionate amount of TOB Residuals to the TOB Trust in exchange for a proportionate","page_number":146,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"38e4a4f5-f910-43bb-b819-834123d4fe2e","block_type":"box","text":"amount of the Municipal Bonds owned by the TOB Trust.","page_number":146,"box":{"x":116,"y":165,"width":427,"height":12}},{"id":"db123b97-c1b7-4a9f-898d-daa6bf30b850","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has","page_number":146,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"d8699d9c-2ae9-4493-b239-786326062fab","block_type":"box","text":"contributed Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust,","page_number":146,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"577cefaa-6c19-450f-9a26-114b31036f36","block_type":"box","text":"the economic rights and obligations under the TOB Residual will generally be shared among the funds","page_number":146,"box":{"x":116,"y":227,"width":764,"height":12}},{"id":"4f105716-98c0-4599-bc6a-cb99b6d55a39","block_type":"box","text":"ratably in proportion to their participation in the TOB Trust.","page_number":146,"box":{"x":117,"y":242,"width":437,"height":12}},{"id":"745f744d-4a56-4040-8d17-9df785b8c541","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typi","page_number":146,"box":{"x":116,"y":273,"width":380,"height":12}},{"id":"3727e755-0a3f-496e-8621-6574254ecea5","block_type":"box","text":"cally are high grade Municipal Bonds. In certain","page_number":146,"box":{"x":497,"y":273,"width":350,"height":12}},{"id":"92772918-6927-4298-8fa2-c9026c67c070","block_type":"box","text":"cases, when Municipal Bonds transferred are lowe","page_number":146,"box":{"x":116,"y":289,"width":367,"height":12}},{"id":"d37b53b4-fb57-4c5f-af6a-657df8eb641b","block_type":"box","text":"r grade Municipal Bonds, the TOB Trust transaction","page_number":146,"box":{"x":485,"y":289,"width":379,"height":12}},{"id":"a92c196d-2db6-4f69-ba8a-105846d2d93f","block_type":"box","text":"includes a credit enhancement feature that provides fo","page_number":146,"box":{"x":117,"y":304,"width":395,"height":12}},{"id":"9f44fb93-2f97-4450-94eb-2d68c4d7863d","block_type":"box","text":"r the timely payment of principal and interest on","page_number":146,"box":{"x":513,"y":304,"width":349,"height":12}},{"id":"d7b9ee73-ea43-44db-8e40-622bd0921617","block_type":"box","text":"the bonds to the TOB Trust by a credit enhancement","page_number":146,"box":{"x":116,"y":320,"width":388,"height":12}},{"id":"48c79b93-f681-4dcf-916b-ef60eefff430","block_type":"box","text":"provider. The TOB Trust would be responsible for","page_number":146,"box":{"x":505,"y":320,"width":364,"height":12}},{"id":"f34a464a-3c61-42a8-b14d-8923a2340a67","block_type":"box","text":"the payment of the credit enhancem","page_number":146,"box":{"x":116,"y":335,"width":262,"height":12}},{"id":"ee299431-f1c4-4df9-a634-cb107742758f","block_type":"box","text":"ent fee and a Fund, as a TOB Residual holder, would be responsible","page_number":146,"box":{"x":379,"y":335,"width":504,"height":12}},{"id":"ac99160e-cbf0-46ce-9ef7-8b46e48ef14a","block_type":"box","text":"for reimbursement of any payments of principal","page_number":146,"box":{"x":116,"y":351,"width":348,"height":12}},{"id":"c30234fe-842f-4e75-a2df-319e09624e0d","block_type":"box","text":"and interest made by the credit enhancement provider.","page_number":146,"box":{"x":464,"y":351,"width":403,"height":12}},{"id":"e996b746-c815-4812-ba82-df193224e7f9","block_type":"box","text":"The TOB Residuals held by a Fund generally provide t","page_number":146,"box":{"x":116,"y":382,"width":396,"height":12}},{"id":"7a3c86ed-14c0-4b8c-9f7b-5fc9d9c34570","block_type":"box","text":"he Fund with the right to cause the holders of a","page_number":146,"box":{"x":513,"y":382,"width":346,"height":12}},{"id":"3eb0c296-fbcf-411f-b46b-84ab14e4c9da","block_type":"box","text":"proportional share of the TOB Floaters","page_number":146,"box":{"x":117,"y":397,"width":284,"height":12}},{"id":"f63898d2-7cef-40c2-a104-2ab7f692180f","block_type":"box","text":"to tender their notes to the TOB Trust at par plus accrued interest.","page_number":146,"box":{"x":401,"y":397,"width":485,"height":12}},{"id":"0865e3b2-c00f-4a4a-95dd-9aa5130f3d3e","block_type":"box","text":"Thereafter, the Fund may withdraw a corresponding share","page_number":146,"box":{"x":116,"y":413,"width":428,"height":12}},{"id":"4fb97252-c4b7-4b6a-9653-901603547d6b","block_type":"box","text":"of the Municipal Bonds from the TOB Trust.","page_number":146,"box":{"x":545,"y":413,"width":321,"height":12}},{"id":"6af887b5-4224-44af-a571-98e0a0383f53","block_type":"box","text":"This transaction, in effect, creates exposure for the Fund","page_number":146,"box":{"x":116,"y":428,"width":416,"height":12}},{"id":"fe0f22f9-65a0-4400-86fd-fb45bb0ec960","block_type":"box","text":"to the entire return of the Municipal Bonds in the","page_number":146,"box":{"x":532,"y":428,"width":355,"height":12}},{"id":"b2729b38-0b37-428d-b1bd-1f857f4ed02b","block_type":"box","text":"TOB Trust, with a net cash investment by the Fund that","page_number":146,"box":{"x":116,"y":444,"width":403,"height":12}},{"id":"e1ab49b7-2d2e-408c-9518-ee2ad75cba1c","block_type":"box","text":"t is less than the value of the Municipal Bonds in","page_number":146,"box":{"x":519,"y":444,"width":351,"height":12}},{"id":"f82c7b21-660e-489e-a729-88551aee90b2","block_type":"box","text":"the TOB Trust. This multiplies the positive or negative","page_number":146,"box":{"x":116,"y":459,"width":395,"height":12}},{"id":"959d32fc-ecb2-487a-936b-80462c9198ec","block_type":"box","text":"impact of the Municipal Bonds’ return within the","page_number":146,"box":{"x":512,"y":459,"width":348,"height":12}},{"id":"b34cca27-c8b8-4c2b-901b-297279a752b2","block_type":"box","text":"Fund (thereby creating leverage). The leverage within a","page_number":146,"box":{"x":117,"y":475,"width":408,"height":12}},{"id":"0f370a28-3eef-4592-9d82-0458eaa3e9e8","block_type":"box","text":"TOB Trust depends on the value of the Municipal","page_number":146,"box":{"x":525,"y":475,"width":362,"height":12}},{"id":"3eeefa08-5bc3-450d-baba-a0b8d085fdbb","block_type":"box","text":"Bonds deposited in the TOB Trust relative to","page_number":146,"box":{"x":117,"y":490,"width":327,"height":12}},{"id":"eb304894-7eb9-4176-99d0-a08890eb043f","block_type":"box","text":"the value of the TOB Floaters it issues.","page_number":146,"box":{"x":444,"y":490,"width":288,"height":10}},{"id":"f12a1229-f168-4347-a224-8c2d01b81d77","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly","page_number":146,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"c6c72df1-be64-4927-ba10-66f6207b1696","block_type":"box","text":"leveraged if the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of","page_number":146,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"0e95474c-642a-48e0-a68d-0cd9f1b16052","block_type":"box","text":"the principal amount of the Municipal Bonds owned by the TOB Trust.","page_number":146,"box":{"x":116,"y":552,"width":523,"height":12}},{"id":"ce717aec-41c7-4a62-9123-aad88169ccd6","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option","page_number":146,"box":{"x":116,"y":583,"width":757,"height":12}},{"id":"5876d22d-34b8-4879-9057-80c42adad1d8","block_type":"box","text":"termination events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust","page_number":146,"box":{"x":116,"y":599,"width":768,"height":12}},{"id":"77e48314-ab55-4529-a403-6eecd8258a65","block_type":"box","text":"agreements. TOTEs include the bankruptcy or default of the issuer of the Municipal Bonds held in the","page_number":146,"box":{"x":116,"y":614,"width":758,"height":12}},{"id":"ac2e1c4c-d9b9-40d3-a775-cf41858ea3c9","block_type":"box","text":"TOB Trust, a substantial downgrade in the credit quality of the issuer of the Municipal Bonds held in","page_number":146,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"58e18146-2255-4817-afe8-ff7d3e15a5af","block_type":"box","text":"the TOB Trust, failure of any scheduled payment of principal or interest on the Municipal Bonds, and a","page_number":146,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"a5950291-194c-4f8f-8d6f-0805fc040cf6","block_type":"box","text":"judgment or ruling that interest on the Municipal Bonds is subject to U.S. federal income taxation.","page_number":146,"box":{"x":115,"y":661,"width":721,"height":12}},{"id":"63452a35-1fa2-438c-b473-cdde78c4711e","block_type":"box","text":"MTEs may include, among other things, a failed remarketing of the TOB Floaters, the inability of the","page_number":146,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"e3e93aae-631e-496f-8050-7cb34dc9c0e7","block_type":"box","text":"TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":146,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"30ca4335-23a9-4710-8d3c-da0b77bedc64","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a","page_number":146,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"0db62eb1-b0a4-4861-8067-fb12bb6026e9","block_type":"box","text":"TOB Trust would be liquidated with the proceeds applied first to any accrued fees owed to the trustee","page_number":146,"box":{"x":116,"y":723,"width":752,"height":12}},{"id":"9d4cd2cd-8edc-4b80-9f4e-bcd99f4767d9","block_type":"box","text":"of the TOB Trust, the remarketing agent of the TOB Floaters and the Liquidity Provider (defined","page_number":146,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"a963b815-9dc5-4766-a8ae-ea4f544efaaf","block_type":"box","text":"below). In the case of an MTE, after the payment of fees, the holders of the TOB Floaters would be","page_number":146,"box":{"x":117,"y":754,"width":734,"height":12}},{"id":"5aa48293-8d6b-4313-9043-3eee0e7b3e06","block_type":"box","text":"paid senior to the TOB Residual holders (","page_number":146,"box":{"x":117,"y":769,"width":307,"height":12}},{"id":"bcf7a4f7-85a9-40c7-9f28-3c3d24b41f02","block_type":"box","text":"i.e.","page_number":146,"box":{"x":425,"y":769,"width":20,"height":10}},{"id":"36446768-af1f-4c36-adc9-0b33821e7c6a","block_type":"box","text":", the Fund). In contrast, in the case of a TOTE, after","page_number":146,"box":{"x":448,"y":769,"width":385,"height":12}},{"id":"4d7c97c5-f7ec-4601-80a8-a46699b416a7","block_type":"box","text":"payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro rata in","page_number":146,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"bd1c2a6e-4632-4d69-9be2-0def0e9e64d4","block_type":"box","text":"proportion to the respective face values of their certificates.","page_number":146,"box":{"x":117,"y":800,"width":437,"height":12}},{"id":"7ac1b137-1f9a-43d7-925e-238afeda48fe","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically","page_number":146,"box":{"x":116,"y":831,"width":769,"height":12}},{"id":"3c35b858-ce8b-453e-847e-707df82ed398","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity","page_number":146,"box":{"x":116,"y":847,"width":766,"height":12}},{"id":"cee0a1c6-b8b9-43df-bc2f-2308aaf1e76d","block_type":"box","text":"Provider”) that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for","page_number":146,"box":{"x":117,"y":862,"width":734,"height":12}},{"id":"05e6737c-80be-46f5-b1c7-ec57768860d5","block_type":"box","text":"payment of par plus accrued interest on any business day (subject to the non-occurrence of a TOTE","page_number":146,"box":{"x":117,"y":878,"width":748,"height":12}},{"id":"1ef20985-84ab-4774-8679-01e7a5c420bb","block_type":"box","text":"II-75","page_number":146,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e09b48e5-1d2b-4efa-8537-17c5860ae5c7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":146,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"88f3aec9-b21a-4f10-95a5-6c6770c1979b","block_type":"box","text":"described above). Depending on the structure of the TOB Trust, the Liquidity Provider may purchase","page_number":147,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"1b6acc9a-57a3-405a-aaf6-173687f9efab","block_type":"box","text":"the tendered TOB Floaters, or the TOB Trust may draw upon a loan from the Liquidity Provider to","page_number":147,"box":{"x":116,"y":102,"width":728,"height":13}},{"id":"fddf80aa-0747-4950-bb05-139faec5ab5e","block_type":"box","text":"purchase the tendered TOB Floaters.","page_number":147,"box":{"x":117,"y":118,"width":281,"height":12}},{"id":"0efd7e4c-ec62-4fcb-9646-d9cf1ba79645","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to","page_number":147,"box":{"x":116,"y":149,"width":758,"height":12}},{"id":"98acd940-eae3-4022-8022-2bc49ee283d1","block_type":"box","text":"make a payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion","page_number":147,"box":{"x":117,"y":165,"width":753,"height":12}},{"id":"64fd36b5-5f61-4d4c-8c69-b6815a0ee714","block_type":"box","text":"of the Municipal Bonds held in the TOB Trust and then fund the balance, if any, of the amount owed","page_number":147,"box":{"x":116,"y":180,"width":746,"height":12}},{"id":"89cc1e7a-d172-48f3-9aa6-e737931e3905","block_type":"box","text":"under the liquidity facility over the liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in","page_number":147,"box":{"x":117,"y":196,"width":760,"height":12}},{"id":"155d9cf4-472d-44ca-8215-57601a6e83aa","block_type":"box","text":"a TOB Trust on a recourse basis, it will typically enter into a reimbursement agreement with the","page_number":147,"box":{"x":116,"y":211,"width":712,"height":12}},{"id":"c1ba14a8-e904-405c-ba38-e5857ae10456","block_type":"box","text":"Liquidity Provider pursuant to which the Fund is required to reimburse the Liquidity Provider the","page_number":147,"box":{"x":117,"y":227,"width":712,"height":12}},{"id":"a57838e7-75cd-4595-8086-201228b9307c","block_type":"box","text":"amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust, the Fund","page_number":147,"box":{"x":116,"y":242,"width":759,"height":12}},{"id":"cc461c72-f7b4-4fd1-b451-d4cf0bef5de3","block_type":"box","text":"will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":147,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"f56720e3-ab95-4c60-9304-7ea9d3e984aa","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their","page_number":147,"box":{"x":117,"y":273,"width":678,"height":12}},{"id":"9683d77c-f51f-4eb0-9fb2-a8d22bcbd1bc","block_type":"box","text":"participation in the TOB Trust.","page_number":147,"box":{"x":117,"y":289,"width":227,"height":12}},{"id":"e7aaa7fc-f391-453e-b84b-1c07fdb73fee","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are","page_number":147,"box":{"x":117,"y":320,"width":682,"height":12}},{"id":"1a61d1d5-136c-48ef-ac6d-f1bb0cc5a9c7","block_type":"box","text":"investments of the Fund and are presented on the Fund’s Schedule of Investments and outstanding","page_number":147,"box":{"x":117,"y":335,"width":745,"height":12}},{"id":"300a1e9a-1216-47c8-81d3-4d599f0bc1ec","block_type":"box","text":"TOB Floaters issued by a TOB Trust are presented as liabilities in the Fund’s Statement of Assets and","page_number":147,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"5c9b0a0c-df81-4ca2-9032-90b3ede06b94","block_type":"box","text":"Liabilities. Interest income from the underlying Municipal Bonds is recorded by a Fund on an accrual","page_number":147,"box":{"x":117,"y":366,"width":747,"height":12}},{"id":"7e4506c1-fb68-42fb-b390-9f6c749c7e54","block_type":"box","text":"basis. Interest expense incurred on the","page_number":147,"box":{"x":117,"y":382,"width":288,"height":12}},{"id":"e43494a6-12de-43f8-a2f5-ec43913515a6","block_type":"box","text":"TOB Floaters and other expenses related to remarketing,","page_number":147,"box":{"x":409,"y":382,"width":430,"height":12}},{"id":"ad47c6d0-18b2-46d4-89c2-06c99ea9d768","block_type":"box","text":"administration, trustee and other services to a TOB Trust are reported as expenses of a Fund. In","page_number":147,"box":{"x":116,"y":397,"width":722,"height":12}},{"id":"ee03a3a3-d911-4f3f-9a23-cf9ece31e9d0","block_type":"box","text":"addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented","page_number":147,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"73604345-4acc-42e5-9e8f-52cbf375f4f2","block_type":"box","text":"as loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s","page_number":147,"box":{"x":116,"y":428,"width":721,"height":10}},{"id":"686d75e1-d7d6-4ec0-99cb-1f061d06e024","block_type":"box","text":"assets.","page_number":147,"box":{"x":116,"y":444,"width":58,"height":9}},{"id":"25d6a0a9-04be-43ed-adf8-4e7212e83962","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal","page_number":147,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"3d7c26ca-084a-4173-986d-9ad636f2ede3","block_type":"box","text":"Bonds with maturities or remarketing provisions that are comparable in duration to the periodic interval","page_number":147,"box":{"x":117,"y":490,"width":764,"height":12}},{"id":"d0944b38-c9ba-4759-9e11-af05b5750569","block_type":"box","text":"of the tender option. Since the tender option feature has a shorter term than the final maturity or first","page_number":147,"box":{"x":116,"y":506,"width":748,"height":12}},{"id":"8b6f04b3-df91-4a99-9237-8f4957b42124","block_type":"box","text":"call date of the underlying Municipal Bonds deposited in the TOB Trust, the holder of the TOB Floaters","page_number":147,"box":{"x":116,"y":521,"width":766,"height":12}},{"id":"c2f518f6-451b-442c-b83e-9ecd66e2ab04","block_type":"box","text":"relies upon the terms of the agreement with the financial institution furnishing the liquidity facility as","page_number":147,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"7155e179-266c-47c7-bf97-cadc8a13e92b","block_type":"box","text":"well as the credit strength of that institution. The risk associated with TOB Floaters, however, may be","page_number":147,"box":{"x":116,"y":552,"width":754,"height":12}},{"id":"e0ec0982-9628-48b6-b5e3-a2d83f68e5c5","block_type":"box","text":"increased in the current market environment as a result of recent downgrades to the credit ratings, and","page_number":147,"box":{"x":117,"y":568,"width":767,"height":12}},{"id":"9ee742fe-ab35-4cd3-bbd9-318b055e0d24","block_type":"box","text":"thus the perceived reliability and creditworthiness, of many major financial institutions, some of which","page_number":147,"box":{"x":116,"y":583,"width":755,"height":12}},{"id":"f6e0f696-f8dd-4abf-8954-eb360e48996c","block_type":"box","text":"sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":147,"box":{"x":116,"y":599,"width":763,"height":12}},{"id":"5cb59d8b-5f33-4064-a653-dc7ad960fc7d","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":147,"box":{"x":117,"y":614,"width":633,"height":12}},{"id":"d8bdae33-9496-41d2-bd39-45de1d1bd05b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions,","page_number":147,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"c0928fe2-2ccd-4a56-b9a5-8a3d6a1a5432","block_type":"box","text":"reverse repurchase agreements and similar financing transactions (e.g., borrowed bonds)","page_number":147,"box":{"x":117,"y":661,"width":650,"height":12}},{"id":"3cec75d1-72a3-4c45-affa-3eec7beafe06","block_type":"box","text":"notwithstanding the limitation","page_number":147,"box":{"x":117,"y":676,"width":209,"height":12}},{"id":"610e379d-52e3-486a-85c0-4caca7fef6db","block_type":"box","text":"on the issuance of senior securities in Section 18 of the Investment","page_number":147,"box":{"x":332,"y":676,"width":487,"height":10}},{"id":"6b001d04-f6c2-4a61-9093-e317f599babb","block_type":"box","text":"Company Act, provided that the Fund either (i) comp","page_number":147,"box":{"x":117,"y":692,"width":381,"height":12}},{"id":"426ebfba-b016-42ff-842e-25a45af26b1a","block_type":"box","text":"lies with the 300% asset coverage ratio with respect","page_number":147,"box":{"x":499,"y":692,"width":377,"height":12}},{"id":"a45cefb9-ceea-4d8e-8eb3-a25802d1e81a","block_type":"box","text":"to such transactions and any other borrowings in t","page_number":147,"box":{"x":116,"y":707,"width":363,"height":12}},{"id":"c00dbb0f-f4b5-4437-843a-52141a457b17","block_type":"box","text":"he aggregate, or (ii) treats such transactions as","page_number":147,"box":{"x":480,"y":707,"width":342,"height":12}},{"id":"04626f36-ea45-49df-95da-f0047cae26e8","block_type":"box","text":"Derivatives Transactions under Rule 18f-4. See “—","page_number":147,"box":{"x":117,"y":723,"width":372,"height":9}},{"id":"505af0fb-1dc4-4fa9-a6e9-33d8cb49c5ad","block_type":"box","text":"Derivatives—Regulation of Derivatives—Rule 18f-4","page_number":147,"box":{"x":489,"y":723,"width":372,"height":12}},{"id":"6e4acac1-7169-487c-bbb0-5fa2e41562d2","block_type":"box","text":"under the Investment Company Act” above.","page_number":147,"box":{"x":117,"y":738,"width":316,"height":12}},{"id":"89c91d45-048a-4397-b884-3c23d3276066","block_type":"box","text":"Developments in the TOB Trust Market","page_number":147,"box":{"x":116,"y":769,"width":292,"height":12}},{"id":"a7276a83-1a2e-4501-96d6-e61ca2dd3ce1","block_type":"box","text":". In response to the restrictions imposed by section 619 of the","page_number":147,"box":{"x":409,"y":769,"width":457,"height":12}},{"id":"d4b33921-3a52-4222-9e94-0f165b0959a7","block_type":"box","text":"Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), market participants","page_number":147,"box":{"x":117,"y":785,"width":761,"height":12}},{"id":"26e8ac57-49aa-4b8e-81b7-8a3b67a195b7","block_type":"box","text":"have developed a structure for TOB Trusts designed to ensure that no banking entity is sponsoring the","page_number":147,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"e8a2036b-792b-4b8f-a2e6-28e2b65667fa","block_type":"box","text":"TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will establish, structure and “sponsor”","page_number":147,"box":{"x":116,"y":816,"width":760,"height":12}},{"id":"f87d40fd-19d6-4121-abd5-3d5e6754985c","block_type":"box","text":"the TOB Trusts in which it holds TOB Residuals. In such a structure, certain responsibilities that","page_number":147,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"e4a684a1-fcca-44cf-adcd-96f2dea00bb0","block_type":"box","text":"previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund may","page_number":147,"box":{"x":117,"y":847,"width":740,"height":12}},{"id":"0e98a03e-8efc-4a5b-9436-6f60d7bcc491","block_type":"box","text":"utilize service providers in meeting these responsibilities. It is possible that regulators could take","page_number":147,"box":{"x":117,"y":862,"width":717,"height":12}},{"id":"b0ee466e-adc3-4299-9ea2-7af6b12033b8","block_type":"box","text":"positions that could limit the market for such structured TOB Trust transactions or a Fund’s ability to","page_number":147,"box":{"x":117,"y":878,"width":744,"height":12}},{"id":"2228cfd4-029f-4a4e-bcb3-6687989da5b2","block_type":"box","text":"II-76","page_number":147,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"99dc5464-640e-4e16-9586-bc9049a8a208","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":147,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f8a6bc55-b7ef-43f6-8f01-665d4c7043e6","block_type":"box","text":"hold TOB Residuals. Under this TOB Trust structure, a Fund has certain additional duties and","page_number":148,"box":{"x":117,"y":87,"width":699,"height":11}},{"id":"29eda1c7-70f6-455f-ba93-d9b385efcaf0","block_type":"box","text":"responsibilities, which may give rise to certain additional risks including","page_number":148,"box":{"x":117,"y":103,"width":525,"height":12}},{"id":"c97f2fdb-29d3-4280-81db-0f8cb2fdbba7","block_type":"box","text":",","page_number":148,"box":{"x":643,"y":111,"width":3,"height":3}},{"id":"d109514a-f146-4af5-82e9-c13b91f629cc","block_type":"box","text":"but not limited to, compliance,","page_number":148,"box":{"x":648,"y":103,"width":232,"height":11}},{"id":"89f5e27c-bfb4-4863-85cd-5895de5342f4","block_type":"box","text":"securities law and operational risks.","page_number":148,"box":{"x":116,"y":118,"width":270,"height":12}},{"id":"8280301f-dfdb-4915-af0b-0a047b4db31f","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers,","page_number":148,"box":{"x":117,"y":149,"width":724,"height":12}},{"id":"2d33df67-9ccd-4ddc-9d7e-32bb40333c11","block_type":"box","text":"trustees, and remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual","page_number":148,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"a3ef1ae0-11ba-4d14-8f3c-69c320759f79","block_type":"box","text":"holder. Similar to the traditional tender option bond structure, a Fund deposits Municipal Bonds into the","page_number":148,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"2925ea80-5577-40b0-9a2a-5113c6d9d1b3","block_type":"box","text":"TOB Trust in exchange for TOB Residuals, the TOB Trust then issues and sells TOB Floaters to third","page_number":148,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"dcecc42a-4118-4a90-b01c-a0d71191f02c","block_type":"box","text":"party investors, and the proceeds of the sale of the TOB Floaters is distributed to such TOB Residual","page_number":148,"box":{"x":117,"y":211,"width":754,"height":12}},{"id":"1c40b939-5d36-44ba-a124-212f9eb2c84e","block_type":"box","text":"holders (","page_number":148,"box":{"x":117,"y":227,"width":64,"height":12}},{"id":"acf5cdb5-c0e5-400d-9a99-34edabde35ec","block_type":"box","text":"i.e.","page_number":148,"box":{"x":182,"y":227,"width":20,"height":9}},{"id":"6c4cd928-e73f-483c-9200-9f7dffe77637","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be supported by a remarketing agent and","page_number":148,"box":{"x":205,"y":227,"width":671,"height":12}},{"id":"cefabaea-cb3f-40a4-90dc-07d73d22c70f","block_type":"box","text":"a liquidity facility. However, the remarketing agent does not purchase tendered TOB Floaters for its","page_number":148,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"753a8669-a60e-41ef-a898-02106a6bd11f","block_type":"box","text":"own account in the event of a failed remarketing, which may increase the likelihood that a TOB Trust","page_number":148,"box":{"x":116,"y":258,"width":751,"height":12}},{"id":"a5c9c6a4-3bda-4736-ad15-cf32c3d925b4","block_type":"box","text":"will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of","page_number":148,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"5e83f2ae-74a1-47e6-993d-f1d9c0e0e31a","block_type":"box","text":"a failed remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the","page_number":148,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"9a84d475-c192-477c-968d-1b9d02cda82a","block_type":"box","text":"TOB Trust the proceeds of which would be used by the TOB Trust to purchase the tendered TOB","page_number":148,"box":{"x":116,"y":304,"width":728,"height":12}},{"id":"fa028430-5cf2-4d30-a69d-41f6c4b879a1","block_type":"box","text":"Floaters. The Liquidity Provider is not obligated to advance such a loan. The TOB Trust would be the","page_number":148,"box":{"x":117,"y":320,"width":753,"height":12}},{"id":"3f3e2967-a307-4d89-997a-b6e6294130e6","block_type":"box","text":"borrower with respect to any such loan. Any loans made by a Liquidity Provider will be secured by the","page_number":148,"box":{"x":117,"y":335,"width":758,"height":12}},{"id":"613fdc13-58f8-4dd0-8ba7-8f5a11ed86a0","block_type":"box","text":"purchased TOB Floaters held by the TOB Trust.","page_number":148,"box":{"x":117,"y":351,"width":361,"height":12}},{"id":"5843ded2-fc43-4228-93d7-11f0c84cecc8","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals","page_number":148,"box":{"x":116,"y":382,"width":769,"height":12}},{"id":"3fdab323-b28f-45d6-93ab-15a1e9f866c7","block_type":"box","text":"or recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would","page_number":148,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"fb10a44f-43a5-453d-8197-e0c1b9945731","block_type":"box","text":"generally be no contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB","page_number":148,"box":{"x":116,"y":413,"width":718,"height":12}},{"id":"d22808f4-3929-4428-ac9b-23e5108557ed","block_type":"box","text":"Residual. However, as described above, a Fund would bear the risk of loss with respect to any","page_number":148,"box":{"x":117,"y":428,"width":706,"height":12}},{"id":"fe24a0de-3348-4ab6-84e7-eab6083a5941","block_type":"box","text":"Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":148,"box":{"x":117,"y":444,"width":421,"height":12}},{"id":"60f48ec6-7c44-4896-ae01-0156cd32960a","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for","page_number":148,"box":{"x":116,"y":475,"width":730,"height":12}},{"id":"e2f64baf-caa2-45b7-9eb4-8fb9ad7df402","block_type":"box","text":"securitizations (the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention","page_number":148,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"2511548b-1c27-4101-a46a-c905a3fd492b","block_type":"box","text":"Rules require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets","page_number":148,"box":{"x":117,"y":506,"width":771,"height":12}},{"id":"cfd9e42b-2596-4d5a-a558-833063db0db6","block_type":"box","text":"supporting the TOB Trust’s Municipal Bonds. The Risk Retention Rules may adversely affect the","page_number":148,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"8eec4d7b-d47d-4562-a9bd-ed6ecc388fa8","block_type":"box","text":"Fund’s ability to engage in TOB Trust transactions or increase the costs of such transactions in certain","page_number":148,"box":{"x":117,"y":537,"width":764,"height":12}},{"id":"96b1bb36-509c-4f8d-8fdd-577b2d8abf21","block_type":"box","text":"circumstances.","page_number":148,"box":{"x":116,"y":552,"width":117,"height":10}},{"id":"737d025e-aa32-4059-a7b3-e08c423c3f80","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":148,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"671d8c1d-e792-42e5-8688-1c66f3118c9f","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through","page_number":148,"box":{"x":117,"y":599,"width":729,"height":12}},{"id":"7a8e7a40-29c4-443f-82ca-857016e17ea7","block_type":"box","text":"reduced demand for and liquidity of municipal bonds and increased financing costs for municipal","page_number":148,"box":{"x":117,"y":614,"width":719,"height":12}},{"id":"25e2cb24-1ac9-42d3-a2ee-af3a0901a8bd","block_type":"box","text":"issuers. Any such developments could adversely affect the Funds. The ultimate impact of these rules","page_number":148,"box":{"x":117,"y":630,"width":754,"height":12}},{"id":"40173227-5d9d-4de3-9e6b-1ff5846c4b12","block_type":"box","text":"on the TOB market and the overall municipal market is not yet certain.","page_number":148,"box":{"x":116,"y":645,"width":520,"height":12}},{"id":"03bba30b-3dcd-4164-8607-41e0b13c6f68","block_type":"box","text":"Yields.","page_number":148,"box":{"x":118,"y":676,"width":47,"height":10}},{"id":"3713bf79-b687-497b-9bde-eab0b3fcb1d8","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general","page_number":148,"box":{"x":171,"y":676,"width":639,"height":12}},{"id":"b18cd3a4-0dda-48e4-9548-3adabd557b87","block_type":"box","text":"condition of the money market and of the municipal bond market, the size of a particular offering, the","page_number":148,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"b2614cd4-1a4a-4433-9666-17cff0cf277a","block_type":"box","text":"financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of","page_number":148,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"2d2f7831-d8bf-43f2-a5c9-206ed15f60d4","block_type":"box","text":"a Fund to achieve its investment objective is also dependent on the continuing ability of the issuers of","page_number":148,"box":{"x":116,"y":723,"width":753,"height":12}},{"id":"f2ea9313-b8e9-46c2-9373-0e5f89a3fe58","block_type":"box","text":"the securities in which the Fund invests to meet their obligations for the payment of interest and","page_number":148,"box":{"x":116,"y":738,"width":708,"height":12}},{"id":"415e0270-7b13-4295-b5d3-07b67c3474fd","block_type":"box","text":"principal when due. There are variations in the risks involved in holding Municipal Bonds, both within a","page_number":148,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"271938fc-df29-4db8-ad4d-8d1e9bd3964e","block_type":"box","text":"particular classification and between classifications, depending on numerous factors. Furthermore, the","page_number":148,"box":{"x":117,"y":769,"width":758,"height":12}},{"id":"927ccaec-7795-40ad-82f6-e453167b829c","block_type":"box","text":"rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal Bonds may be","page_number":148,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"4db52127-8283-489b-b1b9-3878c9fbe9f9","block_type":"box","text":"subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights of","page_number":148,"box":{"x":116,"y":800,"width":763,"height":12}},{"id":"40b0b083-3c50-4d90-9d97-6ecd88ab0ee2","block_type":"box","text":"creditors generally and to general equitable principles, which may limit the enforcement of certain","page_number":148,"box":{"x":116,"y":816,"width":721,"height":12}},{"id":"9472736b-af21-4770-bfd7-cfdcb3bc6c14","block_type":"box","text":"remedies.","page_number":148,"box":{"x":117,"y":831,"width":77,"height":10}},{"id":"ed522a65-a8b7-4e5e-80d2-f9897308b7a3","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":148,"box":{"x":118,"y":862,"width":344,"height":12}},{"id":"f0ec3da2-d3f3-4bfd-ae11-3c8925b73bd2","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a","page_number":148,"box":{"x":464,"y":862,"width":374,"height":12}},{"id":"7e554fdc-a085-4dad-8388-584e1ca64e07","block_type":"box","text":"floating or variable interest rate adjustment formula and a right of demand on the part of the holder","page_number":148,"box":{"x":116,"y":878,"width":736,"height":12}},{"id":"179e1846-c6af-4d61-8e73-36c67b5a1f05","block_type":"box","text":"II-77","page_number":148,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"e7584b98-bba5-4241-9bf7-dee8d1e0f935","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":148,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d9fb8794-c7a2-4b4d-8ed6-9d52d2fa4e4d","block_type":"box","text":"thereof to receive payment of the unpaid principal balance plus accrued interest upon a short notice","page_number":149,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"5a06d01d-339d-454b-9a29-8012c208af8f","block_type":"box","text":"period not to exceed seven days.","page_number":149,"box":{"x":117,"y":103,"width":250,"height":12}},{"id":"c5d1aa8e-5200-4436-b9e1-4b9ded5ab0ae","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be","page_number":149,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"f39f62e1-23e4-4bb7-b6c5-5dd05d8c2dfc","block_type":"box","text":"honored. The interest rates are adjustable at periodic intervals to some prevailing market rate for","page_number":149,"box":{"x":117,"y":149,"width":721,"height":12}},{"id":"4b410c06-54c3-4b42-8a28-5373e3dc17b4","block_type":"box","text":"similar investments, such adjustment formula being calculated to maintain the market rate of the","page_number":149,"box":{"x":116,"y":165,"width":718,"height":12}},{"id":"8e006e33-2cb4-4fad-b78e-9fcd482172e0","block_type":"box","text":"VRDOs at approximately the par value of the VRDOs on the adjustment date. The adjustments","page_number":149,"box":{"x":116,"y":180,"width":710,"height":12}},{"id":"94119d33-297b-45b6-9d48-27ebe8599769","block_type":"box","text":"typically are based upon the Securities Industry and Financial Markets Association (“SIFMA”) Index.","page_number":149,"box":{"x":116,"y":196,"width":746,"height":12}},{"id":"137118f2-a5b1-467e-b032-98cadd909918","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate","page_number":149,"box":{"x":117,"y":227,"width":751,"height":12}},{"id":"192bb608-ac3e-4a6d-b3fa-f088ed873454","block_type":"box","text":"securities. During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its","page_number":149,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"8ab805e6-00a0-439b-8a8c-8c6176a59747","block_type":"box","text":"shareholders will forego the opportunity for capital appreciation. During periods of rising interest rates,","page_number":149,"box":{"x":116,"y":258,"width":761,"height":12}},{"id":"61ec0126-ef04-4030-a1dc-18c2d4e0ce8f","block_type":"box","text":"however, a Fund’s yield on a VRDO will increase and the Fund’s shareholders will have a reduced risk","page_number":149,"box":{"x":117,"y":273,"width":764,"height":12}},{"id":"57163336-98c1-4025-8999-4120384f1a63","block_type":"box","text":"of capital depreciation.","page_number":149,"box":{"x":116,"y":289,"width":173,"height":12}},{"id":"556d4018-2b4d-4d5c-8505-b11bbf8fcc91","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":149,"box":{"x":118,"y":320,"width":488,"height":12}},{"id":"edd2888c-f7d9-4320-837c-db0bccae956a","block_type":"box","text":"The Municipal Funds and certain","page_number":149,"box":{"x":608,"y":320,"width":253,"height":12}},{"id":"907a3811-4838-40d9-8e74-9605d9634948","block_type":"box","text":"other funds deal in financial futures contracts based on a long-term municipal bond index developed by","page_number":149,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"4b5e03cd-58f2-40d3-8366-766534ccac69","block_type":"box","text":"the Chicago Board of Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal","page_number":149,"box":{"x":116,"y":351,"width":761,"height":12}},{"id":"5b892b68-794b-4225-baaf-4b8e5976af2e","block_type":"box","text":"Bond Index is comprised of 40 long-term, actively traded tax-exempt municipal revenue and general","page_number":149,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"e8e5799a-8ff3-4915-84ca-a98cbf75966e","block_type":"box","text":"obligation bonds. Each bond included in the Municipal Bond Index must be rated A or higher by","page_number":149,"box":{"x":116,"y":382,"width":712,"height":12}},{"id":"decffc08-44bf-4097-83ef-4ef4b6ded1f6","block_type":"box","text":"Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new issues","page_number":149,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"cb2b24dc-70b4-4e37-b943-1b86ab0ff8e5","block_type":"box","text":"satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from,","page_number":149,"box":{"x":116,"y":413,"width":771,"height":12}},{"id":"74deeb50-2329-4fa6-a78a-09517d5aa543","block_type":"box","text":"the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":149,"box":{"x":116,"y":428,"width":734,"height":12}},{"id":"d0d7e228-b2a3-4006-a231-ff00da21bbcf","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six","page_number":149,"box":{"x":116,"y":444,"width":670,"height":12}},{"id":"1a7635f0-b241-4f47-8d45-6ad034e0227c","block_type":"box","text":"dealer-to-dealer brokers.","page_number":149,"box":{"x":116,"y":459,"width":189,"height":10}},{"id":"ccffbb8f-0fff-48c6-8277-7599e409fa19","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the","page_number":149,"box":{"x":116,"y":490,"width":760,"height":12}},{"id":"e918451b-daa8-43ca-af80-d3bb3e65cae7","block_type":"box","text":"CBT assures performance under futures contracts through a clearing corporation, a nonprofit","page_number":149,"box":{"x":117,"y":506,"width":694,"height":12}},{"id":"908a6093-1bf7-4485-a3da-79ecd4bde051","block_type":"box","text":"organization managed by the exchange membership that is also responsible for handling daily","page_number":149,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"41418fcc-9a63-4010-8c22-7e93ac422622","block_type":"box","text":"accounting of deposits or withdrawals of margin.","page_number":149,"box":{"x":116,"y":537,"width":364,"height":12}},{"id":"462830ee-1648-48e8-89fa-672ef946d831","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial","page_number":149,"box":{"x":116,"y":568,"width":735,"height":12}},{"id":"bf560474-a06a-4f63-b2b3-dec4bbc89892","block_type":"box","text":"futures contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s","page_number":149,"box":{"x":116,"y":583,"width":741,"height":12}},{"id":"7a543323-d29d-4ff1-bde0-7c6fd4b68dc2","block_type":"box","text":"ability to hedge effectively all or a portion of the value of its Municipal Bonds through the use of such","page_number":149,"box":{"x":116,"y":599,"width":749,"height":12}},{"id":"b2b0b892-0880-483a-a6b0-876013e5848a","block_type":"box","text":"financial futures contracts will depend in part on the degree to which price movements in the index","page_number":149,"box":{"x":116,"y":614,"width":734,"height":12}},{"id":"6f646f55-da72-416b-9a6f-0ad48b1b1725","block_type":"box","text":"underlying the financial futures contract correlate with the price movements of the Municipal Bonds","page_number":149,"box":{"x":117,"y":630,"width":737,"height":12}},{"id":"4f0361d8-bf15-4dde-b512-64f9e51db849","block_type":"box","text":"held by the Fund. The correlation may be affected by disparities in the average maturity, ratings,","page_number":149,"box":{"x":117,"y":645,"width":718,"height":12}},{"id":"81831083-423e-493e-b991-1ba3b1d48041","block_type":"box","text":"geographical mix or structure of a Municipal Fund’s investments as compared to those comprising the","page_number":149,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"35393b79-3a0a-45d5-8f97-6bdbf203c9e9","block_type":"box","text":"Municipal Bond Index and general economic or political factors. In addition, the correlation between","page_number":149,"box":{"x":117,"y":676,"width":736,"height":12}},{"id":"de57c9a1-45cb-44db-82ea-c4af35752baf","block_type":"box","text":"movements in the value of the Municipal Bond Index may be subject to change over time as additions","page_number":149,"box":{"x":117,"y":692,"width":753,"height":12}},{"id":"9134bb7d-2b18-4f29-9a21-b38477ac18f4","block_type":"box","text":"to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":149,"box":{"x":116,"y":707,"width":725,"height":12}},{"id":"1a844136-547a-4d64-bc0c-56f577836da0","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be","page_number":149,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"3d1d5dd3-1db9-447c-aabb-abe12a329fbf","block_type":"box","text":"adversely affected by similar factors and the risk of imperfect correlation between movements in the","page_number":149,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"4f250210-4ab2-41fb-8aae-3238003ac3b4","block_type":"box","text":"prices of such futures contracts and the prices of Municipal Bonds held by a Municipal Fund may be","page_number":149,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"47f3cac3-daed-4588-bab4-f1f19008a9a8","block_type":"box","text":"greater. Municipal Bond Index futures contracts were approved for trading in 1985. Trading in such","page_number":149,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"19256b88-f7d1-48e9-824a-257389038d69","block_type":"box","text":"futures contracts may tend to be less liquid than trading in other futures contracts. The trading of","page_number":149,"box":{"x":116,"y":785,"width":716,"height":12}},{"id":"1358ffaa-8fdd-40a4-b40e-f9bfafc91f16","block_type":"box","text":"futures contracts also is subject to certain market risks, such as inadequate trading activity, which","page_number":149,"box":{"x":116,"y":800,"width":723,"height":12}},{"id":"ced35d2a-3ded-4abd-b6d5-d6eebd5417d1","block_type":"box","text":"could at times make it difficult or impossible to liquidate existing positions.","page_number":149,"box":{"x":116,"y":816,"width":545,"height":12}},{"id":"d7162f3a-5470-458f-bcfc-81ac933eb43a","block_type":"box","text":"Call Rights.","page_number":149,"box":{"x":117,"y":847,"width":83,"height":12}},{"id":"22a0733d-e4c0-4fa6-a784-6fbe1dff8246","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such","page_number":149,"box":{"x":202,"y":847,"width":626,"height":12}},{"id":"ea06ba27-f6a3-4854-83c0-4613ec1abc0a","block_type":"box","text":"Municipal Bond for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may","page_number":149,"box":{"x":117,"y":862,"width":711,"height":12}},{"id":"1c7ddee2-1832-4db8-a2da-f77cfbb4dfec","block_type":"box","text":"exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject","page_number":149,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"ff4865cb-2640-4c9f-9027-60ed7e125098","block_type":"box","text":"II-78","page_number":149,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"31937c24-bd23-4cd1-91c2-58232bef6f3e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":149,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"dba858c7-887c-442f-8a63-58822fc02717","block_type":"box","text":"to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond","page_number":150,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"a54ab63a-4dfd-4274-b8f0-50f9600159f8","block_type":"box","text":"will expire without value. The economic effect of holding both the Call Right and the related Municipal","page_number":150,"box":{"x":116,"y":102,"width":756,"height":13}},{"id":"614d5971-5a4e-4103-9840-5991b9f3d791","block_type":"box","text":"Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such","page_number":150,"box":{"x":117,"y":118,"width":748,"height":12}},{"id":"3dc38a63-0d09-48dc-9932-ce365a3b65ec","block_type":"box","text":"obligations may be illiquid.","page_number":150,"box":{"x":116,"y":134,"width":201,"height":12}},{"id":"2c867f12-5ec8-4461-b74e-65c1c18e36f8","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":150,"box":{"x":116,"y":165,"width":323,"height":11}},{"id":"ef01f628-88ad-4a95-b63b-ef7392190c7a","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":150,"box":{"x":440,"y":165,"width":439,"height":12}},{"id":"83d85692-cb07-4872-9c8f-fa2198d34108","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such","page_number":150,"box":{"x":116,"y":180,"width":772,"height":12}},{"id":"cf3efe42-da64-4eec-992b-5cbd9ae8453a","block_type":"box","text":"as Municipal Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial","page_number":150,"box":{"x":116,"y":196,"width":769,"height":12}},{"id":"569bfe57-981b-4884-935d-af6a48f161ea","block_type":"box","text":"Markets Association Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters","page_number":150,"box":{"x":117,"y":211,"width":758,"height":12}},{"id":"c3b3157f-e34c-4fec-9599-5f3853beda43","block_type":"box","text":"into these transactions, the Fund expects to do so primarily to preserve a return or spread on a","page_number":150,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"0d788632-faf1-42b5-99f8-89248b955b84","block_type":"box","text":"particular investment or portion of its portfolio or to protect against any increase in the price of","page_number":150,"box":{"x":117,"y":242,"width":699,"height":12}},{"id":"c70c20b7-05af-4899-a5c3-2b3e63c19208","block_type":"box","text":"securities the Fund anticipates purchasing at a later date. A Fund intends to use these transactions","page_number":150,"box":{"x":116,"y":258,"width":741,"height":12}},{"id":"e3bf7ac9-9567-4612-9c95-f306fd374ead","block_type":"box","text":"primarily as a hedge rather than as a speculative investment. However, a Fund also may invest in","page_number":150,"box":{"x":117,"y":273,"width":729,"height":12}},{"id":"0126502f-65e0-47f5-bc8b-f371c3ac9979","block_type":"box","text":"MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for","page_number":150,"box":{"x":117,"y":289,"width":704,"height":12}},{"id":"b21ddeb3-5583-497c-9b27-53508d24ef75","block_type":"box","text":"example, during periods of steep interest rate yield curves (","page_number":150,"box":{"x":116,"y":304,"width":441,"height":12}},{"id":"1a86f876-dc4d-4a82-ba03-e699450db210","block_type":"box","text":"i.e.","page_number":150,"box":{"x":558,"y":304,"width":20,"height":10}},{"id":"75809fa8-d02d-460c-bf0a-b68d38d9489d","block_type":"box","text":", wide differences between short-term","page_number":150,"box":{"x":581,"y":304,"width":284,"height":11}},{"id":"fd6d7c59-c25e-42a7-b59e-cc1fe42e3b74","block_type":"box","text":"and long-term interest rates).","page_number":150,"box":{"x":116,"y":320,"width":221,"height":12}},{"id":"8adb673c-aeb9-41f3-993a-d3e128e75f5d","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund","page_number":150,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"1897fb3d-8aa8-4216-b5d3-7cef651116e7","block_type":"box","text":"exchanges with another party their respective commitments to pay or receive interest (","page_number":150,"box":{"x":116,"y":366,"width":642,"height":12}},{"id":"7501c30a-e9c4-4361-819a-6d59d43cb3c3","block_type":"box","text":"e.g.","page_number":150,"box":{"x":760,"y":369,"width":25,"height":9}},{"id":"1088107f-ac37-4c59-bdc2-8596531a1a8b","block_type":"box","text":", an","page_number":150,"box":{"x":788,"y":369,"width":32,"height":8}},{"id":"16deb46a-8dba-407b-931d-c97a8ebe6214","block_type":"box","text":"exchange of fixed rate payments for floating rate payments linked to the SIFMA Municipal Swap","page_number":150,"box":{"x":116,"y":382,"width":717,"height":12}},{"id":"fa9c6bdb-03c6-4a11-a006-57e273043f15","block_type":"box","text":"Index). Because the underlying index is a tax-exempt index, SIFMA Swaps may reduce cross-market","page_number":150,"box":{"x":117,"y":397,"width":755,"height":12}},{"id":"10b10d15-8981-41df-a39b-719a7f96cf75","block_type":"box","text":"risks incurred by a Fund and increase a Fund’s ability to hedge effectively. SIFMA Swaps are typically","page_number":150,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"1b8413f6-4b51-4155-9b23-087b7872290c","block_type":"box","text":"quoted for the entire yield curve, beginning with a seven day floating rate index out to 30 years. The","page_number":150,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"0e16a679-62c5-43f7-911f-5536c7c29c56","block_type":"box","text":"duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond with","page_number":150,"box":{"x":116,"y":444,"width":747,"height":12}},{"id":"318c7d4a-f960-4137-8447-9d7dc9cc4ccb","block_type":"box","text":"the same attributes as the swap (","page_number":150,"box":{"x":116,"y":459,"width":247,"height":12}},{"id":"04bf8929-b761-40ce-90cc-d6d9c5914a99","block_type":"box","text":"e.g.","page_number":150,"box":{"x":365,"y":462,"width":25,"height":9}},{"id":"b3820c97-9feb-4902-92de-25a0df0a6fb5","block_type":"box","text":", coupon, maturity, call feature).","page_number":150,"box":{"x":393,"y":459,"width":240,"height":12}},{"id":"31d53e22-a583-4f90-a6ad-28d1ed6d8f8e","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap","page_number":150,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"13951e54-624b-4124-a058-080986a2a73f","block_type":"box","text":"permits a Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a","page_number":150,"box":{"x":117,"y":506,"width":744,"height":12}},{"id":"e61ff8d4-d18b-41f5-a0a7-c7e8ab0bdd30","block_type":"box","text":"return on a particular investment or a portion of its portfolio as a duration management technique or to","page_number":150,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"99195274-0a4f-4b7a-b175-be1f8f8b4823","block_type":"box","text":"protect against any increase in the price of securities to be purchased at a later date. By using an MMD","page_number":150,"box":{"x":117,"y":537,"width":771,"height":12}},{"id":"d03575e6-91c5-4b63-9922-98a6ff20a362","block_type":"box","text":"Swap, a Fund can create a synthetic long or short position, allowing the Fund to select the most","page_number":150,"box":{"x":116,"y":552,"width":715,"height":12}},{"id":"385f4270-dcb5-4e35-95be-8d85975e334b","block_type":"box","text":"attractive part of the yield curve. An MMD Swap is a contract between a Fund and an MMD Swap","page_number":150,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"e29e1dc5-e47b-42c8-b200-ee12ea1cf4bc","block_type":"box","text":"provider pursuant to which the parties agree to make payments to each other on a notional amount,","page_number":150,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"12814855-b3dd-4fd8-9d17-4b0d9a899809","block_type":"box","text":"contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a","page_number":150,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"0c488f6c-a728-480b-9d64-7c264d590e67","block_type":"box","text":"specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and","page_number":150,"box":{"x":116,"y":614,"width":754,"height":12}},{"id":"383196c1-673f-465d-81dd-3a390b6ae388","block_type":"box","text":"the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration","page_number":150,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"465dadda-0d07-489c-8eef-087fdf21ad0f","block_type":"box","text":"date, the counterparty to the contract will make a payment to the Fund equal to the specified level","page_number":150,"box":{"x":116,"y":645,"width":730,"height":12}},{"id":"08df0c1c-82ba-4f96-bf58-a32a0c20de28","block_type":"box","text":"minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data","page_number":150,"box":{"x":117,"y":661,"width":746,"height":12}},{"id":"66a36dd5-55fd-4914-9ea9-cd61417d5a47","block_type":"box","text":"AAA General Obligation Scale is above the specified level on the expiration date, a Fund will make a","page_number":150,"box":{"x":116,"y":676,"width":746,"height":12}},{"id":"6a9ea8ab-4f3c-427d-9ac2-ee8275bb1fba","block_type":"box","text":"payment to the counterparty equal to the actual level minus the specified level, multiplied by the","page_number":150,"box":{"x":117,"y":692,"width":708,"height":12}},{"id":"92a07b0d-a2d1-44fb-b9d1-34e0ae68f97e","block_type":"box","text":"notional amount of the contract.","page_number":150,"box":{"x":117,"y":707,"width":233,"height":10}},{"id":"5004dea1-8688-42b1-88d7-30f97670289c","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps,","page_number":150,"box":{"x":117,"y":738,"width":438,"height":12}},{"id":"1a58839f-c139-4c71-ba8e-565efdfd46ef","block_type":"box","text":"there is a risk that municipal yields will","page_number":150,"box":{"x":561,"y":738,"width":283,"height":12}},{"id":"834d9284-8a6b-4fff-94bb-49a9a63c972a","block_type":"box","text":"move in the opposite direction than anticipated by a Fund, which would cause the Fund to make","page_number":150,"box":{"x":117,"y":754,"width":711,"height":12}},{"id":"ac83a984-5ac7-4e9c-9a25-89f6ee3298f2","block_type":"box","text":"payments to its counterparty in the transaction that could adversely affect the Fund’s performance.","page_number":150,"box":{"x":117,"y":769,"width":729,"height":12}},{"id":"182ce86b-03ec-4fdc-a692-58df5f10e105","block_type":"box","text":"Insured Municipal Bonds.","page_number":150,"box":{"x":117,"y":800,"width":186,"height":12}},{"id":"7f2b3d4e-4c6d-4c99-82e3-763e3086be30","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees","page_number":150,"box":{"x":310,"y":800,"width":555,"height":12}},{"id":"83e1647e-c473-437f-897a-ff243b65da79","block_type":"box","text":"that interest payments on the bond will be made on time and the principal will be repaid when the bond","page_number":150,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"8ae8d30f-4e7b-455d-a95c-2f499eedf297","block_type":"box","text":"matures. Either the issuer of the bond or the Fund purchases the insurance. Insurance is expected to","page_number":150,"box":{"x":117,"y":831,"width":755,"height":12}},{"id":"da1f8837-b9be-47a6-92b9-0c7a6a50e342","block_type":"box","text":"protect the Fund against losses caused by a bond issuer’s failure to make interest or principal","page_number":150,"box":{"x":117,"y":847,"width":699,"height":12}},{"id":"0a5a5535-82fb-4cb1-a2dc-856c918dc479","block_type":"box","text":"payments. However, insurance does not protect the Fund or its shareholders against losses caused by","page_number":150,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"867fac00-688f-4535-8169-e8f10f161ed2","block_type":"box","text":"declines in a bond’s market value. Also, the Fund cannot be certain that any insurance company does","page_number":150,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"11de180f-e619-4756-8920-a286cbb055fb","block_type":"box","text":"II-79","page_number":150,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"87c1b89b-a445-44a3-b8f6-c9b347c80e17","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":150,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"20dc51e1-b65a-4f49-ba68-9e1e0b46f6b4","block_type":"box","text":"not make these payments. In addition, if the Fund purchases the insurance, it may pay the premiums,","page_number":151,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"bf1fc142-5d02-458d-812a-7555e51090bd","block_type":"box","text":"which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims","page_number":151,"box":{"x":116,"y":103,"width":721,"height":12}},{"id":"203d1383-1b64-4804-93df-4e3bf33c7dc9","block_type":"box","text":"paying ability, financial strength, or equivalent ratings of at least investment grade. However, if","page_number":151,"box":{"x":117,"y":118,"width":703,"height":12}},{"id":"a31a6803-568e-41cc-b436-7438d0741daf","block_type":"box","text":"insurance from insurers with these ratings is not available, the Fund may use insurance companies","page_number":151,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"b810b0dc-d7ec-4da7-933f-3bce9da2305f","block_type":"box","text":"with lower ratings or stop purchasing insurance or insured bonds. If a bond’s insurer fails to fulfill its","page_number":151,"box":{"x":116,"y":149,"width":742,"height":12}},{"id":"52c0c0ee-5219-43f4-ad62-fc9c7394b5ac","block_type":"box","text":"obligations or loses its credit rating, the value of the bond could drop.","page_number":151,"box":{"x":116,"y":165,"width":517,"height":12}},{"id":"0ffa95fe-59e8-4bc5-b00a-72ba9dcf37f7","block_type":"box","text":"Build America Bonds.","page_number":151,"box":{"x":116,"y":196,"width":159,"height":9}},{"id":"fbc70d0c-b60c-41f9-b9b0-0b9d572a00f0","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S.","page_number":151,"box":{"x":276,"y":196,"width":604,"height":12}},{"id":"68e7711c-0b9b-4aea-929f-66fb466c8ae1","block_type":"box","text":"federal income tax credit; however, the issuer of a Build America Bond may instead elect to receive a","page_number":151,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"1d547d03-93d8-4563-a12f-58ead3989243","block_type":"box","text":"cash payment directly from the federal government in lieu of holders such as the fund receiving a tax","page_number":151,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"f840660f-5cdb-4a3d-a76f-6679111b8eb7","block_type":"box","text":"credit. The interest on Build America Bonds is taxable for U.S. federal income tax purposes. If the Fund","page_number":151,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"29734005-2007-4471-a5f2-bf4170d01e0d","block_type":"box","text":"does receive tax credits from Build America Bonds or other tax credit bonds on one or more specified","page_number":151,"box":{"x":116,"y":258,"width":757,"height":11}},{"id":"3f74d80d-1df6-43c9-874b-6784d8868462","block_type":"box","text":"dates during the fund’s taxable year, and the Fund satisfies the minimum distribution requirement, the","page_number":151,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"ab869cbc-8fb5-46c2-8521-244ad62cfe66","block_type":"box","text":"Fund may elect for U.S. federal income tax purposes to pass through to shareholders tax credits","page_number":151,"box":{"x":117,"y":289,"width":719,"height":12}},{"id":"4aecac53-bf15-4a5b-8190-372e7f395a42","block_type":"box","text":"otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond is defined in","page_number":151,"box":{"x":116,"y":304,"width":770,"height":12}},{"id":"5b4d66c0-1a06-415f-85da-f5364217e178","block_type":"box","text":"the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":151,"box":{"x":116,"y":320,"width":761,"height":12}},{"id":"44cfa30f-a47e-41f7-87fc-4f2d693225aa","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy","page_number":151,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"79ed8724-8fbe-45c5-888a-ab88ae54447f","block_type":"box","text":"bond, each of which must meet certain requirements specified in the Code), a “Build America Bond”","page_number":151,"box":{"x":117,"y":351,"width":744,"height":12}},{"id":"e351549a-d3a2-4aa9-bb26-a10695a171ca","block_type":"box","text":"(which includes certain qualified bonds issued before January 1, 2011) or certain other specified","page_number":151,"box":{"x":117,"y":366,"width":717,"height":12}},{"id":"1c53e08e-e4d1-4b12-a421-0cb0c6467a0e","block_type":"box","text":"bonds. If the Fund were to so elect, a shareholder would be required to include in income and would be","page_number":151,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"ce1b17db-df00-4028-8503-55eda086929a","block_type":"box","text":"entitled to claim as a tax credit an amount equal to a proportionate share of such credits, and such","page_number":151,"box":{"x":116,"y":397,"width":735,"height":12}},{"id":"c795cb57-7c96-446c-87a4-fdb4beb7f9ea","block_type":"box","text":"amount would be subject to withholding provisions of the Code. Certain limitations may apply on the","page_number":151,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"845f7626-f464-414e-9554-39f720634a1b","block_type":"box","text":"extent to which the credit may be claimed.","page_number":151,"box":{"x":116,"y":428,"width":318,"height":12}},{"id":"41c7aff0-ed81-43ac-a488-1beeb0918555","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":151,"box":{"x":118,"y":459,"width":263,"height":12}},{"id":"fbe59391-c797-4448-b9ef-ed1936b62f8f","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which","page_number":151,"box":{"x":382,"y":459,"width":494,"height":12}},{"id":"b9ed84b3-a694-43bf-89b4-70ea9774e62a","block_type":"box","text":"may be in the form of tender option bonds, variable rate demand obligations, participations, beneficial","page_number":151,"box":{"x":117,"y":475,"width":757,"height":12}},{"id":"3ae15a07-e115-4368-9065-f4338535faa9","block_type":"box","text":"interests in a trust, partnership interests or other forms. These investments are described in greater","page_number":151,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"9c0bc986-05a6-4477-86b8-2141b4e56a09","block_type":"box","text":"detail above in this section. Some of the structures used by certain Funds include interests in long-term","page_number":151,"box":{"x":116,"y":506,"width":771,"height":12}},{"id":"3d9e4526-f6ae-4b60-8f39-4df7df77ed73","block_type":"box","text":"fixed-rate municipal debt obligations, held by a trustee or custodian, that are coupled with tender","page_number":151,"box":{"x":116,"y":521,"width":720,"height":12}},{"id":"cd10f615-ee93-469d-82db-4b5f64bbbe31","block_type":"box","text":"option, demand and other features when the tax-exempt municipal investments are created. Together,","page_number":151,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"f81a9fdf-caf3-4195-9d14-ef8bfe6eac8d","block_type":"box","text":"these features entitle the holder of the interest to tender (or put) the underlying municipal debt","page_number":151,"box":{"x":116,"y":552,"width":701,"height":12}},{"id":"de2e837a-2fa9-4168-b48b-c7b8d6176daf","block_type":"box","text":"obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":151,"box":{"x":116,"y":568,"width":667,"height":12}},{"id":"75805375-aa65-4427-81e7-98dbd11bdebf","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to","page_number":151,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"1c706981-e7ed-40b9-b1f1-84ddad06b503","block_type":"box","text":"receive specific future interest payments, principal payments, or both, on the underlying securities held","page_number":151,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"daed8044-6718-43f5-bcbd-a1df162325b4","block_type":"box","text":"by the custodian. Under such arrangements, the holder of the custodial receipt has the option to tender","page_number":151,"box":{"x":117,"y":630,"width":769,"height":12}},{"id":"998f4a64-6531-460c-9982-58973fcfa876","block_type":"box","text":"the underlying securities at their face value to the sponsor (","page_number":151,"box":{"x":116,"y":645,"width":440,"height":12}},{"id":"49013693-d028-47b8-97d3-698b9e8fc0be","block_type":"box","text":"e.g.","page_number":151,"box":{"x":557,"y":648,"width":26,"height":9}},{"id":"db0ebb49-eaab-43ca-ab53-aa05de84e13f","block_type":"box","text":", a Fund, or a bank or broker-dealer or","page_number":151,"box":{"x":586,"y":645,"width":289,"height":11}},{"id":"a6ef604d-ab8e-4333-8b48-c6644280996f","block_type":"box","text":"other financial institution), which is paid periodic fees equal to the difference between the securities’","page_number":151,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"c6b1748c-d45c-4f1b-b482-bf42be61e632","block_type":"box","text":"fixed coupon rate and the rate that would cause the securities, coupled with the tender option, to trade","page_number":151,"box":{"x":116,"y":676,"width":758,"height":12}},{"id":"0b317d30-d62d-4543-b10c-c9adb1596bb8","block_type":"box","text":"at par on the date of a rate adjustment.","page_number":151,"box":{"x":116,"y":692,"width":289,"height":12}},{"id":"0bb23f24-b1ba-48b9-be65-c2eb51f2f67b","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the","page_number":151,"box":{"x":116,"y":723,"width":747,"height":12}},{"id":"6477a792-ed13-4608-9ffb-19754c54dfb0","block_type":"box","text":"Fund’s participation bears to the total principal amount of the Municipal Bond, and typically provides for","page_number":151,"box":{"x":117,"y":738,"width":764,"height":12}},{"id":"dd60b19a-d32c-49f2-8f0e-6bf1e08e6e92","block_type":"box","text":"a repurchase feature for all or any part of the full principal amount of the participation interest, plus","page_number":151,"box":{"x":116,"y":754,"width":729,"height":12}},{"id":"1eadcfd7-9556-4920-8011-7491f5047b63","block_type":"box","text":"accrued interest. Trusts and partnerships are typically used to convert long-term fixed rate high quality","page_number":151,"box":{"x":116,"y":769,"width":759,"height":12}},{"id":"8663a1b4-b69e-40bf-9682-4221d56d041b","block_type":"box","text":"bonds of a single state or municipal issuer into variable or floating rate demand instruments.","page_number":151,"box":{"x":117,"y":785,"width":680,"height":12}},{"id":"1711235f-20ff-4ca2-a6c6-575826fe8918","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt","page_number":151,"box":{"x":116,"y":816,"width":741,"height":12}},{"id":"2711d25a-6451-4d91-bff5-95a6aa40e04c","block_type":"box","text":"obligations which give the holder the right to receive payment of principal subject to the conditions","page_number":151,"box":{"x":116,"y":831,"width":731,"height":12}},{"id":"920a31f1-771d-4c78-bab6-4d57fa089bf3","block_type":"box","text":"described above. The IRS has not ruled on whether the interest received on tax-exempt municipal","page_number":151,"box":{"x":116,"y":847,"width":732,"height":12}},{"id":"67bbd160-1b58-4e80-bfae-821521cef1e6","block_type":"box","text":"investments in the form of participation interests or custodial receipts is tax-exempt, and accordingly,","page_number":151,"box":{"x":117,"y":862,"width":751,"height":12}},{"id":"90644242-b851-4a68-9b62-24ddf9bdeff9","block_type":"box","text":"purchases of any such interests or receipts are based on the opinions of counsel to the sponsors of","page_number":151,"box":{"x":117,"y":878,"width":742,"height":12}},{"id":"7f85bad1-5252-4cd9-b568-504865bd5b96","block_type":"box","text":"II-80","page_number":151,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"09c7bedf-55b7-468c-8840-1c10e5ffde9d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":151,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8f4f04b1-4d1a-4aae-bdab-0f7c7a7ba72f","block_type":"box","text":"such derivative securities. Neither a Fund nor its investment adviser or sub-advisers will review the","page_number":152,"box":{"x":116,"y":87,"width":738,"height":10}},{"id":"7d42885d-1f7d-44cb-88c4-e5ea6333beb1","block_type":"box","text":"proceedings related to the creation of any tax-exempt municipal investments or the basis for such","page_number":152,"box":{"x":117,"y":102,"width":728,"height":13}},{"id":"b017b621-b3c7-4d63-9a64-baa324f64b78","block_type":"box","text":"opinions.","page_number":152,"box":{"x":116,"y":118,"width":72,"height":12}},{"id":"b566078e-f3f3-4726-a239-b04d0252bd9f","block_type":"box","text":"Operational and Technology Risks.","page_number":152,"box":{"x":117,"y":146,"width":279,"height":12}},{"id":"74d1f63a-55d1-4977-b8fe-acbc192f578b","block_type":"box","text":"The Fund and the entities with which it interacts directly or","page_number":152,"box":{"x":397,"y":146,"width":442,"height":12}},{"id":"9b2a401a-d60d-4c29-83ab-a7a72040894a","block_type":"box","text":"indirectly are susceptible to operational and technology risks, including those related to human errors,","page_number":152,"box":{"x":117,"y":162,"width":758,"height":12}},{"id":"2ccc3f33-84f3-4626-a96e-f202c6b7998e","block_type":"box","text":"processing errors, communication errors, systems failures, cybersecurity incidents, and the use of","page_number":152,"box":{"x":117,"y":177,"width":731,"height":12}},{"id":"c60149bb-6e8f-4eec-8a65-bd4195df0bf0","block_type":"box","text":"artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its","page_number":152,"box":{"x":116,"y":192,"width":713,"height":13}},{"id":"12737892-aaf0-4ab0-bd26-91179f176ccf","block_type":"box","text":"shareholders or impair the Fund’s operations. These entities include, but are not limited to, the Fund’s","page_number":152,"box":{"x":116,"y":208,"width":760,"height":12}},{"id":"5cdfa3a0-a48a-4d71-8fda-04f5f1316767","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":152,"box":{"x":116,"y":223,"width":716,"height":13}},{"id":"ba53269a-36f2-4de3-8973-9046e33344db","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers,","page_number":152,"box":{"x":116,"y":239,"width":768,"height":12}},{"id":"ac3ae6f6-9c2f-4ce9-b785-cde618c7743c","block_type":"box","text":"Authorized Participants, listing exchanges, other financial market operators, and governmental","page_number":152,"box":{"x":116,"y":254,"width":706,"height":13}},{"id":"26b572f6-61ad-4139-a6c0-405f5927d572","block_type":"box","text":"authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":152,"box":{"x":116,"y":270,"width":748,"height":12}},{"id":"826fd169-39c3-4fbd-8d2b-1b0140dce7b0","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s","page_number":152,"box":{"x":116,"y":285,"width":711,"height":13}},{"id":"edeef3c3-7fba-4b33-bbda-651e108adef2","block_type":"box","text":"investments in such issuers to lose value. The Fund may incur substantial costs in order to mitigate","page_number":152,"box":{"x":117,"y":301,"width":741,"height":12}},{"id":"ed189929-c7e1-4982-af4b-440ee069ea85","block_type":"box","text":"operational and technology risks.","page_number":152,"box":{"x":116,"y":317,"width":250,"height":12}},{"id":"e1ffeedc-104d-4bf3-acc1-4d049cf19e5a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in","page_number":152,"box":{"x":117,"y":344,"width":754,"height":12}},{"id":"c21334ec-e58d-4ff6-a486-c68d4b81fb3c","block_type":"box","text":"which the Fund invests, the Fund or any of its service providers. They include, but are not limited to,","page_number":152,"box":{"x":116,"y":360,"width":746,"height":12}},{"id":"d6ee10e6-4872-4b24-b091-7da7a2d73975","block_type":"box","text":"gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or","page_number":152,"box":{"x":116,"y":375,"width":772,"height":12}},{"id":"b4616f5b-6a42-402a-afb7-4f15dd83ba0b","block_type":"box","text":"destroying data, and causing operational disruption. Geopolitical tension may increase the scale and","page_number":152,"box":{"x":116,"y":391,"width":751,"height":12}},{"id":"f9223e78-4bf0-4a73-a619-a7b911dd0b9b","block_type":"box","text":"sophistication of deliberate attacks, particularly those from nation states or from entities with nation","page_number":152,"box":{"x":116,"y":406,"width":738,"height":12}},{"id":"fa50a5f8-dff6-4a0b-b06f-970208ff3ad7","block_type":"box","text":"state backing. 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AI technology advancements, including efficiency","page_number":152,"box":{"x":116,"y":670,"width":703,"height":12}},{"id":"08735a59-358a-4fb5-853a-4016f778f397","block_type":"box","text":"improvements, without related increases in the adoption and development of such technologies, could","page_number":152,"box":{"x":117,"y":685,"width":755,"height":13}},{"id":"6b9bb70f-ed05-437f-a039-d480c7502739","block_type":"box","text":"also negatively impact demand for, and the valuation of, digital infrastructure assets.","page_number":152,"box":{"x":116,"y":701,"width":624,"height":12}},{"id":"fa29b188-bbce-463d-bb7c-efa8510e07e8","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party","page_number":152,"box":{"x":116,"y":729,"width":727,"height":12}},{"id":"114ba884-6c5f-4a21-85a2-e34f84b6f5df","block_type":"box","text":"service providers or any counterparties, whether or not known to the Fund, also use AI technology in","page_number":152,"box":{"x":116,"y":745,"width":745,"height":11}},{"id":"b7e99a29-d551-4a59-91ed-2d14fcd60084","block_type":"box","text":"their business activities. The Fund and its service providers may not be in a position to control the use","page_number":152,"box":{"x":116,"y":760,"width":756,"height":12}},{"id":"386d06cd-d64d-4911-9756-d77dcee779fc","block_type":"box","text":"of AI technology in third-party products or services.","page_number":152,"box":{"x":116,"y":775,"width":377,"height":12}},{"id":"4c8fad9d-9924-424e-ab06-607da836d6bd","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable","page_number":152,"box":{"x":117,"y":803,"width":745,"height":12}},{"id":"336cf519-1f11-40b4-a7d8-df96d9794645","block_type":"box","text":"policies, contractual or other obligations or restrictions, resulting in such confidential information","page_number":152,"box":{"x":117,"y":819,"width":708,"height":12}},{"id":"37460d4d-b904-4df1-adbd-9c89c1e4282d","block_type":"box","text":"becoming accessible by other third-party AI technology applications and users.","page_number":152,"box":{"x":117,"y":834,"width":589,"height":12}},{"id":"b970618f-00f6-4c7e-a619-3502cd6f826f","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and","page_number":152,"box":{"x":117,"y":862,"width":706,"height":12}},{"id":"d0dfbb16-f49e-4071-95df-049325d00d2b","block_type":"box","text":"analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or","page_number":152,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"6e90ed9d-f923-47bc-b183-293624ce5966","block_type":"box","text":"II-81","page_number":152,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"80452b12-a710-4074-9704-08bc0fbc48bd","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":152,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"58187fcf-c15d-42dc-8e9d-6838659f33d3","block_type":"box","text":"practicable to incorporate all relevant data into the models that AI technology utilizes to operate.","page_number":153,"box":{"x":117,"y":87,"width":715,"height":12}},{"id":"21795abb-cf7e-42ca-b1cb-287076fe817a","block_type":"box","text":"Certain data in such models will inevitably contain a degree of inaccuracy and error, or could otherwise","page_number":153,"box":{"x":117,"y":102,"width":768,"height":13}},{"id":"2ac83d9b-e8b1-4dd1-8936-a52c2d9d11da","block_type":"box","text":"be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. The","page_number":153,"box":{"x":117,"y":118,"width":729,"height":12}},{"id":"111b9209-986c-4ebd-8031-ff8c44cad3dc","block_type":"box","text":"output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or","page_number":153,"box":{"x":116,"y":134,"width":733,"height":12}},{"id":"c3e6114d-f024-48d6-94ee-34ba03c20642","block_type":"box","text":"misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":153,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"d6818e50-4e3f-4fc6-a343-a637e30150d0","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":153,"box":{"x":116,"y":165,"width":684,"height":12}},{"id":"f186bd49-a8f3-4bc1-80e8-ab2d7677e1a1","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to","page_number":153,"box":{"x":117,"y":180,"width":764,"height":12}},{"id":"d8d689a7-579d-43f7-865a-fd999b1e5484","block_type":"box","text":"the risks of AI technology use, any such inaccuracies or errors could have adverse impacts on the","page_number":153,"box":{"x":116,"y":196,"width":732,"height":12}},{"id":"428db5be-2319-487e-9913-a697b8e8d563","block_type":"box","text":"Fund or its investments.","page_number":153,"box":{"x":117,"y":211,"width":182,"height":10}},{"id":"e3e04ce0-d737-45ca-b004-a6ac2c400649","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to","page_number":153,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"bd6127ee-face-4a22-82cd-f67948ddc6f7","block_type":"box","text":"monitoring and compliance. For example, in April 2023, the Federal Trade Commission, U.S.","page_number":153,"box":{"x":117,"y":258,"width":693,"height":12}},{"id":"dd41de5e-846d-4de5-82b9-60185663a2df","block_type":"box","text":"Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment","page_number":153,"box":{"x":117,"y":273,"width":686,"height":12}},{"id":"5066d15f-f790-4747-acf1-7ccb4abca81d","block_type":"box","text":"Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in","page_number":153,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"17ec5ae1-bcbe-44e5-8fb8-edb81351747f","block_type":"box","text":"monitoring the development and use of automated systems and enforcement of their respective laws","page_number":153,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"efbdb212-d55a-48b5-ab5b-afa0aa460f76","block_type":"box","text":"and regulations. In October 2023, an executive order established new standards for AI safety and","page_number":153,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"2122357e-c762-419f-9b84-ff80f9d46222","block_type":"box","text":"security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial Intelligence","page_number":153,"box":{"x":116,"y":335,"width":769,"height":12}},{"id":"0e900dc6-a5c8-4c3d-9f53-36737d985b5c","block_type":"box","text":"Act, which applies to certain AI technology and the","page_number":153,"box":{"x":116,"y":351,"width":380,"height":12}},{"id":"7daa7014-ba0e-49e2-b5b6-c91996f7f662","block_type":"box","text":"data used to train, test, and deploy them, which","page_number":153,"box":{"x":497,"y":351,"width":357,"height":12}},{"id":"497dfff4-0dfc-41a5-993e-ec3e5fa7ea00","block_type":"box","text":"may create additional compliance burdens, higher administrative costs, and significant penalties should","page_number":153,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"0de8da89-ed1b-4e1c-9691-40f91d429d0b","block_type":"box","text":"the Fund, the adviser, or the Fund’s portfolio investments fail to comply.","page_number":153,"box":{"x":116,"y":382,"width":537,"height":12}},{"id":"e5a73510-a2c1-4d9e-9937-cdcd7463b05a","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to","page_number":153,"box":{"x":116,"y":413,"width":711,"height":12}},{"id":"c3418233-1899-4f25-8435-280b2cbf6500","block_type":"box","text":"develop rapidly, and it is impossible to predict the future risks that may arise from such developments.","page_number":153,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"068eedc1-7a30-4bd4-af13-b168c20fc312","block_type":"box","text":"The full extent of current or future risks related thereto is not possible to predict, and the Fund may not","page_number":153,"box":{"x":116,"y":444,"width":765,"height":12}},{"id":"64b6360e-dca5-4cfe-9ef5-1343eecf16f1","block_type":"box","text":"be able to anticipate, prevent, mitigate, or remediate all of the potential risks, challenges, or impacts of","page_number":153,"box":{"x":117,"y":459,"width":763,"height":12}},{"id":"69149403-7151-45b9-bf5b-4953d5432d55","block_type":"box","text":"such changes.","page_number":153,"box":{"x":116,"y":475,"width":113,"height":12}},{"id":"9c311f84-7908-4bc4-952a-c7f8e7d3b490","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security","page_number":153,"box":{"x":116,"y":506,"width":750,"height":12}},{"id":"7ed01d46-c653-42b7-8ce7-a6f7127a4524","block_type":"box","text":"and cybersecurity risk management policies and procedures, their methods of risk management may","page_number":153,"box":{"x":116,"y":521,"width":753,"height":12}},{"id":"239d0f57-f915-4c4a-b428-c263911770da","block_type":"box","text":"differ from those of the Fund in the setting of priorities, the personnel and resources available or the","page_number":153,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"8dc7862e-e28e-4d68-83ba-0c7985b12061","block_type":"box","text":"effectiveness of relevant controls. The Fund and its adviser seek to reduce these risks through","page_number":153,"box":{"x":116,"y":552,"width":706,"height":12}},{"id":"e4863413-2e22-4eb4-99fa-cbf550617a71","block_type":"box","text":"controls, procedures and oversight, including establishing business continuity plans and risk","page_number":153,"box":{"x":116,"y":568,"width":687,"height":12}},{"id":"e2cd2717-6346-405c-9502-b6261da4d279","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including","page_number":153,"box":{"x":117,"y":583,"width":744,"height":12}},{"id":"e3ae8527-fa34-402c-8b79-8b2a395d322e","block_type":"box","text":"the possibility that certain risks that may affect the Fund have not been identified or may emerge in the","page_number":153,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"efc257cf-3060-4d6e-a117-a4fde0aa573f","block_type":"box","text":"future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":153,"box":{"x":116,"y":614,"width":719,"height":12}},{"id":"afe19e5b-cf3b-4b8b-b547-753f95abae1f","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":153,"box":{"x":116,"y":630,"width":766,"height":12}},{"id":"28e0bdee-6631-4eec-b929-528569c04885","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund","page_number":153,"box":{"x":117,"y":645,"width":766,"height":12}},{"id":"2f4619c9-ce32-4f6e-a44e-3af459f04520","block_type":"box","text":"cannot control the systems, information security or other cybersecurity of the issuers in which it invests","page_number":153,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"ec934348-a8fb-458c-9966-e85ff9eddca7","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":153,"box":{"x":116,"y":676,"width":700,"height":12}},{"id":"bf488917-9e8a-4e34-b60b-c29a21ae9094","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and","page_number":153,"box":{"x":117,"y":707,"width":735,"height":12}},{"id":"321334e1-08ba-407a-b0b7-d48ece975b66","block_type":"box","text":"may vary considerably across jurisdictions. Regulators continue to develop new rules and standards","page_number":153,"box":{"x":117,"y":723,"width":742,"height":12}},{"id":"9d05630f-2719-4faf-9784-cc0f53088f8b","block_type":"box","text":"related to cybersecurity and data protection. Compliance with evolving regulations can be demanding","page_number":153,"box":{"x":117,"y":738,"width":750,"height":12}},{"id":"4c2d35eb-4080-4890-9f6e-b2fce436a594","block_type":"box","text":"and costly, requiring substantial resources to monitor and implement required changes.","page_number":153,"box":{"x":116,"y":754,"width":647,"height":12}},{"id":"f8b10150-80dc-4aad-affd-fa851ada1449","block_type":"box","text":"Participation Notes.","page_number":153,"box":{"x":116,"y":785,"width":157,"height":12}},{"id":"e3f14d04-5f04-4018-a583-8500a8bf145f","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that","page_number":153,"box":{"x":279,"y":785,"width":586,"height":12}},{"id":"d8bcca26-527a-4558-8a08-393496be8aef","block_type":"box","text":"entitle the Fund to a return measured by the change in value of an identified underlying security or","page_number":153,"box":{"x":116,"y":800,"width":729,"height":12}},{"id":"be7abca6-8fe7-4344-b9ae-60998e441f69","block_type":"box","text":"basket of securities (collectively, the “underlying security”). 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A participation note represents","page_number":153,"box":{"x":117,"y":878,"width":771,"height":12}},{"id":"ed07403e-d013-4da4-b0fc-bea78047ffa2","block_type":"box","text":"II-82","page_number":153,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"6b389b29-831e-48c0-88da-5a73dbd4ecdd","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":153,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2241d9f2-3b78-4eec-baff-6fb4f729ae60","block_type":"box","text":"only an obligation of the issuer to provide the Fund the economic performance equivalent to holding","page_number":154,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"27a74456-f91f-4db5-9171-c96c1fedf12b","block_type":"box","text":"shares of an underlying security. A participation note does not provide any beneficial or equitable","page_number":154,"box":{"x":116,"y":102,"width":725,"height":13}},{"id":"c66d9d14-a6fc-4544-9e6d-9e36c520351a","block_type":"box","text":"entitlement or interest in the relevant underlying security. In other words, shares of the underlying","page_number":154,"box":{"x":116,"y":118,"width":727,"height":12}},{"id":"644293e0-7b47-4972-8b3b-80965c0d04bb","block_type":"box","text":"security are not in any way owned by the Fund. However, each participation note synthetically","page_number":154,"box":{"x":116,"y":134,"width":702,"height":12}},{"id":"5bdf0be7-0aae-4ab7-a7ff-047f09d45d71","block_type":"box","text":"replicates the economic benefit of holding shares in the underlying security. 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A Fund attempts to mitigate that risk by purchasing only from issuers","page_number":154,"box":{"x":117,"y":196,"width":689,"height":12}},{"id":"d67c1a63-32e1-4cc5-93e3-dbd0eabeee65","block_type":"box","text":"determined to be creditworthy.","page_number":154,"box":{"x":116,"y":211,"width":231,"height":12}},{"id":"259b1bdd-0a69-4147-aa99-b76209857325","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge","page_number":154,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"9f2fbbb1-f3ad-4372-8c28-6ab175427efc","block_type":"box","text":"its obligation. A Fund may, but is not required to, purchase credit protection against the default of the","page_number":154,"box":{"x":117,"y":258,"width":752,"height":12}},{"id":"a64b9cdc-f09a-49f3-a26d-df10fcc15a59","block_type":"box","text":"issuer. When the participation note expires or a Fund exercises the participation note and closes its","page_number":154,"box":{"x":117,"y":273,"width":742,"height":12}},{"id":"a9f1daf5-47b9-457e-9a72-e57f3378fe74","block_type":"box","text":"position, the Fund receives a payment that is based upon the then-current value of the underlying","page_number":154,"box":{"x":117,"y":289,"width":728,"height":12}},{"id":"b1ae6982-b0ec-4442-8391-018205eaf518","block_type":"box","text":"security converted into U.S. dollars (less transaction costs). The price, performance and liquidity of a","page_number":154,"box":{"x":116,"y":304,"width":751,"height":12}},{"id":"3d69cb49-a778-4001-887d-dc67df92540c","block_type":"box","text":"participation note are all linked directly to the underlying security. A Fund’s ability to redeem or","page_number":154,"box":{"x":117,"y":320,"width":704,"height":12}},{"id":"bf91dc65-1d5c-4098-ab4e-d06f75bbbf45","block_type":"box","text":"exercise a participation note generally is dependent on the liquidity in the local trading market for the","page_number":154,"box":{"x":116,"y":335,"width":750,"height":12}},{"id":"7d29ca4b-6f01-4bca-b44a-6b6e05982723","block_type":"box","text":"security underlying the participation note.","page_number":154,"box":{"x":116,"y":351,"width":310,"height":12}},{"id":"26f722a5-94d1-4a71-b681-bdf969fa3d91","block_type":"box","text":"Portfolio Turnover Rates.","page_number":154,"box":{"x":116,"y":382,"width":201,"height":9}},{"id":"9c1ca367-6815-484d-8589-536d4ecc93d1","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale","page_number":154,"box":{"x":318,"y":382,"width":569,"height":12}},{"id":"952056ac-1641-4a6d-9c0c-c5fbf18da463","block_type":"box","text":"or purchase when the Manager believes investment considerations warrant such sale or purchase.","page_number":154,"box":{"x":116,"y":397,"width":738,"height":12}},{"id":"6811c6f0-2f3a-4f24-8999-c2bb92dbcee1","block_type":"box","text":"Although certain Funds will use an approach to investing that is largely a passive, indexing approach,","page_number":154,"box":{"x":116,"y":413,"width":756,"height":12}},{"id":"2676a530-fcb8-484f-8d64-903671b19b78","block_type":"box","text":"such Funds may engage in a substantial number of portfolio transactions. With respect to these Funds,","page_number":154,"box":{"x":116,"y":428,"width":770,"height":12}},{"id":"28eb8959-ea7a-4860-9141-66899e9baa8e","block_type":"box","text":"the rate of portfolio turnover will be a limiting factor when the Manager considers whether to purchase","page_number":154,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"39a6ee27-548b-4829-b3d2-463e08b1d82f","block_type":"box","text":"or sell securities for a Fund only to the extent that the Manager will consider the impact of transaction","page_number":154,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"746f86d0-2d1e-4fc1-98db-3a16c296b8bb","block_type":"box","text":"costs on a Fund’s tracking error. Portfolio turnover may vary greatly from year to year as well as within","page_number":154,"box":{"x":116,"y":475,"width":765,"height":12}},{"id":"e7fbcf0f-f0c0-49bf-87d7-de28d32198e7","block_type":"box","text":"a particular year. High portfolio turnover (","page_number":154,"box":{"x":116,"y":490,"width":305,"height":12}},{"id":"5735b1df-88b4-4bad-a1df-57ca768d1eae","block_type":"box","text":"i.e.","page_number":154,"box":{"x":422,"y":490,"width":21,"height":10}},{"id":"a6a505f9-8f41-4566-bf1d-0924aaeca356","block_type":"box","text":", 100% or more) may result in increased transaction costs","page_number":154,"box":{"x":446,"y":490,"width":433,"height":12}},{"id":"95ff0ee6-728e-4619-8683-877acd9611dd","block_type":"box","text":"to a Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale","page_number":154,"box":{"x":116,"y":506,"width":759,"height":12}},{"id":"8a677510-2914-41e3-8521-66178716a7e7","block_type":"box","text":"of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in the","page_number":154,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"c18d1eb3-977d-4bf9-83d2-a320f240209b","block_type":"box","text":"recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short","page_number":154,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"45a0f5b1-0dc9-4354-89ed-d17e639920a0","block_type":"box","text":"term capital gain or loss. These effects of higher than normal portfolio turnover may adversely affect a","page_number":154,"box":{"x":116,"y":552,"width":761,"height":12}},{"id":"913a61cf-23be-417a-be02-20aaa56ca4c5","block_type":"box","text":"Fund’s performance.","page_number":154,"box":{"x":117,"y":568,"width":158,"height":12}},{"id":"8c9931cd-d9fa-4ed5-9009-aee71c58a931","block_type":"box","text":"Preferred Stock.","page_number":154,"box":{"x":116,"y":599,"width":126,"height":9}},{"id":"5a3e9b75-32d2-44c8-a77d-0a1850feb2c2","block_type":"box","text":"Certain Funds may invest in preferred sto","page_number":154,"box":{"x":243,"y":599,"width":306,"height":12}},{"id":"140a1006-f3d2-42f9-a3d2-09c1a24a45e9","block_type":"box","text":"cks. Preferred stock has a preference over","page_number":154,"box":{"x":550,"y":599,"width":314,"height":12}},{"id":"56643275-2029-4afd-b664-9c2027d29181","block_type":"box","text":"common stock in liquidation (and generally dividends","page_number":154,"box":{"x":116,"y":614,"width":384,"height":12}},{"id":"8a0ba0a5-b1b2-41ec-a6e9-4692dcd59019","block_type":"box","text":"as well) but is subordinated to bond holders and","page_number":154,"box":{"x":501,"y":614,"width":358,"height":12}},{"id":"5b9ddb54-95cf-4010-a042-2cccc0cc890c","block_type":"box","text":"other creditors in all respects. As a general rule, t","page_number":154,"box":{"x":116,"y":630,"width":357,"height":12}},{"id":"1e71660a-75ab-4857-9597-8c4a41ca45fa","block_type":"box","text":"he market value of preferred stock with a fixed dividend","page_number":154,"box":{"x":474,"y":630,"width":406,"height":12}},{"id":"11a64a4e-f6cc-4f32-bcd2-5b9612bfab3e","block_type":"box","text":"rate and no conversion element varies inversely with","page_number":154,"box":{"x":117,"y":645,"width":386,"height":12}},{"id":"750c4b67-51f4-4b8d-915f-add07f808368","block_type":"box","text":"interest rates and perceived credit risk, while the","page_number":154,"box":{"x":504,"y":645,"width":355,"height":12}},{"id":"9dfb0f47-b62d-4c67-a023-80c1cff70d38","block_type":"box","text":"market price of convertible preferred stock generally","page_number":154,"box":{"x":117,"y":661,"width":377,"height":12}},{"id":"6b68c033-95fe-42f3-a454-ef68547814c4","block_type":"box","text":"also reflects some element of conversion value.","page_number":154,"box":{"x":499,"y":661,"width":345,"height":9}},{"id":"dd4a951c-07b2-4e56-8ba5-231b9462313a","block_type":"box","text":"Because preferred stock is junior to debt securities","page_number":154,"box":{"x":117,"y":676,"width":367,"height":12}},{"id":"7bad0b3e-1669-47ec-ac39-773044772b63","block_type":"box","text":"and other obligations of the issuer, deterioration in the","page_number":154,"box":{"x":489,"y":676,"width":391,"height":12}},{"id":"d06f0c0d-6488-4c1c-b50e-796100f5e992","block_type":"box","text":"credit quality of the issuer will cause greater changes in","page_number":154,"box":{"x":116,"y":692,"width":402,"height":12}},{"id":"ee752f75-45f5-4a1d-af7f-2c93405f1ff8","block_type":"box","text":"the value of a preferred stock than in a more","page_number":154,"box":{"x":523,"y":692,"width":323,"height":12}},{"id":"fdf98fba-3729-451c-9b69-caae987de63f","block_type":"box","text":"senior debt security with similar stated yield characte","page_number":154,"box":{"x":116,"y":707,"width":383,"height":12}},{"id":"fbfd3d93-47fa-4ae5-9d49-512b4d0658e5","block_type":"box","text":"ristics. Unlike interest payments on debt securities,","page_number":154,"box":{"x":500,"y":707,"width":367,"height":12}},{"id":"2f52c762-bbcf-43a5-a883-f8e02cb10917","block_type":"box","text":"preferred stock dividends are payable only if declared by","page_number":154,"box":{"x":117,"y":723,"width":410,"height":12}},{"id":"5381c9fe-5cdb-43b0-b880-5555811393ab","block_type":"box","text":"the issuer’s board of di","page_number":154,"box":{"x":532,"y":723,"width":164,"height":9}},{"id":"f1b8eb23-a1d7-4c55-a73d-1d5a996af1d6","block_type":"box","text":"rectors. Preferred stock","page_number":154,"box":{"x":698,"y":723,"width":170,"height":9}},{"id":"cbbcfe01-091e-4504-ac50-960be4a44757","block_type":"box","text":"also may be subject to optional or mandatory redemption provisions.","page_number":154,"box":{"x":116,"y":738,"width":496,"height":12}},{"id":"01f95691-8bd9-4172-99dc-13b42a5c6d79","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":154,"box":{"x":118,"y":769,"width":224,"height":12}},{"id":"34b37e24-adb0-4e7d-b0d2-d47e048f8afb","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment","page_number":154,"box":{"x":350,"y":769,"width":497,"height":12}},{"id":"bc4a85d5-ad7f-4e54-90c3-a1686084044b","block_type":"box","text":"funds that pay dividends that are exempt from regular U.S. federal income tax. Such funds in turn","page_number":154,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"9f69df8b-9fa6-4786-ac6b-4f03e9170ff2","block_type":"box","text":"invest in municipal bonds and other assets that pay interest or make distributions that are exempt from","page_number":154,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"5ac4cb56-1b91-46ca-a1c0-2ef3b4f288af","block_type":"box","text":"regular U.S. federal income tax, such as revenue bonds issued by state or local agencies to fund the","page_number":154,"box":{"x":117,"y":816,"width":746,"height":12}},{"id":"4c30451c-e6fd-4ef0-8680-c756f7a8907c","block_type":"box","text":"development of low-income, multi-family housing. Investment in such tax-exempt preferred shares","page_number":154,"box":{"x":116,"y":831,"width":733,"height":12}},{"id":"bc85ba81-8282-4535-b37d-92596edcaf7b","block_type":"box","text":"involves many of the same issues as investing in other investment companies. These investments also","page_number":154,"box":{"x":117,"y":847,"width":768,"height":12}},{"id":"be04961a-6f2c-424e-9198-36233f15a997","block_type":"box","text":"have additional risks, including illiquid investments risk, the absence of regulation governing","page_number":154,"box":{"x":117,"y":862,"width":685,"height":12}},{"id":"f5058ccd-2859-4972-a9b7-dde8562e9a0d","block_type":"box","text":"investment practices, capital structure and leverage, affiliated transactions and other matters, and","page_number":154,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"221d83d3-7f88-4e76-b0fe-a0999944c183","block_type":"box","text":"II-83","page_number":154,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"6fb730e2-b7f8-400c-9997-4f651735b8ba","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":154,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"14940df2-88de-4922-a003-6171e79e8db8","block_type":"box","text":"concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat","page_number":155,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"129af236-5bcc-40ad-b22b-7c84c12fa48c","block_type":"box","text":"investments in tax-exempt preferred shares as investments in municipal bonds.","page_number":155,"box":{"x":117,"y":102,"width":593,"height":12}},{"id":"27746ba1-7f03-4ea7-850b-1c0611f9fc12","block_type":"box","text":"Trust Preferred Securities.","page_number":155,"box":{"x":118,"y":134,"width":193,"height":9}},{"id":"915bf578-93d5-4068-b422-7da9bfa921fc","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred","page_number":155,"box":{"x":312,"y":134,"width":525,"height":12}},{"id":"0a3fce27-215f-41a9-a70d-712a97abde31","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with","page_number":155,"box":{"x":116,"y":149,"width":724,"height":12}},{"id":"5f5c01fd-a165-47bf-8cfe-e38316be8077","block_type":"box","text":"preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the","page_number":155,"box":{"x":117,"y":165,"width":751,"height":12}},{"id":"0b5f9947-73f4-4284-a0b4-14b02f605566","block_type":"box","text":"form of beneficial interests in subordinated debentures or similarly structured securities. The trust","page_number":155,"box":{"x":116,"y":180,"width":726,"height":12}},{"id":"98e7fd83-98c2-46ac-ab54-61059682b035","block_type":"box","text":"preferred securities market consists of both fixed and adjustable coupon rate securities that are either","page_number":155,"box":{"x":117,"y":196,"width":758,"height":12}},{"id":"c0bd157c-7a13-4b4b-a7ff-688746460b8b","block_type":"box","text":"perpetual in nature or have stated maturity dates.","page_number":155,"box":{"x":117,"y":211,"width":370,"height":12}},{"id":"a41180c6-0af0-4ae9-8156-063233151992","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit","page_number":155,"box":{"x":116,"y":242,"width":748,"height":12}},{"id":"3ec1cdca-1569-4374-a759-1f24ac3b3b71","block_type":"box","text":"from a guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition,","page_number":155,"box":{"x":116,"y":258,"width":771,"height":12}},{"id":"076081f1-c3aa-4d5f-8bf8-e81d6fba5884","block_type":"box","text":"trust preferred securities typically permit an issuer to defer the payment of income for five years or","page_number":155,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"2303a545-2a2f-4b60-8621-751f011b994e","block_type":"box","text":"more without triggering an event of default. Because of their subordinated position in the capital","page_number":155,"box":{"x":117,"y":289,"width":713,"height":12}},{"id":"b60dad35-48cd-4fc3-8c25-b6f0a5e609c1","block_type":"box","text":"structure of an issuer, the ability to defer payments for extended periods of time without default","page_number":155,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"f53bda52-f6ed-412f-8088-ebb95399055c","block_type":"box","text":"consequences to the issuer, and certain other features (such as restrictions on common dividend","page_number":155,"box":{"x":116,"y":320,"width":725,"height":12}},{"id":"47e5e561-d1ba-4e29-b568-0569ebe54d5b","block_type":"box","text":"payments by the issuer or ultimate guarantor when full cumulative payments on the trust preferred","page_number":155,"box":{"x":117,"y":335,"width":733,"height":12}},{"id":"0bc10872-34e9-46dc-8abb-3df3043d9a7d","block_type":"box","text":"securities have not been made), these trust preferred securities are often treated as close substitutes","page_number":155,"box":{"x":116,"y":351,"width":756,"height":12}},{"id":"bd7ec6e2-e7e0-4773-b700-142bff77dbab","block_type":"box","text":"for traditional preferred securities, both by issuers and investors.","page_number":155,"box":{"x":116,"y":366,"width":483,"height":12}},{"id":"95e72bd0-8f86-4cd4-8497-c3d4ba158573","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":155,"box":{"x":116,"y":397,"width":740,"height":12}},{"id":"47b46fe1-a130-4337-870f-d4f8fb6eab5f","block_type":"box","text":"®","page_number":155,"box":{"x":857,"y":396,"width":9,"height":7}},{"id":"248ec902-e923-49b2-bdca-6a3274694470","block_type":"box","text":"”);","page_number":155,"box":{"x":867,"y":397,"width":20,"height":12}},{"id":"829decc4-df11-44c2-ab60-ec3fab3a4580","block_type":"box","text":"monthly income preferred securities (“MIPS","page_number":155,"box":{"x":117,"y":413,"width":322,"height":12}},{"id":"f63e529f-771b-43b3-829f-0c6bdddac3f9","block_type":"box","text":"®","page_number":155,"box":{"x":439,"y":412,"width":10,"height":7}},{"id":"543bfced-3c2c-4423-979f-960544f56735","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":155,"box":{"x":449,"y":413,"width":330,"height":12}},{"id":"211310d5-433e-428f-ba13-6eb92e13d85d","block_type":"box","text":"®","page_number":155,"box":{"x":780,"y":412,"width":9,"height":7}},{"id":"725d8441-6754-43be-be4d-66eaecf9c76a","block_type":"box","text":"” ); quarterly","page_number":155,"box":{"x":790,"y":413,"width":95,"height":12}},{"id":"38c08b48-bf2a-4573-90a0-2dd9a80988af","block_type":"box","text":"income debt securities (“QUIDS","page_number":155,"box":{"x":117,"y":428,"width":234,"height":12}},{"id":"5afc46ae-6e9b-496e-bd70-aa4b3cdbca60","block_type":"box","text":"®","page_number":155,"box":{"x":352,"y":427,"width":10,"height":7}},{"id":"f2cf7fc8-2028-4844-893e-af27f1179642","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":155,"box":{"x":362,"y":428,"width":361,"height":12}},{"id":"79a1bf95-abf0-45d5-b2f2-ca27ff757de3","block_type":"box","text":"SM","page_number":155,"box":{"x":724,"y":428,"width":16,"height":6}},{"id":"e79a55fb-18dc-4b18-8f16-7fad0b76af44","block_type":"box","text":"”); corporate trust","page_number":155,"box":{"x":741,"y":428,"width":133,"height":12}},{"id":"409bbee1-08bb-49a2-9403-a99eccfac925","block_type":"box","text":"securities (“CORTS","page_number":155,"box":{"x":116,"y":444,"width":145,"height":12}},{"id":"c6c1dd04-5453-40d8-a976-97a12183c291","block_type":"box","text":"®","page_number":155,"box":{"x":262,"y":443,"width":9,"height":7}},{"id":"429861bb-6b53-4992-b95e-ce30dc23defc","block_type":"box","text":"”); public income notes (“PINES","page_number":155,"box":{"x":271,"y":444,"width":235,"height":12}},{"id":"0ddd02ac-8c90-4a3c-871e-5ba033f7d85d","block_type":"box","text":"®","page_number":155,"box":{"x":507,"y":443,"width":9,"height":7}},{"id":"ca9fec81-0ac6-4af2-a96c-f9d54fa61ca0","block_type":"box","text":"”); and other trust preferred securities.","page_number":155,"box":{"x":517,"y":444,"width":287,"height":12}},{"id":"d9870674-5c5e-4fb7-9a5b-71b5cf6888b1","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in","page_number":155,"box":{"x":116,"y":475,"width":766,"height":12}},{"id":"31f9a49b-1bb4-418d-9212-58cb313dee5f","block_type":"box","text":"nature. In certain instances, a final maturity date may be extended and/or the final payment of principal","page_number":155,"box":{"x":117,"y":490,"width":767,"height":12}},{"id":"e747c1d6-27c2-4cff-8c80-d459553522c2","block_type":"box","text":"may be deferred at the issuer’s option for a specified time without default. No redemption can typically","page_number":155,"box":{"x":117,"y":506,"width":760,"height":12}},{"id":"f9676632-556b-4dc2-8985-211e91014c70","block_type":"box","text":"take place unless all cumulative payment obligations have been met, although issuers may be able to","page_number":155,"box":{"x":116,"y":521,"width":758,"height":12}},{"id":"9729ed71-f01d-4405-9b0d-a3fa4d34e554","block_type":"box","text":"engage in open-market repurchases without regard to whether all payments have been paid.","page_number":155,"box":{"x":116,"y":537,"width":693,"height":12}},{"id":"6a45169e-e462-49e7-a41e-3efdc402c5e5","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by","page_number":155,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"875a7990-c6d5-4f10-913e-66e43677a713","block_type":"box","text":"operating companies and are not a direct obligation of an operating company. At the time the trust or","page_number":155,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"22757806-cf9b-41b4-a9a6-77176dfb3e99","block_type":"box","text":"special purpose entity sells such preferred securities to investors, it purchases debt of the operating","page_number":155,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"b625cf76-1969-4a5b-93b3-db88e05f3e65","block_type":"box","text":"company (with terms comparable to those of the trust or special purpose entity securities), which","page_number":155,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"fa53b30a-c84d-490c-bf32-eeec0eda2a13","block_type":"box","text":"enables the operating company to deduct for tax purposes the interest paid on the debt held by the","page_number":155,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"fa89b0bc-ebbc-4fd8-975c-092a4d624f0f","block_type":"box","text":"trust or special purpose entity. The trust or special purpose entity is generally required to be treated as","page_number":155,"box":{"x":116,"y":645,"width":765,"height":12}},{"id":"959a1746-198e-4198-ad27-ff4bf2dc106c","block_type":"box","text":"transparent for U.S. federal income tax purposes such that the holders of the trust preferred securities","page_number":155,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"c78a3846-289e-43fa-a5a3-24aa5f61c64f","block_type":"box","text":"are treated as owning beneficial interests in the underlying debt of the operating company. Accordingly,","page_number":155,"box":{"x":116,"y":676,"width":765,"height":12}},{"id":"bf6c5851-8cd7-4e8f-b49e-43ed41e975ac","block_type":"box","text":"payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":155,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"3e7db131-8fc8-4df0-9833-3f24aa77282d","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating","page_number":155,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"1da94e2e-006c-43ec-a4c3-527908d44d65","block_type":"box","text":"company’s debt and would have priority with respect to the operating company’s earnings and profits","page_number":155,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"14aaaec7-a04e-48ee-b569-7786545e7ade","block_type":"box","text":"over the operating company’s common shareholders but would typically be subordinated to other","page_number":155,"box":{"x":116,"y":738,"width":720,"height":12}},{"id":"f17e0c92-ffaf-42ad-a65e-d91d3b050b63","block_type":"box","text":"classes of the operating company’s debt. Typically, a preferred share has a rating that is slightly below","page_number":155,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"b655e84b-b969-4bb6-9f1a-4c6fdea66867","block_type":"box","text":"that of its corresponding operating company’s senior debt securities.","page_number":155,"box":{"x":116,"y":769,"width":506,"height":12}},{"id":"d56a681f-cd7f-4328-9789-734eabd384fb","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":155,"box":{"x":116,"y":800,"width":324,"height":12}},{"id":"11f6102b-8bd4-4502-a83e-d1e93a275e8d","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in","page_number":155,"box":{"x":448,"y":800,"width":417,"height":12}},{"id":"323e29ce-9124-4c2d-83d4-6b45f321ab41","block_type":"box","text":"shares of REITs. REITs possess certain risks which differ from an investment in common stocks.","page_number":155,"box":{"x":116,"y":816,"width":718,"height":12}},{"id":"ecf97fde-d5fc-44bd-9295-29fea8b64c29","block_type":"box","text":"REITs are financial vehicles that pool investor’s capital to purchase or finance real estate. REITs may","page_number":155,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"e3a66565-2523-4027-881a-2509d7ef5fab","block_type":"box","text":"concentrate their investments in specific geographic areas or in specific property types,","page_number":155,"box":{"x":116,"y":847,"width":652,"height":12}},{"id":"ae1e0c86-d974-475e-a6b4-15043e670851","block_type":"box","text":"i.e.","page_number":155,"box":{"x":768,"y":847,"width":21,"height":9}},{"id":"3aaaadae-c8a6-4b96-9894-84f4e35cf966","block_type":"box","text":", hotels,","page_number":155,"box":{"x":792,"y":847,"width":62,"height":11}},{"id":"17ea17c9-abe0-41a8-b7cf-71d7b11e58db","block_type":"box","text":"shopping malls, residential complexes and office buildings.","page_number":155,"box":{"x":116,"y":862,"width":441,"height":12}},{"id":"dd1345b4-299d-4e53-b63a-a27e5f8de5e4","block_type":"box","text":"II-84","page_number":155,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"a92ae84d-2a01-45a9-a6b5-d71ee341caad","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":155,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"add3de22-1c61-497e-bc20-e3cf307a6fb2","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will","page_number":156,"box":{"x":117,"y":87,"width":752,"height":12}},{"id":"e03b5b3b-2ca2-4036-aae2-8127f133527c","block_type":"box","text":"bear its proportionate share of the costs of the REITs’ operations. There are three general categories","page_number":156,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"1d6bbe7b-8414-4592-bf69-f6fd0258eaa5","block_type":"box","text":"of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee","page_number":156,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"61374e94-45f7-4080-bc07-2358cfefcfa4","block_type":"box","text":"ownership or leasehold ownership of real property, which derive most of their income from rents.","page_number":156,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"29da77f0-c0d1-462d-8d7b-e4d6b1e0176e","block_type":"box","text":"Mortgage REITs invest mostly in mortgages on real estate, which may secure construction,","page_number":156,"box":{"x":117,"y":149,"width":681,"height":12}},{"id":"562e3b2d-53e2-4973-987d-fa479f4fd221","block_type":"box","text":"development or long-term loans; the main source of their income is mortgage interest payments.","page_number":156,"box":{"x":116,"y":165,"width":720,"height":12}},{"id":"b7471d8e-782a-472f-9892-df5b1ebfcfef","block_type":"box","text":"Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":156,"box":{"x":117,"y":180,"width":541,"height":12}},{"id":"56c1c683-be49-41d3-abba-90f3ab6ab2ca","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in","page_number":156,"box":{"x":117,"y":211,"width":749,"height":12}},{"id":"25962238-f35e-43e7-8f32-b0f82bf9f726","block_type":"box","text":"the real estate industry in general. The market value of REIT shares and the ability of the REITs to","page_number":156,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"fb14ce9f-7b25-4783-9779-0e3c8b722b62","block_type":"box","text":"distribute income may be adversely affected by several factors, including rising interest rates, changes","page_number":156,"box":{"x":116,"y":242,"width":765,"height":12}},{"id":"98ec4827-3b24-45b6-8636-de96bb0577e8","block_type":"box","text":"in the national, state and local economic climate and real estate conditions, occupancy and rental","page_number":156,"box":{"x":117,"y":258,"width":727,"height":12}},{"id":"624a027f-8507-444b-9874-4fddae5b16b4","block_type":"box","text":"rates, perceptions of prospective tenants of the safety, convenience and attractiveness of the","page_number":156,"box":{"x":117,"y":273,"width":695,"height":12}},{"id":"e22852c7-7b48-44d4-9d49-4a97a2feab55","block_type":"box","text":"properties, the ability of the owners to provide adequate management, maintenance and insurance, the","page_number":156,"box":{"x":117,"y":289,"width":770,"height":12}},{"id":"da54320c-fe3f-4111-8f04-c8a45d06dd1f","block_type":"box","text":"cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":156,"box":{"x":116,"y":304,"width":761,"height":12}},{"id":"f0977eee-cd58-4088-bd6e-6a7914a62012","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws,","page_number":156,"box":{"x":116,"y":320,"width":729,"height":12}},{"id":"c8e21859-f31e-4912-a280-25098e8b1667","block_type":"box","text":"failing to maintain their exemptions from registration under the Investment Company Act, changes in","page_number":156,"box":{"x":116,"y":335,"width":749,"height":12}},{"id":"4c81ead9-e3d6-4cb8-a76b-2ffd463037cb","block_type":"box","text":"real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal","page_number":156,"box":{"x":117,"y":351,"width":733,"height":12}},{"id":"34bebb39-834e-4823-bc6a-93ec565587ff","block_type":"box","text":"policies, adverse changes in zoning laws and other factors beyond the control of the issuers of the","page_number":156,"box":{"x":117,"y":366,"width":733,"height":12}},{"id":"9cf36b92-5d22-4c25-b2bb-ddd7dec9337b","block_type":"box","text":"REITs. To the extent that assets underlying a REIT are concentrated geographically, by property type,","page_number":156,"box":{"x":117,"y":382,"width":762,"height":12}},{"id":"e9810fd4-4faf-4663-bad4-1ea5caa8893a","block_type":"box","text":"or in certain other respects, these risks may be heightened.","page_number":156,"box":{"x":116,"y":397,"width":446,"height":12}},{"id":"8036c988-7295-4190-b2a7-16d5f6025f43","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or","page_number":156,"box":{"x":117,"y":428,"width":761,"height":12}},{"id":"ab5a4957-b796-4e4a-ae38-708f41f58be5","block_type":"box","text":"return of capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating","page_number":156,"box":{"x":117,"y":444,"width":760,"height":12}},{"id":"8fc0ba13-1424-493e-a565-c07b7c01fc71","block_type":"box","text":"companies, to the extent application of the Fund’s investment strategy results in the Fund investing in","page_number":156,"box":{"x":116,"y":459,"width":758,"height":12}},{"id":"0a8be01e-1eee-4b6e-a7ec-b56034a70cd9","block_type":"box","text":"REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":156,"box":{"x":117,"y":475,"width":722,"height":12}},{"id":"fd9c3180-6da6-4f7c-bcc7-0bacda291faf","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT","page_number":156,"box":{"x":116,"y":490,"width":723,"height":12}},{"id":"5f857d4c-0d75-448c-8505-f8110cd88954","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as","page_number":156,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"5b6c038a-c067-4bbf-9af4-e9e3060cc3d2","block_type":"box","text":"ordinary income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer","page_number":156,"box":{"x":116,"y":521,"width":768,"height":12}},{"id":"99c79e4c-1733-44df-8933-54250eab182a","block_type":"box","text":"who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary","page_number":156,"box":{"x":116,"y":537,"width":757,"height":12}},{"id":"7c6ede86-2cdf-42f8-8b5a-c362364ad181","block_type":"box","text":"REIT dividends, and a regulated investment company may report dividends as eligible for this","page_number":156,"box":{"x":117,"y":552,"width":698,"height":12}},{"id":"598492f1-56d6-466d-a2cf-5eadd2f0037b","block_type":"box","text":"deduction to the extent the regulated investment company’s income is derived from ordinary REIT","page_number":156,"box":{"x":116,"y":568,"width":731,"height":12}},{"id":"1280e1d0-9543-4ff6-8d02-1998d9a7fd1e","block_type":"box","text":"dividends (reduced by allocable regulated investment company expenses). A shareholder may treat","page_number":156,"box":{"x":116,"y":583,"width":745,"height":12}},{"id":"49c20413-c2d5-4ea6-b0d6-b11cc87ed570","block_type":"box","text":"the dividends as such provided the regulated investment company and the shareholder satisfy","page_number":156,"box":{"x":116,"y":599,"width":704,"height":12}},{"id":"5fd3883a-867f-4d88-8e4e-01a9c5129afe","block_type":"box","text":"applicable holding period requirements.","page_number":156,"box":{"x":116,"y":614,"width":298,"height":12}},{"id":"58ec18c6-6149-469b-9658-c0ea71320a9b","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may","page_number":156,"box":{"x":117,"y":645,"width":728,"height":12}},{"id":"6f2ad4c6-fcd3-4273-be82-aa417b9d7d15","block_type":"box","text":"cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the","page_number":156,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"eb07e0e8-5b79-45db-8a8e-fb12a5e4beb2","block_type":"box","text":"market price of the equity securities issued by a REIT. Rising interest rates also generally increase the","page_number":156,"box":{"x":117,"y":676,"width":759,"height":12}},{"id":"cd2f9cca-d67f-417a-8e41-cf55a3ac8030","block_type":"box","text":"costs of obtaining financing, which could cause the value of a Fund’s REIT investments to decline.","page_number":156,"box":{"x":116,"y":692,"width":728,"height":12}},{"id":"35731e32-f8e1-489e-b2de-6ca3708405f4","block_type":"box","text":"During periods when interest rates are declining, mortgages are often refinanced. Refinancing may","page_number":156,"box":{"x":117,"y":707,"width":733,"height":12}},{"id":"cca9c3a6-0876-4dc7-934a-ad3bd74ed262","block_type":"box","text":"reduce the yield on investments in mortgage REITs. In addition, since REITs depend on payment","page_number":156,"box":{"x":117,"y":723,"width":721,"height":12}},{"id":"50fd52a8-7c42-484b-bd8b-e0cbf4358a83","block_type":"box","text":"under their mortgage loans and leases to generate cash to make distributions to their shareholders,","page_number":156,"box":{"x":117,"y":738,"width":737,"height":12}},{"id":"feda6c4d-f562-46d2-98ee-024c25487395","block_type":"box","text":"investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":156,"box":{"x":117,"y":754,"width":706,"height":12}},{"id":"7260dd97-6eaa-4e95-b270-eb698285438a","block_type":"box","text":"Investing in certain REITs, which often have small mark","page_number":156,"box":{"x":117,"y":785,"width":403,"height":12}},{"id":"38b081c5-be92-449c-89f9-caafcbff8927","block_type":"box","text":"et capitalizations, may also involve the same risks","page_number":156,"box":{"x":521,"y":785,"width":361,"height":12}},{"id":"88f445a8-e4e6-45f1-a4c2-0a2884615a1a","block_type":"box","text":"as investing in other small capitalization compani","page_number":156,"box":{"x":116,"y":800,"width":354,"height":12}},{"id":"a5fee190-09cc-47d7-bf60-a169de0bcd3e","block_type":"box","text":"es. REITs may have limited financial resources and their","page_number":156,"box":{"x":472,"y":800,"width":410,"height":12}},{"id":"64976af9-ff44-499e-bf57-a15226d28962","block_type":"box","text":"securities may trade less frequently and in limited volu","page_number":156,"box":{"x":116,"y":816,"width":393,"height":12}},{"id":"126ca905-1079-4cfa-a82d-17ee0b1b673c","block_type":"box","text":"me and may be subject to more abrupt or erratic","page_number":156,"box":{"x":511,"y":816,"width":350,"height":12}},{"id":"1f0c9219-df9f-4e0b-8a13-4e23fe595996","block_type":"box","text":"price movements than larger company securities. Histo","page_number":156,"box":{"x":117,"y":831,"width":399,"height":12}},{"id":"1cd89a22-697f-4a1f-b3e6-73811160914b","block_type":"box","text":"rically, small capitalization stocks, such as REITs,","page_number":156,"box":{"x":518,"y":831,"width":364,"height":12}},{"id":"e3728cf8-851e-4a47-885c-63f9966883cf","block_type":"box","text":"have been more volatile in price than the larger c","page_number":156,"box":{"x":117,"y":847,"width":354,"height":12}},{"id":"941d69e3-fe0c-4e91-ad0c-c7b020c035b7","block_type":"box","text":"apitalization stocks such as those included in the S&P","page_number":156,"box":{"x":472,"y":847,"width":396,"height":12}},{"id":"51883453-d2ee-48db-a5d5-276dd8249b01","block_type":"box","text":"500 Index. The management of a REIT may be subject to","page_number":156,"box":{"x":116,"y":862,"width":423,"height":12}},{"id":"7f239a65-50d2-4574-bcd0-c191a9ba0c46","block_type":"box","text":"conflicts of interest with respect to the","page_number":156,"box":{"x":540,"y":862,"width":278,"height":12}},{"id":"ef137f79-47dd-4510-a7c6-4bc072c78b5e","block_type":"box","text":"operation of the business of the REIT and may be involved","page_number":156,"box":{"x":116,"y":878,"width":432,"height":12}},{"id":"cd1a6b94-ed6c-42ce-b12b-e7242b920f48","block_type":"box","text":"in real estate activities competitive with the","page_number":156,"box":{"x":549,"y":878,"width":314,"height":12}},{"id":"d92e0037-15dc-4ce9-8913-a87374c1b27c","block_type":"box","text":"II-85","page_number":156,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"da839d6e-e25a-4bda-8350-fde4000cb4c6","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":156,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d9147485-4dcc-4ddd-92ce-181d24224db8","block_type":"box","text":"REIT. REITs may own properties through joint ventures","page_number":157,"box":{"x":117,"y":87,"width":407,"height":12}},{"id":"5d9d3239-3874-457b-88bd-af789000bab1","block_type":"box","text":"or in other circumstances in which the REIT may","page_number":157,"box":{"x":525,"y":87,"width":357,"height":12}},{"id":"f42c881e-ef02-47bb-b5b5-68f90ce1614b","block_type":"box","text":"not have control over its investments. REITs","page_number":157,"box":{"x":117,"y":103,"width":320,"height":9}},{"id":"b648751d-3ee1-40fa-a651-dd38020ea58d","block_type":"box","text":"may incur significant amounts of leverage.","page_number":157,"box":{"x":438,"y":102,"width":316,"height":13}},{"id":"68f15fea-d57f-4d4a-ae84-9b525ea92f53","block_type":"box","text":"Market Risks/Recent Market Events","page_number":157,"box":{"x":116,"y":134,"width":283,"height":9}},{"id":"ef685393-6d55-412b-b412-c7e1844958d1","block_type":"box","text":". Securities may decline in value due to factors affecting","page_number":157,"box":{"x":401,"y":134,"width":418,"height":12}},{"id":"0a62450d-6448-49a5-af7f-48f418e8d4be","block_type":"box","text":"securities markets generally or particular industries represented in the markets. The value of a security","page_number":157,"box":{"x":116,"y":149,"width":767,"height":12}},{"id":"289b2b5c-eecb-46b6-adb4-bfd32a9a072c","block_type":"box","text":"may decline due to general market conditions, economic trends or events that are not specifically","page_number":157,"box":{"x":117,"y":165,"width":725,"height":12}},{"id":"ae843201-4197-47bb-8623-3e954ecde50e","block_type":"box","text":"related to a company or to factors that affect a particular industry or industries, or factors that affect a","page_number":157,"box":{"x":117,"y":180,"width":754,"height":12}},{"id":"e64b5d1f-f11c-40fe-851e-3e8954c06dfc","block_type":"box","text":"particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of","page_number":157,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"5ca63ee6-bfc7-41d9-8887-c7a4c3de0377","block_type":"box","text":"industries, sector or asset class. The success of a Fund’s activities could be affected by interest rates,","page_number":157,"box":{"x":117,"y":211,"width":761,"height":12}},{"id":"9f4e8f72-0f77-4034-bf92-8c72a097de87","block_type":"box","text":"availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, economic","page_number":157,"box":{"x":116,"y":227,"width":744,"height":12}},{"id":"bb459b4e-8f31-4463-8807-de73032bcab1","block_type":"box","text":"sanctions, currency exchange controls, and local, regional or global events such as war, acts of","page_number":157,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"9624639f-62be-4626-be5c-bfc24464d69b","block_type":"box","text":"terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":157,"box":{"x":116,"y":258,"width":744,"height":11}},{"id":"58858dc2-4cab-4993-af19-27a36cd78507","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments.","page_number":157,"box":{"x":117,"y":273,"width":730,"height":12}},{"id":"3e8395ce-770f-4cbd-ae9a-b5befd1590c2","block_type":"box","text":"During a general economic downturn in the securities markets, multiple asset classes may be","page_number":157,"box":{"x":117,"y":289,"width":698,"height":12}},{"id":"d6dba8fe-d8d9-48e6-9ccb-57ba5f44cda0","block_type":"box","text":"negatively affected. These factors may affect the level and volatility of securities prices and the liquidity","page_number":157,"box":{"x":117,"y":304,"width":768,"height":12}},{"id":"90f0824d-76e6-4ab6-84cc-53cc17526afe","block_type":"box","text":"of a Fund’s investments, which could impair the Fund’s profitability or result in losses. A Fund may","page_number":157,"box":{"x":116,"y":320,"width":734,"height":12}},{"id":"2db3120c-7e41-4a11-8404-fffaf49d3973","block_type":"box","text":"maintain substantial trading positions that can be adversely affected by the level of volatility in the","page_number":157,"box":{"x":117,"y":335,"width":728,"height":12}},{"id":"aeac23ba-5375-4c21-b45c-633af689d2ab","block_type":"box","text":"financial markets; the larger the positions, the greater the potential for loss. Unpredictable or unstable","page_number":157,"box":{"x":116,"y":351,"width":758,"height":12}},{"id":"ee38db47-3282-460e-89c9-87fd038f60a4","block_type":"box","text":"market conditions may result in reduced opportunities to find suitable investments to deploy capital or","page_number":157,"box":{"x":117,"y":366,"width":756,"height":12}},{"id":"e5b310a8-7f55-49b8-b674-5f4f165d1319","block_type":"box","text":"make it more difficult to exit and realize value","page_number":157,"box":{"x":117,"y":382,"width":339,"height":9}},{"id":"020ff6a7-5b1d-4c03-800a-627ebc7e93a6","block_type":"box","text":"from a Fund’s existing investments. It is important to","page_number":157,"box":{"x":456,"y":382,"width":394,"height":12}},{"id":"025297e6-4957-414e-ac84-a02bbc181622","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions","page_number":157,"box":{"x":117,"y":397,"width":754,"height":12}},{"id":"30552329-ced8-4c34-9638-9264f394e633","block_type":"box","text":"and there can be no assurance that a Fund will not suffer material adverse effects from broad and","page_number":157,"box":{"x":116,"y":413,"width":732,"height":9}},{"id":"1bfbdee0-171f-4be4-a691-961fbffd1b75","block_type":"box","text":"rapid changes in market conditions.","page_number":157,"box":{"x":117,"y":428,"width":268,"height":12}},{"id":"5a243d2d-94d3-4545-906c-5d87b1a158fd","block_type":"box","text":"Periods of unusually high volatility in the financial","page_number":157,"box":{"x":117,"y":459,"width":359,"height":12}},{"id":"f439f1ab-cdc8-4a8d-b876-dafdfe27a0e5","block_type":"box","text":"markets and restrictive credit conditions, sometimes","page_number":157,"box":{"x":477,"y":459,"width":381,"height":11}},{"id":"a0f1740e-12ca-462e-9ee1-2f4aababb878","block_type":"box","text":"limited to a particular sector or a geography, can o","page_number":157,"box":{"x":117,"y":475,"width":364,"height":12}},{"id":"b9df2551-5fa2-47a6-9d96-504e511e52b0","block_type":"box","text":"ccur. Some countries, including the United States,","page_number":157,"box":{"x":482,"y":475,"width":368,"height":12}},{"id":"53ee4f5f-8e2f-469d-8293-b975672db948","block_type":"box","text":"have adopted and/or are considering the adoption of more","page_number":157,"box":{"x":117,"y":490,"width":422,"height":12}},{"id":"f0c31e22-b451-4f16-b040-308d766ed2f5","block_type":"box","text":"protectionist trade policies, a move away from","page_number":157,"box":{"x":539,"y":490,"width":344,"height":12}},{"id":"c25a9877-0f06-498f-96af-df30d7686d22","block_type":"box","text":"the tighter financial industry regulations that follow","page_number":157,"box":{"x":116,"y":506,"width":363,"height":12}},{"id":"6fdde303-baf6-4a3d-8285-b9c77b5a3477","block_type":"box","text":"ed the financial crisis of","page_number":157,"box":{"x":480,"y":506,"width":174,"height":9}},{"id":"8ab0eca6-cad1-495d-b35c-ec191ececc93","block_type":"box","text":"2008, and/or substantially","page_number":157,"box":{"x":654,"y":506,"width":192,"height":12}},{"id":"2f0ac03b-4fbc-40aa-a1e1-1e0277aacfa0","block_type":"box","text":"reducing corporate taxes. The exact shape of these","page_number":157,"box":{"x":117,"y":521,"width":379,"height":12}},{"id":"558f2c6d-9b11-40cc-8070-a701b1fe484b","block_type":"box","text":"policies is still being considered, but the equity and","page_number":157,"box":{"x":497,"y":521,"width":372,"height":12}},{"id":"1fce8e58-76d8-4b51-a728-03d1a96b7c85","block_type":"box","text":"debt markets may react strongly to expectations of c","page_number":157,"box":{"x":116,"y":537,"width":381,"height":12}},{"id":"b9f31e9a-102b-420f-8069-e490b0f9b28b","block_type":"box","text":"hange, which could increase volatility, especially if","page_number":157,"box":{"x":498,"y":537,"width":367,"height":12}},{"id":"2ece3f49-ef1d-4dcc-ac26-94daf712e378","block_type":"box","text":"the market’s expectations are not borne out. A rise in","page_number":157,"box":{"x":116,"y":552,"width":384,"height":12}},{"id":"c5947585-1669-4173-abb5-77cfef995a9b","block_type":"box","text":"protectionist trade policies, and the possibility of","page_number":157,"box":{"x":501,"y":552,"width":357,"height":12}},{"id":"f3ef8602-04a4-4f89-9079-2591c9fce745","block_type":"box","text":"changes to some international trade agreements, coul","page_number":157,"box":{"x":116,"y":568,"width":392,"height":12}},{"id":"74c1fbaf-94ad-4116-95d9-cd411cd97724","block_type":"box","text":"d affect the economies of many nations in ways","page_number":157,"box":{"x":509,"y":568,"width":350,"height":12}},{"id":"a818ae9e-4f2d-4bd2-89d2-041ee87d8509","block_type":"box","text":"that cannot necessarily be foreseen at the present","page_number":157,"box":{"x":116,"y":583,"width":370,"height":12}},{"id":"b4b0af69-2629-4bf8-a211-a8d4dff5c908","block_type":"box","text":"time. In addition, geopolitical and other risks, including","page_number":157,"box":{"x":486,"y":583,"width":398,"height":12}},{"id":"5606dd88-d5c4-45c8-8e89-2f09723605e5","block_type":"box","text":"environmental and public health, may add to instability in world economies and markets generally.","page_number":157,"box":{"x":116,"y":599,"width":716,"height":12}},{"id":"4b3c9229-5799-4ecd-9348-08ee45559c52","block_type":"box","text":"Economies and financial markets throughout the world","page_number":157,"box":{"x":117,"y":614,"width":400,"height":12}},{"id":"883a2b67-f980-4f3e-8162-0a6e8153930c","block_type":"box","text":"are increasingly interconnected. As a result,","page_number":157,"box":{"x":517,"y":614,"width":323,"height":12}},{"id":"370d91eb-435c-4ea2-ad36-dbd14090f95b","block_type":"box","text":"whether or not a Fund invests in securities of issuers","page_number":157,"box":{"x":116,"y":630,"width":388,"height":9}},{"id":"71fdea26-bc5f-48af-a857-9e7ba4426246","block_type":"box","text":"located in or with significant exposure to countries","page_number":157,"box":{"x":504,"y":630,"width":367,"height":12}},{"id":"b8a5cef4-0166-48f7-9046-82d5f010bbbf","block_type":"box","text":"experiencing economic, political and/or financial di","page_number":157,"box":{"x":116,"y":645,"width":364,"height":12}},{"id":"910f2471-1c39-4567-8591-9d1cb010c299","block_type":"box","text":"fficulties, the value and liquidity of the Fund’s","page_number":157,"box":{"x":481,"y":645,"width":330,"height":12}},{"id":"fc957258-4615-4232-a1ee-c7b646abc3f0","block_type":"box","text":"investments may be negatively affected by such events.","page_number":157,"box":{"x":117,"y":661,"width":405,"height":12}},{"id":"0358743d-dfa9-4d3a-a5ba-aade9c13c5f5","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments","page_number":157,"box":{"x":117,"y":692,"width":757,"height":12}},{"id":"a3ccfaf4-3274-4be0-a4fe-0f69874cf0e1","block_type":"box","text":"in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future","page_number":157,"box":{"x":117,"y":707,"width":745,"height":12}},{"id":"820a7970-f3a1-4afc-bb5b-4306c7231102","block_type":"box","text":"legislation or regulation or other governmental actions could limit or preclude the Fund’s abilities to","page_number":157,"box":{"x":117,"y":723,"width":729,"height":12}},{"id":"32c916ae-624f-48c9-a495-edbf9c5f682e","block_type":"box","text":"achieve its investment objectives or otherwise adversely impact an investment in the Fund. Recent","page_number":157,"box":{"x":116,"y":738,"width":733,"height":12}},{"id":"0db5d0e2-83d9-4d09-bc15-df0c90234a79","block_type":"box","text":"policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":157,"box":{"x":117,"y":754,"width":764,"height":12}},{"id":"7cb6d23b-182b-4ec8-9cd0-0dffd1d66c6f","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and","page_number":157,"box":{"x":116,"y":769,"width":732,"height":12}},{"id":"9dcf059c-01be-47c3-bf68-92988ceeb4a1","block_type":"box","text":"instability in domestic and global markets, and could adversely affect the investment performance of","page_number":157,"box":{"x":117,"y":785,"width":742,"height":12}},{"id":"21a54400-99cf-4745-adfc-68918fcd6c24","block_type":"box","text":"the Fund. In particular, actions taken by the U.S. government in respect of international trade relations","page_number":157,"box":{"x":116,"y":800,"width":757,"height":12}},{"id":"55961e33-61f6-449f-b850-f2f5442725d9","block_type":"box","text":"could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":157,"box":{"x":116,"y":816,"width":734,"height":12}},{"id":"e813e7ac-8780-4ce9-af02-182c708722f1","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events","page_number":157,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"275caa53-9c8d-4271-b320-ccecfda1a9c3","block_type":"box","text":"within the United States, including a contentious domestic political environment, changes in political","page_number":157,"box":{"x":116,"y":847,"width":743,"height":12}},{"id":"95c48be2-f012-48d6-b11b-5c3bbf12e4a7","block_type":"box","text":"party control of one or more branches of the U.S. Government, the U.S. Government’s inability at times","page_number":157,"box":{"x":117,"y":862,"width":770,"height":12}},{"id":"cb9b2b14-b553-4b53-94f4-a95a3b95dfaf","block_type":"box","text":"to agree on a long-term budget and deficit reduction plan, the threat of a U.S. Government shutdown,","page_number":157,"box":{"x":116,"y":878,"width":757,"height":12}},{"id":"b00e2705-bbe5-4334-869f-bbe4681f43aa","block_type":"box","text":"II-86","page_number":157,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"45d51db0-3819-4330-9518-971f4845f6a7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":157,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5a1c22b9-f693-44d4-ac60-8c2e849ad30f","block_type":"box","text":"and disagreements over, or threats not to increase, the U.S. Government’s borrowing limit (or “debt","page_number":158,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"42b96680-7863-41ff-bed1-8c2f24505ad9","block_type":"box","text":"ceiling”), as well as political and diplomatic events abroad, may affect investor and consumer","page_number":158,"box":{"x":116,"y":102,"width":694,"height":13}},{"id":"de628944-2472-41f7-98b2-54f6892d886e","block_type":"box","text":"confidence and may adversely impact financial markets and the broader economy, perhaps suddenly","page_number":158,"box":{"x":116,"y":118,"width":756,"height":12}},{"id":"6a493d2a-f208-47d2-a096-38ec7fc27eda","block_type":"box","text":"and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or","page_number":158,"box":{"x":116,"y":134,"width":713,"height":12}},{"id":"bc424597-f0ee-49f7-9e38-ba487101247c","block_type":"box","text":"concerns about the U.S. Government’s credit quality in general, could have a substantial negative","page_number":158,"box":{"x":116,"y":149,"width":730,"height":12}},{"id":"eee23b4a-704c-405e-996b-8ca1a79c997c","block_type":"box","text":"effect on the U.S. and global economies. For example, concerns about the U.S. Government’s credit","page_number":158,"box":{"x":116,"y":165,"width":751,"height":12}},{"id":"a8269266-ba5c-4a3f-beba-3dee5c0d54c4","block_type":"box","text":"quality may cause increased volatility in the stock and bond markets, higher interest rates, reduced","page_number":158,"box":{"x":116,"y":180,"width":739,"height":12}},{"id":"e4f104ea-7706-488a-b51a-100a0d3e3d9b","block_type":"box","text":"prices and liquidity of U.S. Treasury securities, and/or increased costs of various kinds of debt.","page_number":158,"box":{"x":117,"y":196,"width":706,"height":12}},{"id":"4b7c4230-9b03-47b8-baae-b20ccc273ca1","block_type":"box","text":"Moreover, although the U.S. Government has honored its credit obligations, there remains a possibility","page_number":158,"box":{"x":117,"y":211,"width":766,"height":12}},{"id":"3cf8c3ae-3edd-402d-955d-686b784df7ab","block_type":"box","text":"that the United States could default on its obligations. The consequences of such an unprecedented","page_number":158,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"21839968-0779-44ad-8ac9-c71a060f33b6","block_type":"box","text":"event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":158,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"5ec637f0-4144-4bed-a6cd-a2fd61d0eb43","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the","page_number":158,"box":{"x":116,"y":258,"width":723,"height":12}},{"id":"dd03a7d7-7cba-426b-834d-362520faeb03","block_type":"box","text":"Fund’s investments.","page_number":158,"box":{"x":117,"y":273,"width":153,"height":10}},{"id":"9fb7ed80-07db-4821-af85-f856dc6202a7","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures,","page_number":158,"box":{"x":116,"y":300,"width":761,"height":12}},{"id":"746bd6b2-b924-4d1d-918a-8f521fd7f943","block_type":"box","text":"declines in global financial markets, higher default rates, supply chain disruptions, and a substantial","page_number":158,"box":{"x":116,"y":316,"width":743,"height":12}},{"id":"99d9ef56-0d30-4684-b837-67d7bfee15c6","block_type":"box","text":"economic downturn in economies throughout the world. The impact of this coronavirus, and other","page_number":158,"box":{"x":116,"y":331,"width":727,"height":12}},{"id":"9ad9d534-78de-439d-a880-66f2b50db01d","block_type":"box","text":"epidemics and pandemics that may arise in the future, could affect the economies of many nations,","page_number":158,"box":{"x":116,"y":347,"width":741,"height":12}},{"id":"2845d770-9d16-4e5b-99fe-8567f4ceda15","block_type":"box","text":"individual companies and the market in general in ways that cannot necessarily be foreseen at the","page_number":158,"box":{"x":117,"y":362,"width":733,"height":12}},{"id":"3b5f4f4c-8374-4942-b5ee-947e4eeefd3f","block_type":"box","text":"present time. These health crises may be short term or long term, and may exacerbate other pre","page_number":158,"box":{"x":117,"y":378,"width":721,"height":12}},{"id":"a8a41c2e-fa7e-4b5c-b266-6b337ccca2d2","block_type":"box","text":"existing political, social and economic risks, disrupt normal market conditions and operations, and","page_number":158,"box":{"x":116,"y":393,"width":729,"height":12}},{"id":"081d1c01-ec84-441b-9abb-ce133efe8260","block_type":"box","text":"negatively impact performance. In addition, the impact of infectious diseases in emerging developing or","page_number":158,"box":{"x":117,"y":409,"width":771,"height":12}},{"id":"e3d01530-0e83-47c7-9f70-512959ac965c","block_type":"box","text":"emerging market countries may be greater due to less established health care systems.","page_number":158,"box":{"x":116,"y":424,"width":657,"height":12}},{"id":"ce8e973a-0d6f-4d18-b980-73b52d93a868","block_type":"box","text":"Legal and Regulatory Risks","page_number":158,"box":{"x":116,"y":451,"width":205,"height":12}},{"id":"2e898af3-c52a-4fe8-80d3-e6ed51cc11aa","block_type":"box","text":". The Manager is part of a larger firm with multiple business lines active in","page_number":158,"box":{"x":323,"y":451,"width":550,"height":12}},{"id":"e144a9aa-0bf0-421f-87c9-72b6fe26853d","block_type":"box","text":"multiple jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some","page_number":158,"box":{"x":117,"y":467,"width":753,"height":12}},{"id":"c35bc275-2bb4-4fb2-9bb9-dd73bfb661ec","block_type":"box","text":"of which are new and evolving. As a result, the Funds and the Manager and its affiliates are subject to","page_number":158,"box":{"x":116,"y":482,"width":761,"height":12}},{"id":"1749d665-03d3-4a36-b846-eadcd01c9773","block_type":"box","text":"extensive and sophisticated legal, tax and regulatory risks, including changing laws and regulations,","page_number":158,"box":{"x":116,"y":498,"width":746,"height":12}},{"id":"825c26f6-70f9-4ecf-934f-9f9e1c5e61f3","block_type":"box","text":"developing interpretations of such laws and regulations, as well as existing laws, and increased","page_number":158,"box":{"x":116,"y":513,"width":712,"height":12}},{"id":"d50268d2-ef6c-4205-9be6-6fdb326fbfa4","block_type":"box","text":"scrutiny by regulators and law enforcement authorities. Unexpected economic, political, regulatory and","page_number":158,"box":{"x":116,"y":529,"width":766,"height":12}},{"id":"6a5d65ba-dfd4-4545-8cda-4b0960259a38","block_type":"box","text":"diplomatic events within the United States and abroad can trigger new and complex regulations that","page_number":158,"box":{"x":116,"y":544,"width":745,"height":12}},{"id":"b0ca04d1-70cc-4c53-b23b-e0fdf53177fa","block_type":"box","text":"the Manager and/or the Funds may need to comply with. The implementation of changes to comply","page_number":158,"box":{"x":116,"y":560,"width":742,"height":12}},{"id":"7a788201-16b9-46bc-82cc-2fe48160359b","block_type":"box","text":"with current and/or new regulations applicable to the Funds and/or the Manager could have a material","page_number":158,"box":{"x":116,"y":576,"width":761,"height":11}},{"id":"32af76d5-77bd-4c4d-bbb0-1b5ec614d194","block_type":"box","text":"adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit","page_number":158,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"3c1456bc-26af-4b4f-93d1-b9d973e50386","block_type":"box","text":"margins, reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":158,"box":{"x":117,"y":606,"width":762,"height":12}},{"id":"d74d9385-4f21-4af1-9d62-7aa570fa6d6d","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":158,"box":{"x":118,"y":634,"width":213,"height":12}},{"id":"38015773-24cc-4cfb-935f-5c11a4f8a760","block_type":"box","text":". Some countries, including the U.S., have adopted more protectionist","page_number":158,"box":{"x":332,"y":634,"width":521,"height":12}},{"id":"042bd5a5-c56b-4075-a7fc-c31102f9e767","block_type":"box","text":"trade policies. The U.S. government recently altered its approach to international trade policy, resulting","page_number":158,"box":{"x":116,"y":649,"width":768,"height":12}},{"id":"07b42970-ad90-4754-8356-acf4be484f36","block_type":"box","text":"in significant impacts on international trade relations, certain tax and immigration policies, and other","page_number":158,"box":{"x":117,"y":665,"width":738,"height":12}},{"id":"311ff8f9-eefd-42e8-81c9-74cc10eb26b3","block_type":"box","text":"aspects of the national and international political and financial landscape. The rise in protectionist trade","page_number":158,"box":{"x":116,"y":680,"width":764,"height":12}},{"id":"7c75909b-6001-4599-8e34-7d9d338d3216","block_type":"box","text":"policies, slowing economic growth, changes to some major international trade agreements, risks","page_number":158,"box":{"x":117,"y":696,"width":713,"height":12}},{"id":"f93dd701-5808-491a-808e-43c26ba77bb2","block_type":"box","text":"associated with trade agreements between the U.S. and the European Union, and the risks associated","page_number":158,"box":{"x":116,"y":711,"width":761,"height":12}},{"id":"8523b989-5ecf-4ceb-b1ff-699620403e56","block_type":"box","text":"with trade negotiations between the U.S. and China, could affect the economies of many nations in","page_number":158,"box":{"x":116,"y":727,"width":733,"height":12}},{"id":"1dbb9f8a-89c7-473c-bae5-ff6015328d07","block_type":"box","text":"ways that cannot necessarily be foreseen at the present time.","page_number":158,"box":{"x":116,"y":742,"width":456,"height":12}},{"id":"1e0159b4-db13-472c-9166-a8be0c21e771","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together","page_number":158,"box":{"x":117,"y":769,"width":754,"height":12}},{"id":"6a856552-bd24-47a8-9e04-d7bef01795cd","block_type":"box","text":"with any future downturns in the global economy resulting therefrom, could adversely affect the","page_number":158,"box":{"x":116,"y":785,"width":705,"height":12}},{"id":"6d6b8421-9629-4dbd-920a-4617068fbc69","block_type":"box","text":"financial performance of a Fund and its investments. Trade policy may be an ongoing source of","page_number":158,"box":{"x":116,"y":800,"width":709,"height":12}},{"id":"e8a43dc4-70cd-4367-8ce4-bfcb253bdeb1","block_type":"box","text":"instability, potentially resulting in significant currency fluctuations and/or having other adverse effects","page_number":158,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"70987642-e848-4ea7-ad10-aab4801f8fb6","block_type":"box","text":"on international markets, international trade agreements, and/or other existing cross-border","page_number":158,"box":{"x":116,"y":831,"width":683,"height":12}},{"id":"dbe9b82b-f217-4e6a-91de-30a1cd7a8b8f","block_type":"box","text":"cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent","page_number":158,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"5f52b2dc-5a3b-41e0-86d9-6d9ea6a784cc","block_type":"box","text":"trade disputes escalate globally, there could be additional significant impacts on the sectors or","page_number":158,"box":{"x":116,"y":862,"width":704,"height":12}},{"id":"8fd4551b-0544-4922-826e-fd8a5a417618","block_type":"box","text":"industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":158,"box":{"x":117,"y":878,"width":709,"height":12}},{"id":"561549ba-aa18-4c43-bfb1-18745585acce","block_type":"box","text":"II-87","page_number":158,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"1fe1f3c8-daf0-415b-a316-a6a6d319e2ef","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":158,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d77dc579-d234-4c5c-9ca5-ef3c407d7bc2","block_type":"box","text":"Geographic Risks","page_number":159,"box":{"x":117,"y":87,"width":131,"height":12}},{"id":"1b6832a4-d488-44fc-9aff-01dc149831f9","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise","page_number":159,"box":{"x":250,"y":87,"width":621,"height":12}},{"id":"f5bc35e1-e886-426c-a8ec-378b105eccf1","block_type":"box","text":"connected to, parts of the world affected by natural disasters such as severe heat, earthquakes,","page_number":159,"box":{"x":116,"y":102,"width":717,"height":13}},{"id":"67c786f8-09b1-4490-8205-0be04fb2a9ca","block_type":"box","text":"tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes or tsunamis, and are economically","page_number":159,"box":{"x":116,"y":118,"width":771,"height":12}},{"id":"c9e4f9c1-7422-4262-a885-92870194a815","block_type":"box","text":"sensitive to environmental events. In addition, issuers may be impacted by security concerns with","page_number":159,"box":{"x":116,"y":134,"width":729,"height":12}},{"id":"fb6619dc-81eb-46db-ac8a-f02577f4d425","block_type":"box","text":"respect to a country or region, such as war and other types of conflict, terrorism, strained international","page_number":159,"box":{"x":117,"y":149,"width":760,"height":12}},{"id":"ded00912-af8a-4c79-870a-89c5f5e7b545","block_type":"box","text":"relations and territorial disputes. Any of these events may adversely affect the issuers, markets and","page_number":159,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"b74f3406-c804-4ad6-9f34-c70d636eb100","block_type":"box","text":"economies to which a Fund is exposed, which may adversely affect the value of the Fund.","page_number":159,"box":{"x":116,"y":180,"width":673,"height":12}},{"id":"d4305bed-cb69-46be-8fc7-947b01017c08","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":159,"box":{"x":116,"y":211,"width":275,"height":12}},{"id":"dea07e61-446a-41e1-a6ac-cb3e2eaec966","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically","page_number":159,"box":{"x":393,"y":211,"width":469,"height":12}},{"id":"d41d2b7a-2413-4ccc-b686-eaf65421e942","block_type":"box","text":"been used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various","page_number":159,"box":{"x":117,"y":227,"width":707,"height":12}},{"id":"13359a34-642e-412a-a9c4-6958e68d909d","block_type":"box","text":"commercial and financial contracts, including corporate and municipal bonds, bank loans, asset","page_number":159,"box":{"x":116,"y":242,"width":714,"height":12}},{"id":"22f54797-56e8-48df-8e88-5fde763db04e","block_type":"box","text":"backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in","page_number":159,"box":{"x":117,"y":258,"width":726,"height":12}},{"id":"37d2ef30-aa16-446f-a8e9-d579fef8f875","block_type":"box","text":"which a Fund may have historically paid interest at floating rates based on LIBOR or may have been","page_number":159,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"339ea7ba-b726-4f7b-bae4-dc65cd619670","block_type":"box","text":"subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a","page_number":159,"box":{"x":116,"y":289,"width":742,"height":12}},{"id":"8389e141-8389-4d27-abda-13de07ce24ad","block_type":"box","text":"Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":159,"box":{"x":117,"y":304,"width":709,"height":12}},{"id":"8266aa25-8a8d-4805-89c9-fbafdcba65d3","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a","page_number":159,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"07c7b9b6-3b19-4930-a1b4-4afdeb891f31","block_type":"box","text":"result of benchmark reforms, LIBOR was last published on a representative basis at the end of June","page_number":159,"box":{"x":117,"y":335,"width":748,"height":12}},{"id":"a7bb9166-782e-423c-98f2-11fcca71f0c9","block_type":"box","text":"2023. Alternative reference rates to LIBOR have been established in most major currencies and","page_number":159,"box":{"x":116,"y":351,"width":717,"height":12}},{"id":"fa51fe6f-96e7-4a27-ad0e-2b2597571601","block_type":"box","text":"markets in these alternative rates are continuing to develop (","page_number":159,"box":{"x":117,"y":366,"width":449,"height":12}},{"id":"1c9f84a5-2866-47bc-9756-de57eef7de41","block_type":"box","text":"e.g.","page_number":159,"box":{"x":568,"y":369,"width":25,"height":9}},{"id":"3b2b903d-9ffc-42e5-ad26-688cdc61e8ef","block_type":"box","text":", the Secured Overnight Financing","page_number":159,"box":{"x":596,"y":366,"width":259,"height":12}},{"id":"d1654c57-59dc-402f-a86f-3fa4462ba069","block_type":"box","text":"Rate (“SOFR”) for USD-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual","page_number":159,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"b670f67a-bd57-456c-a9ab-b8c6cc62d0aa","block_type":"box","text":"risks associated with the transition may remain that may impact markets or particular investments and,","page_number":159,"box":{"x":117,"y":397,"width":765,"height":12}},{"id":"83fbf271-4806-4dd8-941b-9a3a4bb233d8","block_type":"box","text":"as such, the full impact of the transition on the Funds or the financial instruments in which the Funds","page_number":159,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"2c5a2b0e-0fd7-4fb8-a91d-b80115240386","block_type":"box","text":"invest cannot yet be fully determined.","page_number":159,"box":{"x":117,"y":428,"width":281,"height":12}},{"id":"47dabe40-5eeb-446b-a07b-8dfab7744144","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of","page_number":159,"box":{"x":116,"y":459,"width":400,"height":10}},{"id":"7f4da275-92dd-4bfa-8ac6-ebf6d9e3eac5","block_type":"box","text":"f borrowing funds overnight in transactions that are","page_number":159,"box":{"x":515,"y":459,"width":370,"height":12}},{"id":"d66585ec-cc61-4982-abed-9de47ac68f49","block_type":"box","text":"collateralized by U.S. Treasury securities . SOFR","page_number":159,"box":{"x":116,"y":475,"width":357,"height":12}},{"id":"551a834e-6b0e-4b80-9360-231851e57fba","block_type":"box","text":"R is calculated based on transaction-level repo data","page_number":159,"box":{"x":473,"y":475,"width":370,"height":12}},{"id":"6a49231a-9477-4137-aca6-537795d65e77","block_type":"box","text":"collected from various sources. For each trading day,","page_number":159,"box":{"x":116,"y":490,"width":391,"height":12}},{"id":"edc99f0a-cdf0-42cd-a26d-ffb1ead6d086","block_type":"box","text":"SOFR is calculated as a volume-weighted median","page_number":159,"box":{"x":508,"y":490,"width":368,"height":12}},{"id":"3a122cf6-7852-40b2-86f5-63c1b454c9fb","block_type":"box","text":"rate derived from such data. Because SOFR is a financing rate based on overnight secured funding","page_number":159,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"1645cc18-c99e-4cbf-a204-9901d02cc4f4","block_type":"box","text":"transactions, it differs fundamentally from LIBOR.","page_number":159,"box":{"x":116,"y":521,"width":357,"height":12}},{"id":"3ca3e6ed-7b26-4ee5-846b-d6ff98baedb5","block_type":"box","text":"LIBOR is intended to be an unsecured rate that","page_number":159,"box":{"x":474,"y":521,"width":354,"height":10}},{"id":"85ab0a9a-0b31-45e6-a2ee-bda9d11e68b7","block_type":"box","text":"represents interbank funding costs for different short-term","page_number":159,"box":{"x":117,"y":537,"width":422,"height":12}},{"id":"3e8b418d-114d-47c0-8a94-5da6e1f4492f","block_type":"box","text":"maturities or tenors. It is a forward-looking rate","page_number":159,"box":{"x":540,"y":537,"width":343,"height":12}},{"id":"bb5ba973-d6eb-4c08-a28c-668d12c09927","block_type":"box","text":"reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be","page_number":159,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"3d3af262-0711-4dc3-bb8b-f78dedf31022","block_type":"box","text":"sensitive, in certain respects, to bank credit risk and to","page_number":159,"box":{"x":116,"y":568,"width":394,"height":12}},{"id":"d92de0eb-ecc8-418c-a2dd-c3268caf502f","block_type":"box","text":"term interest rate risk.","page_number":159,"box":{"x":510,"y":568,"width":169,"height":9}},{"id":"8fc28c7f-7fec-4eb8-8402-7616d89a729a","block_type":"box","text":"In contrast, SOFR is a","page_number":159,"box":{"x":680,"y":568,"width":165,"height":11}},{"id":"3ef7dec2-f521-45d9-88e4-10470b23de6c","block_type":"box","text":"secured overnight rate reflecting the credit of U.S. Tr","page_number":159,"box":{"x":116,"y":583,"width":382,"height":12}},{"id":"5c893118-3d5e-407a-8536-3381c71ac95b","block_type":"box","text":"easury securities as collateral. Thus, it is largely","page_number":159,"box":{"x":498,"y":583,"width":352,"height":12}},{"id":"a48a59f7-add1-45e7-9c45-5a1081d9b8b7","block_type":"box","text":"insensitive to credit-risk considerations and to short-te","page_number":159,"box":{"x":117,"y":599,"width":390,"height":9}},{"id":"ddea2efc-6715-4d58-a500-1a49afe87f55","block_type":"box","text":"rm interest rate risks. SOFR is a transaction-based","page_number":159,"box":{"x":509,"y":599,"width":373,"height":9}},{"id":"c885eddd-d61b-47d4-95d3-2e68eda7770b","block_type":"box","text":"rate, and it has been more volatile than other benchmark","page_number":159,"box":{"x":117,"y":614,"width":416,"height":11}},{"id":"c437b11f-dc70-43b4-b524-eb1440a1398f","block_type":"box","text":"or market rates, such as three-month LIBOR,","page_number":159,"box":{"x":534,"y":614,"width":333,"height":11}},{"id":"aab30189-fb43-4942-b7e0-b1ee2a3fc76b","block_type":"box","text":"during certain periods. For these reasons, among other","page_number":159,"box":{"x":116,"y":630,"width":402,"height":12}},{"id":"b5d31f32-acdb-4b63-8f0d-d1d757af1988","block_type":"box","text":"s, there is no assurance that SOFR, or rates","page_number":159,"box":{"x":518,"y":630,"width":326,"height":11}},{"id":"97804e8d-9378-4b84-bf2a-913d6717b129","block_type":"box","text":"derived from SOFR, will perform in the same or simila","page_number":159,"box":{"x":116,"y":645,"width":390,"height":12}},{"id":"4a0b98bb-d25b-4103-b461-30d3cd916938","block_type":"box","text":"r way as LIBOR would have performed at any time,","page_number":159,"box":{"x":507,"y":645,"width":377,"height":12}},{"id":"92f057c0-5694-4075-86f3-3990041d19f5","block_type":"box","text":"and there is no assurance that SOFR-based rates will","page_number":159,"box":{"x":116,"y":661,"width":389,"height":9}},{"id":"c47ccaf1-b48f-4c62-82a5-9c1c146d0f68","block_type":"box","text":"be a suitable substitute for LIBOR. SOFR has a","page_number":159,"box":{"x":512,"y":661,"width":345,"height":9}},{"id":"b05ecd9b-3d1a-4bff-afce-30dabb5a05ca","block_type":"box","text":"relatively limited history, having been first published","page_number":159,"box":{"x":117,"y":676,"width":372,"height":12}},{"id":"5b85949f-20be-4d82-b388-617a7f92992d","block_type":"box","text":"in April 2018. The future performance of SOFR, and","page_number":159,"box":{"x":495,"y":676,"width":377,"height":12}},{"id":"f14dad4e-aaed-480b-acdf-9a01eb2101cf","block_type":"box","text":"SOFR-based reference rates, cannot be predicted bas","page_number":159,"box":{"x":116,"y":692,"width":396,"height":12}},{"id":"1ef99989-f41a-4841-80e0-ece508360e9a","block_type":"box","text":"ed on SOFR’s history or otherwise. Levels of","page_number":159,"box":{"x":513,"y":692,"width":326,"height":12}},{"id":"9941f22e-7fd7-46e7-9d4a-0b8f1a88b222","block_type":"box","text":"SOFR in the future may bear little or no relation to hi","page_number":159,"box":{"x":116,"y":707,"width":379,"height":12}},{"id":"77c8f513-d1e8-4319-a762-ef6eaf705efb","block_type":"box","text":"storical levels of SOFR,","page_number":159,"box":{"x":496,"y":707,"width":170,"height":11}},{"id":"1748a06f-1a97-44d6-aaf6-5398315efd92","block_type":"box","text":"LIBOR or other rates. There","page_number":159,"box":{"x":673,"y":707,"width":203,"height":10}},{"id":"796225a9-0d81-476c-af36-4e3549fc7db9","block_type":"box","text":"can also be no assurance that SOFR will not be discont","page_number":159,"box":{"x":116,"y":723,"width":404,"height":9}},{"id":"fc8e1cc7-1168-4f37-b034-aeca251fbb9d","block_type":"box","text":"inued or fundamentally alter","page_number":159,"box":{"x":521,"y":723,"width":202,"height":12}},{"id":"4ea4e0b5-3c26-4fcc-b537-4ab2e2380085","block_type":"box","text":"ed in a manner that is","page_number":159,"box":{"x":724,"y":723,"width":157,"height":9}},{"id":"b859d940-4233-4d1c-aa14-88b4dbade4ad","block_type":"box","text":"materially adverse to the interests of the Fund.","page_number":159,"box":{"x":117,"y":738,"width":336,"height":12}},{"id":"87199b6a-b22a-4b3b-be92-13109089f46a","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have","page_number":159,"box":{"x":117,"y":769,"width":763,"height":12}},{"id":"5d1386dc-aa38-4372-b8f5-3a17f8bfdcb9","block_type":"box","text":"been the subject of ongoing national and international regulatory reform, including under the European","page_number":159,"box":{"x":117,"y":785,"width":759,"height":12}},{"id":"c0af8e9a-0ef2-456d-a719-db0b03e09735","block_type":"box","text":"Union (“EU”) regulation on indices used as benchmarks in financial instruments and financial contracts","page_number":159,"box":{"x":117,"y":800,"width":759,"height":12}},{"id":"7cb80df2-800a-4bb7-bd96-06031b9d229a","block_type":"box","text":"(known as the “Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United","page_number":159,"box":{"x":117,"y":816,"width":748,"height":12}},{"id":"f73d182d-99f9-4c5a-914d-72b1d072dc5a","block_type":"box","text":"Kingdom (“UK”) law by virtue of the EU (Withdrawal) Act 2018 (as amended), subject to amendments","page_number":159,"box":{"x":117,"y":831,"width":756,"height":12}},{"id":"770efa37-86bb-4726-8242-62e4a3a1e7cf","block_type":"box","text":"made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI","page_number":159,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"dc6bb888-989f-4fa1-94f3-55dabfca3549","block_type":"box","text":"2019/657) and other statutory instruments. Following the implementation of these reforms, the manner","page_number":159,"box":{"x":116,"y":862,"width":765,"height":12}},{"id":"698afc82-ac40-4254-8310-e35e87e9bfd0","block_type":"box","text":"of administration of benchmarks has changed and may further change in the future, with the result that","page_number":159,"box":{"x":116,"y":878,"width":766,"height":12}},{"id":"750f9c1f-6e8d-48e9-83ea-5cb63b32bc6f","block_type":"box","text":"II-88","page_number":159,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"ae88b3ba-1229-480b-888c-7aa7a88f71ed","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":159,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f1697782-6d56-4ddc-b969-4b59aca7acae","block_type":"box","text":"relevant benchmarks may perform differently than in the past, the use of benchmarks that are not","page_number":160,"box":{"x":117,"y":87,"width":726,"height":12}},{"id":"b933383d-759c-4054-b21f-d7987fbf9f7d","block_type":"box","text":"compliant with the new standards by certain supervised entities may be restricted, and certain","page_number":160,"box":{"x":116,"y":103,"width":702,"height":12}},{"id":"c86f48db-52a3-4b34-a310-d897a0d7b6c1","block_type":"box","text":"benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":160,"box":{"x":117,"y":118,"width":737,"height":12}},{"id":"bb9da5b9-67a6-4625-92ff-042f87e40557","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally,","page_number":160,"box":{"x":116,"y":134,"width":749,"height":12}},{"id":"e372e61b-bc61-4be1-947b-9c8b1fd9d19c","block_type":"box","text":"there could be other consequences which cannot be predicted.","page_number":160,"box":{"x":116,"y":149,"width":472,"height":12}},{"id":"e0ec404b-612f-4f3e-9907-04b1c7d9e3ef","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":160,"box":{"x":116,"y":179,"width":479,"height":12}},{"id":"3cf30cbc-890f-4cff-b65b-9a892872fe35","block_type":"box","text":"Under repurchase agreements and","page_number":160,"box":{"x":597,"y":180,"width":264,"height":11}},{"id":"1568ecbd-b2a3-4c0d-a35f-753cfe3cd2a0","block_type":"box","text":"purchase and sale contracts, the other party agrees, upon entering into the contract with a Fund, to","page_number":160,"box":{"x":117,"y":194,"width":740,"height":12}},{"id":"02019b31-78cc-4c23-a1aa-292d078f7fca","block_type":"box","text":"repurchase a security sold to the Fund at a mutually agreed-upon time and price in a specified","page_number":160,"box":{"x":117,"y":209,"width":703,"height":12}},{"id":"a8e7083e-9c60-4c09-8b12-96f3c8b30dc0","block_type":"box","text":"currency, thereby determining the yield during the term of the agreement.","page_number":160,"box":{"x":116,"y":224,"width":549,"height":12}},{"id":"a1ea4ede-aafa-46d0-9fc0-44fd679f294d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements","page_number":160,"box":{"x":116,"y":254,"width":751,"height":12}},{"id":"cfb53e70-611c-405c-8684-be6cde131019","block_type":"box","text":"stipulate that securities are owned by the Fund and the purchaser receives any interest on the security","page_number":160,"box":{"x":116,"y":269,"width":766,"height":12}},{"id":"f0f1272a-b931-40fb-bc76-3240f0c8c017","block_type":"box","text":"paid during the period. In the case of repurchase agreements, the prices at which the trades are","page_number":160,"box":{"x":117,"y":284,"width":717,"height":12}},{"id":"df768e05-4b7d-4b30-9344-a89bbe85f15a","block_type":"box","text":"conducted do not reflect accrued interest on the underlying obligation; whereas, in the case of","page_number":160,"box":{"x":116,"y":299,"width":701,"height":12}},{"id":"c8edc5b3-42ab-4c8f-a352-7e29c4836fe6","block_type":"box","text":"purchase and sale contracts, the prices take into account accrued interest. A Fund may enter into","page_number":160,"box":{"x":117,"y":314,"width":728,"height":12}},{"id":"7d40ed79-5591-4486-80c9-b20b2f9036c0","block_type":"box","text":"“tri-party” repurchase agreements. In “tri-party” repurchase agreements, an unaffiliated third-party","page_number":160,"box":{"x":116,"y":329,"width":729,"height":12}},{"id":"d1fc0fcc-88a7-4a43-94c2-570f0820c26f","block_type":"box","text":"custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the","page_number":160,"box":{"x":116,"y":343,"width":756,"height":12}},{"id":"28bea897-cfb2-44b3-8038-0e87ed679566","block_type":"box","text":"Fund may be subject to the credit risk of those custodians.","page_number":160,"box":{"x":117,"y":358,"width":438,"height":12}},{"id":"22bea2cf-31d3-4866-afb8-dbb26f0d4238","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate","page_number":160,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"4db666a4-993a-4de3-92dd-789a27588c63","block_type":"box","text":"of return insulated from market fluctuations during the term of the agreement, although such return","page_number":160,"box":{"x":116,"y":405,"width":737,"height":12}},{"id":"d165834a-c2b6-4f86-8b67-0b7310adb2fb","block_type":"box","text":"may be affected by currency fluctuations. However, in the event of a default under a repurchase","page_number":160,"box":{"x":117,"y":420,"width":716,"height":12}},{"id":"f8b42c4e-0a8f-41e8-bad1-4d3fc5c79a92","block_type":"box","text":"agreement or under a purchase and sale contract, instead of the contractual fixed rate, the rate of","page_number":160,"box":{"x":116,"y":436,"width":730,"height":12}},{"id":"d38da546-3657-4e09-99f3-2262183947ec","block_type":"box","text":"return to the Fund would be dependent upon intervening fluctuations of the market values of the","page_number":160,"box":{"x":117,"y":451,"width":716,"height":12}},{"id":"07f92006-6427-4942-9d02-5d6602f62efc","block_type":"box","text":"securities underlying the contract and the accrued interest on those securities. In such event, the Fund","page_number":160,"box":{"x":116,"y":467,"width":766,"height":12}},{"id":"f0ceffd3-605e-406e-97b0-6aebb4e819f9","block_type":"box","text":"would have rights against the seller for breach of contract with respect to any losses arising from","page_number":160,"box":{"x":116,"y":482,"width":721,"height":12}},{"id":"d80ea91b-4da1-474e-8e02-cecbe889be6f","block_type":"box","text":"market fluctuations following the default.","page_number":160,"box":{"x":117,"y":498,"width":303,"height":12}},{"id":"b20fa27e-6f3f-48a3-b419-d561e7a1a463","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may","page_number":160,"box":{"x":117,"y":529,"width":755,"height":12}},{"id":"7bb604c1-3183-4ea4-acb5-ee67461a9114","block_type":"box","text":"have longer terms, and may be construed to be collateralized loans by the purchaser to the seller","page_number":160,"box":{"x":117,"y":545,"width":726,"height":11}},{"id":"fb1864d9-59fa-44d5-83fe-eef1d0fdc6a2","block_type":"box","text":"secured by the securities transferred to the purchaser. In the case of a repurchase agreement, as a","page_number":160,"box":{"x":116,"y":560,"width":743,"height":12}},{"id":"eee0a7af-e44b-4199-969d-9ca09a9ed99d","block_type":"box","text":"purchaser, a Fund’s Manager or sub-adviser will monitor the creditworthiness of the seller, and a Fund","page_number":160,"box":{"x":117,"y":575,"width":764,"height":12}},{"id":"150943fd-18a8-4ca6-b90d-63337689d95d","block_type":"box","text":"will require the seller to provide additional collateral if the market value of the securities falls below the","page_number":160,"box":{"x":116,"y":591,"width":761,"height":12}},{"id":"13c44839-c571-483d-951d-9acc8d8597a1","block_type":"box","text":"repurchase price at any time during the term of the repurchase agreement. The Fund does not have","page_number":160,"box":{"x":117,"y":606,"width":747,"height":12}},{"id":"6cdb1c12-c1ec-420c-8b18-1c632fffee0b","block_type":"box","text":"this right to seek additional collateral as a purchaser in the case of purchase and sale contracts. The","page_number":160,"box":{"x":116,"y":622,"width":750,"height":12}},{"id":"ccb5bec5-bd33-4c37-8224-9ec3e3914085","block_type":"box","text":"Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities. Securities subject","page_number":160,"box":{"x":117,"y":637,"width":759,"height":12}},{"id":"47db14df-9978-4eb6-94ab-af6f38eacc8f","block_type":"box","text":"to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":160,"box":{"x":116,"y":653,"width":712,"height":12}},{"id":"30bd22bd-b7e5-401d-a052-908e2ad61e3a","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury","page_number":160,"box":{"x":116,"y":668,"width":725,"height":12}},{"id":"1237ed41-daca-4830-8d4d-ee5bf9c4a7c2","block_type":"box","text":"book-entry system or by another authorized securities depository.","page_number":160,"box":{"x":117,"y":684,"width":485,"height":12}},{"id":"eb8c7b2f-d1ae-4340-bf70-3c18e45d7080","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized","page_number":160,"box":{"x":117,"y":715,"width":729,"height":12}},{"id":"6e640cde-d287-4012-835a-f6475e0ad430","block_type":"box","text":"loan, the underlying securities are not owned by the Fund but only constitute collateral for the seller’s","page_number":160,"box":{"x":117,"y":730,"width":748,"height":13}},{"id":"76cc1b9e-b854-4c48-ac02-31e738a7315d","block_type":"box","text":"obligation to pay the repurchase price. Therefore, the Fund may suffer time delays and incur costs or","page_number":160,"box":{"x":116,"y":746,"width":750,"height":12}},{"id":"a9475234-b3e0-4640-adc4-11bd5deb6fdd","block_type":"box","text":"possible losses in connection with disposition of the collateral. If the seller becomes insolvent and","page_number":160,"box":{"x":117,"y":761,"width":721,"height":12}},{"id":"7c19fa9b-6965-4bb8-a1b0-0a7c4df7985b","block_type":"box","text":"subject to liquidation or reorganization under applicable bankruptcy or other laws, a Fund’s ability to","page_number":160,"box":{"x":116,"y":777,"width":739,"height":12}},{"id":"27dddc3c-8727-4ba8-a7ba-e41e0cd52e7b","block_type":"box","text":"dispose of the underlying securities may be restricted. Finally, it is possible that a Fund may not be","page_number":160,"box":{"x":116,"y":792,"width":733,"height":13}},{"id":"2bed8a68-6f14-45c6-a4f0-51d9a1ac8a3f","block_type":"box","text":"able to substantiate its interest in the underlying securities. To minimize this risk, the securities","page_number":160,"box":{"x":116,"y":808,"width":701,"height":12}},{"id":"7bd87bd0-fd9d-4e56-aed6-5f46d6b9f4d8","block_type":"box","text":"underlying the repurchase agreement will be held by the applicable custodian at all times in an amount","page_number":160,"box":{"x":117,"y":824,"width":761,"height":12}},{"id":"c07400ab-8cc8-41f2-afff-d65b6a6838e1","block_type":"box","text":"at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":160,"box":{"x":116,"y":839,"width":744,"height":12}},{"id":"d81fd114-53d1-4239-902e-099db9d0c8ec","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities","page_number":160,"box":{"x":116,"y":854,"width":748,"height":13}},{"id":"701cd2c0-6718-44b2-a7b0-fe1cf9529755","block_type":"box","text":"are less than the repurchase price.","page_number":160,"box":{"x":116,"y":870,"width":264,"height":12}},{"id":"64b827cb-ed5c-4719-afbf-133b08956d9b","block_type":"box","text":"II-89","page_number":160,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"89dced20-fba0-4ce9-9cf6-36c05e2444a2","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":160,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"dbe7fab2-f1e2-4c9d-8036-57d54b12661c","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may","page_number":161,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"999b6a34-2a1e-482c-a2eb-37d26b870789","block_type":"box","text":"include cash items and obligations issued by the U.S. Government or its agencies or instrumentalities.","page_number":161,"box":{"x":117,"y":102,"width":762,"height":13}},{"id":"8638465c-b1f9-49d2-bb6a-43c2cbbdc748","block_type":"box","text":"For certain Funds, however, collateral may include instruments other than cash items and obligations","page_number":161,"box":{"x":117,"y":118,"width":755,"height":12}},{"id":"a6ce69fe-5ca3-4acd-a925-da43db26b2f1","block_type":"box","text":"issued by the U.S. Government or its agencies or instrumentalities, including securities that the Fund","page_number":161,"box":{"x":117,"y":134,"width":752,"height":12}},{"id":"8d006439-1761-4ff5-bc11-2edb09707fea","block_type":"box","text":"could not hold directly under its investment strategies without the repurchase obligation.","page_number":161,"box":{"x":116,"y":149,"width":657,"height":12}},{"id":"7aa9b2ef-ec76-4c2f-b5f1-fa30f08c287a","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower","page_number":161,"box":{"x":116,"y":180,"width":770,"height":12}},{"id":"26379998-0903-4cc9-b3d0-3a8e29a03534","block_type":"box","text":"quality collateral and collateral with longer maturities may be subject to greater price fluctuations than","page_number":161,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"1563af0c-d15b-400a-9e63-fa1057994b9b","block_type":"box","text":"higher quality collateral and collateral with shorter maturities. If the repurchase agreement counterparty","page_number":161,"box":{"x":117,"y":211,"width":769,"height":12}},{"id":"02c7acfc-d715-420f-b138-c69e36c6c0f2","block_type":"box","text":"were to default, lower quality collateral may be more difficult to liquidate than higher quality collateral.","page_number":161,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"11ad52f7-1ffc-481a-82a8-1c47514258fd","block_type":"box","text":"Should the counterparty default and the amount of collateral not be sufficient to cover the","page_number":161,"box":{"x":116,"y":242,"width":666,"height":12}},{"id":"c6292bf1-fb0a-442b-8cca-cfc36ceda663","block_type":"box","text":"counterparty’s repurchase obligation, a Fund would retain the status of an unsecured creditor of the","page_number":161,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"c18434aa-9602-4e8c-9173-b8e1db5b0153","block_type":"box","text":"counterparty (","page_number":161,"box":{"x":116,"y":273,"width":103,"height":12}},{"id":"93e1e6c5-db09-4dcc-87f5-f8be5591e3f4","block_type":"box","text":"i.e.","page_number":161,"box":{"x":220,"y":273,"width":20,"height":10}},{"id":"89b7dbe4-437b-43e8-b854-ed4dddacb484","block_type":"box","text":", the position the Fund would normally be in if it were to hold, pursuant to its","page_number":161,"box":{"x":244,"y":273,"width":565,"height":12}},{"id":"7add3df8-d3dd-4d37-bcc7-c3776dcfc33c","block_type":"box","text":"investment policies, other unsecured debt securities of the defaulting counterparty) with respect to the","page_number":161,"box":{"x":117,"y":289,"width":760,"height":12}},{"id":"07375a02-c92f-4221-a509-c90707282363","block_type":"box","text":"amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the","page_number":161,"box":{"x":116,"y":304,"width":752,"height":12}},{"id":"ac3c45ba-1120-4e7f-85db-7ae0a65e3da5","block_type":"box","text":"principal and income involved in the transaction.","page_number":161,"box":{"x":117,"y":320,"width":361,"height":12}},{"id":"a149343e-f4f0-411e-a416-7c7ddd4f5110","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":161,"box":{"x":117,"y":351,"width":761,"height":12}},{"id":"f0398ecb-a9c6-4f75-9a87-a085b6de7384","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many repurchase agreements","page_number":161,"box":{"x":116,"y":366,"width":771,"height":12}},{"id":"3879a5cd-c1a1-4792-9db8-38e5d381b4e5","block_type":"box","text":"and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":161,"box":{"x":116,"y":382,"width":738,"height":12}},{"id":"ec3d812d-54e2-465c-ad21-9439fc104077","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":161,"box":{"x":117,"y":397,"width":744,"height":12}},{"id":"15a20153-c9e1-4ca8-84ab-6f9fff0cd282","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":161,"box":{"x":116,"y":413,"width":748,"height":12}},{"id":"52ceae53-473a-4b32-a180-b7ea0188c01c","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these new requirements, as well as","page_number":161,"box":{"x":116,"y":428,"width":743,"height":12}},{"id":"e4880f56-05d8-4a2f-acbb-7e7d08917038","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":161,"box":{"x":117,"y":444,"width":729,"height":12}},{"id":"00dfbb01-833e-42e9-bf30-600ac6af5098","block_type":"box","text":"affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale contracts or","page_number":161,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"ac3f3f81-76f2-43b9-8554-980a828fbaad","block_type":"box","text":"to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":161,"box":{"x":116,"y":475,"width":747,"height":12}},{"id":"a62bf3b2-1901-4d32-a199-55d86522de8b","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally","page_number":161,"box":{"x":117,"y":490,"width":770,"height":12}},{"id":"b42f7ae0-bac1-4e37-8f6b-0d032bed6a1c","block_type":"box","text":"cleared. Compliance with these rules is expected to be required by the middle of 2027. Although the","page_number":161,"box":{"x":116,"y":506,"width":747,"height":12}},{"id":"659ed1cf-4742-4592-8d1a-52763297c014","block_type":"box","text":"impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":161,"box":{"x":117,"y":521,"width":770,"height":12}},{"id":"bbf12f64-4a75-49b4-a784-e311b14e5d4e","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":161,"box":{"x":116,"y":537,"width":563,"height":12}},{"id":"94226dc5-ab95-4d11-977b-83263748566a","block_type":"box","text":"Restricted Securities.","page_number":161,"box":{"x":116,"y":568,"width":177,"height":9}},{"id":"61969f36-045d-49cd-add8-24071e650363","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the","page_number":161,"box":{"x":293,"y":568,"width":539,"height":12}},{"id":"ab9d0dbe-5d5c-4ace-b06e-14ce3318fd79","block_type":"box","text":"Securities Act (“restricted securities”), which may include securities in private companies and","page_number":161,"box":{"x":116,"y":583,"width":694,"height":12}},{"id":"819ebc73-a4b1-479e-bff5-b906475926c2","block_type":"box","text":"Rule 144A Securities. Restricted securities may be sold in private placement transactions between","page_number":161,"box":{"x":117,"y":599,"width":736,"height":12}},{"id":"c2283517-fb84-4a10-9096-1e482f8def37","block_type":"box","text":"issuers and their purchasers, including through private negotiated transactions between the issuer and","page_number":161,"box":{"x":117,"y":614,"width":765,"height":12}},{"id":"a690eecc-b300-45b8-bf29-2088e64b9cb9","block_type":"box","text":"their purchasers, such as the Funds, and may be neither listed on an exchange nor traded in other","page_number":161,"box":{"x":116,"y":630,"width":736,"height":12}},{"id":"8263529c-7a40-44c2-bc3f-41cde2a7dd59","block_type":"box","text":"established markets. In many cases, privately placed securities may not be freely transferable under","page_number":161,"box":{"x":116,"y":645,"width":749,"height":12}},{"id":"c56b84a9-685f-4e79-8866-41ea1b700934","block_type":"box","text":"the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of these","page_number":161,"box":{"x":116,"y":661,"width":708,"height":12}},{"id":"c2f8cceb-bb5e-408b-a248-31e006d9b684","block_type":"box","text":"securities are new and complex, and trade only among institutions; the markets for these securities are","page_number":161,"box":{"x":116,"y":676,"width":764,"height":12}},{"id":"425a078a-f9e0-4d4c-99a8-b3839ee09cbc","block_type":"box","text":"still developing and may not function as efficiently as established markets. Typically, investments in","page_number":161,"box":{"x":116,"y":692,"width":736,"height":12}},{"id":"edc8b33e-6e0f-4ae8-b455-c96c05cc4450","block_type":"box","text":"private companies are in restricted securities that are not traded in public markets and subject to","page_number":161,"box":{"x":117,"y":707,"width":714,"height":12}},{"id":"fa854e3c-a281-455f-9f60-b15dbc38c7cc","block_type":"box","text":"substantial holding periods, so that a Fund may not be able to resell some of its holdings for extended","page_number":161,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"6735f2b2-dd1a-455f-ad2a-a8abafee0a9f","block_type":"box","text":"periods, which may be several years. There can be no assurance that a Fund will be able to realize the","page_number":161,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"d8b92f6e-9577-46b6-954a-07178228db14","block_type":"box","text":"value of such restricted securities in a timely manner or at all. As a result of the absence of a public","page_number":161,"box":{"x":116,"y":754,"width":736,"height":12}},{"id":"6df711db-45d7-48fb-abe0-edd8aff4d9da","block_type":"box","text":"trading market and the potential bespoke nature on certain transactions, restricted securities may be","page_number":161,"box":{"x":116,"y":769,"width":745,"height":12}},{"id":"4819ca2a-d05c-459d-b118-f353ac0979b9","block_type":"box","text":"deemed to be illiquid investments or less liquid investments and may be more difficult to value than","page_number":161,"box":{"x":116,"y":785,"width":734,"height":12}},{"id":"5487660d-b02b-4601-ad59-74ab2e21d062","block_type":"box","text":"publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":161,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"5a617d26-b910-45aa-ac56-831bb17bddbd","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those","page_number":161,"box":{"x":116,"y":816,"width":708,"height":12}},{"id":"769a7e50-9b05-4277-908e-27f302497ab9","block_type":"box","text":"originally paid by the Fund or less than their fair market value. The amount of any discount may vary","page_number":161,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"d3981142-a43d-426a-816f-7ed6cc220214","block_type":"box","text":"depending on the security type, the character of the issuer, which party (if any) will bear the expenses","page_number":161,"box":{"x":116,"y":847,"width":760,"height":12}},{"id":"0b719fb4-d690-4b17-8168-f5d81f921185","block_type":"box","text":"of registering the restricted security, and prevailing market conditions. In addition, issuers whose","page_number":161,"box":{"x":116,"y":862,"width":720,"height":12}},{"id":"4286056b-2254-4c7a-afe0-28c83daa57a9","block_type":"box","text":"securities are not publicly traded or who are not otherwise publicly listed may not be subject to the","page_number":161,"box":{"x":116,"y":878,"width":732,"height":12}},{"id":"ad3b8a59-76c2-49c0-8b43-4b08f6adbe5e","block_type":"box","text":"II-90","page_number":161,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8c3e526a-6dd0-4cff-96e4-3980f8475492","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":161,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a3b7af42-b1d2-4e9c-ab07-19d88432c628","block_type":"box","text":"disclosure and other investor protection requirements that may be applicable if their securities were","page_number":162,"box":{"x":116,"y":87,"width":742,"height":12}},{"id":"e013c65d-a2d8-439b-a6e6-32db9fe920e8","block_type":"box","text":"publicly traded. If any privately placed securities held by a Fund are required to be registered under the","page_number":162,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"4a2efbd3-bcd6-4e48-b346-85fe958d7838","block_type":"box","text":"securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the","page_number":162,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"f83d0465-1040-4110-9896-b8b5f24365f8","block_type":"box","text":"expenses of registration. Where registration is required for restricted securities, a considerable time","page_number":162,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"776acbcc-4219-4038-8e24-7e21c98e65a4","block_type":"box","text":"period may elapse between the time the Fund decides to sell the security and the time it is actually","page_number":162,"box":{"x":117,"y":149,"width":736,"height":12}},{"id":"34bbca54-e8b0-417b-af97-fe18c01b23b9","block_type":"box","text":"permitted to sell the security under an effective registration statement. If during such period, adverse","page_number":162,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"d90669da-5820-4fd3-b4a7-91b77b100eee","block_type":"box","text":"market conditions were to develop, the Fund might obtain less favorable pricing terms than when it","page_number":162,"box":{"x":117,"y":180,"width":736,"height":12}},{"id":"7dc07b22-5a6c-4d84-9e1b-c7940dd7fb68","block_type":"box","text":"decided to sell the security. In addition, the Fund may be deemed to be an “underwriter” for purposes","page_number":162,"box":{"x":116,"y":196,"width":755,"height":12}},{"id":"7a7bd1a6-dfda-4720-99bb-a8b70d07de18","block_type":"box","text":"of the Securities Act when selling restricted securities. If so, the Fund may be liable to purchasers of","page_number":162,"box":{"x":116,"y":211,"width":747,"height":12}},{"id":"f2c11675-751a-4188-8ef1-4155d51b5f14","block_type":"box","text":"the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":162,"box":{"x":116,"y":227,"width":722,"height":12}},{"id":"5336e972-0957-4df2-baff-bf6092c624a3","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other","page_number":162,"box":{"x":117,"y":242,"width":769,"height":12}},{"id":"c7a43e83-4861-4dc3-a165-c0a9140a104b","block_type":"box","text":"transaction costs that are higher than those for transactions in unrestricted securities. Certain of the","page_number":162,"box":{"x":116,"y":258,"width":744,"height":12}},{"id":"53c10a34-a189-467b-a9d1-d17ebef1bedb","block_type":"box","text":"Fund’s investments in private placements may consist of direct investments and may include","page_number":162,"box":{"x":117,"y":273,"width":692,"height":12}},{"id":"78856ec2-cd66-4c82-ae58-400eb284f717","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted","page_number":162,"box":{"x":117,"y":289,"width":744,"height":12}},{"id":"de9c0407-cbe3-4be9-9e59-509bf70d3232","block_type":"box","text":"securities may not be subject to SEC reporting requirements, may not be required to maintain their","page_number":162,"box":{"x":116,"y":304,"width":737,"height":12}},{"id":"4f30c9fc-d63a-4d3d-a712-b3c22b28eea5","block_type":"box","text":"accounting records in accordance with generally accepted accounting principles, and may not be","page_number":162,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"bea0e4f4-55ee-4a89-8a47-34765c186bd5","block_type":"box","text":"required to maintain effective internal controls over financial reporting. As a result, BlackRock may not","page_number":162,"box":{"x":117,"y":335,"width":760,"height":12}},{"id":"f4a92e46-6644-43aa-b376-7f6364d0ce77","block_type":"box","text":"have timely or accurate information about the business, financial condition and results of operations of","page_number":162,"box":{"x":117,"y":351,"width":762,"height":12}},{"id":"7a7e6b60-4c17-4c74-ab71-0b55f8defd70","block_type":"box","text":"such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":162,"box":{"x":116,"y":366,"width":764,"height":12}},{"id":"fb842ab7-3e00-4dc3-ad96-57d98bfa8687","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited","page_number":162,"box":{"x":116,"y":382,"width":729,"height":12}},{"id":"d4a18dbc-dc32-4fca-8143-d99db4be254f","block_type":"box","text":"product lines, markets or financial resources, or they may be dependent on a limited management","page_number":162,"box":{"x":117,"y":397,"width":731,"height":12}},{"id":"95eb3e28-546d-4783-95a2-c168678ca8e4","block_type":"box","text":"group.","page_number":162,"box":{"x":116,"y":415,"width":52,"height":10}},{"id":"40fa6a76-b8f7-480a-a3ea-f467f904f98f","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":162,"box":{"x":117,"y":444,"width":740,"height":12}},{"id":"51b870b2-76c1-4715-8c85-e71ed6ca4f81","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced","page_number":162,"box":{"x":117,"y":459,"width":687,"height":12}},{"id":"60b74f46-ee29-41e3-a96c-cc930b3cabd2","block_type":"box","text":"proportionately as the Fund’s net assets grow from new or additional investments made in the Fund by","page_number":162,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"8f5424a2-e406-4de8-928f-db6e4aa75d8f","block_type":"box","text":"other shareholders. The issuer of a private placement may later register those shares for public sale in","page_number":162,"box":{"x":116,"y":490,"width":765,"height":12}},{"id":"047e80bb-84e4-4e72-ba98-9150955cc737","block_type":"box","text":"an IPO, but there is no guarantee that an IPO will ever be completed. Even after an IPO, there may be","page_number":162,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"29e04669-2a88-4f4a-8dd1-49e7d66aa0fc","block_type":"box","text":"a limited trading market for securities of that issuer, including any direct investment by a Fund, or the","page_number":162,"box":{"x":116,"y":521,"width":752,"height":12}},{"id":"a886baf4-852d-4b26-9112-49aa7de5e85c","block_type":"box","text":"Fund may be subject to contractual limitations on its ability to resell its existing securities following an","page_number":162,"box":{"x":117,"y":537,"width":754,"height":12}},{"id":"34203926-87f3-45fb-8444-21e5c6315440","block_type":"box","text":"IPO. The inability of an applicable issuer of a restricted security to complete an IPO or offer other","page_number":162,"box":{"x":117,"y":552,"width":723,"height":12}},{"id":"6d8a8eff-dd47-43c0-9a90-23274ee81b03","block_type":"box","text":"liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":162,"box":{"x":117,"y":568,"width":708,"height":12}},{"id":"411b65a2-bf88-423c-8ea2-1268c654cf40","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making","page_number":162,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"3b97f163-acd4-47f8-89d4-5a0c726ea5d9","block_type":"box","text":"investments in such securities, a Fund may obtain access to material nonpublic information, which may","page_number":162,"box":{"x":117,"y":599,"width":770,"height":12}},{"id":"839ff6fb-655d-4409-9462-300ee8c237f3","block_type":"box","text":"restrict the Fund’s ability to conduct portfolio transactions in such securities. The activity of identifying,","page_number":162,"box":{"x":117,"y":614,"width":759,"height":12}},{"id":"5533fa9c-7660-47ac-bb56-ce184c070826","block_type":"box","text":"completing, and realizing upon attractive investments in restricted securities is highly competitive and","page_number":162,"box":{"x":116,"y":630,"width":756,"height":12}},{"id":"465672d5-0fa0-4abe-b0fe-5627dc039cd5","block_type":"box","text":"involves a high degree of uncertainty. A Fund will be competing for investments against other similarly","page_number":162,"box":{"x":117,"y":645,"width":761,"height":12}},{"id":"e62bf357-f48e-4938-9490-474cc2c93d2a","block_type":"box","text":"situated investors. It is possible that competition for appropriate investment opportunities may increase,","page_number":162,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"531ce5d6-9022-4da1-97cf-dbb19403b3e4","block_type":"box","text":"thus potentially reducing the number of investment opportunities available to a Fund and adversely","page_number":162,"box":{"x":116,"y":676,"width":733,"height":12}},{"id":"7b780af7-b894-4731-af01-bfa46d225a6f","block_type":"box","text":"affecting the terms upon which investments can be made. There is no assurance that investment","page_number":162,"box":{"x":116,"y":692,"width":719,"height":12}},{"id":"99c7b325-0842-455d-a59f-e7a96e8846a5","block_type":"box","text":"opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":162,"box":{"x":116,"y":707,"width":759,"height":12}},{"id":"0012fd67-3f68-45c6-9a00-7cfbbf6e672a","block_type":"box","text":"especially as that Fund grows in size.","page_number":162,"box":{"x":116,"y":723,"width":277,"height":12}},{"id":"2fc8c0f8-fd75-4558-8067-0eb60730ab35","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular,","page_number":162,"box":{"x":116,"y":754,"width":716,"height":12}},{"id":"e9ed0569-76ec-4f21-bd02-68b4e079b1ce","block_type":"box","text":"restricted securities issued by private companies) and thus they may be considered “illiquid”. Each","page_number":162,"box":{"x":117,"y":769,"width":728,"height":12}},{"id":"0a7cc522-c138-4e87-88f9-997b4dcb1418","block_type":"box","text":"Fund values restricted securities in accordance with BlackRock’s valuation policies and procedures,","page_number":162,"box":{"x":117,"y":785,"width":738,"height":12}},{"id":"bb08a2c4-a68c-4628-ab16-4f4df97331e2","block_type":"box","text":"which are designed to value investments such that they accurately reflect fair value. Due to the","page_number":162,"box":{"x":116,"y":800,"width":704,"height":12}},{"id":"13f3a68c-752d-4e2f-9808-ff783e1bd76b","block_type":"box","text":"inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":162,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"3c9f7f2c-b748-47c9-924f-202ecb1798cc","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly","page_number":162,"box":{"x":117,"y":831,"width":739,"height":12}},{"id":"8789a2ba-e289-4d1d-99ae-0807cf7da263","block_type":"box","text":"from the values that would have been used had a readily available market value existed for such","page_number":162,"box":{"x":116,"y":847,"width":721,"height":12}},{"id":"526d87b7-abd7-4cbd-bb6c-b074d625aae5","block_type":"box","text":"investments and may differ materially from the amounts the Fund may realize on any dispositions of","page_number":162,"box":{"x":117,"y":862,"width":745,"height":12}},{"id":"3e986105-ac7a-45c6-8ce7-fb9f00cc6b74","block_type":"box","text":"such investments. Differences in the value of the Fund’s private investments could result in the Fund’s","page_number":162,"box":{"x":116,"y":878,"width":763,"height":12}},{"id":"f2181ceb-e46e-48f6-9a7a-aa11f45ceafb","block_type":"box","text":"II-91","page_number":162,"box":{"x":484,"y":909,"width":29,"height":9}},{"id":"a3bedbd8-50bb-406d-9cae-23868dbb0f26","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":162,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bc8bebc2-f563-47f6-9e92-440f07df7668","block_type":"box","text":"shareholder transactions being effected at a NAV that does not accurately reflect the underlying value","page_number":163,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"c2e016a8-4386-4302-9671-fe36622b37d9","block_type":"box","text":"of the Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing","page_number":163,"box":{"x":116,"y":102,"width":718,"height":13}},{"id":"7812ef10-e1ef-41b2-8ceb-329d092eb524","block_type":"box","text":"opportunities for shareholder arbitrage. The values used by the Fund to price its restricted securities","page_number":163,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"38dcef71-ed1a-4e70-9f1d-f4c7ded8f694","block_type":"box","text":"may also differ from those used by other investment companies and investors to price the same","page_number":163,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"d3da5d4c-f573-410b-a4b5-48359e1e0c43","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on","page_number":163,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"265eb65b-9eb8-4cff-a329-d5a800f759ca","block_type":"box","text":"the fair values of a Fund’s investments that have no readily available market values may differ from the","page_number":163,"box":{"x":116,"y":165,"width":769,"height":12}},{"id":"60029b85-63d6-41b5-a7c5-378f35270c51","block_type":"box","text":"impact of such changes on the readily available market values for the Fund’s other investments. A","page_number":163,"box":{"x":117,"y":180,"width":732,"height":12}},{"id":"d3494641-4abd-41e5-9969-e7a4b817381f","block_type":"box","text":"Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair value of the","page_number":163,"box":{"x":117,"y":196,"width":738,"height":12}},{"id":"6308a5cf-7dea-41f1-a15a-6e48f273dd40","block_type":"box","text":"Fund’s investments were materially higher than the investment’s actual market or fair value or the","page_number":163,"box":{"x":117,"y":211,"width":728,"height":12}},{"id":"8fb5b96a-a13f-4fd5-b336-79aa41e0dca7","block_type":"box","text":"values that the Fund ultimately realizes upon the disposal of such investments.","page_number":163,"box":{"x":116,"y":227,"width":590,"height":12}},{"id":"f0ceee90-2e98-4e89-9791-a2230f714948","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":163,"box":{"x":116,"y":258,"width":400,"height":11}},{"id":"a9e1925c-387a-497d-92df-f2c8817043ad","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":163,"box":{"x":116,"y":289,"width":271,"height":12}},{"id":"cdaef752-36f7-4a46-b643-ad400e9643c9","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the","page_number":163,"box":{"x":389,"y":289,"width":481,"height":12}},{"id":"d9d5ad28-36df-4f8e-b96c-ff62a442dec6","block_type":"box","text":"same parties with whom it may enter into repurchase agreements. Under a reverse repurchase","page_number":163,"box":{"x":116,"y":304,"width":711,"height":12}},{"id":"e4ace9be-f4a4-4569-9eaf-70483888f97e","block_type":"box","text":"agreement, a Fund sells securities to another party and agrees to repurchase them at a particular date","page_number":163,"box":{"x":116,"y":320,"width":766,"height":12}},{"id":"985ee6e6-3c7b-40fc-9d45-05abc1acd043","block_type":"box","text":"and price. A Fund may enter into a reverse repurchase agreement when it is anticipated that the","page_number":163,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"d376741d-80f2-431d-876d-35650db30a81","block_type":"box","text":"interest income to be earned from the investment of the proceeds of the transaction is greater than the","page_number":163,"box":{"x":117,"y":351,"width":765,"height":12}},{"id":"f0d2c1c8-9381-419b-8c6d-235d988f39b3","block_type":"box","text":"interest expense of the transaction.","page_number":163,"box":{"x":117,"y":366,"width":265,"height":12}},{"id":"5449025d-8714-4437-9d92-e00682099a91","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":163,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"15a675f2-a61f-44a5-8467-648b1578f894","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the","page_number":163,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"4935c9b2-7de5-4bbd-8c92-99ff875b1124","block_type":"box","text":"investment of the proceeds will be less than the interest expense, (ii) the market value of the securities","page_number":163,"box":{"x":117,"y":428,"width":765,"height":12}},{"id":"69f7aa2f-5a83-4cb0-9522-33d416e0966a","block_type":"box","text":"retained in lieu of sale by a Fund may decline below","page_number":163,"box":{"x":117,"y":444,"width":390,"height":12}},{"id":"b357add2-516d-4c15-b98f-5537c37a9c80","block_type":"box","text":"the price of the securities the Fund has sold but is","page_number":163,"box":{"x":507,"y":444,"width":375,"height":12}},{"id":"958f5ae3-690d-429d-aad8-7f6db658770a","block_type":"box","text":"obligated to repurchase, (iii) the market value of the securities sold will decline below the price at which","page_number":163,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"316f57a2-8a03-442c-bdf9-6191b88586e7","block_type":"box","text":"the Fund is required to repurchase them and (iv) the securities will not be returned to the Fund.","page_number":163,"box":{"x":116,"y":475,"width":710,"height":12}},{"id":"7c9f13e4-25b5-4e8c-899c-5e4756e90263","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or","page_number":163,"box":{"x":117,"y":506,"width":731,"height":12}},{"id":"8679afe4-af5c-41b9-b3fb-612b422d56c6","block_type":"box","text":"becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine","page_number":163,"box":{"x":117,"y":521,"width":765,"height":12}},{"id":"c68291d5-f6f0-4a19-a6e6-8c7cd4ebc839","block_type":"box","text":"whether to enforce a Fund’s obligations to repurchase the securities and the Fund’s use of the","page_number":163,"box":{"x":116,"y":537,"width":704,"height":12}},{"id":"9bb24168-3436-44a6-aaa4-39c9bfb97993","block_type":"box","text":"proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.","page_number":163,"box":{"x":117,"y":552,"width":744,"height":12}},{"id":"1595719c-8429-4618-9733-bc22e3c110fa","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase","page_number":163,"box":{"x":117,"y":583,"width":710,"height":12}},{"id":"dc48ae46-6ed2-4168-92e9-d340576cd14c","block_type":"box","text":"agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds,","page_number":163,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"3d9cee4c-c3c9-4556-ab31-9f2367a31ff9","block_type":"box","text":"borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":163,"box":{"x":117,"y":614,"width":767,"height":12}},{"id":"83e8677e-317b-4ace-a69a-8929b89b5cf8","block_type":"box","text":"Investment Company Act, provided that the Fund either (i) complies with the 300% asset coverage","page_number":163,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"418f1cd3-d67c-431f-a952-b65a07517c8e","block_type":"box","text":"ratio with respect to all such transactions and any other borrowings in the aggregate, or (ii) treats all","page_number":163,"box":{"x":117,"y":645,"width":744,"height":12}},{"id":"981e1026-1703-4f4e-8b61-397d7f503b90","block_type":"box","text":"such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives—Regulation of","page_number":163,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"8a166e48-10c0-45f6-8fda-649ff4aab598","block_type":"box","text":"Derivatives—Rule 18f-4 under the Investment Company Act” above. The SEC has also finalized rules","page_number":163,"box":{"x":117,"y":676,"width":753,"height":12}},{"id":"68e84e32-d823-44b7-9b03-515ee4704f6c","block_type":"box","text":"that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":163,"box":{"x":116,"y":692,"width":680,"height":12}},{"id":"9191c606-42c8-4da9-999c-48e3bb308b7e","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the","page_number":163,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"b9eb0a83-9d59-47d0-af84-3980106c0488","block_type":"box","text":"middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce","page_number":163,"box":{"x":117,"y":723,"width":757,"height":12}},{"id":"983afd3c-383e-4da4-bdbb-42877884fdd2","block_type":"box","text":"the availability or increase the costs of such transactions and may adversely affect a Fund’s","page_number":163,"box":{"x":116,"y":738,"width":680,"height":12}},{"id":"566cf822-edfc-40e0-9724-3edb9cef7bab","block_type":"box","text":"performance.","page_number":163,"box":{"x":117,"y":754,"width":96,"height":12}},{"id":"43e2a4c7-48d2-449a-81b9-0ddc3da30d75","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated","page_number":163,"box":{"x":116,"y":785,"width":701,"height":12}},{"id":"276d4df6-aa8e-4958-acf6-d6b0cf25380f","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many","page_number":163,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"f3b4c362-e047-4776-9693-8c8ce0878be2","block_type":"box","text":"reverse repurchase agreements, terms that delay or restrict the rights of counterparties, such as a","page_number":163,"box":{"x":117,"y":816,"width":727,"height":12}},{"id":"3d2aa5e3-99f3-4a94-b757-9c262ce77515","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict","page_number":163,"box":{"x":117,"y":831,"width":744,"height":12}},{"id":"850d4df0-bcdb-4e75-8f53-9bde8dd536cc","block_type":"box","text":"transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain","page_number":163,"box":{"x":116,"y":847,"width":748,"height":12}},{"id":"a0a81d09-e000-47bd-a552-dd5ad780d128","block_type":"box","text":"types of resolution or insolvency proceedings. It is possible that these requirements, as well as","page_number":163,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"d92eb4b7-bf5d-4d40-b8e4-b1d9b7b5342c","block_type":"box","text":"potential additional government regulation and other developments in the market, could adversely","page_number":163,"box":{"x":117,"y":878,"width":729,"height":12}},{"id":"ea4b0ca2-d718-4710-a8e5-6209c353a050","block_type":"box","text":"II-92","page_number":163,"box":{"x":484,"y":909,"width":31,"height":9}},{"id":"c2137d37-36a7-4174-ad4a-6ee064ff14a3","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":163,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"86f26519-8a11-4621-a934-9de9441caaa1","block_type":"box","text":"affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize amounts to be","page_number":164,"box":{"x":116,"y":87,"width":765,"height":12}},{"id":"884b64e5-648d-496d-9965-523b8eae55c2","block_type":"box","text":"received under such agreements.","page_number":164,"box":{"x":117,"y":103,"width":253,"height":12}},{"id":"f670a8a4-29b8-436d-96a9-3572769dc6e2","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":164,"box":{"x":116,"y":134,"width":349,"height":12}},{"id":"3acc33b5-e10d-43c8-99bc-d1a798e88229","block_type":"box","text":"Certain Funds may participate in rights offerings and","page_number":164,"box":{"x":466,"y":134,"width":399,"height":12}},{"id":"963bbc9a-1017-4574-9be1-c736f741de97","block_type":"box","text":"may purchase warrants, which are privileges issued by corporations enabling the owners to subscribe","page_number":164,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"b0b1f1d4-8ac7-491d-8335-560923f9e6c7","block_type":"box","text":"to and purchase a specified number of shares of the corporation at a specified price during a specified","page_number":164,"box":{"x":116,"y":165,"width":763,"height":12}},{"id":"914ef229-160e-4335-a2a4-3c28103788c8","block_type":"box","text":"period of time. Subscription rights normally have a short life span to expiration. The purchase of rights","page_number":164,"box":{"x":117,"y":180,"width":759,"height":12}},{"id":"b085d783-fa57-44dd-b77a-8a2a6baacd84","block_type":"box","text":"or warrants involves the risk that a Fund could lose the purchase value of a right or warrant if the right","page_number":164,"box":{"x":116,"y":196,"width":760,"height":12}},{"id":"b447f38e-8ecd-4525-8468-41dce0a602f8","block_type":"box","text":"to subscribe to additional shares is not exercised prior to the rights’ and warrants’ expiration. Also, the","page_number":164,"box":{"x":116,"y":211,"width":760,"height":12}},{"id":"f775907d-f772-4bda-82e2-04c42a881cdf","block_type":"box","text":"purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or","page_number":164,"box":{"x":117,"y":227,"width":732,"height":12}},{"id":"edc196ef-f652-4043-aacc-7073e0c3a019","block_type":"box","text":"warrant added to the subscription price of the related security may exceed the value of the subscribed","page_number":164,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"5d63a858-be63-40a0-b57e-5aca342feec5","block_type":"box","text":"security’s market price such as when there is no movement in the level of the underlying security.","page_number":164,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"6fd32962-7a4e-4a36-9516-b395980ba704","block_type":"box","text":"Buying a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder","page_number":164,"box":{"x":117,"y":273,"width":747,"height":12}},{"id":"5d0c982a-206a-4257-82b3-00c2d5cc8119","block_type":"box","text":"has no voting or dividend rights with respect to the underlying stock. A warrant does not carry any right","page_number":164,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"f279327c-ba1f-454d-8d4a-2ad2cb3e9eb5","block_type":"box","text":"to assets of the issuer, and for this reason investments in warrants may be more speculative than other","page_number":164,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"9044a55b-0e56-4f8c-84e1-44528ccc776a","block_type":"box","text":"equity-based investments.","page_number":164,"box":{"x":116,"y":320,"width":200,"height":12}},{"id":"7951c798-7711-4c03-a245-6dfa8e1e8d89","block_type":"box","text":"Rule 144A Securities.","page_number":164,"box":{"x":116,"y":351,"width":170,"height":9}},{"id":"9501f2b4-46da-41d4-b860-903c82626652","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":164,"box":{"x":287,"y":351,"width":590,"height":12}},{"id":"f1fce05c-2c83-433e-87ac-7db97090afc3","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":164,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"217b39c7-80e0-45cd-988a-6ab37d26d5c0","block_type":"box","text":"Securities Lending.","page_number":164,"box":{"x":117,"y":397,"width":153,"height":12}},{"id":"2b7faf5b-7057-48af-9da2-dd33111a45e5","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock","page_number":164,"box":{"x":271,"y":397,"width":575,"height":12}},{"id":"66cea3ea-9fcd-4e32-a68b-addc40c39e5e","block_type":"box","text":"determines to be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide","page_number":164,"box":{"x":116,"y":413,"width":744,"height":12}},{"id":"93075400-6953-44cb-8a5d-bbe66948b380","block_type":"box","text":"collateral that is maintained in an amount at least","page_number":164,"box":{"x":116,"y":428,"width":369,"height":10}},{"id":"fab0daf6-70ae-4167-ae0d-e80c033bea4b","block_type":"box","text":"equal to the current market value of the securities","page_number":164,"box":{"x":486,"y":428,"width":373,"height":12}},{"id":"6d474e26-bf2b-4c34-94bf-56561d8bbe79","block_type":"box","text":"loaned. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all","page_number":164,"box":{"x":117,"y":444,"width":755,"height":12}},{"id":"9319fb04-1e59-4261-ad15-95b0dfa4e9c0","block_type":"box","text":"securities loans of the particular Fund exceeds one-third of the value of such Fund’s total assets","page_number":164,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"41159ca9-fc8c-46bc-8e57-c9f097fddc0c","block_type":"box","text":"(including the value of the collateral received). A Fund may terminate a loan at any time and obtain the","page_number":164,"box":{"x":117,"y":475,"width":765,"height":12}},{"id":"084d607b-4371-4a90-b50c-32b4bb2c4345","block_type":"box","text":"return of the securities loaned. Each Fund receives, by way of substitute payment, the value of any","page_number":164,"box":{"x":117,"y":490,"width":738,"height":12}},{"id":"8018071e-1ef6-40b7-a11c-01b8866799b4","block_type":"box","text":"interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise","page_number":164,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"5647ade6-cf60-4b11-8cd1-66554482ac0c","block_type":"box","text":"received if the securities were not on loan.","page_number":164,"box":{"x":117,"y":521,"width":318,"height":10}},{"id":"2dcbee92-47be-46a0-b9ce-63e66a35eb66","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee","page_number":164,"box":{"x":116,"y":552,"width":732,"height":12}},{"id":"9ef1c2bf-68dd-4ba6-beee-95be906fcb1a","block_type":"box","text":"based on the amount of cash collateral. The Funds are compensated by any positive difference","page_number":164,"box":{"x":117,"y":568,"width":712,"height":12}},{"id":"c89e74e3-1b1f-448d-8bd6-53308be36b70","block_type":"box","text":"between the amount earned on the reinvestment of cash collateral and the fee paid to the borrower. In","page_number":164,"box":{"x":117,"y":583,"width":763,"height":12}},{"id":"a576d253-4a23-4ea8-878a-b4f55b7d61ff","block_type":"box","text":"the case of collateral other than cash, a Fund is compensated by a fee paid by the borrower equal to a","page_number":164,"box":{"x":116,"y":599,"width":765,"height":12}},{"id":"810d4429-4658-4bdd-ad3d-e343b84fbb4f","block_type":"box","text":"percentage of the market value of the loaned securities. Any cash collateral received by the Fund for","page_number":164,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"fd4d45dc-d4f9-4012-a3b8-085ad3ecaf8a","block_type":"box","text":"such loans, and uninvested cash, may be reinvested in certain short-term instruments either directly on","page_number":164,"box":{"x":116,"y":630,"width":770,"height":12}},{"id":"054e9879-e464-4c33-9aa7-a775663a2689","block_type":"box","text":"behalf of the Fund or through one or more joint accounts or money market funds, including those","page_number":164,"box":{"x":117,"y":645,"width":722,"height":12}},{"id":"6727ea78-70c0-48b7-bd51-fb0d29f6f39d","block_type":"box","text":"affiliated with BlackRock; such investments are subject to investment risk.","page_number":164,"box":{"x":116,"y":661,"width":546,"height":12}},{"id":"12f45788-b72b-4564-9b80-e3c92d05c697","block_type":"box","text":"Securities lending involves exposure to","page_number":164,"box":{"x":116,"y":692,"width":284,"height":12}},{"id":"4f989bb9-f071-43d4-a18d-ba1f4ff07dbb","block_type":"box","text":"certain risks, including operational risk (","page_number":164,"box":{"x":405,"y":692,"width":286,"height":12}},{"id":"395a3cef-290e-42aa-bcf9-aecbb435eb80","block_type":"box","text":"i.e.","page_number":164,"box":{"x":692,"y":692,"width":20,"height":9}},{"id":"103ca30f-96c7-438e-bdcc-8bf7c0c21845","block_type":"box","text":", the risk of losses","page_number":164,"box":{"x":715,"y":692,"width":130,"height":11}},{"id":"7afc065b-0246-4d2f-a6d8-a1ac8f28cc1a","block_type":"box","text":"resulting from problems in the settlement and accounting process), “gap” risk (","page_number":164,"box":{"x":117,"y":707,"width":567,"height":12}},{"id":"5c0f65c9-3a8a-45ec-a77a-87f904ccbf26","block_type":"box","text":"i.e.","page_number":164,"box":{"x":685,"y":707,"width":20,"height":10}},{"id":"3515715d-5d01-4268-9b8e-3b392a668d47","block_type":"box","text":", the risk of a mismatch","page_number":164,"box":{"x":708,"y":707,"width":167,"height":11}},{"id":"c5a75a92-389e-44a0-b0b6-fac78bd7a3bd","block_type":"box","text":"between the return on cash collateral reinvestments and the fees each Fund has agreed to pay a","page_number":164,"box":{"x":117,"y":723,"width":703,"height":12}},{"id":"715dfed3-a8e0-40a0-873a-2854b0ae5e02","block_type":"box","text":"borrower), foreign exchange risk (","page_number":164,"box":{"x":117,"y":738,"width":244,"height":12}},{"id":"82016f79-5704-4884-b4fa-e5faa077102f","block_type":"box","text":"i.e.","page_number":164,"box":{"x":362,"y":738,"width":20,"height":10}},{"id":"867a9240-b069-44c5-8add-4535dd00ac97","block_type":"box","text":", the risk of a shortfall at default when a cash collateral investment is","page_number":164,"box":{"x":385,"y":738,"width":494,"height":11}},{"id":"16537793-42f9-4c30-ab22-7e932925c1d8","block_type":"box","text":"denominated in a currency other than the currency","page_number":164,"box":{"x":116,"y":754,"width":368,"height":12}},{"id":"7f93ae27-31e2-43a4-b00f-3e1d48dab2f4","block_type":"box","text":"of the assets being loaned due to movements in","page_number":164,"box":{"x":489,"y":754,"width":348,"height":12}},{"id":"6f6b2f38-0123-49d1-9796-396ea19e9112","block_type":"box","text":"foreign exchange rates), and credit, legal, counterparty","page_number":164,"box":{"x":116,"y":769,"width":398,"height":12}},{"id":"75c1e1f9-f4e5-4fd2-b6ad-bfff97143c12","block_type":"box","text":"and market risks (including the risk that market","page_number":164,"box":{"x":519,"y":769,"width":340,"height":12}},{"id":"fc37807b-384a-447a-be9c-574ad5f5c7cb","block_type":"box","text":"events, including but not limited to corporate actions,","page_number":164,"box":{"x":116,"y":785,"width":381,"height":12}},{"id":"16736fa5-5e10-4e1b-a521-11d1a259d794","block_type":"box","text":"could lead a Fund to lend securities that are trading","page_number":164,"box":{"x":504,"y":785,"width":372,"height":12}},{"id":"c8b16763-c849-44ec-9b4a-88b644d54aa5","block_type":"box","text":"at a premium due to increased demand, or to recall loaned","page_number":164,"box":{"x":116,"y":800,"width":425,"height":12}},{"id":"7f8c7ca8-a456-449a-8093-8c826b165410","block_type":"box","text":"securities or to lend less or not at all, which","page_number":164,"box":{"x":547,"y":800,"width":312,"height":11}},{"id":"a0ec5ba1-1126-4343-8008-eb1dac46129a","block_type":"box","text":"could lead to reduced securities lending revenue). If a Fund","page_number":164,"box":{"x":116,"y":816,"width":431,"height":12}},{"id":"57852790-5a1e-47ef-8103-390945c3f430","block_type":"box","text":"were to lend out securities that are subject to","page_number":164,"box":{"x":553,"y":816,"width":326,"height":12}},{"id":"d97c06a4-55ce-4b2d-9a9c-9c4d5e792c22","block_type":"box","text":"a corporate action and commit to the borrower a","page_number":164,"box":{"x":116,"y":831,"width":355,"height":12}},{"id":"d8042017-fcae-4a94-a8e5-48ea4604e1c0","block_type":"box","text":"particular election as determined by the Fund’s","page_number":164,"box":{"x":472,"y":831,"width":345,"height":12}},{"id":"1e043e1c-ea71-4e4e-ba0c-6683b9a441c3","block_type":"box","text":"investment adviser, the benefit the Fund would receive","page_number":164,"box":{"x":117,"y":847,"width":401,"height":11}},{"id":"7979f170-deb1-408c-832a-da721c6f0e94","block_type":"box","text":"in respect of committing to such election may or","page_number":164,"box":{"x":519,"y":847,"width":352,"height":12}},{"id":"7ca88664-25d4-423c-81a9-d137721ce2e5","block_type":"box","text":"may not be less than the benefit the Fund would have received from making a different election in such","page_number":164,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"deac75ce-c336-472e-9009-65eb47c0e41b","block_type":"box","text":"corporate action. If a securities lending counterparty","page_number":164,"box":{"x":116,"y":878,"width":377,"height":12}},{"id":"0345588e-0340-442c-8313-1ac1484479ac","block_type":"box","text":"y were to default, a Fund would be subject to the risk","page_number":164,"box":{"x":493,"y":878,"width":381,"height":12}},{"id":"929e5b3d-5e1c-4a88-b0b4-0e7d03298494","block_type":"box","text":"II-93","page_number":164,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f582e0cf-1918-460a-947e-7fc388e77abe","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":164,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ca1e4919-e05c-41b9-8f08-0cda2fc94f1d","block_type":"box","text":"of a possible delay in receiving collateral or in re","page_number":165,"box":{"x":116,"y":87,"width":349,"height":12}},{"id":"d8fb5229-f239-4b5d-9358-7d90694ff4ca","block_type":"box","text":"covering the loaned securities, or to a possible loss of","page_number":165,"box":{"x":466,"y":87,"width":394,"height":12}},{"id":"b41624b3-367e-4cc7-a134-7ed466b8a0eb","block_type":"box","text":"rights in the collateral. In the event a borrower does","page_number":165,"box":{"x":117,"y":103,"width":372,"height":12}},{"id":"85352bf3-0e84-49c5-9340-d75cd992a64f","block_type":"box","text":"not return a Fund’s securities as agreed, the Fund’s","page_number":165,"box":{"x":489,"y":103,"width":386,"height":12}},{"id":"634b3d1b-d124-42cd-a17a-83ca3e88c7ac","block_type":"box","text":"ability to participate in a corporate action event ma","page_number":165,"box":{"x":116,"y":118,"width":366,"height":12}},{"id":"d94c9b8d-56fb-4e6e-81f4-cdbcd7df901e","block_type":"box","text":"y be impacted, or the Fund may experience losses if","page_number":165,"box":{"x":482,"y":118,"width":386,"height":12}},{"id":"f391829e-5eb3-45cc-985d-8d1fcfefc917","block_type":"box","text":"the proceeds received from liquidating the collateral do","page_number":165,"box":{"x":116,"y":134,"width":403,"height":12}},{"id":"94a53c5b-b783-49c0-9708-28a141baccbf","block_type":"box","text":"not at least equal the value of the loaned security","page_number":165,"box":{"x":520,"y":134,"width":361,"height":12}},{"id":"d2c0b07c-a0d1-4505-9a69-b584789fc474","block_type":"box","text":"at the time the collateral is liquidated, plus the t","page_number":165,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"dc398f9a-d1a3-4169-b02c-7cc5b9286e22","block_type":"box","text":"transaction costs incurred in purchasing replacement","page_number":165,"box":{"x":453,"y":149,"width":389,"height":12}},{"id":"f411a496-39db-4a5e-90cc-e52d408e8606","block_type":"box","text":"securities. 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Substitute","page_number":165,"box":{"x":495,"y":180,"width":338,"height":12}},{"id":"7e391a74-a4cd-4c37-9b8b-3152638c9cb3","block_type":"box","text":"payments received by a Fund representing dividends","page_number":165,"box":{"x":117,"y":196,"width":390,"height":12}},{"id":"48b3b2dd-eaa4-41c8-a9b8-31724f41e3fc","block_type":"box","text":"paid on securities loaned out by the Fund will not","page_number":165,"box":{"x":508,"y":196,"width":359,"height":12}},{"id":"5ba88271-aa45-475e-841f-ede507d9973e","block_type":"box","text":"be considered qualified dividend income, and distributions by the Fund of such substitute payments will","page_number":165,"box":{"x":117,"y":211,"width":752,"height":12}},{"id":"a0cd5d45-3fa4-46bc-b483-282a8a7235d1","block_type":"box","text":"not constitute qualified dividend income. Additi","page_number":165,"box":{"x":117,"y":227,"width":335,"height":11}},{"id":"f1593029-fa3a-47fc-85ba-16d95952413d","block_type":"box","text":"onally, substitute payments received by a Fund","page_number":165,"box":{"x":453,"y":227,"width":347,"height":12}},{"id":"39484cd7-4a5d-43b6-bbf4-1a46e345546b","block_type":"box","text":"representing qualified REIT dividends paid on REI","page_number":165,"box":{"x":117,"y":242,"width":361,"height":12}},{"id":"4227a141-112b-4dd0-a9a4-8b9993d18b70","block_type":"box","text":"T securities loaned out by the Fund will not be","page_number":165,"box":{"x":480,"y":242,"width":339,"height":12}},{"id":"c4e5ec89-8c18-41d1-9c30-df1bc7cf3bff","block_type":"box","text":"considered qualified REIT dividends, and distributions","page_number":165,"box":{"x":116,"y":258,"width":395,"height":11}},{"id":"f6356353-bcc8-41d1-90e5-00647d993aa3","block_type":"box","text":"by the Fund of such substitute payments will not","page_number":165,"box":{"x":512,"y":258,"width":354,"height":12}},{"id":"6dd1f965-5591-4b1a-a0ae-8b162818b033","block_type":"box","text":"be eligible for a 20% deduction currently availabl","page_number":165,"box":{"x":117,"y":273,"width":350,"height":12}},{"id":"0ea9d897-34b2-4a8d-9148-cd13cf7d2e51","block_type":"box","text":"e for ordinary REIT dividends paid to non-corporate","page_number":165,"box":{"x":469,"y":273,"width":378,"height":12}},{"id":"1e69f090-acba-4112-b91b-12c1a56a7e1f","block_type":"box","text":"shareholders provided certain other requirements are sa","page_number":165,"box":{"x":116,"y":289,"width":409,"height":12}},{"id":"6c815233-e6f6-47aa-b6a5-5c48185a4c84","block_type":"box","text":"tisfied. The securities lending agent will take into","page_number":165,"box":{"x":526,"y":289,"width":356,"height":12}},{"id":"fa7455c5-16a2-46ed-a507-aab3055b5063","block_type":"box","text":"account the tax effects on shareholders caused by","page_number":165,"box":{"x":116,"y":304,"width":367,"height":12}},{"id":"94b26d52-0fb0-44da-a95c-1f100dc04fc8","block_type":"box","text":"y these differences in connection with a Fund’s","page_number":165,"box":{"x":483,"y":304,"width":337,"height":10}},{"id":"f9d49cd7-d378-4770-8ff5-b0592c7d043c","block_type":"box","text":"securities lending program. Substitute payments re","page_number":165,"box":{"x":116,"y":320,"width":370,"height":12}},{"id":"a73a6592-725c-4d1c-a5a9-ee2724f8765c","block_type":"box","text":"ceived on tax-exempt securities loaned out will not be","page_number":165,"box":{"x":487,"y":320,"width":393,"height":12}},{"id":"1c4c56af-2873-4462-95e3-ec9fdf6cfe85","block_type":"box","text":"tax-exempt income. There could also be changes in","page_number":165,"box":{"x":116,"y":335,"width":376,"height":12}},{"id":"5a7cbbdb-21aa-4b10-bf2e-091590480d4b","block_type":"box","text":"the status of issuers under applicable laws and","page_number":165,"box":{"x":493,"y":335,"width":350,"height":12}},{"id":"690f2f2c-0961-41a6-918e-d38fd4826868","block_type":"box","text":"regulations, including tax regulations, that may impact t","page_number":165,"box":{"x":117,"y":351,"width":395,"height":12}},{"id":"cf9b988c-0672-4d9d-8e0a-557383965f5a","block_type":"box","text":"the regulatory or tax treatment of loaned securities","page_number":165,"box":{"x":512,"y":351,"width":371,"height":12}},{"id":"caaedf5b-e81a-4df7-b70a-da8076dfa909","block_type":"box","text":"and could, for example, result in a delay in t","page_number":165,"box":{"x":116,"y":366,"width":317,"height":12}},{"id":"8aa371d2-ea22-42ed-9bef-2ab04fce9a2a","block_type":"box","text":"he payment of dividend equivalent payments owed to a Fund","page_number":165,"box":{"x":434,"y":366,"width":448,"height":12}},{"id":"fd77e450-2736-418c-9fab-529e3754e95a","block_type":"box","text":"(as permitted by applicable law).","page_number":165,"box":{"x":117,"y":382,"width":239,"height":12}},{"id":"59d94b43-603b-4f89-9e29-2563e2b26562","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":165,"box":{"x":117,"y":413,"width":761,"height":12}},{"id":"fc644644-c9bc-4cb0-bb0a-34a401220ee4","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many securities lending","page_number":165,"box":{"x":116,"y":428,"width":723,"height":12}},{"id":"66609f1d-63ff-4656-8f80-2300d28167dd","block_type":"box","text":"agreements, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate","page_number":165,"box":{"x":116,"y":444,"width":739,"height":12}},{"id":"9790529a-6035-4973-86f4-98794e7dc2a1","block_type":"box","text":"such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":165,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"cbf9156f-13c7-4525-9113-32bd2fb42636","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution","page_number":165,"box":{"x":116,"y":475,"width":754,"height":12}},{"id":"bb45a88f-0f28-4b15-b035-b53b1ec589a1","block_type":"box","text":"or insolvency proceedings. It is possible that these requirements, as well as potential additional","page_number":165,"box":{"x":116,"y":490,"width":711,"height":12}},{"id":"25a00dae-b34b-4f80-b767-a355802658f0","block_type":"box","text":"government regulation and other developments in the market, could adversely affect the Fund’s ability","page_number":165,"box":{"x":116,"y":506,"width":762,"height":12}},{"id":"ce2433f3-d2dd-4125-a463-82a1245a1075","block_type":"box","text":"to terminate existing securities lending agreements or to realize amounts to be received under such","page_number":165,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"fcdbadfe-bda5-4b02-8700-425e200cdb6d","block_type":"box","text":"agreements. Prudential regulation may also favor lenders that can provide additional protections, such","page_number":165,"box":{"x":116,"y":537,"width":764,"height":12}},{"id":"48dec162-0610-426b-9a8a-5caafbdc42f9","block_type":"box","text":"as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to","page_number":165,"box":{"x":116,"y":552,"width":763,"height":12}},{"id":"95d8283d-8431-467a-bc7e-621cf0576517","block_type":"box","text":"provide additional protections to borrowers, where permitted pursuant to a Fund’s investment policies","page_number":165,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"123cb96d-69c5-4502-a263-987e868b33db","block_type":"box","text":"and if BlackRock believes doing so is in the best interest of the Fund.","page_number":165,"box":{"x":116,"y":583,"width":518,"height":12}},{"id":"d4b34c0a-c44b-4f8b-97ba-2b593a7797d2","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan","page_number":165,"box":{"x":116,"y":614,"width":698,"height":12}},{"id":"82198178-51b9-43b0-bca0-6b2be23a144d","block_type":"box","text":"transaction information (not including party names); this may include, but is not limited to, information","page_number":165,"box":{"x":116,"y":630,"width":755,"height":12}},{"id":"92f08838-98f4-450f-9384-e540d94fd08a","block_type":"box","text":"about securities loans entered into in connection with short sales. Compliance with this rule is expected","page_number":165,"box":{"x":116,"y":645,"width":771,"height":12}},{"id":"adb128de-4193-4d55-8d74-35242f0779b1","block_type":"box","text":"to be required in late 2028, although in response to the outcome of a legal challenge against the rule,","page_number":165,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"fa457260-b23f-4484-9d6b-5df91fddacc9","block_type":"box","text":"the SEC may amend the rule and/or delay the current expected compliance date.","page_number":165,"box":{"x":116,"y":676,"width":602,"height":12}},{"id":"84e176b9-b6cd-466d-97b7-f23cbaa9470a","block_type":"box","text":"Short Sales.","page_number":165,"box":{"x":117,"y":707,"width":95,"height":10}},{"id":"db4026c7-dbd7-4a9b-a05a-3a1b1dea5841","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential","page_number":165,"box":{"x":219,"y":707,"width":633,"height":12}},{"id":"1480223a-5d29-4961-9baf-05d1be4e340a","block_type":"box","text":"declines in value of a portfolio security or to realize appreciation when a security that the Fund does","page_number":165,"box":{"x":116,"y":723,"width":739,"height":12}},{"id":"31217a14-afdc-4590-a09c-6fbc1ac17900","block_type":"box","text":"not own declines in value. Certain Funds have a fundamental investment restriction prohibiting short","page_number":165,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"0e484da4-117b-4875-a672-09778d7d433d","block_type":"box","text":"sales of securities unless they are “against-the-box.” In a short sale “against-the-box,” at the time of the","page_number":165,"box":{"x":116,"y":754,"width":766,"height":12}},{"id":"5afef80c-574c-4b8f-ad4b-a17e634af0ad","block_type":"box","text":"sale, the Fund owns or has the immediate and unconditional right to acquire the identical security at no","page_number":165,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"69751667-dd26-42fd-be61-a583fb3ebe36","block_type":"box","text":"additional cost. When a Fund makes a short sale, it borrows the security sold short and delivers it to","page_number":165,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"583081aa-3816-4339-9f6c-9edc9f3bce9c","block_type":"box","text":"the broker-dealer through which it made the short sale. A Fund may have to pay a fee to borrow","page_number":165,"box":{"x":116,"y":800,"width":712,"height":12}},{"id":"71d2e403-3979-4b37-8a42-8d6e311ff80f","block_type":"box","text":"particular securities and is often obligated to turn over any payments received on such borrowed","page_number":165,"box":{"x":117,"y":816,"width":713,"height":12}},{"id":"52210878-7b92-4f76-b814-8163a7217714","block_type":"box","text":"securities to the lender of the securities.","page_number":165,"box":{"x":116,"y":831,"width":301,"height":10}},{"id":"0f17be3e-bd7b-4798-875f-532308d73edf","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker","page_number":165,"box":{"x":116,"y":862,"width":756,"height":12}},{"id":"11f1d9bb-72e1-4442-a528-c50a1e864c99","block_type":"box","text":"dealer, usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed.","page_number":165,"box":{"x":116,"y":878,"width":769,"height":12}},{"id":"f3ca4ba4-9984-4880-836c-211921f21788","block_type":"box","text":"II-94","page_number":165,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"039968c7-6053-442d-88c9-c9e93e01f193","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":165,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9b142858-a5ae-4075-a773-36810f6345be","block_type":"box","text":"With respect to uncovered short positions, a Fund is required to deposit similar collateral with its","page_number":166,"box":{"x":116,"y":87,"width":717,"height":12}},{"id":"86c82c55-fb31-4366-9776-36fcef30a1a5","block_type":"box","text":"custodian, if necessary, to the extent that the value of both collateral deposits in the aggregate is at all","page_number":166,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"103893b5-7a5e-4adf-a7e1-a964f9ad5a58","block_type":"box","text":"times equal to at least 100% of the current market value of the security sold short. Depending on","page_number":166,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"6ba90603-ce83-4656-ab64-423a15639055","block_type":"box","text":"arrangements made with the broker-dealer from which the Fund borrowed the security, regarding","page_number":166,"box":{"x":116,"y":134,"width":726,"height":12}},{"id":"418bd155-284c-4ceb-ad99-73f33c37938b","block_type":"box","text":"payment received by the Fund on such security, a Fund may not receive any payments (including","page_number":166,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"1d907c3b-3f96-4aa7-8295-ec0e4396a232","block_type":"box","text":"interest) on its collateral deposited with such broker-dealer.","page_number":166,"box":{"x":117,"y":165,"width":443,"height":12}},{"id":"540c9c05-6201-4f64-9153-2cb811670fe8","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated","page_number":166,"box":{"x":117,"y":196,"width":754,"height":12}},{"id":"95d420f1-6382-4ee6-80da-8e0828b15f11","block_type":"box","text":"with those securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a","page_number":166,"box":{"x":116,"y":211,"width":755,"height":12}},{"id":"6ce65c9b-6b1a-471a-ab14-05cedf9ac45f","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the","page_number":166,"box":{"x":117,"y":227,"width":743,"height":12}},{"id":"e9f39682-c73f-4841-b139-efe98f4c4b01","block_type":"box","text":"date on which the Fund replaces the borrowed security. As a result, if a Fund makes short sales in","page_number":166,"box":{"x":116,"y":242,"width":735,"height":12}},{"id":"d99f5724-c526-4b3c-a380-f0b173f62151","block_type":"box","text":"securities that increase in value, it will likely underperform similar mutual funds that do not make short","page_number":166,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"b8410dfb-a371-4ca4-8934-33e0bf2ae3b8","block_type":"box","text":"sales in securities. A Fund will realize a gain on a short sale if the security declines in price between","page_number":166,"box":{"x":116,"y":273,"width":746,"height":12}},{"id":"357e5ddf-2698-40ad-accb-e91104ce2ed2","block_type":"box","text":"those dates. There can be no assurance that a Fund will be able to close out a short sale position at","page_number":166,"box":{"x":116,"y":289,"width":747,"height":12}},{"id":"5956dabd-01a0-41c0-b7e2-cc2dd7491ab8","block_type":"box","text":"any particular time or at an acceptable price. Although a Fund’s gain is limited to the price at which it","page_number":166,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"45c0bc45-5888-43b2-bfd5-68527272dc46","block_type":"box","text":"sold the security short, its potential loss is limited only by the maximum attainable price of the security,","page_number":166,"box":{"x":116,"y":320,"width":764,"height":12}},{"id":"32571bb3-ee85-43c3-8bcf-e66433caf65c","block_type":"box","text":"less the price at which the security was sold and may, theoretically, be unlimited.","page_number":166,"box":{"x":117,"y":335,"width":603,"height":12}},{"id":"2310dbec-c538-4eee-a7af-cab6a5b99f02","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":166,"box":{"x":116,"y":366,"width":698,"height":12}},{"id":"6cebde3c-a386-4102-8d88-8b0e473b7e37","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short","page_number":166,"box":{"x":116,"y":397,"width":720,"height":12}},{"id":"7994edf9-e72a-4d09-a815-4f13141efa19","block_type":"box","text":"sale borrowings, which are considered Derivatives Transactions under the Rule. See","page_number":166,"box":{"x":116,"y":413,"width":634,"height":12}},{"id":"649fcefb-af19-41b1-88b0-e45c725e14c5","block_type":"box","text":"“—Derivatives—Regulation of Derivatives—Rule 18f-4 under the Investment Company Act” above.","page_number":166,"box":{"x":116,"y":428,"width":738,"height":12}},{"id":"41e85f5d-ca49-4e3c-a6cf-6dc789b1974f","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United","page_number":166,"box":{"x":116,"y":459,"width":712,"height":12}},{"id":"ad979edd-8329-4800-8e17-752cbe5d5292","block_type":"box","text":"Kingdom regulations (under which there are restrictions on net short sales in certain securities). If the","page_number":166,"box":{"x":117,"y":475,"width":755,"height":12}},{"id":"5ce8961f-93a1-4963-a62e-c58ee32f4dab","block_type":"box","text":"SEC or regulatory authorities in other jurisdictions were to adopt additional restrictions regarding short","page_number":166,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"034bee25-b560-4a94-ae88-98414f7c07ff","block_type":"box","text":"sales, they could restrict a Fund’s ability to engage in short sales in certain circumstances, and the","page_number":166,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"062434cc-9927-41a8-b846-3ac5621e17e4","block_type":"box","text":"Fund may be unable to execute its investment strategy as a result. In response to market events, the","page_number":166,"box":{"x":117,"y":521,"width":753,"height":12}},{"id":"e47c2b7c-f32e-45f7-aaaa-90c08d08d30e","block_type":"box","text":"SEC and regulatory authorities in other jurisdictions may adopt (and in certain cases, have adopted)","page_number":166,"box":{"x":116,"y":537,"width":747,"height":12}},{"id":"7090ee4b-642f-4242-af4e-9a95a252ade5","block_type":"box","text":"bans or other restrictions on short sales of certain securities or on derivatives and other hedging","page_number":166,"box":{"x":117,"y":552,"width":717,"height":12}},{"id":"4b856a4d-8a9c-40c9-9630-a83a1ed62d84","block_type":"box","text":"instruments used to achieve a similar economic effect. Such bans or other restrictions may make it","page_number":166,"box":{"x":117,"y":568,"width":736,"height":12}},{"id":"3a14a326-6f14-4a6d-9753-6d3528333ea9","block_type":"box","text":"impossible for a Fund to execute certain investment strategies and may have a material adverse effect","page_number":166,"box":{"x":117,"y":583,"width":765,"height":12}},{"id":"deea791b-7657-4668-b9d7-ffdbbe5c839f","block_type":"box","text":"on the Fund’s ability to generate returns.","page_number":166,"box":{"x":116,"y":599,"width":306,"height":12}},{"id":"1ceedc27-2b59-4731-a680-413ff196f1e4","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":166,"box":{"x":117,"y":630,"width":325,"height":12}},{"id":"1ff04d53-7cc9-4bd3-95ef-0d0b7dc53371","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other","page_number":166,"box":{"x":443,"y":630,"width":411,"height":12}},{"id":"b140a651-423b-4568-8a41-f826e534b6b8","block_type":"box","text":"interests issued by special purpose acquisition companies (“SPACs”) or similar special purpose entities","page_number":166,"box":{"x":117,"y":645,"width":770,"height":12}},{"id":"0e9c4318-9e0b-44be-93f4-b618527addc6","block_type":"box","text":"that pool funds to seek potential acquisition opportunities, including the “founder’s” shares and","page_number":166,"box":{"x":116,"y":661,"width":698,"height":12}},{"id":"7cef05f2-2739-47b8-b2ba-f9883f0f47be","block_type":"box","text":"warrants described below. A SPAC is a publicly traded company that raises investment capital via an","page_number":166,"box":{"x":116,"y":676,"width":749,"height":12}},{"id":"1bddb6d1-833c-481a-859c-b4dcfde94e68","block_type":"box","text":"IPO for the purpose of identifying and acquiring one or more operating businesses or assets. In","page_number":166,"box":{"x":117,"y":692,"width":705,"height":12}},{"id":"46d141bf-aac2-4d2f-bd04-5dc7cc0fb4c4","block_type":"box","text":"connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s” shares, generally for","page_number":166,"box":{"x":116,"y":707,"width":712,"height":12}},{"id":"93ee6367-a59c-4c2a-80c9-0eac4c8f58f9","block_type":"box","text":"nominal consideration, and warrants that will result in the sponsors owning a specified percentage","page_number":166,"box":{"x":117,"y":723,"width":726,"height":12}},{"id":"337cc9df-a223-4d9a-b0ab-6657b497e26b","block_type":"box","text":"(typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a","page_number":166,"box":{"x":117,"y":738,"width":735,"height":12}},{"id":"cce77e5d-07f9-42f3-939e-5ab5cb972a42","block_type":"box","text":"SPAC conducts an IPO, it has selected a management team but has not yet identified a specific","page_number":166,"box":{"x":116,"y":754,"width":713,"height":12}},{"id":"e07d010d-c7af-4691-ab5e-6f11e1fb36b0","block_type":"box","text":"acquisition opportunity. Unless and until an acquisition is completed, a SPAC generally invests its","page_number":166,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"a71827e3-ad24-46c5-a231-106e24018dd4","block_type":"box","text":"assets in U.S. Government securities, money market securities and cash. If an acquisition that meets","page_number":166,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"7835e187-bf58-4eb1-8941-b085a21bede5","block_type":"box","text":"the requirements for the SPAC is not completed within a pre-established period of time, the invested","page_number":166,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"8b155db1-4d87-470d-90b8-da56d10a0a62","block_type":"box","text":"funds are returned to the SPAC’s public shareholders, the warrants expire, and the “founder’s” shares","page_number":166,"box":{"x":116,"y":816,"width":755,"height":12}},{"id":"e7f6a7de-6a33-42b6-a6a0-eee919277ca5","block_type":"box","text":"and such warrants become worthless. Because SPACs and similar entities are in essence “blank","page_number":166,"box":{"x":116,"y":831,"width":725,"height":10}},{"id":"d3fe11e4-5656-4079-8e04-e59b86b7f9b0","block_type":"box","text":"check” companies without operating histories or ongoing business operations (other than identifying","page_number":166,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"a93f9d24-638e-424e-8961-8e8ac72187db","block_type":"box","text":"and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":166,"box":{"x":116,"y":862,"width":728,"height":12}},{"id":"3ae05282-ce59-4028-9354-77b31618c2a9","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable","page_number":166,"box":{"x":117,"y":878,"width":751,"height":12}},{"id":"e3e13e0c-5016-45b7-81ff-79a1deeb8c1b","block_type":"box","text":"II-95","page_number":166,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"8049baec-1a81-4c23-860b-48b2715845cf","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":166,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7d282da8-4f8c-4adf-8add-ca4715c97657","block_type":"box","text":"acquisition. There is no guarantee that the SPACs in which a Fund invests will complete an acquisition","page_number":167,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"0cde3506-9e04-4e60-8eb5-67f9929b9a34","block_type":"box","text":"or that any acquisitions completed by the SPACs in which the Fund invests will be profitable. Some","page_number":167,"box":{"x":116,"y":102,"width":740,"height":13}},{"id":"c3b6a894-9961-4802-ba52-646f65e16b82","block_type":"box","text":"SPACs may pursue acquisitions only within certain industries or regions, which may ultimately lead to","page_number":167,"box":{"x":116,"y":118,"width":758,"height":12}},{"id":"3d9d0d13-42f2-4fde-a36f-54ed6f4bbf1d","block_type":"box","text":"an increase in the volatility of their prices following the acquisition. In addition, some of these securities","page_number":167,"box":{"x":116,"y":134,"width":768,"height":12}},{"id":"ff4389a3-672e-4950-a686-55e0529f14e7","block_type":"box","text":"may be considered illiquid and/or subject to restrictions on resale.","page_number":167,"box":{"x":117,"y":149,"width":491,"height":12}},{"id":"a2d70db6-82f9-42da-941c-2fa35b7cb90e","block_type":"box","text":"Standby Commitment Agreements.","page_number":167,"box":{"x":117,"y":180,"width":278,"height":12}},{"id":"9f8e14f9-94f6-49c3-901d-8d47621f217c","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated","page_number":167,"box":{"x":396,"y":180,"width":471,"height":12}},{"id":"92c66e43-a1ed-4853-b137-568c04788441","block_type":"box","text":"period of time, to purchase a stated amount of securities that may be issued and sold to that Fund at","page_number":167,"box":{"x":117,"y":196,"width":750,"height":12}},{"id":"850f7eb6-ea93-4c0d-96c9-59f2997c6d57","block_type":"box","text":"the option of the issuer. The price of the security is fixed at the time of the commitment. At the time of","page_number":167,"box":{"x":116,"y":211,"width":756,"height":12}},{"id":"0113d434-364c-435c-9496-2d30afb5f250","block_type":"box","text":"entering into the agreement, a Fund is paid a commitment fee, regardless of whether or not the","page_number":167,"box":{"x":116,"y":227,"width":711,"height":12}},{"id":"1eaf0df5-b6e2-4277-88c3-42691a1caeff","block_type":"box","text":"security is ultimately issued. A Fund will enter into such agreements for the purpose of investing in the","page_number":167,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"bfbd6bb2-cb47-42bb-b100-291200befcac","block_type":"box","text":"security underlying the commitment at a price that is considered advantageous to the Fund.","page_number":167,"box":{"x":116,"y":258,"width":685,"height":12}},{"id":"81857cd8-f619-438a-b2f6-198d1d05a0b8","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the","page_number":167,"box":{"x":116,"y":289,"width":767,"height":12}},{"id":"0e661756-9cb3-47d9-b099-1f946e45f256","block_type":"box","text":"value of the security, if issued, on the delivery date may be more or less than its purchase price. Since","page_number":167,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"23faa533-20db-4ee2-bb2e-07ba8a0e99bf","block_type":"box","text":"the issuance of the security underlying the commitment is at the option of the issuer, the Fund may","page_number":167,"box":{"x":116,"y":320,"width":738,"height":12}},{"id":"60bb7fe0-091f-4a76-90e3-a1557251ad8d","block_type":"box","text":"bear the risk of a decline in the value of such security and may not benefit from an appreciation in the","page_number":167,"box":{"x":117,"y":335,"width":756,"height":12}},{"id":"1011da35-79c9-45fc-a271-e59e594c8e72","block_type":"box","text":"value of the security during the commitment period.","page_number":167,"box":{"x":116,"y":351,"width":386,"height":12}},{"id":"a017f462-af70-4b59-a48b-a8e069be6533","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment","page_number":167,"box":{"x":116,"y":382,"width":764,"height":12}},{"id":"2c485af7-4430-4b70-8d92-5e3f7485a30f","block_type":"box","text":"fee will be recorded on the date on which the security can reasonably be expected to be issued, and","page_number":167,"box":{"x":116,"y":397,"width":749,"height":12}},{"id":"40dbf4d1-a929-4b42-abf3-2a9ed26cf978","block_type":"box","text":"the value of the security thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis","page_number":167,"box":{"x":116,"y":413,"width":755,"height":12}},{"id":"a733be68-e8c5-4703-9029-3d841a80382c","block_type":"box","text":"of the security will be adjusted by the amount of the commitment fee. In the event the security is not","page_number":167,"box":{"x":116,"y":428,"width":745,"height":12}},{"id":"af17a6d2-ab0f-4dc7-bb4b-9bffb6ac247c","block_type":"box","text":"issued, the commitment fee will be recorded as income on the expiration date of the standby","page_number":167,"box":{"x":117,"y":444,"width":690,"height":12}},{"id":"d5496b77-6cc3-4dfd-b93a-2ef9d17703ee","block_type":"box","text":"commitment.","page_number":167,"box":{"x":116,"y":459,"width":101,"height":10}},{"id":"7af4f15b-c9f3-4f82-813c-98c8d0946ba8","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the","page_number":167,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"a9c9b66a-e473-4dc9-9832-b8310a030472","block_type":"box","text":"Manager’s or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby","page_number":167,"box":{"x":117,"y":506,"width":693,"height":12}},{"id":"07a61bdf-519d-44ff-926e-5233a5d35a75","block_type":"box","text":"commitments solely to facilitate portfolio liquidity and not to exercise its rights thereunder for trading","page_number":167,"box":{"x":116,"y":521,"width":744,"height":12}},{"id":"c5ae6532-f0da-453e-8324-60e541342439","block_type":"box","text":"purposes. Standby commitments will be valued at zero in determining NAV. Accordingly, where a Fund","page_number":167,"box":{"x":117,"y":537,"width":769,"height":12}},{"id":"4c4c0d31-de12-423a-96e7-9ed0d16ae6c3","block_type":"box","text":"pays directly or indirectly for a standby commitment, its cost will be reflected as an unrealized loss for","page_number":167,"box":{"x":117,"y":552,"width":756,"height":12}},{"id":"105a0c29-f203-4ccc-8231-9d8cf2fcbd7f","block_type":"box","text":"the period during which the commitment is held by such Fund and will be reflected as a realized gain or","page_number":167,"box":{"x":116,"y":568,"width":771,"height":12}},{"id":"848cc8ae-c219-4610-a07a-a6b77529a656","block_type":"box","text":"loss when the commitment is exercised or expires.","page_number":167,"box":{"x":117,"y":583,"width":380,"height":12}},{"id":"fdd598f2-8b1d-4f26-bf59-c9e22c782c96","block_type":"box","text":"Stripped Securities.","page_number":167,"box":{"x":117,"y":614,"width":156,"height":12}},{"id":"21d9f0df-9cee-4699-bbd5-828326a540bf","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and","page_number":167,"box":{"x":274,"y":614,"width":560,"height":12}},{"id":"02ff125b-11b9-4426-9e04-45323677eab6","block_type":"box","text":"principal components of an instrument and sells them as separate securities. In general, one security is","page_number":167,"box":{"x":117,"y":630,"width":771,"height":12}},{"id":"db0d7e4d-ce54-4a1b-be84-eb1e86bd329d","block_type":"box","text":"entitled to receive the interest payments on the underlying assets (the interest only or “IO” security)","page_number":167,"box":{"x":116,"y":645,"width":740,"height":12}},{"id":"d35aff4b-366f-4259-b124-dfe86e307f0e","block_type":"box","text":"and the other to receive the principal payments (the principal only or “PO” security). Some stripped","page_number":167,"box":{"x":116,"y":661,"width":731,"height":12}},{"id":"10a0088a-e76a-4408-89fd-851214dafcb4","block_type":"box","text":"securities may receive a combination of interest and principal payments. The yields to maturity on IOs","page_number":167,"box":{"x":116,"y":676,"width":755,"height":12}},{"id":"a38de5b8-e972-48b5-bead-df2694fb0990","block_type":"box","text":"and POs are sensitive to the expected or anticipated rate of principal payments (including","page_number":167,"box":{"x":116,"y":692,"width":663,"height":12}},{"id":"9c4bbbc8-08ee-4c9e-a671-2e3327d97fab","block_type":"box","text":"prepayments) on the related underlying assets, and principal payments may have a material effect on","page_number":167,"box":{"x":117,"y":707,"width":752,"height":12}},{"id":"10a76c95-8f5d-40ec-868a-e4172618a1b2","block_type":"box","text":"yield to maturity. If the underlying assets experience greater than anticipated prepayments of principal,","page_number":167,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"e894d5bd-a0b7-415d-a483-72fb5cc8f4e1","block_type":"box","text":"a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets","page_number":167,"box":{"x":116,"y":738,"width":681,"height":12}},{"id":"8958fb8e-d370-4471-9dc5-ff499071aaf9","block_type":"box","text":"experience less than anticipated prepayments of principal, the yield on POs could be adversely","page_number":167,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"dcb1f56f-d2c1-4205-8810-4a75c9d6d1e5","block_type":"box","text":"affected. Stripped securities may be highly sensitive to changes in interest rates and rates of","page_number":167,"box":{"x":116,"y":769,"width":687,"height":12}},{"id":"8905e741-a505-4275-8306-1a609c3b97c1","block_type":"box","text":"prepayment.","page_number":167,"box":{"x":117,"y":785,"width":91,"height":12}},{"id":"5b1c15dc-bb07-4f82-9ca5-b49258e97d94","block_type":"box","text":"Structured Notes.","page_number":167,"box":{"x":117,"y":816,"width":139,"height":9}},{"id":"73f1a2f7-2dbc-4fc1-b1cf-9aeac260124e","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally","page_number":167,"box":{"x":262,"y":816,"width":612,"height":12}},{"id":"be6cf682-0bca-4921-8d71-f05dc801365d","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to","page_number":167,"box":{"x":117,"y":831,"width":753,"height":12}},{"id":"e3c08f57-0cef-4419-b3ba-2e6e3c9e5d6a","block_type":"box","text":"the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”).","page_number":167,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"a560866f-8560-4edb-b4f0-02d9151b2c13","block_type":"box","text":"Issuers of structured notes generally include corporations and banks. The interest rate or the principal","page_number":167,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"f8420d20-2409-4221-9f95-12e4d468d5bf","block_type":"box","text":"amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":167,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"96422959-909f-4e90-986e-843c0920b935","block_type":"box","text":"II-96","page_number":167,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"94a31a90-88ad-475d-bf96-31648f73f7fd","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":167,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b9b50203-843c-427d-a7be-3b0e06d9956e","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain","page_number":168,"box":{"x":116,"y":87,"width":708,"height":12}},{"id":"52481196-1e53-4d5e-8e3c-4fb167c712cb","block_type":"box","text":"circumstances, no principal is due at maturity and, therefore, may result in a loss of invested capital by","page_number":168,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"2867e303-d1e4-460c-bc55-8bb0b6358d5a","block_type":"box","text":"a Fund. The interest and/or principal payments that may be made on a structured product may vary","page_number":168,"box":{"x":116,"y":118,"width":743,"height":12}},{"id":"82a532f2-c5a6-447e-ad87-1cdf1cb7098e","block_type":"box","text":"widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":168,"box":{"x":116,"y":134,"width":671,"height":12}},{"id":"ac5b5b93-0ce4-472b-b6c2-de4b7fe691f4","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure","page_number":168,"box":{"x":116,"y":165,"width":770,"height":12}},{"id":"e96c9f9c-4649-4f25-abce-c1242ff7330d","block_type":"box","text":"may produce an increase or a decrease in the interest rate or the value of the principal at maturity. The","page_number":168,"box":{"x":117,"y":180,"width":768,"height":12}},{"id":"dea2439d-e2bf-4ee3-b995-ce9e044d6c88","block_type":"box","text":"rate of return on structured notes may be determined by applying a multiplier to the performance or","page_number":168,"box":{"x":117,"y":196,"width":739,"height":12}},{"id":"f55174b2-3f5b-4840-b91f-18e4caa1b1ed","block_type":"box","text":"differential performance of reference measures. Application of a multiplier involves leverage that will","page_number":168,"box":{"x":116,"y":211,"width":746,"height":12}},{"id":"b8784a8e-792f-4a12-8f16-2731fb3b9915","block_type":"box","text":"serve to magnify the potential for gain and the risk of loss.","page_number":168,"box":{"x":116,"y":227,"width":435,"height":12}},{"id":"a3c6112c-9729-41d4-a3f4-38905ba79a23","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured","page_number":168,"box":{"x":116,"y":258,"width":722,"height":11}},{"id":"1bf8f4b7-a70d-46a5-b6ae-faf2686f82c1","block_type":"box","text":"product. Structured notes may also be more volatile, less liquid, and more difficult to price accurately","page_number":168,"box":{"x":117,"y":273,"width":750,"height":12}},{"id":"34119ba7-4d94-4cc6-a3f2-d31c2cf0559f","block_type":"box","text":"than less complex securities and instruments or more traditional debt securities. The secondary market","page_number":168,"box":{"x":116,"y":289,"width":770,"height":12}},{"id":"9cbd8690-ff8a-4c92-a5f2-126b9c2fb726","block_type":"box","text":"for structured notes could be illiquid making them difficult to sell when the Fund determines to sell","page_number":168,"box":{"x":116,"y":304,"width":729,"height":12}},{"id":"3b5d23a4-ea58-43ca-97e5-aed6d77b5a45","block_type":"box","text":"them. The possible lack of a liquid secondary market for structured notes and the resulting inability of","page_number":168,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"c533b3c8-868d-4a5b-adfd-74f784e6c01c","block_type":"box","text":"the Fund to sell a structured note could expose the Fund to losses and could make structured notes","page_number":168,"box":{"x":116,"y":335,"width":746,"height":12}},{"id":"91fc8fd3-3428-4b28-a66a-b2595b76dc6b","block_type":"box","text":"more difficult for the Fund to value accurately.","page_number":168,"box":{"x":117,"y":351,"width":344,"height":12}},{"id":"b8f8632c-f0df-42b1-b1df-1d7a28686297","block_type":"box","text":"Taxability Risk.","page_number":168,"box":{"x":118,"y":382,"width":119,"height":12}},{"id":"5193ab4d-eb37-4f64-aa5c-af23e182abce","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to","page_number":168,"box":{"x":238,"y":382,"width":555,"height":12}},{"id":"75e84a92-c96e-4e06-8bc6-92d69f3a8556","block_type":"box","text":"shareholders by investing in tax-exempt or municipal securities in reliance at the time of purchase on","page_number":168,"box":{"x":116,"y":397,"width":753,"height":12}},{"id":"80b634f5-f839-4469-a068-78af15bfc6c3","block_type":"box","text":"an opinion of bond counsel to the issuer and, in the case of derivative securities, sponsors’ counsel,","page_number":168,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"256f6864-7592-4844-80af-a4da4ba5ed2b","block_type":"box","text":"that the interest paid on those securities will be excludable from gross income for U.S. federal income","page_number":168,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"d4126436-7bb2-43ab-a951-10f67de9f4b8","block_type":"box","text":"tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income","page_number":168,"box":{"x":116,"y":444,"width":726,"height":12}},{"id":"eb51fb99-fb26-488a-a6dd-4caadc9ffb04","block_type":"box","text":"subsequent to the Fund’s acquisition of the securities. In that event, the IRS may demand that the","page_number":168,"box":{"x":116,"y":459,"width":731,"height":12}},{"id":"ce97423b-d8fb-4780-8430-80daee665734","block_type":"box","text":"Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to do so,","page_number":168,"box":{"x":117,"y":475,"width":758,"height":12}},{"id":"c03732ae-905a-4a83-8c25-dc7b99e1e72b","block_type":"box","text":"the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or","page_number":168,"box":{"x":116,"y":490,"width":758,"height":12}},{"id":"44b381a1-7584-4630-ab70-2b17357e7f6a","block_type":"box","text":"to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":168,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"946a325f-8c81-4186-b517-c7ba2773b43e","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any","page_number":168,"box":{"x":117,"y":521,"width":699,"height":12}},{"id":"6bc234da-166a-49bd-938a-be0f2e622191","block_type":"box","text":"tax-exempt or municipal security held by the Fund is subsequently determined to be taxable, the Fund","page_number":168,"box":{"x":116,"y":537,"width":762,"height":12}},{"id":"d226ac28-15c6-425f-8cdc-09caacdaf3f3","block_type":"box","text":"will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations,","page_number":168,"box":{"x":116,"y":552,"width":738,"height":12}},{"id":"442a8ba7-7a42-4b91-8c46-76f2a34b2088","block_type":"box","text":"rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly,","page_number":168,"box":{"x":117,"y":568,"width":769,"height":12}},{"id":"350d73bf-0ac9-4a3c-8488-7a422d2df660","block_type":"box","text":"to U.S. federal income taxation or interest on state municipal securities to be subject to state or local","page_number":168,"box":{"x":116,"y":583,"width":749,"height":12}},{"id":"72062b1d-6d00-4402-a130-2090e8480bfd","block_type":"box","text":"income taxation, or the value of state municipal securities to be subject to state or local intangible","page_number":168,"box":{"x":117,"y":599,"width":726,"height":12}},{"id":"989dc9ed-bacf-4a56-8443-c1fe58d7d278","block_type":"box","text":"personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":168,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"e0cc0e2f-f27c-4db3-88c1-fe9d37def0fb","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such","page_number":168,"box":{"x":116,"y":630,"width":721,"height":12}},{"id":"60262817-a46f-4599-88de-05d7b7ddacb2","block_type":"box","text":"securities, and thus the value of an investment in the Fund.","page_number":168,"box":{"x":116,"y":645,"width":444,"height":11}},{"id":"783ed42a-23b9-4562-90c7-9bb548e6a2b7","block_type":"box","text":"Temporary Defensive Measures.","page_number":168,"box":{"x":118,"y":676,"width":252,"height":12}},{"id":"40fa15ce-3004-49cc-8020-be1e7e9d4b08","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse","page_number":168,"box":{"x":376,"y":676,"width":498,"height":12}},{"id":"20912a34-11b3-4089-812f-1ff31d11d5f1","block_type":"box","text":"market, economic, political or other conditions, a Fund may depart from its principal investment","page_number":168,"box":{"x":117,"y":692,"width":697,"height":12}},{"id":"143db4c0-1521-4a64-a7c1-9dc0a12d904c","block_type":"box","text":"strategies and may invest without limitation in cash, high quality money market instruments, or other","page_number":168,"box":{"x":116,"y":707,"width":735,"height":12}},{"id":"54f53781-a727-4d62-beb4-eed7d0ba2454","block_type":"box","text":"short term investments. Certain Funds may also invest in cash and other such instruments pending","page_number":168,"box":{"x":116,"y":723,"width":727,"height":12}},{"id":"2deac07a-3896-48cf-a02a-32490218229e","block_type":"box","text":"investment or to meet anticipated redemption requests. High quality money market instruments include","page_number":168,"box":{"x":117,"y":738,"width":755,"height":12}},{"id":"e21fde15-19f8-476e-820a-17080da8e555","block_type":"box","text":"U.S. Government obligations, U.S. Government agency obligations, dollar denominated obligations of","page_number":168,"box":{"x":117,"y":754,"width":746,"height":12}},{"id":"3df068ab-cd61-4c56-883f-786fad675f82","block_type":"box","text":"foreign issuers, bank obligations, including U.S. subsidiaries and branches of foreign banks, corporate","page_number":168,"box":{"x":116,"y":769,"width":750,"height":12}},{"id":"49cd9700-1990-4537-8c13-1a1a8d0fb45a","block_type":"box","text":"obligations, commercial paper, repurchase agreements and obligations of supranational organizations.","page_number":168,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"481d61ba-29d7-4880-9aec-118d26ddd4fa","block_type":"box","text":"Generally, such obligations will mature within one year from the date of settlement, but may mature","page_number":168,"box":{"x":117,"y":800,"width":727,"height":12}},{"id":"4136f1eb-107f-4669-9484-37f5c54df83a","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":168,"box":{"x":116,"y":816,"width":762,"height":12}},{"id":"56826997-07c4-4d1d-b95f-4f47c3e7591a","block_type":"box","text":"to achieve its investment objective.","page_number":168,"box":{"x":116,"y":831,"width":262,"height":12}},{"id":"7d6e81c9-6aee-45a6-b917-2814bd02193e","block_type":"box","text":"U.S. Government Obligations.","page_number":168,"box":{"x":117,"y":862,"width":236,"height":12}},{"id":"3c00a549-fa2c-4203-9beb-09af76b8a287","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S.","page_number":168,"box":{"x":354,"y":862,"width":510,"height":12}},{"id":"42a4e8a8-b1aa-404d-8b6c-98859c19e9ea","block_type":"box","text":"Government and U.S. Government agencies and instrumentalities. Obligations of certain agencies and","page_number":168,"box":{"x":117,"y":878,"width":767,"height":12}},{"id":"9120450e-1ce0-4330-935b-9f1a7e5d3be8","block_type":"box","text":"II-97","page_number":168,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"f2912570-c7f4-4fc8-91d6-91a735bdbe9a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":168,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"64b1c4c6-2cf3-494c-8958-54a9640951a0","block_type":"box","text":"instrumentalities of the U.S. Government are supported by the full faith and credit of the U.S. Treasury.","page_number":169,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"38c81acd-e733-4d1f-a522-d0cd33f1a04a","block_type":"box","text":"Others are supported by the right of the issuer to borrow from the U.S. Treasury; and still others are","page_number":169,"box":{"x":116,"y":102,"width":745,"height":13}},{"id":"d1ffaa4e-5ea1-4f60-b192-509ccecd963d","block_type":"box","text":"supported only by the credit of the agency or instrumentality issuing the obligation. No assurance can","page_number":169,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"9f6f763e-c89d-41a9-bbe8-387cd92e16ab","block_type":"box","text":"be given that the U.S. Government will provide financial support to U.S. Government-sponsored","page_number":169,"box":{"x":117,"y":134,"width":715,"height":12}},{"id":"e0512280-3118-4740-a02c-e76d026c5223","block_type":"box","text":"instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury and agency securities may","page_number":169,"box":{"x":117,"y":149,"width":762,"height":12}},{"id":"f7a23c2f-686a-419c-b1e5-0f21a92c31b7","block_type":"box","text":"be held by trusts that issue participation certificates (such as Treasury income growth receipts and","page_number":169,"box":{"x":117,"y":165,"width":734,"height":12}},{"id":"0d46e9e7-6de6-474c-b7cf-ca32400ce535","block_type":"box","text":"certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":169,"box":{"x":116,"y":180,"width":740,"height":12}},{"id":"92fb8692-937e-4101-a3d7-4f40db73d11f","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or","page_number":169,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"4f787d86-9cb8-4416-9005-c8d8454d9512","block_type":"box","text":"the future principal payments on U.S. Government obligations. These instruments are issued at a","page_number":169,"box":{"x":116,"y":211,"width":727,"height":12}},{"id":"76d173ac-d5fe-4099-aa0a-be0ddf3f6ee5","block_type":"box","text":"discount to their “face value” and may (particularly in the case of stripped mortgage-backed securities)","page_number":169,"box":{"x":116,"y":227,"width":763,"height":12}},{"id":"9f37491e-c761-402c-ae19-0c599153d404","block_type":"box","text":"exhibit greater price volatility than ordinary debt securities because of the manner in which their","page_number":169,"box":{"x":116,"y":242,"width":713,"height":12}},{"id":"7747b8d2-b251-4522-9eac-5c362aa886fd","block_type":"box","text":"principal and interest are returned to investors.","page_number":169,"box":{"x":117,"y":258,"width":351,"height":11}},{"id":"332d26f1-cf37-47ad-8fd7-45c1477ad52f","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S.","page_number":169,"box":{"x":117,"y":289,"width":734,"height":12}},{"id":"ce3ef395-119b-4fda-a6ca-d3b46b6aa20d","block_type":"box","text":"Treasury Bills, Treasury Notes and Treasury Bonds and the obligations of the Federal Housing","page_number":169,"box":{"x":116,"y":304,"width":708,"height":12}},{"id":"a5d1c436-f107-4f06-a2b1-5f93699209fe","block_type":"box","text":"Administration, Farmers Home Administration, Export-Import Bank of the United States, Small","page_number":169,"box":{"x":116,"y":320,"width":703,"height":12}},{"id":"3838df00-5167-4fd6-8b67-7d36faa43437","block_type":"box","text":"Business Administration, Ginnie Mae, Fannie Mae, Federal Financing Bank, General Services","page_number":169,"box":{"x":117,"y":335,"width":702,"height":12}},{"id":"1eb4703f-14cb-440d-b05f-ba498bd56899","block_type":"box","text":"Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Federal Home","page_number":169,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"c94411a5-8a1f-4c81-afc2-ec1006c6f4c0","block_type":"box","text":"Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm Credit Banks","page_number":169,"box":{"x":117,"y":366,"width":771,"height":11}},{"id":"ae66c22c-feff-462e-b44e-bc5100929867","block_type":"box","text":"System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":169,"box":{"x":116,"y":382,"width":772,"height":12}},{"id":"5970d219-83ee-4621-8e22-c52c8782b9d6","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government","page_number":169,"box":{"x":117,"y":397,"width":717,"height":12}},{"id":"5f943acb-dccf-4ebb-8127-6897b03356f8","block_type":"box","text":"agencies and instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae","page_number":169,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"f98fc73d-3b29-4f0b-b21f-71c8701c4570","block_type":"box","text":"and Freddie Mac.","page_number":169,"box":{"x":116,"y":428,"width":135,"height":10}},{"id":"525d4861-4d01-471a-8f21-7e5869b4113a","block_type":"box","text":"U.S. Treasury Obligations.","page_number":169,"box":{"x":117,"y":459,"width":194,"height":12}},{"id":"8ea03f62-ef4f-49ec-934f-801f95fb5b6e","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of","page_number":169,"box":{"x":313,"y":459,"width":548,"height":12}},{"id":"1b092c52-59e8-41a8-ad92-04d5327b8a06","block_type":"box","text":"issuance and other characteristics. Obligations of U.S. Government agencies and authorities are","page_number":169,"box":{"x":117,"y":475,"width":721,"height":12}},{"id":"20e07445-ab26-41cb-b5a4-c5636d76c213","block_type":"box","text":"supported by varying degrees of credit but generally are not backed by the full faith and credit of the","page_number":169,"box":{"x":116,"y":490,"width":747,"height":12}},{"id":"90acf9d7-7196-4d43-b545-57d757c6b4b6","block_type":"box","text":"U.S. Government. No assurance can be given that the U.S. Government will provide financial support","page_number":169,"box":{"x":117,"y":506,"width":758,"height":12}},{"id":"dd8029d8-74a0-4885-86d5-a70019de1b27","block_type":"box","text":"to its agencies and authorities if it is not obligated by law to do so.","page_number":169,"box":{"x":116,"y":521,"width":493,"height":12}},{"id":"7bf348fb-9c52-41a1-a6f7-f3521b17b23c","block_type":"box","text":"U.S. Treasury Rolls.","page_number":169,"box":{"x":117,"y":552,"width":153,"height":12}},{"id":"1d220fb7-312a-4d9d-a050-d2db6e2d4078","block_type":"box","text":"Certain Funds may invest in U.S. Treasury","page_number":169,"box":{"x":271,"y":552,"width":320,"height":12}},{"id":"5655151a-d334-4c84-a24d-b885a2046c58","block_type":"box","text":"rolls. In a U.S. Treasury roll transaction,","page_number":169,"box":{"x":592,"y":552,"width":292,"height":12}},{"id":"7a8d38a4-a5c6-428c-b008-411b8c8bbc8c","block_type":"box","text":"the Fund sells a treasury security to a counterpa","page_number":169,"box":{"x":116,"y":568,"width":350,"height":12}},{"id":"e6046f0d-f59d-45d4-814b-d487ce4095ba","block_type":"box","text":"rty with a simultaneous agreement to repurchase the","page_number":169,"box":{"x":468,"y":568,"width":387,"height":12}},{"id":"13a6c51f-01ce-4f02-9876-5f331af80ba0","block_type":"box","text":"same security at an agreed upon price and future settl","page_number":169,"box":{"x":116,"y":583,"width":392,"height":12}},{"id":"e921b0a3-e5a1-4da3-a9a7-b6981e43b0aa","block_type":"box","text":"ement date. U.S. Treasury roll transactions may","page_number":169,"box":{"x":510,"y":583,"width":353,"height":12}},{"id":"3878e9d9-2e13-4787-908c-84063ed22789","block_type":"box","text":"incrementally adjust the average maturity of a Fund’","page_number":169,"box":{"x":117,"y":599,"width":376,"height":12}},{"id":"a7d19929-c427-4bae-afd7-bcc49b696436","block_type":"box","text":"s portfolio and increase the interest yield on the","page_number":169,"box":{"x":494,"y":599,"width":348,"height":12}},{"id":"3d0bd191-8976-4f6c-ae6b-c391b0cebb05","block_type":"box","text":"Fund’s portfolio by extending the average maturity of the portfolio in a normal yield curve environment.","page_number":169,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"b613258c-9340-446f-b6c3-c2e233cd6f4c","block_type":"box","text":"During the period before the settlement","page_number":169,"box":{"x":117,"y":630,"width":284,"height":12}},{"id":"197e74f3-99a6-4434-9a4a-da7763cdd59d","block_type":"box","text":"date of a U.S. Treasury roll, a","page_number":169,"box":{"x":401,"y":630,"width":224,"height":12}},{"id":"887a917d-bfb5-472f-bf36-9816402a85d8","block_type":"box","text":"Fund continues to earn interest on","page_number":169,"box":{"x":626,"y":630,"width":254,"height":9}},{"id":"34b99322-a394-4ad1-a98d-588505a4c6f9","block_type":"box","text":"the securities it is selling; however, it does not earn in","page_number":169,"box":{"x":116,"y":645,"width":387,"height":12}},{"id":"ed74db9e-268d-4949-bdd7-91da1dab7b8a","block_type":"box","text":"terest on the securities it is purchasing until after the","page_number":169,"box":{"x":504,"y":645,"width":383,"height":12}},{"id":"244696d5-c5d9-421d-89e5-5a0d6b8fdbe2","block_type":"box","text":"settlement date. A Fund could suffer an opportunity loss","page_number":169,"box":{"x":116,"y":661,"width":406,"height":12}},{"id":"c65bde5c-264c-47ad-a0c1-033aeb0fa581","block_type":"box","text":"if the counterparty to the U.S. Treasury roll","page_number":169,"box":{"x":528,"y":661,"width":308,"height":12}},{"id":"d52ba8f6-29b4-4cb0-acf1-0a0d925a279c","block_type":"box","text":"transaction failed to perform its obligations on the settlement date.","page_number":169,"box":{"x":116,"y":676,"width":478,"height":12}},{"id":"7b214e58-fc5e-4c32-960e-1236a24f091f","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed","page_number":169,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"ba0a1ff7-7df1-4cc4-aad9-7c56aee02985","block_type":"box","text":"upon purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be","page_number":169,"box":{"x":117,"y":723,"width":732,"height":12}},{"id":"5cd5c99f-bcfe-427e-9ed2-c5e9eaaa5b3e","block_type":"box","text":"deemed to involve leverage. There is no assurance that U.S. Treasury rolls can be successfully","page_number":169,"box":{"x":116,"y":738,"width":709,"height":12}},{"id":"2c72d31b-58f1-4b05-b737-9fcc8c4ffa67","block_type":"box","text":"employed.","page_number":169,"box":{"x":116,"y":754,"width":76,"height":12}},{"id":"b51fd863-6d0c-4d6d-9de1-a7ba8039912d","block_type":"box","text":"Utility Industries.","page_number":169,"box":{"x":117,"y":785,"width":134,"height":12}},{"id":"87d43575-65ee-4229-9bf0-172f9337ad6b","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an","page_number":169,"box":{"x":259,"y":785,"width":566,"height":12}},{"id":"e233c2a2-1139-4b1f-a005-80411b0b504b","block_type":"box","text":"adequate return on invested capital, difficulty in financing large construction programs during an","page_number":169,"box":{"x":116,"y":800,"width":710,"height":12}},{"id":"ea3bc973-2714-4045-86aa-2ea6fa3f6106","block_type":"box","text":"inflationary period, restrictions on operations and increased cost and delays attributable to","page_number":169,"box":{"x":117,"y":816,"width":667,"height":12}},{"id":"fc828ff0-d8ab-41ac-b2eb-0a299d94554b","block_type":"box","text":"environmental considerations and regulation, difficulty in raising capital in adequate amounts on","page_number":169,"box":{"x":116,"y":831,"width":715,"height":12}},{"id":"075a5c28-ed6d-4835-aa83-e41adf53d204","block_type":"box","text":"reasonable terms in periods of high inflation and unsettled capital markets, technological innovations","page_number":169,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"70ad3c25-fc78-4882-9fa7-94d13ffa6ba7","block_type":"box","text":"that may render existing plants, equipment or products obsolete, the potential impact of natural or","page_number":169,"box":{"x":116,"y":862,"width":729,"height":12}},{"id":"2ad71d41-dc4c-4983-a27c-fe08b13b5e6c","block_type":"box","text":"man-made disasters, increased costs and reduced availability of certain types of fuel, occasional","page_number":169,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"9daef027-96d1-4386-9231-a7eafad415f4","block_type":"box","text":"II-98","page_number":169,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"b0f0619a-bbfb-421a-8147-19d42681429c","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":169,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f7c0f9c6-9a20-4f8c-af95-3eccc5ca791e","block_type":"box","text":"reduced availability and high costs of natural gas for resale, the effects of energy conservation, the","page_number":170,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"b97e3235-4ba0-420c-82a2-fded504c9acc","block_type":"box","text":"effects of a national energy policy and lengthy delays and greatly increased costs and other problems","page_number":170,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"eefa45c2-2a7f-45c6-80ac-b596a13c026b","block_type":"box","text":"associated with the design, construction, licensing, regulation and operation of nuclear facilities for","page_number":170,"box":{"x":116,"y":118,"width":735,"height":12}},{"id":"65f863e4-53fb-4bf5-bcbf-d624601d664a","block_type":"box","text":"electric generation, including, among other considerations, the problems associated with the use of","page_number":170,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"a33e0351-124c-4197-a545-0d49bfe9e638","block_type":"box","text":"radioactive materials and the disposal of radioactive wastes. There are substantial differences among","page_number":170,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"05b9ba68-fef2-4456-a701-88c5877292f7","block_type":"box","text":"the regulatory practices and policies of various jurisdictions, and any given regulatory agency may","page_number":170,"box":{"x":116,"y":165,"width":732,"height":12}},{"id":"5c49fc04-c1f3-4804-a965-7c81ca988d98","block_type":"box","text":"make major shifts in policy from time to time. There is no assurance that regulatory authorities will, in","page_number":170,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"cb9b19e1-1eda-45a3-8636-f7e9df409460","block_type":"box","text":"the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":170,"box":{"x":116,"y":196,"width":716,"height":12}},{"id":"3016299f-3907-4d22-aec6-67613d822c7c","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future","page_number":170,"box":{"x":116,"y":211,"width":735,"height":12}},{"id":"29f982fa-19a7-4dba-80ce-118b20ff9510","block_type":"box","text":"regulatory legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the","page_number":170,"box":{"x":117,"y":227,"width":771,"height":12}},{"id":"d70b0270-83cb-4773-9b3a-58b7816a7240","block_type":"box","text":"issuers of securities held in the Fund’s portfolio may own or operate nuclear generating facilities.","page_number":170,"box":{"x":117,"y":242,"width":720,"height":12}},{"id":"5308805c-3d85-4bd6-9a82-a3d54f71be9b","block_type":"box","text":"Governmental authorities may from time to time review existing policies and impose additional","page_number":170,"box":{"x":117,"y":258,"width":702,"height":12}},{"id":"e6c5c5d2-0505-4e7e-9c79-a3b897e4f26b","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged","page_number":170,"box":{"x":117,"y":273,"width":751,"height":12}},{"id":"dba3a1c8-9764-4c40-bdc1-867673118139","block_type":"box","text":"changes in climatic conditions can also have a significant impact on both the revenues of an electric","page_number":170,"box":{"x":116,"y":289,"width":746,"height":12}},{"id":"4eafb836-feb1-43bf-9744-2bfb826442fe","block_type":"box","text":"and gas utility as well as the expenses of a utility, particularly a hydro-based electric utility.","page_number":170,"box":{"x":116,"y":304,"width":675,"height":12}},{"id":"55523c52-a053-46e4-a66e-2187592d6120","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic","page_number":170,"box":{"x":117,"y":335,"width":747,"height":12}},{"id":"f76dc333-e328-49b8-96ab-c5053481d279","block_type":"box","text":"and international competition, and governmental limitations on rates charged to customers. The value","page_number":170,"box":{"x":116,"y":351,"width":759,"height":12}},{"id":"412ee9d7-5242-4526-99fc-a174c40740a7","block_type":"box","text":"of regulated utility debt securities and, to a lesser extent, equity securities, tends to have an inverse","page_number":170,"box":{"x":116,"y":366,"width":743,"height":12}},{"id":"0a3e56da-d03b-498a-b33e-b762fe19d184","block_type":"box","text":"relationship to the movement of interest rates and therefore may lead to volatility in performance.","page_number":170,"box":{"x":117,"y":382,"width":723,"height":12}},{"id":"8b12def5-801b-4cea-a286-108ade87335d","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the","page_number":170,"box":{"x":117,"y":413,"width":771,"height":12}},{"id":"59d3a5e1-dea4-4766-8edd-15e2235c4ca0","block_type":"box","text":"United States, most utility companies are regulated by state and/or federal authorities. Such regulation","page_number":170,"box":{"x":117,"y":428,"width":764,"height":12}},{"id":"a082b13a-ffa1-4b9f-a16c-c7906cfa9b3c","block_type":"box","text":"is intended to ensure appropriate standards of service and adequate capacity to meet public demand.","page_number":170,"box":{"x":117,"y":444,"width":759,"height":12}},{"id":"300d988c-a8bd-47a6-bf93-d53b7d4eb685","block_type":"box","text":"Generally, prices are also regulated in the United States and in foreign countries with the intention of","page_number":170,"box":{"x":117,"y":459,"width":750,"height":12}},{"id":"c95f2232-7553-4b20-a118-73e5392e7ebb","block_type":"box","text":"protecting the public while ensuring that the rate of return earned by utility companies is sufficient to","page_number":170,"box":{"x":117,"y":475,"width":744,"height":12}},{"id":"f2b65fe5-8890-4d84-82a8-fc0db12271ac","block_type":"box","text":"allow them to attract capital in order to grow and continue to provide appropriate services. There can","page_number":170,"box":{"x":116,"y":490,"width":751,"height":12}},{"id":"e43b8adb-7942-468b-8913-b87dde1b75ac","block_type":"box","text":"be no assurance that such pricing policies or rates of return will continue in the future.","page_number":170,"box":{"x":117,"y":506,"width":640,"height":12}},{"id":"713b8018-9afc-43cc-a5c3-c0d2865e151a","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in","page_number":170,"box":{"x":116,"y":537,"width":738,"height":12}},{"id":"45ea9a76-1690-4a43-b84e-cd420e2159e7","block_type":"box","text":"foreign countries. In recent years, changes in regulation in the United States increasingly have allowed","page_number":170,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"7a96b7db-6c66-480d-b978-e0ad574c6f6b","block_type":"box","text":"utility companies to provide services and products outside their traditional geographic areas and lines","page_number":170,"box":{"x":117,"y":568,"width":755,"height":12}},{"id":"51901854-3842-41d3-aaec-fadf30e92878","block_type":"box","text":"of business, creating new areas of competition within the industries. In some instances, utility","page_number":170,"box":{"x":116,"y":583,"width":696,"height":12}},{"id":"8d3f94da-19f1-41a1-bb85-28b5beaafcdd","block_type":"box","text":"companies are operating on an unregulated basis. Because of trends toward deregulation and the","page_number":170,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"74fed83a-8b2c-4da3-8ca4-206b35d9de6f","block_type":"box","text":"evolution of independent power producers as well as new entrants to the field of telecommunications,","page_number":170,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"4ea1c4bc-58bd-4a96-b177-a3663c04ea92","block_type":"box","text":"non-regulated providers of utility services have become a significant part of their respective industries.","page_number":170,"box":{"x":117,"y":630,"width":761,"height":12}},{"id":"b7793e95-8d87-4258-bc9d-fcc881f63cbe","block_type":"box","text":"The Manager believes that the emergence of competition and deregulation will result in certain utility","page_number":170,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"8bad4094-fbc0-472d-862b-f4cbbb6f15dc","block_type":"box","text":"companies being able to earn more than their traditional regulated rates of return, while others may be","page_number":170,"box":{"x":116,"y":661,"width":759,"height":12}},{"id":"7123ccf5-bc1b-4aa2-a249-db163a3390de","block_type":"box","text":"forced to defend their core business from increased competition and may be less profitable. Reduced","page_number":170,"box":{"x":116,"y":676,"width":751,"height":12}},{"id":"1d8ed5a8-bbdd-41ee-b52c-582231a1904f","block_type":"box","text":"profitability, as well as new uses of funds (such as for expansion, operations or stock buybacks) could","page_number":170,"box":{"x":117,"y":692,"width":754,"height":12}},{"id":"0e9ee8aa-bb56-4b9f-a877-8d038ccfccee","block_type":"box","text":"result in cuts in dividend payout rates. As deregulation allows utility companies to diversify outside of","page_number":170,"box":{"x":117,"y":707,"width":746,"height":12}},{"id":"a2dece1e-7dd6-4024-bc71-7965baf500e0","block_type":"box","text":"their original geographic regions and their traditional lines of business, utility companies may engage in","page_number":170,"box":{"x":116,"y":723,"width":764,"height":12}},{"id":"18196b02-e26c-4d61-91ea-b80ee44e602b","block_type":"box","text":"riskier ventures. Therefore, deregulation may eliminate restrictions on the maximum level of profits of","page_number":170,"box":{"x":117,"y":738,"width":749,"height":12}},{"id":"1e47b109-cd7e-4b2a-8ad9-0006e5c412a8","block_type":"box","text":"certain utility companies, but may also subject these companies to greater risk of loss. The Manager","page_number":170,"box":{"x":116,"y":754,"width":745,"height":12}},{"id":"3b7096a0-a320-484c-a0a1-d76b92bc481f","block_type":"box","text":"seeks to take advantage of favorable investment opportunities that may arise from these structural","page_number":170,"box":{"x":116,"y":769,"width":730,"height":12}},{"id":"30ca4016-74ed-437f-9b2e-2a388bce3013","block_type":"box","text":"changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":170,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"264479ec-87fe-41cd-8c64-ec7b88dc6a9d","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":170,"box":{"x":117,"y":816,"width":749,"height":12}},{"id":"f707d3dc-2e7c-4f60-8d71-237d00cecfbf","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by","page_number":170,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"b57db2ca-70ff-453c-be25-7a3e564a7eab","block_type":"box","text":"their respective governments than utilities in the United States and, as in the United States, generally","page_number":170,"box":{"x":116,"y":847,"width":755,"height":12}},{"id":"ffce8b9b-1c48-47e4-993f-4707f147d2fa","block_type":"box","text":"are required to seek government approval for rate increases. In addition, many foreign utilities use","page_number":170,"box":{"x":116,"y":862,"width":733,"height":12}},{"id":"c3e410a5-90d9-4734-bb81-c5097fc66691","block_type":"box","text":"fuels that may cause more pollution than those used in the United States, which may require such","page_number":170,"box":{"x":116,"y":878,"width":731,"height":12}},{"id":"7cb0dd98-ca5e-41f8-a459-326e92121049","block_type":"box","text":"II-99","page_number":170,"box":{"x":484,"y":909,"width":32,"height":9}},{"id":"9d44d021-7e23-4e78-8b1d-046edcd7c8a9","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":170,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c059416d-b997-4809-9d4e-0753fa508856","block_type":"box","text":"utilities to invest in pollution control equipment to meet any proposed pollution restrictions. Foreign","page_number":171,"box":{"x":117,"y":87,"width":733,"height":12}},{"id":"556d9211-bcee-4eb9-967f-f561fa5ee51e","block_type":"box","text":"regulatory systems vary from country to country and may evolve in ways different from regulation in the","page_number":171,"box":{"x":117,"y":102,"width":770,"height":13}},{"id":"a917ee9b-6b6f-4388-a9af-3e3df8b1449c","block_type":"box","text":"United States.","page_number":171,"box":{"x":117,"y":118,"width":109,"height":10}},{"id":"9f6819f9-1e9f-42b8-941c-64e7548cfa58","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment","page_number":171,"box":{"x":116,"y":149,"width":676,"height":12}},{"id":"3275eebb-10ba-4a97-b500-2209e7e811ee","block_type":"box","text":"opportunities throughout the world. For example, the rapid growth of certain foreign economies will","page_number":171,"box":{"x":116,"y":165,"width":736,"height":12}},{"id":"881dedab-ffc9-47b0-8ade-f39bf98214e9","block_type":"box","text":"necessitate expansion of capacity in the utility industries in those countries. Although many foreign","page_number":171,"box":{"x":117,"y":180,"width":735,"height":12}},{"id":"ee6afbd7-95e9-4743-b4d7-40b88517626f","block_type":"box","text":"utility companies currently are government-owned, thereby limiting current investment opportunities for","page_number":171,"box":{"x":117,"y":196,"width":766,"height":12}},{"id":"df9b1624-eef3-4a85-805d-ceed5c95fe1f","block_type":"box","text":"a Fund, the Manager believes that, in order to attract significant capital for growth, foreign governments","page_number":171,"box":{"x":116,"y":211,"width":772,"height":12}},{"id":"6542732f-6ef1-47a3-baf4-abd1fd80feb6","block_type":"box","text":"are likely to seek global investors through the privatization of their utility industries. Privatization, which","page_number":171,"box":{"x":116,"y":227,"width":765,"height":12}},{"id":"61e669d0-89c2-49c8-9ee8-344cb76f1739","block_type":"box","text":"refers to the trend toward investor ownership of assets rather than government ownership, is expected","page_number":171,"box":{"x":117,"y":242,"width":764,"height":12}},{"id":"b2545b69-8b33-4a7d-a2b0-9a59fa8c9b6b","block_type":"box","text":"to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":171,"box":{"x":116,"y":258,"width":699,"height":12}},{"id":"1d960862-49a6-4692-8a23-1bcbb6551637","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign","page_number":171,"box":{"x":116,"y":273,"width":726,"height":12}},{"id":"06570310-d585-4b67-acf6-fff61c0a7928","block_type":"box","text":"markets will increase.","page_number":171,"box":{"x":117,"y":289,"width":164,"height":9}},{"id":"1314cc23-b762-4db0-aa4d-1d39c9b28262","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and","page_number":171,"box":{"x":116,"y":320,"width":732,"height":12}},{"id":"e4adedf3-79cf-41ec-8752-7b40dbe1dae2","block_type":"box","text":"development in the geographic areas in which they do business. The Manager will take into account","page_number":171,"box":{"x":116,"y":335,"width":747,"height":12}},{"id":"7fab7e70-789b-406f-9a63-9d3a04eb967b","block_type":"box","text":"anticipated economic growth rates and other economic developments when selecting securities of","page_number":171,"box":{"x":116,"y":351,"width":732,"height":12}},{"id":"cde299a0-dd6f-4e98-b1c8-0f4476167240","block_type":"box","text":"utility companies.","page_number":171,"box":{"x":117,"y":366,"width":132,"height":12}},{"id":"dc5e11e8-9803-42eb-9ed1-82bc3325fb39","block_type":"box","text":"Electric.","page_number":171,"box":{"x":116,"y":397,"width":58,"height":10}},{"id":"e80f6b97-a767-4743-82c9-e205cbf8357a","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the","page_number":171,"box":{"x":176,"y":397,"width":630,"height":12}},{"id":"1fad2ed3-44f4-49d6-8f55-14dd8554eb11","block_type":"box","text":"generation, transmission and sale of electric energy, although many also provide other energy-related","page_number":171,"box":{"x":116,"y":413,"width":760,"height":12}},{"id":"c6089843-bf52-436e-a577-40f3b2b99e98","block_type":"box","text":"services. In the past, electric utility companies, in general, have been favorably affected by lower fuel","page_number":171,"box":{"x":116,"y":428,"width":754,"height":12}},{"id":"ce626a11-0bd5-4188-8b52-1da2b29d0268","block_type":"box","text":"and financing costs and the full or near completion of major construction programs. In addition, many","page_number":171,"box":{"x":116,"y":444,"width":754,"height":12}},{"id":"22e0ae91-97fd-490a-9a8e-5974ef5c594c","block_type":"box","text":"of these companies have generated cash flows in excess of current operating expenses and","page_number":171,"box":{"x":116,"y":459,"width":690,"height":12}},{"id":"4070f3ca-70fd-4fcd-81f1-829483a8e063","block_type":"box","text":"construction expenditures, permitting some degree of diversification into unregulated businesses.","page_number":171,"box":{"x":116,"y":475,"width":727,"height":12}},{"id":"430993bd-95e6-42b8-ade0-a9b6c0064855","block_type":"box","text":"Some electric utilities have also taken advantage of the right to sell power outside of their traditional","page_number":171,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"1153c050-0594-4402-b4f1-586019479cc8","block_type":"box","text":"geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":171,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"ae983a6b-ac20-4643-819e-26aa62965495","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital","page_number":171,"box":{"x":117,"y":521,"width":714,"height":12}},{"id":"98dd78b0-2d7a-4492-b083-073c18b31226","block_type":"box","text":"construction programs, costs associated with compliance with environmental and safety regulations","page_number":171,"box":{"x":116,"y":537,"width":744,"height":12}},{"id":"44efc57a-3912-4f69-89af-6512037236c9","block_type":"box","text":"and changes in the regulatory climate. As interest rates declined, many utilities refinanced high cost","page_number":171,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"8486f0fd-8ee4-47b8-a8ac-6ecdbd478189","block_type":"box","text":"debt and in doing so improved their fixed charges coverage. Regulators, however, lowered allowed","page_number":171,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"13db7e97-119d-4a84-8017-83024fe2a49b","block_type":"box","text":"rates of return as interest rates declined and thereby caused the benefits of the rate declines to be","page_number":171,"box":{"x":117,"y":583,"width":734,"height":12}},{"id":"ba9dfc40-e5cd-4aa3-b00d-5d1af17063c2","block_type":"box","text":"shared wholly or in part with customers. In a period of rising interest rates, the allowed rates of return","page_number":171,"box":{"x":116,"y":599,"width":754,"height":12}},{"id":"61e4d253-4b83-40dc-acc9-9d2cb948ed1a","block_type":"box","text":"may not keep pace with the utilities’ increased costs. The construction and operation of nuclear power","page_number":171,"box":{"x":117,"y":614,"width":760,"height":12}},{"id":"d5827b00-2889-4c4f-9d68-805087acc6ed","block_type":"box","text":"facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear Regulatory","page_number":171,"box":{"x":116,"y":630,"width":686,"height":12}},{"id":"79a78c16-b421-4c2a-8065-3e472a6dd1d7","block_type":"box","text":"Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in","page_number":171,"box":{"x":117,"y":645,"width":727,"height":12}},{"id":"ca6aaf68-a5ad-4fde-abf4-cddb61097d7e","block_type":"box","text":"higher operating costs and higher capital expenditures, with the risk that the regulators may disallow","page_number":171,"box":{"x":117,"y":661,"width":743,"height":12}},{"id":"0e0af5cd-f8fa-45dc-b108-edc3fc781160","block_type":"box","text":"inclusion of these costs in rate authorizations or the risk that a company may not be permitted to","page_number":171,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"524db80f-0aaa-4644-bb84-1c45fa3c5df1","block_type":"box","text":"operate or complete construction of a facility. In addition, operators of nuclear power plants may be","page_number":171,"box":{"x":116,"y":692,"width":735,"height":12}},{"id":"11ed35fb-3277-467b-9849-2c2681e202f1","block_type":"box","text":"subject to significant costs for disposal of nuclear fuel and for decommissioning such plants.","page_number":171,"box":{"x":116,"y":707,"width":681,"height":12}},{"id":"f8630a17-6608-481e-9f65-01287628e176","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected","page_number":171,"box":{"x":116,"y":738,"width":760,"height":12}},{"id":"d83dcc9c-4f8b-4b75-a6de-9740b08ff84c","block_type":"box","text":"to be impacted to a greater extent in the future by the division of their asset base. Electric utility","page_number":171,"box":{"x":116,"y":754,"width":706,"height":12}},{"id":"2a311465-1f06-4bfd-b087-77bd3666a18c","block_type":"box","text":"companies that focus more on the generation of electricity may be assigned less favorable ratings as","page_number":171,"box":{"x":116,"y":769,"width":749,"height":12}},{"id":"a84a6963-3ab7-4272-a97a-6c389eb2a49c","block_type":"box","text":"this business is expected to be competitive and the least regulated. On the other hand, companies that","page_number":171,"box":{"x":116,"y":785,"width":763,"height":12}},{"id":"df7c9615-ed5e-409f-b6bd-3c653a091bb6","block_type":"box","text":"focus on transmission and distribution, which is expected to be the least competitive and the more","page_number":171,"box":{"x":116,"y":800,"width":727,"height":12}},{"id":"b22b30e4-e87f-46a9-b163-f9bf64a01ce1","block_type":"box","text":"regulated part of the business, may see higher ratings given the greater predictability of cash flow.","page_number":171,"box":{"x":117,"y":816,"width":726,"height":12}},{"id":"01e68f53-d46b-4d0a-a58b-4d85dfdcb074","block_type":"box","text":"A number of states are considering or have","page_number":171,"box":{"x":116,"y":847,"width":319,"height":12}},{"id":"a8382270-f70f-4e1d-b55c-8de2f2003b64","block_type":"box","text":"enacted deregulation proposals. The introduction of","page_number":171,"box":{"x":436,"y":847,"width":379,"height":12}},{"id":"31760d7c-a38c-425e-adc3-ba991abfe3d5","block_type":"box","text":"competition into the industry as a result of such","page_number":171,"box":{"x":116,"y":862,"width":342,"height":12}},{"id":"679c005d-6830-4086-a3e1-375c20d95054","block_type":"box","text":"deregulation has at times resulted in lower revenue,","page_number":171,"box":{"x":458,"y":862,"width":386,"height":12}},{"id":"d698cd34-8db2-4917-a05e-e5097f9c481a","block_type":"box","text":"lower credit ratings, increased default risk, and lower","page_number":171,"box":{"x":117,"y":878,"width":386,"height":12}},{"id":"b3e02ec1-91ab-4d1c-9fc7-6b09ad8d68c9","block_type":"box","text":"electric utility security prices. Such increased","page_number":171,"box":{"x":504,"y":878,"width":330,"height":12}},{"id":"abec8561-64c9-4869-bd50-a08bff63dbf8","block_type":"box","text":"II-100","page_number":171,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"d28415ad-df93-49bc-91d7-1a309daeb220","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":171,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"94434ef5-d637-4779-8b31-09730564ae5c","block_type":"box","text":"competition may also cause long-term contracts, whic","page_number":172,"box":{"x":116,"y":87,"width":391,"height":12}},{"id":"b0a8540f-f0ff-4e41-92cc-d33948388e9d","block_type":"box","text":"h electric utilities previously entered into to buy","page_number":172,"box":{"x":508,"y":87,"width":343,"height":12}},{"id":"af53be00-f255-4a2b-abe7-e08b69fb219f","block_type":"box","text":"power, to become “stranded assets” which have no economic value. Any loss associated with such","page_number":172,"box":{"x":117,"y":102,"width":723,"height":13}},{"id":"14a214e2-cd20-4bd9-8762-d53d67eaf848","block_type":"box","text":"contracts must be absorbed by ratepayers and investors.","page_number":172,"box":{"x":116,"y":118,"width":413,"height":12}},{"id":"7bda59cb-38d4-420f-866d-3d581539138b","block_type":"box","text":"In addition, some electric utilities have acquired","page_number":172,"box":{"x":530,"y":118,"width":354,"height":12}},{"id":"affbec54-e306-454e-830f-5d652e92cb20","block_type":"box","text":"electric utilities overseas to diversify, enhance ear","page_number":172,"box":{"x":116,"y":134,"width":362,"height":12}},{"id":"6085bf63-debe-4d9f-b23b-865b445de13b","block_type":"box","text":"nings and gain experience in operating in a deregulated","page_number":172,"box":{"x":478,"y":134,"width":409,"height":12}},{"id":"e9366253-4c50-4a0d-9bbf-526519eaecb3","block_type":"box","text":"environment. In some instances, such acquisitions","page_number":172,"box":{"x":116,"y":149,"width":366,"height":12}},{"id":"5406e709-afcf-4d9b-b01a-24c1942d95aa","block_type":"box","text":"have involved significant borrowings, which have","page_number":172,"box":{"x":483,"y":149,"width":364,"height":12}},{"id":"453bdfe2-9874-4ad5-9d5d-44324b5f3413","block_type":"box","text":"burdened the acquirer’s balance sheet. There is no assu","page_number":172,"box":{"x":117,"y":165,"width":408,"height":11}},{"id":"36049dd5-4af2-44b9-a270-3b3f3ecab7eb","block_type":"box","text":"rance that current deregulation proposals will be","page_number":172,"box":{"x":528,"y":165,"width":353,"height":12}},{"id":"591bf0a6-0ad4-49d5-9091-ad6b9cc1d2af","block_type":"box","text":"adopted. However, deregulation in any form could signi","page_number":172,"box":{"x":116,"y":180,"width":400,"height":12}},{"id":"195c548d-13bf-4fd5-b6f6-11f1ea732372","block_type":"box","text":"ficantly impact the electric utilities industry.","page_number":172,"box":{"x":517,"y":180,"width":314,"height":12}},{"id":"635c78f0-939e-45bf-a389-83dd1cd0ef45","block_type":"box","text":"Telecommunications.","page_number":172,"box":{"x":118,"y":211,"width":155,"height":10}},{"id":"14a9ae75-7843-46aa-884e-aacda887d324","block_type":"box","text":"The telecommunications industry today includes both traditional telephone","page_number":172,"box":{"x":275,"y":211,"width":561,"height":12}},{"id":"d6510ae9-bcb9-42f8-ac2a-4897f1e999b3","block_type":"box","text":"companies, with a history of broad market coverage and highly regulated businesses, and cable","page_number":172,"box":{"x":116,"y":227,"width":717,"height":12}},{"id":"e700e608-a73b-4a74-b995-1d6c640859f9","block_type":"box","text":"companies, which began as small, lightly regulated businesses focused on limited markets. Today","page_number":172,"box":{"x":116,"y":242,"width":733,"height":12}},{"id":"22874530-39e5-4376-8f8b-45c75e4303fb","block_type":"box","text":"these two historically different businesses are converging in an industry that is trending toward larger,","page_number":172,"box":{"x":116,"y":258,"width":758,"height":12}},{"id":"3e70c401-ddf1-4070-bda2-2cfe19ba6dfa","block_type":"box","text":"competitive national and international markets with an emphasis on deregulation. Companies that","page_number":172,"box":{"x":116,"y":273,"width":729,"height":12}},{"id":"19f01908-5cf3-4872-bcad-ca21d473688e","block_type":"box","text":"distribute telephone services and provide access to the telephone networks still comprise the greatest","page_number":172,"box":{"x":116,"y":289,"width":760,"height":12}},{"id":"ea2601c9-7721-4fb0-9244-e26ab969748e","block_type":"box","text":"portion of this segment, but non-regulated activities such as wireless telephone services, paging, data","page_number":172,"box":{"x":117,"y":304,"width":759,"height":12}},{"id":"49590372-fff2-4493-b98e-59d61c088fef","block_type":"box","text":"transmission and processing, equipment retailing, computer software and hardware and internet","page_number":172,"box":{"x":116,"y":320,"width":718,"height":12}},{"id":"7363282c-8644-41a3-aef3-ca7992a9a36c","block_type":"box","text":"services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":172,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"1016813f-d91a-4616-9dbe-658592ce0d22","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies.","page_number":172,"box":{"x":116,"y":351,"width":752,"height":12}},{"id":"47498257-0250-4082-a8c5-f3216f53d817","block_type":"box","text":"The presence of unregulated companies in this industry and the entry of traditional telephone","page_number":172,"box":{"x":116,"y":366,"width":696,"height":12}},{"id":"844f8c5d-46a7-4c43-91b3-1f780ea78c97","block_type":"box","text":"companies into unregulated or less regulated businesses provide significant investment opportunities","page_number":172,"box":{"x":116,"y":382,"width":755,"height":12}},{"id":"1e9b50e5-7e86-4cbf-a105-b815fb4381af","block_type":"box","text":"with companies that may increase their earnings at faster rates than had been allowed in traditional","page_number":172,"box":{"x":116,"y":397,"width":742,"height":12}},{"id":"4aee6447-9243-47a3-8ba6-6e31ec2afb18","block_type":"box","text":"regulated businesses. Still, increasing competition, technological innovations and other structural","page_number":172,"box":{"x":117,"y":413,"width":722,"height":12}},{"id":"5484f170-4c68-485c-84b8-152096271c04","block_type":"box","text":"changes could adversely affect the profitability of such utilities and the growth rate of their dividends.","page_number":172,"box":{"x":116,"y":428,"width":750,"height":12}},{"id":"faa86c68-1e2e-4d17-a04c-1c305b22c6f9","block_type":"box","text":"Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":172,"box":{"x":117,"y":444,"width":725,"height":12}},{"id":"b169e3a1-a142-4d5c-a344-23efe810dc14","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility","page_number":172,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"68a42a55-9944-4dfc-97b2-d2b78284b2d0","block_type":"box","text":"services to both residential, corporate and governmental customers.","page_number":172,"box":{"x":116,"y":475,"width":511,"height":12}},{"id":"fa05ec7f-f622-4239-8d57-5446c7e3be25","block_type":"box","text":"Gas.","page_number":172,"box":{"x":117,"y":506,"width":33,"height":9}},{"id":"ee8832e6-ae6e-4d4a-b6aa-68fd47d01b03","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes.","page_number":172,"box":{"x":151,"y":506,"width":733,"height":12}},{"id":"3784c49b-29d6-49f6-a134-bb36bc036834","block_type":"box","text":"In the United States, interstate transmission companies are regulated by the Federal Energy","page_number":172,"box":{"x":117,"y":521,"width":689,"height":12}},{"id":"e97a4245-e7a0-41e5-bdf0-9a4e13f27b88","block_type":"box","text":"Regulatory Commission, which is reducing its regulation of the industry. Many companies have","page_number":172,"box":{"x":117,"y":537,"width":709,"height":12}},{"id":"ec71aadc-fedb-419c-aa76-79c19a171efb","block_type":"box","text":"diversified into oil and gas exploration and development, making returns more sensitive to energy","page_number":172,"box":{"x":116,"y":552,"width":728,"height":12}},{"id":"9d04cf24-d35b-4d01-adfd-c81c8ac8e25e","block_type":"box","text":"prices. In the recent decade, gas utility companies have been adversely affected by disruptions in the","page_number":172,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"95abcae6-e3cd-4c58-b058-4eb7ea30ca40","block_type":"box","text":"oil industry and have also been affected by increased concentration and competition. In the opinion of","page_number":172,"box":{"x":116,"y":583,"width":759,"height":12}},{"id":"3d647c10-e842-4e4e-87ed-cd57917dc90b","block_type":"box","text":"the Manager, however, environmental considerations could improve the gas industry outlook in the","page_number":172,"box":{"x":116,"y":599,"width":738,"height":12}},{"id":"56a4be67-437b-4c13-a659-7dfe6d99c13a","block_type":"box","text":"future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":172,"box":{"x":116,"y":614,"width":709,"height":12}},{"id":"5dedbafb-daf5-46aa-b41e-207a62adbf7f","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for","page_number":172,"box":{"x":117,"y":630,"width":702,"height":12}},{"id":"3b338625-3257-4d36-a217-350a034ed430","block_type":"box","text":"electricity generation. However, technological or regulatory changes within the industry may delay or","page_number":172,"box":{"x":116,"y":645,"width":750,"height":12}},{"id":"faacdd9b-d7af-4270-8710-ce25846dee55","block_type":"box","text":"prevent this result.","page_number":172,"box":{"x":117,"y":661,"width":135,"height":12}},{"id":"057b32fd-a131-4161-8f8c-1d39ae0a30a5","block_type":"box","text":"Water.","page_number":172,"box":{"x":118,"y":692,"width":46,"height":9}},{"id":"a77a71f6-0088-48ac-823e-a7d3692e8094","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United","page_number":172,"box":{"x":170,"y":692,"width":695,"height":12}},{"id":"4abaac13-98fc-45f9-9a4c-84d41abd021b","block_type":"box","text":"States and around the world the industry is highly fragmented because most of the supplies are owned","page_number":172,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"3f0db1ef-eee3-4cab-b386-24ccae685883","block_type":"box","text":"by local authorities. Companies in this industry are generally mature and are experiencing little or no","page_number":172,"box":{"x":117,"y":723,"width":743,"height":12}},{"id":"506ce79d-07e9-488e-be5b-29e3d3954e52","block_type":"box","text":"per capita volume growth. In the opinion of the Manager, there may be opportunities for certain","page_number":172,"box":{"x":117,"y":738,"width":702,"height":12}},{"id":"378d6c97-8554-4890-a27a-ca6641abe4e7","block_type":"box","text":"companies to acquire other water utility companies and for foreign acquisition of domestic companies.","page_number":172,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"14a5169f-8873-42cc-ac61-d97a4603234c","block_type":"box","text":"The Manager believes that favorable investment opportunities may result from consolidation of this","page_number":172,"box":{"x":116,"y":769,"width":733,"height":12}},{"id":"db6172e4-2a0d-429b-b3c2-00d140171e1b","block_type":"box","text":"segment. As with other utilities, however, increased regulation, increased costs and potential","page_number":172,"box":{"x":116,"y":785,"width":687,"height":12}},{"id":"0a20b528-e395-42ea-b401-59f2ea335dd2","block_type":"box","text":"disruptions in supply may adversely affect investments in water supply utilities.","page_number":172,"box":{"x":116,"y":800,"width":582,"height":12}},{"id":"785c1549-ce23-491e-b61d-62bb41538295","block_type":"box","text":"Utility Industries Generally.","page_number":172,"box":{"x":117,"y":831,"width":197,"height":12}},{"id":"12695a94-fceb-4682-b2c8-8fcd9b3a12b6","block_type":"box","text":"There can be no assurance that the positive developments noted above,","page_number":172,"box":{"x":316,"y":831,"width":548,"height":12}},{"id":"d6ae3e8d-f27d-43f5-aa71-72c39e724060","block_type":"box","text":"including those relating to privatization and changing regulation, will occur or that risk factors other than","page_number":172,"box":{"x":117,"y":847,"width":771,"height":12}},{"id":"a393d2b3-c44b-4cba-82f9-75c19048927a","block_type":"box","text":"those noted above will not develop in the future.","page_number":172,"box":{"x":116,"y":862,"width":361,"height":12}},{"id":"4df52d7f-f045-477d-84d2-0ea8d3e9748d","block_type":"box","text":"II-101","page_number":172,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"52cf8a09-6f9e-4d60-add1-559ed74b8e61","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":172,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6104a025-3dff-44c1-b482-681801a5c143","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":173,"box":{"x":118,"y":87,"width":643,"height":12}},{"id":"40c1c7c7-095a-434f-a8f9-65f2e7b979ae","block_type":"box","text":"A Fund may","page_number":173,"box":{"x":762,"y":87,"width":100,"height":12}},{"id":"11a89b14-48ef-4af7-b4c7-03d6852de4ce","block_type":"box","text":"purchase or sell securities that it is entitled to receive on a when-issued basis. A Fund may also","page_number":173,"box":{"x":117,"y":103,"width":713,"height":12}},{"id":"f1871b88-9417-4265-bf3d-dd6ed2f55fc4","block_type":"box","text":"purchase or sell securities on a delayed delivery basis or through a forward commitment (including on","page_number":173,"box":{"x":117,"y":118,"width":758,"height":12}},{"id":"c25596b3-2adf-4b3e-872b-2fa107483b2c","block_type":"box","text":"a TBA (to be announced) basis). These transactions involve the purchase or sale of securities by a","page_number":173,"box":{"x":116,"y":134,"width":739,"height":12}},{"id":"435897b7-d279-4ed0-8006-0c1a147cc5ef","block_type":"box","text":"Fund at an established price with payment and delivery taking place in the future. The Fund enters into","page_number":173,"box":{"x":117,"y":149,"width":767,"height":12}},{"id":"546e5c01-ec2a-4bed-9299-e51ea70cacca","block_type":"box","text":"these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":173,"box":{"x":116,"y":165,"width":721,"height":12}},{"id":"8402d7c0-abf3-4af8-b9a1-6e2a3294bd2d","block_type":"box","text":"entering into the transaction.","page_number":173,"box":{"x":116,"y":180,"width":217,"height":12}},{"id":"a2dd97da-ebe4-4037-8475-d23ad0d6a1f4","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the","page_number":173,"box":{"x":117,"y":211,"width":731,"height":12}},{"id":"5c3541e5-0597-47ad-8410-357439e7c4ec","block_type":"box","text":"Federal Reserve Bank of New York, a Fund or its counterparty generally will be required to post","page_number":173,"box":{"x":117,"y":227,"width":714,"height":12}},{"id":"d2267109-0a3f-43b0-bf06-d1fa3579a2ae","block_type":"box","text":"collateral when entering into certain forward-settling transactions, including without limitation TBA","page_number":173,"box":{"x":116,"y":242,"width":726,"height":12}},{"id":"05683f2d-956c-4d09-9253-69f7a59b5073","block_type":"box","text":"transactions. FINRA rules have also been implemented that include mandatory margin requirements","page_number":173,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"2e5e81b8-5623-46df-af89-756fdb3a4e2a","block_type":"box","text":"for the TBA market with limited exceptions. The collateralization of TBA trades is intended to mitigate","page_number":173,"box":{"x":116,"y":273,"width":754,"height":12}},{"id":"77bedaec-0c88-45f5-9e8f-6472ec5479eb","block_type":"box","text":"counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions","page_number":173,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"53fea2d5-eca0-47fd-ac7d-9347f739a1e3","block_type":"box","text":"and impose added operational complexity.","page_number":173,"box":{"x":116,"y":304,"width":320,"height":12}},{"id":"a73c5e6a-899f-4736-96ca-2fd3222e4644","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a","page_number":173,"box":{"x":116,"y":335,"width":754,"height":12}},{"id":"85ed601e-0708-4fef-82ba-bc0666d19dfe","block_type":"box","text":"security purchased or sold on a delayed delivery basis or through a forward commitment will be","page_number":173,"box":{"x":116,"y":351,"width":713,"height":12}},{"id":"329daeff-c3bf-4698-a99c-43806566e3b8","block_type":"box","text":"delivered. Also, the value of securities in these transactions on the delivery date may be more or less","page_number":173,"box":{"x":116,"y":366,"width":755,"height":12}},{"id":"973384ed-5414-415a-adb9-b400fb4a0f72","block_type":"box","text":"than the price paid by the Fund to purchase the securities. The Fund will lose money if the value of the","page_number":173,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"3215d81b-a572-4822-a413-5a09f728989d","block_type":"box","text":"security in such a transaction declines below the purchase price and will not benefit if the value of the","page_number":173,"box":{"x":116,"y":397,"width":757,"height":12}},{"id":"9f5991ba-feb0-4953-9668-575dfedaf5a7","block_type":"box","text":"security appreciates above the sale price during the commitment period.","page_number":173,"box":{"x":116,"y":413,"width":542,"height":12}},{"id":"e1271492-bd63-452d-849a-9031da50e876","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a","page_number":173,"box":{"x":117,"y":444,"width":715,"height":12}},{"id":"6b6440bb-a791-463a-8aa0-94262f5f2e66","block_type":"box","text":"commitment after it has been entered into, and may sell securities it has committed to purchase before","page_number":173,"box":{"x":116,"y":459,"width":767,"height":12}},{"id":"3d66990a-e996-46bd-806c-8915abc16784","block_type":"box","text":"those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize","page_number":173,"box":{"x":116,"y":475,"width":764,"height":12}},{"id":"036eaa3a-95a7-4f94-b6af-c892ef204e6a","block_type":"box","text":"a taxable capital gain or loss.","page_number":173,"box":{"x":116,"y":490,"width":221,"height":12}},{"id":"5efbcf27-29f4-4d86-9e32-82042fe51ed5","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other","page_number":173,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"83a5bd31-38b2-467e-b0b3-338dcaca2c67","block_type":"box","text":"party to consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss","page_number":173,"box":{"x":117,"y":537,"width":760,"height":12}},{"id":"8b44e3b0-db03-4e4f-b217-7f164ea181d9","block_type":"box","text":"or missing an opportunity to obtain a price considered to be advantageous.","page_number":173,"box":{"x":116,"y":552,"width":561,"height":12}},{"id":"7c8fe1a1-9b04-44a6-8f2e-2e109af2c0fb","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any","page_number":173,"box":{"x":116,"y":583,"width":688,"height":12}},{"id":"e10a9fe6-a8bc-419c-b3cd-30177de1b635","block_type":"box","text":"subsequent fluctuations in their market value, is taken into account when determining the market value","page_number":173,"box":{"x":116,"y":599,"width":767,"height":12}},{"id":"2694d3a5-7f24-4798-8f27-8427bbb4ded2","block_type":"box","text":"of a Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn","page_number":173,"box":{"x":116,"y":614,"width":732,"height":12}},{"id":"8aa8ca8a-9e10-4ea6-b050-9a911c003820","block_type":"box","text":"interest on the securities it has committed to purchase until they are paid for and delivered on the","page_number":173,"box":{"x":117,"y":630,"width":725,"height":12}},{"id":"147f0f33-ff4e-401a-9d18-6471a41b581d","block_type":"box","text":"settlement date.","page_number":173,"box":{"x":116,"y":645,"width":124,"height":10}},{"id":"36493692-c437-4168-b88d-2ddff7e5a13f","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward","page_number":173,"box":{"x":117,"y":676,"width":740,"height":12}},{"id":"9db4ce03-65bf-4cd3-bf3d-619d742373f4","block_type":"box","text":"settling securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls)","page_number":173,"box":{"x":116,"y":692,"width":747,"height":12}},{"id":"9634dd4c-220a-4803-be65-37fc12b79bf4","block_type":"box","text":"and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior","page_number":173,"box":{"x":116,"y":707,"width":746,"height":12}},{"id":"42bf5060-bf7b-4b26-8e1e-69db6d0e38af","block_type":"box","text":"securities in Section 18 of the Investment Company Act, provided that the Fund intends to physically","page_number":173,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"1565d16d-2d99-4d14-9573-4072ef2d84ed","block_type":"box","text":"settle the transaction and the transaction will settle within 35 days of its trade date (the “Delayed","page_number":173,"box":{"x":116,"y":738,"width":719,"height":12}},{"id":"17cb3542-3a80-4b1f-9cc4-393873ab6360","block_type":"box","text":"Settlement Securities Provision”). If a when-issued, forward-settling or non-standard settlement cycle","page_number":173,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"7c336f85-488c-4012-a4be-0fcb065d27ad","block_type":"box","text":"security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a Derivatives","page_number":173,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"ed19a5d2-74bc-4bff-a41b-d4e18232553a","block_type":"box","text":"Transaction under Rule 18f-4. See “—Derivatives—Regulation of Derivatives—Rule 18f-4 under the","page_number":173,"box":{"x":116,"y":785,"width":741,"height":12}},{"id":"8ae5056f-1a8a-45d7-b920-973031224f60","block_type":"box","text":"Investment Company Act” above.","page_number":173,"box":{"x":117,"y":800,"width":246,"height":12}},{"id":"a9bad75f-5dcb-4c35-bf3f-a8b5cd990741","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and","page_number":173,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"587ac21b-ae8d-43d4-a870-a0c4693196d6","block_type":"box","text":"certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":173,"box":{"x":116,"y":847,"width":716,"height":12}},{"id":"3a41b77e-78f4-475b-b89a-1a72cdcdd1a0","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the","page_number":173,"box":{"x":117,"y":862,"width":736,"height":12}},{"id":"b115105b-967d-445a-8764-fd183643d23b","block_type":"box","text":"rights of counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral,","page_number":173,"box":{"x":117,"y":878,"width":728,"height":12}},{"id":"f2e6886b-9ebc-4491-a4cf-a46c162a4b96","block_type":"box","text":"II-102","page_number":173,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d694ce19-f5fb-4b82-863c-0ebf6abd6305","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":173,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"06ccc519-1fed-4745-9453-75dffad53693","block_type":"box","text":"exercise other default rights or restrict transfers of credit support in the event that the counterparty and/","page_number":174,"box":{"x":116,"y":87,"width":766,"height":12}},{"id":"574c3594-e7d5-4cd9-9ec3-adfe02d58686","block_type":"box","text":"or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that","page_number":174,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"e7434fa3-4848-45cc-b173-934cdae02afe","block_type":"box","text":"these requirements, as well as potential additional government regulation and other developments in","page_number":174,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"b58f707e-f334-48e1-bc23-9fb31e4b4a26","block_type":"box","text":"the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":174,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"1e850f02-2855-4750-acb4-51a000515da3","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":174,"box":{"x":116,"y":149,"width":600,"height":12}},{"id":"33a83a1e-9b3a-41ef-8727-577d055506b7","block_type":"box","text":"Yields and Ratings.","page_number":174,"box":{"x":118,"y":180,"width":152,"height":12}},{"id":"7d4a1b25-b14b-4ad9-9132-8a3bc0132847","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including","page_number":174,"box":{"x":271,"y":180,"width":604,"height":12}},{"id":"6428533b-fb3c-4a9d-b395-ee1c8b7486ec","block_type":"box","text":"general market conditions, conditions in the particular market for the obligation, the financial condition","page_number":174,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"40a74a65-aabd-49de-abc1-1566a3003db6","block_type":"box","text":"of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The","page_number":174,"box":{"x":116,"y":211,"width":738,"height":12}},{"id":"0c4dc918-32bb-4b93-a750-6171ce533b8d","block_type":"box","text":"ratings of Moody’s, Fitch and S&P represent their respective opinions as to the quality of the","page_number":174,"box":{"x":117,"y":227,"width":688,"height":12}},{"id":"a70baddc-1c6c-4b0c-ae3f-d6ffd5ba68b2","block_type":"box","text":"obligations they undertake to rate. Ratings, however, are general and are not absolute standards of","page_number":174,"box":{"x":116,"y":242,"width":743,"height":12}},{"id":"e7f308a2-4141-4b59-8f1e-838ba55ff648","block_type":"box","text":"quality. Consequently, obligations with the same rating, maturity and interest rate may have different","page_number":174,"box":{"x":116,"y":258,"width":749,"height":12}},{"id":"d0e5f1b7-978b-4716-bd53-2268e3a568d2","block_type":"box","text":"market prices. Subsequent to its purchase by a Fund, a rated security may cease to be rated. A Fund’s","page_number":174,"box":{"x":117,"y":273,"width":769,"height":12}},{"id":"eecb46c7-fd5e-4dcd-bf74-e83fcb32711f","block_type":"box","text":"Manager or sub-adviser will consider such an event in determining whether the Fund should continue","page_number":174,"box":{"x":117,"y":289,"width":755,"height":12}},{"id":"0203bb9b-2c4d-47b3-83b5-212939a19d7b","block_type":"box","text":"to hold the security.","page_number":174,"box":{"x":116,"y":304,"width":150,"height":12}},{"id":"7e93a02e-d484-4c64-9cc5-d0ce20ae0ed7","block_type":"box","text":"Zero Coupon Securities.","page_number":174,"box":{"x":116,"y":335,"width":193,"height":12}},{"id":"4333e88a-05fa-46fc-af35-33e077d3b789","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value","page_number":174,"box":{"x":310,"y":335,"width":575,"height":12}},{"id":"f73ec211-6a8c-4f3b-b05b-b040a60f2da5","block_type":"box","text":"and do not pay interest during the life of the security. The discount approximates the total amount of","page_number":174,"box":{"x":116,"y":351,"width":747,"height":12}},{"id":"2251f2f6-a21e-47a7-8b1f-5ef7b97d10db","block_type":"box","text":"interest the security will accrue and compound over the period until maturity at a rate of interest","page_number":174,"box":{"x":117,"y":366,"width":711,"height":12}},{"id":"afbfc033-b8d0-4191-9192-5d8ec3aa4a79","block_type":"box","text":"reflecting the market rate of the security at the time of issuance. Upon maturity, the holder of a zero","page_number":174,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"3e582b04-982b-4838-b02c-0a941b536373","block_type":"box","text":"coupon security is entitled to receive the par value of the security.","page_number":174,"box":{"x":116,"y":397,"width":492,"height":12}},{"id":"70d7495c-5760-4c03-91bc-cf513f749ee8","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to","page_number":174,"box":{"x":116,"y":428,"width":740,"height":12}},{"id":"3d4a077d-fc3d-46ad-ae92-3f9304cb979c","block_type":"box","text":"have received income (“phantom income”) annually, notwithstanding that cash may not be received","page_number":174,"box":{"x":117,"y":444,"width":742,"height":12}},{"id":"2602d632-3f8c-400c-8fd0-87a244d9a8a2","block_type":"box","text":"currently. The effect of owning instruments that do not make current interest payments is that a fixed","page_number":174,"box":{"x":116,"y":459,"width":751,"height":12}},{"id":"d8f76edd-3888-40fd-a8a5-aeee388d7707","block_type":"box","text":"yield is earned not only on the original investment but also, in effect, on all discount accretion during","page_number":174,"box":{"x":116,"y":475,"width":746,"height":12}},{"id":"8b411757-378c-43c7-8fec-8487ed758f72","block_type":"box","text":"the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of","page_number":174,"box":{"x":116,"y":490,"width":737,"height":12}},{"id":"032fc44b-8a70-4ed6-b190-acd8b9ad3ee7","block_type":"box","text":"being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but","page_number":174,"box":{"x":117,"y":506,"width":757,"height":12}},{"id":"4b54900e-88d5-41e3-a42c-9c9ba13785e8","block_type":"box","text":"at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason,","page_number":174,"box":{"x":116,"y":521,"width":764,"height":12}},{"id":"0ac17af3-c3e8-49f3-a84e-e711f1fc371e","block_type":"box","text":"some of these securities may be subject to substantially greater price fluctuations during periods of","page_number":174,"box":{"x":116,"y":537,"width":739,"height":12}},{"id":"1b38de52-da26-444c-b18b-49d15d743aef","block_type":"box","text":"changing market interest rates than are comparable securities that pay interest currently. Longer term","page_number":174,"box":{"x":116,"y":552,"width":760,"height":12}},{"id":"66494481-10c3-453d-99fe-6d2778fc11d8","block_type":"box","text":"zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These","page_number":174,"box":{"x":116,"y":568,"width":768,"height":12}},{"id":"c1f7f8be-c1ba-4d8a-9e87-dfebab1838da","block_type":"box","text":"investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a","page_number":174,"box":{"x":117,"y":583,"width":749,"height":12}},{"id":"1cac8a08-5ab3-4276-90a4-130c46cd6200","block_type":"box","text":"higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":174,"box":{"x":117,"y":599,"width":589,"height":12}},{"id":"c607bb2c-038a-4305-9821-65042bbe6122","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting","page_number":174,"box":{"x":116,"y":630,"width":739,"height":12}},{"id":"51a8642c-77b2-47a2-8b38-5c808008b590","block_type":"box","text":"purposes prior to the receipt of cash payments. Zero coupon securities may be subject to greater","page_number":174,"box":{"x":117,"y":645,"width":724,"height":12}},{"id":"3eb0e914-5d48-4e18-b896-3b02da4f5571","block_type":"box","text":"fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated","page_number":174,"box":{"x":116,"y":661,"width":750,"height":12}},{"id":"7aeb71cb-e930-4730-8e6e-c3eeb568d630","block_type":"box","text":"securities that pay cash interest at regular intervals.","page_number":174,"box":{"x":116,"y":676,"width":382,"height":12}},{"id":"7a059e0f-b19a-4ac6-804e-084c2ca6ff2f","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund","page_number":174,"box":{"x":117,"y":707,"width":759,"height":12}},{"id":"039682d9-8663-433a-bbea-554660a01c6c","block_type":"box","text":"is required to distribute income to its shareholders and, consequently, may have to dispose of other,","page_number":174,"box":{"x":117,"y":723,"width":740,"height":12}},{"id":"42b6823d-d44a-4a21-8aee-cce7f716a992","block_type":"box","text":"more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by","page_number":174,"box":{"x":117,"y":738,"width":760,"height":12}},{"id":"6ae033fc-ceac-4aea-a53e-1745e841e447","block_type":"box","text":"borrowing in order to generate the cash to satisfy these distributions. The required distributions may","page_number":174,"box":{"x":117,"y":754,"width":740,"height":12}},{"id":"f677eefe-4b96-4d2e-b730-8e9bc420f00a","block_type":"box","text":"result in an increase in a Fund’s exposure to zero coupon securities.","page_number":174,"box":{"x":117,"y":769,"width":505,"height":12}},{"id":"de011371-d9ff-40e2-b3b7-8a54ea41ab6d","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero","page_number":174,"box":{"x":117,"y":800,"width":707,"height":12}},{"id":"cce07351-33be-482b-a0ca-fcdf47e19142","block_type":"box","text":"coupon securities. During a period of severe market conditions, the market for such securities may","page_number":174,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"e4f8e461-b35b-4183-bc58-f60d1ed2868c","block_type":"box","text":"become even less liquid. In addition, as these securities do not pay cash interest, a Fund’s investment","page_number":174,"box":{"x":117,"y":831,"width":762,"height":12}},{"id":"8e432497-d101-4379-8a98-a483a986e85c","block_type":"box","text":"exposure to these securities and their risks, including credit risk, will increase during the time these","page_number":174,"box":{"x":116,"y":847,"width":739,"height":12}},{"id":"eada9509-72e8-440e-ac77-5ff141647656","block_type":"box","text":"securities are held in the Fund’s portfolio.","page_number":174,"box":{"x":116,"y":862,"width":311,"height":12}},{"id":"d6c0190d-eabe-451e-add5-3b55d046f585","block_type":"box","text":"II-103","page_number":174,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c64917c6-d7c4-4093-aa65-fb5b1024f437","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":174,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"06d90929-d984-4e08-9ae5-f8c47fa21cf6","block_type":"box","text":"Suitability. (All Funds)","page_number":175,"box":{"x":117,"y":87,"width":181,"height":12}},{"id":"e402abaf-2ca2-444e-a690-46bf7754d3e0","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of","page_number":175,"box":{"x":116,"y":111,"width":760,"height":12}},{"id":"dc3b1c61-cb99-401d-9add-ab657e4e0c41","block_type":"box","text":"the Fund, the Manager and its affiliates. Each Fund should be considered a vehicle for diversification","page_number":175,"box":{"x":116,"y":126,"width":753,"height":12}},{"id":"5c8de573-14f3-489e-8560-886316983f94","block_type":"box","text":"and not as a balanced investment program. The suitability for any particular investor of a purchase of","page_number":175,"box":{"x":116,"y":142,"width":755,"height":12}},{"id":"19a18e9b-7908-4485-b49a-f94d71392280","block_type":"box","text":"shares in a Fund will depend upon, among other things, such investor’s investment objectives and","page_number":175,"box":{"x":116,"y":157,"width":733,"height":12}},{"id":"55a94837-0072-4be2-a334-878f3f81df43","block_type":"box","text":"such investor’s ability to accept the risks associated with investing in securities, including the risk of","page_number":175,"box":{"x":116,"y":173,"width":741,"height":12}},{"id":"d356965c-c0db-4c6b-83e8-eb2d6aa55d6e","block_type":"box","text":"loss of principal.","page_number":175,"box":{"x":117,"y":188,"width":124,"height":12}},{"id":"834dace1-a2cb-4bd6-b549-e827f390179f","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":175,"box":{"x":116,"y":220,"width":293,"height":12}},{"id":"80b1172a-5ccc-4262-8c00-42c27b379ef9","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the","page_number":175,"box":{"x":116,"y":244,"width":712,"height":12}},{"id":"49377e95-5abb-4a2f-8d74-e99c4fcde0c0","block_type":"box","text":"specific fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to","page_number":175,"box":{"x":116,"y":259,"width":772,"height":13}},{"id":"6ae531da-8219-4295-bd25-8695fa37debd","block_type":"box","text":"those investment restrictions, each Fund is also subject to the restrictions discussed below.","page_number":175,"box":{"x":116,"y":275,"width":683,"height":12}},{"id":"dc30f236-77fd-4a57-92c2-c910b123d383","block_type":"box","text":"Each Fund’s investments will be limited in order to","page_number":175,"box":{"x":117,"y":307,"width":376,"height":9}},{"id":"c77f4432-9af5-4629-a241-2c99e346e7ae","block_type":"box","text":"allow the Fund to qualify as a “regulated investment","page_number":175,"box":{"x":494,"y":307,"width":389,"height":12}},{"id":"dd01ed5a-f4f7-4553-8890-d3b494eb8008","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify,","page_number":175,"box":{"x":116,"y":322,"width":721,"height":13}},{"id":"8bc1a208-96d8-4f8f-af45-9121558c22e2","block_type":"box","text":"among other requirements, each Fund will limit its investments so that, at the close of each quarter of","page_number":175,"box":{"x":116,"y":338,"width":757,"height":12}},{"id":"dac13fd9-385a-43cb-99c6-8d48f9cd7083","block_type":"box","text":"the taxable year, (i) at least 50% of the market value of each Fund’s assets is represented by cash,","page_number":175,"box":{"x":116,"y":353,"width":741,"height":13}},{"id":"eee0ac46-bd6a-4671-a630-ab7558c269de","block_type":"box","text":"securities of other regulated investment companies, U.S. Government Securities and other securities,","page_number":175,"box":{"x":116,"y":369,"width":759,"height":12}},{"id":"b405ec22-7c96-4570-b5de-985ff8d06893","block_type":"box","text":"with such other securities limited, in respect of any one issuer, to an amount not greater in value than","page_number":175,"box":{"x":116,"y":384,"width":756,"height":13}},{"id":"f45d9697-de05-48ba-bf04-de275b308697","block_type":"box","text":"5% of the Fund’s assets and not greater than 10% of the outstanding voting securities of such issuer","page_number":175,"box":{"x":116,"y":400,"width":751,"height":12}},{"id":"6c5d3ca8-cd53-42fb-8bb1-688e0371f548","block_type":"box","text":"and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S.","page_number":175,"box":{"x":116,"y":415,"width":718,"height":13}},{"id":"696ca8e2-ccb4-4926-98de-7dad85a8c76c","block_type":"box","text":"Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":175,"box":{"x":117,"y":431,"width":754,"height":12}},{"id":"d2c021b8-dfa1-4888-8d2e-c821bc095374","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or","page_number":175,"box":{"x":116,"y":447,"width":726,"height":12}},{"id":"9e0f2a70-add2-4aaf-a211-d7119300da16","block_type":"box","text":"similar trades or businesses or related trades or businesses or in the securities of one or more qualified","page_number":175,"box":{"x":116,"y":462,"width":772,"height":12}},{"id":"62fd592d-2fba-4c2a-8288-b349dd1ea5b8","block_type":"box","text":"publicly traded partnerships (","page_number":175,"box":{"x":117,"y":477,"width":214,"height":13}},{"id":"5aa4c3ed-f27a-43eb-a527-2bc984c7fb1d","block_type":"box","text":"i.e.","page_number":175,"box":{"x":332,"y":478,"width":21,"height":9}},{"id":"66d78748-ad42-4c4f-b3b1-f38ba04757f2","block_type":"box","text":", partnerships that are traded on an established securities market or","page_number":175,"box":{"x":356,"y":478,"width":507,"height":11}},{"id":"4cdc51db-3f9c-4ebe-9f98-85eef8f7d033","block_type":"box","text":"tradable on a secondary market, other than partnerships that derive 90% of their income from interest,","page_number":175,"box":{"x":116,"y":493,"width":764,"height":12}},{"id":"e75602e8-2ef0-4962-bd3a-2a5e69d96056","block_type":"box","text":"dividends, capital gains and other traditionally permitted mutual fund income). For purposes of this","page_number":175,"box":{"x":116,"y":508,"width":734,"height":13}},{"id":"2c342ac2-1408-4b7b-9493-053f123a22ba","block_type":"box","text":"restriction, the Municipal Funds generally will regard each state and each of its political subdivisions,","page_number":175,"box":{"x":117,"y":524,"width":749,"height":12}},{"id":"2cd52b0c-46d2-44b9-a59d-b57f65e65526","block_type":"box","text":"agencies or instrumentalities and each multi-state agency of which the state is a member as a","page_number":175,"box":{"x":116,"y":539,"width":703,"height":13}},{"id":"5288c642-8026-4b68-82a2-060b9095d0f6","block_type":"box","text":"separate issuer. Each public authority that issues securities on behalf of a private entity generally will","page_number":175,"box":{"x":116,"y":555,"width":754,"height":12}},{"id":"c26d75a1-0441-4d02-8e8b-10d848e1a806","block_type":"box","text":"also be regarded as a separate issuer, except that if the security is backed only by the assets and","page_number":175,"box":{"x":116,"y":570,"width":731,"height":13}},{"id":"9c49cde5-b37c-4e5b-aeb8-8f3211abd6bc","block_type":"box","text":"revenues of a non-government entity, then the entity with the ultimate responsibility for the payment of","page_number":175,"box":{"x":117,"y":586,"width":762,"height":12}},{"id":"b95ad9fd-5f06-4288-abd7-eadd430e55a8","block_type":"box","text":"interest and principal may be regarded as the sole issuer.","page_number":175,"box":{"x":117,"y":602,"width":431,"height":12}},{"id":"a2c53544-dc85-4bb2-a341-b08b54165802","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10%","page_number":175,"box":{"x":117,"y":633,"width":759,"height":13}},{"id":"8434e871-40ae-4856-ae24-bce9dbd93ac8","block_type":"box","text":"and 25% diversification requirements of the Code discussed above and the securities of each foreign","page_number":175,"box":{"x":116,"y":649,"width":755,"height":12}},{"id":"2bc86068-be28-4c42-80ba-96d97d6339ac","block_type":"box","text":"government issuer are considered to be obligations of a single issuer. These tax-related limitations","page_number":175,"box":{"x":116,"y":664,"width":732,"height":13}},{"id":"dae7f710-2c8e-4c50-a5e0-cc19b7f5a75f","block_type":"box","text":"may be changed by the Directors of a Fund to the extent necessary to comply with changes to the U.S.","page_number":175,"box":{"x":117,"y":680,"width":763,"height":12}},{"id":"eb0957fd-5a73-4e86-b4b5-5c5c1d8865b5","block_type":"box","text":"federal tax requirements. A Fund that is “diversified” under the Investment Company Act must satisfy","page_number":175,"box":{"x":116,"y":695,"width":748,"height":13}},{"id":"0365f6b2-0bb5-4418-9ebc-b227344c16a1","block_type":"box","text":"the foregoing 5% and 10% requirements with respect to 75% of its total assets.","page_number":175,"box":{"x":116,"y":711,"width":586,"height":12}},{"id":"636432e8-fcfa-4ae2-b7e0-3f186d5a6ca0","block_type":"box","text":"M","page_number":175,"box":{"x":310,"y":760,"width":12,"height":9}},{"id":"eebf52b7-b695-45d7-aa09-dd1196ce1433","block_type":"box","text":"ANAGEMENT","page_number":175,"box":{"x":323,"y":762,"width":87,"height":7}},{"id":"09f36afc-c2bc-44e2-aec9-1eb6b9119cda","block_type":"box","text":"AND","page_number":175,"box":{"x":415,"y":762,"width":29,"height":7}},{"id":"0b8b497b-ac4b-4557-86a3-8998b58b2533","block_type":"box","text":"O","page_number":175,"box":{"x":450,"y":759,"width":12,"height":10}},{"id":"c3c62aec-b51c-4f5b-a6e7-594b00909565","block_type":"box","text":"THER","page_number":175,"box":{"x":463,"y":762,"width":37,"height":7}},{"id":"9cb74f85-7e28-4c0e-9405-9ce1cd9b4fe5","block_type":"box","text":"S","page_number":175,"box":{"x":505,"y":759,"width":10,"height":10}},{"id":"7df773e3-afd7-40bf-b9be-4acae789153b","block_type":"box","text":"ERVICE","page_number":175,"box":{"x":517,"y":762,"width":49,"height":7}},{"id":"f1a65682-ef2a-42bc-bee9-5dcc088c7d39","block_type":"box","text":"A","page_number":175,"box":{"x":571,"y":760,"width":12,"height":9}},{"id":"8b236758-e142-4d79-a393-325395a00a96","block_type":"box","text":"RRANGEMENTS","page_number":175,"box":{"x":584,"y":762,"width":106,"height":7}},{"id":"b3e7c7b0-1b4b-4e8f-b8b2-32294b507fc9","block_type":"box","text":"Directors and Officers","page_number":175,"box":{"x":117,"y":791,"width":175,"height":10}},{"id":"4cdb7ff2-4d7a-46f1-a656-940dfe02ffea","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and","page_number":175,"box":{"x":116,"y":815,"width":730,"height":12}},{"id":"cfec03c6-68d2-4742-8552-3bf8e57ce0cf","block_type":"box","text":"‘— Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’","page_number":175,"box":{"x":117,"y":831,"width":760,"height":12}},{"id":"0bdb27b7-b815-4d19-845c-fa7199890471","block_type":"box","text":"‘— Share Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI","page_number":175,"box":{"x":117,"y":846,"width":754,"height":12}},{"id":"abb15caf-b55d-4c2d-8364-5867b77d7537","block_type":"box","text":"for biographical and certain other information relating to the Directors and officers of your Fund,","page_number":175,"box":{"x":116,"y":862,"width":713,"height":12}},{"id":"0d3da13b-fd62-42a1-94b4-40dbbca466cb","block_type":"box","text":"including Directors’ compensation.","page_number":175,"box":{"x":117,"y":877,"width":260,"height":12}},{"id":"ebbd0359-d9c0-4011-879c-2e3e6433a3d3","block_type":"box","text":"II-104","page_number":175,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"bc4950fa-eb63-4a5d-ae12-e6132d020f2e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":175,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8128af6b-bc48-4097-af26-6b516a0acad2","block_type":"box","text":"Management Arrangements","page_number":176,"box":{"x":117,"y":87,"width":225,"height":12}},{"id":"998c4457-5361-42d1-a083-c69acfadfc84","block_type":"box","text":"Management Services.","page_number":176,"box":{"x":116,"y":110,"width":170,"height":12}},{"id":"351fdc19-14fe-44d9-81ee-e2e721fe51bc","block_type":"box","text":"The Manager provides each Fund with investment advisory and management","page_number":176,"box":{"x":288,"y":110,"width":585,"height":12}},{"id":"b93434e9-b940-4b81-b97c-f5d350d68b08","block_type":"box","text":"services. Subject to the oversight of the Board of Directors, the Manager is responsible for the actual","page_number":176,"box":{"x":116,"y":126,"width":752,"height":12}},{"id":"8a28ec68-7da5-4f36-b374-f73f95db4f16","block_type":"box","text":"management of a Fund’s portfolio and reviews the Fund’s holdings in light of its own research analysis","page_number":176,"box":{"x":117,"y":141,"width":764,"height":12}},{"id":"537c5518-2bc7-442f-b5ba-8a0d0e7df6fc","block_type":"box","text":"and that from other relevant sources. The responsibility for making decisions to buy, sell or hold a","page_number":176,"box":{"x":116,"y":157,"width":729,"height":12}},{"id":"a49468b3-31fd-4338-a880-dd7a4a7f2210","block_type":"box","text":"particular security rests with the Manager. The Manager performs certain of the other administrative","page_number":176,"box":{"x":117,"y":172,"width":745,"height":12}},{"id":"54b955bf-9b7c-46f3-a1b5-3b369d8b2ca8","block_type":"box","text":"services and provides all the office space, facilities, equipment and necessary personnel for","page_number":176,"box":{"x":116,"y":188,"width":685,"height":12}},{"id":"d718720e-d4fb-4eef-ab05-7fe7dcccf6f8","block_type":"box","text":"management of each Fund.","page_number":176,"box":{"x":117,"y":203,"width":209,"height":12}},{"id":"6478a9ab-5f9a-49fc-b8e0-641d8c78c564","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a","page_number":176,"box":{"x":117,"y":234,"width":755,"height":12}},{"id":"693123f1-3e91-48a4-abc6-c4b78af2885d","block_type":"box","text":"Feeder Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio","page_number":176,"box":{"x":117,"y":250,"width":702,"height":12}},{"id":"fa5fa9f3-63e5-4b2f-a5ef-226f9015dea6","block_type":"box","text":"securities and does not require management services. For such Feeder Funds, portfolio management","page_number":176,"box":{"x":116,"y":265,"width":760,"height":12}},{"id":"38e62f9f-420e-44d1-9302-3f635e498af7","block_type":"box","text":"occurs at the Master Portfolio level.","page_number":176,"box":{"x":116,"y":281,"width":267,"height":9}},{"id":"c187b6ed-fcd4-495c-93a9-45c742284ffa","block_type":"box","text":"Management Fee.","page_number":176,"box":{"x":116,"y":312,"width":132,"height":12}},{"id":"576ac00d-656b-4dae-8b7f-0af9700a8dae","block_type":"box","text":"Each Fund has entered into a Management A","page_number":176,"box":{"x":250,"y":312,"width":326,"height":12}},{"id":"5806c96a-a4bd-4d79-8489-1bfd0a9dbecd","block_type":"box","text":"Agreement with the Manager pursuant to","page_number":176,"box":{"x":576,"y":312,"width":304,"height":12}},{"id":"2f31b6f5-9b63-4c78-9ac8-2c40af688809","block_type":"box","text":"which the Manager receives for its services to","page_number":176,"box":{"x":116,"y":327,"width":337,"height":12}},{"id":"852e63b8-7da9-4c56-b2a4-5b46618caf1b","block_type":"box","text":"the Fund monthly compensation at an annual rate based","page_number":176,"box":{"x":453,"y":327,"width":417,"height":12}},{"id":"18470d66-20b5-42b3-a58b-5bdef7c82d57","block_type":"box","text":"on the average daily net assets of the Fund. For info","page_number":176,"box":{"x":116,"y":343,"width":380,"height":12}},{"id":"c449b639-2052-46cb-95ab-9e6b8f9b0b7f","block_type":"box","text":"rmation regarding the fees paid by your Fund to the","page_number":176,"box":{"x":497,"y":343,"width":378,"height":12}},{"id":"fa1eca53-4be8-4b15-bd5b-c72298b3d412","block_type":"box","text":"Manager for the Fund’s last three fiscal years or","page_number":176,"box":{"x":117,"y":358,"width":352,"height":12}},{"id":"50e2f246-12ec-4187-bbd4-fbce18c5ac6e","block_type":"box","text":"other applicable periods, see “Management, Advisory","page_number":176,"box":{"x":469,"y":358,"width":393,"height":12}},{"id":"52365854-cfe8-4e1b-ac4f-4e3a32c05777","block_type":"box","text":"and Other Service Arrangements — Management A","page_number":176,"box":{"x":116,"y":374,"width":368,"height":12}},{"id":"e43aaeb7-404c-4d43-93a0-df0cc56ac370","block_type":"box","text":"Agreement” or “Management and Advisory","page_number":176,"box":{"x":484,"y":374,"width":316,"height":12}},{"id":"ba181f31-7794-4897-b37f-2455cb1540f4","block_type":"box","text":"Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":176,"box":{"x":116,"y":389,"width":433,"height":12}},{"id":"c2d86329-08b7-4c1c-a917-8d80ae2ed556","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to","page_number":176,"box":{"x":117,"y":420,"width":757,"height":12}},{"id":"7b8ba649-7a59-4494-9669-56a9f332f620","block_type":"box","text":"provide management services and to pay all compensation of and furnish office space for officers and","page_number":176,"box":{"x":117,"y":436,"width":760,"height":12}},{"id":"61b22e5e-696d-4b39-83d9-35db4b49ed10","block_type":"box","text":"employees of a Fund in connection with investment and economic research, trading and investment","page_number":176,"box":{"x":116,"y":451,"width":745,"height":12}},{"id":"6eb8d541-1d7f-4d93-a7cf-3a793a6fbf6d","block_type":"box","text":"management of the Fund, as well as the fees of all Directors of the Fund who are interested persons of","page_number":176,"box":{"x":117,"y":467,"width":768,"height":12}},{"id":"c25b9afb-648f-4007-bcc7-eec1220e9495","block_type":"box","text":"the Fund. Each Fund pays all other expenses incurred in the operation of that Fund, including among","page_number":176,"box":{"x":116,"y":482,"width":756,"height":12}},{"id":"9851fbf0-219a-476f-82fe-55d69385cf46","block_type":"box","text":"other things: taxes; expenses for legal and auditing services; costs of preparing, printing and mailing","page_number":176,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"5975578f-5393-419a-b2b9-317b580ae8ea","block_type":"box","text":"proxies, shareholder reports, prospectuses and statements of additional information, except to the","page_number":176,"box":{"x":117,"y":513,"width":732,"height":12}},{"id":"bc5b75e2-a48e-43c1-b25b-8da2d32be2bf","block_type":"box","text":"extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the custodian and","page_number":176,"box":{"x":116,"y":529,"width":760,"height":12}},{"id":"fc85744b-1f8e-4811-a71f-f5c3918e538a","block_type":"box","text":"sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":176,"box":{"x":116,"y":544,"width":766,"height":12}},{"id":"b8e6d28d-6669-4278-b21e-f141c91d60ac","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are","page_number":176,"box":{"x":116,"y":560,"width":761,"height":12}},{"id":"4e676db6-2fda-42b4-9158-62932cd1e24a","block_type":"box","text":"not interested persons of a Fund as defined in the Investment Company Act; accounting and pricing","page_number":176,"box":{"x":117,"y":575,"width":745,"height":12}},{"id":"01b81699-e506-4073-a35f-4ae0ea195366","block_type":"box","text":"costs (including the daily calculations of NAV); insurance; interest; brokerage costs; litigation and other","page_number":176,"box":{"x":116,"y":591,"width":767,"height":12}},{"id":"6c444231-5a4c-4231-b0f2-ef47b6cefea2","block_type":"box","text":"extraordinary or non-recurring expenses; and other expenses properly payable by the Fund. Certain","page_number":176,"box":{"x":116,"y":606,"width":747,"height":12}},{"id":"98724b14-a1da-4b20-87ce-8aa96bac8dff","block_type":"box","text":"accounting services are provided to each Fund by State Street Bank and Trust Company (“State","page_number":176,"box":{"x":116,"y":622,"width":720,"height":12}},{"id":"6d984753-9336-447c-92c9-e468f3e7b452","block_type":"box","text":"Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) or JPMorgan Chase Bank, N.A.","page_number":176,"box":{"x":116,"y":637,"width":746,"height":12}},{"id":"a4045931-f0c3-47f8-93b8-efabd1bddc98","block_type":"box","text":"(“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as applicable, and each","page_number":176,"box":{"x":117,"y":653,"width":761,"height":12}},{"id":"5a09b498-546f-423b-9a57-64c8f12e8a96","block_type":"box","text":"Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain accounting","page_number":176,"box":{"x":117,"y":668,"width":746,"height":12}},{"id":"0841259f-8a84-4103-a788-f4c24b3681d9","block_type":"box","text":"services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":176,"box":{"x":116,"y":684,"width":740,"height":12}},{"id":"d6ec1d28-04f0-49a7-8590-2004e539df00","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the","page_number":176,"box":{"x":116,"y":699,"width":731,"height":13}},{"id":"4692f421-88d4-4f0a-8cbb-9b6d58cecc5e","block_type":"box","text":"Funds. Certain expenses are financed by each Fund pursuant to distribution plans in compliance with","page_number":176,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"a0363fdf-73d2-45ef-9900-84e87f89df1e","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. See “Purchase of Shares — Distribution and/or","page_number":176,"box":{"x":117,"y":730,"width":710,"height":13}},{"id":"49f1cb1a-f90d-4574-95f5-2c2d39640d45","block_type":"box","text":"Shareholder Servicing Plans.”","page_number":176,"box":{"x":116,"y":746,"width":221,"height":12}},{"id":"14f92c83-4f15-489f-b2a9-b001fa6a3276","block_type":"box","text":"Sub-Advisory Fee.","page_number":176,"box":{"x":117,"y":777,"width":135,"height":12}},{"id":"56303c44-1ea3-4ec5-b370-b4e9af9e36d6","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory","page_number":176,"box":{"x":259,"y":777,"width":546,"height":12}},{"id":"9d82a685-ed4f-45c4-b56e-55bb5691cc6a","block_type":"box","text":"agreements (the “Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each","page_number":176,"box":{"x":116,"y":792,"width":743,"height":13}},{"id":"49b941a2-dfa6-4182-ad1f-2f6272bcef48","block_type":"box","text":"such Fund’s Prospectus (the “Sub-Adviser”) pursuant to which the Sub-Adviser provides sub-advisory","page_number":176,"box":{"x":116,"y":808,"width":755,"height":12}},{"id":"e71684b0-a20a-4eba-8f65-033dfc651010","block_type":"box","text":"services to the Manager with respect to the Fund.","page_number":176,"box":{"x":116,"y":824,"width":367,"height":12}},{"id":"7a095bf8-96b8-4ae5-bc58-d08f35e07880","block_type":"box","text":"Organization of the Manager.","page_number":176,"box":{"x":117,"y":854,"width":215,"height":13}},{"id":"274c760b-e81a-4ebe-8220-29ab4aae9ae2","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and","page_number":176,"box":{"x":334,"y":854,"width":519,"height":13}},{"id":"8efba7a6-4462-448f-893d-cb0b442b1d44","block_type":"box","text":"BlackRock Fund Advisors is a California corporation. 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BlackRock, Inc., through its subsidiaries and divisions, provides","page_number":177,"box":{"x":116,"y":87,"width":697,"height":12}},{"id":"54fb1713-95dd-4352-b3f7-88d6b9bbf319","block_type":"box","text":"(i) investment management services to individuals and institutional investors through separate account","page_number":177,"box":{"x":117,"y":102,"width":765,"height":13}},{"id":"53c3dd18-0cd0-4f6d-af76-41de8b3e5732","block_type":"box","text":"management, non-discretionary advisory programs and commingled investment vehicles; (ii) risk","page_number":177,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"6eb07f79-9b98-40b7-adbb-5e90bb46f320","block_type":"box","text":"management services, investment accounting and trade processing tools; (iii) transition management","page_number":177,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"b5c96552-b5cd-41bf-b1e1-6285834a7a97","block_type":"box","text":"services, and (iv) securities lending services.","page_number":177,"box":{"x":116,"y":149,"width":337,"height":12}},{"id":"bc3a6b19-c207-4bd0-8814-daf2b3b55593","block_type":"box","text":"Duration and Termination.","page_number":177,"box":{"x":116,"y":180,"width":193,"height":10}},{"id":"4d6b1eb3-9c0d-4837-acff-6a6574acbdb1","block_type":"box","text":"Unless earlier terminated as described below, each Management","page_number":177,"box":{"x":310,"y":180,"width":494,"height":12}},{"id":"a3660f83-c204-447b-b6a2-68680a6832d0","block_type":"box","text":"Agreement and each Sub-Advisory Agreement will remain in effect for an initial two year period and","page_number":177,"box":{"x":116,"y":196,"width":743,"height":12}},{"id":"d7495240-101e-4abe-b937-cbba5d781512","block_type":"box","text":"from year to year thereafter if approved annually (a) by the Board of Directors or by a vote of a majority","page_number":177,"box":{"x":116,"y":211,"width":769,"height":12}},{"id":"7be2b653-9d79-4aad-82e2-9e6b66742820","block_type":"box","text":"of the outstanding voting securities of a Fund and (b) by a majority of the Directors of the Fund who are","page_number":177,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"4e454221-e059-4210-8d73-6bc352163f74","block_type":"box","text":"not parties to such agreement or interested persons (as defined in the Investment Company Act) of","page_number":177,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"6f1bee57-2938-4384-9213-47c40a7b2557","block_type":"box","text":"any such party. 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The Distributor also pays for other supplementary","page_number":178,"box":{"x":116,"y":735,"width":766,"height":12}},{"id":"ef943263-0b46-4d79-997c-ff9e563643d7","block_type":"box","text":"sales literature and advertising costs. Each Distribution Agreement is subject to the same renewal","page_number":178,"box":{"x":116,"y":751,"width":726,"height":12}},{"id":"5e34264d-aaf4-4e22-a233-69e996674322","block_type":"box","text":"requirements and termination provisions as the Management Agreement described above.","page_number":178,"box":{"x":117,"y":766,"width":670,"height":12}},{"id":"2b50a434-e739-4a2a-be7a-c8f52ff80fc1","block_type":"box","text":"Code of Ethics","page_number":178,"box":{"x":116,"y":794,"width":117,"height":10}},{"id":"722341b4-efef-431b-ac40-f7067190c320","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant","page_number":178,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"65990ef1-56d6-4f7c-a083-6841b9392ae7","block_type":"box","text":"to Rule 17j-1 under the Investment Company Act. 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The Funds, BlackRock","page_number":185,"box":{"x":116,"y":803,"width":752,"height":12}},{"id":"34bc17da-4db2-497d-b2f1-64e698a5ee10","block_type":"box","text":"and their affiliates do not receive any compensation or other consideration in connection with such","page_number":185,"box":{"x":116,"y":818,"width":728,"height":12}},{"id":"ae01af40-0faa-482e-9e91-5de1189273b6","block_type":"box","text":"arrangements.","page_number":185,"box":{"x":116,"y":834,"width":113,"height":12}},{"id":"6ee11d87-9b3b-490e-a25f-d48636e4b3f7","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":185,"box":{"x":116,"y":861,"width":762,"height":12}},{"id":"f45d9053-1928-4539-ab0d-d0d0e5114916","block_type":"box","text":"individuals or firms to which it has been disclosed. 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In addition, the Manager maintains","page_number":186,"box":{"x":117,"y":165,"width":762,"height":12}},{"id":"44e499d9-4341-44cb-8b39-38eff7ccf206","block_type":"box","text":"an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":186,"box":{"x":116,"y":180,"width":691,"height":12}},{"id":"813e59de-6b5d-49dc-a62a-c6d70d26fcf7","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential","page_number":186,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"9b1d0e0d-b76a-419f-abb6-ee0de0f874d3","block_type":"box","text":"Information. 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(collectively referred to in this section as “BlackRock”) and their","page_number":186,"box":{"x":116,"y":314,"width":707,"height":12}},{"id":"1b8128be-4908-4a3a-a9e5-95fbfa93f118","block_type":"box","text":"respective directors, officers or employees, with respect to the Funds and/or other accounts managed","page_number":186,"box":{"x":116,"y":329,"width":760,"height":12}},{"id":"f73c4907-19b7-4d01-8e47-d17f777dcc34","block_type":"box","text":"by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below.","page_number":186,"box":{"x":116,"y":345,"width":764,"height":12}},{"id":"c271f420-c7e5-4d3b-a2fa-95193e3e0472","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their","page_number":186,"box":{"x":117,"y":377,"width":759,"height":12}},{"id":"6d8eb617-a628-4935-af00-ff755e4d2d4e","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel","page_number":186,"box":{"x":117,"y":392,"width":736,"height":12}},{"id":"b89fde94-36b7-478a-998b-b2633efce2a2","block_type":"box","text":"who may be involved in the investment activities and business operations of a Fund, are engaged","page_number":186,"box":{"x":116,"y":408,"width":729,"height":12}},{"id":"2fd66192-cad8-4bce-8efa-28f8fbe61bc0","block_type":"box","text":"worldwide in businesses, including managing equities, fixed income securities, cash and alternative","page_number":186,"box":{"x":116,"y":423,"width":742,"height":12}},{"id":"ff26575a-c9c2-4f8d-97ad-bcbf814119a5","block_type":"box","text":"investments, and other financial services, and have interests other than that of managing the Funds.","page_number":186,"box":{"x":117,"y":439,"width":748,"height":12}},{"id":"12a90947-2a6c-4166-a615-c9a400c729f4","block_type":"box","text":"These are considerations of which investors in a Fund should be aware, and which may cause conflicts","page_number":186,"box":{"x":116,"y":454,"width":771,"height":12}},{"id":"ed58dd03-fa34-426a-a1f3-c728b1a2e08f","block_type":"box","text":"of interest that could disadvantage a Fund and its shareholders.","page_number":186,"box":{"x":116,"y":470,"width":479,"height":12}},{"id":"0ab9c857-7d96-4b0b-8640-9e6c14c172aa","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":186,"box":{"x":116,"y":502,"width":749,"height":12}},{"id":"c652e8a9-f14f-4566-8524-93ecdc949f3b","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be","page_number":186,"box":{"x":117,"y":518,"width":771,"height":12}},{"id":"3e4a264f-07b7-47c4-94ed-8872e209c952","block_type":"box","text":"purchased or sold by a Fund.","page_number":186,"box":{"x":117,"y":533,"width":221,"height":12}},{"id":"473ff780-1d11-45f5-ba62-a0002db87ffc","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or","page_number":186,"box":{"x":117,"y":565,"width":754,"height":12}},{"id":"593510e4-38d0-44d3-b60a-7b8c00416259","block_type":"box","text":"funds (including separate accounts and other funds and collective investment vehicles) that have","page_number":186,"box":{"x":116,"y":581,"width":724,"height":12}},{"id":"6a5639f3-f647-435c-bd36-6c81f2c425f4","block_type":"box","text":"investment objectives identical or similar to those of a Fund and/or that engage in transactions in the","page_number":186,"box":{"x":117,"y":596,"width":749,"height":12}},{"id":"0b2a4450-c17d-44fa-a131-b25202ad7f4b","block_type":"box","text":"same types of securities, currencies and instruments as the Fund. Such other funds or accounts may","page_number":186,"box":{"x":116,"y":612,"width":755,"height":12}},{"id":"c8ca2c67-7b93-45b0-9087-38e6cb345397","block_type":"box","text":"offer exposure to strategies that are identical or substantially similar to those of a Fund but with","page_number":186,"box":{"x":116,"y":627,"width":710,"height":12}},{"id":"8bae9d61-d7d0-4ee7-9e9c-848e74e575f1","block_type":"box","text":"different fees and expenses, governance and structures, and/or services provided by BlackRock.","page_number":186,"box":{"x":116,"y":643,"width":724,"height":12}},{"id":"bda72f7e-392a-41a9-a5c1-eefc5f99a0e6","block_type":"box","text":"BlackRock is also a major participant in the global currency, equities, swap and fixed income markets,","page_number":186,"box":{"x":117,"y":658,"width":760,"height":12}},{"id":"a0557c92-c2b2-4a63-8302-291c5a7f25b9","block_type":"box","text":"in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":186,"box":{"x":117,"y":674,"width":687,"height":12}},{"id":"7f03a323-e894-4bc4-b6be-34d8ebb4e3ba","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and","page_number":186,"box":{"x":117,"y":689,"width":709,"height":12}},{"id":"bb1cfed4-ed48-4ac6-a97c-697f4518926a","block_type":"box","text":"instruments in which a Fund invests.","page_number":186,"box":{"x":117,"y":705,"width":268,"height":9}},{"id":"b3164c44-94bc-4e11-9983-25aad0fc0df6","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in","page_number":186,"box":{"x":116,"y":737,"width":746,"height":12}},{"id":"264fdfa7-eed9-44ac-8c3d-171ade595ca4","block_type":"box","text":"which a Fund invests, which could have an adverse impact on a Fund’s performance. Such","page_number":186,"box":{"x":116,"y":752,"width":676,"height":12}},{"id":"49f31344-f215-46eb-854c-4ab6ccd4997a","block_type":"box","text":"transactions, particularly in respect of most proprietary accounts or client accounts, will be executed","page_number":186,"box":{"x":116,"y":768,"width":740,"height":12}},{"id":"72c4bac3-a141-4fb1-b69d-1a3dad8d3151","block_type":"box","text":"independently of a Fund’s transactions and thus at prices or rates that may be more or less favorable","page_number":186,"box":{"x":117,"y":783,"width":750,"height":12}},{"id":"50f47c89-f462-4fd5-bb45-1893db277465","block_type":"box","text":"than those obtained by the Fund.","page_number":186,"box":{"x":116,"y":799,"width":244,"height":12}},{"id":"188aaf9f-602a-482c-ade2-e85b0d29ba59","block_type":"box","text":"In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an","page_number":186,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"a20b7dac-35bf-453a-b7be-c03d476835b0","block_type":"box","text":"identical or substantially similar manner as certain Funds are made publicly available on a more timely","page_number":186,"box":{"x":117,"y":847,"width":763,"height":12}},{"id":"68bd4c4a-ecba-44ef-b1e0-447c06079e8c","block_type":"box","text":"basis than the applicable Fund. In some cases, such portfolio holdings are made publicly available on","page_number":186,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"4dcf0feb-5973-44f3-b4dd-d693094ba4c2","block_type":"box","text":"a daily basis. While not expected, it is possible that a recipient of portfolio holdings information for such","page_number":186,"box":{"x":116,"y":877,"width":769,"height":13}},{"id":"8fc152b6-11c7-4424-9206-168c8c294f89","block_type":"box","text":"II-115","page_number":186,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b04f3ca6-a7e8-4df7-8960-fb18175a5d80","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":186,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c14f446d-49a2-4dd6-baa4-4353fc73eec2","block_type":"box","text":"an investment vehicle could cause harm to a Fund that is managed in an identical or substantially","page_number":187,"box":{"x":116,"y":87,"width":729,"height":12}},{"id":"4362858a-2e55-4408-80eb-efd39c036948","block_type":"box","text":"similar manner, including by trading ahead of or against such Fund based on the information received.","page_number":187,"box":{"x":116,"y":102,"width":764,"height":13}},{"id":"1619c4aa-af0a-4207-aee6-ccad7011cf59","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the","page_number":187,"box":{"x":116,"y":134,"width":757,"height":12}},{"id":"b4180efa-6f46-44fd-9859-c07330c2a6ce","block_type":"box","text":"assets actually purchased or sold may be allocated among the accounts on a basis determined in its","page_number":187,"box":{"x":116,"y":149,"width":751,"height":12}},{"id":"a2a9375e-f64e-47ff-9b3e-daf2d5534fbb","block_type":"box","text":"good faith discretion to be equitable. In some cases, this system may adversely affect the size or price","page_number":187,"box":{"x":116,"y":165,"width":764,"height":12}},{"id":"968c85d0-f7f8-4131-bcf0-d77cdb2d7d5e","block_type":"box","text":"of the assets purchased or sold for a Fund. In addition, transactions in investments by one or more","page_number":187,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"15489579-7b20-43cb-b235-1087afb02e9b","block_type":"box","text":"other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the","page_number":187,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"c35afd16-5ade-4bc9-8488-debb997a9c9a","block_type":"box","text":"values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to small","page_number":187,"box":{"x":116,"y":211,"width":752,"height":12}},{"id":"e100636d-1c3a-4fab-81d8-9459ed2c7e8b","block_type":"box","text":"capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock","page_number":187,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"0092e5f7-9fc2-479d-9cad-3e1a98134134","block_type":"box","text":"advised accounts when investment decisions regarding a Fund are based on research or other","page_number":187,"box":{"x":116,"y":242,"width":709,"height":12}},{"id":"cdc000cc-b840-4e05-86a2-b65f2fccc608","block_type":"box","text":"information that is also used to support decisions for other accounts. When BlackRock implements a","page_number":187,"box":{"x":117,"y":258,"width":749,"height":11}},{"id":"e3a9c335-ea0a-46c2-a62f-2e819a3ed253","block_type":"box","text":"portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar","page_number":187,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"fd5006d1-2612-4190-b81b-4064b950609a","block_type":"box","text":"decisions or strategies for a Fund, market impact, liquidity constraints, or other factors could result in","page_number":187,"box":{"x":116,"y":289,"width":751,"height":12}},{"id":"1ca2ce3b-dcf1-4bfc-a849-b3a9fa707cb5","block_type":"box","text":"the Fund receiving less favorable trading results and the costs of implementing such decisions or","page_number":187,"box":{"x":116,"y":304,"width":725,"height":12}},{"id":"a5123ecc-461b-4d17-be5d-c5c057fc92a5","block_type":"box","text":"strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in","page_number":187,"box":{"x":116,"y":320,"width":721,"height":12}},{"id":"b91142a3-a5cb-4b13-9888-d4f05d55d472","block_type":"box","text":"certain cases, elect to implement internal policies and procedures designed to limit such","page_number":187,"box":{"x":116,"y":335,"width":658,"height":12}},{"id":"8bb4e2b9-a8c6-4f0b-9445-dbaa219d95f7","block_type":"box","text":"consequences, which may cause a Fund to be unable to engage in certain activities, including","page_number":187,"box":{"x":116,"y":351,"width":703,"height":12}},{"id":"c1e256f4-1bca-4da9-9261-fd481f5427ef","block_type":"box","text":"purchasing or disposing of securities, when it might otherwise be desirable for it to do so. Conflicts may","page_number":187,"box":{"x":117,"y":366,"width":770,"height":12}},{"id":"69fe22a7-091f-4e3e-a418-1fcb3591987c","block_type":"box","text":"also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":187,"box":{"x":116,"y":382,"width":721,"height":12}},{"id":"0484683e-f265-40f7-8eeb-687cdd7cc876","block_type":"box","text":"BlackRock. For example, the sale of a long position or","page_number":187,"box":{"x":117,"y":397,"width":406,"height":12}},{"id":"1306c32b-a9f7-4615-b018-e23d38a425b0","block_type":"box","text":"establishment of a short position by a Fund may","page_number":187,"box":{"x":523,"y":397,"width":362,"height":12}},{"id":"84f9f649-1751-4d57-b675-5de01d514ff0","block_type":"box","text":"impair the price of the same security sold short by (and therefore benefit) BlackRock or its other","page_number":187,"box":{"x":117,"y":413,"width":714,"height":12}},{"id":"3873ed9d-e87a-4512-b475-b4700c6a5437","block_type":"box","text":"accounts or funds, and the purchase of a security or covering of a short position in a security by a Fund","page_number":187,"box":{"x":116,"y":428,"width":772,"height":12}},{"id":"4a44ded3-b073-4578-9515-7ab9f74ff068","block_type":"box","text":"may increase the price of the same security held by (and therefore benefit) BlackRock or its other","page_number":187,"box":{"x":117,"y":444,"width":727,"height":12}},{"id":"6d2ddb15-3894-4827-b37b-52e742d0327c","block_type":"box","text":"accounts or funds.","page_number":187,"box":{"x":116,"y":459,"width":142,"height":10}},{"id":"9bc3ecc0-a328-40f0-b0ae-c0bd30b48e6c","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may","page_number":187,"box":{"x":117,"y":490,"width":747,"height":12}},{"id":"7a8da306-f6a1-44ff-9f05-d3fc51f40035","block_type":"box","text":"invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may","page_number":187,"box":{"x":117,"y":506,"width":739,"height":12}},{"id":"5733e4ef-8989-4134-b2c8-4fcf6707ce4e","block_type":"box","text":"pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing","page_number":187,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"8bb52937-fd2b-48d6-b5c9-46d77f09af1a","block_type":"box","text":"advice or engaging in other activities, on behalf of other clients with respect to an issuer in which a","page_number":187,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"22bcbff3-a0d4-4854-92b1-511ae0676f1f","block_type":"box","text":"Fund has invested, and such actions (or refraining from action) may have a material adverse effect on","page_number":187,"box":{"x":117,"y":552,"width":761,"height":12}},{"id":"24cfde19-951b-4cee-8ccc-a6b73761c3f4","block_type":"box","text":"the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple","page_number":187,"box":{"x":116,"y":568,"width":740,"height":12}},{"id":"ad85bc26-96f3-43f7-9355-e72a7bdec6d9","block_type":"box","text":"parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that","page_number":187,"box":{"x":117,"y":583,"width":752,"height":12}},{"id":"4a29d6b5-3c20-4621-b938-15d130bef3b1","block_type":"box","text":"may be available to a Fund, as a result of legal and regulatory requirements or otherwise. BlackRock","page_number":187,"box":{"x":117,"y":599,"width":752,"height":12}},{"id":"aebbcc50-76f5-4758-b721-fa17ca5817c2","block_type":"box","text":"addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":187,"box":{"x":116,"y":614,"width":722,"height":12}},{"id":"b57da1a0-3c3c-454d-8d1c-f9df32929183","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between","page_number":187,"box":{"x":117,"y":630,"width":748,"height":12}},{"id":"2b315dae-4757-4568-8800-e0ea915ab9ce","block_type":"box","text":"different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":187,"box":{"x":116,"y":645,"width":757,"height":12}},{"id":"169065e6-c5df-47c2-a4ae-11debd0513ca","block_type":"box","text":"actions of similarly situated holders of loans or securities rather than, or in connection with, taking such","page_number":187,"box":{"x":116,"y":661,"width":762,"height":12}},{"id":"abd10bcb-44ab-4ffd-9a65-376bd1da9193","block_type":"box","text":"actions itself on behalf of the Funds.","page_number":187,"box":{"x":116,"y":676,"width":268,"height":10}},{"id":"1b827ffd-676c-4211-94d4-cc3f41ac1214","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other","page_number":187,"box":{"x":117,"y":707,"width":734,"height":12}},{"id":"1a086da6-7235-426e-84c6-0238f052c457","block_type":"box","text":"funds advised by BlackRock, including funds that are managed by one or more of the same portfolio","page_number":187,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"77b7fccd-4110-44c2-a042-893f6b2aaa9d","block_type":"box","text":"managers, which could result in conflicts of interest relating to asset allocation, timing of Fund","page_number":187,"box":{"x":117,"y":738,"width":693,"height":12}},{"id":"810197bd-36d3-43a9-b8a4-5b2516d9cbd8","block_type":"box","text":"purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its","page_number":187,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"92aa5ea6-7196-48b5-9a71-afc91c81197c","block_type":"box","text":"personnel, including portfolio managers.","page_number":187,"box":{"x":117,"y":769,"width":295,"height":12}},{"id":"7d619b1d-fec3-4e61-8d3f-8d2d34ebf326","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but","page_number":187,"box":{"x":116,"y":800,"width":764,"height":12}},{"id":"9a2f522c-4764-48cc-8f90-29afb69f7f3a","block_type":"box","text":"not limited to, marketing and promotional activities and presentations, educational training programs","page_number":187,"box":{"x":117,"y":816,"width":741,"height":12}},{"id":"69d5f080-4c4f-4a2e-bc55-0bff5b36e271","block_type":"box","text":"and conferences) for registered representatives, other professionals and individual investors. There is","page_number":187,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"46f7fff4-d2e9-4a03-ac3a-560fd02daa75","block_type":"box","text":"a potential conflict of interest as such sponsorships may defray the costs of such activities to","page_number":187,"box":{"x":116,"y":847,"width":691,"height":12}},{"id":"ae8ba98d-6207-443d-8d9c-cb98dbea9a0f","block_type":"box","text":"BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services","page_number":187,"box":{"x":117,"y":862,"width":757,"height":12}},{"id":"798103cf-dda8-4d05-82bc-bc78d37657a5","block_type":"box","text":"to the Fund.","page_number":187,"box":{"x":116,"y":878,"width":94,"height":9}},{"id":"61ae1601-2ad2-4ae5-84b1-622a63b3f9d8","block_type":"box","text":"II-116","page_number":187,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"45eec17a-7838-40c2-9ef9-00cd680a0960","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":187,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d159a3f6-cb08-4983-bf5d-291b6f94885a","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to","page_number":188,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"a09098fc-fceb-48c5-897e-b951fd5b4181","block_type":"box","text":"another fund or account advised by BlackRock. BlackRock may (but is not required to) effect","page_number":188,"box":{"x":116,"y":102,"width":692,"height":13}},{"id":"83f39689-f50f-4ed1-bdc3-d02cc82d3331","block_type":"box","text":"purchases and sales between BlackRock clients (“cross trades”), including the Funds, if BlackRock","page_number":188,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"27ac390a-d516-4125-9de3-c398750a8e05","block_type":"box","text":"believes such transactions are appropriate based on each party’s investment objectives and","page_number":188,"box":{"x":117,"y":134,"width":687,"height":12}},{"id":"ff80d01c-d2fc-4f71-b2ab-f749a01f6957","block_type":"box","text":"guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":188,"box":{"x":116,"y":149,"width":728,"height":12}},{"id":"48bc0440-1284-4346-ba63-c4caf0a37bc4","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in","page_number":188,"box":{"x":117,"y":165,"width":738,"height":12}},{"id":"1d4d8336-3d30-4f85-b93c-7bf90651c62a","block_type":"box","text":"these transactions for the Funds. BlackRock may have a potentially conflicting division of loyalties and","page_number":188,"box":{"x":116,"y":180,"width":763,"height":12}},{"id":"af0ddded-bf95-4821-afb8-3189a2f0bed9","block_type":"box","text":"responsibilities to the parties in such transactions.","page_number":188,"box":{"x":117,"y":196,"width":374,"height":11}},{"id":"fd131d14-8aaa-4df3-bb98-5b672dd908da","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has","page_number":188,"box":{"x":117,"y":227,"width":749,"height":12}},{"id":"d09b4cd7-1f8a-4d84-92c2-e58045501b1f","block_type":"box","text":"invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability,","page_number":188,"box":{"x":117,"y":242,"width":760,"height":12}},{"id":"51e9aac1-6f63-41dc-be30-e4f8d72c3bfd","block_type":"box","text":"liquidity and terms of the Fund’s investments may be negatively impacted by the activities of","page_number":188,"box":{"x":117,"y":258,"width":687,"height":12}},{"id":"86f01af2-7a39-41b0-bd32-5c00a5881839","block_type":"box","text":"BlackRock or its clients, and transactions for the Fund may be impaired or effected at prices or terms","page_number":188,"box":{"x":117,"y":273,"width":753,"height":12}},{"id":"2c4abf5c-b3f6-4e00-86e9-21ffca6f20da","block_type":"box","text":"that may be less favorable than would otherwise have been the case.","page_number":188,"box":{"x":116,"y":289,"width":520,"height":12}},{"id":"4c4f248c-9c0e-413c-b21e-7acd9567a0b7","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by","page_number":188,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"f996db47-7898-4437-aa0e-b1d379ba37b5","block_type":"box","text":"BlackRock for its proprietary accounts or other accounts (including investment companies or collective","page_number":188,"box":{"x":117,"y":335,"width":763,"height":12}},{"id":"88b77c11-96c5-4523-82e0-59f80699b195","block_type":"box","text":"investment vehicles) that it manages or advises. It is possible that one or more accounts managed or","page_number":188,"box":{"x":117,"y":351,"width":754,"height":12}},{"id":"a6614fb1-423a-42db-99ae-e3ed096b9b68","block_type":"box","text":"advised by BlackRock and such other accounts will achieve investment results that are substantially","page_number":188,"box":{"x":116,"y":366,"width":747,"height":12}},{"id":"e9309ff4-dadd-48e4-ae12-ca2fdf218e2d","block_type":"box","text":"more or less favorable than the results achieved by a Fund. Moreover, it is possible that a Fund will","page_number":188,"box":{"x":117,"y":382,"width":741,"height":12}},{"id":"4fd66717-8149-4af4-aaff-0e65af2c9a31","block_type":"box","text":"sustain losses during periods in which one or more proprietary or other accounts managed or advised","page_number":188,"box":{"x":116,"y":397,"width":759,"height":12}},{"id":"0458f547-f12d-47d1-8214-ac61723360e7","block_type":"box","text":"by BlackRock achieve significant profits. The opposite result is also possible.","page_number":188,"box":{"x":117,"y":413,"width":574,"height":12}},{"id":"97bf914f-633c-44d1-af76-57c23c90bdf3","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in","page_number":188,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"eb8ebedf-5e62-4317-bbf5-b78e64aebfb8","block_type":"box","text":"other investment activities because of regulatory, legal or contractual requirements applicable to","page_number":188,"box":{"x":116,"y":459,"width":718,"height":12}},{"id":"be3e69d4-e7c1-46a4-8996-86bd3ce6a1f3","block_type":"box","text":"BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of","page_number":188,"box":{"x":117,"y":475,"width":706,"height":12}},{"id":"7d576986-2e06-4e3b-b416-113babb84b89","block_type":"box","text":"BlackRock designed to comply with such requirements. As a result, there may be periods, for example,","page_number":188,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"b51a91da-0126-438b-800f-6b0eb4fa03ee","block_type":"box","text":"when BlackRock will not initiate or recommend certain types of transactions regarding certain","page_number":188,"box":{"x":116,"y":506,"width":697,"height":12}},{"id":"836bbdbe-90c3-4f51-82b6-2641804c5987","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits","page_number":188,"box":{"x":116,"y":521,"width":771,"height":12}},{"id":"261834b4-8b30-44a7-ad79-b60da9a6321f","block_type":"box","text":"have been reached. For example, the investment activities of BlackRock for its proprietary accounts","page_number":188,"box":{"x":117,"y":537,"width":745,"height":12}},{"id":"e9da5223-7833-419d-b639-4dad11b56762","block_type":"box","text":"and accounts under its management may limit the investment opportunities for a Fund in certain","page_number":188,"box":{"x":116,"y":552,"width":717,"height":12}},{"id":"d7943c71-6103-4b76-a365-ad2739eed88d","block_type":"box","text":"emerging and other markets in which limitations are imposed upon the amount of investment, in the","page_number":188,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"508b97ff-2754-4b95-87a7-0e1aa7d5d97d","block_type":"box","text":"aggregate or in individual issuers, by affiliated foreign investors.","page_number":188,"box":{"x":116,"y":583,"width":478,"height":12}},{"id":"4c1585db-2299-4955-b48e-a73d1bfcff5e","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental","page_number":188,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"008f05d0-77da-4bb6-9bce-1bf2a5c12d39","block_type":"box","text":"analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any","page_number":188,"box":{"x":116,"y":630,"width":750,"height":12}},{"id":"d53f359e-4c8f-4219-98a9-7dab5d7a6a0d","block_type":"box","text":"obligation, however, to effect transactions on behalf of a Fund in accordance with such analysis and","page_number":188,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"ce4c9f9a-63e9-442c-a7a9-86953abe337e","block_type":"box","text":"models. In addition, BlackRock will not have any obligation to make available any information regarding","page_number":188,"box":{"x":117,"y":661,"width":764,"height":12}},{"id":"2ba30e93-4e0a-4b65-ab8f-157d565754a5","block_type":"box","text":"its proprietary activities or strategies, or the activities or strategies used for other accounts managed by","page_number":188,"box":{"x":117,"y":676,"width":764,"height":12}},{"id":"c6a248bf-949e-4774-87f2-785df0f3998c","block_type":"box","text":"them, for the benefit of the management of a Fund and it is not anticipated that BlackRock will have","page_number":188,"box":{"x":116,"y":692,"width":738,"height":12}},{"id":"9903457b-0342-4d37-948a-25bcddbbe4a1","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio","page_number":188,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"fec20a8b-4d03-47c5-a155-f028b830b3da","block_type":"box","text":"strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or","page_number":188,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"fef39445-b4da-4ffe-adac-cd253bdecb2d","block_type":"box","text":"other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":188,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"c250f18f-f78e-4b1a-b402-68ffc63fe5b5","block_type":"box","text":"managing a Fund.","page_number":188,"box":{"x":117,"y":754,"width":133,"height":12}},{"id":"33f7672c-8712-4376-b282-ebcda4341632","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and","page_number":188,"box":{"x":116,"y":785,"width":722,"height":12}},{"id":"7ffd1e6c-952f-44ba-877c-05c4e1fea54a","block_type":"box","text":"financial advisors. To the extent clients invest in these investment models and increase the assets","page_number":188,"box":{"x":116,"y":800,"width":728,"height":10}},{"id":"b94664ee-0030-4c4c-aea4-864f6c37c4fa","block_type":"box","text":"under management of the Funds, the investment management fee amounts paid by the Funds to","page_number":188,"box":{"x":117,"y":816,"width":719,"height":12}},{"id":"aa3b69c1-b71e-4faf-a922-b0c489c947da","block_type":"box","text":"BlackRock may also increase. The net asset value and liquidity of a Fund may be impacted by","page_number":188,"box":{"x":117,"y":831,"width":704,"height":12}},{"id":"059a2188-b8c7-49aa-a69d-258418465db5","block_type":"box","text":"purchases and sales of the Fund by model-driven investment portfolios, as well as by BlackRock itself","page_number":188,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"063be7d0-92ad-4004-b46e-b0a44e27fb0f","block_type":"box","text":"and by its advisory clients.","page_number":188,"box":{"x":116,"y":862,"width":201,"height":12}},{"id":"a8b50f6d-36ef-4998-a461-9c6101d09b3e","block_type":"box","text":"II-117","page_number":188,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"43d5a493-9355-4937-8551-e2175358583a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":188,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b6b7bcff-49f8-4a74-8c69-90dcf37f99c8","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals","page_number":189,"box":{"x":117,"y":87,"width":764,"height":12}},{"id":"602e6721-cd29-4c99-831a-d4dcb6b64591","block_type":"box","text":"or employees of other business units or entities within BlackRock. As a result, these principals and","page_number":189,"box":{"x":116,"y":102,"width":736,"height":13}},{"id":"9ed1eb44-fa9e-489b-8241-6b24d37143cc","block_type":"box","text":"employees may have obligations to such other business units or entities or their clients and such","page_number":189,"box":{"x":116,"y":118,"width":722,"height":12}},{"id":"f0f48a3e-d604-449f-bcf2-a5507b9ec2b7","block_type":"box","text":"obligations to other business units or entities or their clients may be a consideration of which investors","page_number":189,"box":{"x":116,"y":134,"width":762,"height":12}},{"id":"a81404fe-6a19-4e65-b26a-9f39919e0a40","block_type":"box","text":"in a Fund should be aware.","page_number":189,"box":{"x":117,"y":149,"width":206,"height":10}},{"id":"d89bfd2e-b425-4d87-a5bf-3917e6b93faa","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of","page_number":189,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"c812e90b-1fd8-48ca-88d4-5a1651fb4503","block_type":"box","text":"a Fund in which clients of BlackRock, or, to the extent permitted by the Commission and applicable","page_number":189,"box":{"x":116,"y":196,"width":740,"height":12}},{"id":"171105eb-104c-4142-a78a-333b2cab0dc2","block_type":"box","text":"law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party’s interests in","page_number":189,"box":{"x":117,"y":211,"width":764,"height":12}},{"id":"07716bbf-86ac-4163-bea0-d62af6e0b6e1","block_type":"box","text":"the transaction will be adverse to the interests of the Fund, and such party may have no incentive to","page_number":189,"box":{"x":116,"y":227,"width":747,"height":12}},{"id":"5a197fc2-7eb7-4fa5-b6b7-61e889ce4ee6","block_type":"box","text":"assure that the Fund obtains the best possible prices or terms in connection with the transactions. In","page_number":189,"box":{"x":116,"y":242,"width":750,"height":12}},{"id":"af8308cf-f4cc-4bb6-abf5-7eb59544b9c7","block_type":"box","text":"addition, the purchase, holding and sale of such investments by a Fund may enhance the profitability","page_number":189,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"45fe62f7-6989-4b44-a840-66d80dbf149d","block_type":"box","text":"of BlackRock.","page_number":189,"box":{"x":116,"y":273,"width":107,"height":10}},{"id":"806882d3-d72c-4ffb-afcb-9a9dbe815d49","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies","page_number":189,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"8098347f-8bce-4abd-a38f-0356c3896528","block_type":"box","text":"or instruments of which may be those in which a Fund invests or which may be based on the","page_number":189,"box":{"x":116,"y":320,"width":692,"height":12}},{"id":"048fbebd-dbaa-48e1-8772-b72c119fff64","block_type":"box","text":"performance of the Fund. Additionally, an affiliate of BlackRock will create, write or issue options,","page_number":189,"box":{"x":117,"y":335,"width":724,"height":12}},{"id":"528e711e-8f0f-4605-a19f-71d77e5d20c7","block_type":"box","text":"which may be based on the performance of certain Funds. BlackRock has entered into an arrangement","page_number":189,"box":{"x":116,"y":351,"width":772,"height":12}},{"id":"b8ac53c6-e222-4e1a-b8f4-21a3ce838152","block_type":"box","text":"with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain","page_number":189,"box":{"x":116,"y":366,"width":733,"height":12}},{"id":"2c597bed-d54f-41fa-86b2-5a2fb20e8679","block_type":"box","text":"iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs.","page_number":189,"box":{"x":117,"y":382,"width":718,"height":12}},{"id":"4b6ea5c9-d8a7-4c1a-83e2-104a5d744110","block_type":"box","text":"Trading activity in these derivative products could also potentially lead to greater liquidity for such","page_number":189,"box":{"x":116,"y":397,"width":727,"height":12}},{"id":"744bf1b4-cff4-47b6-b8b0-618904f88e48","block_type":"box","text":"products, increased purchase activity with respect to these iShares ETFs and increased assets under","page_number":189,"box":{"x":117,"y":413,"width":758,"height":12}},{"id":"d6b627b6-f848-4644-ba83-a4a867608a8f","block_type":"box","text":"management for BlackRock.","page_number":189,"box":{"x":117,"y":428,"width":215,"height":12}},{"id":"7b170a13-505d-4ecc-98a5-d9b1db6a421e","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or","page_number":189,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"69672969-23bb-4987-a06e-b38b92474c80","block_type":"box","text":"other distribution by BlackRock and may also enter into transactions with other clients of BlackRock","page_number":189,"box":{"x":116,"y":475,"width":744,"height":12}},{"id":"fca789ba-7da9-4ff6-81d5-c9345dd4cd12","block_type":"box","text":"where such other clients have interests adverse to those of the Fund. At times, these activities may","page_number":189,"box":{"x":116,"y":490,"width":741,"height":12}},{"id":"0803157f-8782-4af1-93a2-cf3578ca58fd","block_type":"box","text":"cause business units or entities within BlackRock to give advice to clients that may cause these clients","page_number":189,"box":{"x":116,"y":506,"width":766,"height":12}},{"id":"a4100c52-5305-4548-881f-4d210220f2c9","block_type":"box","text":"to take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a","page_number":189,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"6100f424-945b-4b0c-b717-68f708f2b76b","block_type":"box","text":"Fund will deal with BlackRock on an arms-length basis.","page_number":189,"box":{"x":117,"y":537,"width":414,"height":12}},{"id":"283167a2-3f14-445f-a73f-f05f31a23dad","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or","page_number":189,"box":{"x":116,"y":568,"width":729,"height":12}},{"id":"f302fdf5-e279-48ce-8c0d-bcef4e589afb","block_type":"box","text":"adviser or in other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups,","page_number":189,"box":{"x":116,"y":583,"width":760,"height":12}},{"id":"1573bbe9-a305-4395-8ee0-0e4fc5c0f115","block_type":"box","text":"mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and","page_number":189,"box":{"x":117,"y":599,"width":717,"height":12}},{"id":"88db8989-7ca5-4ff9-9fc3-99df41520c04","block_type":"box","text":"commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions","page_number":189,"box":{"x":116,"y":614,"width":735,"height":12}},{"id":"88df38fb-5e7e-4b36-91c3-42d8e629d54a","block_type":"box","text":"charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its","page_number":189,"box":{"x":116,"y":630,"width":747,"height":12}},{"id":"a81a781e-368e-452b-b93c-8c9636b91399","block_type":"box","text":"sales personnel, will have an interest in obtaining fees and other amounts that are favorable to","page_number":189,"box":{"x":116,"y":645,"width":706,"height":12}},{"id":"6620717f-8228-4dbb-a378-ee75782ccde3","block_type":"box","text":"BlackRock and such sales personnel, which may have an adverse effect on the Funds. Index based","page_number":189,"box":{"x":117,"y":661,"width":740,"height":12}},{"id":"f22c93c2-00c8-4d2d-a14a-090ff11d1e89","block_type":"box","text":"funds may use an index provider that is affiliated with another service provider of the Fund or","page_number":189,"box":{"x":116,"y":676,"width":690,"height":12}},{"id":"2aa93bdd-0e47-4b3a-b936-0d410b7143ec","block_type":"box","text":"BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or","page_number":189,"box":{"x":117,"y":692,"width":751,"height":12}},{"id":"b1e14e90-797d-47d1-b65f-9b5ebe6f5c8c","block_type":"box","text":"BlackRock.","page_number":189,"box":{"x":117,"y":707,"width":81,"height":10}},{"id":"80ba9cf1-271d-469d-9aef-bec3a1315660","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain","page_number":189,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"7875504a-3893-4b3e-b6a2-75b363bdbe98","block_type":"box","text":"fees and other amounts that they receive in connection with their service to the Funds as broker,","page_number":189,"box":{"x":116,"y":754,"width":715,"height":12}},{"id":"bec6bbe3-80b4-4916-a059-308f5ae73111","block_type":"box","text":"dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Funds or their","page_number":189,"box":{"x":116,"y":769,"width":741,"height":12}},{"id":"6bf8a02f-5e51-460d-a210-b981d7a4c9c3","block_type":"box","text":"shareholders will be required, and no fees or other compensation payable by the Funds or their","page_number":189,"box":{"x":116,"y":785,"width":707,"height":12}},{"id":"32276851-908c-40d2-8e1d-f4d8ad071fc2","block_type":"box","text":"shareholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts.","page_number":189,"box":{"x":116,"y":800,"width":735,"height":12}},{"id":"0d0c899b-2f09-47cc-9f5d-f42fb379fb83","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to","page_number":189,"box":{"x":116,"y":831,"width":761,"height":12}},{"id":"a9d4a05f-9f9a-47a6-ae11-7d701a018ff7","block_type":"box","text":"the Funds, BlackRock may take commercial steps in its own interests, which may have an adverse","page_number":189,"box":{"x":116,"y":847,"width":738,"height":12}},{"id":"4bfea27e-b37a-4442-b30b-5c47b040af00","block_type":"box","text":"effect on the Funds.","page_number":189,"box":{"x":116,"y":862,"width":153,"height":10}},{"id":"10b0bb0b-d231-4e58-b763-a05a030abe97","block_type":"box","text":"II-118","page_number":189,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d7ae1e48-6afe-4cea-8e3e-7da5ac9ab56b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":189,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"438c6dce-00ae-47b0-8245-d3ce7bfefacd","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s","page_number":190,"box":{"x":116,"y":87,"width":761,"height":12}},{"id":"279b5fb6-c3bd-4441-8885-d306e2c499b7","block_type":"box","text":"own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection","page_number":190,"box":{"x":116,"y":103,"width":760,"height":12}},{"id":"715d898f-99ea-4ea1-bfc5-0948cbbcb992","block_type":"box","text":"with a Fund’s establishment of its business relationships, nor is it expected that the Fund’s","page_number":190,"box":{"x":116,"y":118,"width":675,"height":12}},{"id":"01457628-9ad1-44ef-bead-1391060743ef","block_type":"box","text":"counterparties will rely on the credit of BlackRock in evaluating the Fund’s creditworthiness.","page_number":190,"box":{"x":116,"y":134,"width":684,"height":12}},{"id":"d2411cf1-5ae1-4cfc-8b76-dc38648edac2","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A.","page_number":190,"box":{"x":117,"y":165,"width":726,"height":12}},{"id":"fea59796-7c44-4a6c-88a7-f813b7494c04","block_type":"box","text":"(“BTC”), as applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as","page_number":190,"box":{"x":117,"y":180,"width":715,"height":12}},{"id":"d0da577b-e82b-4aa8-9989-48f5046b1905","block_type":"box","text":"securities lending agent to, and receives a share of securities lending revenues from, the Funds.","page_number":190,"box":{"x":116,"y":196,"width":720,"height":12}},{"id":"66824b90-1ecb-4f83-8d05-b2a3f36a42e5","block_type":"box","text":"BlackRock will also receive compensation for managing the reinvestment of the cash collateral from","page_number":190,"box":{"x":117,"y":211,"width":744,"height":12}},{"id":"eb3dc5ae-af3e-441e-baf0-aff3605129f8","block_type":"box","text":"securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":190,"box":{"x":116,"y":227,"width":755,"height":12}},{"id":"d54d55c5-4f36-4a18-a210-e8b006561d3d","block_type":"box","text":"including but not limited to: (i) BlackRock as securities lending agent may have an incentive to, among","page_number":190,"box":{"x":117,"y":242,"width":762,"height":12}},{"id":"51773298-2a87-495f-8261-7a3c0beb11fb","block_type":"box","text":"other things, increase or decrease the amount of securities on loan or to lend particular securities in","page_number":190,"box":{"x":116,"y":258,"width":745,"height":12}},{"id":"69054cd6-3660-4d20-9182-8cdb94f79bbf","block_type":"box","text":"order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock","page_number":190,"box":{"x":116,"y":273,"width":750,"height":12}},{"id":"7c5ecfc9-8c52-4b99-9e15-642b84f92e82","block_type":"box","text":"as securities lending agent may have an incentive to allocate loans to clients that would provide more","page_number":190,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"5f2bc598-7512-45e4-bd87-3dfea6ee1f7e","block_type":"box","text":"revenue to BlackRock. As described further below, BlackRock seeks to mitigate this conflict by","page_number":190,"box":{"x":117,"y":304,"width":706,"height":12}},{"id":"1652c9e2-de9d-40ba-a3f7-edec23119a36","block_type":"box","text":"providing its securities lending clients with equal lending opportunities over time in order to","page_number":190,"box":{"x":117,"y":320,"width":675,"height":12}},{"id":"bed0e853-220a-4249-ba52-2db035824504","block_type":"box","text":"approximate pro rata allocation.","page_number":190,"box":{"x":116,"y":335,"width":240,"height":12}},{"id":"60b29adc-f71e-4aa8-be1c-3ba8d4ec71ca","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients","page_number":190,"box":{"x":116,"y":366,"width":742,"height":12}},{"id":"7f6cf5cc-b184-4cd8-bc26-a2f4db0e0eb0","block_type":"box","text":"and/or funds against a shortfall in collateral in the event of borrower default. On a regular basis,","page_number":190,"box":{"x":116,"y":382,"width":713,"height":12}},{"id":"6f0dd1e0-aa91-4ec8-9166-39363bfd1b78","block_type":"box","text":"BlackRock calculates the potential dollar exposure of collateral shortfall resulting from a borrower","page_number":190,"box":{"x":117,"y":397,"width":725,"height":12}},{"id":"87d5f9c0-521d-49ba-8b86-42e6981383ee","block_type":"box","text":"default (“shortfall risk”) in the securities lending program. BlackRock establishes program-wide","page_number":190,"box":{"x":116,"y":413,"width":705,"height":12}},{"id":"ad5991e6-cb2d-4c59-b148-096d0c913ef4","block_type":"box","text":"borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock","page_number":190,"box":{"x":117,"y":428,"width":711,"height":12}},{"id":"271a9cd7-9ba3-47bf-8f2c-9bc03dd9fa4e","block_type":"box","text":"oversees the risk model that calculates projected collateral shortfall values using loan-level factors","page_number":190,"box":{"x":116,"y":444,"width":734,"height":12}},{"id":"b76c6414-2f54-4a68-8208-b7d51b817ec9","block_type":"box","text":"such as loan and collateral type and market value as well as specific borrower credit characteristics.","page_number":190,"box":{"x":116,"y":459,"width":747,"height":12}},{"id":"79527d43-7ff0-4dbe-9b57-750161808690","block_type":"box","text":"When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":190,"box":{"x":116,"y":475,"width":738,"height":12}},{"id":"417028c9-12f8-42e3-95be-4526e7ce05ce","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as","page_number":190,"box":{"x":116,"y":490,"width":768,"height":12}},{"id":"51fb0d9b-5e8b-46c4-9af7-a83b536e5ed3","block_type":"box","text":"well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":190,"box":{"x":116,"y":506,"width":717,"height":12}},{"id":"f41f79e7-4cda-448b-93e5-c5ba15902a19","block_type":"box","text":"activity BlackRock may conduct at any given point in time by reducing the volume of lending","page_number":190,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"68e24b6a-7813-4b48-b952-7b001db1929d","block_type":"box","text":"opportunities for certain loans (including by asset type, collateral type and/or revenue profile).","page_number":190,"box":{"x":116,"y":537,"width":698,"height":12}},{"id":"4304d922-24e2-4876-b248-656fb3dc7763","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of","page_number":190,"box":{"x":117,"y":568,"width":764,"height":12}},{"id":"1a8c92af-5bc0-4ad8-a70f-1540d2fedc60","block_type":"box","text":"a Fund or terminate a securities loan on behalf of a Fund for any reason, including but not limited to","page_number":190,"box":{"x":116,"y":583,"width":744,"height":12}},{"id":"0c5decac-7d12-45a0-a1b8-50f95839bde4","block_type":"box","text":"regulatory requirements and/or market rules, liquidity considerations, or credit considerations, which","page_number":190,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"fa4653b7-a9d4-4d28-9ddc-0aa67b6ad4d8","block_type":"box","text":"may impact Funds by reducing or eliminating the volume of lending opportunities for certain types of","page_number":190,"box":{"x":117,"y":614,"width":746,"height":12}},{"id":"90aad63f-5954-469b-a052-28b2364b4802","block_type":"box","text":"loans, loans in particular markets, loans of particular securities or types of securities, or for loans","page_number":190,"box":{"x":117,"y":630,"width":720,"height":12}},{"id":"d112452d-0fb2-47a4-a6de-4724ec139854","block_type":"box","text":"overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional","page_number":190,"box":{"x":116,"y":645,"width":725,"height":12}},{"id":"e1bf9fe0-9e4b-4e7b-8ded-e12812f3cb25","block_type":"box","text":"protections against lender default that are favored by their prudential regulation.","page_number":190,"box":{"x":117,"y":661,"width":590,"height":12}},{"id":"0176e3d2-68ec-46a3-9926-115b0fefbbfb","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over","page_number":190,"box":{"x":117,"y":692,"width":747,"height":12}},{"id":"2032eaa2-0955-4815-8b9a-ead6dbe23f78","block_type":"box","text":"time. In order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending","page_number":190,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"fd1c86cb-67c2-4deb-9270-8fcac6749553","block_type":"box","text":"capacity pursuant to the various program limits (i.e. indemnification exposure limit and borrower credit","page_number":190,"box":{"x":116,"y":723,"width":756,"height":12}},{"id":"830c957d-998e-473c-9b10-aaf00798d988","block_type":"box","text":"limits); (ii) the lending portfolio must hold the asset at the time a loan opportunity arrives; and (iii) the","page_number":190,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"57a99ade-9689-42c7-9f1d-785e135a1817","block_type":"box","text":"lending portfolio must also have enough inventory, either on its own or when aggregated with other","page_number":190,"box":{"x":117,"y":754,"width":733,"height":12}},{"id":"2a22386f-343b-47a6-9aa9-2f028619dde8","block_type":"box","text":"portfolios into one single market delivery, to satisfy the loan request. In doing so, BlackRock seeks to","page_number":190,"box":{"x":117,"y":769,"width":748,"height":12}},{"id":"00b80ca5-b891-4144-bea0-cbd6105d801c","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the","page_number":190,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"9a7edb79-0135-458a-be27-418e551814f4","block_type":"box","text":"portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes. Specifically,","page_number":190,"box":{"x":117,"y":800,"width":738,"height":12}},{"id":"96a2b489-f9df-48ba-be01-8973df0aab5f","block_type":"box","text":"short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads","page_number":190,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"e5281090-1946-4b89-bdb5-205933cdfa4b","block_type":"box","text":"on different securities, and the overall limits imposed by the firm.","page_number":190,"box":{"x":116,"y":831,"width":483,"height":12}},{"id":"a1cdd95c-f9f6-4296-afd1-111c9e545c58","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":190,"box":{"x":117,"y":862,"width":769,"height":12}},{"id":"ea1183e5-9169-4cf0-9971-8a17931f44fa","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the","page_number":190,"box":{"x":117,"y":878,"width":770,"height":12}},{"id":"1d3ebdef-7e7d-4027-9ee5-f919b85ca22e","block_type":"box","text":"II-119","page_number":190,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f438601c-2882-4977-bbd6-315218b2ddbe","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":190,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f7f2617d-dfc7-426f-b619-5bac70d7b18b","block_type":"box","text":"fact that they have different research payment arrangements. BlackRock, however, is not required to","page_number":191,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"e131c351-d2b9-4b36-b591-fb80687d9d48","block_type":"box","text":"aggregate orders if portfolio management decisions for different accounts are made separately, or if","page_number":191,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"0e079abe-e3b7-44d2-8c3f-c4b32a41d4b9","block_type":"box","text":"they determine that aggregating is not practicable or required, or in cases involving client direction.","page_number":191,"box":{"x":116,"y":118,"width":737,"height":12}},{"id":"b4489d67-98f3-4e1c-aa99-a1e8e002d11d","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution","page_number":191,"box":{"x":117,"y":146,"width":748,"height":12}},{"id":"683848a7-2ac0-472a-88ae-64b2023cdd7d","block_type":"box","text":"on the entire volume of securities purchased or sold. When this occurs, the various prices may be","page_number":191,"box":{"x":116,"y":162,"width":730,"height":12}},{"id":"f643c621-27db-419d-8989-f87ffc3f25a7","block_type":"box","text":"averaged, and the Funds will be charged or credited with the average price. Thus, the effect of the","page_number":191,"box":{"x":116,"y":177,"width":734,"height":12}},{"id":"75b41428-a06d-4240-bd99-c3a250cf520f","block_type":"box","text":"aggregation may operate on some occasions to the disadvantage of the Funds. In addition, under","page_number":191,"box":{"x":116,"y":193,"width":730,"height":12}},{"id":"2ea4bcc6-1fb0-4d67-a86b-4ec7b896e303","block_type":"box","text":"certain circumstances, the Funds will not be charged the same commission or commission equivalent","page_number":191,"box":{"x":116,"y":209,"width":759,"height":11}},{"id":"45a737a8-1346-451b-bb0c-70cfae6f5cf3","block_type":"box","text":"rates in connection with an aggregated order.","page_number":191,"box":{"x":117,"y":224,"width":341,"height":12}},{"id":"af2c9eac-34be-455b-902c-f33610d4eb89","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage — Transactions in","page_number":191,"box":{"x":116,"y":252,"width":743,"height":12}},{"id":"9f749cb7-229f-4ff1-a32f-0ee816ba7918","block_type":"box","text":"Portfolio Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to","page_number":191,"box":{"x":117,"y":268,"width":757,"height":12}},{"id":"1d4eeee7-3251-44ba-9c2b-069c24e7eb54","block_type":"box","text":"pay a broker or dealer a commission for effecting a transaction that exceeds the amount another","page_number":191,"box":{"x":117,"y":283,"width":720,"height":12}},{"id":"361a6b97-bb05-4e83-b913-22c7c58495a3","block_type":"box","text":"broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":191,"box":{"x":117,"y":299,"width":746,"height":12}},{"id":"a635b8eb-4d7b-4c45-acdd-4051d4a352a5","block_type":"box","text":"brokerage and research services provided by that broker or dealer. Under MiFID II, EU investment","page_number":191,"box":{"x":117,"y":314,"width":734,"height":12}},{"id":"2ff4b5cb-5d99-4c20-9a59-3d7a291d921a","block_type":"box","text":"managers, including BlackRock International Limited (“BIL”) which acts as a sub-adviser to certain","page_number":191,"box":{"x":117,"y":330,"width":732,"height":12}},{"id":"b32df959-e042-41ea-8f63-1395890d1481","block_type":"box","text":"Funds, pay for research from brokers and dealers directly out of their own resources, rather than","page_number":191,"box":{"x":117,"y":345,"width":721,"height":12}},{"id":"f5bce4f2-b60f-42b5-98de-b4b1bf0651d7","block_type":"box","text":"through client commissions.","page_number":191,"box":{"x":116,"y":361,"width":212,"height":12}},{"id":"f3113938-4034-4292-ba93-7e3c333901f3","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other","page_number":191,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"5e8b4814-4b7e-4cf0-bd41-6771636ff625","block_type":"box","text":"BlackRock client accounts or personnel, directly or through correspondent relationships, with research","page_number":191,"box":{"x":117,"y":405,"width":762,"height":12}},{"id":"84b22c98-7929-4210-921d-bddc98061428","block_type":"box","text":"or other appropriate services which provide, in BlackRock’s view, appropriate assistance to BlackRock","page_number":191,"box":{"x":116,"y":420,"width":765,"height":12}},{"id":"3ee8cbf1-a7be-4ace-a800-f3ba41bcb665","block_type":"box","text":"in the investment decision-making process (including with respect to futures, fixed-price offerings and","page_number":191,"box":{"x":117,"y":436,"width":756,"height":12}},{"id":"56e88a77-94be-4b29-ab11-bb952be4fe7a","block_type":"box","text":"OTC transactions). Such research or other services may include, to the extent permitted by law,","page_number":191,"box":{"x":116,"y":451,"width":717,"height":12}},{"id":"fd1a8dac-1098-4a23-ae1f-292ff405466b","block_type":"box","text":"research reports on companies, industries and securities; economic and financial data; financial","page_number":191,"box":{"x":117,"y":467,"width":714,"height":12}},{"id":"b25a2b64-fffb-480c-8792-f9921609c8b9","block_type":"box","text":"publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software","page_number":191,"box":{"x":117,"y":482,"width":769,"height":12}},{"id":"21e5db10-d41c-4db1-87e0-407e88bc15ea","block_type":"box","text":"and other services and products.","page_number":191,"box":{"x":116,"y":498,"width":249,"height":12}},{"id":"5f93aeb5-cec9-4de6-84aa-6d46526e0b52","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds","page_number":191,"box":{"x":117,"y":526,"width":745,"height":12}},{"id":"aacfc753-cffe-49f4-9887-bbc62936877a","block_type":"box","text":"and other BlackRock client accounts, including in connection with BlackRock client accounts other than","page_number":191,"box":{"x":116,"y":542,"width":770,"height":12}},{"id":"3e658ded-763c-420b-acf7-1be778f63833","block_type":"box","text":"those that pay commissions to the broker relating to the research or other service arrangements. Such","page_number":191,"box":{"x":116,"y":557,"width":766,"height":12}},{"id":"46c32da3-c827-4ee3-9694-724a314f5d5d","block_type":"box","text":"products and services may disproportionately benefit other BlackRock client accounts relative to the","page_number":191,"box":{"x":117,"y":573,"width":745,"height":12}},{"id":"a338c79c-b11e-4a56-a8fc-b08f8ec6a435","block_type":"box","text":"Funds based on the amount of brokerage commissions paid by the Funds and such other BlackRock","page_number":191,"box":{"x":117,"y":588,"width":753,"height":12}},{"id":"8bc60c13-b1f0-4959-b951-9301c02b1fd7","block_type":"box","text":"client accounts. For example, research or other services that are paid for through one client’s","page_number":191,"box":{"x":116,"y":604,"width":696,"height":12}},{"id":"67bb0667-d10e-433b-8d98-899464e11493","block_type":"box","text":"commissions may not be used in managing that client’s account. In addition, other BlackRock client","page_number":191,"box":{"x":116,"y":619,"width":743,"height":12}},{"id":"7eb910b7-9a74-43eb-a9fd-cb47b9a30b56","block_type":"box","text":"accounts may receive the benefit, including disproportionate benefits, of economies of scale or price","page_number":191,"box":{"x":116,"y":635,"width":748,"height":12}},{"id":"0912f253-3a8e-48e2-abf6-9024cdfa950d","block_type":"box","text":"discounts in connection with products and services that may be provided to the Funds and to such","page_number":191,"box":{"x":116,"y":650,"width":734,"height":12}},{"id":"e9301f28-38a7-47a2-b7d6-26ab983425d6","block_type":"box","text":"other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay","page_number":191,"box":{"x":116,"y":666,"width":755,"height":12}},{"id":"5f899657-ccae-4ed4-93a3-2a2a11c2c953","block_type":"box","text":"for those products and services itself.","page_number":191,"box":{"x":116,"y":681,"width":276,"height":12}},{"id":"a028a1cf-552a-4694-a42c-3e0bf29f8376","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who,","page_number":191,"box":{"x":117,"y":710,"width":759,"height":12}},{"id":"07e0c594-5b5e-40f9-937b-e8c5fc5b677e","block_type":"box","text":"pursuant to such arrangements, provide research or other services in order to ensure the continued","page_number":191,"box":{"x":117,"y":725,"width":737,"height":12}},{"id":"936d2491-2250-418a-9c29-b4cb4860c09a","block_type":"box","text":"receipt of research or other services BlackRock believes are useful in its investment decision-making","page_number":191,"box":{"x":117,"y":740,"width":747,"height":13}},{"id":"e1998041-7de1-47df-94d8-2f7c90b55db7","block_type":"box","text":"process. BlackRock may from time to time choose not to engage in the above described arrangements","page_number":191,"box":{"x":117,"y":756,"width":762,"height":12}},{"id":"4bdc0213-37de-4841-a5a7-5b4abf096781","block_type":"box","text":"to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission","page_number":191,"box":{"x":116,"y":772,"width":740,"height":12}},{"id":"fba60439-8dd0-479f-a0af-ff2d103dd91b","block_type":"box","text":"sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":191,"box":{"x":116,"y":787,"width":751,"height":12}},{"id":"480ed29b-176f-48e8-8a7f-8c90a1277128","block_type":"box","text":"request that the broker-dealer allocate a portion of the commissions or commission credits to another","page_number":191,"box":{"x":117,"y":802,"width":750,"height":12}},{"id":"8d2a2666-c644-47b9-8f11-2338cd272c31","block_type":"box","text":"firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing","page_number":191,"box":{"x":116,"y":818,"width":766,"height":12}},{"id":"a123d2da-8757-4f06-abb6-6ce1092574ea","block_type":"box","text":"arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":191,"box":{"x":116,"y":833,"width":636,"height":13}},{"id":"3ab6deb8-ad1a-44f2-b097-6b3524b6188f","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation,","page_number":191,"box":{"x":117,"y":862,"width":724,"height":12}},{"id":"cc7d1640-4beb-4c39-8c1a-21035ca4e130","block_type":"box","text":"ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable","page_number":191,"box":{"x":117,"y":877,"width":741,"height":12}},{"id":"9b68b293-5747-40cc-b597-281ecd9e8964","block_type":"box","text":"II-120","page_number":191,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"2d89767e-1975-4428-96fd-cf591901230e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":191,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b76a79c5-2195-4fd5-956d-a7aeda18b2e0","block_type":"box","text":"law) in executing client securities transactions for certain types of securities. These ECNs may charge","page_number":192,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"f0ff5367-7906-416c-865d-eda295ac68d6","block_type":"box","text":"fees for their services, including access fees and transaction fees. The transaction fees, which are","page_number":192,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"0750ae60-cb50-458a-a261-1e8a045e405f","block_type":"box","text":"similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":192,"box":{"x":116,"y":118,"width":686,"height":12}},{"id":"099d1037-664c-4d7c-96bc-8fc7d3a1782e","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities","page_number":192,"box":{"x":116,"y":134,"width":715,"height":12}},{"id":"dcb973f6-def4-4011-9484-720602bca83f","block_type":"box","text":"purchased. Access fees may be paid by BlackRock even though incurred in connection with executing","page_number":192,"box":{"x":117,"y":149,"width":763,"height":12}},{"id":"efd6a75b-88df-490f-9e69-d4a9c8250a85","block_type":"box","text":"transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer","page_number":192,"box":{"x":116,"y":165,"width":715,"height":12}},{"id":"85445eed-6c29-4474-9586-fd997e582a84","block_type":"box","text":"volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only","page_number":192,"box":{"x":116,"y":180,"width":733,"height":12}},{"id":"f696c417-2203-434d-ba3b-8714e95b722b","block_type":"box","text":"utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions.","page_number":192,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"146be34a-a115-4282-8ed2-443a061157f8","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly","page_number":192,"box":{"x":117,"y":227,"width":739,"height":12}},{"id":"fe0860bb-f0aa-46ed-b202-b7b737bd7bda","block_type":"box","text":"created U.S. stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers","page_number":192,"box":{"x":116,"y":242,"width":772,"height":12}},{"id":"6b7a9e0a-13d4-46c0-bdd0-c01b9e6230db","block_type":"box","text":"select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf","page_number":192,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"9edd9b11-4e79-4771-9841-7a85aa9e8f25","block_type":"box","text":"of client portfolios.","page_number":192,"box":{"x":116,"y":273,"width":140,"height":12}},{"id":"0b3f6b9f-5c13-4d32-bedc-f65b277bde2d","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from","page_number":192,"box":{"x":117,"y":304,"width":697,"height":12}},{"id":"7dd41453-dc82-45f5-a3f8-89066d9e50eb","block_type":"box","text":"influencing proxy voting decisions that it makes on behalf of advisory clients, including the Funds, and","page_number":192,"box":{"x":117,"y":320,"width":759,"height":12}},{"id":"98fbb103-0f93-4278-ad9b-96c94118ceef","block_type":"box","text":"to help ensure that such decisions are made in accordance with BlackRock’s fiduciary obligations to its","page_number":192,"box":{"x":116,"y":335,"width":768,"height":12}},{"id":"832bf028-4790-4050-a355-21a5503b41cf","block_type":"box","text":"clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting","page_number":192,"box":{"x":116,"y":351,"width":754,"height":12}},{"id":"c5ffa1f2-2512-4312-80b7-dcc5f2b62ad2","block_type":"box","text":"decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of","page_number":192,"box":{"x":116,"y":366,"width":750,"height":12}},{"id":"b110b70e-8766-442a-9acc-be9e3b320314","block_type":"box","text":"other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":192,"box":{"x":116,"y":382,"width":756,"height":12}},{"id":"c6a1578d-77ab-4388-a16e-743243c034d3","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and","page_number":192,"box":{"x":116,"y":397,"width":696,"height":12}},{"id":"10efd591-df97-404b-9333-83ac18fcf2ad","block_type":"box","text":"procedures, see “Proxy Voting Policies and Procedures.”","page_number":192,"box":{"x":117,"y":413,"width":426,"height":12}},{"id":"1ab603c6-4912-433e-a6d2-b20dcf1d28ba","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds","page_number":192,"box":{"x":117,"y":444,"width":747,"height":12}},{"id":"1a55bffa-fcbe-453c-8fb2-39d76510ec79","block_type":"box","text":"and separately managed accounts) may, subject to compliance with applicable law, purchase and hold","page_number":192,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"27d811dc-3344-4737-aa95-ed5ca1eee211","block_type":"box","text":"shares of a Fund. Increasing a Fund’s assets may enhance investment flexibility and diversification","page_number":192,"box":{"x":116,"y":475,"width":740,"height":12}},{"id":"2c98fc78-e1b2-4478-ba27-59c2beb84fb0","block_type":"box","text":"and may contribute to economies of scale that tend to reduce the Fund’s expense ratio. BlackRock","page_number":192,"box":{"x":116,"y":490,"width":738,"height":12}},{"id":"393387e8-74c6-47fa-9af3-cdbce0f16531","block_type":"box","text":"reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the","page_number":192,"box":{"x":117,"y":506,"width":756,"height":12}},{"id":"112d7c21-4af8-462a-ac66-d711a34f1d6a","block_type":"box","text":"shares of a Fund acquired for its own accounts. A large redemption of shares of a Fund by BlackRock","page_number":192,"box":{"x":116,"y":521,"width":762,"height":12}},{"id":"792d38f6-4691-4590-a064-2404fceee8f9","block_type":"box","text":"could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":192,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"1e7063ec-3d4b-4d52-9b73-685656da47d0","block_type":"box","text":"investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect","page_number":192,"box":{"x":117,"y":552,"width":766,"height":12}},{"id":"bf852901-4739-4213-87d4-beb11d11313d","block_type":"box","text":"of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is not","page_number":192,"box":{"x":116,"y":568,"width":754,"height":12}},{"id":"bd834b26-5d27-4cdf-8d68-0ca3ce28b238","block_type":"box","text":"obligated to do so and may elect not to do so.","page_number":192,"box":{"x":116,"y":583,"width":344,"height":12}},{"id":"a3cd7c10-e00b-4916-a7b0-1a6740f9f5de","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in","page_number":192,"box":{"x":117,"y":614,"width":725,"height":12}},{"id":"777ecde4-42c6-415a-aebf-4131b8bc75bd","block_type":"box","text":"which BlackRock has significant debt or equity investments or other interests. A Fund may also invest","page_number":192,"box":{"x":116,"y":630,"width":759,"height":12}},{"id":"2721813e-878e-4b3d-9d74-d85c2991e819","block_type":"box","text":"in issuances (such as structured notes) by entities for which BlackRock provides and is compensated","page_number":192,"box":{"x":117,"y":645,"width":756,"height":12}},{"id":"da59a188-8014-4077-94c3-6357efd967f7","block_type":"box","text":"for cash management services relating to the proceeds from the sale of such issuances. In making","page_number":192,"box":{"x":116,"y":661,"width":732,"height":12}},{"id":"216eae8d-a736-4d3a-873a-037f2e7bd70e","block_type":"box","text":"investment decisions for a Fund, BlackRock is not permitted to obtain or use material non-public","page_number":192,"box":{"x":117,"y":676,"width":713,"height":12}},{"id":"18629bba-5310-4b94-a56c-b65ce80612c3","block_type":"box","text":"information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to","page_number":192,"box":{"x":117,"y":692,"width":765,"height":12}},{"id":"c4235636-3b77-4908-9804-522f1828f10d","block_type":"box","text":"time, the activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As","page_number":192,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"a0021bbe-577b-4f1c-9f0c-271cb279d6fc","block_type":"box","text":"indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised","page_number":192,"box":{"x":117,"y":723,"width":747,"height":12}},{"id":"734e9a13-b6ed-469c-a3d0-37a3161c9861","block_type":"box","text":"funds or other clients of BlackRock have an investment.","page_number":192,"box":{"x":116,"y":738,"width":413,"height":10}},{"id":"d9509fd9-2bdb-4689-8a50-605fec33c913","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting","page_number":192,"box":{"x":117,"y":769,"width":727,"height":12}},{"id":"6f099d49-3088-4b53-876c-da640f7df52b","block_type":"box","text":"sales of the Funds. With respect to BlackRock and its personnel, the remuneration and profitability","page_number":192,"box":{"x":116,"y":785,"width":730,"height":12}},{"id":"ff5ea212-3cf6-4ec6-9a3d-ca3ac6f07256","block_type":"box","text":"relating to services to and sales of the Funds or other products may be greater than remuneration and","page_number":192,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"a024eeb3-3ffb-4421-bd02-f239bf78f968","block_type":"box","text":"profitability relating to services to and sales of certain funds or other products that might be provided or","page_number":192,"box":{"x":117,"y":816,"width":763,"height":12}},{"id":"ad046dad-6ec6-4dc6-a6e5-43ddc1ae71ba","block_type":"box","text":"offered. BlackRock and its sales personnel may directly or indirectly receive a portion of the fees and","page_number":192,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"ea81b879-2454-4ab6-aa84-26c77ba87414","block_type":"box","text":"commissions charged to the Funds or their shareholders. BlackRock and its advisory or other","page_number":192,"box":{"x":116,"y":847,"width":698,"height":12}},{"id":"50fd8f52-3c0b-4ec0-8102-82dcebcddec6","block_type":"box","text":"personnel may also benefit from increased amounts of assets under management. Fees and","page_number":192,"box":{"x":117,"y":862,"width":692,"height":12}},{"id":"550801fb-bf96-4203-9617-c1188c1ee338","block_type":"box","text":"commissions may also be higher than for other products or services, and the remuneration and","page_number":192,"box":{"x":116,"y":878,"width":711,"height":12}},{"id":"eec178f4-7ea9-44b6-b5d6-ee8f86c93b74","block_type":"box","text":"II-121","page_number":192,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"7eb0331b-49d2-45f9-baf0-b7620735a211","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":192,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1bb52a85-4a42-4ce7-881a-f57aee8dfebe","block_type":"box","text":"profitability to BlackRock and such personnel resulting from transactions on behalf of or management","page_number":193,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"99c0aafa-788f-4d37-8d29-a9a85b113b7a","block_type":"box","text":"of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":193,"box":{"x":116,"y":102,"width":719,"height":13}},{"id":"587a2e84-88c3-4631-af73-f432897800bf","block_type":"box","text":"products.","page_number":193,"box":{"x":117,"y":118,"width":73,"height":12}},{"id":"64384a3b-16bb-40b1-b228-b34c8cc91071","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":193,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"0a6c3e89-abbb-4c42-9205-f123be639713","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the","page_number":193,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"255ebc7c-9546-48c5-9e01-8c039da2b2af","block_type":"box","text":"valuations for the same securities or investments assigned by a Fund’s pricing vendors, especially if","page_number":193,"box":{"x":116,"y":180,"width":747,"height":12}},{"id":"8ffaa8a4-e8a8-4f6a-9eab-6acfa05d81b1","block_type":"box","text":"such valuations are based on broker-dealer quotes or other data sources unavailable to the Fund’s","page_number":193,"box":{"x":116,"y":196,"width":739,"height":11}},{"id":"5a06af27-d906-483e-9b79-701ae6010f7a","block_type":"box","text":"pricing vendors. While BlackRock will generally communicate its valuation information or","page_number":193,"box":{"x":117,"y":211,"width":660,"height":12}},{"id":"242c485d-139c-4a4a-9788-2f0bea301714","block_type":"box","text":"determinations to a Fund’s pricing vendors and/or fund accountants, there may be instances where the","page_number":193,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"5481b5b4-c1b9-48df-bf42-0a8b58eeb885","block_type":"box","text":"Fund’s pricing vendors or fund accountants assign a different valuation to a security or other","page_number":193,"box":{"x":117,"y":242,"width":688,"height":12}},{"id":"eb54b87a-c37a-4fbe-a22c-256582ef0072","block_type":"box","text":"investment than the valuation for such security or investment determined or recommended by","page_number":193,"box":{"x":117,"y":258,"width":699,"height":12}},{"id":"a65f9662-6066-45ee-9efb-ac41007d8609","block_type":"box","text":"BlackRock.","page_number":193,"box":{"x":117,"y":273,"width":88,"height":10}},{"id":"57706a0e-7d4a-4fe3-8d79-85103f490dd7","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when","page_number":193,"box":{"x":116,"y":304,"width":762,"height":12}},{"id":"d6c81f54-a742-4289-94cb-fa9851ac973c","block_type":"box","text":"market quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s","page_number":193,"box":{"x":117,"y":320,"width":736,"height":12}},{"id":"8a968594-cc2f-4938-927c-3d6106925d4a","block_type":"box","text":"investments are valued at fair value by BlackRock. BlackRock has been designated as the Fund’s","page_number":193,"box":{"x":117,"y":335,"width":730,"height":12}},{"id":"34941b7c-358d-49ca-af56-9b899e44bf05","block_type":"box","text":"valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts through","page_number":193,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"2d01429e-7344-4817-9036-6fc1dd9b85fd","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock","page_number":193,"box":{"x":117,"y":366,"width":723,"height":12}},{"id":"0d82dbef-54c6-432a-84ca-ca8593502331","block_type":"box","text":"pricing committees and in accordance with BlackRock’s policies and procedures (the “Valuation","page_number":193,"box":{"x":117,"y":382,"width":713,"height":12}},{"id":"1fa6d3bb-0064-4bb7-a1f8-3f06b840f731","block_type":"box","text":"Procedures”). 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While fair value determinations will be based upon all available factors that","page_number":193,"box":{"x":117,"y":459,"width":701,"height":12}},{"id":"28eb620a-fc18-48d9-9d9e-77403b8ff9a3","block_type":"box","text":"BlackRock deems relevant at the time of the determination, and may be based on analytical values","page_number":193,"box":{"x":117,"y":475,"width":739,"height":12}},{"id":"b288feda-c5ee-4c69-976d-1b89d84ee7db","block_type":"box","text":"determined by BlackRock using proprietary or third party valuation models, fair value represents only a","page_number":193,"box":{"x":116,"y":490,"width":767,"height":12}},{"id":"76cda376-eddd-4e1a-8d95-eb1ff12255e5","block_type":"box","text":"good faith approximation of the value of an asset or liability. 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There may be limited availability of derivatives that provide indirect exposure to","page_number":195,"box":{"x":117,"y":490,"width":769,"height":12}},{"id":"4a3ffced-0544-45df-b0d1-51051ede8689","block_type":"box","text":"an impacted security. BlackRock clients can be subject to more than one ownership limitation","page_number":195,"box":{"x":116,"y":506,"width":698,"height":12}},{"id":"8438e6a8-507a-4666-8b7e-96e23b132e0c","block_type":"box","text":"depending on each client’s holdings, and each ownership limitation can impact multiple securities held","page_number":195,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"43a7e5a3-0f38-4b39-b02b-93f947fb84f1","block_type":"box","text":"by the client. Certain clients or shareholders may have their own overlapping obligations to monitor","page_number":195,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"37ce33e0-d184-4c9b-aadd-e402f7eaef58","block_type":"box","text":"their compliance with ownership limitations across their investments.","page_number":195,"box":{"x":116,"y":552,"width":513,"height":12}},{"id":"c974ac67-ec32-4bae-9df6-a4589bc19d8b","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a","page_number":195,"box":{"x":117,"y":583,"width":738,"height":12}},{"id":"c533497f-4cbc-41cf-8c43-f5909609836b","block_type":"box","text":"BlackRock client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of","page_number":195,"box":{"x":117,"y":599,"width":758,"height":12}},{"id":"f1531c02-38b0-4fb9-b8e3-808ccb1a6c4f","block_type":"box","text":"clients to purchase or dispose of investments, or exercise rights (including voting) or undertake","page_number":195,"box":{"x":116,"y":614,"width":709,"height":12}},{"id":"c359ec2e-585f-4565-bf5a-83def159441c","block_type":"box","text":"business transactions, may be restricted by law, regulation, rule, or organizational documents or","page_number":195,"box":{"x":117,"y":630,"width":717,"height":12}},{"id":"d07e8a50-c408-434e-8842-431bb698c4ff","block_type":"box","text":"otherwise impaired. 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For index funds, this means a fund may not be able to track its index","page_number":195,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"e2d2bb33-d443-40e7-a22d-34f72940bdcd","block_type":"box","text":"as closely as it would if it was not subject to an ownership limitation or restriction because the fund","page_number":195,"box":{"x":116,"y":707,"width":729,"height":12}},{"id":"753943e1-b182-4acb-aa89-40408b0b3bd2","block_type":"box","text":"cannot acquire the amount of the impacted security included in its index. BlackRock on behalf of its","page_number":195,"box":{"x":116,"y":723,"width":735,"height":12}},{"id":"129bbb0d-21dc-4ebe-8b75-0205d51a7cea","block_type":"box","text":"clients may limit purchases, sell existing investments, utilize indirect investments, utilize information","page_number":195,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"c5a913fa-6fe1-422f-9a57-639d074c068f","block_type":"box","text":"barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or","page_number":195,"box":{"x":117,"y":754,"width":767,"height":12}},{"id":"1eed3879-0c0f-47de-87eb-78aa28858aa9","block_type":"box","text":"limiting voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion,","page_number":195,"box":{"x":117,"y":769,"width":745,"height":12}},{"id":"574f1752-4dd2-4ee7-a104-2b63b411611e","block_type":"box","text":"deems it appropriate in light of potential regulatory or other restrictions on ownership or other","page_number":195,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"35cde695-3229-4a09-8948-7f5df3369690","block_type":"box","text":"consequences resulting from reaching investment thresholds. 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However,","page_number":195,"box":{"x":116,"y":862,"width":764,"height":12}},{"id":"4835b7d4-3961-4ccd-bfdb-97d95eac7328","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or","page_number":195,"box":{"x":116,"y":878,"width":746,"height":12}},{"id":"5ebf941f-25b4-4069-81a7-c606758d4cf9","block_type":"box","text":"II-124","page_number":195,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e741f20d-915d-4efc-83c9-17465d6f6f33","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":195,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c21352e4-6c02-4c39-94a4-c7edf5663c71","block_type":"box","text":"revoked at a later date with minimal or no notice. The issuer and/or regulator may also require that","page_number":196,"box":{"x":117,"y":87,"width":734,"height":12}},{"id":"17e8621f-6b09-45f0-8d33-43b73c6257cf","block_type":"box","text":"BlackRock on behalf of itself and its clients take or refrain from taking certain actions in connection with","page_number":196,"box":{"x":117,"y":102,"width":770,"height":13}},{"id":"b7e49170-6592-47f3-9b50-2751dc1f0723","block_type":"box","text":"the approval, order, consent, relief or non-disapproval, which BlackRock may accept if it believes the","page_number":196,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"ec76936a-0f6f-4bdc-8c0b-91da73434f7c","block_type":"box","text":"benefits outweigh the costs and may limit BlackRock from taking actions that it otherwise would take.","page_number":196,"box":{"x":117,"y":134,"width":753,"height":12}},{"id":"e87be730-bc40-4d6a-a2ee-fa3c80ff33fe","block_type":"box","text":"In those circumstances where ownership thresholds or limitations must be observed, BlackRock seeks","page_number":196,"box":{"x":117,"y":149,"width":765,"height":12}},{"id":"18a7292e-d40b-432d-8fb6-cde0cf3889af","block_type":"box","text":"to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":196,"box":{"x":116,"y":165,"width":693,"height":12}},{"id":"a5a7e423-48bd-4f0b-acf2-797927fefad1","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent","page_number":196,"box":{"x":117,"y":180,"width":767,"height":12}},{"id":"efd46b86-5435-4f7f-aa71-f27c53028ac6","block_type":"box","text":"the occurrence of a breach of any applicable ownership threshold or limits, including, for example,","page_number":196,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"7a03ae21-0882-4799-89ee-028271fb69dd","block_type":"box","text":"when ownership in certain securities nears an applicable threshold, BlackRock may limit additional","page_number":196,"box":{"x":116,"y":211,"width":736,"height":12}},{"id":"364896f9-06c7-4bda-9e11-d0522fac7284","block_type":"box","text":"purchases in such securities or, with respect to ETFs, remove such securities from the list of Deposit","page_number":196,"box":{"x":117,"y":227,"width":751,"height":11}},{"id":"286ce8bd-c429-49a2-b132-afc56cf89106","block_type":"box","text":"Securities to be delivered to the Fund in connection with purchases of Creation Units of such Fund. If","page_number":196,"box":{"x":116,"y":242,"width":755,"height":12}},{"id":"f50c01d9-f2ad-48bc-8003-f886cfce6d0c","block_type":"box","text":"client holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to","page_number":196,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"8f3fdcf6-208c-4c4b-9485-717065af6b0d","block_type":"box","text":"enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":196,"box":{"x":116,"y":273,"width":743,"height":12}},{"id":"7dc80a8d-f65c-4eb1-98d4-d6518b9fb5d6","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. 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It is possible that, despite BlackRock’s intent to either","page_number":196,"box":{"x":116,"y":347,"width":715,"height":13}},{"id":"f6147274-6b6b-4d5d-b56c-899e938a62a8","block_type":"box","text":"comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a","page_number":196,"box":{"x":116,"y":363,"width":746,"height":12}},{"id":"b9c71e99-6483-4bd8-a69f-472e08009235","block_type":"box","text":"limit or violate the corporate or regulatory approval, order, consent, relief or non-disapproval that was","page_number":196,"box":{"x":117,"y":378,"width":753,"height":13}},{"id":"e9a2cbbe-e5e5-4f62-bce5-777ff0925e74","block_type":"box","text":"obtained.","page_number":196,"box":{"x":116,"y":394,"width":74,"height":10}},{"id":"ccca9583-6603-45f8-9b97-1572f398dee3","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to","page_number":196,"box":{"x":117,"y":422,"width":696,"height":12}},{"id":"b331b023-bc73-4805-bba3-be9086746321","block_type":"box","text":"governmental and regulatory authorities, and such reports may entail the disclosure of the identity of a","page_number":196,"box":{"x":116,"y":437,"width":763,"height":12}},{"id":"19418bdd-bbf1-46f0-ac93-8283103f83e1","block_type":"box","text":"client or BlackRock’s intended strategy with respect to such security or asset.","page_number":196,"box":{"x":116,"y":453,"width":579,"height":12}},{"id":"6c9bd04d-9594-4103-bb52-3c8f2ce6e85e","block_type":"box","text":"BlackRock may maintain securities indices. To t","page_number":196,"box":{"x":117,"y":481,"width":346,"height":12}},{"id":"d2a31b28-d703-4604-95c0-80afe3920d5a","block_type":"box","text":"he extent permitted by applicable laws, the Funds may","page_number":196,"box":{"x":464,"y":481,"width":401,"height":12}},{"id":"a9a1801a-02ae-4bf8-9bf8-0b1a1822cbfd","block_type":"box","text":"seek to license and use such indices as part of their investment strategy. Index based funds that seek to","page_number":196,"box":{"x":116,"y":496,"width":762,"height":12}},{"id":"39e078ae-4fb9-43a7-9dee-0c62e502c4d2","block_type":"box","text":"track the performance of securities indices also may us","page_number":196,"box":{"x":116,"y":512,"width":400,"height":12}},{"id":"fc29c899-cae7-4e25-9211-20536f255bf1","block_type":"box","text":"e the name of the index or index provider in the","page_number":196,"box":{"x":517,"y":512,"width":348,"height":12}},{"id":"b5454c0a-1bbf-4909-8c46-2e8446aef7ef","block_type":"box","text":"fund name. Index providers, including BlackRock (to","page_number":196,"box":{"x":116,"y":527,"width":384,"height":12}},{"id":"f71c4136-7fe8-46e8-8a29-c52db2737a59","block_type":"box","text":"the extent permitted by applicable law), may be paid","page_number":196,"box":{"x":500,"y":527,"width":384,"height":12}},{"id":"95f2d4c3-c280-43fe-8b81-6cb1f26f3143","block_type":"box","text":"licensing fees for use of their index or index nam","page_number":196,"box":{"x":117,"y":543,"width":351,"height":12}},{"id":"bd515b7f-91f1-4d22-be61-7462b8bb4286","block_type":"box","text":"e. In instances where BlackRock charges a unitary","page_number":196,"box":{"x":469,"y":543,"width":373,"height":12}},{"id":"9ec911b8-81d3-489e-be73-dc5694850051","block_type":"box","text":"management fee, BlackRock may have a financial incentiv","page_number":196,"box":{"x":117,"y":558,"width":424,"height":12}},{"id":"7a90a9dd-f0f9-465a-a91a-f760286ce710","block_type":"box","text":"e to use a BlackRock index that is less costly","page_number":196,"box":{"x":542,"y":558,"width":331,"height":12}},{"id":"7747a148-3ded-4739-b0be-3a7661fc9098","block_type":"box","text":"to BlackRock than a third party index. BlackRock ma","page_number":196,"box":{"x":116,"y":574,"width":382,"height":12}},{"id":"5836e9a7-f359-402f-a338-7b62a9ba5526","block_type":"box","text":"y benefit from the Funds using BlackRock indices by","page_number":196,"box":{"x":498,"y":574,"width":386,"height":12}},{"id":"0c5eafba-8ae0-431d-a61e-c50f186bf929","block_type":"box","text":"creating increasing acceptance in the marketplace for","page_number":196,"box":{"x":116,"y":589,"width":394,"height":12}},{"id":"6c50ca32-4a56-402b-909a-6797da2e218a","block_type":"box","text":"such indices. BlackRock is not obligated to license","page_number":196,"box":{"x":510,"y":589,"width":371,"height":12}},{"id":"f8ed9836-fbc4-4cda-9d39-5bd03b3edb14","block_type":"box","text":"its indices to a Fund and the Funds are under no obli","page_number":196,"box":{"x":117,"y":605,"width":382,"height":9}},{"id":"a25df2eb-81ef-4dde-8605-7b963c8a71ce","block_type":"box","text":"gation to use BlackRock indices. Any Fund that","page_number":196,"box":{"x":500,"y":605,"width":348,"height":12}},{"id":"cfffb363-0fa6-4608-8bb4-45b58ff85f3b","block_type":"box","text":"enters into a license for a BlackRock index cannot be assured that the terms of any index licensing","page_number":196,"box":{"x":116,"y":620,"width":722,"height":12}},{"id":"fc04dee3-0804-4918-ba07-1f3fdbe0fef8","block_type":"box","text":"agreement with BlackRock will be as favorable as","page_number":196,"box":{"x":116,"y":636,"width":360,"height":12}},{"id":"a2646c26-4b8f-48b9-8684-857e7534a696","block_type":"box","text":"those terms offered to other licensees.","page_number":196,"box":{"x":477,"y":636,"width":289,"height":9}},{"id":"4680fe39-c873-4910-a79c-4971e807b20c","block_type":"box","text":"BlackRock may enter into contractual arrangements wit","page_number":196,"box":{"x":117,"y":664,"width":401,"height":12}},{"id":"b3802bac-5199-47b0-840a-91fb04c452f9","block_type":"box","text":"h third-party service providers to a Fund (e.g.,","page_number":196,"box":{"x":520,"y":664,"width":330,"height":12}},{"id":"96bdf722-a17a-491e-90b7-be3e00dddccc","block_type":"box","text":"custodians, administrators and index providers) purs","page_number":196,"box":{"x":116,"y":679,"width":381,"height":12}},{"id":"1539d60f-a753-488b-bcd7-a451a7d23a4d","block_type":"box","text":"uant to which BlackRock receives fee discounts or","page_number":196,"box":{"x":498,"y":679,"width":365,"height":10}},{"id":"9db5ad07-4549-4d26-af31-866bd0a3fcec","block_type":"box","text":"concessions in recognition of BlackRock’s overall relationship with such service providers. BlackRock","page_number":196,"box":{"x":116,"y":695,"width":736,"height":12}},{"id":"c29385e5-e992-4882-92f2-a1431bbc17c5","block_type":"box","text":"may also enter into contractual arrangements with su","page_number":196,"box":{"x":117,"y":710,"width":384,"height":12}},{"id":"19f02af8-f09d-45d1-92bc-0691b5d314d5","block_type":"box","text":"ch service providers pursuant to which BlackRock","page_number":196,"box":{"x":503,"y":710,"width":361,"height":12}},{"id":"3ee7d660-ac0b-40a1-8ecd-00be0618ef11","block_type":"box","text":"incurs additional costs if the service provider’s","page_number":196,"box":{"x":117,"y":726,"width":332,"height":12}},{"id":"6e346b95-a2ce-4010-9bb1-8334d9874b4b","block_type":"box","text":"services are terminated with respect to a Fund. To the","page_number":196,"box":{"x":455,"y":726,"width":392,"height":12}},{"id":"53ec7328-8659-4456-8d85-c922bd12e3f4","block_type":"box","text":"extent that BlackRock is responsible for paying service","page_number":196,"box":{"x":116,"y":741,"width":397,"height":12}},{"id":"3ede16f9-4f27-418f-b848-a83fa35370ee","block_type":"box","text":"providers out of its fees that it receives from the","page_number":196,"box":{"x":519,"y":741,"width":344,"height":12}},{"id":"a010aab7-e7be-4c13-bc69-c5a2a053d980","block_type":"box","text":"Funds, the benefits of lower fees, including any fee di","page_number":196,"box":{"x":117,"y":757,"width":385,"height":12}},{"id":"d14cd963-f239-4e93-8772-427624287337","block_type":"box","text":"scounts or concessions, or any additional savings,","page_number":196,"box":{"x":504,"y":757,"width":364,"height":12}},{"id":"5d330b8a-1904-4cdb-8868-f4feb8b36577","block_type":"box","text":"may accrue, in whole or in part, to BlackRock, which coul","page_number":196,"box":{"x":117,"y":772,"width":413,"height":12}},{"id":"3fc79f52-c4b9-4cf0-b5dd-cc5455cef146","block_type":"box","text":"d result in conflicts of interest relating to the use","page_number":196,"box":{"x":531,"y":772,"width":346,"height":12}},{"id":"61cdd605-cecd-4415-8b9f-d207898bec60","block_type":"box","text":"or termination of service providers to a Fund. In additi","page_number":196,"box":{"x":116,"y":788,"width":387,"height":12}},{"id":"478d339b-acc4-4e05-b1b5-bf3a5180c79a","block_type":"box","text":"on, conflicts of interest may arise with respect to","page_number":196,"box":{"x":505,"y":788,"width":349,"height":12}},{"id":"687aa4c4-6477-4a10-9251-4b198c7db6f3","block_type":"box","text":"contractual arrangements with third-party service provider","page_number":196,"box":{"x":116,"y":803,"width":420,"height":12}},{"id":"c0dd3d5f-96e6-4138-9a7e-7b4be08cd15f","block_type":"box","text":"s to a Fund, or the selection of such providers,","page_number":196,"box":{"x":536,"y":803,"width":336,"height":12}},{"id":"92a58c15-8fb7-4de1-b716-e5af32983208","block_type":"box","text":"particularly in circumstances where BlackRock is","page_number":196,"box":{"x":117,"y":819,"width":353,"height":12}},{"id":"4faa8569-5666-4f53-8591-1b5c8ea15233","block_type":"box","text":"negotiating on behalf of both funds that have a unitary","page_number":196,"box":{"x":476,"y":819,"width":391,"height":12}},{"id":"c33887a1-8183-4512-bea4-88d71a9e62af","block_type":"box","text":"management fee and those that do not","page_number":196,"box":{"x":117,"y":834,"width":287,"height":12}},{"id":"1419e3bb-831f-4307-83c5-7ec3d92fed9f","block_type":"box","text":"or different service providers have different fee structures.","page_number":196,"box":{"x":404,"y":834,"width":425,"height":12}},{"id":"2dd8b441-481b-495d-965a-88353995b7e2","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client","page_number":196,"box":{"x":117,"y":862,"width":744,"height":12}},{"id":"f26796e8-183b-4ef5-9756-f9c52008cbf1","block_type":"box","text":"accounts by BlackRock’s investment professionals. For example, differences in the advisory fee","page_number":196,"box":{"x":116,"y":878,"width":716,"height":12}},{"id":"25b62b5d-8ff8-4e69-9b9f-ad15f3978bb0","block_type":"box","text":"II-125","page_number":196,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"bb6950e7-4d54-42d3-8e6a-1fa59dff9ac3","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":196,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c3058b42-ce21-4847-90a9-80c182ba1322","block_type":"box","text":"structure may create the appearance of actual or potential conflicts of interest because such","page_number":197,"box":{"x":116,"y":87,"width":689,"height":12}},{"id":"c3430757-2a72-4598-a599-d4f3ccdb55b2","block_type":"box","text":"differences could create pecuniary incentives for BlackRock to favor one client account over another.","page_number":197,"box":{"x":116,"y":102,"width":754,"height":13}},{"id":"fabb902b-8973-4efe-8263-ec0178acd4fe","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/","page_number":197,"box":{"x":117,"y":134,"width":765,"height":12}},{"id":"9b3a3d13-d303-47da-9e99-308b1665433e","block_type":"box","text":"or information systems used by Fund service providers. These systems are, or will be, used by a Fund","page_number":197,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"890b3572-6c7d-480e-84b2-97147dd5ad46","block_type":"box","text":"service provider in connection with the provision of services to accounts managed by BlackRock and","page_number":197,"box":{"x":116,"y":165,"width":752,"height":12}},{"id":"0f67ac11-9dcc-4d0f-bb3f-0ca81bb95c59","block_type":"box","text":"funds managed and sponsored by BlackRock, including the Funds, that engage the service provider","page_number":197,"box":{"x":116,"y":180,"width":748,"height":12}},{"id":"80cdb556-ff76-4e17-851b-fab4e0464317","block_type":"box","text":"(typically the custodian). A Fund’s service provider remunerates BlackRock for the use of the systems.","page_number":197,"box":{"x":117,"y":196,"width":764,"height":12}},{"id":"ebb072e7-b06e-42c2-98ba-5834fb1cd945","block_type":"box","text":"A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":197,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"8d4493b7-5953-49ee-b1a8-b760a33b430c","block_type":"box","text":"profitability of BlackRock.","page_number":197,"box":{"x":117,"y":227,"width":191,"height":12}},{"id":"7f145759-d009-41dd-a73a-75c0ed68e936","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by","page_number":197,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"22d8244b-c249-44dc-af04-87385edc528b","block_type":"box","text":"BlackRock may create an incentive for BlackRock to recommend that a Fund enter into or renew an","page_number":197,"box":{"x":117,"y":273,"width":745,"height":12}},{"id":"878a0e3b-ad65-435f-b53b-cffc616f652d","block_type":"box","text":"arrangement with the service provider.","page_number":197,"box":{"x":116,"y":289,"width":291,"height":12}},{"id":"1a57272b-e2b3-4df3-9adc-bffe1a602b56","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special","page_number":197,"box":{"x":117,"y":320,"width":762,"height":12}},{"id":"65216048-4819-49b7-9766-12845db9d619","block_type":"box","text":"pricing arrangements for certain services provided by BlackRock. Any such special pricing","page_number":197,"box":{"x":117,"y":335,"width":673,"height":12}},{"id":"2455f610-ecc5-457d-b166-4d3550b6d681","block_type":"box","text":"arrangements will not affect Fund fees and expenses applicable to such client’s investment in a Fund.","page_number":197,"box":{"x":116,"y":351,"width":760,"height":12}},{"id":"373f5033-fa83-4b0c-893f-423e73a0fa5d","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":197,"box":{"x":117,"y":382,"width":771,"height":12}},{"id":"6def837a-38ad-44bf-8809-1e208ff4a33c","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":197,"box":{"x":116,"y":397,"width":537,"height":12}},{"id":"15858980-4fbd-468e-85f3-53cb14ef7b9a","block_type":"box","text":"P","page_number":197,"box":{"x":418,"y":444,"width":9,"height":9}},{"id":"aa21a1eb-2e88-452e-80e8-8f4c1c2150ed","block_type":"box","text":"URCHASE","page_number":197,"box":{"x":429,"y":446,"width":65,"height":7}},{"id":"e3904e0b-efdc-4cae-a57f-9dffba7d5cc2","block_type":"box","text":"OF","page_number":197,"box":{"x":500,"y":446,"width":18,"height":7}},{"id":"562cb1c0-ba0a-4304-b8e9-67b95bbaa265","block_type":"box","text":"S","page_number":197,"box":{"x":519,"y":444,"width":15,"height":9}},{"id":"ac14d915-f0cc-4576-b559-18783768eeb5","block_type":"box","text":"HARES","page_number":197,"box":{"x":536,"y":446,"width":46,"height":7}},{"id":"1e849b9d-6931-4a36-a797-a96d33dbcd56","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under","page_number":197,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"249e98f8-a1ad-402b-b33e-5a8702498224","block_type":"box","text":"Rule 18f-3 under the Investment Company Act. Investor A Shares are sold to investors choosing the","page_number":197,"box":{"x":117,"y":490,"width":748,"height":12}},{"id":"50124f11-5a61-448f-8954-21cca73cea17","block_type":"box","text":"initial sales charge alternative, except that Investor A Shares of Index Funds (defined below) and","page_number":197,"box":{"x":117,"y":506,"width":723,"height":12}},{"id":"15313023-e98e-46be-92de-fc0bd8b373f7","block_type":"box","text":"BlackRock Short Obligations Fund are generally not subject to an initial sales charge, and Investor C","page_number":197,"box":{"x":117,"y":521,"width":752,"height":12}},{"id":"93fdcadf-11c7-452b-aa6f-0ac2ddf5809b","block_type":"box","text":"Shares are sold to investors choosing the deferred sales charge alternative. Investor P Shares are","page_number":197,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"9248a589-9fe5-43bb-adab-d9c959d3550c","block_type":"box","text":"available only to certain investors purchasing shares of Funds through registered representatives of an","page_number":197,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"4da60dd3-b63d-4a72-8de5-8fc9d3d87a14","block_type":"box","text":"insurance company’s broker-dealer that has entered into an agreement with the Distributor to offer","page_number":197,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"e98f011e-6b18-4a05-be34-bc1862fa74c3","block_type":"box","text":"such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":197,"box":{"x":116,"y":583,"width":692,"height":12}},{"id":"784d24cf-8808-4fd5-966c-dc59be5448a3","block_type":"box","text":"Certain Funds offer Class R Shares, which are avail","page_number":197,"box":{"x":117,"y":614,"width":367,"height":11}},{"id":"538a6e6e-217d-47cb-81af-f7f3d7064421","block_type":"box","text":"able only to certain employer-sponsored retirement","page_number":197,"box":{"x":485,"y":614,"width":368,"height":12}},{"id":"dbd38e1e-3bfd-4119-a16c-07934d759f4e","block_type":"box","text":"plans and are sold without a sales charge. Certain Funds offer Class G Shares, which are available only to","page_number":197,"box":{"x":117,"y":630,"width":760,"height":12}},{"id":"072ed2a2-2959-4bc7-b15f-964999013b4e","block_type":"box","text":"investors on eligible platforms, which are platforms","page_number":197,"box":{"x":117,"y":645,"width":358,"height":12}},{"id":"d51172b0-e6ba-4114-a5b2-65090ada5dbc","block_type":"box","text":"where clients invest in the Fund through a single","page_number":197,"box":{"x":475,"y":645,"width":353,"height":12}},{"id":"d6a7c455-4121-4c46-887a-a5f7daf38481","block_type":"box","text":"omnibus account in the name of a financial intermedi","page_number":197,"box":{"x":116,"y":661,"width":374,"height":9}},{"id":"9513531b-6db0-4a8c-adde-c8610dbd9f29","block_type":"box","text":"ary that meets an initial investment minimum of","page_number":197,"box":{"x":492,"y":661,"width":335,"height":12}},{"id":"fd254c8d-1bba-45a1-b03f-ddc71a5222c4","block_type":"box","text":"$2 billion. In addition, certain Funds offer Service Share","page_number":197,"box":{"x":116,"y":675,"width":385,"height":12}},{"id":"9c89bfbc-dc66-4618-b06a-6c3b7fe81bff","block_type":"box","text":"res, BlackRock Shares and/or Class K Shares that are","page_number":197,"box":{"x":501,"y":676,"width":382,"height":11}},{"id":"b8c2fbf0-66ba-4f11-bdab-fd42720c8b41","block_type":"box","text":"available only to certain eligible investors. Pl","page_number":197,"box":{"x":116,"y":692,"width":312,"height":12}},{"id":"415b1b7c-3e1e-49e5-961f-9e9ae34256d6","block_type":"box","text":"ease see the appropriate Prospectus for your Fund to","page_number":197,"box":{"x":429,"y":692,"width":381,"height":12}},{"id":"f244a5b2-66e3-4c39-ae7f-04b725a7642b","block_type":"box","text":"determine which classes are offered by your Fund and under","page_number":197,"box":{"x":116,"y":707,"width":434,"height":12}},{"id":"d338b341-c5da-4823-adab-bf03a5c1bdc9","block_type":"box","text":"what circumstances. Each class has different","page_number":197,"box":{"x":553,"y":707,"width":322,"height":10}},{"id":"a0fed66c-8451-48f9-a5b1-a05279d98c80","block_type":"box","text":"exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":197,"box":{"x":116,"y":723,"width":516,"height":12}},{"id":"f36548e9-ef2b-4f47-956f-304a284dae36","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after","page_number":197,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"562d41bd-bb92-4d7d-b48e-f22a20fd7700","block_type":"box","text":"receipt of the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has","page_number":197,"box":{"x":117,"y":769,"width":724,"height":12}},{"id":"59bd2021-1a18-4201-8b3f-5a379a24d84c","block_type":"box","text":"been authorized by the Distributor by contract to accept such orders. In addition, with respect to the","page_number":197,"box":{"x":117,"y":785,"width":737,"height":12}},{"id":"5f2d3da5-e32c-4b03-a71d-fe8074eb514e","block_type":"box","text":"affiliated underlying funds in which target date funds advised by BlackRock or its affiliates (“BlackRock","page_number":197,"box":{"x":116,"y":800,"width":759,"height":12}},{"id":"e57b5540-5097-4460-9812-fbe2282469ba","block_type":"box","text":"Target Date Funds”) invest, the applicable offering price of each affiliated underlying fund is based on","page_number":197,"box":{"x":116,"y":816,"width":752,"height":12}},{"id":"e1574b6a-b912-4e03-a8e5-0f0a8a161216","block_type":"box","text":"the NAV of such affiliated underlying fund next determined after a purchase order is received, or","page_number":197,"box":{"x":116,"y":831,"width":718,"height":12}},{"id":"9aae6370-7185-474a-a95e-0f8f74c5e5db","block_type":"box","text":"deemed to be received upon receipt by a Selling Dealer, by the BlackRock Target Date Funds that","page_number":197,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"21567e81-4c9a-406e-a375-b84992bd0c53","block_type":"box","text":"allocate a portion of such purchase order to such affiliated underlying fund. As to purchase orders","page_number":197,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"3672672e-ca55-41e8-bfe1-8a6c77fd36e8","block_type":"box","text":"received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New","page_number":197,"box":{"x":117,"y":878,"width":765,"height":12}},{"id":"58eb3e0e-0470-44e3-a90a-0b1130260304","block_type":"box","text":"II-126","page_number":197,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"867ab6f4-6de5-4888-b816-edc5997dcb90","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":197,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9a11a661-36f1-4691-bbbb-9e51e946ee28","block_type":"box","text":"York Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":198,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"1471d1f3-b60c-4c56-9fa6-d4b8e1f0c87a","block_type":"box","text":"order is placed, including orders received after the close of business on the previous day, the","page_number":198,"box":{"x":116,"y":102,"width":696,"height":13}},{"id":"09accd5b-0487-4e62-b875-83a8d7b20be1","block_type":"box","text":"applicable offering price is based on the NAV determined as of the close of business on the NYSE on","page_number":198,"box":{"x":116,"y":118,"width":757,"height":12}},{"id":"a752ae1e-903c-4075-821b-bd5d245feef0","block_type":"box","text":"that day. If the purchase orders are not received by the Selling Dealer or a BlackRock Target Date","page_number":198,"box":{"x":116,"y":134,"width":734,"height":12}},{"id":"b209d2a7-d6e2-4237-89d3-5b3380fa8282","block_type":"box","text":"Fund before the close of business on the NYSE, such orders are deemed received on the next","page_number":198,"box":{"x":117,"y":149,"width":706,"height":11}},{"id":"9fe17bac-5633-46dd-ad30-8e700fe211f7","block_type":"box","text":"business day. It is the responsibility of brokers to transmit purchase orders and payment on a timely","page_number":198,"box":{"x":117,"y":165,"width":745,"height":12}},{"id":"ca5acae7-8793-4395-b79c-9f9e65882ca3","block_type":"box","text":"basis. Generally, if payment is not received within the period described in the Prospectuses, the order","page_number":198,"box":{"x":117,"y":180,"width":758,"height":12}},{"id":"b1c53c7d-c147-4596-89ea-d23e19cea4cf","block_type":"box","text":"will be canceled, notice thereof will be given, and","page_number":198,"box":{"x":116,"y":196,"width":368,"height":12}},{"id":"f9200079-3144-4734-bbdf-a3ffa59ed512","block_type":"box","text":"the broker and its customers will be responsible for","page_number":198,"box":{"x":484,"y":196,"width":384,"height":11}},{"id":"4d4b2193-27c4-4b1f-873d-987669dc4590","block_type":"box","text":"any loss to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the","page_number":198,"box":{"x":116,"y":210,"width":743,"height":13}},{"id":"e0cd82e4-6277-4f66-9af7-74b3db9322d5","block_type":"box","text":"Transfer Agent.","page_number":198,"box":{"x":116,"y":227,"width":120,"height":12}},{"id":"4018a244-64d6-497d-b90b-960fe820150e","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund.","page_number":198,"box":{"x":116,"y":258,"width":766,"height":11}},{"id":"e21b13b5-bce2-4e74-8f33-18106bf219e1","block_type":"box","text":"The minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or","page_number":198,"box":{"x":116,"y":273,"width":758,"height":12}},{"id":"46dff55a-ae49-4bb6-b5cf-0fe3cdb4acd2","block_type":"box","text":"employees of their affiliates is $100, unless payment is made through a payroll deduction program in","page_number":198,"box":{"x":116,"y":288,"width":751,"height":13}},{"id":"29d482ed-3cad-44cf-b81b-64724693196c","block_type":"box","text":"which case the minimum investment is $25.","page_number":198,"box":{"x":116,"y":303,"width":329,"height":12}},{"id":"211f853c-cd4f-43e3-b998-89a4996e45dc","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase","page_number":198,"box":{"x":117,"y":335,"width":749,"height":12}},{"id":"cd60d6fe-ab82-48db-87ed-396fb055c80d","block_type":"box","text":"Institutional Shares, including selected fee-based programs. Each Fund may permit a lower initial","page_number":198,"box":{"x":117,"y":351,"width":726,"height":12}},{"id":"ff9dcbb1-84f2-4cac-9881-aed22077166d","block_type":"box","text":"investment for certain investors if their purchase, combined with purchases by other investors received","page_number":198,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"394e9f5b-e5e2-4e04-9316-d2f319ae480e","block_type":"box","text":"together by the Fund, meets the minimum investment requirement. Each Fund may reject any","page_number":198,"box":{"x":116,"y":382,"width":702,"height":12}},{"id":"71a36b30-9f22-4d44-8781-76118d634d62","block_type":"box","text":"purchase order, modify or waive the minimum initial or subsequent investment requirements and","page_number":198,"box":{"x":117,"y":397,"width":720,"height":12}},{"id":"7b243232-7edd-4447-99ca-c18a6b1b62d1","block_type":"box","text":"suspend and resume the sale of any share class of any Fund at any time.","page_number":198,"box":{"x":116,"y":413,"width":551,"height":12}},{"id":"f1428fac-3896-4b10-90e9-17bb578213fd","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance","page_number":198,"box":{"x":117,"y":444,"width":758,"height":12}},{"id":"ab506e05-e214-4852-aa49-2563c2eab5c9","block_type":"box","text":"with a financial intermediary’s policies and procedures, exchange shares of a Fund from one class of","page_number":198,"box":{"x":116,"y":459,"width":753,"height":12}},{"id":"ce5a91af-6726-4021-8971-002ca4e917ac","block_type":"box","text":"shares to another class of shares of the same Fund, provided that the exchanged shares are not","page_number":198,"box":{"x":116,"y":475,"width":722,"height":12}},{"id":"0c9d9d75-9c39-4cad-864c-cc40b3c67a4e","block_type":"box","text":"subject to a contingent deferred sales charge (“CDSC”) and that shareholders meet eligibility","page_number":198,"box":{"x":116,"y":490,"width":693,"height":12}},{"id":"6beab84c-936a-4e41-b736-5808c6cd2196","block_type":"box","text":"requirements of the new share class. Please speak to your financial intermediary for information about","page_number":198,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"180ad7ed-d3ba-46ed-a42c-742c7f04da3c","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":198,"box":{"x":116,"y":521,"width":448,"height":12}},{"id":"beccb072-23df-4dfb-8b3f-d42944361654","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at","page_number":198,"box":{"x":117,"y":552,"width":763,"height":12}},{"id":"59ec4f35-623e-4d01-a876-00fcb182f75c","block_type":"box","text":"any time in response to conditions in the securities markets or otherwise and may resume offering the","page_number":198,"box":{"x":116,"y":568,"width":761,"height":12}},{"id":"d32fef8e-1a8c-4a3f-8d5c-79c9d6b5aa03","block_type":"box","text":"shares from time to time. Any order may be rejected by a Fund or the Distributor. Neither the","page_number":198,"box":{"x":116,"y":583,"width":693,"height":12}},{"id":"e878361a-dca5-4b55-b3e1-7396210a24ca","block_type":"box","text":"Distributor, the securities dealers nor other financial intermediaries are permitted to withhold placing","page_number":198,"box":{"x":117,"y":599,"width":744,"height":12}},{"id":"8e161526-504c-4e14-b7e7-8d3a5790cfa4","block_type":"box","text":"orders to benefit themselves by a price change.","page_number":198,"box":{"x":116,"y":614,"width":358,"height":12}},{"id":"26bcf2de-d30d-4588-bd9f-ac30402d9f98","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an","page_number":198,"box":{"x":116,"y":645,"width":729,"height":12}},{"id":"12990150-74bf-4953-966d-5af6d3232728","block_type":"box","text":"individual, (ii) concurrent purchases by an individual, his or her spouse and their children purchasing","page_number":198,"box":{"x":117,"y":661,"width":742,"height":12}},{"id":"07e31078-6ba5-446a-bd92-db3d94c51160","block_type":"box","text":"shares for his, her or their own account, and (iii) single purchases by a trustee or other fiduciary","page_number":198,"box":{"x":116,"y":676,"width":709,"height":12}},{"id":"d4c92435-662f-4e3a-a279-94e6856db6a9","block_type":"box","text":"purchasing shares for a single trust estate or single fiduciary account although more than one","page_number":198,"box":{"x":117,"y":692,"width":693,"height":12}},{"id":"59da267f-3dff-47c9-a393-05b744cf9a19","block_type":"box","text":"beneficiary may be involved. The term “purchase” also includes purchases by any “company,” as that","page_number":198,"box":{"x":117,"y":707,"width":751,"height":12}},{"id":"1bb3b12e-245d-4750-a9cd-1a18fd6aaac7","block_type":"box","text":"term is defined in the Investment Company Act, but does not include purchases by (i) any company","page_number":198,"box":{"x":116,"y":723,"width":738,"height":12}},{"id":"1440a8f8-f572-45be-9102-43a3b73d1ca6","block_type":"box","text":"that has not been in existence for at least six months, (ii) a company that has no purpose other than","page_number":198,"box":{"x":116,"y":738,"width":740,"height":12}},{"id":"b51327bc-137c-4169-8dbc-9887cf659c3f","block_type":"box","text":"the purchase of shares of a Fund or shares of other registered investment companies at a discount, or","page_number":198,"box":{"x":116,"y":754,"width":760,"height":12}},{"id":"fa6dd00e-d78d-4ae3-85b3-e3fdb7cf5f2f","block_type":"box","text":"(iii) any group of individuals whose sole organizational nexus is that its participants are credit","page_number":198,"box":{"x":117,"y":769,"width":687,"height":12}},{"id":"e088fbb6-a248-4cd6-9503-89a5a62a7de5","block_type":"box","text":"cardholders of a company, policyholders of an insurance company, customers of either a bank or","page_number":198,"box":{"x":116,"y":785,"width":721,"height":12}},{"id":"c02e0a6e-a5dd-487c-87fe-78602ca77e1c","block_type":"box","text":"broker-dealer or clients of an investment adviser.","page_number":198,"box":{"x":117,"y":800,"width":361,"height":10}},{"id":"d91a15a8-576e-4032-855d-69d88153afd8","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the","page_number":198,"box":{"x":116,"y":831,"width":725,"height":12}},{"id":"e4505701-f77f-4165-b05b-ae705b7db141","block_type":"box","text":"United States and may not be distributed by a foreign financial intermediary. Under this policy, in order","page_number":198,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"4c52b6d6-8dcd-40b2-8219-9860bfa85e3a","block_type":"box","text":"to accept new accounts or additional investments (including by way of exchange from another Fund)","page_number":198,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"8864ec59-77c9-43ed-b63e-2f5595e8a037","block_type":"box","text":"into existing accounts, a Fund generally requires that (i) a shareholder that is a natural person be a","page_number":198,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"07e2cdab-f5c3-411f-83e2-200e38fd3413","block_type":"box","text":"II-127","page_number":198,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"59b424cc-2c0c-4111-90a5-98a89856f225","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":198,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7586d1b3-2754-4618-8030-84ab1572bdf4","block_type":"box","text":"U.S. citizen or resident alien, in each case residing within the United States or a U.S. territory","page_number":199,"box":{"x":117,"y":87,"width":695,"height":12}},{"id":"ff5d9657-f7dd-4d0b-bc63-d56f99a2b3c1","block_type":"box","text":"(including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification number, and (ii) a","page_number":199,"box":{"x":117,"y":102,"width":757,"height":13}},{"id":"4c33091c-1b6b-477a-9548-161391353b2e","block_type":"box","text":"financial intermediary or a shareholder that is an entity be domiciled in the United States and have a","page_number":199,"box":{"x":116,"y":118,"width":747,"height":12}},{"id":"d7141756-8798-4e59-8891-764f9148a0fe","block_type":"box","text":"valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":199,"box":{"x":116,"y":134,"width":720,"height":12}},{"id":"64c863aa-7b7a-43ca-b9f4-b8a9fe049ab4","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a","page_number":199,"box":{"x":116,"y":149,"width":723,"height":12}},{"id":"9eb26df2-8fa0-4377-ae11-3dfa52be6b25","block_type":"box","text":"non-U.S. address will also be restricted from making additional investments.","page_number":199,"box":{"x":117,"y":165,"width":568,"height":12}},{"id":"291b3b9a-9151-4cdf-872f-5d5aa39a215a","block_type":"box","text":"In-Kind Purchases.","page_number":199,"box":{"x":117,"y":197,"width":139,"height":9}},{"id":"2335ab9e-f794-419a-86da-c257a90fefa8","block_type":"box","text":"Payment for shares of a Fund may, at the discretion of BlackRock, be made in the","page_number":199,"box":{"x":258,"y":197,"width":620,"height":12}},{"id":"498a5d9b-a613-428e-9f71-026e24c5becf","block_type":"box","text":"form of securities that are permissible investments for the Fund and that meet the investment objective,","page_number":199,"box":{"x":116,"y":212,"width":772,"height":12}},{"id":"c2545e44-5402-48c8-abbc-f5667f9e1f9a","block_type":"box","text":"policies and limitations of the Fund as described herein. In connection with an in-kind securities","page_number":199,"box":{"x":117,"y":228,"width":710,"height":12}},{"id":"16cd8bd1-a219-4c97-9710-fba62d4aa39a","block_type":"box","text":"payment, the Fund may require, among other things, that the securities: (i) be valued on the day of","page_number":199,"box":{"x":117,"y":243,"width":736,"height":12}},{"id":"f007a0de-da23-4bbd-b5c0-b0992ed3c730","block_type":"box","text":"purchase in accordance with the pricing methods used by the Fund; (ii) be accompanied by","page_number":199,"box":{"x":117,"y":259,"width":682,"height":12}},{"id":"ff83bd03-adf8-438f-81d4-582e3ecf8cbb","block_type":"box","text":"satisfactory assurance that the Fund will have good and marketable title to such securities; (iii) not be","page_number":199,"box":{"x":116,"y":274,"width":757,"height":13}},{"id":"78a77ff3-ea3a-4f32-8ff8-3e9d922cfe33","block_type":"box","text":"subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to the Fund; and","page_number":199,"box":{"x":116,"y":290,"width":760,"height":12}},{"id":"b9bc801b-621e-445a-a3f8-5f58da9b59b8","block_type":"box","text":"(v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":199,"box":{"x":117,"y":305,"width":766,"height":13}},{"id":"f6160122-0d67-450c-b4f1-1de72ea8e53c","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become","page_number":199,"box":{"x":116,"y":321,"width":769,"height":12}},{"id":"c7ee821a-00be-4b87-9966-05c32e5b3e55","block_type":"box","text":"the property of the Fund engaged in the in-kind purchase transaction and must be delivered to the","page_number":199,"box":{"x":116,"y":336,"width":732,"height":13}},{"id":"b37aa719-38ba-45e1-aa93-a329a537936b","block_type":"box","text":"Fund by the investor upon receipt from the issuer. Shares purchased in exchange for securities","page_number":199,"box":{"x":117,"y":352,"width":711,"height":12}},{"id":"5e7a9f68-e26d-48d9-80dd-ca4a54b13b7f","block_type":"box","text":"generally cannot be redeemed until the transfer has settled.","page_number":199,"box":{"x":116,"y":367,"width":448,"height":13}},{"id":"7085a194-8da1-4a13-99b3-cdd6aaf8bef5","block_type":"box","text":"Institutional Shares","page_number":199,"box":{"x":117,"y":400,"width":160,"height":9}},{"id":"2bfafe27-4ffe-4d61-bc95-811e6b891078","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are","page_number":199,"box":{"x":117,"y":424,"width":720,"height":12}},{"id":"4851c1de-14c3-41c1-a25c-894a3087db49","block_type":"box","text":"eligible to purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares","page_number":199,"box":{"x":116,"y":439,"width":737,"height":12}},{"id":"036c51e7-8a16-478f-ae82-c1516ec0baba","block_type":"box","text":"should purchase Institutional Shares because they are not subject to any sales charge and have lower","page_number":199,"box":{"x":116,"y":455,"width":765,"height":12}},{"id":"2e1da14d-c669-4f65-8f28-e6fc3b1c08a7","block_type":"box","text":"ongoing expenses than Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A","page_number":199,"box":{"x":116,"y":470,"width":752,"height":12}},{"id":"70b1d9c4-7fe6-4266-ae5c-cc62b1ea9ca7","block_type":"box","text":"Fund may in its discretion waive or modify any minimum investment amount, may reject any order for","page_number":199,"box":{"x":117,"y":486,"width":755,"height":12}},{"id":"d9f356a0-d361-4413-af24-21164c5c9fd5","block_type":"box","text":"any class of shares and may suspend and resume the sale of shares of any Fund at any time.","page_number":199,"box":{"x":116,"y":501,"width":703,"height":12}},{"id":"00c29c17-dce5-4ac7-a785-7926ae97141c","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":199,"box":{"x":116,"y":534,"width":269,"height":12}},{"id":"dab042bb-c144-4a75-bda6-880df75de1c5","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers","page_number":199,"box":{"x":387,"y":534,"width":499,"height":12}},{"id":"450cd4b2-02c6-4b60-974a-eff8a61e827b","block_type":"box","text":"of broker-dealers and agents that have established a servicing relationship with the Fund on behalf of","page_number":199,"box":{"x":116,"y":549,"width":757,"height":12}},{"id":"c05f5e1e-6ee5-4f7a-8aed-b92714ce4e89","block_type":"box","text":"their customers. These broker-dealers and agents may impose additional or different conditions on the","page_number":199,"box":{"x":116,"y":565,"width":766,"height":12}},{"id":"f4b04b93-8c2b-420d-945f-e54db17769d0","block_type":"box","text":"purchase or redemption of Fund shares by their customers and may charge their customers","page_number":199,"box":{"x":117,"y":580,"width":686,"height":12}},{"id":"f4338513-7545-484c-b437-6f952e49b104","block_type":"box","text":"transaction, account or other fees on the purchase and redemption of Fund shares. Each broker-dealer","page_number":199,"box":{"x":116,"y":596,"width":771,"height":12}},{"id":"7cde492e-e40e-473b-b29b-edd338280732","block_type":"box","text":"or agent is responsible for transmitting to its customers a schedule of any such fees and information","page_number":199,"box":{"x":116,"y":611,"width":747,"height":12}},{"id":"06098579-ee39-426f-80ef-f95dfa113d55","block_type":"box","text":"regarding any additional or different conditions regarding purchases and redemptions. Shareholders","page_number":199,"box":{"x":117,"y":627,"width":746,"height":12}},{"id":"be07c39f-ec06-4280-b24d-258a5efbf5f4","block_type":"box","text":"who are customers of such broker-dealers or agents should consult them for information regarding","page_number":199,"box":{"x":116,"y":642,"width":736,"height":12}},{"id":"8f35b307-d331-4f45-a6ba-8ba61cb42784","block_type":"box","text":"these fees and conditions.","page_number":199,"box":{"x":116,"y":658,"width":200,"height":9}},{"id":"7a12150f-1a53-4a0d-b4ab-53555cf81b0c","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately","page_number":199,"box":{"x":117,"y":690,"width":745,"height":12}},{"id":"6d4c815e-006a-4a25-9dde-5bc3805f6d00","block_type":"box","text":"available by 4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may","page_number":199,"box":{"x":116,"y":705,"width":765,"height":13}},{"id":"4d088575-3d51-4fd1-b086-4421833461b2","block_type":"box","text":"also, in the discretion of certain Funds, be made in the form of securities that are permissible","page_number":199,"box":{"x":116,"y":721,"width":688,"height":12}},{"id":"d02e0e44-f275-40e8-91fb-c03bf150c792","block_type":"box","text":"investments for such Funds. If payment for a purchase order is not received by the prescribed time, an","page_number":199,"box":{"x":117,"y":736,"width":760,"height":13}},{"id":"afc8fddc-2bfc-4d85-83de-5d7e1737822e","block_type":"box","text":"investor may be liable for any resulting losses or expenses incurred by the Fund.","page_number":199,"box":{"x":117,"y":752,"width":597,"height":12}},{"id":"f1c9711f-424d-443f-ae6e-82077cb57fc1","block_type":"box","text":"Certain of the Funds offer Institutional Shares","page_number":199,"box":{"x":117,"y":784,"width":345,"height":10}},{"id":"8bde1494-8a33-4195-842a-6bfbb9e1c632","block_type":"box","text":"as described in each such Fund’s Prospectus. 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and holders of certain BofA Corp.","page_number":200,"box":{"x":463,"y":396,"width":414,"height":13}},{"id":"f9663055-1f9c-4100-ac3d-ffce97f45b31","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest","page_number":200,"box":{"x":116,"y":413,"width":401,"height":12}},{"id":"db9c5ea4-a203-4249-a214-da57c6e542b1","block_type":"box","text":"dividends received from such UITs in shares of","page_number":200,"box":{"x":518,"y":413,"width":367,"height":9}},{"id":"334d5c36-152b-4956-a12a-50c87491dfca","block_type":"box","text":"a Fund.","page_number":200,"box":{"x":116,"y":428,"width":63,"height":10}},{"id":"8c40811e-dd99-498b-a61c-b21d161e9356","block_type":"box","text":"Purchase Privileges of Certain Persons.","page_number":200,"box":{"x":116,"y":457,"width":295,"height":12}},{"id":"677abb09-6617-41d9-b0a9-ad274e830766","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc.,","page_number":200,"box":{"x":413,"y":457,"width":439,"height":12}},{"id":"07820a2d-8603-4985-b72d-407c97af6830","block_type":"box","text":"BlackRock Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or","page_number":200,"box":{"x":117,"y":472,"width":733,"height":12}},{"id":"a4229933-617f-482a-a8a3-0f17b11426f9","block_type":"box","text":"other benefit plan for such persons may purchase Institutional Shares at lower investment minimums","page_number":200,"box":{"x":116,"y":488,"width":753,"height":12}},{"id":"f35e4de9-9a81-4821-b69b-a507a4e63c2e","block_type":"box","text":"than stated in each Fund’s Prospectus. A Fund realizes economies of scale and reduction of sales","page_number":200,"box":{"x":116,"y":503,"width":735,"height":12}},{"id":"487ed374-0116-4f74-8642-3ebfabbe7c22","block_type":"box","text":"related expenses by virtue of the familiarity of these persons with the Fund. Employees, directors, and","page_number":200,"box":{"x":117,"y":519,"width":761,"height":12}},{"id":"6d2f5b24-e0cc-4072-870b-6bd9e928bfc4","block_type":"box","text":"board members of other funds wishing to purchase shares of a Fund must satisfy the Fund’s suitability","page_number":200,"box":{"x":117,"y":534,"width":764,"height":12}},{"id":"99376346-c607-4da5-bdff-5a2bf4bec902","block_type":"box","text":"standards.","page_number":200,"box":{"x":116,"y":550,"width":83,"height":9}},{"id":"62b831d1-654b-41e0-9671-0adf36bc98b1","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":200,"box":{"x":117,"y":579,"width":420,"height":12}},{"id":"b6df34d5-f250-42d0-8d80-78e201d6c0a4","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares.","page_number":200,"box":{"x":117,"y":601,"width":717,"height":12}},{"id":"4adb547d-c8e4-40bb-807b-f49e396b986b","block_type":"box","text":"Investor A1 Shares are offered only (i) for purchase by certain employer-sponsored retirement plans","page_number":200,"box":{"x":117,"y":616,"width":748,"height":12}},{"id":"34d37c1d-a3f3-4d13-835d-101e357497c9","block_type":"box","text":"and fee-based programs that have been previously approved by certain Funds, and (ii) to certain","page_number":200,"box":{"x":116,"y":632,"width":723,"height":12}},{"id":"28a264dd-1125-4241-a62f-c6a526831e92","block_type":"box","text":"investors who currently hold Investor A1 Shares for dividend and capital gain reinvestment only. The","page_number":200,"box":{"x":117,"y":647,"width":749,"height":12}},{"id":"a1b6ce01-f444-4b28-bbbe-095ba33c9df8","block_type":"box","text":"Investor A1 initial sales charge does not apply to the transactions described in (i) and (ii). For ease of","page_number":200,"box":{"x":117,"y":663,"width":750,"height":12}},{"id":"b38edc85-b7eb-4a85-b7cc-c3fc5b55337f","block_type":"box","text":"reference, Investor A, Investor A1 and Investor P (discussed below) Shares are sometimes referred to","page_number":200,"box":{"x":117,"y":678,"width":757,"height":12}},{"id":"924caed7-d908-4deb-9491-f58bc78379fa","block_type":"box","text":"herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and BlackRock","page_number":200,"box":{"x":117,"y":694,"width":739,"height":12}},{"id":"26222201-bb1f-4e8c-a28f-a0e37383219f","block_type":"box","text":"Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":200,"box":{"x":116,"y":709,"width":677,"height":12}},{"id":"1a47cab0-a008-4851-a314-b012ecf8964b","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge","page_number":200,"box":{"x":117,"y":738,"width":715,"height":12}},{"id":"1999f712-dc2a-482c-899e-f8da97e59769","block_type":"box","text":"alternative particularly attractive because similar sales charge reductions are not available with respect","page_number":200,"box":{"x":116,"y":754,"width":763,"height":12}},{"id":"ccba9984-9d00-4b04-949f-7fd83fb88c3c","block_type":"box","text":"to the deferred sales charges imposed in connection with investments in Investor C Shares","page_number":200,"box":{"x":116,"y":769,"width":676,"height":12}},{"id":"cb7e259d-ecf8-4483-bf36-e080a483d5a9","block_type":"box","text":"(sometimes referred to herein as “CDSC shares”). Investors who do not qualify for reduced initial sales","page_number":200,"box":{"x":117,"y":784,"width":761,"height":13}},{"id":"e76bcfc6-1cd5-4c07-88db-a367d52eaa14","block_type":"box","text":"charges and who expect to maintain their investment for an extended period of time also may elect to","page_number":200,"box":{"x":116,"y":800,"width":752,"height":12}},{"id":"7e2ee5bf-3817-4c39-a354-0528904602b3","block_type":"box","text":"purchase Investor A Shares, because over time the accumulated ongoing service and distribution fees","page_number":200,"box":{"x":117,"y":815,"width":759,"height":13}},{"id":"742e99df-47b5-428a-83ae-fe18e17a886a","block_type":"box","text":"on CDSC shares may exceed the front-end load shares’ initial sales charge and service fee. Although","page_number":200,"box":{"x":116,"y":831,"width":759,"height":12}},{"id":"5070178e-7c40-47f2-9874-8c53c1a8c605","block_type":"box","text":"some investors who previously purchased Institutional Shares may no longer be eligible to purchase","page_number":200,"box":{"x":116,"y":846,"width":749,"height":13}},{"id":"a4e9bfd0-528b-415e-b6f9-2f7aa9e4f90b","block_type":"box","text":"Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":200,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"938c482f-15ab-4388-bdd7-733eae899672","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may","page_number":200,"box":{"x":117,"y":877,"width":768,"height":13}},{"id":"3aa3125d-f1cd-4046-bce8-c04fc149758d","block_type":"box","text":"II-129","page_number":200,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b33dc1e1-15f7-4572-85c4-3f0b73cbfec1","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":200,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4c9019ba-f396-4310-b638-f6f23dab9c62","block_type":"box","text":"qualify the investor for a reduced initial sales charge on new initial sales charge purchases. In addition,","page_number":201,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"46fdcbf7-70cf-4256-bb1d-373f857fec4d","block_type":"box","text":"the ongoing CDSC shares service and distribution fees will cause CDSC shares to have higher","page_number":201,"box":{"x":116,"y":102,"width":709,"height":13}},{"id":"05540f63-29f4-4349-a767-ee9af612e079","block_type":"box","text":"expense ratios, pay lower dividends and have lower total returns than the initial sales charge shares.","page_number":201,"box":{"x":116,"y":118,"width":752,"height":12}},{"id":"1e5ef6bf-516c-4625-9d5f-9c1981072e82","block_type":"box","text":"The ongoing front-end load shares’ service fees will cause Investor A, Investor A1, Investor P and","page_number":201,"box":{"x":116,"y":134,"width":731,"height":12}},{"id":"b83326ee-36d2-48c4-b49d-2d87244a3246","block_type":"box","text":"Service Shares to have a higher expense ratio, pay lower dividends and have a lower total return than","page_number":201,"box":{"x":116,"y":149,"width":762,"height":12}},{"id":"3a43dc59-fd43-475a-92f6-8b58b3171644","block_type":"box","text":"Institutional Shares.","page_number":201,"box":{"x":117,"y":165,"width":151,"height":9}},{"id":"7d4ad468-9af7-4528-b98b-b3945ee432f3","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":201,"box":{"x":116,"y":196,"width":770,"height":12}},{"id":"8c7391e7-0c20-44a5-969c-af32c80b0794","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares","page_number":201,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"91dab85d-24a0-4f98-8e7c-258c1fb18713","block_type":"box","text":"for the periods indicated.","page_number":201,"box":{"x":116,"y":227,"width":189,"height":11}},{"id":"79bafe76-93b6-4eac-99c8-db877644100d","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":201,"box":{"x":116,"y":258,"width":759,"height":12}},{"id":"73a282b2-1b7f-45a6-a045-49211269f430","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":201,"box":{"x":116,"y":273,"width":717,"height":12}},{"id":"698e8bd8-82ad-41b7-a883-3062723afd8c","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":201,"box":{"x":116,"y":289,"width":739,"height":12}},{"id":"f5f41bb8-2987-4847-9b1c-99390b67df1b","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":201,"box":{"x":117,"y":304,"width":710,"height":12}},{"id":"53896219-0607-4dbe-8e6e-cf194133c3a1","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":201,"box":{"x":116,"y":320,"width":393,"height":9}},{"id":"921e958e-76b9-4fb6-a2ca-457935bd1417","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":201,"box":{"x":117,"y":351,"width":327,"height":12}},{"id":"2a200232-b05f-4f77-8f8b-72efd9b2885d","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P","page_number":201,"box":{"x":117,"y":374,"width":715,"height":12}},{"id":"20451251-2bb4-4bab-9f53-2b12c0dfb570","block_type":"box","text":"Shares are available for purchase only through registered representatives of an insurance company’s","page_number":201,"box":{"x":116,"y":389,"width":758,"height":12}},{"id":"ef6a253c-b5a4-4f9e-a21a-4ef55ce17553","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer such shares and are","page_number":201,"box":{"x":117,"y":405,"width":729,"height":12}},{"id":"8ef2db82-2bbf-4202-9bcc-456f056ce62e","block_type":"box","text":"subject to an initial sales charge. The ongoing front-end load shares’ service fees will cause Investor P","page_number":201,"box":{"x":116,"y":420,"width":766,"height":12}},{"id":"330c04a0-0f9c-4a47-b8ba-6112e07b4c86","block_type":"box","text":"Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Investor","page_number":201,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"68214c0c-9fd9-428e-b846-501c962c42ea","block_type":"box","text":"A Shares of the same Fund.","page_number":201,"box":{"x":116,"y":451,"width":214,"height":10}},{"id":"b075bcbf-c5d8-4a4b-b05a-886e8b935cbb","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":201,"box":{"x":116,"y":482,"width":770,"height":12}},{"id":"f1ff637e-b79d-4cc4-8790-7ef0aa2fb619","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods","page_number":201,"box":{"x":117,"y":498,"width":757,"height":12}},{"id":"0976582f-d7b4-4e20-b6ac-91fa4d433e87","block_type":"box","text":"indicated.","page_number":201,"box":{"x":117,"y":514,"width":75,"height":9}},{"id":"186e70a8-87a7-4407-9d15-ccc40134ce7b","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries","page_number":201,"box":{"x":116,"y":544,"width":759,"height":12}},{"id":"f78c9eae-a803-40fb-a674-6ff9ee80c954","block_type":"box","text":"and retain the balance over such discounts. At times the Distributor may reallow the entire sales","page_number":201,"box":{"x":116,"y":560,"width":717,"height":12}},{"id":"48403619-9fbd-4335-8a1d-fd9c207b1292","block_type":"box","text":"charge to such dealers. Since securities dealers and other financial intermediaries selling front-end","page_number":201,"box":{"x":116,"y":575,"width":739,"height":12}},{"id":"0b905e34-f497-4b81-a727-db4da36f4612","block_type":"box","text":"load shares of a Fund will receive a concession equal to most of the sales charge, they may be","page_number":201,"box":{"x":117,"y":591,"width":710,"height":12}},{"id":"c0163297-8658-47ec-82aa-3ecc604c3ae2","block_type":"box","text":"deemed to be underwriters under the Securities Act.","page_number":201,"box":{"x":116,"y":606,"width":393,"height":10}},{"id":"48d27e84-9c4e-4463-bdce-a6dca8baf89c","block_type":"box","text":"Reduced Initial Sales Charges","page_number":201,"box":{"x":117,"y":637,"width":244,"height":12}},{"id":"f4cfc01b-744e-4ff3-b142-4abe2fb4c739","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the","page_number":201,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"d4a1a500-58f4-4bcb-a261-47bcd8ef7d34","block_type":"box","text":"investors and/or the reduced sales efforts necessary to obtain their investments. Financial","page_number":201,"box":{"x":117,"y":676,"width":666,"height":12}},{"id":"801890b9-8f03-415f-adf9-d7715562fcc1","block_type":"box","text":"intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":201,"box":{"x":117,"y":692,"width":730,"height":12}},{"id":"ed1170f4-196f-478d-936b-bc5c0a6d46cb","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares","page_number":201,"box":{"x":116,"y":707,"width":754,"height":12}},{"id":"62119730-9673-48c6-9921-a0c5668540be","block_type":"box","text":"to another class of shares of the same Fund provided that the exchanged shares are not subject to a","page_number":201,"box":{"x":116,"y":723,"width":748,"height":12}},{"id":"aaee0ada-1eaf-454a-8f77-f365ae1d8d46","block_type":"box","text":"contingent deferred sales charge and that shareholders meet the eligibility requirements of the new","page_number":201,"box":{"x":116,"y":738,"width":736,"height":12}},{"id":"9085fea4-7306-4bf1-8ac6-98bf3603849b","block_type":"box","text":"share class. Certain sales load reductions and waivers may be available to customers of certain","page_number":201,"box":{"x":116,"y":754,"width":711,"height":12}},{"id":"f3c840c0-fd1d-49e3-8c94-b89d0f220618","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":201,"box":{"x":116,"y":769,"width":740,"height":12}},{"id":"3fb82727-4467-4a87-b863-7bfd9ee8149c","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":201,"box":{"x":116,"y":785,"width":656,"height":12}},{"id":"510dd0dc-806d-4f29-a131-0438b2bb9347","block_type":"box","text":"Reinvested Dividends.","page_number":201,"box":{"x":116,"y":816,"width":165,"height":9}},{"id":"9a4779db-8a5d-426c-bcde-d2b226c830b0","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":201,"box":{"x":289,"y":816,"width":583,"height":12}},{"id":"0f502a45-b976-40f5-8895-a89e7176f0d3","block_type":"box","text":"reinvestment of dividends.","page_number":201,"box":{"x":117,"y":831,"width":199,"height":10}},{"id":"eebbeb5e-74ce-4388-9adf-de594e46a201","block_type":"box","text":"Right of Accumulation.","page_number":201,"box":{"x":116,"y":862,"width":166,"height":12}},{"id":"555cda3b-9552-42e3-90b7-6ab7b120a618","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may","page_number":201,"box":{"x":284,"y":862,"width":585,"height":12}},{"id":"db3928fd-e34a-41e5-82dc-430189cf58a1","block_type":"box","text":"be combined with the amount of the current purchase in determining whether an investor qualifies for a","page_number":201,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"52d2a538-e812-4eeb-845a-04b5970e3634","block_type":"box","text":"II-130","page_number":201,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"76e10a98-7cf9-40e5-b228-f8a98a3f337d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":201,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"199baca6-8880-4121-b3df-3a4d3890d10c","block_type":"box","text":"breakpoint and a reduced front-end sales charge: (i) the current value of an investor’s existing Investor","page_number":202,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"f6d0664a-b5cc-4d26-a86f-6cc5602c8486","block_type":"box","text":"A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares in most BlackRock","page_number":202,"box":{"x":116,"y":102,"width":741,"height":12}},{"id":"91cda429-2fc9-4892-99bf-4db0f2df65f5","block_type":"box","text":"Funds, (ii) the current value of an investor’s existing shares of certain unlisted closed-end management","page_number":202,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"147b39eb-84ce-4a45-b185-cff33a90703f","block_type":"box","text":"investment companies sponsored and advised by BlackRock or its affiliates (“Eligible Unlisted","page_number":202,"box":{"x":117,"y":134,"width":699,"height":12}},{"id":"790c8531-c9b2-4136-a736-bac3e8b456fd","block_type":"box","text":"BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock CollegeAdvantage 529","page_number":202,"box":{"x":117,"y":149,"width":717,"height":12}},{"id":"a0e1962d-6e75-41a9-a612-2b430d4abacf","block_type":"box","text":"Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":202,"box":{"x":117,"y":165,"width":673,"height":12}},{"id":"63c8cd4b-4703-4951-9c9d-ebdd58085967","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining","page_number":202,"box":{"x":117,"y":180,"width":741,"height":12}},{"id":"4d466244-741d-4858-af7d-22ce83216ed8","block_type":"box","text":"whether an investor qualifies for a breakpoint and a reduced front-end sales charge, although","page_number":202,"box":{"x":116,"y":196,"width":698,"height":12}},{"id":"70bb0306-3ba2-4c43-9184-d3dc471eedc1","block_type":"box","text":"customers of the same financial intermediary will be treated similarly. In order to use this right, the","page_number":202,"box":{"x":116,"y":211,"width":732,"height":12}},{"id":"22dc2591-a74f-46f8-ac79-3ad67fe034ae","block_type":"box","text":"investor must alert BlackRock to the existence of any previously purchased shares. Certain funds","page_number":202,"box":{"x":117,"y":227,"width":727,"height":12}},{"id":"cf807773-3b98-4ee8-9e12-60595bf5e40d","block_type":"box","text":"employ a “passive” management approach and attempt to match the performance of a target index as","page_number":202,"box":{"x":116,"y":242,"width":762,"height":12}},{"id":"bf3061af-76ad-43d9-818b-12ffb8732dec","block_type":"box","text":"closely as possible before the deduction of Fund expenses (“Index Funds”). Although Investor A","page_number":202,"box":{"x":116,"y":258,"width":717,"height":12}},{"id":"c149980a-fb17-4fd6-9d5e-416d76f9c1d3","block_type":"box","text":"Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":202,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"b4f5777c-f6ba-4ebb-b0d0-369cbdd3baf6","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and","page_number":202,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"b6a943ce-784b-45cf-9583-d8827075ed0c","block_type":"box","text":"Premier Shares in the Index Funds and BlackRock Short Obligations Fund may be combined with the","page_number":202,"box":{"x":117,"y":304,"width":757,"height":12}},{"id":"52821d80-a073-4bb7-9aa7-00177891645b","block_type":"box","text":"amount of an investor’s current purchase in determining whether an investor qualifies for a breakpoint","page_number":202,"box":{"x":116,"y":320,"width":760,"height":12}},{"id":"70cb7d3b-6ad5-4e0d-83ab-b0771afee302","block_type":"box","text":"and a reduced front-end sales charge.","page_number":202,"box":{"x":116,"y":335,"width":289,"height":12}},{"id":"a88debcd-a08b-4ca7-90bf-d927a33e596f","block_type":"box","text":"Letter of Intent.","page_number":202,"box":{"x":116,"y":361,"width":111,"height":9}},{"id":"11f9a897-8e7a-4df3-8943-33a3b5f8cda7","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a","page_number":202,"box":{"x":229,"y":361,"width":649,"height":12}},{"id":"68f8b20b-6036-444b-b9c1-ee09970b2f73","block_type":"box","text":"“Letter of Intent” stating the investor’s intention to make one or more of the following investments within","page_number":202,"box":{"x":116,"y":376,"width":770,"height":12}},{"id":"d991a45b-9b52-4ce7-af9d-9e4a138c0965","block_type":"box","text":"the next 13 months which would, if bought all at once, qualify the investor for a reduced sales charge:","page_number":202,"box":{"x":116,"y":392,"width":758,"height":12}},{"id":"0385c388-d757-461e-a824-69c850916e43","block_type":"box","text":"(i) buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier","page_number":202,"box":{"x":117,"y":407,"width":745,"height":12}},{"id":"a1a3a9ef-6db3-4460-97b2-5108d4f57655","block_type":"box","text":"Shares, (ii) make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":202,"box":{"x":116,"y":423,"width":759,"height":12}},{"id":"f55c720e-7229-4714-9a34-026631f5452e","block_type":"box","text":"(iii) make an investment through the BlackRock CollegeAdvantage 529 Program in one or more","page_number":202,"box":{"x":117,"y":438,"width":712,"height":12}},{"id":"7383da16-4700-47e9-98a0-3a78f806291d","block_type":"box","text":"BlackRock Funds. The initial investment must meet the minimum initial purchase requirement. The","page_number":202,"box":{"x":117,"y":454,"width":736,"height":12}},{"id":"8f4baa28-f67e-4c14-8cec-03554a838f0f","block_type":"box","text":"13-month Letter of Intent period commences on the day that the Letter of Intent is received by the","page_number":202,"box":{"x":118,"y":469,"width":727,"height":12}},{"id":"fb24224e-47d1-477a-941e-bcfe47643d0f","block_type":"box","text":"Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":202,"box":{"x":117,"y":485,"width":754,"height":12}},{"id":"860be8ac-f214-41b2-a80a-145848463392","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds","page_number":202,"box":{"x":117,"y":500,"width":752,"height":12}},{"id":"91b7c1c1-45ff-40d5-9094-549e37e849cd","block_type":"box","text":"and the BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of","page_number":202,"box":{"x":116,"y":516,"width":722,"height":12}},{"id":"385044e2-4dc3-4a3d-87ae-58a12457e704","block_type":"box","text":"commencement that are eligible under the Right of Accumulation may be counted towards the sales","page_number":202,"box":{"x":116,"y":531,"width":747,"height":12}},{"id":"d8dddc53-c181-4ef7-80b3-7b12dd143feb","block_type":"box","text":"charge reduction. The investor must notify the Fund of (i) any current holdings in the BlackRock Funds,","page_number":202,"box":{"x":116,"y":547,"width":770,"height":12}},{"id":"59e0c095-d831-4fcb-aade-f1a836a03670","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program","page_number":202,"box":{"x":117,"y":562,"width":759,"height":12}},{"id":"54e7040f-2acf-4e07-85ad-3595b7bc65de","block_type":"box","text":"that should be counted towards the sales charge reduction and (ii) any subsequent purchases that","page_number":202,"box":{"x":116,"y":578,"width":735,"height":12}},{"id":"2d01d420-32b4-4b1d-a1f7-d3d826e0d430","block_type":"box","text":"should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Fund will","page_number":202,"box":{"x":116,"y":593,"width":737,"height":12}},{"id":"23dc21bb-b323-4b48-b643-5d37ecbf8ed7","block_type":"box","text":"hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":202,"box":{"x":117,"y":609,"width":765,"height":12}},{"id":"b3a99a61-46d3-42f2-8bc8-7eaac0d6e01c","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the","page_number":202,"box":{"x":116,"y":624,"width":728,"height":13}},{"id":"0af22d17-a450-42c1-a13d-0c94183c24c1","block_type":"box","text":"Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month","page_number":202,"box":{"x":117,"y":640,"width":726,"height":12}},{"id":"fb988fc7-11af-4034-a270-b2660ed6730d","block_type":"box","text":"period, and the investor does not pay the higher sales load within 20 days, the Fund will redeem","page_number":202,"box":{"x":117,"y":656,"width":717,"height":12}},{"id":"c4b40d02-fc8d-4ce6-adcb-87108b887932","block_type":"box","text":"enough of the Investor A Shares and/or Investor P Shares, as applicable, held in escrow to pay the","page_number":202,"box":{"x":116,"y":671,"width":735,"height":12}},{"id":"8eaed4e7-ab8b-4547-95aa-4ccc3d416e20","block_type":"box","text":"difference.","page_number":202,"box":{"x":116,"y":686,"width":77,"height":10}},{"id":"ee3ce937-d8b8-434f-b512-f8fc8fa4f91f","block_type":"box","text":"Placement Fees.","page_number":202,"box":{"x":116,"y":712,"width":124,"height":10}},{"id":"a9e4058e-c002-4b5e-87a0-32d16549b4ba","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all","page_number":202,"box":{"x":117,"y":733,"width":759,"height":12}},{"id":"9df47f2c-f68b-4760-bef7-a80571177720","block_type":"box","text":"Funds, which may depend on the policies, procedures and trading platforms of your financial","page_number":202,"box":{"x":117,"y":748,"width":685,"height":12}},{"id":"70443bd9-cf6e-4851-8262-cb91d92aa33c","block_type":"box","text":"intermediary.","page_number":202,"box":{"x":117,"y":764,"width":94,"height":12}},{"id":"c144755a-ed02-4f08-b424-09a6bdf3788b","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A","page_number":202,"box":{"x":117,"y":790,"width":712,"height":12}},{"id":"cae59e1a-aa0a-4f31-9f30-6d4437d02c67","block_type":"box","text":"Shares:","page_number":202,"box":{"x":116,"y":805,"width":56,"height":10}},{"id":"6ef5ce1b-affa-4509-b90e-3c98d79b893b","block_type":"box","text":"$1 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purchased","page_number":204,"box":{"x":116,"y":537,"width":762,"height":12}},{"id":"895e6d86-244e-47e0-ac09-41deb8de8d7d","block_type":"box","text":"on or after July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after","page_number":204,"box":{"x":116,"y":552,"width":763,"height":12}},{"id":"89dec230-1ea3-432d-b672-23fe34077986","block_type":"box","text":"July 1, 2020) of BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and","page_number":204,"box":{"x":116,"y":568,"width":758,"height":12}},{"id":"bca9f2fe-c1c3-4120-98c1-6fa0671b694e","block_type":"box","text":"BlackRock Balanced Fund, Inc., the placement fees may be up to the following amounts:","page_number":204,"box":{"x":117,"y":583,"width":663,"height":12}},{"id":"2412893c-f708-4b51-b992-1fea56a77025","block_type":"box","text":"$250,000 but less than $3 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and","page_number":204,"box":{"x":708,"y":723,"width":157,"height":9}},{"id":"1754b8e1-aede-4fe6-b493-422676cca960","block_type":"box","text":"BlackRock LifePath","page_number":204,"box":{"x":117,"y":738,"width":143,"height":10}},{"id":"3817f2ad-f141-4fc0-a3f5-59990f10c7c4","block_type":"box","text":"®","page_number":204,"box":{"x":261,"y":737,"width":10,"height":7}},{"id":"07c7d220-b5af-4f34-b038-7654130a6bd6","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III, the placement fees may be up to","page_number":204,"box":{"x":277,"y":738,"width":596,"height":12}},{"id":"5fe64e60-ea06-47e6-b657-85f095a91902","block_type":"box","text":"the following amounts:","page_number":204,"box":{"x":116,"y":754,"width":166,"height":12}},{"id":"404660e8-1b7c-412a-aa46-5ed8364235cc","block_type":"box","text":"$1,000,000 and above","page_number":204,"box":{"x":150,"y":784,"width":166,"height":12}},{"id":"6b40432a-561d-4a2e-9263-6ec7d99548eb","block_type":"box","text":"..................","page_number":204,"box":{"x":328,"y":793,"width":154,"height":1}},{"id":"a0a934d0-4bc4-4b77-a067-e39578daf177","block_type":"box","text":"0.10%","page_number":204,"box":{"x":484,"y":785,"width":46,"height":9}},{"id":"91f88c17-3ba5-48c8-b50b-cb2415011e92","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":204,"box":{"x":116,"y":816,"width":693,"height":12}},{"id":"cb6fe726-6d6a-444d-bf87-4ec06d688f69","block_type":"box","text":"SM","page_number":204,"box":{"x":810,"y":816,"width":15,"height":6}},{"id":"0f34581d-459d-4b3a-8431-e6555e585f7e","block_type":"box","text":", the","page_number":204,"box":{"x":828,"y":816,"width":31,"height":11}},{"id":"cb90c2eb-8fb2-4e84-886c-cc4f4619d8ad","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":204,"box":{"x":117,"y":831,"width":392,"height":12}},{"id":"386c3d8b-56a0-4fd9-a236-71494da84efc","block_type":"box","text":"$1,000,000 and above","page_number":204,"box":{"x":150,"y":861,"width":172,"height":12}},{"id":"2dbbf1c1-850a-4d9e-b53c-0245132e34f7","block_type":"box","text":"..................","page_number":204,"box":{"x":328,"y":870,"width":154,"height":2}},{"id":"c17c3045-2099-4cf7-8bdd-bd6b993f2483","block_type":"box","text":"0.15%","page_number":204,"box":{"x":484,"y":862,"width":51,"height":10}},{"id":"11f682bf-626b-40f5-b876-19f75d9a60b9","block_type":"box","text":"II-133","page_number":204,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"3d3c640f-53f3-40e5-9e2f-6db021007ecd","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":204,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1cd2e7dd-8f66-4553-beb2-04228732a9f0","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund","page_number":205,"box":{"x":116,"y":87,"width":745,"height":12}},{"id":"769e518e-9e3a-4962-9a06-6fe0a0328dfe","block_type":"box","text":"and iShares Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500","page_number":205,"box":{"x":116,"y":102,"width":770,"height":12}},{"id":"7432adcd-d922-414f-b4d6-4dff0f423dc2","block_type":"box","text":"Index Fund and iShares U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":205,"box":{"x":117,"y":118,"width":612,"height":12}},{"id":"ae708788-5ce6-4807-b5fe-9f3e0691887d","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":205,"box":{"x":117,"y":149,"width":769,"height":12}},{"id":"2d26d49c-d17a-4f30-8402-ddc4cf241f9a","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of","page_number":205,"box":{"x":116,"y":164,"width":716,"height":13}},{"id":"de1fe296-caeb-4082-8758-1e13239f70da","block_type":"box","text":"BlackRock Funds V will result in a placement fee of up to 0.50% on the first $3 million and a placement","page_number":205,"box":{"x":117,"y":179,"width":768,"height":13}},{"id":"0fa03724-6831-4365-b402-ce18c7e09074","block_type":"box","text":"fee of 0.25% on the final $1 million).","page_number":205,"box":{"x":116,"y":195,"width":272,"height":13}},{"id":"b05fa4c8-f7f4-41d3-b0e1-f7b778d7cb49","block_type":"box","text":"Other.","page_number":205,"box":{"x":117,"y":227,"width":44,"height":9}},{"id":"2133d453-1272-4fad-b78c-cd531504910b","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales","page_number":205,"box":{"x":163,"y":227,"width":685,"height":12}},{"id":"a70dbd61-e892-4cc1-8d3f-364afef70636","block_type":"box","text":"charge: (a) certain employer-sponsored retirement plans (for purposes of this waiver, employer","page_number":205,"box":{"x":116,"y":242,"width":710,"height":12}},{"id":"a36b8281-638e-4307-b225-19c1dc441e62","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of","page_number":205,"box":{"x":116,"y":258,"width":733,"height":12}},{"id":"8741b3a9-2d4b-4caa-85b6-c37dcdfe2db0","block_type":"box","text":"current investments through certain employer-sponsored retirement plans provided the shares are","page_number":205,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"e9e93b8f-b3ca-4c26-a291-b8c9ae9428a1","block_type":"box","text":"transferred to Investor A or Investor P, as applicable, shares of the same or another BlackRock Fund","page_number":205,"box":{"x":116,"y":289,"width":754,"height":12}},{"id":"7fb8fec6-6766-40be-ba63-061799888b24","block_type":"box","text":"as either a direct rollover, or subsequent to distribution, the rolled-over proceeds are contributed to a","page_number":205,"box":{"x":116,"y":304,"width":750,"height":12}},{"id":"30b957db-5d13-400d-a830-1f43ff3ae3a6","block_type":"box","text":"BlackRock IRA through an account directly with the Fund; or purchases by IRA programs that are","page_number":205,"box":{"x":117,"y":320,"width":728,"height":12}},{"id":"c0d98e06-6569-445e-93a3-c094843e79a3","block_type":"box","text":"sponsored by financial intermediary firms provided the financial intermediary firm has entered into a","page_number":205,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"78a6e863-401e-4639-a2ea-3d302cb85131","block_type":"box","text":"Class A or Investor P NAV agreement, as applicable, with respect to such program with the Distributor;","page_number":205,"box":{"x":117,"y":351,"width":768,"height":12}},{"id":"4c5055e9-4614-4c95-86a7-465f475b7d78","block_type":"box","text":"(c) insurance company separate accounts; (d) registered investment advisers, trust companies and","page_number":205,"box":{"x":117,"y":366,"width":740,"height":12}},{"id":"4d891554-8787-441b-af81-8638185bdf22","block_type":"box","text":"bank trust departments exercising discretionary investment authority with respect to amounts to be","page_number":205,"box":{"x":117,"y":382,"width":736,"height":12}},{"id":"5b99c20a-3227-4af6-a7e8-67e6601f820c","block_type":"box","text":"invested in a Fund; (e) persons participating in a fee-based program (such as a wrap account) under","page_number":205,"box":{"x":117,"y":397,"width":750,"height":12}},{"id":"3d01ebca-e19f-43eb-92be-ed850d6fc8d9","block_type":"box","text":"which they pay advisory fees to a broker-dealer or other financial institution; (f) financial intermediaries","page_number":205,"box":{"x":116,"y":413,"width":764,"height":12}},{"id":"d1b5bf65-3d29-4d78-ad94-ebe35dbb2304","block_type":"box","text":"who have entered into an agreement with the Distributor and have been approved by the Distributor to","page_number":205,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"71961d93-3831-4488-a2a5-a3cc80577d24","block_type":"box","text":"offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":205,"box":{"x":116,"y":444,"width":714,"height":12}},{"id":"2badc7bd-03e7-42bf-974b-32867bc7b2d4","block_type":"box","text":"transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into","page_number":205,"box":{"x":116,"y":459,"width":736,"height":12}},{"id":"944abf69-00c4-44f8-8783-d42d29589836","block_type":"box","text":"Roth IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only,","page_number":205,"box":{"x":117,"y":475,"width":753,"height":12}},{"id":"f84fd937-cea1-4f53-b640-1aeeffa5600a","block_type":"box","text":"accounts opened directly with a Fund that do not have a financial intermediary associated with the","page_number":205,"box":{"x":116,"y":490,"width":733,"height":12}},{"id":"c4c70a07-53ca-4999-8725-c199b3f70909","block_type":"box","text":"account; and (i) persons involuntarily liquidated from a Fund, who within 60 days of liquidation buy new","page_number":205,"box":{"x":116,"y":506,"width":769,"height":12}},{"id":"36c9d27c-44f2-4157-9b57-97ee793c85cd","block_type":"box","text":"shares of another BlackRock Fund (but only up to the amount that was liquidated). The following","page_number":205,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"93d979ef-75a9-43b1-afad-9da00a87a418","block_type":"box","text":"persons associated with the Funds, the Fund’s Manager, Sub-Advisers, Transfer Agent, Distributor,","page_number":205,"box":{"x":117,"y":537,"width":743,"height":12}},{"id":"aabbdcac-7d29-489b-8cf8-a64ca77dc8ac","block_type":"box","text":"fund accounting agents, Barclays PLC and their affiliates may buy Investor A or Investor P Shares of","page_number":205,"box":{"x":116,"y":552,"width":752,"height":12}},{"id":"9186de41-60f8-4252-b61c-95707e500022","block_type":"box","text":"each of the Funds without paying a sales charge to the extent permitted by these firms including:","page_number":205,"box":{"x":116,"y":568,"width":723,"height":12}},{"id":"213bfc84-df34-422f-82ff-ae0e9500bf0e","block_type":"box","text":"(a) officers, directors and partners; (b) employees and retirees; (c) employees or registered","page_number":205,"box":{"x":117,"y":583,"width":680,"height":12}},{"id":"9d9eceb6-0eda-44de-8540-87c2ae7a750c","block_type":"box","text":"representatives of firms who have entered into selling agreements to distribute shares of BlackRock","page_number":205,"box":{"x":117,"y":599,"width":745,"height":12}},{"id":"907124ca-dde8-4bfb-acc6-2d8e13068527","block_type":"box","text":"advised funds; (d) immediate family members of such persons (“immediate family members” shall be","page_number":205,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"c71b8c92-f33e-48ce-bfb0-85365d7c3a8a","block_type":"box","text":"defined as the investor, the investor’s spouse or domestic partner, children, parents and siblings); and","page_number":205,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"d646a004-ca2a-4cb2-b04f-05c0cb020ad8","block_type":"box","text":"(e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through","page_number":205,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"4c8924e8-a9fd-4ee6-87ce-b6bb0f475a44","block_type":"box","text":"(d). Investors who qualify for any of these exemptions from the sales charge should purchase","page_number":205,"box":{"x":117,"y":661,"width":692,"height":12}},{"id":"a184d5cb-a22f-47c8-8ae6-f2f677eff65a","block_type":"box","text":"Investor A or Investor P Shares. In addition, a sales charge waiver may be available for investors","page_number":205,"box":{"x":117,"y":676,"width":719,"height":12}},{"id":"fca4c50d-82c9-4590-82f9-716ec9f637e8","block_type":"box","text":"exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock","page_number":205,"box":{"x":116,"y":692,"width":730,"height":12}},{"id":"53a24e00-b2fd-4c30-bf2c-6079954b6689","block_type":"box","text":"Fund, or exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another","page_number":205,"box":{"x":117,"y":707,"width":713,"height":12}},{"id":"fda819a3-c5fd-4983-b92b-892146d4602d","block_type":"box","text":"BlackRock Fund, through an intermediary-processed exchange, provided that the investor had","page_number":205,"box":{"x":117,"y":723,"width":699,"height":12}},{"id":"24f774d4-c011-4807-9b6a-1313efd00c95","block_type":"box","text":"previously paid a sales charge with respect to such shares. The availability of Investor A or Investor P","page_number":205,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"1864f976-eb3a-4e2b-b347-dbb4331b7902","block_type":"box","text":"Shares sales charge waivers may depend upon the policies, procedures and trading platforms of your","page_number":205,"box":{"x":116,"y":754,"width":756,"height":12}},{"id":"2ac50cbc-6dff-4291-9856-7c76c7e51579","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":205,"box":{"x":116,"y":769,"width":387,"height":12}},{"id":"6d773eae-814c-4482-8d13-b3068dba42ff","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi","page_number":205,"box":{"x":117,"y":799,"width":736,"height":13}},{"id":"0b970cd4-d511-46c6-8095-94f180d59225","block_type":"box","text":"Asset Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock","page_number":205,"box":{"x":116,"y":816,"width":720,"height":12}},{"id":"02c0758e-65f0-4a4a-809b-adba30c6ad80","block_type":"box","text":"Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond","page_number":205,"box":{"x":117,"y":831,"width":755,"height":11}},{"id":"3ed34976-0f8b-4231-a72e-4cfe566f06d1","block_type":"box","text":"Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock","page_number":205,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"aed76551-afb0-4962-a577-c2c2ebb5d0a3","block_type":"box","text":"Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":205,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"6affef44-d158-44b6-8707-c8d2246cdf3e","block_type":"box","text":"Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust,","page_number":205,"box":{"x":117,"y":878,"width":693,"height":12}},{"id":"511d32c7-2ee0-405e-8440-69dd144562a3","block_type":"box","text":"II-134","page_number":205,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"eb51ad16-102a-46ee-a02a-74d316a3af8d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":205,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9d2d4c56-fa12-4754-ac84-cf28f6ceff93","block_type":"box","text":"BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":206,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"5a3798d0-bca9-4499-bf2f-d4651df69c8b","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and","page_number":206,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"7234f429-15c8-45f4-9619-adc8377246a6","block_type":"box","text":"BlackRock Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust,","page_number":206,"box":{"x":117,"y":118,"width":714,"height":12}},{"id":"7fdddc32-eb8c-4ce1-a0da-28e24492fcde","block_type":"box","text":"BlackRock Event Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock","page_number":206,"box":{"x":117,"y":133,"width":770,"height":13}},{"id":"e737bf6b-22df-4d37-b915-ac333ec2e99f","block_type":"box","text":"Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and","page_number":206,"box":{"x":117,"y":149,"width":757,"height":12}},{"id":"4a07af0c-1437-4fb7-89fa-1d75ac183a80","block_type":"box","text":"BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more in Investor A or","page_number":206,"box":{"x":117,"y":165,"width":742,"height":12}},{"id":"d747e8f1-d9cd-42d7-9c7b-fced5d19573e","block_type":"box","text":"Investor P Shares, as applicable, you may not pay an initial sales charge. However, if you redeem your","page_number":206,"box":{"x":117,"y":180,"width":769,"height":12}},{"id":"bcd5fc34-6125-4b21-af42-4ca49bf08074","block_type":"box","text":"Investor A or Investor P Shares, as applicable, within 18 months after purchase (a shorter holding","page_number":206,"box":{"x":117,"y":196,"width":729,"height":12}},{"id":"5ceef3c2-bb15-4647-bfff-8803a961ad7b","block_type":"box","text":"period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":206,"box":{"x":117,"y":211,"width":663,"height":12}},{"id":"b22fb804-d0d0-4bf0-b927-5f8e86054ac6","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the","page_number":206,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"26236276-4ad3-4af2-9dca-3af3c77e2ca0","block_type":"box","text":"Index Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for","page_number":206,"box":{"x":117,"y":258,"width":703,"height":12}},{"id":"9f45c2bd-2a48-45a2-a9a9-02bec55263bc","block_type":"box","text":"Investor A Shares of a portfolio advised by BlackRock or its affiliates where no initial sales charge was","page_number":206,"box":{"x":117,"y":273,"width":763,"height":12}},{"id":"15bdcb5d-c272-4133-a7dc-dc4ac1198f93","block_type":"box","text":"paid at the time of purchase of such fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of","page_number":206,"box":{"x":117,"y":289,"width":763,"height":12}},{"id":"b801d50c-45c8-4a71-a04e-927c015fb1e3","block_type":"box","text":"an investment of $1,000,000 (lesser amounts may apply depending on the Investor A Load-Waived","page_number":206,"box":{"x":116,"y":303,"width":742,"height":13}},{"id":"18e499fb-0bc0-46f1-b0da-d696f2ee3b38","block_type":"box","text":"BlackRock Portfolio) or more. The Investor A Shares deferred sales charge is only charged upon","page_number":206,"box":{"x":117,"y":320,"width":722,"height":12}},{"id":"9364e250-c356-42ba-8456-bad341f37bab","block_type":"box","text":"redemptions of Investor A Shares within 18 months after you originally acquired such Investor A","page_number":206,"box":{"x":117,"y":335,"width":716,"height":12}},{"id":"bacd986b-ce02-432d-82ca-b9d3d306cba7","block_type":"box","text":"Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply","page_number":206,"box":{"x":116,"y":351,"width":708,"height":12}},{"id":"8095aa3f-e12e-4c56-8ab2-bff1ecfa8f6a","block_type":"box","text":"depending on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There","page_number":206,"box":{"x":116,"y":366,"width":763,"height":12}},{"id":"ca7267a1-4ec2-4f44-9fa2-6a0f0ce0c1f6","block_type":"box","text":"is no deferred sales charge charged on redemptions if you have owned your Investor A Shares for","page_number":206,"box":{"x":117,"y":382,"width":733,"height":12}},{"id":"74284699-5339-4356-acdc-c973cea63129","block_type":"box","text":"more than 18 months (or for a shorter holding period, as applicable) (as measured from your original","page_number":206,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"7cdbfc09-4efe-4a86-a857-ac91edb25951","block_type":"box","text":"purchase of Investor A Shares that you exchanged into Investor A Shares of the Index Fund or","page_number":206,"box":{"x":117,"y":413,"width":707,"height":12}},{"id":"73cd98a8-a517-40fa-819e-1ea2ba9ad807","block_type":"box","text":"BlackRock Short Obligations Fund).","page_number":206,"box":{"x":117,"y":428,"width":270,"height":12}},{"id":"60ab7c22-e9d1-4786-ab74-910d93c97bbc","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection","page_number":206,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"7bf6e439-c833-4891-acc2-697ceb3d257b","block_type":"box","text":"with: (a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored","page_number":206,"box":{"x":116,"y":475,"width":752,"height":12}},{"id":"2a0c2dc8-ff04-4777-8a15-f87e53a7534e","block_type":"box","text":"retirement plans and rollovers of current investments in a Fund through such plans; (b) exchanges","page_number":206,"box":{"x":117,"y":490,"width":709,"height":12}},{"id":"7645e5e0-b642-4d37-a4e3-420c172fe5f0","block_type":"box","text":"described in “Exchange Privilege” below; (c) redemptions made in connection with minimum required","page_number":206,"box":{"x":116,"y":506,"width":730,"height":12}},{"id":"9c41c617-7fb3-45ac-af33-337905f4068d","block_type":"box","text":"distributions from IRA and 403(b)(7) accounts due to the shareholder reaching the applicable age","page_number":206,"box":{"x":116,"y":521,"width":704,"height":12}},{"id":"ef166dcb-cbcb-4c33-b568-02c48a0e3d05","block_type":"box","text":"triggering such distributions; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":206,"box":{"x":116,"y":537,"width":770,"height":12}},{"id":"80c4913f-2351-430c-bbea-dd73158cd930","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the","page_number":206,"box":{"x":117,"y":552,"width":768,"height":12}},{"id":"bb968748-2bf7-484e-8830-036f2a1ca042","block_type":"box","text":"receipt of a certified probate settlement (including in connection with the distribution of account assets to a","page_number":206,"box":{"x":117,"y":568,"width":765,"height":12}},{"id":"875df172-1f8e-4b72-8c88-e43607022f86","block_type":"box","text":"beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code)","page_number":206,"box":{"x":117,"y":583,"width":740,"height":12}},{"id":"9ffb88d6-b0c2-4b44-8d59-62ce44bc26e1","block_type":"box","text":"subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or","page_number":206,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"feacc066-416a-49de-a202-da60fc53ed05","block_type":"box","text":"Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":206,"box":{"x":117,"y":614,"width":687,"height":12}},{"id":"fba958a6-c340-4138-acd0-6575a8e39fce","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon","page_number":206,"box":{"x":116,"y":630,"width":738,"height":12}},{"id":"1070e444-0112-4f70-9e3f-1a2ce4286b1a","block_type":"box","text":"Investment Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can","page_number":206,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"5a948cf1-abe3-4096-9579-2331df6fe814","block_type":"box","text":"demonstrate hardship, in the absolute discretion of a Fund.","page_number":206,"box":{"x":116,"y":661,"width":423,"height":12}},{"id":"41105280-9d59-42e7-a64e-2ad71ebed4a5","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a","page_number":206,"box":{"x":116,"y":692,"width":740,"height":12}},{"id":"9fb4837b-6c4a-4ee9-9a87-075a72e1ec85","block_type":"box","text":"placement fee, the Fund may, at its own discretion, waive the CDSC related to purchases of","page_number":206,"box":{"x":117,"y":707,"width":683,"height":12}},{"id":"58c82154-d621-496a-8da0-7d87b37babe1","block_type":"box","text":"$1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income","page_number":206,"box":{"x":116,"y":722,"width":745,"height":13}},{"id":"0d40f692-4030-4859-82ff-2f48a4e6064e","block_type":"box","text":"Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative","page_number":206,"box":{"x":117,"y":738,"width":727,"height":12}},{"id":"05787046-e7de-4895-8acb-8776fe888d0f","block_type":"box","text":"Value Fund of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc.,","page_number":206,"box":{"x":116,"y":754,"width":719,"height":11}},{"id":"9df12852-968b-4967-aa96-8f788e8d1529","block_type":"box","text":"BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of BlackRock Municipal","page_number":206,"box":{"x":117,"y":769,"width":740,"height":12}},{"id":"28056c59-0b85-46f7-b189-ce84906a2983","block_type":"box","text":"Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":206,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"eb2a6cb3-2f7d-4aff-b5d7-247b1a523dea","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock","page_number":206,"box":{"x":117,"y":800,"width":736,"height":12}},{"id":"d78a8079-e71e-40f8-b9ad-1febd3e80982","block_type":"box","text":"California Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock","page_number":206,"box":{"x":117,"y":816,"width":732,"height":12}},{"id":"2cd47443-6b29-421f-bef0-12d3b72751a2","block_type":"box","text":"New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":206,"box":{"x":117,"y":831,"width":761,"height":12}},{"id":"7ebd60ce-ae00-4ab3-9f14-f6425a05e03f","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event","page_number":206,"box":{"x":117,"y":847,"width":762,"height":12}},{"id":"cc1f9eb0-2371-4ece-9b65-4bd31a9ab5af","block_type":"box","text":"Driven Equity Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration","page_number":206,"box":{"x":117,"y":861,"width":742,"height":13}},{"id":"14f7e601-d323-424d-bcef-2b59c7b2bfb8","block_type":"box","text":"Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock","page_number":206,"box":{"x":117,"y":878,"width":738,"height":12}},{"id":"a578b9fd-f215-4516-b497-bfd144d562f8","block_type":"box","text":"II-135","page_number":206,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"93dd3b8d-2465-4a7f-99fd-5f1e095d5ee6","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":206,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"edab1194-1719-4e9b-848e-e616054efacd","block_type":"box","text":"Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or Investor P","page_number":207,"box":{"x":116,"y":87,"width":740,"height":12}},{"id":"040a22e5-b408-4009-8d13-7f2d068ba10e","block_type":"box","text":"Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":207,"box":{"x":116,"y":102,"width":706,"height":13}},{"id":"d5d3d1e5-db1d-47fc-99a2-3d8b9af4b227","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":207,"box":{"x":117,"y":118,"width":326,"height":12}},{"id":"411ce94f-f5b4-4ddc-b5cb-b603685f33c1","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons,","page_number":207,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"d0a260b0-1e92-450e-991a-9fe4359df6a7","block_type":"box","text":"are required to transfer investment positions from a foreign registered investment company advised by","page_number":207,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"375c2f4a-81c1-49e7-8ff1-da0efd997c41","block_type":"box","text":"BlackRock or its affiliates to a U.S. registered BlackRock-advised fund.","page_number":207,"box":{"x":117,"y":180,"width":530,"height":12}},{"id":"d074c48c-fbc4-4cf1-a000-97d9925b6c69","block_type":"box","text":"Acquisition of Certain Investment Companies.","page_number":207,"box":{"x":115,"y":211,"width":340,"height":12}},{"id":"37e44db2-6844-4131-be3e-13808ae5fcf7","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV","page_number":207,"box":{"x":456,"y":211,"width":432,"height":12}},{"id":"8500bb99-81d9-4433-888d-03c491f1c8d1","block_type":"box","text":"in connection with the acquisition of the assets of, or merger or consolidation with, a personal holding","page_number":207,"box":{"x":117,"y":227,"width":755,"height":12}},{"id":"13d611ff-a79b-4dfa-acc2-a8779a83b76a","block_type":"box","text":"company or a public or private investment company.","page_number":207,"box":{"x":116,"y":242,"width":394,"height":12}},{"id":"102528c3-8e7a-48e1-b71f-fb163da92e86","block_type":"box","text":"Purchases Through Certain Financial Intermediaries.","page_number":207,"box":{"x":116,"y":273,"width":392,"height":12}},{"id":"89445cdc-face-429f-bc67-3d317ae81c40","block_type":"box","text":"Reduced sales charges may be applicable for","page_number":207,"box":{"x":509,"y":273,"width":350,"height":12}},{"id":"20d9851e-d09d-4e56-92f8-6ced3e5b8f73","block_type":"box","text":"purchases of Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers,","page_number":207,"box":{"x":117,"y":289,"width":764,"height":12}},{"id":"ed4d1e89-819e-4837-b8dc-ef647b541f75","block_type":"box","text":"selected securities dealers and other financial intermediaries that meet and adhere to standards","page_number":207,"box":{"x":116,"y":304,"width":717,"height":10}},{"id":"d453dd25-3c1b-4efd-83f1-151309128b72","block_type":"box","text":"established by the Manager from time to time.","page_number":207,"box":{"x":116,"y":320,"width":346,"height":12}},{"id":"d6278da4-906f-49ba-bb5d-1d53f51a1688","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":207,"box":{"x":117,"y":351,"width":445,"height":12}},{"id":"94af9854-8b59-4191-9b73-65784e1b034b","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are","page_number":207,"box":{"x":117,"y":374,"width":762,"height":12}},{"id":"804c4fe0-e7bb-4442-8592-a8184d1b1465","block_type":"box","text":"uncertain as to the length of time they intend to hold their assets in a Fund. If you select Investor C","page_number":207,"box":{"x":117,"y":389,"width":736,"height":12}},{"id":"1dc6a834-568e-47fb-a500-b2f518ca188d","block_type":"box","text":"Shares, you do not pay an initial sales charge at the time of purchase. A Fund will not accept a","page_number":207,"box":{"x":116,"y":405,"width":708,"height":12}},{"id":"d2b7a264-5419-4ef7-b5af-3958562b1c85","block_type":"box","text":"purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a","page_number":207,"box":{"x":117,"y":420,"width":732,"height":12}},{"id":"0d8e3cc5-4ba7-4202-aa63-f687c0dd3fcb","block_type":"box","text":"lower breakpoint for NAV). Your financial intermediary may set a lower maximum for Investor C","page_number":207,"box":{"x":117,"y":436,"width":711,"height":12}},{"id":"6d96b33e-301f-431c-8ab0-e01e039754a7","block_type":"box","text":"Shares.","page_number":207,"box":{"x":116,"y":451,"width":62,"height":10}},{"id":"770e86aa-7c10-44df-a890-db27cc065aac","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a","page_number":207,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"2cfdf3f6-4894-4de3-a554-b08fa3a7e951","block_type":"box","text":"financial intermediary associated with the account.","page_number":207,"box":{"x":116,"y":498,"width":379,"height":12}},{"id":"fb48dcb4-b41d-4272-8a9f-1a8e57c2ba6e","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":207,"box":{"x":117,"y":529,"width":700,"height":12}},{"id":"bd2ba904-6f27-45a7-a31c-4d0c34ccaa99","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for","page_number":207,"box":{"x":116,"y":560,"width":771,"height":12}},{"id":"3133aa76-e04d-4041-b71c-5dfb6db52496","block_type":"box","text":"the reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution","page_number":207,"box":{"x":116,"y":575,"width":767,"height":12}},{"id":"c52a6cd7-8dcf-4754-9a68-5b03a16c5dee","block_type":"box","text":"fees; however, these fees potentially may be offset to the extent any return is realized on the additional","page_number":207,"box":{"x":116,"y":591,"width":769,"height":12}},{"id":"b018a2df-47a7-4e25-81a0-3b11417d0fed","block_type":"box","text":"funds initially invested in CDSC shares.","page_number":207,"box":{"x":116,"y":606,"width":298,"height":12}},{"id":"502cf1ae-5e17-418e-a1f6-6d6733d6ac3c","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares","page_number":207,"box":{"x":117,"y":637,"width":758,"height":12}},{"id":"0ea7d31d-edfb-4578-a864-3cfd3a772599","block_type":"box","text":"at the time of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid","page_number":207,"box":{"x":116,"y":653,"width":757,"height":12}},{"id":"70802127-e6a6-41f8-b5cf-51c00315c921","block_type":"box","text":"to the Distributor and are used by the Distributor to defray the expenses of securities dealers or other","page_number":207,"box":{"x":116,"y":668,"width":751,"height":12}},{"id":"25b4b698-4925-456b-b755-8d52d6557df2","block_type":"box","text":"financial intermediaries related to providing distribution-related services to each Fund in connection","page_number":207,"box":{"x":116,"y":684,"width":735,"height":12}},{"id":"4a72e537-bee6-4123-b008-7b63820a0078","block_type":"box","text":"with the sale of the CDSC shares. The combination of the CDSC and the ongoing distribution fee","page_number":207,"box":{"x":116,"y":699,"width":719,"height":13}},{"id":"dfce5366-f9a3-43ca-8b90-3e08a1ffa0e9","block_type":"box","text":"facilitates the ability of each Fund to sell the CDSC shares without a sales charge being deducted at","page_number":207,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"5964bad9-1524-46af-8e30-4d74d1604d95","block_type":"box","text":"the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below. Imposition of the","page_number":207,"box":{"x":116,"y":730,"width":742,"height":13}},{"id":"aa794ac8-37fe-427a-ace7-013d80f1623f","block_type":"box","text":"CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":207,"box":{"x":117,"y":746,"width":737,"height":12}},{"id":"f9e732ff-dbd8-444b-bb5d-da142a2dc4cb","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":207,"box":{"x":116,"y":761,"width":642,"height":13}},{"id":"6669717b-5bfd-4c1e-8b4b-70dd86d09de6","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold","page_number":207,"box":{"x":117,"y":792,"width":750,"height":13}},{"id":"9746220c-6ba0-4f38-a686-080efd850bbf","block_type":"box","text":"by them plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a","page_number":207,"box":{"x":117,"y":808,"width":751,"height":12}},{"id":"09b3cce0-f639-4422-a9f2-8787f0ed8ccd","block_type":"box","text":"commission in connection with sales of Investor C Shares to certain employer-sponsored retirement","page_number":207,"box":{"x":116,"y":823,"width":741,"height":13}},{"id":"e6cf1c0c-ec4c-49fe-9b85-c6fdad32b58b","block_type":"box","text":"plans sponsored by the Fund, BlackRock or its affiliates, but may receive fees under the Distribution","page_number":207,"box":{"x":117,"y":839,"width":746,"height":12}},{"id":"3491c35d-1361-4d7a-a095-f76589e83b0e","block_type":"box","text":"and Service Plan. These commissions and payments may be different than the reallowances,","page_number":207,"box":{"x":116,"y":854,"width":699,"height":13}},{"id":"7b676711-3252-4c94-b510-4f791a1de2dd","block_type":"box","text":"placement fees and commissions paid to dealers in connection with sales of Investor A, Investor A1","page_number":207,"box":{"x":117,"y":870,"width":744,"height":12}},{"id":"c0ff79d4-bb7b-455d-a7c1-a24df37ed907","block_type":"box","text":"II-136","page_number":207,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e385c704-aa3e-40df-bfca-3eab54b478c4","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":207,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"59a9c5b6-bea0-4e20-aa7f-2a3a10465a83","block_type":"box","text":"and Investor P Shares. These may depend upon the policies, procedures and trading platforms of your","page_number":208,"box":{"x":116,"y":87,"width":768,"height":12}},{"id":"5b904d6c-382e-4150-8b92-6557edecfd57","block_type":"box","text":"financial intermediary; consult your financial adviser.","page_number":208,"box":{"x":116,"y":102,"width":393,"height":13}},{"id":"01acccf3-89c5-44d2-8af1-cd17bc53fd35","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective","page_number":208,"box":{"x":117,"y":131,"width":664,"height":12}},{"id":"0476d409-17b2-4dd5-a32d-3eba7913cce7","block_type":"box","text":"November 23, 2020, Investor C Shares held for approximately eight years will be converted into","page_number":208,"box":{"x":117,"y":146,"width":714,"height":12}},{"id":"7c4b120e-a0d3-4626-8016-416b6c393a75","block_type":"box","text":"Investor A Shares, as set forth in each Fund’s Prospectus. In addition, accounts that do not have a","page_number":208,"box":{"x":117,"y":162,"width":736,"height":12}},{"id":"7c528f2b-2365-4132-8f69-fe2e748e0157","block_type":"box","text":"financial intermediary associated with them are not eligible to hold Investor C Shares, and any Investor","page_number":208,"box":{"x":116,"y":177,"width":768,"height":12}},{"id":"f4446da1-849e-4a78-a35e-356849c432b1","block_type":"box","text":"C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":208,"box":{"x":117,"y":193,"width":635,"height":12}},{"id":"4f33ef8d-6788-495a-89aa-97872a11b57e","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":208,"box":{"x":117,"y":221,"width":404,"height":10}},{"id":"eb7b8bb1-591f-4b6c-9d9e-604d0f79e5d6","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor","page_number":208,"box":{"x":117,"y":243,"width":763,"height":12}},{"id":"8bf6c73b-a65a-4fc4-8175-88c847d09ddd","block_type":"box","text":"C Shares of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor","page_number":208,"box":{"x":117,"y":259,"width":736,"height":12}},{"id":"13d2fb4f-8254-409e-b9ea-0b6f26fc6cba","block_type":"box","text":"C 8-Year Conversion”). Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the","page_number":208,"box":{"x":117,"y":274,"width":770,"height":12}},{"id":"7d48b218-927e-41fe-bd6f-6971380f59b7","block_type":"box","text":"“Successor Funds”) pursuant to reorganizations which occurred in September 2018. The holding","page_number":208,"box":{"x":116,"y":290,"width":722,"height":12}},{"id":"a3057466-5039-40a1-870e-aedfd105bd91","block_type":"box","text":"period for Investor C Shares of Successor Funds includes the period such shares were held in the","page_number":208,"box":{"x":117,"y":305,"width":732,"height":12}},{"id":"1783fcc3-cba9-4911-a182-9203953227a9","block_type":"box","text":"respective Predecessor Fund. It is the financial intermediary’s responsibility to ensure that the","page_number":208,"box":{"x":117,"y":321,"width":699,"height":12}},{"id":"9f9da094-8044-48dd-86d3-116e54d84e39","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain financial","page_number":208,"box":{"x":116,"y":336,"width":713,"height":12}},{"id":"22dce143-25df-4c8f-a2eb-a51221b2b91d","block_type":"box","text":"intermediaries, including group retirement recordkeeping platforms, may not have been tracking such","page_number":208,"box":{"x":117,"y":352,"width":755,"height":12}},{"id":"08aec9e8-755d-4adf-852e-bac1521b3663","block_type":"box","text":"holding periods and therefore may not be able to process such conversions. In such instances,","page_number":208,"box":{"x":117,"y":367,"width":708,"height":12}},{"id":"3800ce0b-3cbd-4a73-b364-b75aa4cf082d","block_type":"box","text":"Investor C Shares held as of the Effective Date will automatically convert to Investor A Shares","page_number":208,"box":{"x":117,"y":383,"width":702,"height":12}},{"id":"0a0c1a24-b0a6-430b-8386-98c6fa95cef2","block_type":"box","text":"approximately eight years after the Effective Date. If, as of November 23, 2028 (eight years after the","page_number":208,"box":{"x":116,"y":398,"width":749,"height":12}},{"id":"80e022a1-bbed-4443-a5ed-86c84d4a1b49","block_type":"box","text":"Effective Date), a financial intermediary has not implemented systems or procedures to track holding","page_number":208,"box":{"x":117,"y":414,"width":751,"height":12}},{"id":"810d1103-c413-4bdb-88df-c8f46425e722","block_type":"box","text":"periods commencing from the Effective Date, shareholders holding Investor C Shares through such","page_number":208,"box":{"x":117,"y":429,"width":742,"height":12}},{"id":"b3ab7b93-a1a1-4d85-a573-157f248696cd","block_type":"box","text":"financial intermediary will no longer be eligible to hold Investor C Shares and any such shares will","page_number":208,"box":{"x":116,"y":445,"width":729,"height":12}},{"id":"ff551249-d62a-4f74-a375-c5ee9f9decde","block_type":"box","text":"convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":208,"box":{"x":116,"y":460,"width":597,"height":12}},{"id":"7fb4541f-dd9d-49c1-bd60-aff669d41fd6","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to","page_number":208,"box":{"x":117,"y":489,"width":756,"height":12}},{"id":"4196a3ac-affe-49bd-8061-e21d7bd6676b","block_type":"box","text":"hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically","page_number":208,"box":{"x":117,"y":504,"width":704,"height":12}},{"id":"ebd73bd1-21b8-4bdc-aee3-d49cda92f487","block_type":"box","text":"converted into Investor A Shares (the “Investor C Direct Accounts Conversion” and together with the","page_number":208,"box":{"x":116,"y":520,"width":749,"height":12}},{"id":"92be97ce-7297-495a-aaab-94b08d470287","block_type":"box","text":"Investor C 8-Year Conversion, the “Investor C Conversions”).","page_number":208,"box":{"x":117,"y":535,"width":459,"height":12}},{"id":"2279d7f8-e8fe-4af5-9834-5bee3ec1ac30","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”)","page_number":208,"box":{"x":116,"y":563,"width":765,"height":13}},{"id":"236c494c-1090-449c-b825-05518e2950d6","block_type":"box","text":"on the basis of the relative NAV of the shares of the two applicable classes on the Investor C","page_number":208,"box":{"x":116,"y":579,"width":694,"height":12}},{"id":"a05970e7-20cd-4590-a524-e9db37a50998","block_type":"box","text":"Conversion Date, without the imposition of any sales load, fee or other charge. The Investor C","page_number":208,"box":{"x":117,"y":594,"width":702,"height":13}},{"id":"155e5643-fe2b-4da1-81a9-ceab8ecab5d9","block_type":"box","text":"Conversions will not be deemed a purchase or sale of the shares for U.S. federal income tax purposes.","page_number":208,"box":{"x":117,"y":610,"width":770,"height":12}},{"id":"31793860-39e3-47fe-a7b2-f4b7211f723e","block_type":"box","text":"Shares acquired through reinvestment of dividends on Investor C Shares will also convert","page_number":208,"box":{"x":116,"y":625,"width":670,"height":13}},{"id":"ecfc829f-0fc7-48c8-b155-bfc6a85dcdf9","block_type":"box","text":"automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C Conversion","page_number":208,"box":{"x":116,"y":641,"width":765,"height":12}},{"id":"4214c4d1-c06e-4a74-a8a3-1bac0f434513","block_type":"box","text":"Date for dividend reinvestment shares will be calculated taking into account the length of time the","page_number":208,"box":{"x":117,"y":656,"width":726,"height":13}},{"id":"83e5c643-7e28-44d1-bc65-7beded97b876","block_type":"box","text":"shares underlying the dividend reinvestment shares were outstanding.","page_number":208,"box":{"x":116,"y":672,"width":520,"height":12}},{"id":"92f92740-482d-4680-9307-6a5f0d8a4ffc","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":208,"box":{"x":117,"y":700,"width":418,"height":12}},{"id":"69941c86-6def-4f48-8568-93f872fd75cf","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC","page_number":208,"box":{"x":117,"y":722,"width":741,"height":12}},{"id":"4a899694-2c11-40c1-91ae-216ebae3c7eb","block_type":"box","text":"charged as a percentage of the dollar amount subject thereto. In determining whether an Investor C","page_number":208,"box":{"x":116,"y":738,"width":739,"height":12}},{"id":"5b69b216-a96b-429e-ba89-bc94e737a874","block_type":"box","text":"Shares CDSC is applicable to a redemption, the calculation will be determined in the manner that","page_number":208,"box":{"x":116,"y":753,"width":722,"height":12}},{"id":"ac0825e8-6cff-4e1a-ab8c-f0c60cb046e2","block_type":"box","text":"results in the lowest possible rate being charged. The charge will be assessed on an amount equal to","page_number":208,"box":{"x":117,"y":769,"width":751,"height":12}},{"id":"3d43119d-44d9-48dd-abac-6d9709c1f836","block_type":"box","text":"the lesser of the proceeds of redemption or the cost of the shares being redeemed. Accordingly, no","page_number":208,"box":{"x":116,"y":784,"width":737,"height":12}},{"id":"0a51c02e-cd57-4ed0-958b-e304582c6211","block_type":"box","text":"CDSC will be imposed on increases in NAV above the initial purchase price of Investor C Shares. In","page_number":208,"box":{"x":117,"y":800,"width":740,"height":12}},{"id":"16c2c372-0b10-44eb-bc32-1e85a497c38b","block_type":"box","text":"addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of dividends.","page_number":208,"box":{"x":116,"y":815,"width":759,"height":12}},{"id":"c798418b-50c5-479c-b6dc-a91540996a24","block_type":"box","text":"It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":208,"box":{"x":117,"y":831,"width":722,"height":12}},{"id":"8e6f9501-5d95-41d2-93bb-b661c4c16ec1","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A","page_number":208,"box":{"x":117,"y":846,"width":745,"height":12}},{"id":"df152b65-8a87-4d11-8a12-6218c922d416","block_type":"box","text":"transfer of shares from a shareholder’s account to another account will be assumed to be made in the","page_number":208,"box":{"x":116,"y":862,"width":761,"height":9}},{"id":"d553852d-f12e-46e9-ac54-dd2926ead006","block_type":"box","text":"same order as a redemption.","page_number":208,"box":{"x":116,"y":877,"width":220,"height":12}},{"id":"70af626a-2cd3-4a62-8619-9eb1564015de","block_type":"box","text":"II-137","page_number":208,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"04d27f28-5b06-46a0-9d28-ce8be2fd276c","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":208,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2f2b9c5a-3526-451b-8345-c4578ae94444","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":209,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"0be9539a-eaf6-40e4-a5dc-b9c0e9994ece","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods","page_number":209,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"8f46e633-6357-4868-8735-c66604ba7a91","block_type":"box","text":"indicated.","page_number":209,"box":{"x":117,"y":118,"width":75,"height":10}},{"id":"609963e6-e785-4a3b-bda3-9a7ff98e0bc2","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":209,"box":{"x":117,"y":149,"width":610,"height":12}},{"id":"19df6821-229e-44a5-93e6-9eec6a0656c3","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C","page_number":209,"box":{"x":116,"y":172,"width":725,"height":12}},{"id":"b72da68f-a7f7-4427-8ca5-dc774e17a46b","block_type":"box","text":"Shares purchased through certain employer-sponsored retirement plans and fee-based programs","page_number":209,"box":{"x":116,"y":188,"width":729,"height":12}},{"id":"0f3f0511-9467-41b1-84b2-9ac957a294d1","block_type":"box","text":"previously approved by certain Funds and rollovers of current investments in the Fund through such","page_number":209,"box":{"x":117,"y":203,"width":745,"height":12}},{"id":"4db14e2d-b03c-451b-b0e1-e1a242bd25ed","block_type":"box","text":"plans; (2) exchanges described in “Exchange Privilege” below; (3) redemptions made in connection","page_number":209,"box":{"x":117,"y":219,"width":741,"height":12}},{"id":"9a8663af-0334-4735-a9ad-b26e69d26792","block_type":"box","text":"with minimum required distributions due to the shareholder reaching age 72 from IRA and 403(b)(7)","page_number":209,"box":{"x":116,"y":234,"width":744,"height":12}},{"id":"bb445183-c70b-4c5d-9915-3ae05a2759ee","block_type":"box","text":"accounts; (4) redemptions made with respect to certain retirement plans sponsored by the Fund,","page_number":209,"box":{"x":116,"y":250,"width":721,"height":12}},{"id":"f8febfe6-50b7-4fbf-a3e4-8aa1a85b7873","block_type":"box","text":"BlackRock or its affiliates; (5) redemptions in connection with a shareholder’s death as long as the","page_number":209,"box":{"x":117,"y":265,"width":732,"height":12}},{"id":"41ca2a0d-b2c1-499f-9161-6367c3d02e4d","block_type":"box","text":"waiver request is made within one year of death or, if later, reasonably promptly following completion of","page_number":209,"box":{"x":116,"y":281,"width":772,"height":12}},{"id":"131ba8f4-9453-4a46-b165-9ff731ac5e1a","block_type":"box","text":"probate (including in connection with the distribution of account assets to a beneficiary of the decedent)","page_number":209,"box":{"x":117,"y":296,"width":771,"height":12}},{"id":"d30c85a0-a23e-4d6a-9baa-22d742939f82","block_type":"box","text":"or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":209,"box":{"x":116,"y":312,"width":766,"height":12}},{"id":"62d1c232-9ff6-4f45-8c4c-7def1792e9ff","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent","page_number":209,"box":{"x":117,"y":327,"width":770,"height":12}},{"id":"058a8ebc-7fc7-428d-8e7d-2d300e566e20","block_type":"box","text":"to the purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low","page_number":209,"box":{"x":116,"y":343,"width":749,"height":12}},{"id":"d10dbde6-3e81-44d3-b5a6-93b6f314cc00","block_type":"box","text":"balances as described in “Redemption of Shares” below; (8) redemptions made pursuant to a","page_number":209,"box":{"x":117,"y":358,"width":698,"height":12}},{"id":"b07128fd-e2e8-4517-b796-094be0788065","block_type":"box","text":"systematic withdrawal plan, subject to the limitations set forth under “Systematic Withdrawal Plan”","page_number":209,"box":{"x":116,"y":374,"width":731,"height":12}},{"id":"6fa95d09-fc93-41d5-88f1-d65bd0dc6e00","block_type":"box","text":"below; (9) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company","page_number":209,"box":{"x":117,"y":389,"width":740,"height":12}},{"id":"73553c00-2600-4852-b9c6-33ea496b9782","block_type":"box","text":"custodial IRA fees; and (10) redemptions when a shareholder can demonstrate hardship, in the","page_number":209,"box":{"x":116,"y":405,"width":712,"height":12}},{"id":"1b7e3384-484c-400a-87b9-383f411aa8a2","block_type":"box","text":"absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares acquired","page_number":209,"box":{"x":116,"y":420,"width":716,"height":12}},{"id":"778d1383-bd3c-40cb-8ef4-a4efd5b90e1c","block_type":"box","text":"through the reinvestment of dividends or distributions.","page_number":209,"box":{"x":116,"y":436,"width":404,"height":12}},{"id":"d13b49c1-bc6c-42c9-a01f-c6e3838c03ec","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain","page_number":209,"box":{"x":117,"y":467,"width":756,"height":12}},{"id":"9802389d-cfb6-4560-9afd-ae7e67994b3b","block_type":"box","text":"financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in","page_number":209,"box":{"x":116,"y":482,"width":746,"height":12}},{"id":"5b8c036c-e5e7-4540-a08a-bb650d09d1de","block_type":"box","text":"the Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":209,"box":{"x":116,"y":498,"width":662,"height":12}},{"id":"5b2a3dff-1a95-4aef-b511-d49c8c599f39","block_type":"box","text":"Class R Shares","page_number":209,"box":{"x":116,"y":529,"width":127,"height":9}},{"id":"6b0a8547-2255-4c5b-bfe4-722ed246afe5","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R","page_number":209,"box":{"x":117,"y":552,"width":727,"height":12}},{"id":"5045e51e-2c6d-4bff-a3a3-aadee25969ae","block_type":"box","text":"Shares are available only to certain employer-sponsored retirement plans. Class R Shares are not","page_number":209,"box":{"x":116,"y":568,"width":734,"height":12}},{"id":"3fd20f8e-959a-42e0-95e5-9670c583878f","block_type":"box","text":"subject to an initial sales charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per","page_number":209,"box":{"x":116,"y":583,"width":765,"height":12}},{"id":"026f3630-7218-4707-838d-d668787827aa","block_type":"box","text":"year and an ongoing service fee of 0.25% per year. Distribution fees are used to support the Fund’s","page_number":209,"box":{"x":116,"y":599,"width":745,"height":12}},{"id":"9baf592f-fe0f-4b00-872b-0026d0451b77","block_type":"box","text":"marketing and distribution efforts, such as compensating financial advisers and other financial","page_number":209,"box":{"x":117,"y":614,"width":700,"height":12}},{"id":"679f0633-4766-4321-976c-bccb78bb150e","block_type":"box","text":"intermediaries, advertising and promotion. Service fees are used to compensate securities dealers and","page_number":209,"box":{"x":117,"y":630,"width":768,"height":12}},{"id":"f669c35e-4910-4f6d-a1c5-dda52928a035","block_type":"box","text":"other financial intermediaries for service activities.","page_number":209,"box":{"x":116,"y":645,"width":376,"height":10}},{"id":"30c56c8e-750e-4fde-b3ea-50b0d08bf756","block_type":"box","text":"If Class R Shares are held over time, these","page_number":209,"box":{"x":117,"y":676,"width":319,"height":11}},{"id":"38871e20-5c07-423e-8731-d9818266cee6","block_type":"box","text":"fees may exceed the maximum sales charge that an","page_number":209,"box":{"x":442,"y":676,"width":388,"height":12}},{"id":"40084028-0f9b-4f4a-84c3-25ec74ba687a","block_type":"box","text":"investor would have paid as a shareholder of one of the other share classes.","page_number":209,"box":{"x":117,"y":692,"width":566,"height":12}},{"id":"212dc773-cc26-4047-bef7-06c45d351f0e","block_type":"box","text":"Class K Shares","page_number":209,"box":{"x":116,"y":723,"width":122,"height":9}},{"id":"785b9cce-542c-40ac-9162-7e00453abe51","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are","page_number":209,"box":{"x":117,"y":746,"width":761,"height":12}},{"id":"874b8995-a027-45a2-88f4-eb81fdf6078a","block_type":"box","text":"available only to (i) certain employee benefit plans, such as health savings accounts, and certain","page_number":209,"box":{"x":116,"y":761,"width":716,"height":13}},{"id":"a14d40d2-0b26-41af-8b76-34ae6d2b8eeb","block_type":"box","text":"employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs)","page_number":209,"box":{"x":116,"y":777,"width":694,"height":12}},{"id":"ec4adc6b-9286-4c78-8aec-4f316b007632","block_type":"box","text":"(collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies","page_number":209,"box":{"x":117,"y":792,"width":765,"height":13}},{"id":"fd93f7ab-aba8-4817-8a96-eccd83d6a3dc","block_type":"box","text":"and other pooled investment vehicles, each of which may purchase shares of the Fund through a","page_number":209,"box":{"x":116,"y":808,"width":720,"height":12}},{"id":"e58cbe4a-a16a-4476-a4c3-a975ac652f8f","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":209,"box":{"x":116,"y":823,"width":761,"height":13}},{"id":"769e247e-8ca1-4ec3-99e0-dba584385c32","block_type":"box","text":"(iii) “Institutional Investors,” which include but are not limited to, endowments, foundations, family","page_number":209,"box":{"x":117,"y":839,"width":722,"height":12}},{"id":"f3a160b0-d23d-4a1f-a2f1-d026cc89f909","block_type":"box","text":"offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":209,"box":{"x":116,"y":854,"width":710,"height":13}},{"id":"f8bccf23-51a7-4632-8eec-eafc0db725d8","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a","page_number":209,"box":{"x":117,"y":870,"width":735,"height":12}},{"id":"3f821798-bf4c-4e4e-b377-bd071cb34a86","block_type":"box","text":"II-138","page_number":209,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"dff2c6c6-e563-4413-b83d-ba47658b0cdc","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":209,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"45905315-8237-41d5-9ac0-1e4fcad55c16","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares,","page_number":210,"box":{"x":116,"y":87,"width":767,"height":12}},{"id":"7e752d96-97ee-4f3a-81cc-37b43eb774b2","block_type":"box","text":"(iv) clients of private banks that purchase shares of the Fund through a financial intermediary that has","page_number":210,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"4ccd347b-2554-4936-a53e-479c9b8e516f","block_type":"box","text":"entered into an agreement with the Distributor to sell such shares; (v) fee-based advisory platforms of","page_number":210,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"252ae155-247f-498c-b35e-e16a18bbbdb8","block_type":"box","text":"a financial intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":210,"box":{"x":116,"y":134,"width":699,"height":12}},{"id":"42d06b2f-5385-493c-a0b2-9586e048af16","block_type":"box","text":"Distributor and/or its affiliate(s) that the financial intermediary shall offer such shares to fee-based","page_number":210,"box":{"x":117,"y":149,"width":728,"height":12}},{"id":"da70875f-665c-44ad-bd3c-bc5473337db4","block_type":"box","text":"advisory clients through an omnibus account held at the Fund or (b) transacts in the Fund’s shares","page_number":210,"box":{"x":116,"y":165,"width":737,"height":12}},{"id":"7a8b8ba6-1392-469d-a13d-f230b64129c3","block_type":"box","text":"through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":210,"box":{"x":116,"y":180,"width":750,"height":12}},{"id":"358be54c-ee96-4adb-b247-f268c7ea10fa","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have","page_number":210,"box":{"x":117,"y":196,"width":748,"height":12}},{"id":"7dad48a3-1bd9-4882-bb51-022eacf2f946","block_type":"box","text":"continually held Class K Shares of the Fund or the respective Predecessor Fund in the same account","page_number":210,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"79f8d389-8b9b-49ab-a8a1-c00fe83f98c2","block_type":"box","text":"since August 15, 2016. The agreement referenced in (iv) above shall appear in a supplemental","page_number":210,"box":{"x":116,"y":227,"width":709,"height":12}},{"id":"7b9d5e36-5471-4a11-becc-7491c47586d1","block_type":"box","text":"agreement to any selling, sub-transfer agent, or distribution and marketing agreement.","page_number":210,"box":{"x":116,"y":242,"width":645,"height":12}},{"id":"47c7ad68-d328-4460-933b-c513019612b8","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":210,"box":{"x":117,"y":271,"width":762,"height":12}},{"id":"e3e370c9-2ea7-4502-9ca7-c545d171ecca","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly","page_number":210,"box":{"x":117,"y":287,"width":738,"height":12}},{"id":"e7f7854a-d8b1-4845-861e-a167453fb3bf","block_type":"box","text":"with BlackRock. Eligible individuals who would like to convert existing holdings to Class K Shares must","page_number":210,"box":{"x":116,"y":302,"width":767,"height":12}},{"id":"2b38d712-1edf-427b-a600-ef0de15edff3","block_type":"box","text":"contact BlackRock.","page_number":210,"box":{"x":116,"y":318,"width":148,"height":9}},{"id":"e1557c4c-8670-458c-abb1-dbc6f1f5416f","block_type":"box","text":"Class G Shares","page_number":210,"box":{"x":116,"y":347,"width":128,"height":10}},{"id":"faff0b48-8dda-410a-a67e-2e75d36e4141","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible","page_number":210,"box":{"x":117,"y":369,"width":767,"height":13}},{"id":"727ffe15-a97e-4aa5-93ec-15ef836c2698","block_type":"box","text":"platforms are those where clients invest in the Fund through a single omnibus account in the name of a","page_number":210,"box":{"x":117,"y":385,"width":770,"height":12}},{"id":"f8991207-6500-43af-9b3d-8fb93a34698d","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. For clients investing","page_number":210,"box":{"x":116,"y":400,"width":720,"height":13}},{"id":"83871d00-9664-4b22-adf9-ff7f88e18beb","block_type":"box","text":"through such eligible platforms, the Fund does not impose investment minimums on any individual","page_number":210,"box":{"x":116,"y":416,"width":734,"height":12}},{"id":"028a7ec0-639a-496c-a53c-e0a764ac8e4e","block_type":"box","text":"investor. Financial intermediaries may impose separate eligibility requirements.","page_number":210,"box":{"x":117,"y":432,"width":591,"height":12}},{"id":"3c56365d-4e2d-49e2-9d7a-bd6f26a3071c","block_type":"box","text":"Service Shares","page_number":210,"box":{"x":116,"y":461,"width":125,"height":9}},{"id":"eebf438f-640a-4f90-847d-ced458b51d82","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain","page_number":210,"box":{"x":117,"y":483,"width":755,"height":12}},{"id":"8f9107ed-71e5-4a87-9b67-9804f892adf2","block_type":"box","text":"financial institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain","page_number":210,"box":{"x":116,"y":499,"width":772,"height":12}},{"id":"4170042f-6c21-466f-97f5-ba19251ad7e1","block_type":"box","text":"persons who were shareholders of the Compass Capital Group of Funds at the time of its combination","page_number":210,"box":{"x":117,"y":514,"width":762,"height":12}},{"id":"e788047d-e657-4f9b-af4e-d8fda4c6d595","block_type":"box","text":"with The PNC","page_number":210,"box":{"x":116,"y":530,"width":103,"height":9}},{"id":"bc88639f-2019-48e2-9ed3-3ae7b3d2b0ae","block_type":"box","text":"®","page_number":210,"box":{"x":219,"y":529,"width":10,"height":7}},{"id":"28e53130-bb86-40a1-acd9-285f9def8357","block_type":"box","text":"Fund in 1996; and (iii) participants in the Capital Directions","page_number":210,"box":{"x":229,"y":530,"width":440,"height":12}},{"id":"ec19d0bb-c57f-440a-942c-16be92467ed6","block_type":"box","text":"SM","page_number":210,"box":{"x":670,"y":530,"width":15,"height":6}},{"id":"b2eafa39-73e1-4c65-8b0f-a8e7d243fa1a","block_type":"box","text":"asset allocation program.","page_number":210,"box":{"x":686,"y":530,"width":197,"height":12}},{"id":"4c1545f3-669c-47a8-a1a6-42d2be91bf5a","block_type":"box","text":"Service Shares are not subject to an initial sales charge or a CDSC but are subject to an ongoing","page_number":210,"box":{"x":116,"y":545,"width":727,"height":12}},{"id":"d6ee9209-ee7f-4ee1-b852-78394a3020ae","block_type":"box","text":"service fee as set forth in the applicable Fund’s Prospectus.","page_number":210,"box":{"x":116,"y":561,"width":449,"height":12}},{"id":"65129000-e3ed-47fe-96a5-984f03fe1098","block_type":"box","text":"BlackRock Shares","page_number":210,"box":{"x":117,"y":590,"width":150,"height":9}},{"id":"8883c09a-168e-4447-8b5a-2a92195a515d","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares","page_number":210,"box":{"x":117,"y":612,"width":770,"height":12}},{"id":"bd95d1a9-a42f-4e8a-bd11-6e6666e84b8e","block_type":"box","text":"are offered without a sales charge to institutional and individual investors, registered investment","page_number":210,"box":{"x":116,"y":628,"width":715,"height":12}},{"id":"12ddb615-120a-4d44-a6d7-4cff2daa5e53","block_type":"box","text":"advisers and certain fee-based programs.","page_number":210,"box":{"x":116,"y":643,"width":315,"height":12}},{"id":"536d5a09-160e-4d26-8ac5-66e292dd5a99","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":210,"box":{"x":117,"y":672,"width":382,"height":13}},{"id":"00ec5cc4-6c5a-404e-88e4-be4941e47d91","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company","page_number":210,"box":{"x":117,"y":695,"width":764,"height":12}},{"id":"655ced82-2458-4160-8185-d3cd92dea0e8","block_type":"box","text":"Act with respect to certain share classes that allows the Fund to pay distribution fees for the sale of its","page_number":210,"box":{"x":116,"y":710,"width":756,"height":12}},{"id":"e1a232fe-eb1e-49ac-ba2a-d902cb3bac48","block_type":"box","text":"shares and shareholder servicing fees for certain services provided to its shareholders.","page_number":210,"box":{"x":116,"y":726,"width":645,"height":12}},{"id":"063c65c1-f6d9-4e8a-a75b-2364fb38e364","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant","page_number":210,"box":{"x":117,"y":755,"width":725,"height":12}},{"id":"72b7decf-df35-48ef-bb7d-c6c6ffb4a0b7","block_type":"box","text":"shareholder of BlackRock, fees for distribution and sales support services with respect to Investor A,","page_number":210,"box":{"x":116,"y":771,"width":744,"height":12}},{"id":"13a5ecb3-f713-41f4-8eb3-b20b5e4b9252","block_type":"box","text":"Investor A1, Investor C, Investor P, Service and Class R Shares. Currently, as described further below,","page_number":210,"box":{"x":117,"y":786,"width":763,"height":12}},{"id":"1af1cf34-ed80-43e6-b0d4-52abd2f6f627","block_type":"box","text":"only Investor C and Class R Shares bear the expense of distribution fees under a Plan.","page_number":210,"box":{"x":116,"y":802,"width":646,"height":12}},{"id":"b1d7a9d3-fb7b-46c7-9c37-37516ec1c5da","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers","page_number":210,"box":{"x":117,"y":831,"width":735,"height":12}},{"id":"1b87e118-857f-4efb-a3ce-32e7007d2c55","block_type":"box","text":"shares of each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales","page_number":210,"box":{"x":116,"y":846,"width":762,"height":12}},{"id":"83d58d54-0932-401e-8c49-b95d60e7a2d5","block_type":"box","text":"of the shares, but it is not obligated to sell any particular amount of shares. BRIL’s principal business","page_number":210,"box":{"x":116,"y":862,"width":752,"height":12}},{"id":"a5409ee5-724d-4a9c-b11d-e572f4271809","block_type":"box","text":"address is 50 Hudson Yards, New York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":210,"box":{"x":116,"y":877,"width":635,"height":12}},{"id":"8903caa1-4352-4309-bb10-1ecca8a53231","block_type":"box","text":"II-139","page_number":210,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"f33d54a7-b6d8-42af-bdb6-79fd0711a80f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":210,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"f9cd02c2-6bcf-476d-bb95-52798d1cff4f","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":211,"box":{"x":117,"y":87,"width":765,"height":12}},{"id":"6d7177e7-d973-4986-ae32-818a4f90c94f","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions,","page_number":211,"box":{"x":116,"y":102,"width":744,"height":13}},{"id":"54212c47-b828-4d36-8606-8a5f148b9c06","block_type":"box","text":"insurance companies, retirement plan record-keepers and other financial intermediaries (including","page_number":211,"box":{"x":117,"y":118,"width":731,"height":12}},{"id":"755cfefa-cd08-486f-8faf-3e61c4adca27","block_type":"box","text":"BlackRock, BRIL and their affiliates) (collectively, “Service Organizations”) for certain support services","page_number":211,"box":{"x":117,"y":134,"width":761,"height":12}},{"id":"19a8d580-4bb0-4c8c-a90e-548ace0fd4ff","block_type":"box","text":"rendered by Service Organizations to their customers (“Customers”) who are the beneficial owners of","page_number":211,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"5fcbd92d-185d-40f6-ad94-090511b2d5a5","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Service and Class R Shares of a Fund. Such services","page_number":211,"box":{"x":117,"y":165,"width":755,"height":11}},{"id":"81bcc4c7-6c63-47cd-89a1-e1b5619bef91","block_type":"box","text":"are intended to supplement the services provided by the Fund’s Administrators and Transfer Agent to","page_number":211,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"d4527e67-9bcb-484c-a84a-f344a7e11685","block_type":"box","text":"the Fund’s shareholders of record.","page_number":211,"box":{"x":116,"y":196,"width":261,"height":9}},{"id":"3080584b-9a81-4f17-9439-b5849df69e22","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services,","page_number":211,"box":{"x":116,"y":227,"width":728,"height":12}},{"id":"5e125781-d4b9-4bd3-bf67-1cace88fc9a3","block_type":"box","text":"which include, but are not limited to: (i) answering Customer inquiries regarding account status and","page_number":211,"box":{"x":116,"y":242,"width":740,"height":12}},{"id":"3f48d330-19af-4508-bd66-1682b88e4f6b","block_type":"box","text":"history, the manner in which purchases, exchanges and redemptions or repurchases of shares may be","page_number":211,"box":{"x":117,"y":258,"width":767,"height":12}},{"id":"d490be5f-41c6-4f41-a167-98b174728128","block_type":"box","text":"effected and certain other matters pertaining to the Customers’ investments; and (ii) assisting","page_number":211,"box":{"x":116,"y":273,"width":697,"height":12}},{"id":"03c75e72-7b55-4d2e-b783-d64092d72b4f","block_type":"box","text":"Customers in designating and changing dividend options, account designations and addresses. The","page_number":211,"box":{"x":117,"y":289,"width":746,"height":12}},{"id":"8278c0ce-7d51-4395-934c-87292c6a1f4e","block_type":"box","text":"shareholder servicing fees payable pursuant to the Plans are paid to compensate Service","page_number":211,"box":{"x":116,"y":304,"width":670,"height":12}},{"id":"ff5909c5-8ec4-4be9-ac22-4af2b047b8cd","block_type":"box","text":"Organizations for the administration and servicing of shareholder accounts and are not costs which are","page_number":211,"box":{"x":116,"y":320,"width":769,"height":12}},{"id":"5b01251f-3fb4-4a3c-902c-0b898f95656b","block_type":"box","text":"primarily intended to result in the sale of the Fund’s shares.","page_number":211,"box":{"x":117,"y":335,"width":444,"height":12}},{"id":"fa8f1e3c-0252-468c-9100-35f250f5f387","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the","page_number":211,"box":{"x":117,"y":366,"width":746,"height":12}},{"id":"bb3f2174-eb02-402b-bc14-2df470634971","block_type":"box","text":"shares in the applicable share class regardless of the amount of expenses incurred. As a result,","page_number":211,"box":{"x":116,"y":382,"width":716,"height":12}},{"id":"6b595b20-256d-4137-bfbe-b921d375f4cb","block_type":"box","text":"payments under the Plans may be more or less than expenses incurred in connection with providing","page_number":211,"box":{"x":117,"y":397,"width":747,"height":12}},{"id":"fb983473-680e-4722-b146-aee435038df1","block_type":"box","text":"distribution and/or shareholder services with respect to the related class. Information with respect to","page_number":211,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"78354e02-e60b-48d1-a918-706ff452785a","block_type":"box","text":"the payments under the Plans and expenses incurred in providing services with respect to the related","page_number":211,"box":{"x":116,"y":428,"width":758,"height":12}},{"id":"e250d233-04df-4e36-af65-6801ea70a866","block_type":"box","text":"class is presented to the Directors for their consideration quarterly. Payments under the Plans consist","page_number":211,"box":{"x":116,"y":444,"width":759,"height":12}},{"id":"121f114f-7ee0-419a-b501-f3c484b0f798","block_type":"box","text":"of the shareholder servicing fees and the distribution fees. Expenses with respect to providing","page_number":211,"box":{"x":116,"y":459,"width":701,"height":12}},{"id":"5d98ad4f-72e0-406c-9320-3946851dadcf","block_type":"box","text":"distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":211,"box":{"x":116,"y":475,"width":742,"height":12}},{"id":"01f8a530-6b0c-4043-a9a9-bd30ef4dcf12","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction","page_number":211,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"77fc21be-242b-43c9-bf99-9ad0f90554bf","block_type":"box","text":"processing expenses, advertising, sales promotion and marketing expenses. Payments under the","page_number":211,"box":{"x":117,"y":506,"width":728,"height":12}},{"id":"16ce9ea9-bae6-43dc-a4df-5217911fc686","block_type":"box","text":"Plans with respect to one class will not be used to finance the expenditures of another class. Sales","page_number":211,"box":{"x":117,"y":521,"width":737,"height":12}},{"id":"1d8bcee5-0d9e-4dd0-9c5f-d6c8ae716ec6","block_type":"box","text":"personnel may receive different compensation for selling different classes of shares.","page_number":211,"box":{"x":117,"y":537,"width":629,"height":12}},{"id":"dc014ce2-e011-4d36-abfd-9097c5e68d10","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their","page_number":211,"box":{"x":117,"y":568,"width":717,"height":12}},{"id":"a9f25396-9337-4d01-a039-9cbaf9c6ecbf","block_type":"box","text":"consideration of a Plan, the Directors must consider all factors they deem relevant, including","page_number":211,"box":{"x":116,"y":583,"width":690,"height":12}},{"id":"7e663421-968b-489b-aaa8-5fb4924bfd1b","block_type":"box","text":"information as to the benefits of the Plan to the Fund and the related class of shareholders. In","page_number":211,"box":{"x":117,"y":599,"width":699,"height":9}},{"id":"c37c329f-b130-467b-9705-e9cf87938556","block_type":"box","text":"approving a Plan in accordance with Rule 12b-1, the non-interested Directors concluded that there is","page_number":211,"box":{"x":116,"y":614,"width":753,"height":12}},{"id":"dd75882c-7a6d-49cf-8850-3a69383113c4","block_type":"box","text":"reasonable likelihood that the Plan will benefit the Fund and its related class of shareholders. The Plan","page_number":211,"box":{"x":117,"y":630,"width":766,"height":9}},{"id":"67f0d2b8-b012-4f9f-a5fc-46477dcc05e6","block_type":"box","text":"provides, among other things, that: (i) the Board of Directors shall receive quarterly reports regarding","page_number":211,"box":{"x":117,"y":645,"width":752,"height":12}},{"id":"1af0f175-54ba-452a-8a91-c2fbd137ee5c","block_type":"box","text":"the amounts expended under the Plan and the purposes for which such expenditures were made; (ii)","page_number":211,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"230bec3e-ddf9-454a-ba27-d5d8ec740be6","block_type":"box","text":"the Plan will continue in effect for so long as its continuance is approved at least annually by the Board","page_number":211,"box":{"x":116,"y":676,"width":761,"height":12}},{"id":"d5556ef4-75e5-4358-b4f4-92eb53446694","block_type":"box","text":"of Directors, including the directors who are not “interested persons” of the Fund (as defined in the","page_number":211,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"c3180efd-21de-46e7-ac30-8f973244c159","block_type":"box","text":"Investment Company Act) and who have no direct or indirect financial interest in the operation of the","page_number":211,"box":{"x":117,"y":707,"width":743,"height":12}},{"id":"f0b08115-49de-48c8-b261-379f1e8b4be9","block_type":"box","text":"Plan or any agreement entered into in connection with the Plan (the “12b-1 Directors”), acting in person","page_number":211,"box":{"x":117,"y":723,"width":765,"height":12}},{"id":"77027b13-b515-48fc-99b8-428a98902baf","block_type":"box","text":"at a meeting called for said purpose in accordance with Rule 12b-1 under the Investment Company","page_number":211,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"756aeda1-0e37-4c8a-8fe0-a395704c280e","block_type":"box","text":"Act; (iii) any material amendment thereto must be approved by the Board of Directors, including the","page_number":211,"box":{"x":116,"y":754,"width":737,"height":12}},{"id":"4610a8bb-2ef9-4dad-a523-9ad34b6ee4f8","block_type":"box","text":"12b-1 Directors, acting in person at a meeting called for said purpose; (iv) any amendment to increase","page_number":211,"box":{"x":118,"y":769,"width":757,"height":12}},{"id":"a94f7945-7754-4d18-b50d-de431d453fa9","block_type":"box","text":"materially the costs which any class of shares may bear for distribution services pursuant to the Plan","page_number":211,"box":{"x":117,"y":785,"width":745,"height":12}},{"id":"b756064c-8c70-4ded-a42b-061a8cb5d616","block_type":"box","text":"shall be effective only upon approval by a vote of a majority of the outstanding shares of such class","page_number":211,"box":{"x":116,"y":800,"width":736,"height":12}},{"id":"fdb8d7dc-e2a7-4b1e-bc92-971185335197","block_type":"box","text":"and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":211,"box":{"x":116,"y":816,"width":763,"height":12}},{"id":"fd67527c-f65f-4b26-9318-3b5e35824630","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the","page_number":211,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"3452a290-bb17-40f3-b4e0-c19b1e1c4c81","block_type":"box","text":"Fund’s Directors who are not “interested persons” of the Fund shall be committed to the discretion of","page_number":211,"box":{"x":117,"y":847,"width":750,"height":12}},{"id":"d73173b0-8e8b-43e0-87dd-f3c857b14ea5","block_type":"box","text":"the Fund’s non-interested Directors. Rule 12b-1 further requires that each Fund preserve copies of","page_number":211,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"2d4183e5-9bd3-4ced-8b14-f5260e743f93","block_type":"box","text":"II-140","page_number":211,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"cfe02697-3a78-47aa-a6ef-c2a509f66d8c","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":211,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"678ae434-4a6e-415f-87a5-18d0402c3ba4","block_type":"box","text":"each Plan and any report made pursuant to such Plan for a period of not less than six years from the","page_number":212,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"4a679c81-7b9a-4390-b0d3-485f611a1181","block_type":"box","text":"date of the Plan or such report, the first two years in an easily accessible place.","page_number":212,"box":{"x":116,"y":102,"width":594,"height":13}},{"id":"150b4d6d-1de3-4208-bfda-48f6080d2722","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","page_number":212,"box":{"x":117,"y":132,"width":762,"height":13}},{"id":"d06636f3-0dcd-45a1-b33d-1137c85c656f","block_type":"box","text":"the 12b-1 Directors, or by vote of the holders of a majority of the shares of such class.","page_number":212,"box":{"x":116,"y":148,"width":643,"height":12}},{"id":"9f99d0be-3b62-4975-b89f-05020c21e58f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":212,"box":{"x":116,"y":178,"width":770,"height":12}},{"id":"2dd27d34-3e44-4f6d-9e5f-dae6a49ab380","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s","page_number":212,"box":{"x":117,"y":193,"width":759,"height":12}},{"id":"a762830f-a60f-497e-8d2f-1d46f9215876","block_type":"box","text":"most recent fiscal year.","page_number":212,"box":{"x":117,"y":209,"width":177,"height":12}},{"id":"1a01f045-41ec-42aa-83fd-fef36a1fd447","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":212,"box":{"x":117,"y":239,"width":439,"height":12}},{"id":"7fa8f3a0-387e-4ba9-8be3-38fe3ffdd351","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority","page_number":212,"box":{"x":116,"y":261,"width":745,"height":13}},{"id":"e16a3171-6782-42c4-b83c-324592a10595","block_type":"box","text":"(“FINRA”) imposes a limitation on certain asset-based sales charges such as the distribution fee borne","page_number":212,"box":{"x":117,"y":277,"width":765,"height":12}},{"id":"19eca6e1-5920-47a4-a278-51cf557c9aab","block_type":"box","text":"by Class R Shares, and the distribution fee and the CDSC borne by the Investor C Shares. This","page_number":212,"box":{"x":117,"y":292,"width":715,"height":13}},{"id":"8094bd0b-bdb6-4e27-80dc-8d99d29ab7b3","block_type":"box","text":"limitation does not apply to the shareholder servicing fee. The maximum sales charge rule is applied","page_number":212,"box":{"x":117,"y":308,"width":748,"height":12}},{"id":"ffa2f796-3bc8-4c80-8dd7-879fb2c254e5","block_type":"box","text":"separately to each class and limits the aggregate of distribution fee payments and CDSCs payable by","page_number":212,"box":{"x":116,"y":323,"width":759,"height":13}},{"id":"d4a525f8-8100-48a6-8c37-2f81c2704de9","block_type":"box","text":"a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R Shares, computed separately","page_number":212,"box":{"x":116,"y":339,"width":739,"height":12}},{"id":"ca924aaf-a3a0-4a2e-a85c-536d84ce3202","block_type":"box","text":"(excluding shares issued pursuant to dividend reinvestments and exchanges), plus (2) interest on the","page_number":212,"box":{"x":117,"y":354,"width":756,"height":13}},{"id":"f78c1ad1-9341-4db4-9258-a5655b42c49e","block_type":"box","text":"unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the unpaid","page_number":212,"box":{"x":117,"y":370,"width":746,"height":12}},{"id":"60f832a0-888b-4d5f-8d7d-dae7135482d8","block_type":"box","text":"balance being the maximum amount payable minus amounts received from the payment of the","page_number":212,"box":{"x":117,"y":385,"width":708,"height":13}},{"id":"35cd477a-332f-47e1-bad5-a50d5a7f4cda","block_type":"box","text":"distribution fee and the CDSC). See “Information on Sales Charges and Distribution Related","page_number":212,"box":{"x":116,"y":401,"width":689,"height":12}},{"id":"bb589452-a3ab-4ac3-8b39-759be443e2c9","block_type":"box","text":"Expenses” in Part I of each Fund’s SAI for comparative information as of your Fund’s most recent fiscal","page_number":212,"box":{"x":117,"y":416,"width":771,"height":13}},{"id":"98b94b6f-8088-4a02-96df-7e9c19097951","block_type":"box","text":"year end with respect to, if applicable, the Investor C and Class R Shares of your Fund.","page_number":212,"box":{"x":116,"y":432,"width":654,"height":12}},{"id":"85f09d22-45ef-4123-862a-34b53d34eb91","block_type":"box","text":"Other Payments by the Fund","page_number":212,"box":{"x":116,"y":462,"width":234,"height":12}},{"id":"c1195d82-2a3c-45e2-9f4d-0f46ffedff11","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the","page_number":212,"box":{"x":117,"y":485,"width":770,"height":12}},{"id":"8a57cd01-5d34-496b-938e-5a49688700ee","block_type":"box","text":"Plan and fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into","page_number":212,"box":{"x":117,"y":500,"width":733,"height":12}},{"id":"36b50d3d-7c93-4c4b-8a19-38a194b17959","block_type":"box","text":"non-Plan agreements with Service Organizations pursuant to which the Fund will pay a Service","page_number":212,"box":{"x":117,"y":516,"width":711,"height":12}},{"id":"dc366337-8d31-49a7-830e-1254b0505f3f","block_type":"box","text":"Organization for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting and/","page_number":212,"box":{"x":116,"y":531,"width":754,"height":12}},{"id":"2720be83-13d1-4833-b0c1-b8e9492b5874","block_type":"box","text":"or shareholder services. These non-Plan payments are generally based on either (1) a percentage of","page_number":212,"box":{"x":116,"y":547,"width":755,"height":12}},{"id":"7838ef69-7cb1-4b61-9dba-a4af51ab2ca1","block_type":"box","text":"the average daily net assets of Fund shareholders serviced by a Service Organization or (2) a fixed","page_number":212,"box":{"x":116,"y":562,"width":742,"height":12}},{"id":"89ab9bc9-85f6-487b-9780-cfbb41e22e2e","block_type":"box","text":"dollar amount for each account serviced by a Service Organization. The aggregate amount of these","page_number":212,"box":{"x":116,"y":578,"width":745,"height":12}},{"id":"a71eda49-c843-4d65-b744-7586add98d68","block_type":"box","text":"payments may be substantial.","page_number":212,"box":{"x":117,"y":593,"width":226,"height":12}},{"id":"a27df402-7130-421d-97e5-b4426bc25ddf","block_type":"box","text":"Additional Payments by BlackRock","page_number":212,"box":{"x":116,"y":623,"width":286,"height":12}},{"id":"0aca3fd8-03cd-442f-83ee-ce32dbe57e92","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively","page_number":212,"box":{"x":117,"y":646,"width":707,"height":12}},{"id":"af547540-b512-4aa8-960b-d977de4ec54b","block_type":"box","text":"as “BlackRock”) may compensate Service Organizations for the sale and distribution of shares of a","page_number":212,"box":{"x":116,"y":661,"width":734,"height":12}},{"id":"253c97dd-361c-4072-a782-ae3fb301017b","block_type":"box","text":"Fund, for services to a Fund and its shareholders and/or for data provision or technology support. A","page_number":212,"box":{"x":117,"y":677,"width":738,"height":12}},{"id":"0059d267-1e2c-44ce-8748-eb6f09113da4","block_type":"box","text":"Service Organization may perform these obligations itself or may arrange for a third party to perform","page_number":212,"box":{"x":116,"y":692,"width":743,"height":12}},{"id":"69651f0d-730a-4532-800d-81ee1218f9f7","block_type":"box","text":"them. These payments, which are not made pursuant to a Plan or otherwise paid by a Fund, are","page_number":212,"box":{"x":116,"y":708,"width":714,"height":12}},{"id":"f34fe1c9-e928-4e6d-8ac0-773bd6d5d04f","block_type":"box","text":"referred to as “Additional Payments” herein.","page_number":212,"box":{"x":117,"y":723,"width":323,"height":12}},{"id":"7cad6e95-cf66-4331-9796-888016ab7539","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly","page_number":212,"box":{"x":116,"y":753,"width":737,"height":12}},{"id":"db9fbcfa-4530-438e-b020-b7e5d99fa453","block_type":"box","text":"from fees paid by a Fund to BlackRock for various services, such as investment advisory services).","page_number":212,"box":{"x":116,"y":769,"width":735,"height":12}},{"id":"966c981a-85de-4f7d-8588-d29bc4062f87","block_type":"box","text":"These payments are not an additional charge to a Fund or its shareholders and do not change the","page_number":212,"box":{"x":116,"y":784,"width":728,"height":12}},{"id":"828c9509-2875-45c2-825a-2454975549d0","block_type":"box","text":"price paid by shareholders for the purchase of a Fund’s shares or the amount a Fund receives as","page_number":212,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"51eadef5-8f0e-4fd8-b8a4-563952816c6b","block_type":"box","text":"proceeds from such purchases. Additional Payments made to Service Organizations are in addition to","page_number":212,"box":{"x":117,"y":815,"width":755,"height":12}},{"id":"250fe75a-112b-4922-ab0b-109c868013ee","block_type":"box","text":"any distribution or shareholder servicing fees paid under any Plan of any Fund, any sales charges,","page_number":212,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"a84f6aa0-d2f4-41b4-a28c-7b6a69ae5de0","block_type":"box","text":"commissions or other concessions described in the Prospectuses or this SAI, and any administrative,","page_number":212,"box":{"x":116,"y":846,"width":757,"height":12}},{"id":"761d914f-bb5c-4c5b-902f-625c7bf9b579","block_type":"box","text":"networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant","page_number":212,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"a421b90f-bba9-4a90-8b2a-a0d8b4ec2bf7","block_type":"box","text":"to applicable FINRA regulations, the details of certain of these payments, including the Service","page_number":212,"box":{"x":116,"y":877,"width":708,"height":12}},{"id":"41c98f47-19bd-4c36-abed-bdc18f27d771","block_type":"box","text":"II-141","page_number":212,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"3240c8e4-d1f1-4442-8416-c2c5949b6b0b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":212,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"88d268bd-5e86-4b11-ba47-767493607ead","block_type":"box","text":"Organizations receiving such payments in connection with the sale and distribution of Fund shares, are","page_number":213,"box":{"x":116,"y":87,"width":770,"height":12}},{"id":"87a9b6a8-c2f5-4f9c-888b-bd03d2efe86a","block_type":"box","text":"required to be disclosed. While FINRA regulations limit the sales charges that shareholders may bear,","page_number":213,"box":{"x":117,"y":103,"width":761,"height":12}},{"id":"e86de9f1-78f3-4254-9fcf-948074465dc5","block_type":"box","text":"there are no limits with regard to the amounts that BlackRock may pay out of its own assets.","page_number":213,"box":{"x":116,"y":118,"width":690,"height":12}},{"id":"7dbec6ea-6a16-4076-9d9e-4ec210b6ff11","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of","page_number":213,"box":{"x":116,"y":146,"width":695,"height":12}},{"id":"ea9d4d23-a86d-41e7-ae0f-75ea4ab2f686","block_type":"box","text":"Customer accounts maintained by a Service Organization, may be based on a percentage of the value","page_number":213,"box":{"x":117,"y":162,"width":766,"height":12}},{"id":"2a025c63-4865-4b55-b523-4475ae3c9e7f","block_type":"box","text":"of shares sold to, or held by, Customers of the Service Organization involved, or may be calculated on","page_number":213,"box":{"x":116,"y":177,"width":764,"height":12}},{"id":"b64b1efb-0fc8-4649-98aa-84227150b18c","block_type":"box","text":"another basis.","page_number":213,"box":{"x":116,"y":193,"width":110,"height":9}},{"id":"3c51da03-1516-4960-9297-69e4ba0ea0d7","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis.","page_number":213,"box":{"x":117,"y":221,"width":730,"height":12}},{"id":"5f972d4e-fb5c-4e33-aa8b-caaf861601ac","block_type":"box","text":"Additional Payments may be different for different Service Organizations, and some Service","page_number":213,"box":{"x":116,"y":237,"width":687,"height":12}},{"id":"9a070570-7c42-44a0-8b11-58cbae204114","block_type":"box","text":"Organizations may be paid pursuant to more than one of the calculations described above. Not all","page_number":213,"box":{"x":116,"y":252,"width":731,"height":12}},{"id":"fa486c72-45be-4a74-aeb3-f95d9b7aedee","block_type":"box","text":"Service Organizations receive Additional Payments. Sales-based payments primarily create incentives","page_number":213,"box":{"x":116,"y":268,"width":766,"height":12}},{"id":"e4a91771-5496-4f1d-8e4a-92b2f00e86cf","block_type":"box","text":"to make new sales of shares of the Fund, and asset-based payments primarily create incentives to","page_number":213,"box":{"x":116,"y":283,"width":737,"height":12}},{"id":"e62b5f1f-d1ee-4871-a302-293469b6157f","block_type":"box","text":"retain previously sold shares of the Fund. The level of payments made to these Service Organizations","page_number":213,"box":{"x":117,"y":299,"width":761,"height":12}},{"id":"31054db4-97ea-4979-b045-a2af6c8d4edd","block_type":"box","text":"in any year will vary and may be limited to specific Funds or share classes. 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The same Service Organization, or one or more of its affiliates, may receive","page_number":213,"box":{"x":117,"y":389,"width":712,"height":12}},{"id":"cbcd0459-32ee-4d9c-b535-92c4b3eab3f8","block_type":"box","text":"payments under more than one category of Additional Payments. Such payments may be different for","page_number":213,"box":{"x":117,"y":405,"width":759,"height":12}},{"id":"24a5418d-51bb-4ced-a949-a512b327b299","block_type":"box","text":"different Service Organizations and for different types of Funds.","page_number":213,"box":{"x":116,"y":420,"width":477,"height":12}},{"id":"44275251-26dd-4c13-becb-6a8f4a63c775","block_type":"box","text":"A. 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These payments normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by","page_number":213,"box":{"x":116,"y":656,"width":757,"height":13}},{"id":"980f04dc-bed4-416f-8bb2-90cf4059c38a","block_type":"box","text":"that Service Organization, and (b) 0.21% of the assets attributable to that Service Organization","page_number":213,"box":{"x":116,"y":672,"width":703,"height":12}},{"id":"879d0c08-33e4-424d-bbfa-cfccbb049465","block_type":"box","text":"invested in a Fund.","page_number":213,"box":{"x":117,"y":688,"width":139,"height":9}},{"id":"82c931dc-e0be-4be5-a3d4-243e77fd8507","block_type":"box","text":"B. Shareholder Services","page_number":213,"box":{"x":150,"y":716,"width":181,"height":9}},{"id":"a16fefbf-f2dd-4fce-9c58-77e46223e3b8","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. 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Additional Payments may exceed amounts that would be","page_number":213,"box":{"x":116,"y":831,"width":768,"height":12}},{"id":"e4ad109c-e462-48da-ae97-f6b5df97029c","block_type":"box","text":"earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":213,"box":{"x":116,"y":846,"width":758,"height":12}},{"id":"372a2265-aa1d-4a8f-be83-e1be07d18306","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing","page_number":213,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"328feae5-ea3e-448c-9826-77d338a67e36","block_type":"box","text":"and transaction processing fees paid by a Fund, as applicable.","page_number":213,"box":{"x":116,"y":877,"width":470,"height":12}},{"id":"66af68ed-8cf4-4392-bbec-53f85fb272ff","block_type":"box","text":"II-142","page_number":213,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"a680c3bc-9dab-4845-be12-a8701a6b8329","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":213,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0f9b1c82-c485-464f-b86b-4d90cf945e26","block_type":"box","text":"C. 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Such Additional Payments are generally made as a fixed dollar","page_number":214,"box":{"x":116,"y":140,"width":728,"height":12}},{"id":"052b4fad-593d-419e-af25-e81e1461c8db","block_type":"box","text":"amount, and not based on assets or sales.","page_number":214,"box":{"x":116,"y":155,"width":322,"height":11}},{"id":"46b4ef36-cb86-4a03-a34f-bcbfecd6e5c8","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":214,"box":{"x":150,"y":183,"width":427,"height":12}},{"id":"fb8da169-6858-4af7-a9da-7d54fcb1e9b7","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the","page_number":214,"box":{"x":116,"y":205,"width":746,"height":12}},{"id":"5d550b09-c9a5-4e29-a4d8-ae17e011e6a5","block_type":"box","text":"Service Organization’s affiliates, may be receiving one or more types of Additional Payments. 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Please contact your Service Organization to determine","page_number":214,"box":{"x":116,"y":251,"width":731,"height":12}},{"id":"afee57d7-5b51-41ef-8aad-65a201744eee","block_type":"box","text":"whether it or its affiliate currently may be receiving such payments and to obtain further information","page_number":214,"box":{"x":116,"y":267,"width":739,"height":12}},{"id":"6a02f856-8f7b-4a25-afd8-54419496c97d","block_type":"box","text":"regarding any such payments.","page_number":214,"box":{"x":117,"y":282,"width":229,"height":12}},{"id":"99e3045a-b4ee-44e3-bf9b-fc3c7f21b1d9","block_type":"box","text":"&Partners","page_number":214,"box":{"x":116,"y":304,"width":79,"height":10}},{"id":"52f004ca-82b2-4da3-ba7a-94a79adca19f","block_type":"box","text":"AccuTech Systems Corporation","page_number":214,"box":{"x":116,"y":320,"width":241,"height":12}},{"id":"446e26bf-43c9-4274-89ed-5b74daaca170","block_type":"box","text":"ADP Broker-Dealer, 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If you are liquidating your holdings you will receive all","page_number":218,"box":{"x":117,"y":351,"width":739,"height":12}},{"id":"3b8a7131-80a5-4c4c-bb69-3eca2336a9f6","block_type":"box","text":"dividends reinvested through the date of redemption.","page_number":218,"box":{"x":116,"y":366,"width":397,"height":12}},{"id":"df8dbd65-8491-47e1-9696-004a37f1ea51","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more","page_number":218,"box":{"x":116,"y":397,"width":764,"height":12}},{"id":"b0a6073b-9fec-49ab-9f5f-fcac798982f1","block_type":"box","text":"than seven days only (i) for any period during which trading on the NYSE is restricted as determined by","page_number":218,"box":{"x":116,"y":413,"width":772,"height":12}},{"id":"c8a45e85-69bf-4148-9ef2-58b2a341f914","block_type":"box","text":"the Commission or during which the NYSE is closed (other than customary weekend and holiday","page_number":218,"box":{"x":116,"y":428,"width":724,"height":12}},{"id":"70736f62-d550-4f6c-8693-0847ba3ed6bf","block_type":"box","text":"closings), (ii) for any period during which an emergency exists, as defined by the Commission, as a","page_number":218,"box":{"x":116,"y":444,"width":741,"height":12}},{"id":"cfe78f96-1f60-4c39-a3af-a4b315035fd0","block_type":"box","text":"result of which disposal of portfolio securities or determination of the NAV of a Fund is not reasonably","page_number":218,"box":{"x":117,"y":459,"width":757,"height":12}},{"id":"c4f9e220-9b26-484a-9b4d-cfad97443da4","block_type":"box","text":"practicable, or (iii) for such other periods as the Commission may by order permit for the protection of","page_number":218,"box":{"x":117,"y":475,"width":756,"height":12}},{"id":"2623f4c4-671f-49e8-ba6f-c4d2142fecdc","block_type":"box","text":"shareholders of the Fund. (A Fund may also suspend or postpone the recordation of the transfer of its","page_number":218,"box":{"x":116,"y":490,"width":761,"height":12}},{"id":"3a2a87be-196d-42cf-afcd-49d710a0eebe","block_type":"box","text":"shares upon the occurrence of any of the foregoing conditions.)","page_number":218,"box":{"x":116,"y":506,"width":476,"height":12}},{"id":"78fb6ff4-eafc-407c-9eae-586bce308d37","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint","page_number":218,"box":{"x":117,"y":537,"width":703,"height":12}},{"id":"fbb30f22-a655-4a6e-8d37-5153224fb34c","block_type":"box","text":"committed line of credit with a syndicate of banks that is intended to provide the Fund with a temporary","page_number":218,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"bd92c5fa-38f5-445e-a869-83c7d7d4f2b1","block_type":"box","text":"source of cash to be used to meet redemption requests from shareholders in extraordinary or","page_number":218,"box":{"x":116,"y":568,"width":697,"height":12}},{"id":"514f2192-9909-402a-b5c5-39f3f1f20481","block_type":"box","text":"emergency circumstances.","page_number":218,"box":{"x":116,"y":583,"width":205,"height":12}},{"id":"e703bf76-cdc0-469c-9326-32c6757fff23","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of","page_number":218,"box":{"x":117,"y":614,"width":766,"height":12}},{"id":"fc909630-52bd-470e-99b1-3df650c918ed","block_type":"box","text":"the failure of a shareholder to make full payment for shares purchased by the shareholder or to collect","page_number":218,"box":{"x":116,"y":630,"width":763,"height":12}},{"id":"21881a37-0af6-4149-a50f-5bd6333c07de","block_type":"box","text":"any charge relating to a transaction effected for the benefit of a shareholder. Each Fund reserves the","page_number":218,"box":{"x":116,"y":645,"width":754,"height":12}},{"id":"6fc28949-46a0-46cb-b9d6-18492556db86","block_type":"box","text":"express right to redeem shares of the Fund involuntarily at any time if the Fund’s Board of Directors","page_number":218,"box":{"x":116,"y":661,"width":738,"height":12}},{"id":"07a97877-36a1-4e00-8b97-0e7cc092d65c","block_type":"box","text":"determines, in its sole discretion, that failure to do so may have adverse consequences to the holders","page_number":218,"box":{"x":116,"y":676,"width":753,"height":12}},{"id":"d0444e5f-10d7-473c-bc7b-a537738275e1","block_type":"box","text":"of shares in the Fund. Upon such redemption the holders of shares so redeemed shall have no further","page_number":218,"box":{"x":116,"y":692,"width":759,"height":12}},{"id":"239444f7-0e6b-47bc-a1bf-aa848ccb11c6","block_type":"box","text":"right with respect thereto other than to receive payment of the redemption price.","page_number":218,"box":{"x":117,"y":707,"width":591,"height":12}},{"id":"137cdc39-30d2-47a3-a155-3e001f5d5466","block_type":"box","text":"Redemption","page_number":218,"box":{"x":117,"y":738,"width":95,"height":12}},{"id":"b59a82b2-b056-4c96-8f44-fc38a9574439","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":218,"box":{"x":117,"y":761,"width":504,"height":12}},{"id":"a0dd3d4e-a113-4b1d-9f9e-fc7021d48a75","block_type":"box","text":"Redeem by Telephone","page_number":218,"box":{"x":117,"y":785,"width":177,"height":12}},{"id":"1b590c65-701c-4bce-84a6-7d4948c665c5","block_type":"box","text":": You may sell Investor Shares, excluding Investor P Shares, held at","page_number":218,"box":{"x":296,"y":785,"width":505,"height":12}},{"id":"8e3dc23b-48fa-4008-bb9c-f22be3c0e168","block_type":"box","text":"BlackRock by telephone request if certain conditions are met and if the amount being sold is less than","page_number":218,"box":{"x":117,"y":800,"width":754,"height":12}},{"id":"f02878fb-161c-4e52-beac-e045c70565fd","block_type":"box","text":"(i) $100,000 for payments by check or (ii) $250,000 for payments through the Automated Clearing","page_number":218,"box":{"x":117,"y":815,"width":724,"height":13}},{"id":"0e2698c6-9ae5-4c94-a36f-873ec5954fcf","block_type":"box","text":"House Network (“ACH”) or wire transfer. Certain redemption requests, such as those in excess of","page_number":218,"box":{"x":117,"y":831,"width":727,"height":12}},{"id":"82161959-c2bc-499e-b539-e1af6523d48e","block_type":"box","text":"these amounts, and those where (i) the Fund does not have verified banking information on file; or","page_number":218,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"1bb2fa1d-0348-465b-8c5d-60cb29de10bf","block_type":"box","text":"(ii) the proceeds are not paid to the record owner at the record address, must be in writing with a","page_number":218,"box":{"x":117,"y":862,"width":720,"height":12}},{"id":"3e3c7613-b2ea-4149-a8a0-4a5f0b30c6a9","block_type":"box","text":"medallion signature guarantee provided by any “eligible guarantor institution” as defined in","page_number":218,"box":{"x":117,"y":878,"width":674,"height":12}},{"id":"d10f171a-1e12-402f-a1e2-9296909d0445","block_type":"box","text":"II-147","page_number":218,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1f7d070f-2040-4759-aabd-dfd814150d88","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":218,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"231986aa-c2d9-4ec1-a9fd-18cfd831ce72","block_type":"box","text":"Rule 17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and","page_number":219,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"16a70be7-c89d-439f-b8dc-baa7f82e92ee","block_type":"box","text":"validity may be verified by the Transfer Agent through the use of industry publications. For Institutional","page_number":219,"box":{"x":116,"y":102,"width":763,"height":13}},{"id":"7dff4769-96b4-46fc-9306-d098bbbc56e1","block_type":"box","text":"Shares, certain redemption requests may require written instructions with a medallion signature","page_number":219,"box":{"x":116,"y":118,"width":713,"height":12}},{"id":"d0baf443-386e-4e0b-a805-76ec877abd18","block_type":"box","text":"guarantee. Call (800) 441-7762 for details. You can obtain a medallion signature guarantee stamp from","page_number":219,"box":{"x":116,"y":134,"width":772,"height":12}},{"id":"1a8bd051-1120-4be2-ab0e-8e76a3edc3ef","block_type":"box","text":"a bank, securities dealer, securities broker, credit union, savings and loan association, national","page_number":219,"box":{"x":116,"y":149,"width":709,"height":12}},{"id":"1537e52e-6c13-403a-8f05-abc9103cf0d8","block_type":"box","text":"securities exchange or registered securities association. The three recognized medallion programs are","page_number":219,"box":{"x":116,"y":165,"width":767,"height":12}},{"id":"35a37c2a-b040-42b1-9541-daf416a84faf","block_type":"box","text":"Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New York","page_number":219,"box":{"x":116,"y":180,"width":736,"height":12}},{"id":"251c2dbc-e3c4-4857-acdb-f0916e12016a","block_type":"box","text":"Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of","page_number":219,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"7acef910-5774-42dd-9aa4-5556c0ab63f0","block_type":"box","text":"these programs will not be accepted. A notary public seal will not be acceptable. Generally, a properly","page_number":219,"box":{"x":116,"y":211,"width":761,"height":12}},{"id":"86552911-6188-494b-b83b-2ebb85cae698","block_type":"box","text":"signed written request with any required signature guarantee is all that is required for a redemption. In","page_number":219,"box":{"x":116,"y":227,"width":761,"height":12}},{"id":"7a50a204-c743-4bf1-872b-a2c40e6c073f","block_type":"box","text":"some cases, however, other documents may be necessary. Additional documentary evidence of","page_number":219,"box":{"x":116,"y":242,"width":719,"height":12}},{"id":"a71c2ac6-fd6a-46bb-92bf-39ef6d553a20","block_type":"box","text":"authority is required by the Transfer Agent in the event redemption is requested by a corporation,","page_number":219,"box":{"x":116,"y":258,"width":726,"height":12}},{"id":"bbf4b4e1-1d02-4a6d-b409-d032ee0f6c30","block_type":"box","text":"partnership, trust, fiduciary, executor or administrator.","page_number":219,"box":{"x":117,"y":273,"width":402,"height":12}},{"id":"f09d2e1d-59be-40af-a414-517c3b8a8d54","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the","page_number":219,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"35203e0e-99b4-440b-8686-3b9b50eb5d79","block_type":"box","text":"Fund may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its","page_number":219,"box":{"x":117,"y":320,"width":709,"height":12}},{"id":"341313e4-99cf-4389-bfa8-bff4ef7e48b8","block_type":"box","text":"Administrators and the Distributor will employ reasonable procedures to confirm that instructions","page_number":219,"box":{"x":116,"y":335,"width":719,"height":12}},{"id":"12559ae4-ae30-4478-8992-6871c9af3725","block_type":"box","text":"communicated by telephone are genuine. Telephone redemption requests will not be honored if: (i) the","page_number":219,"box":{"x":116,"y":351,"width":767,"height":12}},{"id":"cb1c489f-7f7c-4fb5-9c0a-7bb2fcaac631","block_type":"box","text":"accountholder is deceased, (ii) the proceeds are to be sent to someone other than the shareholder of","page_number":219,"box":{"x":116,"y":366,"width":756,"height":12}},{"id":"c422409c-be99-431a-8d67-7799d66060c7","block_type":"box","text":"record, (iii) a Fund does not have verified information on file, (iv) the request is by an individual other","page_number":219,"box":{"x":117,"y":382,"width":749,"height":12}},{"id":"711a447e-f79d-4edf-b39a-617c5b60f21d","block_type":"box","text":"than the accountholder of record, (v) the account is held by joint tenants who are divorced, (vi) the","page_number":219,"box":{"x":116,"y":397,"width":733,"height":12}},{"id":"d3414184-5b04-41d3-b3bd-fff421d5580d","block_type":"box","text":"address on the account has changed within the last 30 days or share certificates have been issued on","page_number":219,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"ab113abe-81a5-48b8-8793-c8af4cb1bbc5","block_type":"box","text":"the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the","page_number":219,"box":{"x":116,"y":428,"width":752,"height":12}},{"id":"0affb5ef-1e96-481a-9c80-0d4585d25336","block_type":"box","text":"name and address registered on the account and the social security number registered on the account.","page_number":219,"box":{"x":117,"y":444,"width":770,"height":12}},{"id":"2f40dab3-7fdf-42c2-aad6-6b49e0940589","block_type":"box","text":"The Fund and its service providers will not be liable for any loss, liability, cost or expense for acting","page_number":219,"box":{"x":116,"y":459,"width":739,"height":12}},{"id":"c0e596d8-e70d-4a83-8d73-e6e1437780cf","block_type":"box","text":"upon telephone instructions that are reasonably believed to be genuine in accordance with such","page_number":219,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"5d0df638-7d41-455e-805e-b3aedb69da7f","block_type":"box","text":"procedures. Before telephone requests will be honored, signature approval from all shareholders of","page_number":219,"box":{"x":117,"y":490,"width":741,"height":12}},{"id":"89b2283b-e4cb-4144-a789-5689df4e878a","block_type":"box","text":"record on the account must be obtained. The Fund may refuse a telephone redemption request if it","page_number":219,"box":{"x":117,"y":506,"width":738,"height":12}},{"id":"0dbe08dc-fd9d-4771-a272-5c18fa416b52","block_type":"box","text":"believes it is advisable to do so. During periods of substantial economic or market change, telephone","page_number":219,"box":{"x":117,"y":521,"width":754,"height":12}},{"id":"f8b599a2-e2e4-43ec-8232-e733c44bea5b","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":219,"box":{"x":117,"y":537,"width":691,"height":12}},{"id":"2b3f1f81-301b-4b2f-9768-86439a4bf22f","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day","page_number":219,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"307accba-7caa-4107-bd26-6c807687969b","block_type":"box","text":"will be priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern","page_number":219,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"ef546f7f-ccda-4615-a04a-5430638a5262","block_type":"box","text":"time) on a business day, payment for redeemed Institutional Shares will normally be wired in Federal","page_number":219,"box":{"x":116,"y":599,"width":753,"height":12}},{"id":"ec49dce9-5fb7-47e9-8e1a-4e3a5bb387f2","block_type":"box","text":"Funds on the next business day. If the Federal Reserve Bank of Philadelphia is not open on the","page_number":219,"box":{"x":117,"y":614,"width":713,"height":12}},{"id":"9888d386-b191-4191-88b5-0fa66afcd878","block_type":"box","text":"business day following receipt of the redemption order, the redemption order will be accepted and","page_number":219,"box":{"x":117,"y":630,"width":729,"height":12}},{"id":"6428ca5b-68cc-44bf-ac71-b44ef45941f4","block_type":"box","text":"processed the next succeeding business day when the Federal Reserve Bank of Philadelphia is open,","page_number":219,"box":{"x":117,"y":645,"width":762,"height":12}},{"id":"a9245ed3-f718-4f8e-80a0-f3b6ad7e5e60","block_type":"box","text":"provided that the Fund’s custodian is also open for business.","page_number":219,"box":{"x":117,"y":661,"width":449,"height":12}},{"id":"c7614cdc-3d0b-4953-bb41-823883405e90","block_type":"box","text":"Redeem by VRU","page_number":219,"box":{"x":117,"y":692,"width":127,"height":12}},{"id":"3c47571c-bbda-4355-b58d-c33940449989","block_type":"box","text":": Investor class shares, excluding Investor P Shares, may also be redeemed by use","page_number":219,"box":{"x":247,"y":692,"width":620,"height":12}},{"id":"a647208a-5d09-40a4-ac7a-2f6d475aeb1f","block_type":"box","text":"of a Fund’s automated voice response unit service (“VRU”). Payment for Investor class shares","page_number":219,"box":{"x":116,"y":707,"width":700,"height":12}},{"id":"1ee92a5b-ccf9-4136-b726-9aabeb4b388f","block_type":"box","text":"redeemed by VRU may be made for non-retirement accounts in amounts up to $25,000, either through","page_number":219,"box":{"x":117,"y":722,"width":761,"height":13}},{"id":"5c468d7c-6714-4f6b-a95c-1572a96564c8","block_type":"box","text":"check, ACH or wire.","page_number":219,"box":{"x":116,"y":738,"width":147,"height":11}},{"id":"4e837b48-fe56-424b-9b5a-54d11c61200a","block_type":"box","text":"Redeem by Internet:","page_number":219,"box":{"x":117,"y":769,"width":159,"height":12}},{"id":"3a1f4cc6-0d91-43b1-ab14-865d4efb7605","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging","page_number":219,"box":{"x":283,"y":769,"width":595,"height":12}},{"id":"fea3eac1-7662-4aa7-823f-2156bf5db818","block_type":"box","text":"onto the BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent","page_number":219,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"e63b650d-3a61-41de-9f80-18e4a5072952","block_type":"box","text":"via check, ACH or wire to the bank account of record. Payment for shares redeemed by Internet may","page_number":219,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"82fbece7-5407-4c06-9688-7f92f2d8674c","block_type":"box","text":"be made for non-retirement accounts up to $100,000 per account per day, either through check, ACH","page_number":219,"box":{"x":117,"y":815,"width":751,"height":13}},{"id":"7078f2c6-f24e-4ec6-9216-b963a5576fa6","block_type":"box","text":"or wire. Different maximums may apply to certain institutional investors.","page_number":219,"box":{"x":116,"y":831,"width":535,"height":12}},{"id":"81ccce45-3018-4566-a823-1ccac2c7a3ba","block_type":"box","text":"Redeem in Writing:","page_number":219,"box":{"x":117,"y":862,"width":157,"height":12}},{"id":"ba52bf38-55b8-4c73-a2f4-c6c76a1bd3ac","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without","page_number":219,"box":{"x":275,"y":862,"width":599,"height":12}},{"id":"480678aa-74b6-490f-99c1-296c4af864cc","block_type":"box","text":"charge by writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption","page_number":219,"box":{"x":116,"y":878,"width":761,"height":12}},{"id":"7875a96c-836b-4a75-9dc9-beeb9af280d4","block_type":"box","text":"II-148","page_number":219,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"326fc39b-803c-493b-be09-f30e9dfc41ea","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":219,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4bfa8435-6aaf-41a0-977a-f45ea0e01a2a","block_type":"box","text":"requests delivered other than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn","page_number":220,"box":{"x":117,"y":87,"width":729,"height":12}},{"id":"a47a5f7b-d35a-4d0f-85e6-a8934008bce0","block_type":"box","text":"Avenue, Suite 102, Pittsburgh, Pennsylvania 15222. If you hold share certificates issued by your Fund,","page_number":220,"box":{"x":116,"y":102,"width":768,"height":13}},{"id":"cc0ae6ef-7632-4713-bff3-5f35156b4d78","block_type":"box","text":"the letter must be accompanied by certificates for the shares. All shareholders on the account must","page_number":220,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"afdd3e7e-1adc-4ccd-a23b-77cd01a13964","block_type":"box","text":"sign the letter. A medallion signature guarantee will generally be required but may be waived in certain","page_number":220,"box":{"x":116,"y":134,"width":766,"height":12}},{"id":"ebc3f4c8-8fd9-49ae-84e4-176674f138bf","block_type":"box","text":"limited circumstances. You can obtain a medallion signature guarantee stamp from a bank, securities","page_number":220,"box":{"x":117,"y":149,"width":756,"height":12}},{"id":"bf63df9c-2d07-44fb-b3a6-243c6f989a7f","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association, national securities exchange or","page_number":220,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"fad6f10d-c93a-4a4d-bf64-b394d410e413","block_type":"box","text":"registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":220,"box":{"x":117,"y":180,"width":696,"height":12}},{"id":"dd1e63de-8268-4bf9-94c9-16d0ebb898e3","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check,","page_number":220,"box":{"x":116,"y":196,"width":749,"height":12}},{"id":"35ded3fd-6d95-46ff-afa0-44fe7d4f4fb5","block_type":"box","text":"ACH or wire to the bank account of record.","page_number":220,"box":{"x":116,"y":211,"width":323,"height":10}},{"id":"294477dd-6e99-4dc5-a3ae-0bd3be7f05f7","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock","page_number":220,"box":{"x":116,"y":239,"width":754,"height":12}},{"id":"562454a8-6c40-4600-8c09-a805d45e9927","block_type":"box","text":"Shares may be made in the manner and amounts described in the Prospectuses.","page_number":220,"box":{"x":117,"y":254,"width":608,"height":13}},{"id":"28aebc03-ba5d-4dae-8971-29554e9e52f8","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":220,"box":{"x":116,"y":282,"width":707,"height":12}},{"id":"f44677a1-158c-4b55-a0f4-4f59aaf9a10c","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one","page_number":220,"box":{"x":117,"y":310,"width":740,"height":12}},{"id":"1939b0b8-26ab-4d3e-ad30-a1a69b39a626","block_type":"box","text":"business day of receipt of the proper notice of redemption. A Fund may delay the mailing of a","page_number":220,"box":{"x":117,"y":326,"width":697,"height":12}},{"id":"3854d9fb-0549-4bac-a5a5-678555539ced","block_type":"box","text":"redemption check until good payment (that is, cash, Federal funds or certified check drawn on a U.S.","page_number":220,"box":{"x":117,"y":341,"width":753,"height":12}},{"id":"aebf419c-93a0-4691-a39d-0bebf2a57b02","block_type":"box","text":"bank) has been collected for the purchase of Fund shares, which delay will usually not exceed 10","page_number":220,"box":{"x":117,"y":357,"width":726,"height":12}},{"id":"9f77721d-870d-44e3-9346-e8b86d552da1","block_type":"box","text":"days. If your account is held directly with the Transfer Agent and contains a fractional share balance","page_number":220,"box":{"x":116,"y":372,"width":747,"height":12}},{"id":"08864733-79ed-4159-a13e-b93676d5aa49","block_type":"box","text":"following a redemption, the fractional share balance will be automatically redeemed by the Fund.","page_number":220,"box":{"x":116,"y":388,"width":722,"height":12}},{"id":"4e9f7f55-2cbd-48ff-8d9f-c60eff159ba7","block_type":"box","text":"Note on Low Balance Accounts.","page_number":220,"box":{"x":117,"y":416,"width":242,"height":9}},{"id":"e80f4adb-a058-46ea-9ecd-696db85c3939","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":220,"box":{"x":360,"y":416,"width":527,"height":12}},{"id":"34ad5e81-0459-4907-8b7a-441c56794c94","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account","page_number":220,"box":{"x":117,"y":430,"width":735,"height":13}},{"id":"dfda17f4-3d66-4d6e-9748-18b12f321ca9","block_type":"box","text":"(“Fund Minimum”), and may redeem the shares in your account if the NAV of those shares in your","page_number":220,"box":{"x":117,"y":447,"width":731,"height":12}},{"id":"fc424fe9-b946-4a96-b0af-608eb71f6965","block_type":"box","text":"account falls below $500 for any reason, including market fluctuation.","page_number":220,"box":{"x":116,"y":461,"width":519,"height":13}},{"id":"8354ad6e-dffe-42b9-8cb1-ff6726afa456","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund","page_number":220,"box":{"x":116,"y":490,"width":727,"height":12}},{"id":"316e96f6-1ccc-40c4-93a0-d2abcf98fd33","block_type":"box","text":"makes any involuntary redemption. This notification will provide you with a 90 calendar day period to","page_number":220,"box":{"x":117,"y":506,"width":749,"height":12}},{"id":"74d3b0d8-86c8-4744-97c6-8cd08c4de7ca","block_type":"box","text":"make an additional investment in order to bring the value of your account to at least $500 before the","page_number":220,"box":{"x":117,"y":520,"width":747,"height":13}},{"id":"b09623fd-4938-43b5-a183-f0aaf7f6d890","block_type":"box","text":"Fund makes an involuntary redemption. This involuntary redemption will not charge any deferred sales","page_number":220,"box":{"x":117,"y":537,"width":766,"height":12}},{"id":"940b1a7e-323d-4119-926c-0c52363c30cb","block_type":"box","text":"charge, and may not apply to accounts of certain employer-sponsored retirement plans (not including","page_number":220,"box":{"x":116,"y":552,"width":756,"height":12}},{"id":"ef48862a-e6e5-4282-b37f-b8224512a4e1","block_type":"box","text":"IRAs), qualified state tuition plan (529 Plan) accounts, and select fee-based programs at your financial","page_number":220,"box":{"x":117,"y":568,"width":763,"height":12}},{"id":"3bd6acfc-3e51-4bc9-a15f-286916031668","block_type":"box","text":"intermediary.","page_number":220,"box":{"x":117,"y":583,"width":101,"height":12}},{"id":"1d48d85f-ea84-453e-9b9c-95320528b1ec","block_type":"box","text":"Repurchase","page_number":220,"box":{"x":117,"y":611,"width":100,"height":12}},{"id":"9773e6f8-4476-48c0-8df9-f8ce9c0475a0","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers.","page_number":220,"box":{"x":116,"y":633,"width":729,"height":12}},{"id":"ba7ed791-fe5c-4145-8a8a-85f8000cf7bc","block_type":"box","text":"Shares will be priced at the NAV of the Fund next determined after receipt of the repurchase order by a","page_number":220,"box":{"x":116,"y":648,"width":771,"height":12}},{"id":"e1269030-ce61-406e-86d1-643b8aa25037","block_type":"box","text":"Selling Dealer that has been authorized by the Distributor by contract to accept such orders. As to","page_number":220,"box":{"x":116,"y":664,"width":726,"height":12}},{"id":"29f04091-ab04-41bf-b9f3-54d77ee1eebe","block_type":"box","text":"repurchase orders received by Selling Dealers prior to the close of business on the NYSE (generally,","page_number":220,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"c85282d9-00bc-4b87-aed4-7cdf52fb207a","block_type":"box","text":"the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed, which includes orders","page_number":220,"box":{"x":116,"y":695,"width":726,"height":12}},{"id":"bb6f4804-d872-4144-8588-ca268d6b5cc6","block_type":"box","text":"received after the close of business on the previous day, the repurchase price is the NAV determined","page_number":220,"box":{"x":117,"y":710,"width":749,"height":12}},{"id":"634a2de3-e573-445f-a8b6-48a885d34f2a","block_type":"box","text":"as of the close of business on the NYSE on that day. If the orders for repurchase are not received by","page_number":220,"box":{"x":116,"y":726,"width":749,"height":12}},{"id":"1a597ca3-b8d1-4e7c-b3b8-8f08736e0c4e","block_type":"box","text":"the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":220,"box":{"x":116,"y":741,"width":760,"height":12}},{"id":"136aced7-38c7-48ec-b13d-ca782f8d481a","block_type":"box","text":"next business day.","page_number":220,"box":{"x":117,"y":757,"width":137,"height":12}},{"id":"d5cbfe9b-14ca-4e87-a265-d1fa1aa948c5","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund","page_number":220,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"d710530b-02a1-42ae-827f-682a33f84a2d","block_type":"box","text":"(other than any applicable CDSC or redemption fee). However, Selling Dealers may charge a","page_number":220,"box":{"x":117,"y":800,"width":691,"height":12}},{"id":"329b919d-4f5c-4d0a-bf23-7933085d575f","block_type":"box","text":"processing fee in connection with such transactions. In addition, securities firms that do not have","page_number":220,"box":{"x":117,"y":816,"width":716,"height":12}},{"id":"6e5b2e32-b5a7-49c3-9a7f-abfbe694fe65","block_type":"box","text":"selected dealer agreements with the Distributor may impose a transaction charge for transmitting the","page_number":220,"box":{"x":116,"y":831,"width":753,"height":12}},{"id":"2ac7b5c6-7524-4ee9-ac0a-c8b76ac36580","block_type":"box","text":"notice of repurchase to the Fund. Each Fund reserves the right to reject any order for repurchase. A","page_number":220,"box":{"x":117,"y":847,"width":746,"height":12}},{"id":"1a4bc5bf-488b-4e07-913d-865be4726d20","block_type":"box","text":"shareholder whose order for repurchase is rejected by a Fund, however, may redeem shares as set","page_number":220,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"10a49c7a-7d95-4b50-8d6b-2e67e95a3926","block_type":"box","text":"out above.","page_number":220,"box":{"x":116,"y":878,"width":83,"height":9}},{"id":"c631b7e2-dd3b-4e3d-a467-d2010553c6af","block_type":"box","text":"II-149","page_number":220,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"088449ac-4726-4160-aa7f-c0ded8bc5c9a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":220,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"9bfd0f6e-de4d-4e96-bbb1-f1842ed5a308","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":221,"box":{"x":117,"y":87,"width":484,"height":12}},{"id":"21fe6073-300c-4ffb-9986-82825f600a18","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable,","page_number":221,"box":{"x":117,"y":110,"width":691,"height":12}},{"id":"cb5e33b0-249c-434d-a717-a44437ce953b","block_type":"box","text":"shareholders may reinvest all or a portion of their redemption proceeds (after paying any applicable","page_number":221,"box":{"x":116,"y":126,"width":743,"height":12}},{"id":"d5e72f3b-fded-46d7-b9e4-2669c0fd4276","block_type":"box","text":"CDSC) in Investor A or Investor P Shares of the same or another BlackRock fund without paying a","page_number":221,"box":{"x":117,"y":141,"width":735,"height":12}},{"id":"62b0d473-dc67-46e2-b4c1-c9bc3ca54e32","block_type":"box","text":"front-end sales charge. This right may be exercised within 90 days of the redemption, provided that the","page_number":221,"box":{"x":116,"y":157,"width":769,"height":12}},{"id":"6d51e9c2-8003-4deb-8c21-d4d90e1be944","block_type":"box","text":"Investor A or Investor P Shares, as applicable, of that fund is currently open to new investors or the","page_number":221,"box":{"x":117,"y":172,"width":741,"height":12}},{"id":"35afc5df-ead9-44cd-a0a9-1ec4314e2929","block_type":"box","text":"shareholder has a current account in that closed fund. Shares will be purchased at the NAV calculated","page_number":221,"box":{"x":116,"y":188,"width":765,"height":12}},{"id":"79a131d3-c0cc-477f-a4ea-0e3fa8b9a0e5","block_type":"box","text":"at the close of trading on the day the request is received in good order. To exercise this privilege, the","page_number":221,"box":{"x":116,"y":203,"width":754,"height":12}},{"id":"77b9efef-d168-4414-818e-130d6676c8c5","block_type":"box","text":"Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":221,"box":{"x":116,"y":219,"width":714,"height":12}},{"id":"76e60982-5063-4748-962a-a28ca5562aa6","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the","page_number":221,"box":{"x":117,"y":234,"width":767,"height":12}},{"id":"ab4e5fd4-2fec-46a6-815f-c847972e8998","block_type":"box","text":"tax consequences of exercising this reinstatement privilege.","page_number":221,"box":{"x":116,"y":250,"width":449,"height":12}},{"id":"769aa798-9353-4867-9372-10fd07b917b5","block_type":"box","text":"S","page_number":221,"box":{"x":409,"y":296,"width":9,"height":10}},{"id":"aed5b958-ebc2-4fc8-8462-9b98b8ac3bc3","block_type":"box","text":"HAREHOLDER","page_number":221,"box":{"x":420,"y":299,"width":95,"height":7}},{"id":"556859fd-3bde-4827-8e29-69c0fc9e20a4","block_type":"box","text":"S","page_number":221,"box":{"x":515,"y":296,"width":16,"height":10}},{"id":"d9d779d5-fcde-45d2-b949-ff0e0e02d64e","block_type":"box","text":"ERVICES","page_number":221,"box":{"x":532,"y":299,"width":59,"height":7}},{"id":"ee854abd-671d-4782-aaa7-72fb104a2cf1","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to","page_number":221,"box":{"x":117,"y":327,"width":714,"height":12}},{"id":"86a8ea10-7db8-4ffc-b2ff-ea59b4549679","block_type":"box","text":"facilitate investment in its shares. You can obtain more information about these services from each","page_number":221,"box":{"x":116,"y":343,"width":738,"height":9}},{"id":"c853f8bf-9925-468f-81fb-3a1f2068e531","block_type":"box","text":"Fund by calling the telephone number on the cover page, or from the Distributor, your financial adviser,","page_number":221,"box":{"x":117,"y":358,"width":769,"height":12}},{"id":"b1088033-b0b3-4d1b-98aa-20a050e38bf0","block_type":"box","text":"your selected securities dealer or other financial intermediary. Certain of these services are available","page_number":221,"box":{"x":116,"y":374,"width":753,"height":12}},{"id":"9b980f74-595a-4260-9300-3864245c5ebb","block_type":"box","text":"only to U.S. investors.","page_number":221,"box":{"x":116,"y":389,"width":168,"height":12}},{"id":"d6655620-6b90-4172-a5b2-85be6c9c85ed","block_type":"box","text":"Investment Account","page_number":221,"box":{"x":117,"y":420,"width":164,"height":10}},{"id":"c447875f-12de-4d84-9165-54997a673f03","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive","page_number":221,"box":{"x":117,"y":444,"width":698,"height":12}},{"id":"c9da41a5-27d1-4c35-ab90-ca480980cfec","block_type":"box","text":"statements, at least quarterly, from the Transfer Agent. These statements will serve as confirmations","page_number":221,"box":{"x":116,"y":459,"width":752,"height":12}},{"id":"4939d0bc-fec3-4774-a497-2144def13211","block_type":"box","text":"for automatic investment purchases and the reinvestment of dividends. The statements also will show","page_number":221,"box":{"x":116,"y":475,"width":760,"height":12}},{"id":"2bdc1f37-7b2c-46da-994a-2be7912c3401","block_type":"box","text":"any other activity in your Investment Account since the last statement. You also will receive separate","page_number":221,"box":{"x":116,"y":490,"width":752,"height":12}},{"id":"d7189c19-de08-4c51-a483-3a228989a0f1","block_type":"box","text":"confirmations for each purchase or sale transaction other than automatic investment purchases and","page_number":221,"box":{"x":116,"y":506,"width":746,"height":12}},{"id":"fca74e44-6745-4853-b2c9-5b38cab02e9e","block_type":"box","text":"the reinvestment of dividends. If your Investment Account is held at the Transfer Agent you may make","page_number":221,"box":{"x":116,"y":521,"width":763,"height":12}},{"id":"0b9ac54a-027d-4313-995f-f7c63f0b1abe","block_type":"box","text":"additions to it at any time by mailing a check directly to the Transfer Agent. Each Fund limits purchases","page_number":221,"box":{"x":116,"y":537,"width":771,"height":12}},{"id":"9db56d9c-4ede-4957-b319-4d80960bc0b0","block_type":"box","text":"by personal check to $500,000 per trade. You may also maintain an account through a selected","page_number":221,"box":{"x":117,"y":551,"width":715,"height":13}},{"id":"34486be4-3aa1-44c4-acbd-674e0acf1d05","block_type":"box","text":"securities dealer or other financial intermediary. If you transfer shares out of an account maintained","page_number":221,"box":{"x":116,"y":568,"width":742,"height":12}},{"id":"fdf6d16b-391f-4503-8453-ffd090d2ccaf","block_type":"box","text":"with a selected securities dealer or other financial intermediary, an Investment Account in your name","page_number":221,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"62dd754e-cec2-44b9-8739-cf3226b578d3","block_type":"box","text":"may be opened automatically at the Transfer Agent.","page_number":221,"box":{"x":117,"y":599,"width":390,"height":12}},{"id":"a3ed8319-b3a1-4f20-aba7-64dad44b8779","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to","page_number":221,"box":{"x":116,"y":630,"width":723,"height":12}},{"id":"1882c8a7-c845-4250-9045-3930ba934cb4","block_type":"box","text":"another securities dealer or other financial intermediary that has entered into an agreement with the","page_number":221,"box":{"x":116,"y":645,"width":745,"height":12}},{"id":"6219bd3f-078f-4758-b87a-00d13d5d9246","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the transferred shares. All future","page_number":221,"box":{"x":117,"y":661,"width":727,"height":12}},{"id":"68506ddd-ae0c-4e26-a053-d785a3f6f900","block_type":"box","text":"trading of these assets must be coordinated by the new firm. If you wish to transfer your shares to a","page_number":221,"box":{"x":116,"y":676,"width":740,"height":12}},{"id":"8ac91861-ab86-431f-882b-519c0af6db47","block_type":"box","text":"securities dealer or other financial intermediary that has not entered into an agreement with the","page_number":221,"box":{"x":116,"y":692,"width":706,"height":12}},{"id":"f64d3c68-f9f9-4061-8626-1012866dd351","block_type":"box","text":"Distributor, you must either (i) redeem your shares, paying any applicable CDSC or (ii) continue to","page_number":221,"box":{"x":117,"y":707,"width":727,"height":12}},{"id":"4a54ed5f-5c29-4feb-8567-048f00da4292","block_type":"box","text":"maintain an Investment Account at the Transfer Agent for those shares. You also may request that the","page_number":221,"box":{"x":117,"y":723,"width":759,"height":12}},{"id":"31405ce9-ecb8-414d-931a-e582b1c76844","block_type":"box","text":"new securities dealer or other financial intermediary maintain the shares in an account at the Transfer","page_number":221,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"5bf14573-6f17-468e-aa22-f25ef6c0d23e","block_type":"box","text":"Agent registered in the name of the securities dealer or other financial intermediary for your benefit","page_number":221,"box":{"x":116,"y":754,"width":733,"height":12}},{"id":"1787b671-192f-4ca2-b971-2f83e7665ff0","block_type":"box","text":"whether the securities dealer or other financial intermediary has entered into a selected dealer","page_number":221,"box":{"x":116,"y":769,"width":700,"height":12}},{"id":"8b7f2a03-41cb-44bd-b1ce-cdf494599612","block_type":"box","text":"agreement or not. In the interest of economy and convenience and because of the operating","page_number":221,"box":{"x":116,"y":785,"width":685,"height":12}},{"id":"7a5726a2-dfd5-4ce6-b548-d77b94410038","block_type":"box","text":"procedures of each Fund, share certificates will not be issued physically. Shares are maintained by","page_number":221,"box":{"x":117,"y":800,"width":734,"height":12}},{"id":"f95f0411-d00e-4050-8b87-34ea18a0f4b8","block_type":"box","text":"each Fund on its register maintained by the Transfer Agent and the holders thereof will have the same","page_number":221,"box":{"x":116,"y":816,"width":759,"height":12}},{"id":"0f304739-a0dd-4219-872f-fa59fdea8a99","block_type":"box","text":"rights and ownership with respect to such shares as if certificates had been issued.","page_number":221,"box":{"x":117,"y":831,"width":621,"height":12}},{"id":"2001f5bc-b3eb-4e7e-841d-95824fa22531","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement","page_number":221,"box":{"x":117,"y":862,"width":754,"height":12}},{"id":"f1e6711e-033a-4d3f-8a5c-a9e3973e85cc","block_type":"box","text":"account, from one selected securities dealer to another securities dealer or other financial","page_number":221,"box":{"x":116,"y":878,"width":671,"height":11}},{"id":"606c476f-c379-41f4-bdfc-e398d1d92c94","block_type":"box","text":"II-150","page_number":221,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0d2c2598-45ee-4b20-b378-2283e1858fae","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":221,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"037fa0f0-8010-4997-8a6a-761dd505ec12","block_type":"box","text":"intermediary, you should be aware that if the new firm will not take delivery of shares of the Fund, you","page_number":222,"box":{"x":117,"y":87,"width":759,"height":12}},{"id":"d29ee408-2adb-46fa-b0b1-883d41e06b59","block_type":"box","text":"must either redeem the shares (paying any applicable CDSC) so that the cash proceeds can be","page_number":222,"box":{"x":117,"y":102,"width":714,"height":13}},{"id":"836ee9b4-6f72-4828-956b-fca90efd8fa8","block_type":"box","text":"transferred to the account at the new firm, or you must continue to maintain a retirement account at the","page_number":222,"box":{"x":116,"y":118,"width":770,"height":12}},{"id":"54b403f2-1f43-42d4-aa56-0a5ab5654435","block_type":"box","text":"original selected securities dealer for those shares.","page_number":222,"box":{"x":116,"y":134,"width":383,"height":12}},{"id":"e513dbf6-4b52-4208-a5e4-0d7e2572c706","block_type":"box","text":"Exchange Privilege","page_number":222,"box":{"x":117,"y":165,"width":158,"height":12}},{"id":"bb513f7b-036e-4551-ac52-70527e8294a3","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G","page_number":222,"box":{"x":117,"y":192,"width":763,"height":11}},{"id":"7770e0db-8dcc-4f06-a503-d7ff9cb16f7f","block_type":"box","text":"Shares of each Fund have an exchange privilege with certain other Funds. However, Investor A1","page_number":222,"box":{"x":116,"y":207,"width":725,"height":12}},{"id":"b176fc8a-a19b-48ef-bd54-c3b2c7ef4304","block_type":"box","text":"Shares may only exchange out. The minimum amount for exchanges of Investor class shares is","page_number":222,"box":{"x":116,"y":223,"width":717,"height":12}},{"id":"ad697091-0e10-4d08-8d5e-cf1d3bb690fa","block_type":"box","text":"$1,000, although you may exchange less than $1,000 if you already have an account in the Fund into","page_number":222,"box":{"x":116,"y":237,"width":758,"height":13}},{"id":"189bee8a-40b1-429c-a0dd-66f09b395377","block_type":"box","text":"which you are exchanging. You may only exchange into a share class and a Fund that are open to new","page_number":222,"box":{"x":116,"y":254,"width":772,"height":12}},{"id":"6b5b6e2d-1f42-4416-9fd3-31e24f8ca5c3","block_type":"box","text":"investors or in which you have a current account if the class or fund is closed to new investors. Before","page_number":222,"box":{"x":117,"y":269,"width":761,"height":12}},{"id":"7d50be5e-8cc9-4440-b007-84ef1c35bef0","block_type":"box","text":"effecting an exchange, you should obtain a currently effective prospectus of the fund into which you","page_number":222,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"df07679e-342c-4aa1-9131-d66f93dccc59","block_type":"box","text":"wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":222,"box":{"x":116,"y":300,"width":754,"height":12}},{"id":"d50219d8-ee43-4614-9fa9-831dc204c1ad","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":222,"box":{"x":116,"y":316,"width":630,"height":12}},{"id":"22fb067c-bbcd-42da-8c51-d2dd6272a56a","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":222,"box":{"x":116,"y":347,"width":689,"height":13}},{"id":"234ae7aa-bf20-4f77-80df-0d44f098c119","block_type":"box","text":"Institutional Shares are exchangeable with Institutional Shares of other Funds. Investor A and Investor","page_number":222,"box":{"x":117,"y":363,"width":763,"height":12}},{"id":"c591ba2f-778c-4650-93b8-9195ee531fba","block_type":"box","text":"A1 Shares are exchangeable for Investor A Shares of other Funds to the extent such shares are","page_number":222,"box":{"x":116,"y":378,"width":719,"height":13}},{"id":"3814744e-7040-47b5-8cd7-866790cd12f6","block_type":"box","text":"offered by your financial intermediary. Investor P Shares are exchangeable for Investor P Shares of","page_number":222,"box":{"x":116,"y":394,"width":744,"height":12}},{"id":"2bb4b106-9490-45b0-93e2-83f11df56a32","block_type":"box","text":"other Funds, to the extent such shares are offered by your financial intermediary. Class K Shares are","page_number":222,"box":{"x":116,"y":409,"width":756,"height":13}},{"id":"c305b6bf-4a2a-4d1e-a986-7b262e1c3552","block_type":"box","text":"exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable for Class G","page_number":222,"box":{"x":116,"y":425,"width":722,"height":12}},{"id":"2994aacc-8b03-4ac9-b97f-e2a47c161f2b","block_type":"box","text":"Shares of other Funds.","page_number":222,"box":{"x":116,"y":440,"width":176,"height":10}},{"id":"f67166b1-ce11-416e-9c04-291de8e80d0c","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of","page_number":222,"box":{"x":117,"y":472,"width":764,"height":12}},{"id":"b2c05ac1-9194-4061-ab8a-8044d6253302","block_type":"box","text":"a money market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of","page_number":222,"box":{"x":116,"y":488,"width":748,"height":12}},{"id":"1061ad3a-5917-450d-bd02-3f433716f98c","block_type":"box","text":"Investor A or Investor A1 Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares","page_number":222,"box":{"x":117,"y":503,"width":754,"height":12}},{"id":"9f24e733-9c69-49bb-a0f2-1c0cd2de6018","block_type":"box","text":"of a second fund, or for shares of a money market fund (“new Investor A Shares”) are effected on the","page_number":222,"box":{"x":116,"y":519,"width":756,"height":12}},{"id":"9556bdc8-7c25-42a2-919a-676445eb32d7","block_type":"box","text":"basis of relative NAV per share. Exchanges of Investor P Shares outstanding for Investor P Shares of","page_number":222,"box":{"x":117,"y":534,"width":759,"height":12}},{"id":"fef9f934-95d1-4286-84ab-74171610492c","block_type":"box","text":"a second fund are effected on the basis of relative NAV per share. Exchanges of Class K Shares","page_number":222,"box":{"x":116,"y":550,"width":724,"height":12}},{"id":"3c89ecf4-1d0d-47ed-9516-e2ea129594aa","block_type":"box","text":"outstanding for Class K Shares of a second fund, or","page_number":222,"box":{"x":116,"y":565,"width":390,"height":12}},{"id":"94a313dd-2d49-4c28-91b2-981f0331f85b","block_type":"box","text":"for shares of a money market fund are effected on","page_number":222,"box":{"x":506,"y":565,"width":378,"height":12}},{"id":"162a74c8-8430-4758-b233-3fadfbe7414c","block_type":"box","text":"the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class G Shares of a","page_number":222,"box":{"x":116,"y":581,"width":770,"height":12}},{"id":"ace444ad-bee4-47e2-84a8-dd0e2c3617be","block_type":"box","text":"second fund are effected on the basis of relative NAV per share.","page_number":222,"box":{"x":116,"y":596,"width":483,"height":12}},{"id":"8f7c4da3-434e-47dd-a572-885d5898f294","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":222,"box":{"x":116,"y":628,"width":250,"height":12}},{"id":"f30550d5-1d90-4f5f-9738-4dca3a4c624c","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding","page_number":222,"box":{"x":367,"y":628,"width":495,"height":12}},{"id":"e0636832-3f73-4597-8c8e-c8ccf2194fba","block_type":"box","text":"(“outstanding Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund","page_number":222,"box":{"x":117,"y":644,"width":758,"height":12}},{"id":"dbbf82f4-8196-4d32-9feb-dd7189781a73","block_type":"box","text":"(“new Investor C Shares”) or for shares of a money market fund (“new money market fund Shares”) on","page_number":222,"box":{"x":117,"y":659,"width":766,"height":12}},{"id":"506b546d-f42f-4db2-8a72-af979deb7c36","block_type":"box","text":"the basis of relative NAV per share, without the payment of any CDSC. Certain Funds impose different","page_number":222,"box":{"x":116,"y":675,"width":762,"height":12}},{"id":"98a67ab4-218b-4cd4-9357-92283978683a","block_type":"box","text":"CDSC schedules. For purposes of computing the CDSC upon redemption of new Investor C Shares or","page_number":222,"box":{"x":117,"y":690,"width":761,"height":12}},{"id":"fe0e37f8-2654-42c9-b596-c00405bab03e","block_type":"box","text":"new money market fund Shares, as applicable, the time you held both the exchanged Investor C","page_number":222,"box":{"x":117,"y":706,"width":715,"height":12}},{"id":"8c7f7a00-da84-42c3-bc06-a34586280519","block_type":"box","text":"Shares and the new Investor C Shares or new money market fund Shares will count towards the","page_number":222,"box":{"x":116,"y":721,"width":716,"height":12}},{"id":"6f31a5ef-5ece-4429-bcc5-c2a1ed872f6c","block_type":"box","text":"holding period of the new Investor C Shares or new money market fund Shares.","page_number":222,"box":{"x":117,"y":737,"width":591,"height":12}},{"id":"bbb26687-c45d-47be-bbdf-c6861a4e07b0","block_type":"box","text":"Exchanges of Service Shares.","page_number":222,"box":{"x":116,"y":768,"width":223,"height":12}},{"id":"7ee8c1ab-0ead-446b-929c-215d14703fd5","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are","page_number":222,"box":{"x":347,"y":768,"width":530,"height":12}},{"id":"8807e16c-950c-4882-be9f-15cd3451720a","block_type":"box","text":"covered by selected dealer agreements with the Distributor.","page_number":222,"box":{"x":116,"y":784,"width":442,"height":12}},{"id":"cc00598f-3ce6-42a4-84bf-c32b0b0b5ee8","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":222,"box":{"x":116,"y":816,"width":356,"height":12}},{"id":"62736e12-87a6-4652-8a74-8a447f4c35e1","block_type":"box","text":"You may exchange any class of Investor class shares,","page_number":222,"box":{"x":478,"y":816,"width":404,"height":12}},{"id":"caa77833-cc22-46bc-a1d9-71c3dd7bab6f","block_type":"box","text":"excluding Investor P Shares, for shares of an affiliated money market fund. If you exchange into","page_number":222,"box":{"x":116,"y":831,"width":717,"height":12}},{"id":"1c7a74d1-7085-4cce-bd41-bf24e42825ca","block_type":"box","text":"BlackRock Summit Cash Reserves Fund (“Summit”), a series of BlackRock Financial Institutions","page_number":222,"box":{"x":117,"y":847,"width":720,"height":12}},{"id":"6d75887b-644c-4d61-ab4a-672340331e67","block_type":"box","text":"Series Trust, you will receive one of two classes of shares: exchanges of Investor A, Investor A1 and","page_number":222,"box":{"x":116,"y":862,"width":753,"height":12}},{"id":"efde0511-53ab-47c5-9cca-088fead89f2e","block_type":"box","text":"Institutional Shares of a Fund will receive Investor A Shares of Summit and exchanges of Investor C","page_number":222,"box":{"x":117,"y":878,"width":747,"height":12}},{"id":"7983de62-595a-44f5-9c7e-f3087b192ffc","block_type":"box","text":"II-151","page_number":222,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"2252344c-cdd8-4285-a918-340da9580a14","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":222,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"004d9a8b-c1fe-4272-b09d-ef010d7b3f8f","block_type":"box","text":"Shares of a Fund will receive Investor C Shares of Summit. You may exchange Investor A Shares of","page_number":223,"box":{"x":116,"y":87,"width":751,"height":12}},{"id":"f763efad-b689-4ad0-8e8c-f7b3bd3267fc","block_type":"box","text":"Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to hold such shares.","page_number":223,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"cd5752e7-2942-42b6-8461-f8a4527158e7","block_type":"box","text":"You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":223,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"c29c2ca0-e721-488d-965a-93ff4aa7e4f2","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count","page_number":223,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"c1033699-b002-4a9f-94da-0d84b40c6c3d","block_type":"box","text":"toward satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C","page_number":223,"box":{"x":116,"y":149,"width":752,"height":12}},{"id":"530c45b3-1a9c-4e23-bcfd-652c7c8b7f56","block_type":"box","text":"Shares of Summit are subject to a distribution fee at an annual rate of 0.75% of average daily net","page_number":223,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"9c4c5e93-ed39-4f58-85e8-0510a1eceb82","block_type":"box","text":"assets of such Investor C Shares. Exchanges of Investor C Shares of a money market fund other than","page_number":223,"box":{"x":116,"y":180,"width":765,"height":12}},{"id":"d314f275-e692-4a9f-b521-17bc76469145","block_type":"box","text":"Summit for Investor C Shares of a Fund will be exercised at NAV. However, a CDSC may be charged","page_number":223,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"ba829c1c-1b7c-4667-9d49-3293a2968575","block_type":"box","text":"in connection with any subsequent redemption of the Investor C Shares of the Fund received in the","page_number":223,"box":{"x":117,"y":211,"width":740,"height":12}},{"id":"3ce634fc-70cd-48fd-b8ef-8c20447a6eec","block_type":"box","text":"exchange. In determining the holding period for calculating the CDSC payable on redemption of","page_number":223,"box":{"x":116,"y":227,"width":715,"height":12}},{"id":"d92374f1-2ad9-4490-af4b-846abdde81c7","block_type":"box","text":"Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":223,"box":{"x":117,"y":242,"width":759,"height":12}},{"id":"b4976dfb-e8de-4c7b-b8d3-79920a8f63b3","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired","page_number":223,"box":{"x":117,"y":258,"width":761,"height":12}},{"id":"1951b28c-cc3c-49bc-8829-758d12bd9172","block_type":"box","text":"through exchange.","page_number":223,"box":{"x":116,"y":273,"width":144,"height":12}},{"id":"e46a800c-3b2c-4f6a-9fee-7b4a69cf28e2","block_type":"box","text":"Exchanges by Participants in Certain Programs.","page_number":223,"box":{"x":116,"y":304,"width":362,"height":12}},{"id":"f1263480-18fe-4329-9460-70b8e432ada7","block_type":"box","text":"The exchange privilege may be modified with respect","page_number":223,"box":{"x":478,"y":304,"width":401,"height":12}},{"id":"2767643a-3441-48df-83bd-5066367dcb47","block_type":"box","text":"to certain participants in mutual fund advisory programs and other fee-based programs sponsored by","page_number":223,"box":{"x":116,"y":320,"width":755,"height":12}},{"id":"6a30490a-288d-4881-b9c4-5c3fc0e9af8c","block_type":"box","text":"the Manager, an affiliate of the Manager, or selected securities dealers or other financial intermediaries","page_number":223,"box":{"x":116,"y":335,"width":770,"height":12}},{"id":"44247936-03fb-4350-b225-629bebff124a","block_type":"box","text":"that have an agreement with the Distributor. See “Fee-Based Programs” below.","page_number":223,"box":{"x":116,"y":351,"width":595,"height":12}},{"id":"b61af4d9-4e43-4547-97e6-53eb7d78bbe5","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":223,"box":{"x":116,"y":382,"width":269,"height":12}},{"id":"789f1771-bc0e-4040-a90e-be1c64efa82f","block_type":"box","text":"To exercise the exchange privilege, you should contact your","page_number":223,"box":{"x":385,"y":382,"width":452,"height":12}},{"id":"56397613-c5f7-45e3-bac3-d10eef80521c","block_type":"box","text":"financial adviser or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold","page_number":223,"box":{"x":116,"y":397,"width":758,"height":12}},{"id":"5920b648-14ae-43dd-b06c-be796b271d1e","block_type":"box","text":"share certificates, you may exercise the exchange privilege by wire through your securities dealer or","page_number":223,"box":{"x":116,"y":413,"width":749,"height":12}},{"id":"dc3d87a8-0458-4a84-bb27-4927e15c5841","block_type":"box","text":"other financial intermediary. Each Fund reserves the right to require a properly completed exchange","page_number":223,"box":{"x":116,"y":428,"width":747,"height":12}},{"id":"ae58fc2b-4452-40f3-aa17-524032fc942c","block_type":"box","text":"application.","page_number":223,"box":{"x":116,"y":444,"width":89,"height":12}},{"id":"fb6dd41d-9955-43d9-9ac7-4a0e4424da96","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/","page_number":223,"box":{"x":116,"y":475,"width":767,"height":12}},{"id":"3e406f91-563c-47fb-8d89-de89f7335c28","block_type":"box","text":"o the Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429.","page_number":223,"box":{"x":116,"y":490,"width":771,"height":12}},{"id":"df954bda-42f6-4af2-bbd3-caa4ae1743e4","block_type":"box","text":"Shareholders are automatically provided with telephone exchange privileges when opening an","page_number":223,"box":{"x":116,"y":506,"width":705,"height":12}},{"id":"b0466721-f3a8-498f-bc52-980f6e21127b","block_type":"box","text":"account, unless they indicate on the Application that they do not wish to use this privilege. To add this","page_number":223,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"31df1dd6-2e8e-4eb9-bdf1-9ef3f03ebf3c","block_type":"box","text":"feature to an existing account that previously did not provide this option, a Telephone Exchange","page_number":223,"box":{"x":116,"y":537,"width":716,"height":12}},{"id":"4b2156f8-a9bc-4f12-ba36-16db7c7b8da1","block_type":"box","text":"Authorization Form must be filed with the Transfer Agent. This form is available from the Transfer","page_number":223,"box":{"x":116,"y":552,"width":727,"height":12}},{"id":"2ba3d7ff-fe3b-4a07-abd1-33838661dccc","block_type":"box","text":"Agent. Once this election has been made, the shareholder may simply contact the Fund by telephone","page_number":223,"box":{"x":116,"y":568,"width":759,"height":12}},{"id":"306f3af6-92e0-4a9c-8fed-e3c690746c32","block_type":"box","text":"at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":223,"box":{"x":116,"y":583,"width":763,"height":12}},{"id":"7c6e5034-72f4-400b-973b-2306b2995a4d","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange","page_number":223,"box":{"x":116,"y":599,"width":736,"height":12}},{"id":"f3ee1029-9f57-40fe-a19b-081b121495f7","block_type":"box","text":"requests to the Transfer Agent in writing.","page_number":223,"box":{"x":117,"y":614,"width":307,"height":12}},{"id":"265f429b-4e1d-4e6b-88dc-0b0d1ff5826b","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares","page_number":223,"box":{"x":117,"y":645,"width":760,"height":12}},{"id":"31f9eb45-4cce-4905-9755-88f58a550703","block_type":"box","text":"are being acquired, a new account will be established with the same registration, dividend and capital","page_number":223,"box":{"x":116,"y":661,"width":751,"height":12}},{"id":"ac5b3f67-2078-4540-a76d-7310f24f2d08","block_type":"box","text":"gain options and broker of record as the account from which shares are exchanged, unless otherwise","page_number":223,"box":{"x":116,"y":676,"width":752,"height":12}},{"id":"134a6d42-65a5-400c-b6ee-e58414cf4f1a","block_type":"box","text":"specified in writing by the shareholder with all signatures guaranteed by an eligible guarantor institution","page_number":223,"box":{"x":116,"y":692,"width":764,"height":12}},{"id":"7988d8ff-cd0e-4abb-a977-b3f91bf4e57e","block_type":"box","text":"as defined below. In order to participate in the Automatic Investment Program or establish a","page_number":223,"box":{"x":116,"y":707,"width":680,"height":12}},{"id":"fdaa19b9-96cd-4f35-be03-b60027839de9","block_type":"box","text":"Systematic Withdrawal Plan for the new account, however, an exchanging shareholder must file a","page_number":223,"box":{"x":116,"y":723,"width":726,"height":12}},{"id":"6cf71bc0-f0b6-40ae-9cab-73a7da7fa747","block_type":"box","text":"specific written request.","page_number":223,"box":{"x":116,"y":738,"width":174,"height":12}},{"id":"fbdfdf79-dae6-4bd2-a4bb-74fe91da7eed","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment","page_number":223,"box":{"x":116,"y":769,"width":686,"height":12}},{"id":"635bc445-39c0-46f3-a5ed-313be17de7ae","block_type":"box","text":"requirement, and must be legally available for sale in the state of the investor’s residence. For U.S.","page_number":223,"box":{"x":117,"y":785,"width":732,"height":12}},{"id":"e59ef158-b9b6-4c6f-b941-3cb16c03508d","block_type":"box","text":"federal income tax purposes, a share exchange is a taxable event and, accordingly, a capital gain or","page_number":223,"box":{"x":116,"y":800,"width":746,"height":12}},{"id":"bad67f10-4056-4592-b133-7469db3d5a9e","block_type":"box","text":"loss may be realized. Before making an exchange request, shareholders should consult a tax or other","page_number":223,"box":{"x":117,"y":816,"width":755,"height":12}},{"id":"7a4b2999-73fb-412b-8e8b-db1dcdbf6b8b","block_type":"box","text":"financial adviser and should consider the investment objective, policies and restrictions of the","page_number":223,"box":{"x":116,"y":831,"width":697,"height":12}},{"id":"dd89e780-bedb-4359-9a7e-a7857989d65b","block_type":"box","text":"investment portfolio into which the shareholder is making an exchange. Brokers may charge a fee for","page_number":223,"box":{"x":117,"y":847,"width":754,"height":12}},{"id":"3fc03743-6604-498e-be64-a0c19a11378f","block_type":"box","text":"handling exchanges.","page_number":223,"box":{"x":117,"y":862,"width":158,"height":12}},{"id":"aa8bd6c4-e31d-4955-9979-8fbd0baa87be","block_type":"box","text":"II-152","page_number":223,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"1c1f5a67-4e83-4dbf-993d-2e78d8c5bb9b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":223,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"fa9a7de1-d931-4d83-9fbf-4fa6b2fc7ba7","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice","page_number":224,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"c6a81440-ff32-4392-a283-e25b801023b3","block_type":"box","text":"will be given to shareholders of any material modification or termination except where notice is not","page_number":224,"box":{"x":116,"y":102,"width":733,"height":13}},{"id":"cb0aa5e0-f1a7-4002-9803-764e4cc094c8","block_type":"box","text":"required. The Funds reserve the right to reject any telephone exchange request. Telephone exchanges","page_number":224,"box":{"x":117,"y":118,"width":770,"height":12}},{"id":"aaa6fc70-f001-4e77-bcd8-593a23765545","block_type":"box","text":"may be subject to limitations as to amount or frequency, and to other restrictions that may be","page_number":224,"box":{"x":117,"y":134,"width":693,"height":12}},{"id":"7b41ed6f-d702-4ee8-b6bb-263982f92e8a","block_type":"box","text":"established from time to time to ensure that exchanges do not operate to the disadvantage of any","page_number":224,"box":{"x":116,"y":149,"width":729,"height":12}},{"id":"84e0887d-9fea-4d2e-893a-228a0020b911","block_type":"box","text":"portfolio or its shareholders.","page_number":224,"box":{"x":117,"y":165,"width":211,"height":11}},{"id":"111fb318-6dc2-421a-89cd-84462a736f47","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":224,"box":{"x":116,"y":194,"width":770,"height":12}},{"id":"5b7b0b2b-0b30-457e-b7fa-132161497d99","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for","page_number":224,"box":{"x":116,"y":210,"width":766,"height":12}},{"id":"b69c6dc7-e191-4d96-bd06-2d7725e5da7d","block_type":"box","text":"any loss, liability, cost or expense for acting upon telephone instructions reasonably believed to be","page_number":224,"box":{"x":116,"y":225,"width":735,"height":12}},{"id":"8217b96c-2bf1-46a0-afd4-b8db4a66a726","block_type":"box","text":"genuine in accordance with such procedures. By use of the exchange privilege, the investor authorizes","page_number":224,"box":{"x":116,"y":241,"width":769,"height":12}},{"id":"aaceea6c-bae9-4d9f-a67b-4491e3dc9f2d","block_type":"box","text":"the Fund’s Transfer Agent to act on telephonic or written exchange instructions from any person","page_number":224,"box":{"x":116,"y":256,"width":718,"height":12}},{"id":"06610e25-abea-4fdd-be53-4c2e1417c9ce","block_type":"box","text":"representing himself to be the investor and believed by the Fund’s Transfer Agent to be genuine. The","page_number":224,"box":{"x":117,"y":272,"width":756,"height":12}},{"id":"63e840dc-5ccd-4f5a-9669-2a48254472ea","block_type":"box","text":"records of the Fund’s Transfer Agent pertaining to such instructions are binding. The exchange","page_number":224,"box":{"x":117,"y":287,"width":709,"height":12}},{"id":"8579055e-8499-4da4-b350-bff6609d02a8","block_type":"box","text":"privilege may be modified or terminated at any time upon 60 days’ notice to affected shareholders. The","page_number":224,"box":{"x":117,"y":303,"width":768,"height":12}},{"id":"bf8b39a5-f513-4008-b12c-009704a88907","block_type":"box","text":"exchange privilege is only available in states where the exchange may legally be made.","page_number":224,"box":{"x":116,"y":318,"width":655,"height":12}},{"id":"ae40a4cb-929f-43d7-967b-21664a86489e","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange","page_number":224,"box":{"x":117,"y":348,"width":723,"height":12}},{"id":"9d67ea4e-0d96-4c17-b3be-c75d3aacd8a3","block_type":"box","text":"privilege. Certain Funds may suspend the continuous offering of their shares to the general public at","page_number":224,"box":{"x":117,"y":363,"width":747,"height":12}},{"id":"d34d032e-92d9-47fc-98f2-d0735452a1d8","block_type":"box","text":"any time and may resume such offering from time to time. The exchange privilege is available only to","page_number":224,"box":{"x":116,"y":379,"width":755,"height":12}},{"id":"c2358050-a66a-4717-8caf-7c50e059e076","block_type":"box","text":"U.S. shareholders in states where the exchange legally may be made. The exchange privilege may be","page_number":224,"box":{"x":117,"y":394,"width":764,"height":12}},{"id":"0d4e3ee3-035d-424d-a139-9633fce0a72c","block_type":"box","text":"applicable to other new mutual funds whose shares may be distributed by the Distributor.","page_number":224,"box":{"x":116,"y":410,"width":666,"height":12}},{"id":"dffbeb81-a414-4ca4-966d-1bcc5bc3ddd4","block_type":"box","text":"Participation in Fee-Based Programs","page_number":224,"box":{"x":117,"y":439,"width":298,"height":12}},{"id":"b7ef65ed-88d0-453c-80ec-c13e99a1e16e","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or","page_number":224,"box":{"x":117,"y":462,"width":747,"height":12}},{"id":"4d50d8ef-8c94-42b3-b5e6-f7bfceef6286","block_type":"box","text":"selected securities dealers or other financial intermediaries that have agreements with the Distributor","page_number":224,"box":{"x":116,"y":477,"width":754,"height":12}},{"id":"686f2624-5121-45d2-a48c-71bd8b4fdab8","block_type":"box","text":"or in certain fee-based programs in which BlackRock participates, you may be able to buy Institutional","page_number":224,"box":{"x":116,"y":493,"width":761,"height":12}},{"id":"337f5b41-5eea-438c-a632-2a4d3c3f822f","block_type":"box","text":"Shares, including by exchanges from other share classes. Sales charges on the shares being","page_number":224,"box":{"x":116,"y":508,"width":700,"height":12}},{"id":"78dc65c0-5c8d-449d-8dea-a8cfc1c58307","block_type":"box","text":"exchanged may be reduced or waived under certain circumstances. You generally cannot transfer","page_number":224,"box":{"x":116,"y":524,"width":733,"height":12}},{"id":"5513e426-c18f-4821-913e-ef9c3c51bcde","block_type":"box","text":"shares held through a fee-based program into another account. Instead, if you choose to leave the","page_number":224,"box":{"x":116,"y":539,"width":736,"height":12}},{"id":"5b08e665-e2e3-47d8-9bee-d3d8a9a7bbb4","block_type":"box","text":"fee-based program, you may have to redeem your shares held through the program and purchase","page_number":224,"box":{"x":116,"y":555,"width":735,"height":12}},{"id":"dd58942f-3ea5-4c58-8c05-fea4a2f4ad19","block_type":"box","text":"shares of another class, which may be subject to distribution and service fees. This may be a taxable","page_number":224,"box":{"x":116,"y":570,"width":755,"height":12}},{"id":"d777302a-360e-4771-bca0-356a36e4c3a3","block_type":"box","text":"event and you may pay any applicable sales charges or redemption fee. Please speak to your financial","page_number":224,"box":{"x":116,"y":586,"width":769,"height":12}},{"id":"582debf3-c5a0-4f66-a9a6-e6a1f67e0141","block_type":"box","text":"intermediary for information about specific policies and procedures applicable to your account.","page_number":224,"box":{"x":117,"y":601,"width":703,"height":13}},{"id":"871a31ca-12de-40f8-8e7a-5af2874a1c76","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can","page_number":224,"box":{"x":117,"y":631,"width":749,"height":12}},{"id":"82121b87-eea0-4643-b7f3-665924118a83","block_type":"box","text":"be held in an account. In certain circumstances, when a shareholder chooses to continue to hold the","page_number":224,"box":{"x":117,"y":647,"width":749,"height":11}},{"id":"d12f9917-fd81-4052-a1ff-dd1aef1a9816","block_type":"box","text":"shares, whatever share class was held in the program can be held after termination. Shares that have","page_number":224,"box":{"x":116,"y":662,"width":756,"height":12}},{"id":"fbc62ace-6a8f-4214-bf8c-55748669f812","block_type":"box","text":"been held for less than specified periods within the program may be subject to a fee upon redemption.","page_number":224,"box":{"x":117,"y":677,"width":756,"height":13}},{"id":"40723760-e547-4090-9384-38160545e373","block_type":"box","text":"Shareholders that held Investor A or Institutional Shares in the program may be eligible to purchase","page_number":224,"box":{"x":116,"y":693,"width":739,"height":12}},{"id":"6de49ef0-b2d3-40d9-9778-674f2940186b","block_type":"box","text":"additional shares of the respective share class of a Fund, but may be subject to upfront sales charges","page_number":224,"box":{"x":116,"y":709,"width":755,"height":12}},{"id":"f7f643fe-1422-45e4-9036-74e202ded993","block_type":"box","text":"with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted only if you","page_number":224,"box":{"x":116,"y":724,"width":762,"height":12}},{"id":"34dd99c7-adec-4666-a752-37db4ff65931","block_type":"box","text":"have an existing position at the time of purchase or are otherwise eligible to purchase Institutional","page_number":224,"box":{"x":117,"y":740,"width":723,"height":12}},{"id":"259abdd6-2591-430b-96a7-3adfc3b006f7","block_type":"box","text":"Shares. Please speak to your financial intermediary for more information.","page_number":224,"box":{"x":116,"y":755,"width":542,"height":12}},{"id":"4225aa1c-8362-4857-8cab-d8ff034fb656","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to","page_number":224,"box":{"x":117,"y":785,"width":755,"height":12}},{"id":"7aa902ef-d897-47ce-aea3-c9d84122b0c8","block_type":"box","text":"leaving a fee-based program or upon termination of the fee-based program) or otherwise in","page_number":224,"box":{"x":117,"y":800,"width":675,"height":12}},{"id":"9ad14926-400c-4d90-95e5-3a877c0ee486","block_type":"box","text":"accordance with the financial intermediary’s policies and procedures, exchange the share class held in","page_number":224,"box":{"x":116,"y":816,"width":761,"height":12}},{"id":"815564f9-3f11-4a98-bc28-cf0bdb5d3448","block_type":"box","text":"the program for another share class of the same fund, provided that the exchanged shares are not","page_number":224,"box":{"x":116,"y":831,"width":736,"height":12}},{"id":"58891f85-41c0-485d-9b53-a27f1d28758d","block_type":"box","text":"subject to a sales charge and the shareholder meets the eligibility requirements of the new share class.","page_number":224,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"7aae1d2e-88e4-4574-8c45-dda4c29409b6","block_type":"box","text":"Please speak to your financial intermediary for information about specific policies and procedures","page_number":224,"box":{"x":117,"y":862,"width":726,"height":12}},{"id":"adf47448-209f-4b56-8c55-ffbb07606248","block_type":"box","text":"applicable to your account.","page_number":224,"box":{"x":116,"y":878,"width":205,"height":12}},{"id":"7f0ccd55-d844-4f1c-b190-cbf287e5b782","block_type":"box","text":"II-153","page_number":224,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"12030ee7-38bc-48e1-b696-b9a732a18fb3","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":224,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"50e64251-a367-4c46-a862-023def6f7b35","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions","page_number":225,"box":{"x":117,"y":87,"width":757,"height":12}},{"id":"b3735027-dea5-4bf7-91ef-0daa8e5359c8","block_type":"box","text":"are included in the client agreement for each fee-based program and are available from your financial","page_number":225,"box":{"x":116,"y":102,"width":759,"height":13}},{"id":"322eb257-f6f0-44ff-b286-05d15da59f9f","block_type":"box","text":"professional, selected securities dealer or other financial intermediary. Please speak to your financial","page_number":225,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"e955317b-c4d4-4ad0-912c-03c91e6cf31f","block_type":"box","text":"intermediary for more information.","page_number":225,"box":{"x":117,"y":134,"width":256,"height":12}},{"id":"28f4183c-b8a0-4bfe-9e52-1e242314c09c","block_type":"box","text":"Retirement and Education Savings Plans","page_number":225,"box":{"x":117,"y":165,"width":331,"height":12}},{"id":"b6b56993-c7c9-405d-b51e-c78ec0ba62a2","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from","page_number":225,"box":{"x":117,"y":188,"width":739,"height":12}},{"id":"c6a3eb6e-d579-4375-904d-61445ca0326d","block_type":"box","text":"your financial intermediary. Under these plans, investments may be made in a Fund (other than a","page_number":225,"box":{"x":116,"y":203,"width":728,"height":12}},{"id":"f39d4c23-9d92-4626-afa0-1d0072598055","block_type":"box","text":"Municipal Fund) and certain of the other mutual funds sponsored by the Manager or its affiliates as well","page_number":225,"box":{"x":117,"y":219,"width":771,"height":12}},{"id":"61637c93-8373-47ff-9a41-a02a3e960a84","block_type":"box","text":"as in other securities. There may be fees associated with investing through these plans. Information","page_number":225,"box":{"x":116,"y":234,"width":745,"height":12}},{"id":"988a46e2-cbae-4a94-a41a-26fd2ff66add","block_type":"box","text":"with respect to these plans is available on request from your financial intermediary.","page_number":225,"box":{"x":116,"y":250,"width":620,"height":12}},{"id":"c2232dc6-052b-47ca-85d0-d759aa192619","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until","page_number":225,"box":{"x":117,"y":281,"width":749,"height":12}},{"id":"0970a34b-a430-40b1-8b6a-e34640e58a7c","block_type":"box","text":"distributed from the plans and, in the case of Roth IRAs and education savings plans, may be exempt","page_number":225,"box":{"x":116,"y":296,"width":759,"height":12}},{"id":"d71d91f4-ee53-4a57-81a1-f5f7d6b7f3c0","block_type":"box","text":"from taxation when distributed as well. Investors considering participation in any retirement or","page_number":225,"box":{"x":116,"y":312,"width":699,"height":12}},{"id":"f2eb752b-018b-47bb-a035-455254a16dcf","block_type":"box","text":"education savings plan should review specific tax laws relating to the plan and should consult their","page_number":225,"box":{"x":116,"y":327,"width":735,"height":12}},{"id":"6dffb453-a234-4b9e-b7f9-9bbd66121dac","block_type":"box","text":"attorneys or tax advisors with respect to the establishment and maintenance of any such plan.","page_number":225,"box":{"x":116,"y":343,"width":704,"height":12}},{"id":"31029630-6886-4736-9356-d9c8e501fab3","block_type":"box","text":"Automatic Investment Plans","page_number":225,"box":{"x":116,"y":374,"width":230,"height":9}},{"id":"5846de16-e7f6-4e50-b382-78537d6abdf6","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the","page_number":225,"box":{"x":117,"y":397,"width":734,"height":10}},{"id":"68dedacd-1a46-4989-aa92-33a1533137d7","block_type":"box","text":"Compass Capital Group of Funds at the time of its combination with The PNC","page_number":225,"box":{"x":117,"y":413,"width":575,"height":12}},{"id":"398e518e-c18a-462e-ac3c-09296ba5035c","block_type":"box","text":"®","page_number":225,"box":{"x":693,"y":412,"width":9,"height":7}},{"id":"88f66ef7-b22e-495c-9dda-d0888880b2c5","block_type":"box","text":"Fund in 1996 may","page_number":225,"box":{"x":702,"y":413,"width":144,"height":12}},{"id":"d579ce31-6c00-48d6-b968-8d016b1f6e90","block_type":"box","text":"arrange for periodic investments in that Fund through automatic deductions from a checking or savings","page_number":225,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"e24301c4-f963-4fc2-b2d3-eb6b1448fc4d","block_type":"box","text":"account. The minimum pre-authorized investment amount is $50. If you buy shares of a Fund through","page_number":225,"box":{"x":116,"y":443,"width":760,"height":13}},{"id":"d94cd143-4bc0-44a1-b168-859dc4bc250a","block_type":"box","text":"certain accounts, no minimum charge to your bank account is required. Contact your financial adviser","page_number":225,"box":{"x":116,"y":459,"width":759,"height":12}},{"id":"1b00b75a-a7f1-44c4-b11e-eda97c557542","block_type":"box","text":"or other financial intermediary for more information.","page_number":225,"box":{"x":116,"y":475,"width":386,"height":12}},{"id":"cac57405-7971-41e3-87f4-0188b45a8dc9","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":225,"box":{"x":116,"y":506,"width":318,"height":9}},{"id":"93fbf289-5769-49fb-9aa7-4b4a4126d9e3","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if","page_number":225,"box":{"x":117,"y":529,"width":758,"height":12}},{"id":"86658043-d29e-47ea-b9d7-bd0f276f638b","block_type":"box","text":"any, to shareholders. All distributions are automatically reinvested at NAV in the form of additional full","page_number":225,"box":{"x":116,"y":544,"width":758,"height":12}},{"id":"0b1d731e-aed5-49f9-9a18-979efcb8725e","block_type":"box","text":"and fractional shares of the same class of shares of the relevant Fund unless a shareholder elects","page_number":225,"box":{"x":116,"y":560,"width":734,"height":9}},{"id":"34dfd403-41c8-4471-962f-c4807bd2cfb9","block_type":"box","text":"otherwise or as otherwise set forth in a Fund’s prospectus. Such election, or any revocation thereof,","page_number":225,"box":{"x":116,"y":575,"width":746,"height":12}},{"id":"12e7dda1-678f-4581-9bb1-3fa8cd798047","block_type":"box","text":"must be made in writing to the Transfer Agent, and will become effective with respect to dividends paid","page_number":225,"box":{"x":117,"y":591,"width":767,"height":12}},{"id":"3660cde5-c877-4346-9c9d-dda279c6f0ae","block_type":"box","text":"after its receipt by the Transfer Agent.","page_number":225,"box":{"x":116,"y":606,"width":286,"height":12}},{"id":"f1126a93-f961-422b-b02e-eb9db9d15fa1","block_type":"box","text":"Systematic Withdrawal Plans","page_number":225,"box":{"x":116,"y":637,"width":237,"height":12}},{"id":"30976ab2-009e-4cbe-a553-d837fb85bdd8","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan","page_number":225,"box":{"x":116,"y":661,"width":747,"height":12}},{"id":"c0c13f73-88b4-4710-a5fe-f462d58caa2e","block_type":"box","text":"(“SWP”). Upon commencement of the SWP, the account must have a current value of $10,000 or more","page_number":225,"box":{"x":117,"y":675,"width":765,"height":13}},{"id":"cd7bbf83-bc17-49c5-ace0-199a43ecbb93","block_type":"box","text":"in a Fund. Shareholders may elect to receive automatic cash payments of $50 or more at any interval.","page_number":225,"box":{"x":117,"y":691,"width":755,"height":13}},{"id":"1b899b70-f52a-4821-9730-ed1ce6bd2a57","block_type":"box","text":"You may choose any day for the withdrawal. If no day is specified, the withdrawals will be processed","page_number":225,"box":{"x":116,"y":707,"width":745,"height":12}},{"id":"05fd70d5-179c-4417-81bb-bc464addf5ed","block_type":"box","text":"on the 25th day of the month or, if such day is not a business day, on the prior business day and are","page_number":225,"box":{"x":116,"y":723,"width":744,"height":12}},{"id":"db32dc12-7304-4621-abf2-5a30419cab43","block_type":"box","text":"paid promptly thereafter. An investor may utilize the SWP by completing the Systematic Withdrawal","page_number":225,"box":{"x":117,"y":738,"width":736,"height":12}},{"id":"0b92c6df-e338-49f3-82e2-426928088ba4","block_type":"box","text":"Plan Application Form which may be obtained by visiting our website at www.blackrock.com.","page_number":225,"box":{"x":117,"y":754,"width":685,"height":12}},{"id":"63408095-c97d-4fca-818b-7d62a2c8246e","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the","page_number":225,"box":{"x":116,"y":785,"width":757,"height":12}},{"id":"a1fc7f1c-e5f0-4330-a6d6-62ff29bffd8c","block_type":"box","text":"account will be depleted. To participate in the SWP, shareholders must have their dividends","page_number":225,"box":{"x":116,"y":800,"width":681,"height":12}},{"id":"9a33516b-e651-420b-8d9b-edf85cf2a95d","block_type":"box","text":"automatically reinvested. Shareholders may change or cancel the SWP at any time, upon written","page_number":225,"box":{"x":116,"y":816,"width":717,"height":12}},{"id":"d3a4e45c-e033-471f-96d4-0b62c64183e3","block_type":"box","text":"notice to the Fund, or by calling the Fund at (800) 441-7762. Purchases of additional Investor A or","page_number":225,"box":{"x":117,"y":831,"width":731,"height":12}},{"id":"47fdea45-fdb0-420c-b12c-bea6bad9016f","block_type":"box","text":"Investor P Shares of the Fund concurrently with withdrawals may be disadvantageous to investors","page_number":225,"box":{"x":117,"y":847,"width":733,"height":12}},{"id":"6eda0e3c-c32f-41ae-902a-9ea17e89ea0b","block_type":"box","text":"because of the sales charges involved and, therefore, are discouraged. No CDSC will be assessed on","page_number":225,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"9998ba94-12dd-4cda-aa7e-9576472899fe","block_type":"box","text":"redemptions of Investor C Shares made through the SWP that do not exceed 12% of the original","page_number":225,"box":{"x":117,"y":878,"width":721,"height":12}},{"id":"86d03631-81c9-4abc-aabc-36daffd4e23b","block_type":"box","text":"II-154","page_number":225,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"652c6903-bdea-448a-9ffd-d9f4a6c73bc3","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":225,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"6db60be3-5da9-4d7d-aaa6-d8d3bcf6e22d","block_type":"box","text":"investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP","page_number":226,"box":{"x":117,"y":87,"width":680,"height":12}},{"id":"bc60002d-8d75-4d32-b68a-ae4531c0f03e","block_type":"box","text":"redemptions of Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly),","page_number":226,"box":{"x":117,"y":102,"width":759,"height":13}},{"id":"9ce550b0-0a26-48c7-ba22-04a4130c69d7","block_type":"box","text":"3% (quarterly) and 6% (semi-annually), respectively, of an account’s NAV on the redemption date.","page_number":226,"box":{"x":116,"y":118,"width":734,"height":12}},{"id":"96017373-8ce9-4d6f-b209-58c25d92d23a","block_type":"box","text":"SWP redemptions of Investor C Shares in excess of this limit are still subject to the applicable CDSC.","page_number":226,"box":{"x":116,"y":134,"width":758,"height":12}},{"id":"b0867931-400f-465a-9713-659a8efa03fc","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above","page_number":226,"box":{"x":117,"y":164,"width":754,"height":12}},{"id":"06633ba8-1a8f-4afc-8d09-3bf75e4f69a9","block_type":"box","text":"(see “How to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,”","page_number":226,"box":{"x":117,"y":180,"width":752,"height":12}},{"id":"a3cf61bf-9de6-464e-89b6-40f7addf920e","block_type":"box","text":"as applicable, in the Fund’s Prospectus) and the SWP at the same time.","page_number":226,"box":{"x":116,"y":195,"width":540,"height":12}},{"id":"a372d62a-c0ba-4d6a-a812-ea41471433d9","block_type":"box","text":"Dividend Allocation Plan","page_number":226,"box":{"x":117,"y":226,"width":201,"height":9}},{"id":"a3061b0f-0fb0-4681-ace7-0800e5141d1e","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and","page_number":226,"box":{"x":116,"y":252,"width":771,"height":11}},{"id":"d4f16b1f-b62c-41bc-9194-41d65ce19076","block_type":"box","text":"any other distributions from any Eligible Fund (which means funds so designated by the Distributor","page_number":226,"box":{"x":116,"y":267,"width":737,"height":12}},{"id":"5a8a8f04-9190-4865-852d-f2a0d3847b60","block_type":"box","text":"from time to time) automatically invested at NAV in one other such Eligible Fund designated by the","page_number":226,"box":{"x":116,"y":282,"width":737,"height":13}},{"id":"4ab342b9-fa8e-4500-b4b6-bc7f1672b30c","block_type":"box","text":"shareholder, provided the account into which the dividends and distributions are directed is initially","page_number":226,"box":{"x":116,"y":298,"width":735,"height":12}},{"id":"f6548e6a-4a06-40ce-9110-8c7a39d0731b","block_type":"box","text":"funded with the requisite minimum amount.","page_number":226,"box":{"x":116,"y":313,"width":325,"height":12}},{"id":"0fb439e6-31de-45b9-9447-59f1296da5f2","block_type":"box","text":"P","page_number":226,"box":{"x":428,"y":359,"width":9,"height":10}},{"id":"b4a33ea1-0a1f-4663-9b1b-8fe9ecd3a865","block_type":"box","text":"RICING","page_number":226,"box":{"x":439,"y":362,"width":45,"height":7}},{"id":"f93c0539-cf61-400f-98ba-aa652c46033c","block_type":"box","text":"OF","page_number":226,"box":{"x":491,"y":362,"width":17,"height":7}},{"id":"d2119bd7-eae0-40ad-aaa0-8195ec639bae","block_type":"box","text":"S","page_number":226,"box":{"x":509,"y":359,"width":15,"height":10}},{"id":"fe2bac39-9d90-44f2-88a1-03694b770c2f","block_type":"box","text":"HARES","page_number":226,"box":{"x":526,"y":362,"width":46,"height":7}},{"id":"eb414ffe-44fc-4209-b870-6ed6cc6e63f7","block_type":"box","text":"Determination of Net Asset Value","page_number":226,"box":{"x":117,"y":390,"width":269,"height":10}},{"id":"68491a58-cd44-49ae-aef6-41c6e79ece98","block_type":"box","text":"Valuation of Shares.","page_number":226,"box":{"x":116,"y":413,"width":160,"height":10}},{"id":"bb483898-2e77-490d-bea3-9c1b053cd527","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the","page_number":226,"box":{"x":278,"y":413,"width":602,"height":12}},{"id":"395e4d1d-f517-4ffd-bfc2-5712bfa9e3cd","block_type":"box","text":"close of regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day","page_number":226,"box":{"x":116,"y":429,"width":752,"height":12}},{"id":"4aac74aa-2b73-4942-88b1-1ead7c47da0d","block_type":"box","text":"the NYSE is open. Valuation of assets held by a Fund is as follows:","page_number":226,"box":{"x":116,"y":444,"width":505,"height":12}},{"id":"d49b3107-c7de-4c75-8994-9f8da01cca0e","block_type":"box","text":"Equity Investments.","page_number":226,"box":{"x":117,"y":475,"width":157,"height":12}},{"id":"e303f635-d23d-4087-ad13-2eff6cd12139","block_type":"box","text":"Equity securities traded on a recognized securities exchange (e.g., NYSE), on","page_number":226,"box":{"x":275,"y":475,"width":589,"height":12}},{"id":"bc9c3bc0-ec58-4a40-9d13-c2ef47be94ab","block_type":"box","text":"separate trading boards of a securities exchange or through a market system that provides","page_number":226,"box":{"x":116,"y":490,"width":679,"height":12}},{"id":"61699840-508a-499b-850d-ebc1c932a0c9","block_type":"box","text":"contemporaneous transaction pricing information (each, an “Exchange”) are valued using information","page_number":226,"box":{"x":116,"y":506,"width":756,"height":12}},{"id":"263f7da4-f190-4b11-8d02-b7263f46e1ee","block_type":"box","text":"obtained via independent pricing services, generally at the Exchange closing price or if an Exchange","page_number":226,"box":{"x":116,"y":521,"width":751,"height":12}},{"id":"8f3653cc-44ba-468b-af68-50d36c3a89b6","block_type":"box","text":"closing price is not available, the last traded price on that Exchange prior to the time as of which the","page_number":226,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"fa4babe3-051f-4905-88a0-78ef3cc16d96","block_type":"box","text":"assets or liabilities are valued. However, under certain circumstances, other means of determining","page_number":226,"box":{"x":116,"y":552,"width":734,"height":12}},{"id":"6ea305b0-d0b2-4aa1-a441-17fc6c73c368","block_type":"box","text":"current market value may be used. If an equity security is traded on more than one Exchange, the","page_number":226,"box":{"x":116,"y":568,"width":732,"height":12}},{"id":"adcbffd4-014c-44f8-b999-e4809d41df3f","block_type":"box","text":"current market value of the security where it is primarily traded generally will be used. In the event that","page_number":226,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"3897f557-a5b2-43b3-a639-17ccc035748e","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","page_number":226,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"9fd79163-2e5a-440c-b3fd-2c34f5630d90","block_type":"box","text":"security, the last bid (long positions) or ask (short positions) price, if available, will be used as the value","page_number":226,"box":{"x":116,"y":614,"width":770,"height":12}},{"id":"15737a21-6d20-48c2-b1a7-021b7956027c","block_type":"box","text":"of such security. If a Fund holds both long and short positions in the same security, the last bid price","page_number":226,"box":{"x":116,"y":630,"width":748,"height":12}},{"id":"471a2c8c-b8b2-4da3-afe7-365f884a117f","block_type":"box","text":"will be applied to securities held long and the last ask price will be applied to securities sold short. If no","page_number":226,"box":{"x":116,"y":645,"width":766,"height":12}},{"id":"282ae23a-7e1c-4f90-8e68-248cbef52e9a","block_type":"box","text":"bid or ask price is available on a day on which a Fund values such security, the prior day’s price will be","page_number":226,"box":{"x":117,"y":661,"width":761,"height":12}},{"id":"9080caf4-301c-480a-9587-bdf79f37e147","block_type":"box","text":"used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of the","page_number":226,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"3f808718-7909-4a84-a214-c3f4750c96a1","block_type":"box","text":"security, in which case such asset would be treated as a Fair Value Asset (as defined below).","page_number":226,"box":{"x":116,"y":692,"width":692,"height":12}},{"id":"b83c8902-5232-45ac-bfe3-88071c117043","block_type":"box","text":"Fixed-Income Investments.","page_number":226,"box":{"x":117,"y":723,"width":214,"height":9}},{"id":"13e792bf-0e9b-4268-8cce-89c33b0849f4","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by","page_number":226,"box":{"x":338,"y":723,"width":544,"height":12}},{"id":"f54ae01e-d58b-49d4-a78b-708ab94044a0","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party","page_number":226,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"4d561475-335b-44ec-b14b-826f0f1208a1","block_type":"box","text":"pricing services, each in accordance with the Valuation Procedures. The pricing services may use","page_number":226,"box":{"x":117,"y":754,"width":725,"height":12}},{"id":"d6f385cb-11a4-4b2c-83ff-14d585fbe812","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data","page_number":226,"box":{"x":116,"y":769,"width":765,"height":12}},{"id":"0bb9e5c9-c2d3-427a-abcf-58f773e18723","block_type":"box","text":"(e.g., recent representative bids and offers), credit quality information, perceived market movements,","page_number":226,"box":{"x":117,"y":785,"width":746,"height":12}},{"id":"16943695-5f53-48e0-810f-7109b4884fb8","block_type":"box","text":"news, and other relevant information and by other methods, which may include consideration of: yields","page_number":226,"box":{"x":117,"y":800,"width":761,"height":12}},{"id":"ca604d72-68a8-4970-85e3-fb23497e1cb0","block_type":"box","text":"or prices of securities of comparable quality, coupon, maturity and type; indications as to values from","page_number":226,"box":{"x":116,"y":816,"width":747,"height":12}},{"id":"dac15984-cc0e-4b5a-8e38-b0886886f62e","block_type":"box","text":"dealers; general market conditions; and/or other factors and assumptions. Pricing services generally","page_number":226,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"68286b78-ece8-48a1-ae10-8d1c268390c8","block_type":"box","text":"value fixed-income securities assuming orderly transactions of an institutional round lot size, but the","page_number":226,"box":{"x":116,"y":847,"width":745,"height":12}},{"id":"f07d1b81-6422-4805-a299-43fb4d0a6f1c","block_type":"box","text":"Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":226,"box":{"x":117,"y":862,"width":752,"height":12}},{"id":"bff865ee-60a0-4a31-b2e2-a824674ad99a","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized","page_number":226,"box":{"x":116,"y":878,"width":753,"height":12}},{"id":"21532eae-8367-4117-900f-74c2a9f1e0ee","block_type":"box","text":"II-155","page_number":226,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"10278e6d-8c1f-4013-97f7-1e05fed6d88e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":226,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"65c12b51-3001-494b-86f6-f9d295054904","block_type":"box","text":"when the securities are sold could differ from the prices used by a Fund. The amortized cost method of","page_number":227,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"c0eb2075-0aad-4868-91ba-9748c84826e4","block_type":"box","text":"valuation may be used with respect to debt obligations with 60 days or less remaining to maturity","page_number":227,"box":{"x":116,"y":103,"width":723,"height":12}},{"id":"57765dc8-796f-4145-828e-6cbe339f4b4b","block_type":"box","text":"unless such method does not represent fair value. Certain fixed-income investments, including asset","page_number":227,"box":{"x":117,"y":118,"width":750,"height":12}},{"id":"bf953eb9-6426-46f8-b894-15c95accb11b","block_type":"box","text":"backed and mortgage related securities, may be valued based on valuation models that consider the","page_number":227,"box":{"x":117,"y":134,"width":751,"height":12}},{"id":"7e3ec1e9-7334-4aa5-9fc0-f3dab3e58644","block_type":"box","text":"estimated cash flows of each tranche of the issuer, establish a benchmark yield and develop an","page_number":227,"box":{"x":116,"y":149,"width":715,"height":12}},{"id":"bc13ea71-bf74-484f-bd72-f9fa08cbdeb3","block_type":"box","text":"estimated tranche specific spread to the benchmark yield based on the unique attributes of the","page_number":227,"box":{"x":116,"y":165,"width":707,"height":12}},{"id":"66d6aa45-7a02-4bac-b7fc-2f755444f42e","block_type":"box","text":"tranche.","page_number":227,"box":{"x":116,"y":180,"width":65,"height":10}},{"id":"657711c9-a24c-4a0e-9bd2-02d70eef795b","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":227,"box":{"x":116,"y":211,"width":379,"height":12}},{"id":"00cca881-296a-4f6b-a7d0-aa866af6d104","block_type":"box","text":"Exchange-traded equity options (except ETF","page_number":227,"box":{"x":497,"y":211,"width":342,"height":12}},{"id":"c11f5ee3-1fa5-4526-98d2-428e4d7a2765","block_type":"box","text":"options, equity index options or those that are customized) for which market quotations are readily","page_number":227,"box":{"x":116,"y":227,"width":733,"height":12}},{"id":"a8166aa4-44d9-4eac-ab26-03c5c2494353","block_type":"box","text":"available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board","page_number":227,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"5ded1465-0411-4b1a-a82c-b278b21bb916","block_type":"box","text":"of trade on which such options are traded. In the event that there is no mean price available for an","page_number":227,"box":{"x":116,"y":258,"width":734,"height":11}},{"id":"af8aae32-3aff-48d4-b401-4fa43698667a","block_type":"box","text":"exchange-traded equity option held by a Fund on a day on which the Fund values such option, the last","page_number":227,"box":{"x":116,"y":273,"width":766,"height":12}},{"id":"67090551-dabb-439d-9698-1a2c9f87bdf8","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If","page_number":227,"box":{"x":117,"y":289,"width":771,"height":12}},{"id":"b3c1ccc7-fc06-4ea2-ae8e-a90ba1c583a1","block_type":"box","text":"no bid or ask price is available on a day on which a Fund values such option, the prior day’s price will","page_number":227,"box":{"x":117,"y":304,"width":755,"height":12}},{"id":"8e2bfcf3-ba8b-415b-bc00-e36db3ad58e1","block_type":"box","text":"be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":227,"box":{"x":117,"y":320,"width":743,"height":12}},{"id":"ef65b4be-209a-4a67-b9a7-db0551e1f432","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange","page_number":227,"box":{"x":116,"y":335,"width":729,"height":12}},{"id":"6bb9213e-75df-4ac3-9ed5-f6da9a92ee73","block_type":"box","text":"traded equity options, ETF options, equity index options and OTC derivatives, may be valued using a","page_number":227,"box":{"x":116,"y":351,"width":755,"height":12}},{"id":"16a28730-81be-4001-9190-f66175da743e","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures","page_number":227,"box":{"x":117,"y":366,"width":703,"height":12}},{"id":"c12a65ed-532d-4c81-b0c1-8346f78203ba","block_type":"box","text":"contracts and options thereon, which are traded on exchanges, are valued at their last sale price or","page_number":227,"box":{"x":116,"y":382,"width":741,"height":12}},{"id":"d4994272-b017-4ed5-9ebb-0e4093461ddc","block_type":"box","text":"settle price as of the close of such exchanges. Swap agreements and other derivatives are generally","page_number":227,"box":{"x":116,"y":397,"width":752,"height":12}},{"id":"1cccaefb-1cb7-4a8e-9480-122388eabaff","block_type":"box","text":"valued daily based upon quotations from market makers or by a pricing service in accordance with the","page_number":227,"box":{"x":116,"y":413,"width":763,"height":12}},{"id":"91c0e898-00a7-48ba-942d-e5fee8faaa00","block_type":"box","text":"Valuation Procedures.","page_number":227,"box":{"x":116,"y":428,"width":170,"height":10}},{"id":"1784c397-460a-49ab-8166-8c153391b7b0","block_type":"box","text":"Underlying Funds.","page_number":227,"box":{"x":117,"y":459,"width":145,"height":12}},{"id":"767c6825-34b5-4a5f-a716-5848d9bc83f7","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued","page_number":227,"box":{"x":263,"y":459,"width":609,"height":12}},{"id":"93a7a98e-b640-4f30-a350-a9f10a6ba330","block_type":"box","text":"at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their","page_number":227,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"e4f8f615-a5ee-4786-aa9a-08dbf43bd1fb","block_type":"box","text":"most recent closing price.","page_number":227,"box":{"x":117,"y":490,"width":194,"height":12}},{"id":"aa965083-ee3e-45ee-bee5-a89f265284d4","block_type":"box","text":"General Valuation Information.","page_number":227,"box":{"x":116,"y":521,"width":244,"height":10}},{"id":"205c27fb-96c8-4af4-bb4c-b9948ed92501","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker","page_number":227,"box":{"x":361,"y":521,"width":520,"height":12}},{"id":"b9143f32-318e-44d4-ada4-9232ca9dc3b1","block_type":"box","text":"dealers or market makers to value each Fund’s securities and other assets and liabilities are based on","page_number":227,"box":{"x":116,"y":537,"width":764,"height":9}},{"id":"8a74c09a-8ec4-4351-99d5-926c6b535619","block_type":"box","text":"information available at the time the Fund values its assets and liabilities. In the event that a pricing","page_number":227,"box":{"x":117,"y":552,"width":740,"height":12}},{"id":"9dfd5c8c-86aa-4473-85d0-54db291a5ffa","block_type":"box","text":"service quotation is revised or updated subsequent to the day on which the Fund valued such security,","page_number":227,"box":{"x":116,"y":568,"width":767,"height":12}},{"id":"13689ae3-eae6-4bdc-9e54-1fef3be7b442","block_type":"box","text":"the revised pricing service quotation generally will be applied prospectively. Such determination will be","page_number":227,"box":{"x":116,"y":583,"width":764,"height":12}},{"id":"45b4e61a-fb78-48f2-994b-e8e2b4046608","block_type":"box","text":"made considering pertinent facts and circumstances surrounding the revision.","page_number":227,"box":{"x":117,"y":599,"width":581,"height":12}},{"id":"736e0e64-8b48-41f9-a2e6-370683e9297b","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third","page_number":227,"box":{"x":117,"y":622,"width":723,"height":12}},{"id":"7fec0496-e234-48a5-990a-6ecb45ab608f","block_type":"box","text":"party pricing services, which may use, without limitation, evaluated pricing methods that take into","page_number":227,"box":{"x":117,"y":638,"width":723,"height":11}},{"id":"65176cbd-3d34-4061-9fe7-62864a00f027","block_type":"box","text":"consideration market indexes, matrices, yield curves and other specified inputs and assumptions. This","page_number":227,"box":{"x":116,"y":653,"width":764,"height":12}},{"id":"7f5fb2a1-4978-45dd-8544-f5687898e5fd","block_type":"box","text":"may result in the assets being valued at a price different from the price that would have been","page_number":227,"box":{"x":117,"y":668,"width":687,"height":12}},{"id":"69b2fff5-4735-4a65-a3c6-7f71864812d6","block_type":"box","text":"determined had the evaluated pricing method not been used. The price the Fund could receive upon","page_number":227,"box":{"x":116,"y":684,"width":744,"height":12}},{"id":"78b87fef-af68-464e-aaf8-56ef07d68e6f","block_type":"box","text":"the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment,","page_number":227,"box":{"x":116,"y":699,"width":742,"height":13}},{"id":"ceaeaeae-0e56-49fb-9a4e-be01dd1f8dc6","block_type":"box","text":"particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":227,"box":{"x":117,"y":715,"width":718,"height":12}},{"id":"1d80a813-d98f-4743-9716-f7f02f231f29","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received","page_number":227,"box":{"x":117,"y":731,"width":724,"height":12}},{"id":"1260e74d-4195-42b1-90ae-5364a67a9c12","block_type":"box","text":"upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":227,"box":{"x":117,"y":746,"width":747,"height":12}},{"id":"2916a93f-245a-486c-bf22-826a67e0fa63","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The","page_number":227,"box":{"x":117,"y":761,"width":758,"height":13}},{"id":"e437739e-f5ee-422e-aa6e-4fa2d8fc248a","block_type":"box","text":"Fund’s ability to value its investment may also be impacted by technological issues and/or errors by","page_number":227,"box":{"x":117,"y":777,"width":738,"height":12}},{"id":"c44405a1-1e79-434b-9331-ba4fcad1574e","block_type":"box","text":"pricing services or other third-party service providers.","page_number":227,"box":{"x":117,"y":793,"width":393,"height":12}},{"id":"f0f6e8b3-3dd0-42ab-83be-292c867c3243","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security","page_number":227,"box":{"x":117,"y":823,"width":761,"height":13}},{"id":"daf16bf9-3aa8-4a6a-8416-14fd53ddc86e","block_type":"box","text":"which is deemed not to be representative of the fair market value of such security, the security will be","page_number":227,"box":{"x":116,"y":839,"width":756,"height":12}},{"id":"d1ae1aeb-3e80-4836-a388-2694ce950b21","block_type":"box","text":"valued by, under the direction of or in accordance with a method approved by BlackRock, the Fund’s","page_number":227,"box":{"x":116,"y":854,"width":752,"height":13}},{"id":"2836d3fa-6e9b-47c3-9c5a-ee772ddbff60","block_type":"box","text":"valuation designee, as reflecting fair value. All other assets and liabilities (including securities for which","page_number":227,"box":{"x":116,"y":870,"width":767,"height":12}},{"id":"f306bb6d-7b40-4770-8f80-e252a57ab6a7","block_type":"box","text":"II-156","page_number":227,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0590e980-1387-41a5-98f0-4b585a5ac51b","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":227,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"db2549fe-0bd3-4df6-b34e-b972419f1020","block_type":"box","text":"market quotations are not readily available) held by a Fund (including restricted securities and private","page_number":228,"box":{"x":117,"y":87,"width":756,"height":12}},{"id":"8a20ef62-d0c1-48a2-a128-a28192910cc3","block_type":"box","text":"market investments, as applicable) are valued at fair value as determined in good faith by BlackRock","page_number":228,"box":{"x":117,"y":102,"width":752,"height":13}},{"id":"0567ea22-5d8e-440d-a387-219fde45f309","block_type":"box","text":"pursuant to the Valuation Procedures. Any assets and liabilities which are denominated in a foreign","page_number":228,"box":{"x":117,"y":118,"width":740,"height":12}},{"id":"59427795-b029-4e45-bf80-4f1f83e60f54","block_type":"box","text":"currency are translated into U.S. dollars at the prevailing market rates.","page_number":228,"box":{"x":116,"y":134,"width":527,"height":12}},{"id":"3fb70989-8910-4b17-afcd-919496de180b","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets","page_number":228,"box":{"x":117,"y":165,"width":754,"height":12}},{"id":"c38fa23b-ff61-4c92-b8ae-61d79e58f432","block_type":"box","text":"on days on which a Fund’s NAV is not calculated. 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BlackRock may reasonably","page_number":228,"box":{"x":116,"y":289,"width":704,"height":12}},{"id":"afd7fa12-89cb-46b7-84ec-b91eb05b6ac1","block_type":"box","text":"conclude that a market quotation is not readily available or is unreliable if, among other things, a","page_number":228,"box":{"x":116,"y":304,"width":718,"height":12}},{"id":"5fd66306-f138-47a0-b181-2742eb6d0498","block_type":"box","text":"security or other asset or liability does not have a price source due to its complete lack of trading, if","page_number":228,"box":{"x":116,"y":320,"width":739,"height":12}},{"id":"8cc5068b-3bd5-408a-9355-2ec6a9dc4200","block_type":"box","text":"BlackRock believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it","page_number":228,"box":{"x":117,"y":335,"width":770,"height":12}},{"id":"a7855f0f-aff3-478b-8f5e-023a5b75c225","block_type":"box","text":"varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":228,"box":{"x":116,"y":351,"width":765,"height":12}},{"id":"ff739208-e63c-4784-a9da-508efd5c0574","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or","page_number":228,"box":{"x":116,"y":366,"width":735,"height":12}},{"id":"f9363805-e468-4fe7-8d76-4ce9a9155bb4","block_type":"box","text":"liability is only thinly traded or due to the occurrence of a significant event subsequent to the most","page_number":228,"box":{"x":117,"y":382,"width":728,"height":12}},{"id":"8df04779-dd33-4f62-8da0-f7b94a49bfc2","block_type":"box","text":"recent market quotation. 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For certain foreign assets, a","page_number":228,"box":{"x":116,"y":521,"width":759,"height":12}},{"id":"36ff937d-2fa2-42fe-8d2b-6da721205e44","block_type":"box","text":"third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a","page_number":228,"box":{"x":116,"y":537,"width":733,"height":12}},{"id":"788587d3-b14f-4686-9d4b-6365591af2b6","block_type":"box","text":"proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":228,"box":{"x":117,"y":552,"width":767,"height":12}},{"id":"3f31efd1-59b6-4cef-b369-f4192051321a","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S.","page_number":228,"box":{"x":117,"y":568,"width":723,"height":12}},{"id":"98f4ea07-7b11-4f57-b535-c14f3eb6122c","block_type":"box","text":"markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":228,"box":{"x":117,"y":583,"width":756,"height":12}},{"id":"1bc51a95-8957-450d-847b-50acf9deb400","block_type":"box","text":"pricing time.","page_number":228,"box":{"x":117,"y":599,"width":94,"height":12}},{"id":"58173219-0bc4-4db3-9ec1-af9e3f9855c5","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by","page_number":228,"box":{"x":117,"y":630,"width":714,"height":12}},{"id":"24e9519b-31f0-4a92-8ab2-36019afe5a26","block_type":"box","text":"investment type and significant inputs used in the fair valuation of Fund assets or liabilities. In addition,","page_number":228,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"96162f12-1926-43ed-b480-4f76a2b74c2a","block_type":"box","text":"the Funds’ accounting agent assists BlackRock by periodically endeavoring to confirm the prices it","page_number":228,"box":{"x":116,"y":661,"width":729,"height":12}},{"id":"d1dfc63c-2ad1-4870-897c-75d59f422174","block_type":"box","text":"receives from all third-party pricing services, index providers and broker-dealers. BlackRock regularly","page_number":228,"box":{"x":117,"y":676,"width":750,"height":12}},{"id":"8429da06-ef56-4de6-8be0-1a5bcc27ff28","block_type":"box","text":"evaluates the values assigned to the securities and other assets and liabilities of the Funds.","page_number":228,"box":{"x":116,"y":692,"width":679,"height":12}},{"id":"8ad78619-c658-4c68-8be0-e82a4401b357","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a","page_number":228,"box":{"x":116,"y":723,"width":743,"height":12}},{"id":"9a16d006-08cb-4124-8cf5-b2cdad8a6774","block_type":"box","text":"Fund might reasonably expect to receive from the current sale of that asset or liability in an","page_number":228,"box":{"x":117,"y":738,"width":672,"height":12}},{"id":"015ba3c4-f21f-41e4-8fb5-d950cbe83fa4","block_type":"box","text":"arm’s-length transaction on the date on which the asset or liability is being valued, and does not seek","page_number":228,"box":{"x":116,"y":754,"width":751,"height":12}},{"id":"54cb5fae-6c45-47df-8dce-00b0a3e890b2","block_type":"box","text":"to determine the price a Fund might reasonably expect to receive for selling an asset or liability at a","page_number":228,"box":{"x":116,"y":769,"width":736,"height":12}},{"id":"55b095ac-89c2-4faa-b826-38e8610528a8","block_type":"box","text":"later time or if it holds the asset or liability to maturity. Fair value determinations will be based upon all","page_number":228,"box":{"x":117,"y":785,"width":753,"height":12}},{"id":"89d47d69-de5e-42a2-892f-ba1ab21f18b1","block_type":"box","text":"available factors that BlackRock deems relevant at the time of the determination, and may be based on","page_number":228,"box":{"x":116,"y":800,"width":765,"height":12}},{"id":"0541261d-e97d-4089-a594-0215029b35c4","block_type":"box","text":"analytical values determined by BlackRock using proprietary or third-party valuation models.","page_number":228,"box":{"x":116,"y":816,"width":683,"height":12}},{"id":"999ca401-2044-4655-a720-edb0dff31ebb","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining","page_number":228,"box":{"x":117,"y":847,"width":764,"height":12}},{"id":"4aaed5d8-8a6c-4d43-ba1b-301fb1ead0c7","block_type":"box","text":"the fair value of an investment, one or more fair value methodologies may be used (depending on","page_number":228,"box":{"x":116,"y":862,"width":730,"height":12}},{"id":"860fa98f-22ed-4817-8a81-86bfc0f77048","block_type":"box","text":"certain factors, including the asset type). For example, the investment may be initially priced based on","page_number":228,"box":{"x":116,"y":878,"width":762,"height":12}},{"id":"1a117736-eff8-4cd9-a90c-fed350fc6e96","block_type":"box","text":"II-157","page_number":228,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e88f0ad2-408a-4444-8bce-c58f51818ffb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":228,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d1babe59-8a19-4f1a-b285-70afb7ca443d","block_type":"box","text":"the original cost of the investment or, alternatively, using proprietary or third-party models that may rely","page_number":229,"box":{"x":116,"y":87,"width":769,"height":12}},{"id":"bac21500-7938-4a21-9894-5f10a7dc2fb7","block_type":"box","text":"upon one or more unobservable inputs. Prices of actual, executed or historical transactions in the","page_number":229,"box":{"x":117,"y":102,"width":726,"height":12}},{"id":"a2d72226-0d4b-4341-be78-f3ccd743c32b","block_type":"box","text":"relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":229,"box":{"x":117,"y":118,"width":747,"height":12}},{"id":"0016d2ba-1173-461c-87ec-c7263aca6f05","block_type":"box","text":"experienced in the valuation of similar instruments, may also be used as a basis for establishing the","page_number":229,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"c77d4ea1-8eb2-4eb2-bde3-23f4d25b2f73","block_type":"box","text":"fair value of an investment.","page_number":229,"box":{"x":116,"y":149,"width":206,"height":10}},{"id":"3c294e40-027c-4001-a510-ddda97c455b0","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those","page_number":229,"box":{"x":116,"y":178,"width":738,"height":13}},{"id":"cc443d7b-7671-4678-a116-357d84bcd610","block_type":"box","text":"assets or liabilities could have been sold during the period in which the particular fair values were used","page_number":229,"box":{"x":116,"y":194,"width":767,"height":12}},{"id":"5b04709c-551d-45f3-ace5-1d835368255e","block_type":"box","text":"in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time","page_number":229,"box":{"x":117,"y":209,"width":752,"height":13}},{"id":"eba48b72-0669-4739-91d7-7bad28b17261","block_type":"box","text":"when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the","page_number":229,"box":{"x":116,"y":225,"width":742,"height":12}},{"id":"efdf9e45-2778-46d7-98f8-1460f6f308b5","block_type":"box","text":"economic interest of existing shareholders.","page_number":229,"box":{"x":116,"y":240,"width":323,"height":13}},{"id":"c8252420-bfbc-4485-843a-e948db5073d9","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting","page_number":229,"box":{"x":117,"y":270,"width":749,"height":12}},{"id":"59732a3f-f24a-4f56-9226-4b6e8e93ddbe","block_type":"box","text":"principles generally accepted in the United States of America (“US GAAP”), follow the requirements for","page_number":229,"box":{"x":117,"y":285,"width":767,"height":13}},{"id":"821db64a-fedf-464f-bac7-47341e1a00fb","block_type":"box","text":"valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic","page_number":229,"box":{"x":116,"y":301,"width":753,"height":12}},{"id":"dadcd573-4a41-417a-944f-cc9e13609577","block_type":"box","text":"820, “Fair Value Measurements and Disclosures” (“ASC 820”), which defines and establishes a","page_number":229,"box":{"x":116,"y":316,"width":712,"height":13}},{"id":"572922ed-68ba-44ec-bf7e-fd729b896d72","block_type":"box","text":"framework for measuring fair value under US GAAP and expands financial statement disclosure","page_number":229,"box":{"x":116,"y":332,"width":717,"height":12}},{"id":"d1343230-bf20-4300-a16f-ee791f470606","block_type":"box","text":"requirements relating to fair value measurements.","page_number":229,"box":{"x":117,"y":347,"width":374,"height":13}},{"id":"f2217276-0282-46b2-970a-defc62d4977d","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they","page_number":229,"box":{"x":117,"y":377,"width":747,"height":12}},{"id":"906ff880-ff16-4ffb-8f22-7eaa1bf42736","block_type":"box","text":"invest are evolving. Such changes may adversely affect a Fund. For example, the evolution of rules","page_number":229,"box":{"x":117,"y":392,"width":743,"height":13}},{"id":"a7f2df9c-7d8f-4aac-9c4a-a18435d3590e","block_type":"box","text":"governing the determination of the fair market value of assets or liabilities, to the extent such rules","page_number":229,"box":{"x":116,"y":408,"width":733,"height":12}},{"id":"3e128be7-63a9-42f1-925c-cda8b1f4c827","block_type":"box","text":"become more stringent, would tend to increase the cost and/or reduce the availability of third-party","page_number":229,"box":{"x":117,"y":423,"width":735,"height":13}},{"id":"ceec129b-ffbf-4afd-ac44-50968e859b76","block_type":"box","text":"determinations of fair market value. This may in turn increase the costs associated with selling assets","page_number":229,"box":{"x":116,"y":439,"width":758,"height":12}},{"id":"b7690979-1d19-4607-bf16-06bc43407909","block_type":"box","text":"or affect their liquidity due to a Fund’s inability to obtain a third-party determination of fair market value.","page_number":229,"box":{"x":116,"y":454,"width":768,"height":13}},{"id":"29006291-043a-4259-a7a5-e53bfb0751d6","block_type":"box","text":"Computation of Offering Price Per Share","page_number":229,"box":{"x":116,"y":484,"width":328,"height":12}},{"id":"3fa5b6b5-a3f7-4d53-8727-30eae841919e","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the","page_number":229,"box":{"x":116,"y":506,"width":710,"height":12}},{"id":"64d68af4-c630-4937-897c-c78553c2ca1a","block_type":"box","text":"computation of the offering price for shares of your Fund.","page_number":229,"box":{"x":116,"y":522,"width":429,"height":12}},{"id":"d6b7d74a-ac33-4147-bbcc-25265fba25f8","block_type":"box","text":"P","page_number":229,"box":{"x":337,"y":565,"width":10,"height":10}},{"id":"7cb4f86f-50c6-4137-abc4-8028ed42b307","block_type":"box","text":"ORTFOLIO","page_number":229,"box":{"x":348,"y":568,"width":69,"height":7}},{"id":"4f245c40-c896-4fde-be4c-1e0c64de30bf","block_type":"box","text":"T","page_number":229,"box":{"x":418,"y":565,"width":14,"height":10}},{"id":"708a8ca1-c946-4314-95ad-d1f41fb53cf6","block_type":"box","text":"RANSACTIONS","page_number":229,"box":{"x":434,"y":568,"width":98,"height":7}},{"id":"3b69e5a6-05a7-4871-b595-a23993aa813f","block_type":"box","text":"AND","page_number":229,"box":{"x":538,"y":568,"width":28,"height":7}},{"id":"28a7d9e9-1b42-4626-abc6-e452d3a48b60","block_type":"box","text":"B","page_number":229,"box":{"x":567,"y":565,"width":16,"height":10}},{"id":"c76ef86b-e656-46c3-ac23-2e6bd73a77e6","block_type":"box","text":"ROKERAGE","page_number":229,"box":{"x":585,"y":568,"width":77,"height":7}},{"id":"dc675cff-c9a0-4d28-bf01-82d3218ebf97","block_type":"box","text":"Transactions in Portfolio Securities","page_number":229,"box":{"x":116,"y":595,"width":288,"height":9}},{"id":"537eb823-dea3-443f-a9d8-90a3c57f77e5","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the","page_number":229,"box":{"x":116,"y":617,"width":738,"height":12}},{"id":"6aab7679-d6b1-467d-8d7c-6e08d26fe324","block_type":"box","text":"execution of a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not","page_number":229,"box":{"x":116,"y":633,"width":718,"height":12}},{"id":"543bf912-a758-4019-8bec-8f41350c2840","block_type":"box","text":"execute transactions through any particular broker or dealer, but seeks to obtain the best net results for","page_number":229,"box":{"x":116,"y":648,"width":772,"height":12}},{"id":"9d35582c-3643-48bc-9a1d-6f9dc5a30fd6","block_type":"box","text":"the Fund, taking into account certain factors set out below. While BlackRock generally seeks","page_number":229,"box":{"x":116,"y":664,"width":687,"height":12}},{"id":"11df4218-eb91-411b-b8d2-155b40d91887","block_type":"box","text":"reasonable trade execution costs, a Fund does not necessarily pay the lowest spread or commission","page_number":229,"box":{"x":117,"y":679,"width":746,"height":12}},{"id":"9388fa10-603a-4ff4-a6ed-5f64d08e0a4b","block_type":"box","text":"available, and payment of the lowest commission or spread is not necessarily consistent with obtaining","page_number":229,"box":{"x":116,"y":695,"width":762,"height":12}},{"id":"6bf0d4df-27c0-417b-af0c-99042301dbf1","block_type":"box","text":"the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":229,"box":{"x":116,"y":710,"width":708,"height":12}},{"id":"2187b1d4-9d05-4b01-8c0b-f573eaf12923","block_type":"box","text":"BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":229,"box":{"x":117,"y":726,"width":692,"height":12}},{"id":"88ce4a9b-ccc0-46e8-ab51-b6fd95ff7683","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund","page_number":229,"box":{"x":117,"y":741,"width":752,"height":12}},{"id":"4c5878a3-955b-4dc4-8188-a7cabea70ef2","block_type":"box","text":"to pay a higher commission than other brokers would charge if BlackRock determines in good faith that","page_number":229,"box":{"x":116,"y":757,"width":765,"height":12}},{"id":"2afd4b00-f99f-4c81-9fe4-476e8d6d9f8e","block_type":"box","text":"the commission is reasonable in relation to the services provided.","page_number":229,"box":{"x":116,"y":772,"width":485,"height":12}},{"id":"77a6df20-4d21-4763-bdd4-d8b2af61fd49","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial","page_number":229,"box":{"x":117,"y":802,"width":733,"height":12}},{"id":"bec48fed-1dd2-41ac-9b01-ca826f6ce2b3","block_type":"box","text":"interests of a Master Portfolio, it is expected that all transactions in portfolio securities will be entered","page_number":229,"box":{"x":117,"y":817,"width":745,"height":12}},{"id":"dcd9d7cc-6fa8-4584-acd4-a6a4889f85a6","block_type":"box","text":"into by the Master Portfolio.","page_number":229,"box":{"x":117,"y":833,"width":208,"height":12}},{"id":"7cd9e08f-e3d5-45c9-8b12-d446c45233bc","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to","page_number":229,"box":{"x":117,"y":862,"width":767,"height":12}},{"id":"ef0cdd18-57ef-4162-9173-4de4f9ff66a8","block_type":"box","text":"obtain the best price and most favorable execution for a Fund, taking into account a variety of factors","page_number":229,"box":{"x":116,"y":878,"width":754,"height":12}},{"id":"582c108c-8614-467d-b4d0-28d723ad0dd5","block_type":"box","text":"II-158","page_number":229,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"0aa40374-81a3-4571-94a8-b39a96422cb8","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":229,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"01894a41-6f33-424e-a1f8-d762cb980d5c","block_type":"box","text":"including: (i) the size, nature and character of the security or instrument being traded and the markets","page_number":230,"box":{"x":117,"y":87,"width":758,"height":12}},{"id":"6db70e5c-180c-4d40-ab66-770991900b2e","block_type":"box","text":"in which it is purchased or sold; (ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of","page_number":230,"box":{"x":117,"y":102,"width":764,"height":13}},{"id":"268512d6-9afa-476e-88e9-b1eea164ac13","block_type":"box","text":"the expected commission rates and spreads currently available; (iv) the activity existing and expected","page_number":230,"box":{"x":116,"y":118,"width":759,"height":12}},{"id":"2e5ada23-18bb-4355-873e-f801332bc866","block_type":"box","text":"in the market for the particular security or instrument, including any anticipated execution difficulties;","page_number":230,"box":{"x":117,"y":134,"width":746,"height":12}},{"id":"581d5a02-2f44-4442-9091-fa0bafdd98d9","block_type":"box","text":"(v) the full range of brokerage services provided; (vi) the broker’s or dealer’s capital; (vii) the quality of","page_number":230,"box":{"x":117,"y":149,"width":759,"height":12}},{"id":"ddd7aa66-70ff-4588-91f9-473b42a005a0","block_type":"box","text":"research and research services provided; (viii) the reasonableness of the commission, dealer spread","page_number":230,"box":{"x":117,"y":165,"width":752,"height":12}},{"id":"be77bb8e-ecbb-47cd-9556-719763a14f1d","block_type":"box","text":"or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual or apparent","page_number":230,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"f4b5ee3a-f5ed-42b5-bdbc-cb510fc9eb62","block_type":"box","text":"operational problems of a broker or dealer.","page_number":230,"box":{"x":116,"y":196,"width":323,"height":11}},{"id":"7c06e597-37c3-4815-a390-512cdef939ee","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain","page_number":230,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"996ad6ca-2e2d-425f-adb2-38d87a1c082f","block_type":"box","text":"circumstances to cause an account to pay a broker or dealer a commission for effecting a transaction","page_number":230,"box":{"x":116,"y":242,"width":757,"height":12}},{"id":"6e0a54d0-bb7e-4dc0-b9ad-a4b5bb0122ee","block_type":"box","text":"that exceeds the amount another broker or dealer would have charged for effecting the same","page_number":230,"box":{"x":116,"y":258,"width":696,"height":12}},{"id":"6b8ad664-ff0e-451a-a32b-269fadbc089e","block_type":"box","text":"transaction in recognition of the value of brokerage and research services provided by that broker or","page_number":230,"box":{"x":116,"y":273,"width":748,"height":12}},{"id":"9c388be6-19ad-4f4c-bd07-eeeb37c4f036","block_type":"box","text":"dealer. This includes commissions paid on riskless principal transactions under certain conditions.","page_number":230,"box":{"x":116,"y":289,"width":732,"height":12}},{"id":"01eaf248-bd52-4ad0-85d4-943ee9ea7999","block_type":"box","text":"Brokerage and research services include: (1) furnishing advice as to the value of securities, including","page_number":230,"box":{"x":117,"y":304,"width":754,"height":12}},{"id":"fb4176e5-66e6-4292-a8cd-9184da0bf61f","block_type":"box","text":"pricing and appraisal advice, credit analysis, risk measurement analysis, performance and other","page_number":230,"box":{"x":117,"y":320,"width":716,"height":12}},{"id":"eb20e78f-1f1f-4dc8-972f-881c88272c69","block_type":"box","text":"analysis, as well as the advisability of investing in, purchasing or selling securities, and the availability","page_number":230,"box":{"x":116,"y":335,"width":758,"height":12}},{"id":"5c207430-714a-4cf2-a386-84a61ec3c0b9","block_type":"box","text":"of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning","page_number":230,"box":{"x":116,"y":351,"width":725,"height":12}},{"id":"ffae0d98-d9b6-4664-b9c6-e073439f3bbb","block_type":"box","text":"issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of","page_number":230,"box":{"x":117,"y":366,"width":757,"height":12}},{"id":"3a2b6f31-1dbd-4e29-b45a-7348845bf465","block_type":"box","text":"accounts; and (3) effecting securities transactions and performing functions incidental to securities","page_number":230,"box":{"x":116,"y":382,"width":734,"height":12}},{"id":"dd04cf15-5dcb-4c6a-91f6-c899ae5e0e03","block_type":"box","text":"transactions (such as clearance, settlement, and custody). BlackRock believes that access to","page_number":230,"box":{"x":116,"y":397,"width":698,"height":12}},{"id":"a8cd76a9-13d9-491f-a7ff-dba7c4fe424e","block_type":"box","text":"independent investment research is beneficial to its investment decision-making processes and,","page_number":230,"box":{"x":117,"y":413,"width":716,"height":12}},{"id":"a16f09ab-5411-449e-86c2-afc2a1752bca","block_type":"box","text":"therefore, to the Funds.","page_number":230,"box":{"x":116,"y":428,"width":180,"height":11}},{"id":"a803ad9c-a7b5-4043-b6d0-61e8f8333f31","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements","page_number":230,"box":{"x":117,"y":459,"width":739,"height":12}},{"id":"da63d0e7-7286-412b-ba22-930c6afd4c15","block_type":"box","text":"under which BlackRock may execute transactions through a broker-dealer and request that the broker","page_number":230,"box":{"x":117,"y":475,"width":762,"height":12}},{"id":"7bbb6d94-a737-4591-9379-415fe6cfcb94","block_type":"box","text":"dealer allocate a portion of the commissions or commission credits to another firm that provides","page_number":230,"box":{"x":116,"y":490,"width":715,"height":12}},{"id":"9d9265c9-30b5-4cd5-b448-9f05bd8bc201","block_type":"box","text":"research to BlackRock. BlackRock believes that research services obtained through soft dollar or","page_number":230,"box":{"x":117,"y":506,"width":725,"height":12}},{"id":"eaa73f34-9c64-45bc-bb18-2091a1b9a7dc","block_type":"box","text":"commission sharing arrangements enhance its investment decision-making capabilities, thereby","page_number":230,"box":{"x":116,"y":521,"width":718,"height":12}},{"id":"093950d4-594d-435f-9f02-fef8cc3210a4","block_type":"box","text":"increasing the prospects for higher investment returns. BlackRock will engage only in soft dollar or","page_number":230,"box":{"x":117,"y":537,"width":733,"height":12}},{"id":"d58f7174-69b6-4ee6-83e3-f8cf665ee472","block_type":"box","text":"commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":230,"box":{"x":116,"y":552,"width":744,"height":12}},{"id":"62e37f70-985c-49b8-acc8-7433a1f45be9","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers,","page_number":230,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"c49479e0-47ff-447c-a39b-357458d56486","block_type":"box","text":"including BIL, pay for any research out of their own resources and not through soft dollars or","page_number":230,"box":{"x":117,"y":583,"width":689,"height":12}},{"id":"485a15f2-c56d-4f22-9a6d-e3eb55c1820d","block_type":"box","text":"commission sharing arrangements. BlackRock regularly evaluates the soft dollar products and services","page_number":230,"box":{"x":116,"y":599,"width":771,"height":12}},{"id":"9ae77ba0-a1a2-4020-b98d-d7448eb55bc9","block_type":"box","text":"utilized, as well as the overall soft dollar and commission sharing arrangements to ensure that trades","page_number":230,"box":{"x":117,"y":614,"width":753,"height":12}},{"id":"4b428637-9b82-4e7b-b680-e19e0e63ac59","block_type":"box","text":"are executed by firms that are regarded as best able to execute trades for client accounts, while at the","page_number":230,"box":{"x":116,"y":630,"width":764,"height":12}},{"id":"4a30ec3e-a8d6-4e98-83a0-e27c90702c22","block_type":"box","text":"same time providing access to the research and other services BlackRock views as impactful to its","page_number":230,"box":{"x":116,"y":645,"width":737,"height":12}},{"id":"0c59eaff-4059-4077-a924-be404933e658","block_type":"box","text":"trading results.","page_number":230,"box":{"x":116,"y":661,"width":109,"height":12}},{"id":"2e8093aa-f306-4b81-b2bd-786dfedf062f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including","page_number":230,"box":{"x":117,"y":692,"width":752,"height":12}},{"id":"33450726-8866-4d47-b9cf-50961d66bf9a","block_type":"box","text":"research (whether prepared by the broker-dealer or prepared by a third-party and provided to","page_number":230,"box":{"x":117,"y":707,"width":691,"height":12}},{"id":"e142ebed-c2de-4022-9132-ac06bbf28775","block_type":"box","text":"BlackRock by the broker-dealer) and execution or brokerage services within applicable rules and","page_number":230,"box":{"x":117,"y":723,"width":716,"height":12}},{"id":"57dfa332-bce5-4d31-87a6-6779d1fabcb0","block_type":"box","text":"BlackRock’s policies to the extent that such permitted services do not compromise BlackRock’s ability","page_number":230,"box":{"x":117,"y":738,"width":754,"height":12}},{"id":"fddda47d-ee7d-4566-8e9a-246f7c9dac85","block_type":"box","text":"to seek to obtain best execution. In this regard, the portfolio management investment and/or trading","page_number":230,"box":{"x":116,"y":754,"width":738,"height":12}},{"id":"5fe02f73-ccce-4673-bf37-ee353cbfa406","block_type":"box","text":"teams may consider a variety of factors, including the degree to which the broker-dealer: (a) provides","page_number":230,"box":{"x":116,"y":769,"width":751,"height":12}},{"id":"11e51b46-7012-4c21-a304-328dc3d62978","block_type":"box","text":"access to company management; (b) provides access to their analysts; (c) provides meaningful/","page_number":230,"box":{"x":116,"y":785,"width":714,"height":12}},{"id":"7bc6a158-89af-4b4e-90d7-a7bdaa087978","block_type":"box","text":"insightful research notes on companies or other potential investments; (d) facilitates calls on which","page_number":230,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"74afcfb0-388f-4aa7-a897-35f455ecc040","block_type":"box","text":"meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":230,"box":{"x":117,"y":816,"width":745,"height":12}},{"id":"cbfc028a-9d30-45a2-b817-c532931514f1","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are","page_number":230,"box":{"x":116,"y":831,"width":729,"height":12}},{"id":"fc906c2b-736a-46f3-867d-e2231bf419ef","block_type":"box","text":"discussed; or (f) provides research tools such as market data, financial analysis, and other third-party","page_number":230,"box":{"x":116,"y":847,"width":757,"height":12}},{"id":"fdbeb1c4-c636-48d4-9032-c689a033d1b3","block_type":"box","text":"related research and brokerage tools that aid in the investment process.","page_number":230,"box":{"x":117,"y":862,"width":539,"height":12}},{"id":"ba5079f0-48cf-4964-8c99-caa499d4ffc4","block_type":"box","text":"II-159","page_number":230,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"ab4ec146-9a01-4e2c-8aff-5947c2df9654","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":230,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2503cb82-3fcc-4c84-9521-944662c8d95c","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with","page_number":231,"box":{"x":117,"y":87,"width":751,"height":12}},{"id":"2e326b1b-dad8-422f-a154-d9e33ba7ca66","block_type":"box","text":"Fund commissions may be in written form or through direct contact with individuals and may include","page_number":231,"box":{"x":117,"y":102,"width":745,"height":13}},{"id":"2928dd2b-9a40-41f5-90e7-c0dbf2f046a6","block_type":"box","text":"information as to particular companies or industries and securities or groups of securities, as well as","page_number":231,"box":{"x":117,"y":118,"width":746,"height":12}},{"id":"8abe69be-fa7d-4316-bd60-29bb26cd4cd7","block_type":"box","text":"market, economic, or institutional advice and statistical information, political developments and","page_number":231,"box":{"x":117,"y":134,"width":705,"height":11}},{"id":"ece92c31-5db9-457a-8e36-3daf26bd0ec3","block_type":"box","text":"technical market information that assists in the valuation of investments. Except as noted immediately","page_number":231,"box":{"x":116,"y":149,"width":760,"height":12}},{"id":"777a7595-3ac9-4181-a2f6-77a51ab414b8","block_type":"box","text":"below, research services furnished by brokers may be used in servicing some or all client accounts","page_number":231,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"1db915af-c973-4ba3-a54a-a628ac624752","block_type":"box","text":"and not all services may be used in connection with the Fund or account that paid commissions to the","page_number":231,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"0388b21a-cfaa-4b38-8a1a-3e3fe71a636f","block_type":"box","text":"broker providing such services. In some cases, research information received from brokers by mutual","page_number":231,"box":{"x":117,"y":196,"width":757,"height":12}},{"id":"08d361e4-89de-4d94-9cc8-2d4879d875da","block_type":"box","text":"fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":231,"box":{"x":116,"y":211,"width":699,"height":12}},{"id":"e0a919f1-790a-4e6d-8a46-c6f2cad6b12e","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment","page_number":231,"box":{"x":117,"y":227,"width":708,"height":12}},{"id":"322346fd-2ab2-419d-b9c6-47d75971d741","block_type":"box","text":"advisory or other fees paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt","page_number":231,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"f607eece-80fb-40ab-8acd-10518d22b3dc","block_type":"box","text":"of research services. In some cases, BlackRock may receive a service from a broker that has both a","page_number":231,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"40a2553e-a02d-4ec6-9e05-08a377983e12","block_type":"box","text":"“research” and a “non-research” use. When this occurs BlackRock makes a good faith allocation,","page_number":231,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"6e57055e-fa21-4bfd-8b26-bf083637e398","block_type":"box","text":"under all the circumstances, between the research and non-research uses of the service. The","page_number":231,"box":{"x":117,"y":289,"width":700,"height":11}},{"id":"4664759f-12eb-47f7-bb63-6193a45325f4","block_type":"box","text":"percentage of the service that is used for research purposes may be paid for with client commissions,","page_number":231,"box":{"x":117,"y":304,"width":758,"height":12}},{"id":"2713263a-0ad1-45b3-af5b-ccf6d0f36134","block_type":"box","text":"while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":231,"box":{"x":116,"y":320,"width":701,"height":12}},{"id":"60841cd3-372d-4616-b482-a0abf76beb7a","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of","page_number":231,"box":{"x":117,"y":335,"width":736,"height":12}},{"id":"6368e70a-24e9-4e77-9b6a-03fbe870d0bb","block_type":"box","text":"interest, but BlackRock believes that its allocation procedures are reasonably designed to ensure that it","page_number":231,"box":{"x":117,"y":351,"width":771,"height":12}},{"id":"aae9fa9f-5bc7-4afc-bfc1-76bf89a7d99e","block_type":"box","text":"appropriately allocates the anticipated use of such services to their research and non-research uses.","page_number":231,"box":{"x":116,"y":366,"width":752,"height":12}},{"id":"952d8811-120f-4a2b-bb05-ba1a71352672","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay","page_number":231,"box":{"x":117,"y":397,"width":748,"height":12}},{"id":"b63d20e5-6598-47bb-b319-534c4e3d3e83","block_type":"box","text":"for research from brokers. Investment managers in the EU are required to either pay for research out","page_number":231,"box":{"x":116,"y":413,"width":754,"height":12}},{"id":"f9902a39-7d54-4060-a2bd-0f862a15e54d","block_type":"box","text":"of their own profit and loss or agree with clients to have research costs paid by clients through","page_number":231,"box":{"x":116,"y":428,"width":702,"height":12}},{"id":"1e7716cf-c5dc-43f7-9a6d-b1e9e212838a","block_type":"box","text":"research payment accounts that are directly funded or funded by a specific client research charge","page_number":231,"box":{"x":117,"y":444,"width":730,"height":12}},{"id":"4bbb919d-cf4e-44b0-bc1e-e6678a51b744","block_type":"box","text":"collected alongside execution commissions, provided that the payments for research are unbundled","page_number":231,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"4a949e78-d210-4c1f-a78d-c02324f98cb4","block_type":"box","text":"from the payments for execution. BIL will pay for any research out of its own resources and not through","page_number":231,"box":{"x":116,"y":475,"width":771,"height":12}},{"id":"e6c65c1c-ea7a-4de7-86ef-b5ad0a562e02","block_type":"box","text":"soft dollars or commission sharing arrangements.","page_number":231,"box":{"x":116,"y":490,"width":372,"height":12}},{"id":"39d442d1-72fe-4508-89b8-4a8811b746aa","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio","page_number":231,"box":{"x":117,"y":521,"width":740,"height":12}},{"id":"32bcd181-c138-41f5-bdb7-476e82ebf3c6","block_type":"box","text":"with respect to the Feeder Fund (or affiliated persons of such persons), will be made in accordance","page_number":231,"box":{"x":116,"y":537,"width":741,"height":12}},{"id":"f8d62a96-cc9f-4e2f-9209-e7929992c76b","block_type":"box","text":"with Rule 17e-1 under the Investment Company Act. Subject to policies established by the Board of","page_number":231,"box":{"x":116,"y":552,"width":743,"height":12}},{"id":"7b0c72c5-9054-4c95-8053-5133fa78dfa5","block_type":"box","text":"Directors of the Master Portfolio, BlackRock is primarily responsible for the execution of the Master","page_number":231,"box":{"x":117,"y":568,"width":737,"height":12}},{"id":"ad195353-7bc4-4abc-a1e2-9b1cb9ff6841","block_type":"box","text":"Portfolio’s portfolio transactions and the allocation of brokerage.","page_number":231,"box":{"x":117,"y":583,"width":478,"height":12}},{"id":"4f0f2a64-7773-44f3-9bab-f911063b6720","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these","page_number":231,"box":{"x":117,"y":614,"width":733,"height":12}},{"id":"489b6dd8-73eb-4d35-983f-36db63e7d3e6","block_type":"box","text":"situations, the broker may be a member of the selling group that will, in addition to selling securities,","page_number":231,"box":{"x":116,"y":630,"width":746,"height":12}},{"id":"cfad5475-bd27-46c8-9ce4-b1ddb5be1c66","block_type":"box","text":"provide BlackRock with research services. FINRA has adopted rules expressly permitting these types","page_number":231,"box":{"x":117,"y":645,"width":757,"height":12}},{"id":"c4452e87-7db9-4ede-a50f-5b6f739c48a7","block_type":"box","text":"of arrangements under certain circumstances. Generally, the broker will provide research “credits” in","page_number":231,"box":{"x":116,"y":661,"width":744,"height":12}},{"id":"6205373d-5f91-4624-a487-7d19208d249d","block_type":"box","text":"these situations at a rate that is higher than that available for typical secondary market transactions.","page_number":231,"box":{"x":116,"y":676,"width":739,"height":12}},{"id":"701c7b84-b543-49da-a4ac-4f159ee390f4","block_type":"box","text":"These arrangements may not fall within the safe harbor of Section 28(e).","page_number":231,"box":{"x":116,"y":692,"width":538,"height":12}},{"id":"57328f54-5fda-4e64-a453-bf3873b7c503","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection","page_number":231,"box":{"x":117,"y":723,"width":756,"height":9}},{"id":"15f21a7e-06a2-408e-bea0-554906a91ac2","block_type":"box","text":"of brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular","page_number":231,"box":{"x":116,"y":738,"width":756,"height":12}},{"id":"e4600955-d575-45b7-8a1f-6a744a4c35ff","block_type":"box","text":"broker or dealer sells shares of the mutual funds advised by BlackRock neither qualifies nor","page_number":231,"box":{"x":117,"y":754,"width":680,"height":12}},{"id":"3ba80098-8343-44ee-a646-3bae06cfe844","block_type":"box","text":"disqualifies such broker or dealer to execute transactions for those mutual funds.","page_number":231,"box":{"x":116,"y":769,"width":599,"height":12}},{"id":"242206ee-bc0b-4487-929e-a35caee57804","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be","page_number":231,"box":{"x":117,"y":800,"width":721,"height":12}},{"id":"d8bb4df1-3f99-4654-92b5-afe88ebf12cb","block_type":"box","text":"conducted primarily on the principal stock exchanges of the applicable country. Foreign equity","page_number":231,"box":{"x":116,"y":816,"width":697,"height":12}},{"id":"9e06bb5b-1461-4bf2-84ba-7ccb3887dbec","block_type":"box","text":"securities may be held by a Fund in the form of depositary receipts, or other securities convertible into","page_number":231,"box":{"x":116,"y":831,"width":762,"height":12}},{"id":"3b875732-6ff2-43f3-8778-0d8b2151a780","block_type":"box","text":"foreign equity securities. Depositary receipts may be listed on stock exchanges, or traded in OTC","page_number":231,"box":{"x":116,"y":847,"width":727,"height":12}},{"id":"27c868db-72c3-4ae4-abbc-7aa06b16c2f4","block_type":"box","text":"markets in the United States or Europe, as the case may be. American Depositary Receipts, like other","page_number":231,"box":{"x":117,"y":862,"width":762,"height":12}},{"id":"d2c42d12-dbe1-4062-bb02-8cb57dc854b5","block_type":"box","text":"securities traded in the United States, will be subject to negotiated commission rates. Because the","page_number":231,"box":{"x":116,"y":878,"width":734,"height":12}},{"id":"cb52d210-328c-4fce-ad17-a631aa2f8eba","block_type":"box","text":"II-160","page_number":231,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"69bce520-9c77-4cea-9cee-3b25de097f08","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":231,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e64a6bea-7b73-43c2-a790-794706b81adf","block_type":"box","text":"shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund intends to manage its","page_number":232,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"91cb1e88-c7ae-4abf-b079-d9d779b54751","block_type":"box","text":"portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the extent","page_number":232,"box":{"x":117,"y":102,"width":725,"height":13}},{"id":"33b2897f-10cc-4fb3-89d9-92f171f1f6fb","block_type":"box","text":"necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":232,"box":{"x":117,"y":118,"width":730,"height":12}},{"id":"9b68c65e-bfcc-4635-b891-f7293ee40ad5","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":232,"box":{"x":116,"y":134,"width":561,"height":12}},{"id":"68e8858b-46c1-49f2-89b9-dc6be1cc1997","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the","page_number":232,"box":{"x":116,"y":165,"width":366,"height":12}},{"id":"a597c43f-737c-4697-a6c4-4a1f25987cef","block_type":"box","text":"SAI for information about the brokerage commissions","page_number":232,"box":{"x":482,"y":165,"width":392,"height":12}},{"id":"101f889d-ec3e-4125-92c9-20532fbf4714","block_type":"box","text":"paid by your Fund, including commissions paid to a","page_number":232,"box":{"x":117,"y":180,"width":371,"height":12}},{"id":"bf7c759b-5b4c-4e6c-a753-3de072f2c76e","block_type":"box","text":"ffiliates, if any, for the periods indicated.","page_number":232,"box":{"x":489,"y":180,"width":293,"height":12}},{"id":"2bf91631-f208-4a99-89f1-5e8fdb5690f3","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with","page_number":232,"box":{"x":117,"y":211,"width":753,"height":12}},{"id":"497ec7d4-244f-44a0-b77f-f7f032739447","block_type":"box","text":"the dealers who make a market in the particular securities, except in those circumstances in which","page_number":232,"box":{"x":116,"y":227,"width":735,"height":11}},{"id":"606a54db-e3de-4531-9bea-60890f9d8b95","block_type":"box","text":"better prices and execution are available elsewhere. Under the Investment Company Act, persons","page_number":232,"box":{"x":117,"y":242,"width":732,"height":12}},{"id":"ff706507-b7ec-471e-a43e-d1ef5e7d8c46","block_type":"box","text":"affiliated with a Fund and persons who are affiliated with such affiliated persons are prohibited from","page_number":232,"box":{"x":116,"y":258,"width":741,"height":11}},{"id":"873f05f4-7811-415b-b76a-c6a39daba389","block_type":"box","text":"dealing with the Fund as principal in the purchase and sale of securities unless a permissive order","page_number":232,"box":{"x":116,"y":273,"width":733,"height":12}},{"id":"fabeb9f0-4e5a-4e1f-a654-78e5533bdb0a","block_type":"box","text":"allowing such transactions is obtained from the Commission. Since transactions in the OTC market","page_number":232,"box":{"x":116,"y":289,"width":740,"height":12}},{"id":"f6862757-8af4-4c42-b5e7-2aaefd5958d6","block_type":"box","text":"usually involve transactions with the dealers acting as principal for their own accounts, the Funds will","page_number":232,"box":{"x":117,"y":304,"width":752,"height":12}},{"id":"425305b5-4f9f-4d97-89e5-307ced81961f","block_type":"box","text":"not deal with affiliated persons in connection with such transactions. However, an affiliated person of a","page_number":232,"box":{"x":117,"y":320,"width":764,"height":12}},{"id":"c5191d4e-6fc1-447a-872f-d23f7e2523a9","block_type":"box","text":"Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":232,"box":{"x":117,"y":335,"width":769,"height":12}},{"id":"7692f71c-4dfb-4fc7-8072-fa7ab60fa8d4","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared","page_number":232,"box":{"x":116,"y":351,"width":762,"height":12}},{"id":"e789f2b9-1cc2-4de5-b7ad-cc9f206ea773","block_type":"box","text":"to the fee or commission received by non-affiliated brokers in connection with comparable transactions.","page_number":232,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"6cc449ea-c342-4668-aba8-746f30a4f10a","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government","page_number":232,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"fab58f23-722e-47b7-8d74-022946ee0081","block_type":"box","text":"Securities, are normally traded on a “net” basis without a stated commission, through dealers acting for","page_number":232,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"53d2474e-e2a2-4130-871b-9d1c2c169b01","block_type":"box","text":"their own account and not as brokers. The Funds will primarily engage in transactions with these","page_number":232,"box":{"x":116,"y":428,"width":721,"height":12}},{"id":"d5451aea-2e39-4ebd-bfce-29af94044b48","block_type":"box","text":"dealers or deal directly with the issuer unless a better price or execution could be obtained by using a","page_number":232,"box":{"x":116,"y":444,"width":757,"height":12}},{"id":"e89736a2-5a2b-41bd-a656-ed1483778398","block_type":"box","text":"broker. Prices paid to a dealer with respect to both foreign and domestic securities will generally","page_number":232,"box":{"x":117,"y":459,"width":716,"height":12}},{"id":"a188f946-c24f-4345-abc5-8d74078f3c9b","block_type":"box","text":"include a “spread,” which is the difference between the prices at which the dealer is willing to purchase","page_number":232,"box":{"x":117,"y":475,"width":766,"height":12}},{"id":"f676f691-d270-45ff-a2b3-abb15ee4f9d7","block_type":"box","text":"and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":232,"box":{"x":116,"y":490,"width":596,"height":12}},{"id":"54f7065a-4e98-421c-bceb-66b6dc57e33a","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers.","page_number":232,"box":{"x":117,"y":521,"width":756,"height":12}},{"id":"ebef999a-7fda-4934-b481-ad6af8640703","block_type":"box","text":"The Funds do not currently expect to incur any brokerage commission expense on such transactions","page_number":232,"box":{"x":116,"y":537,"width":753,"height":12}},{"id":"e96f49c4-ed8f-46ad-a603-d708b64942c7","block_type":"box","text":"because money market instruments are generally traded on a “net” basis with dealers acting as","page_number":232,"box":{"x":117,"y":552,"width":712,"height":12}},{"id":"47580d66-f6de-4b2b-bfeb-2faf683370f4","block_type":"box","text":"principal for their own accounts without a stated commission. The price of the security, however,","page_number":232,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"ebdc83e6-7c3f-47d1-97cb-8b2b7938e177","block_type":"box","text":"usually includes a profit to the dealer. Each money market fund intends to purchase only securities with","page_number":232,"box":{"x":117,"y":583,"width":771,"height":12}},{"id":"2ac772ff-a2e9-45bd-867b-63a95e39cade","block_type":"box","text":"remaining maturities of 397 days or less as determined in accordance with the rules of the","page_number":232,"box":{"x":117,"y":599,"width":672,"height":12}},{"id":"b10a9c0c-8ba3-4f45-9b04-f8bdb151ed0c","block_type":"box","text":"Commission. As a result, the portfolio turnover rates of a money market fund will be relatively high.","page_number":232,"box":{"x":117,"y":614,"width":736,"height":12}},{"id":"98eda478-2aa7-416c-9a17-44696e4e54c2","block_type":"box","text":"However, because brokerage commissions will not normally be paid with respect to investments made","page_number":232,"box":{"x":117,"y":630,"width":764,"height":12}},{"id":"f7c0c942-22a8-494f-a067-78fd96a4b334","block_type":"box","text":"by a money market fund, the turnover rates should","page_number":232,"box":{"x":117,"y":645,"width":380,"height":12}},{"id":"a8adf167-6ba0-44a8-99a0-c7be4c369255","block_type":"box","text":"not adversely affect the Fund’s NAVs or net","page_number":232,"box":{"x":498,"y":645,"width":328,"height":12}},{"id":"b319eccc-60f9-4c06-a06b-86ebf8be0f25","block_type":"box","text":"income.","page_number":232,"box":{"x":117,"y":661,"width":56,"height":9}},{"id":"50e84f3e-3d29-43e6-926f-77b43a48daa8","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the","page_number":232,"box":{"x":116,"y":692,"width":689,"height":12}},{"id":"267e1c6b-55a2-4c53-9259-40330f7fddba","block_type":"box","text":"underwriter, generally referred to as the underwriter’s concession or discount. When offered securities","page_number":232,"box":{"x":117,"y":707,"width":756,"height":12}},{"id":"96e2377c-c4b1-4ec8-a917-019dec0d2a02","block_type":"box","text":"are purchased or sold directly from or to an issuer, no commissions or discounts are paid except where","page_number":232,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"3938a2ab-db31-483f-957c-9c1b641a8b64","block_type":"box","text":"required by local markets.","page_number":232,"box":{"x":117,"y":738,"width":190,"height":12}},{"id":"768258d2-759c-4864-9506-f4edc94421ac","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or","page_number":232,"box":{"x":116,"y":769,"width":755,"height":12}},{"id":"9d4bad81-14d3-402f-be3f-6c1d808cc677","block_type":"box","text":"dealers selling commercial paper to consider the repurchase of such securities from a Fund prior to","page_number":232,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"b7c5be41-0754-4eca-867e-39676214ef47","block_type":"box","text":"maturity at their original cost plus interest (sometimes adjusted to reflect the actual maturity of the","page_number":232,"box":{"x":117,"y":800,"width":723,"height":12}},{"id":"8b9052dc-1a27-4780-95c2-6dc618a401c2","block_type":"box","text":"securities), if it believes that a Fund’s anticipated need for liquidity makes such action desirable. Any","page_number":232,"box":{"x":116,"y":816,"width":744,"height":12}},{"id":"a24f68d9-7e0a-4680-89e9-5aef2a1f5784","block_type":"box","text":"such repurchase prior to maturity reduces the possibility that a Fund would incur a capital loss in","page_number":232,"box":{"x":116,"y":831,"width":720,"height":12}},{"id":"db9c8aed-0a46-4aab-91a3-372d4c9fdff5","block_type":"box","text":"liquidating commercial paper, especially if interest rates have risen since acquisition of such","page_number":232,"box":{"x":117,"y":847,"width":685,"height":12}},{"id":"9337caeb-c2ca-4fe7-9c7e-3853b21a6978","block_type":"box","text":"commercial paper.","page_number":232,"box":{"x":116,"y":862,"width":143,"height":12}},{"id":"f9cd4d14-9338-494f-b1a6-c28d436346b5","block_type":"box","text":"II-161","page_number":232,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"a0f438bc-f611-4410-9937-d622a671e65d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":232,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"af511a3b-c7f4-4f15-9ceb-836ea64e9f6b","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or","page_number":233,"box":{"x":117,"y":87,"width":744,"height":12}},{"id":"11bc9c01-0ea0-49c8-b7c8-10141988c5a3","block_type":"box","text":"sub-advisers are made independently of each other in light of differing conditions. BlackRock allocates","page_number":233,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"ff2b834d-28bb-4850-83e1-a68f9a4b43bc","block_type":"box","text":"investments among client accounts in a fair and equitable manner over time. A variety of factors will be","page_number":233,"box":{"x":117,"y":118,"width":767,"height":12}},{"id":"8f19e881-d0e8-4f9b-ac90-e8ca1742799a","block_type":"box","text":"considered in making such allocations. These factors include: (i) investment objectives or strategies for","page_number":233,"box":{"x":116,"y":134,"width":769,"height":12}},{"id":"7ce0fa5f-1846-4cc6-9a48-7e233db5c879","block_type":"box","text":"particular accounts, including sector, industry, country or region and capitalization weightings, (ii) tax","page_number":233,"box":{"x":117,"y":149,"width":749,"height":12}},{"id":"b3d03e8c-49d7-41e9-9e08-25d9bcf69930","block_type":"box","text":"considerations of an account, (iii) risk or investment concentration parameters for an account,","page_number":233,"box":{"x":116,"y":165,"width":699,"height":12}},{"id":"5e9d9775-078f-4a00-9157-2b2a65e013cf","block_type":"box","text":"(iv) supply or demand for a security at a given price level, (v) size of available investment, (vi) cash","page_number":233,"box":{"x":117,"y":180,"width":737,"height":12}},{"id":"8c162ea4-dcce-4c7e-9d3e-3b5e75efc688","block_type":"box","text":"availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum","page_number":233,"box":{"x":116,"y":196,"width":690,"height":12}},{"id":"f7d33c5d-6c66-48aa-abd6-1a2d4ab47c92","block_type":"box","text":"investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":233,"box":{"x":117,"y":211,"width":717,"height":12}},{"id":"34577ab0-60ea-443f-a58e-6e10d24f526c","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client","page_number":233,"box":{"x":116,"y":227,"width":752,"height":12}},{"id":"26aaa41e-96f4-4a3a-b877-9696e4bcc086","block_type":"box","text":"account over another based on any of the following considerations: (i) to favor one client account at the","page_number":233,"box":{"x":116,"y":242,"width":771,"height":12}},{"id":"4313e827-8594-42f3-ab6a-a974fdd506da","block_type":"box","text":"expense of another, (ii) to generate higher fees paid by one client account over another or to produce","page_number":233,"box":{"x":116,"y":258,"width":757,"height":12}},{"id":"7a9cf0d9-08a0-4a47-83cc-9b8a75c8d803","block_type":"box","text":"greater performance compensation to BlackRock, (iii) to develop or enhance a relationship with a client","page_number":233,"box":{"x":116,"y":273,"width":770,"height":12}},{"id":"d8fd4942-9935-46ea-b588-66089c65bdc6","block_type":"box","text":"or prospective client, (iv) to compensate a client for past services or benefits rendered to BlackRock or","page_number":233,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"f35d064d-92aa-477b-b8d2-32efe398b2e0","block_type":"box","text":"to induce future services or benefits to be rendered to BlackRock, or (v) to manage or equalize","page_number":233,"box":{"x":116,"y":304,"width":707,"height":12}},{"id":"fca77f32-9a89-4149-8759-93715953ea84","block_type":"box","text":"investment performance among different client accounts.","page_number":233,"box":{"x":117,"y":320,"width":426,"height":12}},{"id":"4e4b8f0a-c450-452b-b021-4295e69255a0","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment","page_number":233,"box":{"x":117,"y":351,"width":702,"height":12}},{"id":"bbabbfba-4b34-4827-9fa4-94c93841be2b","block_type":"box","text":"mandate on a pro rata basis. All allocations of equity securities will be subject, where relevant, to share","page_number":233,"box":{"x":117,"y":366,"width":769,"height":12}},{"id":"89661a50-5da1-47fc-a1df-0deb3a130e21","block_type":"box","text":"minimums established for accounts and compliance constraints.","page_number":233,"box":{"x":117,"y":382,"width":479,"height":12}},{"id":"ccd0feb3-6a77-4fe5-b3af-118368362b82","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":233,"box":{"x":117,"y":413,"width":768,"height":12}},{"id":"1b00ae40-d1bf-4223-af74-4f1e91b67393","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less","page_number":233,"box":{"x":116,"y":428,"width":769,"height":12}},{"id":"29671021-9bff-4cf3-8eb0-7040444d4c49","block_type":"box","text":"than the amount of securities the accounts would otherwise take. In order to allocate these investments","page_number":233,"box":{"x":116,"y":444,"width":772,"height":9}},{"id":"4367fa73-b1b9-4dec-8243-cb1762914e76","block_type":"box","text":"fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":233,"box":{"x":116,"y":459,"width":766,"height":12}},{"id":"729faf2e-b682-4142-9cd2-030b4b8d6772","block_type":"box","text":"respective investment team will indicate to BlackRock’s trading desk their level of interest in a","page_number":233,"box":{"x":117,"y":475,"width":697,"height":12}},{"id":"42276cf5-f557-4fab-a4e3-82496bfd9c83","block_type":"box","text":"particular offering with respect to eligible client accounts for which that team is responsible. Initial","page_number":233,"box":{"x":117,"y":490,"width":723,"height":12}},{"id":"138e3429-3a81-439e-ac85-e09214b1bc68","block_type":"box","text":"public offerings of U.S. equity securities will be identified as eligible for particular client accounts that","page_number":233,"box":{"x":117,"y":506,"width":748,"height":12}},{"id":"13e7ecea-ce9a-4a05-a7ca-4f708f54b50b","block_type":"box","text":"are managed by portfolio teams who have indicated interest in the offering based on market","page_number":233,"box":{"x":116,"y":521,"width":687,"height":12}},{"id":"d8efdc4f-10a8-4204-a0f0-f40154eb5dbe","block_type":"box","text":"capitalization of the issuer of the security and the investment mandate of the client account and in the","page_number":233,"box":{"x":116,"y":537,"width":758,"height":12}},{"id":"898ce1f0-7279-46ff-a7f8-f609e03dc492","block_type":"box","text":"case of international equity securities, the country where the offering is taking place and the investment","page_number":233,"box":{"x":116,"y":552,"width":771,"height":12}},{"id":"1c19e02c-1f26-45f7-84d0-3b20203c9247","block_type":"box","text":"mandate of the client account. Generally, shares received during the initial public offering will be","page_number":233,"box":{"x":117,"y":568,"width":716,"height":12}},{"id":"a2441cf0-7a44-45ac-84e5-3c247804646f","block_type":"box","text":"allocated among participating client accounts within each investment mandate on a pro rata basis. In","page_number":233,"box":{"x":116,"y":583,"width":752,"height":12}},{"id":"e0e27091-10d1-4be9-965f-f3581623fd30","block_type":"box","text":"situations where supply is too limited to be allocated among all accounts for which the investment is","page_number":233,"box":{"x":116,"y":599,"width":744,"height":12}},{"id":"fac2b07e-f706-4d1b-b16f-45d0345bb716","block_type":"box","text":"eligible, portfolio managers may rotate such investment opportunities among one or more accounts so","page_number":233,"box":{"x":116,"y":614,"width":763,"height":12}},{"id":"5105d0b2-f766-46f5-927c-e13b2709c295","block_type":"box","text":"long as the rotation system provides for fair access for all client accounts over time. Other allocation","page_number":233,"box":{"x":117,"y":630,"width":746,"height":12}},{"id":"cc9753df-b947-434c-a603-030ad6a1a2a6","block_type":"box","text":"methodologies that are considered by BlackRock to be fair and equitable to clients may be used as","page_number":233,"box":{"x":117,"y":645,"width":739,"height":12}},{"id":"01adc8ef-8e15-4cf7-a0ec-befef79f71b7","block_type":"box","text":"well.","page_number":233,"box":{"x":116,"y":661,"width":32,"height":9}},{"id":"9e543474-8aa3-4a73-b68e-62f7e809f922","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy","page_number":233,"box":{"x":117,"y":692,"width":760,"height":12}},{"id":"48952793-534e-4182-8467-3d019e099429","block_type":"box","text":"and sell the same securities at the same time for different clients based on the particular investment","page_number":233,"box":{"x":116,"y":707,"width":741,"height":12}},{"id":"bbae31dc-babc-4a7f-b8e0-c939edd71ffd","block_type":"box","text":"objective, guidelines and strategies of those accounts. For example, BlackRock may decide that it may","page_number":233,"box":{"x":116,"y":723,"width":763,"height":12}},{"id":"907431bc-c133-4dc8-a23d-ccc082229a21","block_type":"box","text":"be entirely appropriate for a growth fund to sell a security at the same time a value fund is buying that","page_number":233,"box":{"x":117,"y":738,"width":752,"height":12}},{"id":"332ecc2f-b990-4b36-a4ab-8ac63db8ddd5","block_type":"box","text":"security. To the extent that transactions on behalf of more than one client of BlackRock or its affiliates","page_number":233,"box":{"x":116,"y":754,"width":754,"height":12}},{"id":"a0831d4f-9f7c-4b98-987d-2cbe19c82034","block_type":"box","text":"during the same period may increase the demand for securities being purchased or the supply of","page_number":233,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"7d9cdc44-3d1e-4258-9ad0-d16972dc4139","block_type":"box","text":"securities being sold, there may be an adverse effect on price. For example, sales of a security by","page_number":233,"box":{"x":116,"y":785,"width":728,"height":12}},{"id":"ba1ea1a5-4cd7-447c-b021-e87caba21f21","block_type":"box","text":"BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":233,"box":{"x":117,"y":800,"width":720,"height":12}},{"id":"173c51e0-cda9-434b-bf0b-1c30a6581adf","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of","page_number":233,"box":{"x":116,"y":816,"width":701,"height":12}},{"id":"e88de573-4328-445e-b58d-2e913b00dd6c","block_type":"box","text":"securities arise for consideration at or about the same time that would involve a Fund or other clients or","page_number":233,"box":{"x":116,"y":831,"width":772,"height":10}},{"id":"c6f0906c-bb03-4838-89fa-c61c97441c31","block_type":"box","text":"funds for which BlackRock or an affiliate act as investment manager, transactions in such securities will","page_number":233,"box":{"x":116,"y":847,"width":772,"height":12}},{"id":"0f8decb7-d82a-42ed-aaa0-d12d29ee08a7","block_type":"box","text":"be made, insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":233,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"7abdc4e2-0e5f-4559-920b-5251ad3c262f","block_type":"box","text":"II-162","page_number":233,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"d59168a4-898f-4b22-8a5c-244ead775c98","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":233,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"ca1fd868-10b4-4b59-85ec-1c3080ca39ed","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":234,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"c9ab533a-7cb9-4911-858a-5e9ac859f7c9","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. 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The costs associated with an aggregated order will be shared pro rata among the","page_number":234,"box":{"x":116,"y":165,"width":726,"height":12}},{"id":"f80c53aa-2090-4509-8bf9-005762a406d3","block_type":"box","text":"clients in the aggregated order. Generally, if an order for a particular portfolio manager or management","page_number":234,"box":{"x":116,"y":180,"width":769,"height":12}},{"id":"04d76e4e-8e2f-461a-90c5-f9f50d53b501","block_type":"box","text":"team is filled at several different prices through multiple trades, all accounts participating in the order","page_number":234,"box":{"x":116,"y":196,"width":750,"height":12}},{"id":"598725c0-87a5-4576-b250-46c3eec5e0b7","block_type":"box","text":"will receive the average price except in the case of certain international markets where average pricing","page_number":234,"box":{"x":116,"y":211,"width":767,"height":12}},{"id":"5e5d4047-e1e4-4256-add6-86a3f980a0cf","block_type":"box","text":"is not permitted. While in some cases this practice could have a detrimental effect upon the price or","page_number":234,"box":{"x":117,"y":227,"width":742,"height":11}},{"id":"3c78aadf-2678-4569-9e60-0484b52033b5","block_type":"box","text":"value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":234,"box":{"x":116,"y":242,"width":747,"height":12}},{"id":"2fe898b1-6354-4857-802e-9371e47176d0","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period","page_number":234,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"fb8243e6-63d5-48ff-bb65-e059e795fc5b","block_type":"box","text":"may increase the demand for securities being purchased or the supply of securities being sold, causing","page_number":234,"box":{"x":117,"y":273,"width":771,"height":12}},{"id":"7bd1b60a-5d06-40a3-a2eb-bca0581ab4bb","block_type":"box","text":"an adverse effect on price. The trader will give the aggregated order to the broker-dealer that the trader","page_number":234,"box":{"x":116,"y":289,"width":772,"height":12}},{"id":"c0dff818-491d-4414-9d7c-021d35820c6b","block_type":"box","text":"has identified as being able to provide the best execution of the order. 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BlackRock may, from","page_number":234,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"fa6d26bd-7b11-4e9d-ae20-4c54c037f8b8","block_type":"box","text":"time to time, effect trades on behalf of and for the","page_number":234,"box":{"x":116,"y":614,"width":372,"height":11}},{"id":"c5bec439-09b9-475d-89dc-4cafc3c77d4e","block_type":"box","text":"account of a Fund with brokers or dealers that are","page_number":234,"box":{"x":488,"y":614,"width":376,"height":10}},{"id":"054ca256-666d-4f82-ba60-8f32e95089cb","block_type":"box","text":"affiliated with BFA, in conformity with the Investment Company Act and Commission rules and","page_number":234,"box":{"x":116,"y":630,"width":703,"height":12}},{"id":"10c4b18e-b53d-4445-9428-f0c5f774e1b1","block_type":"box","text":"regulations. Under these provisions, any commissions paid to affiliated brokers or dealers must be","page_number":234,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"00a6354d-1abf-45aa-a3fd-df86814f8199","block_type":"box","text":"reasonable and fair compared to the commissions charged by other brokers or dealers in comparable","page_number":234,"box":{"x":117,"y":661,"width":752,"height":12}},{"id":"cd293828-b064-4aa0-bf85-fa65933e8220","block_type":"box","text":"transactions. 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A high rate of portfolio turnover results in certain","page_number":234,"box":{"x":116,"y":792,"width":757,"height":13}},{"id":"80b1ff06-3fa8-41f5-8c1d-2c6d79b092e8","block_type":"box","text":"tax consequences, such as increased capital gain dividends and/or ordinary income dividends, and in","page_number":234,"box":{"x":116,"y":808,"width":752,"height":12}},{"id":"b0dbb877-380e-4d8b-9fa1-b9bf2b67bea8","block_type":"box","text":"correspondingly greater transaction costs in the form of dealer spreads and brokerage commissions,","page_number":234,"box":{"x":116,"y":823,"width":745,"height":13}},{"id":"3c86a472-86ec-4fa8-b89b-862acd309e28","block_type":"box","text":"which are borne directly by a Fund.","page_number":234,"box":{"x":116,"y":839,"width":266,"height":12}},{"id":"52be635a-27cc-480b-aadf-325279282aab","block_type":"box","text":"II-163","page_number":234,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b3d06a91-ea9d-4fce-87b1-933d85ffb5b8","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":234,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17fef240-7edc-4990-90e7-b0e33590260a","block_type":"box","text":"D","page_number":235,"box":{"x":419,"y":87,"width":10,"height":9}},{"id":"29e8f903-447b-4b89-987e-3072acd1dc0c","block_type":"box","text":"IVIDENDS","page_number":235,"box":{"x":431,"y":89,"width":63,"height":8}},{"id":"e9ba2a72-f29e-4f0c-81e9-d4688727252a","block_type":"box","text":"AND","page_number":235,"box":{"x":499,"y":89,"width":29,"height":7}},{"id":"ead168a7-bd5f-4826-bc90-58ba3aebb49a","block_type":"box","text":"T","page_number":235,"box":{"x":529,"y":87,"width":14,"height":9}},{"id":"db22767e-097b-4225-b2cb-6aadee561818","block_type":"box","text":"AXES","page_number":235,"box":{"x":544,"y":89,"width":36,"height":8}},{"id":"83b813cb-11dd-4487-bb9a-449e1ea6a6df","block_type":"box","text":"Dividends","page_number":235,"box":{"x":117,"y":118,"width":84,"height":10}},{"id":"68f070e0-ffec-4ab7-abaf-3e39cf3513c0","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from","page_number":235,"box":{"x":117,"y":141,"width":739,"height":12}},{"id":"24c66ee0-d386-46bf-aa06-0fa42c6b55ee","block_type":"box","text":"such net investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends","page_number":235,"box":{"x":116,"y":157,"width":755,"height":12}},{"id":"a3f09b2b-161e-49e4-bf04-b261d7b5225e","block_type":"box","text":"to distribute all net realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to","page_number":235,"box":{"x":116,"y":172,"width":751,"height":12}},{"id":"9f5148e6-0c78-4ae8-a9dc-3271d9bb4464","block_type":"box","text":"time, a Fund may declare a special distribution at or about the end of the calendar year in order to","page_number":235,"box":{"x":116,"y":188,"width":732,"height":12}},{"id":"ff037a1e-f6ed-49dd-bde6-bdc219193b41","block_type":"box","text":"comply with U.S. federal tax requirements that certain percentages of its ordinary income and capital","page_number":235,"box":{"x":116,"y":203,"width":752,"height":12}},{"id":"f4445b3a-02e5-4a26-9864-235edb46e1bb","block_type":"box","text":"gains be distributed during the year. If, in any fiscal year, a Fund has net income from certain foreign","page_number":235,"box":{"x":116,"y":219,"width":751,"height":12}},{"id":"2c953d2c-114f-4b00-b430-16aad12a3841","block_type":"box","text":"currency transactions, such income will be distributed at least annually.","page_number":235,"box":{"x":116,"y":234,"width":533,"height":12}},{"id":"ac3a7ffd-d428-4b21-83ed-5b708d3dd4d6","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares","page_number":235,"box":{"x":117,"y":265,"width":753,"height":12}},{"id":"fb537acb-e7cf-4794-a392-270bbf4882b2","block_type":"box","text":"of each Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.”","page_number":235,"box":{"x":116,"y":281,"width":745,"height":12}},{"id":"4e801c5a-11b9-4367-bea6-39b09bb40b90","block_type":"box","text":"Shareholders may also elect in writing to receive any such dividends in cash. Dividends are taxable to","page_number":235,"box":{"x":116,"y":296,"width":761,"height":12}},{"id":"5566578b-4144-4a2d-b7f8-8b51957bb5c6","block_type":"box","text":"shareholders, as discussed below, whether they are reinvested in shares of the Fund or received in","page_number":235,"box":{"x":116,"y":312,"width":743,"height":12}},{"id":"3fed5cd9-31b1-464c-96b5-a96f7a41ca2e","block_type":"box","text":"cash. The per share dividends on front-end load shares, CDSC shares and Service Shares will be","page_number":235,"box":{"x":116,"y":327,"width":732,"height":12}},{"id":"2ed6fd3c-1eb3-4f61-a601-85c483717e77","block_type":"box","text":"lower than the per share dividends on Institutional Shares as a result of the service, distribution and","page_number":235,"box":{"x":117,"y":343,"width":743,"height":12}},{"id":"8fe694fa-1a18-472b-af71-bdcb0a604db2","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares, the service fees applicable to front-end load","page_number":235,"box":{"x":117,"y":358,"width":749,"height":12}},{"id":"c073bfdd-d9cd-455d-b33c-3725732ac9f9","block_type":"box","text":"shares and Service Shares, and the service and distribution fees applicable to Class R Shares.","page_number":235,"box":{"x":116,"y":374,"width":711,"height":12}},{"id":"e92cc846-e568-42c5-a672-62d94a65129c","block_type":"box","text":"Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per","page_number":235,"box":{"x":116,"y":389,"width":728,"height":12}},{"id":"5143465b-6f8f-401d-a1d3-aeb6b5d744fe","block_type":"box","text":"share dividends on front-end load shares and Service Shares as a result of the distribution fees and","page_number":235,"box":{"x":116,"y":405,"width":745,"height":9}},{"id":"f840fb6f-9b4e-48e5-98b5-e369bcb8a94b","block_type":"box","text":"higher transfer agency fees applicable to CDSC shares and the distribution fees applicable to Class R","page_number":235,"box":{"x":117,"y":420,"width":760,"height":12}},{"id":"0d7aa82e-79b7-43a6-a389-1dd1dd45ebd0","block_type":"box","text":"Shares, and the per share dividends on CDSC shares will be lower than the per share dividends on","page_number":235,"box":{"x":116,"y":436,"width":742,"height":12}},{"id":"81a4380c-641a-47f9-b5bd-074d18967697","block_type":"box","text":"Class R Shares as a result of the higher distribution fees and higher transfer agency fees applicable to","page_number":235,"box":{"x":117,"y":451,"width":764,"height":12}},{"id":"1cec8ba0-6125-4b42-9109-3015ef5a1852","block_type":"box","text":"CDSC shares.","page_number":235,"box":{"x":117,"y":467,"width":111,"height":9}},{"id":"4e5935f2-de17-4ab4-bca1-a2db46b64400","block_type":"box","text":"Taxes","page_number":235,"box":{"x":116,"y":498,"width":52,"height":9}},{"id":"ef1165a8-2a77-4ce5-b9c9-55785e2bb9b2","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":235,"box":{"x":117,"y":521,"width":761,"height":12}},{"id":"f3636ef1-fb2d-419e-87e4-ba3dfdc9b10d","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not","page_number":235,"box":{"x":116,"y":537,"width":763,"height":12}},{"id":"8d5b3e87-0c1a-4644-a4d8-14060a068d81","block_type":"box","text":"be subject to U.S. federal income tax on the part of its investment company taxable income and net","page_number":235,"box":{"x":117,"y":552,"width":742,"height":12}},{"id":"f603e334-88bc-4a3c-a3a9-18598baf90ab","block_type":"box","text":"realized capital gains that it distributes to its shareholders in years in which it distributes at least 90% of","page_number":235,"box":{"x":117,"y":568,"width":770,"height":12}},{"id":"85c2a832-4dba-411c-8a3f-3b4caae0fa37","block_type":"box","text":"its investment company taxable income and at least 90% of its net tax-exempt interest income, if any,","page_number":235,"box":{"x":117,"y":583,"width":757,"height":12}},{"id":"650880e7-afa3-48e3-952c-c7b8f27d71a7","block_type":"box","text":"for the year. To qualify as a regulated investment company, a Fund must meet certain requirements","page_number":235,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"3188defe-b07b-4743-90f1-e1438330a9de","block_type":"box","text":"regarding the source of its income and the composition and diversification of its assets. See Part II,","page_number":235,"box":{"x":117,"y":614,"width":739,"height":12}},{"id":"f2ff59a8-4f7e-40f6-b626-63f70fb58ce9","block_type":"box","text":"“Investment Risks and Considerations — Investment Restrictions (All Funds)” for a discussion of the","page_number":235,"box":{"x":116,"y":630,"width":749,"height":12}},{"id":"e8a040ce-8c2e-44d9-b2c6-e57a3c2b23ad","block_type":"box","text":"asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the underlying","page_number":235,"box":{"x":116,"y":645,"width":769,"height":12}},{"id":"1deb663e-b4f4-46e6-b8f6-58e95171d2eb","block_type":"box","text":"assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":235,"box":{"x":116,"y":661,"width":766,"height":12}},{"id":"d7369fd5-4648-488f-9c72-05f9d56a36fd","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment","page_number":235,"box":{"x":117,"y":676,"width":678,"height":12}},{"id":"d3b048f0-9838-424b-81d5-ed904d8e4b3b","block_type":"box","text":"companies.","page_number":235,"box":{"x":116,"y":692,"width":84,"height":12}},{"id":"24983839-ab25-4ea0-8a20-e9b58ca31f22","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","page_number":235,"box":{"x":116,"y":723,"width":737,"height":12}},{"id":"fa6b6061-c21f-480c-bffe-227a1a3687d5","block_type":"box","text":"above or a failure to diversify its holdings in the manner described above by paying a tax, by disposing","page_number":235,"box":{"x":116,"y":738,"width":759,"height":12}},{"id":"55d3da9b-1c0a-4d61-8d80-df9bf3a55426","block_type":"box","text":"of certain assets, or by paying a tax and disposing of","page_number":235,"box":{"x":116,"y":754,"width":392,"height":12}},{"id":"67e81c1a-d296-4dba-945e-085514c448e3","block_type":"box","text":"assets. If, in any taxable year, a Fund fails one of","page_number":235,"box":{"x":513,"y":754,"width":366,"height":12}},{"id":"4882133b-08b5-4ed5-a904-2e2935dc47d1","block_type":"box","text":"these tests and does not timely cure the failure, the Fund will be taxed in the same manner as an","page_number":235,"box":{"x":116,"y":769,"width":719,"height":12}},{"id":"51df28e2-19f2-4c5d-aff2-d740dcc2a00a","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by the Fund in","page_number":235,"box":{"x":116,"y":785,"width":690,"height":12}},{"id":"b0c9e852-ae7c-433f-9f59-f6120f60c639","block_type":"box","text":"computing its taxable income. Although in general the passive loss rules of the Code do not apply to","page_number":235,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"d570bf63-da6d-4c8a-84cc-6f29d7aab36c","block_type":"box","text":"regulated investment companies, such rules do apply to a regulated investment company with respect","page_number":235,"box":{"x":117,"y":816,"width":756,"height":12}},{"id":"0e95a23b-9d33-4b77-b495-1eda1c5e3912","block_type":"box","text":"to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s investments in","page_number":235,"box":{"x":116,"y":831,"width":744,"height":12}},{"id":"49cbe21b-81e7-4eca-abf2-84dd88d7dbca","block_type":"box","text":"partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject to","page_number":235,"box":{"x":117,"y":847,"width":767,"height":12}},{"id":"e16b2d86-df6b-460f-89d2-4ee0127aaa59","block_type":"box","text":"state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":235,"box":{"x":116,"y":862,"width":526,"height":12}},{"id":"c47dbc79-81ab-4603-8134-76094250c981","block_type":"box","text":"II-164","page_number":235,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e1462586-4010-427b-b961-6ce2622a818f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":235,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"973585a6-8242-4871-8d20-314c01343805","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a","page_number":236,"box":{"x":117,"y":87,"width":738,"height":12}},{"id":"b39af538-a4ed-48fb-b848-ec3aee3fa786","block_type":"box","text":"Fund fails to qualify as a regulated investment company under the Code, notwithstanding the","page_number":236,"box":{"x":117,"y":102,"width":694,"height":13}},{"id":"4314e8ff-82b9-46c9-a58c-0bd237d890f5","block_type":"box","text":"availability of certain relief provisions, such Fund would be taxed in the same manner as an ordinary","page_number":236,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"9190af60-8a63-4e06-8270-11fc4d8de11d","block_type":"box","text":"corporation and all distributions from earnings and profits (as determined under U.S. federal income","page_number":236,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"f1098841-9c7a-48c1-bf6f-3b9802461a52","block_type":"box","text":"tax principles) to its shareholders would be taxable as ordinary dividend income eligible for taxation at","page_number":236,"box":{"x":116,"y":149,"width":759,"height":12}},{"id":"96507d2c-4c76-4d8d-88a9-276870c918c9","block_type":"box","text":"a reduced tax rate for non-corporate shareholders and the dividends-received deduction for corporate","page_number":236,"box":{"x":116,"y":165,"width":760,"height":11}},{"id":"2020fb0e-8bb8-487e-9c57-5f90e930c9fb","block_type":"box","text":"shareholders. However, a Municipal Fund’s distributions derived from income on tax-exempt","page_number":236,"box":{"x":116,"y":180,"width":690,"height":12}},{"id":"f1ce3aea-572a-4a56-831e-02f93b56a05e","block_type":"box","text":"obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that","page_number":236,"box":{"x":116,"y":196,"width":771,"height":12}},{"id":"36c4ae65-1b5c-464e-a38b-b45617781acb","block_type":"box","text":"is a series of a regulated investment company that consists of multiple series is treated as a separate","page_number":236,"box":{"x":117,"y":211,"width":756,"height":12}},{"id":"a76b499f-0206-4b03-ac48-7cf2f7d6f17b","block_type":"box","text":"corporation for U.S. federal income tax purposes, and therefore is considered to be a separate entity in","page_number":236,"box":{"x":116,"y":227,"width":769,"height":12}},{"id":"2fa00df6-460b-4826-811b-c62d6f33655b","block_type":"box","text":"determining its treatment under the rules for regulated investment companies. Losses in one series of","page_number":236,"box":{"x":116,"y":242,"width":760,"height":12}},{"id":"a3760f56-2887-473c-a727-f7dc9c5ceeb4","block_type":"box","text":"a regulated investment company do not offset gains in another, and the requirements (other than","page_number":236,"box":{"x":116,"y":258,"width":724,"height":12}},{"id":"3fd8a178-6535-450e-a8d0-cc4960a44a52","block_type":"box","text":"certain organizational requirements) for qualifying for regulated investment company status will be","page_number":236,"box":{"x":116,"y":273,"width":732,"height":12}},{"id":"e625bdd8-916c-4bef-83ad-ed0efc1caade","block_type":"box","text":"determined at the level of the individual series. In the following discussion, the term “Fund” means","page_number":236,"box":{"x":116,"y":289,"width":731,"height":12}},{"id":"c62a669f-4011-4ad8-8fb7-ac127136f367","block_type":"box","text":"each individual series, if applicable.","page_number":236,"box":{"x":116,"y":304,"width":268,"height":12}},{"id":"2a3ff91b-912c-4115-a580-beaef358477d","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent","page_number":236,"box":{"x":116,"y":335,"width":772,"height":12}},{"id":"8bb32131-ec27-4f7d-a13e-f53eb800755d","block_type":"box","text":"the regulated investment company does not distribute, during each calendar year, at least 98% of its","page_number":236,"box":{"x":116,"y":351,"width":750,"height":12}},{"id":"c2c732a7-e9d7-43c1-b2aa-a845718eb114","block_type":"box","text":"ordinary income, determined on a calendar year basis, and at least 98.2% of its capital gain net","page_number":236,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"59bb74e3-e69e-4f7b-8648-edb6d260194a","block_type":"box","text":"income, determined, in general, as if the regulated investment company’s taxable year ended on","page_number":236,"box":{"x":117,"y":382,"width":720,"height":12}},{"id":"78700686-96f6-4019-b391-0a562c1f0137","block_type":"box","text":"October 31, plus certain undistributed amounts from the previous years. While each Fund intends to","page_number":236,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"5963cbc4-8c5f-4f67-97ae-30a0d360bb18","block_type":"box","text":"distribute its income and capital gains in the manner necessary to avoid imposition of the 4% excise","page_number":236,"box":{"x":116,"y":413,"width":745,"height":12}},{"id":"55a2dd54-147a-49c3-9fe0-b3d639f66923","block_type":"box","text":"tax, there can be no assurance that a sufficient amount of the Fund’s taxable income and capital gains","page_number":236,"box":{"x":116,"y":428,"width":765,"height":12}},{"id":"02a21cd0-59ae-4b58-9f6c-93202c64638c","block_type":"box","text":"will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for the","page_number":236,"box":{"x":116,"y":444,"width":758,"height":12}},{"id":"c73b7378-67bb-4c45-8295-e10095600794","block_type":"box","text":"tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":236,"box":{"x":116,"y":459,"width":666,"height":12}},{"id":"1ab7cafc-7fb1-4003-b37f-628df0ec231a","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year,","page_number":236,"box":{"x":117,"y":490,"width":754,"height":12}},{"id":"6064c98b-e531-4360-a624-d53cd8dd9f31","block_type":"box","text":"until they have been reduced to zero. In the event that the Fund were to experience an ownership","page_number":236,"box":{"x":117,"y":506,"width":729,"height":12}},{"id":"13e5790e-e91a-47b0-95fc-564ca59d7151","block_type":"box","text":"change as defined under the Code, the Fund’s loss carryforwards and other favorable tax attributes of","page_number":236,"box":{"x":116,"y":521,"width":761,"height":12}},{"id":"e31214dc-046b-4033-9b0f-9c206749f59c","block_type":"box","text":"the Fund, if any, may be subject to limitation.","page_number":236,"box":{"x":116,"y":537,"width":338,"height":12}},{"id":"6c06439d-1304-4fd5-9df6-a3aef308fef1","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain","page_number":236,"box":{"x":117,"y":568,"width":734,"height":12}},{"id":"f7ad6073-43d8-4bd7-89b2-3569dd70f8be","block_type":"box","text":"over net long-term capital loss (together referred to as “ordinary income dividends”) are taxable to","page_number":236,"box":{"x":116,"y":583,"width":730,"height":12}},{"id":"3fd2569d-460b-42c0-8cf2-9e3a7065798e","block_type":"box","text":"shareholders as ordinary income. Distributions made from an excess of net long-term capital gain over","page_number":236,"box":{"x":116,"y":599,"width":766,"height":12}},{"id":"764d6d18-0397-435a-b551-9e93a8c75054","block_type":"box","text":"net short-term capital loss (including gains or losses from certain transactions in futures and options)","page_number":236,"box":{"x":117,"y":614,"width":750,"height":12}},{"id":"e4ecb098-3884-4d47-a9f4-8dc856ccf551","block_type":"box","text":"(“capital gain dividends”) are taxable to shareholders as long-term capital gains, regardless of the","page_number":236,"box":{"x":117,"y":630,"width":727,"height":12}},{"id":"6a61cc36-c4a8-483a-ae82-f28fb846cb56","block_type":"box","text":"length of time the shareholder has owned Fund shares. Distributions paid by a Fund that are reported","page_number":236,"box":{"x":117,"y":645,"width":758,"height":12}},{"id":"9d37198b-8ebd-4095-8479-6df8078bdfce","block_type":"box","text":"as exempt-interest dividends will not be subject to regular U.S. federal income tax. Certain dividend","page_number":236,"box":{"x":116,"y":661,"width":737,"height":12}},{"id":"26534b3f-dd00-4100-af4a-392342b28469","block_type":"box","text":"income and long-term capital gains are eligible for taxation at a reduced rate that applies to","page_number":236,"box":{"x":117,"y":676,"width":675,"height":12}},{"id":"2eb94e34-0219-4228-9c75-a9fbafb2add0","block_type":"box","text":"non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":236,"box":{"x":117,"y":692,"width":744,"height":12}},{"id":"83e9711f-2b73-4b02-8edd-2e7cbdf6efe1","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate","page_number":236,"box":{"x":116,"y":707,"width":693,"height":12}},{"id":"46ff02f4-ec80-4194-a18b-379401c6657c","block_type":"box","text":"shareholder may be taxable to such shareholder at long-term capital gain rates provided the","page_number":236,"box":{"x":116,"y":723,"width":683,"height":12}},{"id":"5347934b-4a98-481b-b683-e76a251b9dde","block_type":"box","text":"shareholder has held the shares on which the dividend was paid for at least 61 days during the","page_number":236,"box":{"x":116,"y":738,"width":704,"height":12}},{"id":"e29ef566-348c-4582-9906-6494780dafe4","block_type":"box","text":"121-day period that begins on the date that is 60 days before the date on which the shares become","page_number":236,"box":{"x":118,"y":754,"width":736,"height":12}},{"id":"5e6e15aa-3b38-4eda-933e-37d981c6430f","block_type":"box","text":"ex-dividend with respect to such dividend (or, in the case of certain accumulated dividends with respect","page_number":236,"box":{"x":116,"y":769,"width":767,"height":12}},{"id":"c3cb6e76-5565-4abd-a33c-2b2e71619d22","block_type":"box","text":"to preferred stocks, the shareholder has held the shares on which the dividend was paid for at least","page_number":236,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"eb2ac830-48e4-4158-9c3b-2a77e78e7440","block_type":"box","text":"91 days during the 181-day period that begins on the date that is 90 days before the date on which the","page_number":236,"box":{"x":116,"y":800,"width":761,"height":12}},{"id":"61e2a8e5-eb00-458d-9279-a2a25be5f3bf","block_type":"box","text":"shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s","page_number":236,"box":{"x":116,"y":816,"width":678,"height":12}},{"id":"9aa64753-3077-4330-8ca5-62220b1265c5","block_type":"box","text":"distributions are derived from income on debt securities, certain types of preferred stock treated as","page_number":236,"box":{"x":116,"y":831,"width":737,"height":12}},{"id":"ca07fdf9-03e3-4cb8-aa7f-55087fa008f1","block_type":"box","text":"debt for U.S. federal income tax purposes and short-term capital gains, such distributions will not","page_number":236,"box":{"x":116,"y":847,"width":723,"height":12}},{"id":"9a16e075-7f21-447c-bb61-22f5609080af","block_type":"box","text":"constitute “qualified dividend income.” In addition, distributions that are derived from securities lending","page_number":236,"box":{"x":116,"y":862,"width":762,"height":12}},{"id":"b9f1ce05-7465-4fed-bc23-dd1a9c4c63fa","block_type":"box","text":"income, such as substitute dividend payments, will not constitute “qualified dividend income.”","page_number":236,"box":{"x":117,"y":878,"width":694,"height":12}},{"id":"a40b9ac9-32ee-45a8-bec4-66a9954145fd","block_type":"box","text":"II-165","page_number":236,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"cabb1ce7-cc3e-47e5-9a56-1136864d2cf1","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":236,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"354ab194-765f-46c5-b14a-abeb6fd6b431","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and","page_number":237,"box":{"x":116,"y":87,"width":757,"height":12}},{"id":"971e0037-21c4-43bd-b9de-8aaa89573696","block_type":"box","text":"redemption proceeds) of certain individuals, trusts and estates.","page_number":237,"box":{"x":117,"y":102,"width":471,"height":13}},{"id":"309a9268-9515-482d-8345-d24d3def88fa","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses)","page_number":237,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"a52baf8e-cc06-4c7b-9ec2-518e9f84f1e9","block_type":"box","text":"is not subject to the 90% distribution requirement for taxation as a regulated investment company,","page_number":237,"box":{"x":117,"y":149,"width":731,"height":12}},{"id":"5fb3cf3d-6914-4910-a4e0-548b0713f075","block_type":"box","text":"described above. If a Fund retains net capital gain, it is subject to tax on that gain, and may designate","page_number":237,"box":{"x":116,"y":165,"width":760,"height":12}},{"id":"4adacfda-f65a-4e50-926b-fd4fab61fdcb","block_type":"box","text":"the retained amount as undistributed capital gain in a written statement furnished to its shareholders,","page_number":237,"box":{"x":116,"y":180,"width":753,"height":12}},{"id":"b56a6a5a-f837-4993-b0cf-469109cf9493","block_type":"box","text":"who will be required to include in income, as long-term capital gain, their proportionate shares of such","page_number":237,"box":{"x":116,"y":196,"width":759,"height":12}},{"id":"e87e2eb1-3510-4d84-9e12-477e73bd529b","block_type":"box","text":"undistributed net capital gain, will be deemed to have paid and may claim as a credit against their U.S.","page_number":237,"box":{"x":117,"y":211,"width":765,"height":12}},{"id":"a62c2f0c-2bcc-4c6f-8533-2f2a845ecec2","block_type":"box","text":"federal income tax liability (and as a refund to the extent it exceeds that liability) their proportionate","page_number":237,"box":{"x":116,"y":227,"width":737,"height":12}},{"id":"0399bb84-8640-4307-b7b5-93acccdffc58","block_type":"box","text":"shares of the tax paid by the Fund on that gain, and shall increase the tax basis of their shares in the","page_number":237,"box":{"x":116,"y":242,"width":753,"height":12}},{"id":"6546033c-014f-4849-8123-fbb317aa1d42","block_type":"box","text":"Fund by the excess of the amount included in income over the amount allowed as a credit against their","page_number":237,"box":{"x":117,"y":258,"width":768,"height":12}},{"id":"4b013bc7-7c80-4e95-987d-1300307ec816","block_type":"box","text":"taxes.","page_number":237,"box":{"x":116,"y":273,"width":49,"height":10}},{"id":"686c4866-a5bc-4863-adc1-507eb910275c","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the","page_number":237,"box":{"x":117,"y":304,"width":745,"height":12}},{"id":"901dd047-d36f-4ccb-b2c8-fa1eaaddb083","block_type":"box","text":"adjusted tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will","page_number":237,"box":{"x":116,"y":320,"width":713,"height":12}},{"id":"b638a82a-c66b-4c54-8b2b-844e40035eb8","block_type":"box","text":"constitute capital gains to such holder (assuming the shares are held as a capital asset). Distributions","page_number":237,"box":{"x":116,"y":335,"width":759,"height":12}},{"id":"34c04b55-9a80-4328-9110-9f2715f80c0a","block_type":"box","text":"in excess of a Fund’s minimum distribution requirements (or taxable income) but not in excess of a","page_number":237,"box":{"x":117,"y":351,"width":736,"height":12}},{"id":"9ebc977c-0c81-4052-8891-a27abe4569af","block_type":"box","text":"Fund’s earnings and profits will be taxable to shareholders and will not constitute nontaxable returns of","page_number":237,"box":{"x":117,"y":366,"width":766,"height":12}},{"id":"c0a41c71-d0fa-4c1b-adae-cebdcb138096","block_type":"box","text":"capital. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and profits are","page_number":237,"box":{"x":116,"y":382,"width":724,"height":12}},{"id":"f3670dcd-1301-471c-8dea-e59d2a393441","block_type":"box","text":"allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":237,"box":{"x":116,"y":397,"width":702,"height":12}},{"id":"d3cd4e50-d9cf-4017-8c80-3eff856320c2","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund","page_number":237,"box":{"x":116,"y":413,"width":766,"height":12}},{"id":"75a880fd-9120-4acb-8c14-f355321e30a0","block_type":"box","text":"shares held for six months or less will be treated as long-term capital loss to the extent of any capital","page_number":237,"box":{"x":116,"y":428,"width":751,"height":12}},{"id":"d280ba1b-e4ed-445f-8002-60889b261886","block_type":"box","text":"gain dividends received by the shareholder.","page_number":237,"box":{"x":116,"y":444,"width":329,"height":12}},{"id":"5c93395c-2a6a-4c16-8ed0-9858a9dbf083","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in","page_number":237,"box":{"x":116,"y":475,"width":755,"height":12}},{"id":"488f9f07-e985-4f36-83d0-dd4da40b9aac","block_type":"box","text":"additional shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains,","page_number":237,"box":{"x":116,"y":490,"width":744,"height":12}},{"id":"762ec545-5b9d-41a1-be7e-0445e04c84d4","block_type":"box","text":"generally will not be eligible for the dividends received deduction allowed to corporations under the","page_number":237,"box":{"x":116,"y":506,"width":736,"height":12}},{"id":"f74a7cb9-8768-43da-a093-934b426288f8","block_type":"box","text":"Code. If a Fund pays a dividend in January that was declared in the previous October, November or","page_number":237,"box":{"x":117,"y":521,"width":745,"height":12}},{"id":"3f1627fa-92f6-4f59-8b56-d18c2b0d2427","block_type":"box","text":"December to shareholders of record on a specified date in one of such months, then such dividend","page_number":237,"box":{"x":117,"y":537,"width":738,"height":12}},{"id":"44c88e53-8317-46fa-84f7-0eec75021a4f","block_type":"box","text":"will be treated for tax purposes as being paid by the Fund and received by its shareholders on","page_number":237,"box":{"x":116,"y":552,"width":702,"height":12}},{"id":"bf0f316f-d3d0-42ed-9211-d665d8f43c99","block_type":"box","text":"December 31 of the year in which the dividend was declared. In the case of a Fund with a","page_number":237,"box":{"x":117,"y":568,"width":670,"height":12}},{"id":"c7e1fd3c-bb43-4067-ad7e-70f17e158d21","block_type":"box","text":"non-calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable","page_number":237,"box":{"x":117,"y":583,"width":767,"height":12}},{"id":"15714688-2269-47ef-9bd4-282990e4b92e","block_type":"box","text":"year, then the Fund will reduce the amounts reported as capital gains. Where possible, such reduction","page_number":237,"box":{"x":116,"y":599,"width":764,"height":12}},{"id":"d5cc0fb8-ab80-48dd-8f21-0da0104741fc","block_type":"box","text":"will first be allocated to dividends made after December 31 of such taxable year. A Fund may elect to","page_number":237,"box":{"x":116,"y":614,"width":755,"height":12}},{"id":"226f840b-d910-49a4-ba93-efc56c332a51","block_type":"box","text":"defer recognizing, until the following taxable year, certain net capital losses arising after October 31 of","page_number":237,"box":{"x":116,"y":630,"width":761,"height":12}},{"id":"06f8d5ce-d9a6-4e89-ad46-9d896a1335e1","block_type":"box","text":"the current taxable year, and certain net ordinary losses arising after October 31 and/or December 31","page_number":237,"box":{"x":116,"y":645,"width":759,"height":12}},{"id":"1282d2ce-19b1-46f9-8986-4e4e89e6e4a0","block_type":"box","text":"of the current taxable year. This may have the effect of increasing the amount of dividends otherwise","page_number":237,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"e64c423f-735b-41d5-9ebf-923506ca3f36","block_type":"box","text":"includible in the shareholder’s income with respect to the current taxable year.","page_number":237,"box":{"x":117,"y":676,"width":577,"height":12}},{"id":"8ea2203b-d5f0-4644-ba30-9b471a7766ed","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares.","page_number":237,"box":{"x":117,"y":707,"width":753,"height":12}},{"id":"79b0960e-8ea5-494e-9d2e-79dae07f1c00","block_type":"box","text":"A shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the","page_number":237,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"1a76b477-0bf8-40ac-8c0d-75b526266d69","block_type":"box","text":"shareholder’s tax basis in the converted Investor C Shares and the holding period of the acquired","page_number":237,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"426237d5-65a1-4d07-ab47-d99a8f5bb030","block_type":"box","text":"Investor A Shares will include the holding period for the converted Investor C Shares.","page_number":237,"box":{"x":117,"y":754,"width":631,"height":12}},{"id":"d78f0f10-a98e-4757-9600-06895432aca9","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a","page_number":237,"box":{"x":117,"y":785,"width":754,"height":12}},{"id":"79e0165e-f52a-4bab-88c8-933c1f7d5aae","block_type":"box","text":"Fund, but on or before January 31 of the following year, then the loss that the shareholder recognizes","page_number":237,"box":{"x":117,"y":800,"width":752,"height":12}},{"id":"e1f7a461-7225-488d-b6d8-3fb8e1395196","block_type":"box","text":"on the exchange will be reduced (or the gain increased) to the extent any sales charge paid on the","page_number":237,"box":{"x":116,"y":816,"width":731,"height":12}},{"id":"1b32a605-2163-47b8-be74-726b1bc5060b","block_type":"box","text":"exchanged shares reduces any sales charge the shareholder would have owed upon the purchase of","page_number":237,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"abb52c3c-249e-445c-81ba-92072376fdba","block_type":"box","text":"the new shares in the absence of the exchange privilege. Instead, such sales charge will be treated as","page_number":237,"box":{"x":116,"y":847,"width":765,"height":12}},{"id":"c2b9f5cc-0ddd-419f-99a5-53bf6ffe5fd5","block_type":"box","text":"an amount paid for the new shares.","page_number":237,"box":{"x":116,"y":862,"width":268,"height":12}},{"id":"cd38a02e-e586-4502-a644-5d0bf98d50cd","block_type":"box","text":"II-166","page_number":237,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"17b11e90-a791-4273-bf69-5621608a3225","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":237,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"a52f5474-5e40-454e-b54e-673138ef38da","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially","page_number":238,"box":{"x":116,"y":87,"width":722,"height":12}},{"id":"9ad26f2f-2e72-4c7d-a2a6-e3ffd55acac5","block_type":"box","text":"identical shares are acquired (whether through the automatic reinvestment of dividends or otherwise)","page_number":238,"box":{"x":117,"y":102,"width":754,"height":13}},{"id":"f8b78358-9dfa-47fa-8122-d5d65da20d2d","block_type":"box","text":"within a 61-day period beginning 30 days before and ending 30 days after the date on which the","page_number":238,"box":{"x":116,"y":118,"width":717,"height":12}},{"id":"54f4fb9f-e9f0-43eb-a9a9-4bab5fa47a61","block_type":"box","text":"shares are sold or exchanged. In such case, the basis of the shares acquired will be adjusted to reflect","page_number":238,"box":{"x":116,"y":134,"width":767,"height":12}},{"id":"fedb3490-79b6-4085-ae07-1f99799dca8c","block_type":"box","text":"the disallowed loss.","page_number":238,"box":{"x":116,"y":149,"width":150,"height":10}},{"id":"7727f1d9-70ef-46c1-9045-03a3d00fad61","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis","page_number":238,"box":{"x":116,"y":176,"width":716,"height":12}},{"id":"cc23e563-2842-444a-be40-7b65a15e6d4e","block_type":"box","text":"information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after","page_number":238,"box":{"x":117,"y":192,"width":744,"height":12}},{"id":"188e8367-54cc-4daf-b959-077ffb1c3de7","block_type":"box","text":"that date. This information includes the adjusted cost basis of the shares, the gross proceeds from","page_number":238,"box":{"x":116,"y":207,"width":734,"height":12}},{"id":"98a44be8-0289-4675-9713-3cf30e254b92","block_type":"box","text":"disposition, and whether the gain or loss is long-term or short-term. The adjusted cost basis of shares","page_number":238,"box":{"x":116,"y":223,"width":759,"height":12}},{"id":"74bc8189-7c1f-4e4c-a1b0-1cf16df80250","block_type":"box","text":"will be based on the default cost basis reporting method selected by the Fund, unless a shareholder,","page_number":238,"box":{"x":116,"y":238,"width":751,"height":12}},{"id":"86832092-67f3-43da-923a-e225fac6cb52","block_type":"box","text":"before the sale or redemption, informs the Fund that it has selected a different IRS-accepted method","page_number":238,"box":{"x":117,"y":254,"width":751,"height":12}},{"id":"ef00453b-cfde-416c-bfbb-bf7c29f89218","block_type":"box","text":"offered by the Fund. These requirements, however, will not apply for investments through an IRA or","page_number":238,"box":{"x":116,"y":269,"width":745,"height":12}},{"id":"1347b31d-b6fc-4242-b195-8ed449a8c147","block_type":"box","text":"other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":238,"box":{"x":116,"y":285,"width":744,"height":12}},{"id":"375ae026-640a-446d-b187-dde2403a385b","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost","page_number":238,"box":{"x":116,"y":300,"width":734,"height":11}},{"id":"ab78c908-2c9d-4194-9fc3-ef0eb219e2da","block_type":"box","text":"basis reporting requirements apply to them. For shares of a Fund acquired before January 1, 2012,","page_number":238,"box":{"x":117,"y":316,"width":740,"height":12}},{"id":"c25ed2bf-3a2f-4b24-9092-d0308d7e32bf","block_type":"box","text":"these new requirements will not apply, but the Fund will continue to report to the IRS the gross","page_number":238,"box":{"x":116,"y":331,"width":706,"height":12}},{"id":"585dc480-0f39-4bfd-a609-99fe255f1eff","block_type":"box","text":"proceeds received by a shareholder from the sale or redemption of such shares.","page_number":238,"box":{"x":117,"y":347,"width":600,"height":12}},{"id":"6d0d45e1-c599-414a-a17e-f9e31dd0f919","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts","page_number":238,"box":{"x":117,"y":374,"width":756,"height":12}},{"id":"692a0f28-7cab-47d8-883f-37b2b1708b18","block_type":"box","text":"and swap agreements. The U.S. federal income tax treatment of a derivative contract may not be as","page_number":238,"box":{"x":116,"y":389,"width":749,"height":12}},{"id":"1cbe9383-1e06-4aa7-b3ce-5b8046a0e3ad","block_type":"box","text":"favorable as a direct investment in the underlying security and may adversely affect the timing,","page_number":238,"box":{"x":116,"y":405,"width":707,"height":12}},{"id":"2935e013-4aa2-4916-844d-659237afe331","block_type":"box","text":"character and amount of income the Fund realizes from its investments. As a result, a larger portion of","page_number":238,"box":{"x":116,"y":420,"width":764,"height":12}},{"id":"30176db6-b6f4-4a3b-a3dc-cab0200c2618","block_type":"box","text":"the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition,","page_number":238,"box":{"x":116,"y":436,"width":717,"height":12}},{"id":"d12401a5-e5c9-4af8-8046-3564d1686d88","block_type":"box","text":"section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4%","page_number":238,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"924b014a-84ac-442c-bbc5-4d2dae2562ee","block_type":"box","text":"excise tax, certain other dates as prescribed under the Code) are generally “marked-to-market,” such","page_number":238,"box":{"x":116,"y":467,"width":756,"height":12}},{"id":"6e0d8414-6fd9-4e00-9e78-8168bd0eec27","block_type":"box","text":"that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":238,"box":{"x":116,"y":482,"width":755,"height":12}},{"id":"8e7ee5dd-6e83-43df-9bf5-d67e3526189a","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount","page_number":238,"box":{"x":116,"y":498,"width":749,"height":12}},{"id":"3082cf4f-89b8-4445-a491-3446d49b7476","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax","page_number":238,"box":{"x":116,"y":514,"width":762,"height":11}},{"id":"b8fd325f-d541-454d-ae12-ca43251dcecd","block_type":"box","text":"treatment of certain derivative contracts, such as swap agreements, is unsettled and may be subject to","page_number":238,"box":{"x":116,"y":529,"width":768,"height":12}},{"id":"1ec707c2-c9b8-4f72-82e5-847a33c4523e","block_type":"box","text":"future legislation, regulation or administrative pronouncements issued by the IRS. If such future","page_number":238,"box":{"x":116,"y":544,"width":712,"height":12}},{"id":"b121c4b8-e913-4900-9670-915b5f281198","block_type":"box","text":"guidance limits the Fund’s ability to use derivatives, the Fund may have to find other ways of achieving","page_number":238,"box":{"x":116,"y":560,"width":767,"height":12}},{"id":"aee16b35-cc10-448d-887f-9e127c21cf53","block_type":"box","text":"its investment objectives.","page_number":238,"box":{"x":117,"y":576,"width":191,"height":11}},{"id":"68fc611b-bd0a-49db-86c2-1707149a875f","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional","page_number":238,"box":{"x":117,"y":602,"width":716,"height":13}},{"id":"1c129a58-b660-4fa7-8166-c86a3ad0e8b5","block_type":"box","text":"principal contracts rather than as section 1256 contracts. This can affect the type of income earned by","page_number":238,"box":{"x":117,"y":618,"width":762,"height":12}},{"id":"0676d715-7d65-493f-be4a-e63eeba92216","block_type":"box","text":"such swap agreements since all the income on a notional principal contract may be ordinary income,","page_number":238,"box":{"x":116,"y":634,"width":752,"height":12}},{"id":"91376659-d4db-4477-a2a7-9aefd05d0273","block_type":"box","text":"whereas 40% of the gain on a section 1256 contract is treated as short-term capital gain taxed at","page_number":238,"box":{"x":116,"y":649,"width":724,"height":12}},{"id":"e2a0752b-52ea-46dc-ab03-b0039fae5543","block_type":"box","text":"ordinary rates and 60% is treated as long-term capital gain taxed at more favorable rates when","page_number":238,"box":{"x":116,"y":665,"width":703,"height":12}},{"id":"7a27b9e6-e639-4981-bc64-fd254bea6b79","block_type":"box","text":"distributed to shareholders. The rest is long-term capital gain, which may be taxable at more favorable","page_number":238,"box":{"x":116,"y":680,"width":758,"height":12}},{"id":"ac45a24d-4513-4a13-8c2d-dd9f95dd7c7e","block_type":"box","text":"rates than ordinary income. Proposed regulations interpret what types of swap agreements are to be","page_number":238,"box":{"x":117,"y":696,"width":745,"height":12}},{"id":"89de67a4-8ff4-4fc6-b0aa-8394ef40415f","block_type":"box","text":"treated as notional principal contracts rather than as section 1256 contracts. When finalized, these","page_number":238,"box":{"x":116,"y":711,"width":730,"height":12}},{"id":"406415ac-2ecf-4726-9ce5-281a1e7a5a02","block_type":"box","text":"regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":238,"box":{"x":117,"y":727,"width":751,"height":12}},{"id":"b013e333-2f34-4e69-a2cd-6eb95eb04578","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":238,"box":{"x":116,"y":742,"width":718,"height":12}},{"id":"54a60df2-6daa-4dce-992b-5b508af3bc03","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are","page_number":238,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"74fc964e-769b-4b1f-8d6f-6a4a2098a5e9","block_type":"box","text":"issued at a discount or provide for deferred interest. Even though a Fund receives no actual interest","page_number":238,"box":{"x":117,"y":785,"width":740,"height":12}},{"id":"4d7604ad-7068-4fef-bc6c-6d687af4fc08","block_type":"box","text":"payments on these securities, it will be deemed to receive income equal, generally, to a portion of the","page_number":238,"box":{"x":117,"y":800,"width":751,"height":12}},{"id":"a41fb6f8-3750-40c0-a3e6-ef08a74c59a3","block_type":"box","text":"excess of the stated redemption price of the securities over their issue price (“original issue discount”)","page_number":238,"box":{"x":116,"y":816,"width":754,"height":12}},{"id":"fb26d0ee-d8fb-46d1-b199-99ce6a30ce0e","block_type":"box","text":"each year that the securities are held. Since the original issue discount income earned by a Fund in a","page_number":238,"box":{"x":116,"y":831,"width":757,"height":12}},{"id":"91b109e4-c7fb-465f-9ef6-1e533b2f2d1b","block_type":"box","text":"taxable year may not be represented by cash income, the Fund may have to dispose of securities,","page_number":238,"box":{"x":116,"y":847,"width":734,"height":12}},{"id":"5c16f473-089c-412f-a3f1-fde3ec727307","block_type":"box","text":"which it might otherwise have continued to hold, or borrow to generate cash in order to satisfy its","page_number":238,"box":{"x":116,"y":862,"width":722,"height":12}},{"id":"9b03dffa-fb1a-46a1-a439-868018ce0a76","block_type":"box","text":"distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign currency","page_number":238,"box":{"x":116,"y":878,"width":737,"height":12}},{"id":"67dfcc34-34f6-46af-9ded-299600a5bea7","block_type":"box","text":"II-167","page_number":238,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c7241c67-f622-43a4-9dba-97fe83a81217","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":238,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7fffa35a-5601-422c-9c28-98d4a4591152","block_type":"box","text":"denominated or referenced debt securities, certain asset-backed securities and contingent payment","page_number":239,"box":{"x":116,"y":87,"width":744,"height":12}},{"id":"e01f64c7-ef2c-447b-b14f-b12c3fa05702","block_type":"box","text":"and inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of","page_number":239,"box":{"x":116,"y":102,"width":720,"height":13}},{"id":"40e98629-f428-4dda-a524-e3a54f813ff7","block_type":"box","text":"income, including the recognition of taxable income in excess of cash generated by such investments.","page_number":239,"box":{"x":117,"y":118,"width":761,"height":12}},{"id":"bf95c79b-0708-4c4b-85fd-0ae6cc9a6a00","block_type":"box","text":"Any transaction by the Fund in foreign currencies, foreign currency-denominated debt obligations or","page_number":239,"box":{"x":116,"y":134,"width":745,"height":12}},{"id":"0128a02b-6aaf-4591-b205-37cbc3ee8287","block_type":"box","text":"certain foreign currency options, futures contracts or forward contracts (or similar instruments) may","page_number":239,"box":{"x":116,"y":149,"width":739,"height":12}},{"id":"2e857898-768d-46d5-a302-05c31f7ea4d5","block_type":"box","text":"give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the","page_number":239,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"919a20ac-a32d-4ad2-b8c2-af9afe2698d4","block_type":"box","text":"value of the foreign currency concerned. Any such net gains could require a larger dividend toward the","page_number":239,"box":{"x":116,"y":180,"width":766,"height":12}},{"id":"a96fbb6b-6052-4eab-94c3-28aa9073b667","block_type":"box","text":"end of the calendar year. Any such net losses will generally reduce and potentially require the","page_number":239,"box":{"x":116,"y":196,"width":700,"height":12}},{"id":"e263b4a3-ab44-4c15-84e5-71e832ec490c","block_type":"box","text":"recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":239,"box":{"x":117,"y":211,"width":698,"height":12}},{"id":"d5e85ef6-1f79-4a86-b37c-f1657b61caa7","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as","page_number":239,"box":{"x":116,"y":227,"width":753,"height":9}},{"id":"356c8d28-dca8-4aee-8714-c7bc2984d708","block_type":"box","text":"ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset","page_number":239,"box":{"x":116,"y":242,"width":746,"height":12}},{"id":"04ed6254-6e71-4353-9331-a78a3403c80d","block_type":"box","text":"income or gains earned in subsequent taxable years.","page_number":239,"box":{"x":117,"y":258,"width":398,"height":12}},{"id":"120bf30a-2786-4e61-8633-3c1f49b35e40","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other","page_number":239,"box":{"x":116,"y":289,"width":749,"height":12}},{"id":"4db1f0a1-0a3e-4d5d-bbde-5da772e50ae4","block_type":"box","text":"than pass-through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S.","page_number":239,"box":{"x":116,"y":304,"width":771,"height":12}},{"id":"e45ae790-6087-4ecc-a1bc-5643af1965d4","block_type":"box","text":"withholding tax under existing provisions of the Code applicable to foreign individuals and entities","page_number":239,"box":{"x":116,"y":320,"width":726,"height":12}},{"id":"10c245e0-828b-4cad-8320-1ec2389ec1d1","block_type":"box","text":"unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty","page_number":239,"box":{"x":117,"y":335,"width":738,"height":12}},{"id":"7939fa4a-1091-497d-a8d0-6e6422c3ff77","block_type":"box","text":"law. Capital gain dividends paid to shareholders that are nonresident aliens or foreign entities, if and to","page_number":239,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"037bcff7-3911-46af-8de2-8ec07a37291e","block_type":"box","text":"the extent properly reported as capital gain dividends, generally will not be subject to a 30%","page_number":239,"box":{"x":116,"y":366,"width":685,"height":12}},{"id":"27f6602c-fb03-4a5f-b4c9-3c8994d8e4af","block_type":"box","text":"withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":239,"box":{"x":116,"y":382,"width":699,"height":12}},{"id":"3731057d-a257-456b-9ade-c533316ea836","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original","page_number":239,"box":{"x":116,"y":397,"width":771,"height":12}},{"id":"ed3f38f3-8861-482f-ba77-24f88384beaf","block_type":"box","text":"issue discount and market discount) and paid to shareholders who are nonresident aliens or foreign","page_number":239,"box":{"x":117,"y":413,"width":743,"height":12}},{"id":"0d95fdf2-96ea-4666-b270-417639e668a5","block_type":"box","text":"entities, if and to the extent properly reported as “short-term capital gain dividends” or “interest-related","page_number":239,"box":{"x":116,"y":428,"width":762,"height":12}},{"id":"8fc385a9-0848-44cb-ad40-2e8bdc805c6e","block_type":"box","text":"dividends”, respectively, generally will not be subject to U.S. withholding tax. Where possible, the","page_number":239,"box":{"x":116,"y":444,"width":725,"height":12}},{"id":"345d3264-2864-4c70-8e4c-8ca51d0ee934","block_type":"box","text":"Funds intend to report such dividends as interest-related dividends or short-term capital gain dividends.","page_number":239,"box":{"x":117,"y":459,"width":771,"height":12}},{"id":"208a83ad-3b75-4720-b042-ba98ab489217","block_type":"box","text":"However, depending on its circumstances, a Fund may report all, some or none of its potentially","page_number":239,"box":{"x":117,"y":475,"width":716,"height":12}},{"id":"231e770d-bc71-4728-9b6c-6e628445e73f","block_type":"box","text":"eligible dividends as interest-related or as short-term capital gain dividends, and/or treat such","page_number":239,"box":{"x":116,"y":490,"width":697,"height":12}},{"id":"1186f989-088c-4d3f-899c-84eb2a89e725","block_type":"box","text":"dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":239,"box":{"x":116,"y":506,"width":743,"height":12}},{"id":"7784716f-e888-4858-aa40-fb8aa67e19b2","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification","page_number":239,"box":{"x":116,"y":521,"width":712,"height":12}},{"id":"fae011dc-1baf-4a44-9d4a-76a5bc42056c","block_type":"box","text":"requirements relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS","page_number":239,"box":{"x":117,"y":537,"width":757,"height":12}},{"id":"923f5426-251e-4756-a584-2e5f5ba4a6b5","block_type":"box","text":"Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the","page_number":239,"box":{"x":117,"y":552,"width":693,"height":12}},{"id":"14591b5b-81c4-4874-8a75-2a37d2eadb9f","block_type":"box","text":"intermediary may withhold even if the Fund reports the payment as an interest-related or short-term","page_number":239,"box":{"x":117,"y":568,"width":743,"height":12}},{"id":"8ad12bfb-4c2b-4a05-b812-0f04b332df73","block_type":"box","text":"capital gain dividend. Foreign shareholders should contact their intermediaries with respect to the","page_number":239,"box":{"x":116,"y":583,"width":727,"height":12}},{"id":"ddfc5b55-229a-4659-8694-ab4ad77bd51c","block_type":"box","text":"application of these rules to their accounts. It is not possible to predict what portion, if any, of a Fund’s","page_number":239,"box":{"x":116,"y":599,"width":762,"height":12}},{"id":"041c45f1-727d-467c-ae39-ad19f7518fa7","block_type":"box","text":"distributions will be reported as interest-related dividends or short-term capital gain dividends under","page_number":239,"box":{"x":116,"y":614,"width":742,"height":12}},{"id":"010f42c0-efe1-4415-964b-3ca15a021caa","block_type":"box","text":"these rules.","page_number":239,"box":{"x":116,"y":630,"width":91,"height":9}},{"id":"79c591b0-6c2d-407a-afbc-c3407ad46032","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S.","page_number":239,"box":{"x":117,"y":661,"width":737,"height":12}},{"id":"0bb603e0-94d4-4128-af38-7db8bcccaff6","block_type":"box","text":"real property interests” (as defined in the Code and Treasury regulations) at any time during the five","page_number":239,"box":{"x":117,"y":676,"width":745,"height":12}},{"id":"3a486635-bdc3-4b0c-b86d-6220bdbc9b82","block_type":"box","text":"year period ending on the date of the distributions, to the extent the distributions are attributable to","page_number":239,"box":{"x":116,"y":692,"width":729,"height":12}},{"id":"3cfe4fa5-b050-43e0-a9d9-842ad8c8fe0a","block_type":"box","text":"gains from sales or exchanges of U.S. real property interests (including shares in certain “U.S. real","page_number":239,"box":{"x":116,"y":707,"width":731,"height":12}},{"id":"e47b1ac9-8037-4b5c-91de-b7cb0e8875a1","block_type":"box","text":"property holding corporations” such as certain REITs, although exceptions may apply if any class of","page_number":239,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"00f5bc80-1591-431b-8247-fe7e0a292fac","block_type":"box","text":"stock of such a corporation is regularly traded on an established securities market and the Fund has","page_number":239,"box":{"x":116,"y":738,"width":743,"height":12}},{"id":"1ee3b3a8-fcde-447e-a713-20a9bbbdfe24","block_type":"box","text":"held no more than 5% of such class of stock at all times during the five-year period ending on the date","page_number":239,"box":{"x":117,"y":754,"width":757,"height":12}},{"id":"99a595f9-a418-49ec-a1fb-03176e7bb570","block_type":"box","text":"of the distributions), generally must be treated by such foreign shareholders as income effectively","page_number":239,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"e7c56e42-e665-4ce1-9263-784086db2561","block_type":"box","text":"connected to a trade or business within the United States, which is generally subject to tax at the","page_number":239,"box":{"x":116,"y":785,"width":718,"height":12}},{"id":"92039626-07d4-4f15-b4e1-ae08ce7877ff","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that","page_number":239,"box":{"x":116,"y":800,"width":743,"height":12}},{"id":"e9bceae8-280d-4fbc-aff7-6227b1980e8f","block_type":"box","text":"held no more than 5% of any class of stock of the Fund at all times during the previous one-year period","page_number":239,"box":{"x":117,"y":816,"width":764,"height":12}},{"id":"7aaf4167-1c58-47fd-b699-241b15c688da","block_type":"box","text":"ending on the date of the distributions. Such distributions will be subject to U.S. income and","page_number":239,"box":{"x":116,"y":831,"width":685,"height":12}},{"id":"f6382791-ab65-41c0-b730-9b2762ec414a","block_type":"box","text":"withholding tax and generally will require a foreign shareholder to file a U.S. federal income tax return.","page_number":239,"box":{"x":116,"y":847,"width":762,"height":12}},{"id":"becf5e7c-e82d-485e-bff0-772b8c4cdcd5","block_type":"box","text":"If the foreign shareholder held no more than 5% of any class of stock of the Fund at all times during the","page_number":239,"box":{"x":117,"y":862,"width":771,"height":12}},{"id":"b2089d88-9095-4f9c-a780-4b84d5f8fb2a","block_type":"box","text":"previous one-year period ending on the date of the distributions, the distributions will be taxable as","page_number":239,"box":{"x":117,"y":878,"width":735,"height":12}},{"id":"fa0b197d-f849-43d6-b60e-ff9339d3449e","block_type":"box","text":"II-168","page_number":239,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"370a61bd-9754-4090-8a21-8d3d07edf43a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":239,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bf844e6a-0523-4140-b21b-45bccb7ea502","block_type":"box","text":"ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition, sales or","page_number":240,"box":{"x":116,"y":87,"width":711,"height":12}},{"id":"ad36e501-3f3d-4556-91fd-289db4612d51","block_type":"box","text":"redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to","page_number":240,"box":{"x":117,"y":102,"width":758,"height":13}},{"id":"88c4a2db-e324-4034-8619-31be8998274d","block_type":"box","text":"U.S. income and withholding tax and generally will require the foreign shareholder to file a U.S. federal","page_number":240,"box":{"x":117,"y":118,"width":765,"height":12}},{"id":"f9bdc30f-6165-4d10-8c8f-cd019522fe89","block_type":"box","text":"income tax return, although exceptions may apply if more than 50% of the value of the Fund’s shares","page_number":240,"box":{"x":117,"y":134,"width":755,"height":12}},{"id":"a011f358-5aed-4fd2-9015-4be94b565628","block_type":"box","text":"are held by U.S. shareholders or the foreign shareholder selling or redeeming the shares has held no","page_number":240,"box":{"x":116,"y":149,"width":756,"height":12}},{"id":"2578fa05-7470-4aec-92b8-ccea56761824","block_type":"box","text":"more than 5% of any class of stock of the Fund at all times during the five-year period ending on the","page_number":240,"box":{"x":117,"y":165,"width":747,"height":12}},{"id":"537bd6ac-7e56-401f-a9b5-5cc8f46351ba","block_type":"box","text":"date of the sale or redemption.","page_number":240,"box":{"x":116,"y":180,"width":233,"height":12}},{"id":"5b3b6f25-71cd-4d6a-99ac-5089c89ca46a","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions","page_number":240,"box":{"x":117,"y":211,"width":762,"height":12}},{"id":"4bf9a3ac-e82f-4c04-9da5-1b0cad4c7b5f","block_type":"box","text":"and other distributions made in the form of U.S. real property interests (including shares in certain","page_number":240,"box":{"x":116,"y":227,"width":730,"height":12}},{"id":"af73d09a-3a1e-41ce-8317-78db4be6760a","block_type":"box","text":"“U.S. real property holding corporations”, although exceptions may apply if any class of stock of such a","page_number":240,"box":{"x":116,"y":242,"width":768,"height":12}},{"id":"bec76c09-c58a-4b43-b522-1d5cdba84229","block_type":"box","text":"corporation is regularly traded on an established securities market and the Fund has held no more than","page_number":240,"box":{"x":116,"y":258,"width":772,"height":12}},{"id":"7b01e90c-3dce-43c0-ae8a-f49884e8e7ea","block_type":"box","text":"5% of such class of stock at all times during the five-year period ending on the date of the distribution)","page_number":240,"box":{"x":116,"y":273,"width":762,"height":12}},{"id":"a6db3280-49ae-49ef-82a1-12376e7b5396","block_type":"box","text":"generally will cause the Fund to recognize a portion of any unrecognized gain in the U.S. real property","page_number":240,"box":{"x":116,"y":289,"width":763,"height":12}},{"id":"94a2d4b8-9e10-419c-9bb5-8ee3a998a496","block_type":"box","text":"interests equal to the product of (i) the excess of fair market value of such U.S. real property interests","page_number":240,"box":{"x":117,"y":304,"width":756,"height":12}},{"id":"1d156f56-23d6-4650-bd09-4a6d479598de","block_type":"box","text":"over the Fund’s adjusted bases in such interests and (ii) the greatest foreign ownership percentage of","page_number":240,"box":{"x":116,"y":320,"width":759,"height":12}},{"id":"a010845a-47c5-419a-8b88-c613f5ab10c7","block_type":"box","text":"the Fund during the five-year period ending on the date of distribution.","page_number":240,"box":{"x":116,"y":335,"width":525,"height":12}},{"id":"73ec4cd4-4121-4147-93f0-432c4247589d","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the","page_number":240,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"d7c0869f-fabc-4f8a-8b67-41bd998a2786","block_type":"box","text":"tax filing and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":240,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"c376f44a-f2ef-4892-8bde-fcdec74417c0","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":240,"box":{"x":116,"y":413,"width":762,"height":12}},{"id":"b11ac60e-dd21-4665-bfc1-1494ed87001b","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":240,"box":{"x":116,"y":428,"width":598,"height":12}},{"id":"84669678-0508-4a5a-9345-87a287a0e169","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other","page_number":240,"box":{"x":116,"y":459,"width":745,"height":12}},{"id":"8c5180a1-7596-415e-b5a1-79303d4c4610","block_type":"box","text":"income items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other","page_number":240,"box":{"x":117,"y":475,"width":763,"height":12}},{"id":"d2ceee93-520a-4a65-844e-b060dc032e38","block_type":"box","text":"foreign entities. To avoid withholding, foreign financial institutions and investment funds will generally","page_number":240,"box":{"x":116,"y":490,"width":753,"height":12}},{"id":"ef54ad26-e1b6-4e52-aa3e-283e89fa81ed","block_type":"box","text":"either need to (a) collect and report to the IRS detailed information identifying their U.S. accounts and","page_number":240,"box":{"x":116,"y":506,"width":758,"height":12}},{"id":"66fe0995-7fc0-40f6-99be-e56d9e20c3ee","block_type":"box","text":"U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold","page_number":240,"box":{"x":117,"y":521,"width":763,"height":12}},{"id":"2b178bba-9acf-491d-89f4-d606bf2057bd","block_type":"box","text":"tax on certain payments made to noncomplying foreign entities and account holders or (b) if an","page_number":240,"box":{"x":116,"y":537,"width":709,"height":12}},{"id":"490e0c82-1c7a-49ba-80c3-89cf4c9a4a51","block_type":"box","text":"intergovernmental agreement is entered into and implementing legislation is adopted, comply with the","page_number":240,"box":{"x":117,"y":552,"width":758,"height":12}},{"id":"acd4ad60-de3f-4d19-ac98-f7254015e2de","block_type":"box","text":"agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":240,"box":{"x":116,"y":568,"width":695,"height":12}},{"id":"dd1dc62c-0fe9-4228-be23-e848894047c7","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":240,"box":{"x":117,"y":583,"width":650,"height":12}},{"id":"f4d30f28-ae35-4807-80f5-4bc1bde965a3","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on","page_number":240,"box":{"x":117,"y":614,"width":757,"height":12}},{"id":"a78f599a-d404-44fa-9248-ef37e04bcf6b","block_type":"box","text":"ordinary income dividends, capital gain dividends and redemption payments (“backup withholding”).","page_number":240,"box":{"x":116,"y":630,"width":744,"height":12}},{"id":"b71bfb98-bf2e-477f-beb6-a03771b994e1","block_type":"box","text":"Generally, shareholders subject to backup withholding will be non-corporate shareholders for whom no","page_number":240,"box":{"x":117,"y":645,"width":767,"height":12}},{"id":"61174654-ed5d-46b7-89c7-fc41ba6be530","block_type":"box","text":"certified taxpayer identification number is on file with the Fund or who, to the Fund’s knowledge, have","page_number":240,"box":{"x":116,"y":661,"width":752,"height":12}},{"id":"23dd5b38-5658-4b17-b460-0f05ab6d7bec","block_type":"box","text":"furnished an incorrect number. When establishing an account, an investor must certify under penalty of","page_number":240,"box":{"x":116,"y":676,"width":766,"height":12}},{"id":"716f9f37-b22e-4595-9125-6365b04f3fb9","block_type":"box","text":"perjury that such number is correct and that such investor is not otherwise subject to backup","page_number":240,"box":{"x":117,"y":692,"width":684,"height":12}},{"id":"3058976d-93a9-47b8-b9a6-9e8c35d9caca","block_type":"box","text":"withholding. Backup withholding is not an additional tax. Any amount withheld generally may be","page_number":240,"box":{"x":116,"y":707,"width":708,"height":12}},{"id":"e51c2db1-7c6b-450e-9dbe-491bfa9a3391","block_type":"box","text":"allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that","page_number":240,"box":{"x":116,"y":723,"width":745,"height":12}},{"id":"50c01128-a331-4c08-a100-e96b033f133a","block_type":"box","text":"the required information is timely forwarded to the IRS.","page_number":240,"box":{"x":116,"y":738,"width":405,"height":12}},{"id":"1cd60b4f-bf1f-43da-b9ca-178bd0623b1e","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","page_number":240,"box":{"x":117,"y":768,"width":739,"height":13}},{"id":"f0091786-43db-4ab2-9520-c7e5556d4780","block_type":"box","text":"taxable year or $4 million in any combination of taxable years for an individual shareholder or","page_number":240,"box":{"x":116,"y":784,"width":691,"height":13}},{"id":"08275f47-1513-4223-becd-3a4f89b90170","block_type":"box","text":"$10 million in any single taxable year or $20 million in any combination of taxable years for a corporate","page_number":240,"box":{"x":116,"y":799,"width":762,"height":13}},{"id":"2c5561f0-c8c4-4356-8533-beb51918f93b","block_type":"box","text":"shareholder in any single taxable year, the shareholder must file a disclosure statement on IRS Form","page_number":240,"box":{"x":116,"y":816,"width":749,"height":12}},{"id":"fc64fe22-9df3-4866-aaac-74c24886cd1b","block_type":"box","text":"8886 with the IRS. Direct shareholders of portfolio securities are in many cases exempted. That a loss","page_number":240,"box":{"x":116,"y":831,"width":763,"height":12}},{"id":"106cf36c-b49a-43c4-ba2f-58ed52c2f01b","block_type":"box","text":"is reportable under these regulations does not affect the legal determination of whether the taxpayer’s","page_number":240,"box":{"x":117,"y":847,"width":760,"height":12}},{"id":"6ff3a204-733e-4e11-93aa-b5df75ef8f93","block_type":"box","text":"treatment of the loss is proper. Shareholders should consult their tax advisors to determine the","page_number":240,"box":{"x":116,"y":862,"width":707,"height":12}},{"id":"63aa35a8-e4b5-48cc-914e-7c7b29dbcb81","block_type":"box","text":"applicability of these regulations in light of their individual circumstances.","page_number":240,"box":{"x":116,"y":878,"width":544,"height":12}},{"id":"bb7d9d42-1c18-4073-9a6b-9224cee5c286","block_type":"box","text":"II-169","page_number":240,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"718ccf6c-ea35-4762-a8ed-d76cac7b7140","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":240,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"10febcec-1a0d-4b65-a7f7-fe88520c5126","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits,","page_number":241,"box":{"x":117,"y":87,"width":740,"height":12}},{"id":"31a71cf8-548b-4728-93b3-e665a6e1c633","block_type":"box","text":"taxable mortgage pools or other investments may cause the Fund to report some or all of its","page_number":241,"box":{"x":116,"y":102,"width":689,"height":13}},{"id":"0c253252-7f89-43d8-a7e0-016efe041be9","block_type":"box","text":"distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":241,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"630e71ae-e184-42f6-a9b2-deec55b4d6ef","block_type":"box","text":"(i) constitute taxable income, as unrelated business taxable income (“UBTI”) for those shareholders","page_number":241,"box":{"x":117,"y":134,"width":742,"height":12}},{"id":"3e6d3b6d-4126-4716-933e-b1b1dc36dd60","block_type":"box","text":"who would otherwise be tax-exempt such as individual retirement accounts, 401(k) accounts, Keogh","page_number":241,"box":{"x":116,"y":149,"width":749,"height":12}},{"id":"f539f158-25ea-4a82-b9f0-d0e1265585cc","block_type":"box","text":"plans, pension plans and certain charitable entities; (ii) not be offset by otherwise allowable deductions","page_number":241,"box":{"x":117,"y":165,"width":766,"height":12}},{"id":"fb4ae875-6270-46c9-a9b4-790c84e738d7","block_type":"box","text":"for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders even from","page_number":241,"box":{"x":116,"y":180,"width":758,"height":12}},{"id":"11626562-a8e7-453f-ad20-da9dd7233ba7","block_type":"box","text":"tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,”","page_number":241,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"b58e74c3-8ab8-4a50-9757-718aac7d1797","block_type":"box","text":"as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":241,"box":{"x":116,"y":211,"width":740,"height":12}},{"id":"6dfc4b9a-d450-48a3-ab09-039ad4157a0c","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so.","page_number":241,"box":{"x":116,"y":227,"width":771,"height":12}},{"id":"f842174b-ae56-4acc-91c2-73ffcfa4faa8","block_type":"box","text":"Because information about a REIT’s investments may be inadequate or inaccurate, or because a REIT","page_number":241,"box":{"x":117,"y":242,"width":767,"height":12}},{"id":"da1423b2-309e-4670-a615-0c35874b5ebc","block_type":"box","text":"may change its investment program, the Fund may not be successful in avoiding the consequences","page_number":241,"box":{"x":117,"y":258,"width":744,"height":12}},{"id":"ee2e0f9d-784e-42d5-aa26-0cd3d21158b5","block_type":"box","text":"described above. Avoidance of investments in REITs that generate excess inclusion income may","page_number":241,"box":{"x":116,"y":273,"width":725,"height":12}},{"id":"ba3d99d1-7013-48f5-85e8-df003c33d454","block_type":"box","text":"require the Fund to forego otherwise attractive investment opportunities.","page_number":241,"box":{"x":117,"y":289,"width":540,"height":12}},{"id":"3bc1a6ad-6b7d-4bf8-81ec-8128966fa53e","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and","page_number":241,"box":{"x":117,"y":320,"width":756,"height":12}},{"id":"94573cab-9bd4-459a-a802-197038fc46df","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain foreign countries and the","page_number":241,"box":{"x":116,"y":335,"width":753,"height":12}},{"id":"c9e9accc-c6eb-420d-a749-5b24b7dec813","block_type":"box","text":"United States may reduce or eliminate such taxes. Shareholders of a Fund more than 50% by value of","page_number":241,"box":{"x":117,"y":351,"width":764,"height":12}},{"id":"6973a64a-8470-4d0f-82c0-666913351c1c","block_type":"box","text":"the assets of which at the close of a taxable year are foreign securities may be able to claim U.S.","page_number":241,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"82b9498c-08d4-49fc-8ee0-8153ac3de278","block_type":"box","text":"foreign tax credits with respect to such foreign taxes paid by the Fund, subject to certain requirements","page_number":241,"box":{"x":116,"y":382,"width":762,"height":12}},{"id":"8e067578-b19d-4956-af2c-b06de415857c","block_type":"box","text":"and limitations contained in the Code. For example, certain retirement accounts and certain tax-exempt","page_number":241,"box":{"x":116,"y":397,"width":772,"height":12}},{"id":"44fc97fb-1144-40dc-85ef-cb6f5355ea19","block_type":"box","text":"organizations cannot claim foreign tax credits on investments in foreign securities held in a Fund. In","page_number":241,"box":{"x":116,"y":413,"width":743,"height":12}},{"id":"d59f488b-d54f-4506-b2ae-92aad4f01d75","block_type":"box","text":"addition, a foreign tax credit may be claimed with respect to withholding tax on payments with respect","page_number":241,"box":{"x":116,"y":428,"width":759,"height":12}},{"id":"84922039-29e7-4363-ac8a-29037981b430","block_type":"box","text":"to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":241,"box":{"x":116,"y":444,"width":724,"height":12}},{"id":"2c25fb8e-47ce-4f74-b944-e265eb9a44f9","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it","page_number":241,"box":{"x":116,"y":459,"width":764,"height":12}},{"id":"65a3a85b-8094-4614-8edb-0e6f5d19b80e","block_type":"box","text":"will not be able to “pass through” to shareholders the ability to claim a credit or a deduction for the","page_number":241,"box":{"x":116,"y":475,"width":731,"height":12}},{"id":"5cf744b6-2f33-4d25-98c5-27a01fbdcff3","block_type":"box","text":"related foreign taxes paid by the Fund. Further, to the extent that a Fund engages in securities lending","page_number":241,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"6b5af952-f3a9-4b79-85da-b4eea4283e56","block_type":"box","text":"with respect to a security paying income subject to foreign taxes, it may not be able to pass through to","page_number":241,"box":{"x":116,"y":506,"width":763,"height":12}},{"id":"7e38a9d2-0010-40ab-bb63-3207941544ad","block_type":"box","text":"its shareholders the ability to take a foreign tax credit for those taxes. If a Fund satisfies the applicable","page_number":241,"box":{"x":117,"y":521,"width":762,"height":12}},{"id":"c3bfed81-6857-4bfb-90d0-1c7573fa0f3a","block_type":"box","text":"requirements, such Fund will be eligible to file an election with the IRS pursuant to which shareholders","page_number":241,"box":{"x":117,"y":537,"width":763,"height":12}},{"id":"dacc7b58-3135-4182-bcba-0be069a54897","block_type":"box","text":"of the Fund will be required to include their proportionate shares of such foreign taxes in their U.S.","page_number":241,"box":{"x":116,"y":552,"width":733,"height":12}},{"id":"8d47d76d-3ba6-4494-aaad-599c1f7cfb63","block_type":"box","text":"income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":241,"box":{"x":117,"y":568,"width":718,"height":12}},{"id":"b0f81f34-9601-48d8-8a21-91c40e258bdb","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as","page_number":241,"box":{"x":116,"y":583,"width":738,"height":12}},{"id":"7bf7e46b-d3a6-4fb7-9eb2-8ef143e47fea","block_type":"box","text":"foreign tax credits against their U.S. income taxes. No deductions for foreign taxes, however, may be","page_number":241,"box":{"x":116,"y":599,"width":755,"height":12}},{"id":"880e31c5-ed0a-4374-9795-7c53a73856c4","block_type":"box","text":"claimed by noncorporate shareholders who do not itemize deductions. A shareholder that is a","page_number":241,"box":{"x":116,"y":614,"width":699,"height":12}},{"id":"e3a605ee-4fed-479a-85b1-e0e6c4102687","block_type":"box","text":"nonresident alien individual or a foreign corporation may be subject to U.S. withholding tax on the","page_number":241,"box":{"x":117,"y":630,"width":726,"height":12}},{"id":"e29a9630-500d-4162-8197-c004df29d9db","block_type":"box","text":"income resulting from a Fund’s election described in this paragraph but may not be able to claim a","page_number":241,"box":{"x":117,"y":645,"width":733,"height":12}},{"id":"1c7bc755-ebaa-44fe-8343-03a4a47186fd","block_type":"box","text":"credit or deduction against such U.S. tax for the foreign taxes treated as having been paid by such","page_number":241,"box":{"x":116,"y":661,"width":730,"height":12}},{"id":"ad33c8a2-2004-4533-90c6-18d69887b3d1","block_type":"box","text":"shareholder. A Fund will report annually to its shareholders the amount per share of such foreign taxes","page_number":241,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"550c2ef4-7a29-4466-b63a-2c24f2a118b9","block_type":"box","text":"and other information needed to claim the foreign tax credit.","page_number":241,"box":{"x":116,"y":692,"width":443,"height":12}},{"id":"587598a0-9073-4b64-80fb-77f3172be95e","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may,","page_number":241,"box":{"x":117,"y":723,"width":739,"height":12}},{"id":"2c77dc2f-32ab-4d55-8479-a377ec095863","block_type":"box","text":"among other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or","page_number":241,"box":{"x":116,"y":738,"width":722,"height":12}},{"id":"f44a44ba-8272-424d-9f42-df1b9d8032a0","block_type":"box","text":"otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of","page_number":241,"box":{"x":116,"y":754,"width":724,"height":12}},{"id":"76cd3513-b4fc-42d2-ad2f-3e6768e74af2","block_type":"box","text":"income without a corresponding receipt of cash (with which to make the necessary distributions to","page_number":241,"box":{"x":117,"y":769,"width":725,"height":12}},{"id":"67e00685-6635-42cc-88dc-3c1a2b1ed959","block_type":"box","text":"satisfy distribution requirements applicable to regulated investment companies). Operation of these","page_number":241,"box":{"x":116,"y":785,"width":736,"height":12}},{"id":"22a97560-afda-4a7b-853c-74272704f571","block_type":"box","text":"rules could, therefore, affect the character, amount and timing of distributions to shareholders. Special","page_number":241,"box":{"x":117,"y":800,"width":756,"height":12}},{"id":"a6ba1dfb-bbe2-42a9-bdfa-68c4e106dc0e","block_type":"box","text":"tax rules also may require a Fund to mark-to-market certain types of positions in its portfolio (","page_number":241,"box":{"x":116,"y":816,"width":691,"height":12}},{"id":"3e55024f-a785-4517-aad9-a140492d1134","block_type":"box","text":"i.e.","page_number":241,"box":{"x":808,"y":816,"width":20,"height":9}},{"id":"c9d284c7-cddd-48ee-bda1-33dcc39ebbee","block_type":"box","text":", treat","page_number":241,"box":{"x":831,"y":816,"width":42,"height":11}},{"id":"6d27389e-6806-4813-8c59-80d306011a58","block_type":"box","text":"them as sold on the last day of the taxable year), and may result in the recognition of income without a","page_number":241,"box":{"x":116,"y":831,"width":765,"height":12}},{"id":"81cc9576-7043-4f00-98a3-7782848b0e1b","block_type":"box","text":"corresponding receipt of cash. Funds engaging in transactions affected by these provisions intend to","page_number":241,"box":{"x":116,"y":847,"width":751,"height":12}},{"id":"2dd97f39-2d21-46e4-a436-8c26c348a1e3","block_type":"box","text":"monitor their transactions, make appropriate tax elections and make appropriate entries in their books","page_number":241,"box":{"x":117,"y":862,"width":760,"height":12}},{"id":"901ee7b2-19eb-4d8b-bd49-7c841b6af37a","block_type":"box","text":"II-170","page_number":241,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"08f473fb-a446-42af-90e2-e6b04cd503a4","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":241,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1e0432d6-4cf4-4581-89e6-08f269f4ed88","block_type":"box","text":"and records to lessen the effect of these tax rules and avoid any possible disqualification from the","page_number":242,"box":{"x":116,"y":87,"width":730,"height":12}},{"id":"7d575986-3e3d-45d1-9ed4-34b05e015344","block_type":"box","text":"special treatment afforded regulated investment companies under the Code.","page_number":242,"box":{"x":116,"y":102,"width":571,"height":13}},{"id":"5c17e980-7404-41df-b300-2fbd76c19452","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated","page_number":242,"box":{"x":117,"y":130,"width":687,"height":13}},{"id":"bff86f07-5d2f-4b15-ade0-edd3069a5cca","block_type":"box","text":"instruments, and any of the Fund’s transactions in foreign currencies and hedging activities, are likely","page_number":242,"box":{"x":117,"y":146,"width":756,"height":12}},{"id":"33de3386-6e4d-4e3d-8c99-0a940e77e0a8","block_type":"box","text":"to produce a difference between its book income and the sum of its taxable income and net tax-exempt","page_number":242,"box":{"x":116,"y":161,"width":771,"height":12}},{"id":"843fd7fb-2e98-45d6-8741-e017dba16472","block_type":"box","text":"income (if any). If such a difference arises, and the Fund’s book income is less than the sum of its","page_number":242,"box":{"x":117,"y":177,"width":730,"height":12}},{"id":"f1f17878-4436-4424-a36c-d35f31a17019","block_type":"box","text":"taxable income and net tax-exempt income, the Fund could be required to make distributions","page_number":242,"box":{"x":116,"y":193,"width":695,"height":11}},{"id":"661a6602-c64f-48ff-8576-4cbdd858e908","block_type":"box","text":"exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an","page_number":242,"box":{"x":116,"y":208,"width":727,"height":12}},{"id":"5608ed5f-a2de-4ad2-a79b-d2bdec116f3a","block_type":"box","text":"entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":242,"box":{"x":116,"y":223,"width":754,"height":13}},{"id":"6ea4dbdf-ffdc-483f-8abb-2bd3dfc6b824","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax","page_number":242,"box":{"x":117,"y":239,"width":721,"height":12}},{"id":"a11b45a7-ebf1-4039-bab5-29ae0622697c","block_type":"box","text":"exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the","page_number":242,"box":{"x":116,"y":254,"width":761,"height":13}},{"id":"da1c8d00-7c6b-47e3-aad1-a83d6e162eed","block_type":"box","text":"extent of the Fund’s remaining earnings and profits (including earnings and profits arising from tax","page_number":242,"box":{"x":116,"y":270,"width":733,"height":12}},{"id":"add2749d-0d79-42e3-9a1f-4f04ca418fe1","block_type":"box","text":"exempt income), (ii) thereafter, as a return of capital to the extent of the recipient’s basis in its shares,","page_number":242,"box":{"x":116,"y":285,"width":759,"height":13}},{"id":"64874be9-b852-4738-a762-4c6ceb6e6b4b","block_type":"box","text":"and (iii) thereafter as gain from the sale or exchange of a capital asset.","page_number":242,"box":{"x":116,"y":301,"width":530,"height":12}},{"id":"46ab942b-1b26-40fd-85dd-ada77ce3dae8","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s","page_number":242,"box":{"x":117,"y":329,"width":361,"height":12}},{"id":"308a1fcd-133c-49bf-b87c-435a3cd6585c","block_type":"box","text":"realized losses on sales of shares of underlying funds","page_number":242,"box":{"x":479,"y":329,"width":403,"height":12}},{"id":"5cd44328-24a9-45ff-8a2a-045bdf1f58d8","block_type":"box","text":"may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains","page_number":242,"box":{"x":117,"y":344,"width":749,"height":12}},{"id":"d931d1dd-7992-493a-b3a7-57d9952a88aa","block_type":"box","text":"by underlying funds will be recognized as ordinary income by the Fund and would not be offset by the","page_number":242,"box":{"x":117,"y":360,"width":757,"height":12}},{"id":"e37d717b-0352-4215-a083-4649d7a440ef","block_type":"box","text":"Fund’s capital loss carryforwards, if any. Capital loss carryforwards of underlying funds, if any, would","page_number":242,"box":{"x":117,"y":375,"width":751,"height":12}},{"id":"08c2331f-b61c-4915-a96f-9de17c99ead8","block_type":"box","text":"not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s expected","page_number":242,"box":{"x":117,"y":391,"width":710,"height":12}},{"id":"fd5285c9-8dbd-43be-bbc8-a3201934ec07","block_type":"box","text":"investment in the underlying funds and may result in distributions to Fund shareholders being of higher","page_number":242,"box":{"x":117,"y":406,"width":766,"height":12}},{"id":"bfc54cd1-e54c-4d3a-a43d-462bc204c469","block_type":"box","text":"magnitudes and less likely to qualify for lower capital gain tax rates than if the Fund were to invest","page_number":242,"box":{"x":117,"y":422,"width":730,"height":12}},{"id":"ddacf016-99ba-47d7-9c47-9b9da9b9b08a","block_type":"box","text":"otherwise.","page_number":242,"box":{"x":116,"y":438,"width":81,"height":9}},{"id":"588528a9-f450-4629-a60b-85d7c211bf9c","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":242,"box":{"x":116,"y":465,"width":765,"height":12}},{"id":"3557da61-8b6e-4e00-98f2-408e85c1284c","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of","page_number":242,"box":{"x":116,"y":481,"width":758,"height":12}},{"id":"203b3834-ce7c-42b0-8e5b-5f901a48fdf8","block_type":"box","text":"its net income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the","page_number":242,"box":{"x":117,"y":496,"width":752,"height":12}},{"id":"84a38fae-8023-464e-9845-5869d90f98f5","block_type":"box","text":"Fund will be required to report all of the Subsidiary’s net income as ordinary income regardless of","page_number":242,"box":{"x":117,"y":512,"width":726,"height":12}},{"id":"31c3ee76-f01c-4286-9d77-454ed9a62aa2","block_type":"box","text":"whether that income would be treated differently (for example, as capital gain) at the Subsidiary level","page_number":242,"box":{"x":116,"y":527,"width":753,"height":12}},{"id":"1ad6621f-4b32-45d9-8de3-183a38fa4a99","block_type":"box","text":"and regardless of whether that income is distributed to the Fund. (Previously taxed income will not,","page_number":242,"box":{"x":116,"y":543,"width":738,"height":12}},{"id":"7fed05a2-4afb-407f-be57-6abd7f46c34e","block_type":"box","text":"however, be taxable again when distributed.) If a net loss is realized by the Subsidiary in any taxable","page_number":242,"box":{"x":117,"y":558,"width":751,"height":12}},{"id":"590034eb-20ac-4494-b4b2-6c71e745ffd1","block_type":"box","text":"year, the loss will generally not be available to offset the Fund’s other income. It is not expected that","page_number":242,"box":{"x":116,"y":574,"width":747,"height":12}},{"id":"b8edb303-56ac-4f8c-952d-ed3fa85bd30c","block_type":"box","text":"the Subsidiary will be subject to an entity-level federal tax.","page_number":242,"box":{"x":116,"y":589,"width":436,"height":12}},{"id":"2503a6b3-4ecb-4686-bdf3-243d4fc08441","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under","page_number":242,"box":{"x":117,"y":617,"width":750,"height":12}},{"id":"2c79c7d9-9899-428d-b7b6-ffec71d97d02","block_type":"box","text":"foreign law, the Fund will generally be treated as owning shares in a passive foreign investment","page_number":242,"box":{"x":116,"y":633,"width":714,"height":12}},{"id":"83622206-dae3-4d08-845a-b2734fd95eb2","block_type":"box","text":"company (“PFIC”) for U.S. federal income tax purposes. A Fund may be subject to U.S. federal income","page_number":242,"box":{"x":116,"y":648,"width":769,"height":12}},{"id":"32043794-a358-415a-8e92-49edde280aa5","block_type":"box","text":"tax, and interest charges (at the rate applicable to tax underpayments) on tax liability treated as having","page_number":242,"box":{"x":116,"y":664,"width":761,"height":12}},{"id":"28f06780-ddda-46d5-b1c5-a82a02da3c5b","block_type":"box","text":"been deferred with respect to certain distributions from such a company and on gain from the","page_number":242,"box":{"x":117,"y":679,"width":691,"height":12}},{"id":"dab21f87-cdd5-41b6-bba1-07edbca3b18d","block_type":"box","text":"disposition of the shares of such a company (collectively referred to as “excess distributions”), even if","page_number":242,"box":{"x":116,"y":695,"width":752,"height":12}},{"id":"819186cb-6ab6-4b4e-84ef-6c55d3b7f8fa","block_type":"box","text":"such excess distributions are paid by the Fund as a dividend to its shareholders. However, a Fund may","page_number":242,"box":{"x":116,"y":710,"width":766,"height":12}},{"id":"750f63f4-160c-4a70-a07b-6451417a86c9","block_type":"box","text":"elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":242,"box":{"x":116,"y":726,"width":753,"height":12}},{"id":"80f58328-a0a5-47f0-b3da-d8f5de8cc7c1","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable","page_number":242,"box":{"x":117,"y":741,"width":734,"height":12}},{"id":"ca13280c-923d-4587-87bd-afa34e0cd79d","block_type":"box","text":"years, unless revoked with consent from the IRS. Under this election, a Fund would recognize as","page_number":242,"box":{"x":116,"y":757,"width":719,"height":12}},{"id":"87730690-bdb5-4529-9940-252ced2d051c","block_type":"box","text":"ordinary income any increase in the value of its shares as of the close of the taxable year over their","page_number":242,"box":{"x":116,"y":772,"width":737,"height":12}},{"id":"be7c815e-c55a-4175-8648-a83400126c79","block_type":"box","text":"adjusted tax basis and as ordinary loss any decrease in such value, but only to the extent of previously","page_number":242,"box":{"x":116,"y":788,"width":763,"height":12}},{"id":"29e6b1b2-8adb-44fd-98e0-e4c275d4224b","block_type":"box","text":"recognized “mark-to-market” gains. By making the mark-to-market election, a Fund could avoid","page_number":242,"box":{"x":117,"y":803,"width":704,"height":12}},{"id":"bfec2d36-f8ae-4927-afc0-2ca8f4977230","block_type":"box","text":"imposition of the interest charge with respect to excess distributions from PFICs, but in any particular","page_number":242,"box":{"x":117,"y":819,"width":749,"height":12}},{"id":"6db8eddc-9d84-4211-84cd-1f391cde518f","block_type":"box","text":"year might be required to recognize income in excess of the distributions it received from PFICs.","page_number":242,"box":{"x":116,"y":834,"width":720,"height":12}},{"id":"e76bb3ab-c1b6-40d1-aee4-4362b985549c","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","page_number":242,"box":{"x":117,"y":862,"width":746,"height":12}},{"id":"060186e3-7da8-46f5-9401-40bcdbebcb6a","block_type":"box","text":"Code, in lieu of the foregoing requirements, the Fund would be required to include in income each year","page_number":242,"box":{"x":117,"y":878,"width":768,"height":12}},{"id":"482e0124-7d5b-43a4-b3fa-411c86081447","block_type":"box","text":"II-171","page_number":242,"box":{"x":480,"y":909,"width":38,"height":9}},{"id":"362a4fe2-b969-4995-b059-1ed9b57f9dac","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":242,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"dd8c7cf8-c504-4c35-8aa8-8d02a5549138","block_type":"box","text":"a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not","page_number":243,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"c914423d-3115-4164-a99a-62ffdfbc6a97","block_type":"box","text":"distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution","page_number":243,"box":{"x":116,"y":102,"width":732,"height":13}},{"id":"29855897-ca1e-4275-94e1-44cca10ec8a7","block_type":"box","text":"requirements described above. In order to make this election, the Fund would be required to obtain","page_number":243,"box":{"x":117,"y":118,"width":739,"height":12}},{"id":"d3943174-726f-4c28-9b08-0c1ea7f67744","block_type":"box","text":"certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":243,"box":{"x":116,"y":134,"width":743,"height":12}},{"id":"735d9911-0515-4158-9975-30bbc975d1e4","block_type":"box","text":"obtain.","page_number":243,"box":{"x":116,"y":149,"width":55,"height":10}},{"id":"a8de155c-d08d-4ab0-b60b-d8fb7d084980","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer","page_number":243,"box":{"x":117,"y":179,"width":434,"height":12}},{"id":"ab9309ed-cefc-4752-a5e1-617001b1d201","block_type":"box","text":"all or a portion of its net capital loss (or if","page_number":243,"box":{"x":552,"y":179,"width":305,"height":12}},{"id":"03a22b91-e129-42cd-9cbf-fb26e1d2319f","block_type":"box","text":"there is no net capital loss, any net long-term or short-term capital loss) realized after October and its","page_number":243,"box":{"x":116,"y":194,"width":755,"height":12}},{"id":"e87404c0-5816-408f-bdb9-088c24dc4e8a","block_type":"box","text":"late-year ordinary loss (defined as the sum of the excess of post-October foreign currency and PFIC","page_number":243,"box":{"x":117,"y":210,"width":748,"height":12}},{"id":"5918f235-5ab6-4a41-a7cc-d03aea77ffa5","block_type":"box","text":"losses over post-October foreign currency and PFIC gains plus the excess of post-December ordinary","page_number":243,"box":{"x":117,"y":225,"width":761,"height":12}},{"id":"ec4a79fd-4950-4daf-a9a0-e60c905c6d15","block_type":"box","text":"losses over post-December ordinary income) until the next taxable year in computing its investment","page_number":243,"box":{"x":117,"y":241,"width":743,"height":12}},{"id":"202006bf-98de-4667-85c2-39bd720196c4","block_type":"box","text":"company taxable income and net capital gain, which will defer the recognition of such realized losses.","page_number":243,"box":{"x":116,"y":256,"width":759,"height":12}},{"id":"5a8d1013-5caf-4ecb-a9e8-9b254808f1e4","block_type":"box","text":"Such deferrals and other rules regarding gains and losses realized after October (or December) may","page_number":243,"box":{"x":116,"y":272,"width":752,"height":12}},{"id":"7013886d-27d1-484c-bef6-e7b1765c8eec","block_type":"box","text":"affect the tax character of shareholder distributions.","page_number":243,"box":{"x":116,"y":287,"width":387,"height":10}},{"id":"a6675e72-ba1c-47f0-ace0-4ee773d28e90","block_type":"box","text":"Municipal Funds","page_number":243,"box":{"x":116,"y":317,"width":127,"height":12}},{"id":"63ce8339-d5a3-40dc-8a42-2f4e4e28e029","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in","page_number":243,"box":{"x":117,"y":339,"width":650,"height":12}},{"id":"e28415c0-8825-4700-b8da-864a842daf9f","block_type":"box","text":"Section 852(b)(5) of the Code. Under such section if, at the close of each quarter of a Fund’s taxable","page_number":243,"box":{"x":116,"y":355,"width":753,"height":12}},{"id":"45e319ed-3be2-49d2-839e-7095ef4b0021","block_type":"box","text":"year, at least 50% of the value of the Fund’s total assets consists of obligations exempt from U.S.","page_number":243,"box":{"x":116,"y":370,"width":728,"height":12}},{"id":"23f9672c-478c-4e82-b035-814ad07c7c24","block_type":"box","text":"federal income tax (“tax-exempt obligations”) under Section 103(a) of the Code (relating generally to","page_number":243,"box":{"x":116,"y":386,"width":748,"height":12}},{"id":"06864271-2612-4e5e-8918-d75052dd68bf","block_type":"box","text":"obligations of a state or local governmental unit), the Fund shall be qualified to pay exempt-interest","page_number":243,"box":{"x":116,"y":401,"width":739,"height":12}},{"id":"efd2415c-6305-4633-942e-43f4079d67cb","block_type":"box","text":"dividends to holders of all outstanding classes of its shares (together the “shareholders”). Exempt","page_number":243,"box":{"x":116,"y":417,"width":728,"height":12}},{"id":"bec2101e-cc87-4ab7-b041-128727a2ac5c","block_type":"box","text":"interest dividends are dividends or any part thereof paid by a Fund that are attributable to interest on","page_number":243,"box":{"x":117,"y":432,"width":749,"height":12}},{"id":"51ec1a28-ec4c-4a34-8386-473fb4eb3ac9","block_type":"box","text":"tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":243,"box":{"x":116,"y":448,"width":740,"height":12}},{"id":"fb5070ad-5174-408b-9931-f73a18ed4189","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference","page_number":243,"box":{"x":117,"y":463,"width":727,"height":12}},{"id":"3dcb4bac-5c6c-446d-a763-bdffd4f65b65","block_type":"box","text":"items discussed below) among the Fund’s shareholders according to a method (that it believes is","page_number":243,"box":{"x":117,"y":479,"width":725,"height":12}},{"id":"5841eadc-068f-43f9-9836-ac0e2628578c","block_type":"box","text":"consistent with the Commission rule permitting the issuance and sale of multiple classes of shares)","page_number":243,"box":{"x":116,"y":494,"width":741,"height":12}},{"id":"a76ec016-a555-4814-9f70-4337b1c4f464","block_type":"box","text":"that is based upon the gross income that is allocable to each class of shareholders during the taxable","page_number":243,"box":{"x":116,"y":510,"width":758,"height":12}},{"id":"6ed31161-de8c-4b78-ac31-90e3dd41479c","block_type":"box","text":"year, or such other method as the IRS may prescribe.","page_number":243,"box":{"x":116,"y":525,"width":404,"height":12}},{"id":"1fc52aaa-4d96-4de8-a792-a1b86ff69a76","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal","page_number":243,"box":{"x":117,"y":555,"width":714,"height":12}},{"id":"a3a1cf77-8ce1-4978-ba35-a6d49d309276","block_type":"box","text":"income tax purposes. Exempt-interest dividends are included, however, in determining the portion, if","page_number":243,"box":{"x":117,"y":570,"width":748,"height":12}},{"id":"81d927cd-10ed-4899-bd43-1df37f5df3ed","block_type":"box","text":"any, of a person’s social security and railroad retirement benefits subject to U.S. federal income taxes.","page_number":243,"box":{"x":116,"y":586,"width":764,"height":12}},{"id":"e88dde0a-e01b-40cc-b9c7-ee2b39f2c3ce","block_type":"box","text":"Interest on indebtedness incurred or continued to purchase or carry shares of a regulated investment","page_number":243,"box":{"x":117,"y":601,"width":754,"height":13}},{"id":"87eb1879-191c-474f-b80c-bc26d5753934","block_type":"box","text":"company paying exempt-interest dividends, such as the Fund, will not be deductible by the investor for","page_number":243,"box":{"x":116,"y":617,"width":766,"height":12}},{"id":"116ed76e-ba11-4b98-9e3a-17b6b95af3c5","block_type":"box","text":"U.S. federal income tax purposes to the extent attributable to exempt-interest dividends. Shareholders","page_number":243,"box":{"x":117,"y":632,"width":762,"height":12}},{"id":"a892a3b9-269a-481d-bdc2-5d3e2d92d4e5","block_type":"box","text":"are advised to consult their tax advisors with respect to whether exempt-interest dividends retain the","page_number":243,"box":{"x":116,"y":648,"width":749,"height":12}},{"id":"46db170d-aff5-42d3-b948-5fb6b975de92","block_type":"box","text":"exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial user” or","page_number":243,"box":{"x":116,"y":663,"width":717,"height":13}},{"id":"72abac16-3e46-496a-ba9e-e57c853e98bb","block_type":"box","text":"“related person” under Code Section 147(a) with respect to property financed with the proceeds of an","page_number":243,"box":{"x":116,"y":679,"width":751,"height":12}},{"id":"746568dd-28c2-401a-a433-3fea7d12bd0b","block_type":"box","text":"issue of PABs, if any, held by a Fund.","page_number":243,"box":{"x":117,"y":694,"width":277,"height":13}},{"id":"fd97b03c-5b47-4b96-88d4-7ae1bd2af47e","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned","page_number":243,"box":{"x":116,"y":724,"width":745,"height":12}},{"id":"d89bc131-c726-47af-a6ed-456ed6156b45","block_type":"box","text":"out by the Fund will not be considered exempt interest, and distributions by the Fund of such substitute","page_number":243,"box":{"x":116,"y":740,"width":764,"height":12}},{"id":"2013da65-e22c-4189-9140-2585bf153143","block_type":"box","text":"payments will not constitute exempt-interest dividends.","page_number":243,"box":{"x":117,"y":755,"width":404,"height":12}},{"id":"7189ddf2-4c13-4664-94bb-a8c98051dfd6","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a","page_number":243,"box":{"x":117,"y":785,"width":722,"height":12}},{"id":"d38c0844-89c7-4695-af0f-6f3b3d9822da","block_type":"box","text":"holder’s shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":243,"box":{"x":117,"y":800,"width":733,"height":12}},{"id":"52a8328a-58ea-412d-8978-c444561de74a","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Any loss upon the sale or exchange of","page_number":243,"box":{"x":116,"y":816,"width":753,"height":12}},{"id":"4b216d88-0bdb-407d-9b08-658d28225472","block_type":"box","text":"Fund shares held for six months or less will be disallowed to the extent of any exempt-interest","page_number":243,"box":{"x":117,"y":831,"width":700,"height":12}},{"id":"bf1aedb2-b9ab-40e8-9875-8a7e8bd6bd43","block_type":"box","text":"dividends received by the shareholder. In addition, any such loss that is not disallowed under the rule","page_number":243,"box":{"x":116,"y":847,"width":756,"height":12}},{"id":"db6d38cb-91ab-46b1-b458-235b0fd82ebd","block_type":"box","text":"stated above will be treated as long-term capital loss to the extent of any capital gain dividends","page_number":243,"box":{"x":116,"y":862,"width":709,"height":12}},{"id":"5d4b41d9-16b0-4300-9652-d5f4933beeb4","block_type":"box","text":"received by the shareholder.","page_number":243,"box":{"x":117,"y":878,"width":216,"height":12}},{"id":"ab4e8222-e52e-4ec9-970f-9093b45cd769","block_type":"box","text":"II-172","page_number":243,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b0090e6c-c7f7-474e-b722-0c68e6d8ff3f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":243,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c6bc2bbb-ed6a-4f34-acf2-69a2222ce63e","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a","page_number":244,"box":{"x":116,"y":87,"width":764,"height":12}},{"id":"1119b0ec-9ea7-4644-b35d-8740884ab455","block_type":"box","text":"market discount will be treated as ordinary income rather than capital gain. This rule may increase the","page_number":244,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"2ad2c17b-b3a6-443d-bbcc-0e4436b6a0d0","block_type":"box","text":"amount of ordinary income dividends received by shareholders.","page_number":244,"box":{"x":116,"y":118,"width":477,"height":12}},{"id":"d1b827b4-20ad-43c0-a96c-0402a250b08c","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a","page_number":244,"box":{"x":116,"y":149,"width":763,"height":12}},{"id":"11b15024-9154-4348-8b66-49969e5d1345","block_type":"box","text":"bond acquired in the secondary market at a price below redemption value or adjusted issue price if","page_number":244,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"4cbd1066-03e6-4f71-b52e-7db4d1f403cb","block_type":"box","text":"issued with original issue discount. Absent an election by the Fund to include the market discount in","page_number":244,"box":{"x":117,"y":180,"width":744,"height":12}},{"id":"46fd56e6-1fc8-408b-be9d-0ddb470868a7","block_type":"box","text":"income as it accrues, gain on the Fund’s disposition of such an obligation will be treated as ordinary","page_number":244,"box":{"x":117,"y":196,"width":744,"height":12}},{"id":"290a67f9-df37-4a15-96c8-a8ab470cb6a1","block_type":"box","text":"income rather than capital gain to the extent of the accrued market discount.","page_number":244,"box":{"x":117,"y":211,"width":571,"height":12}},{"id":"f0788153-6247-42f3-8fb3-13b08d1838a6","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative","page_number":244,"box":{"x":116,"y":242,"width":763,"height":12}},{"id":"44b1fcf0-1555-45a1-9d1d-de88a7b2383c","block_type":"box","text":"minimum tax. The alternative minimum tax applies to interest received on certain “PABs” issued after","page_number":244,"box":{"x":117,"y":258,"width":753,"height":11}},{"id":"0461dfe6-7518-4055-9975-6f8e7ab4276a","block_type":"box","text":"August 7, 1986. PABs are bonds that, although tax-exempt, are used for purposes other than those","page_number":244,"box":{"x":116,"y":273,"width":743,"height":12}},{"id":"c181ed4a-5bcd-4f91-bcc4-f9f889266876","block_type":"box","text":"generally performed by governmental units and that benefit non-governmental entities (","page_number":244,"box":{"x":116,"y":289,"width":648,"height":12}},{"id":"f093ff02-a97e-45ba-bc52-d4ddc9442e0e","block_type":"box","text":"e.g.","page_number":244,"box":{"x":765,"y":291,"width":26,"height":10}},{"id":"066f6428-8fed-4dd1-baa5-04119abb6c5c","block_type":"box","text":", bonds","page_number":244,"box":{"x":794,"y":289,"width":58,"height":11}},{"id":"eca701b0-3cfe-442a-90af-49568ab115da","block_type":"box","text":"used for industrial development or housing purposes). Income received on such bonds is classified as","page_number":244,"box":{"x":117,"y":304,"width":760,"height":12}},{"id":"a5f16489-4dd9-4e58-8e1b-5aff437ffdfa","block_type":"box","text":"an item of “tax preference,” which could subject certain investors in such bonds, including shareholders","page_number":244,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"1c019b08-2fd2-40c5-a84e-5e4c6aadb277","block_type":"box","text":"of a Fund, to a federal alternative minimum tax. A Fund will purchase such “PABs” and will report to","page_number":244,"box":{"x":116,"y":335,"width":744,"height":12}},{"id":"83ca11fb-25d9-499e-928a-faaae4865a27","block_type":"box","text":"shareholders after the close of the calendar year the portion of the Fund’s dividends declared during","page_number":244,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"23a5c0b1-9761-4866-a246-58a0b3dcb319","block_type":"box","text":"the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":244,"box":{"x":116,"y":366,"width":651,"height":12}},{"id":"fefa11c6-0dd4-4f19-b412-1a4480a13529","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules","page_number":244,"box":{"x":117,"y":397,"width":768,"height":12}},{"id":"36a55135-2bfe-49af-8c14-574d9a2f846b","block_type":"box","text":"governing the taxation of interest rate swaps are not entirely clear and may require a Fund to treat","page_number":244,"box":{"x":116,"y":413,"width":733,"height":12}},{"id":"6ec9c86f-4966-4e44-9ab0-cd44418693f6","block_type":"box","text":"payments received under such arrangements as ordinary income and to amortize payments made","page_number":244,"box":{"x":117,"y":428,"width":733,"height":12}},{"id":"3f29a22a-9894-4ade-8a3f-6935a83eedb2","block_type":"box","text":"under certain circumstances. Because payments received by a Fund in connection with swap","page_number":244,"box":{"x":117,"y":444,"width":697,"height":12}},{"id":"9978e5a5-ab4f-4d81-99f4-2e965e64eb22","block_type":"box","text":"transactions will be taxable rather than tax-exempt and because swap payments made by a Fund will","page_number":244,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"806f6227-4cfd-4e56-b9a2-0afb0cb89592","block_type":"box","text":"offset both taxable and tax-exempt gross income proportionately, they may result in increased taxable","page_number":244,"box":{"x":116,"y":475,"width":762,"height":12}},{"id":"ffa1aab5-8f6a-4d2b-8576-ecde113454de","block_type":"box","text":"distributions to shareholders.","page_number":244,"box":{"x":116,"y":490,"width":220,"height":10}},{"id":"7f93e4a0-9cfd-48ee-bd12-8311c30c2c06","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in","page_number":244,"box":{"x":117,"y":521,"width":721,"height":12}},{"id":"f29331bf-f982-4b37-98c6-d92a03f1fae2","block_type":"box","text":"BlackRock California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund,","page_number":244,"box":{"x":117,"y":537,"width":731,"height":12}},{"id":"af62b153-506a-45af-a8a4-c85737999272","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund and BlackRock Pennsylvania Municipal Bond","page_number":244,"box":{"x":117,"y":552,"width":725,"height":12}},{"id":"f6ca9b30-aa5e-4d7e-a740-aba8642f9468","block_type":"box","text":"Fund, as well as information on economic conditions within each applicable state.","page_number":244,"box":{"x":117,"y":568,"width":608,"height":12}},{"id":"ee485d73-653c-438c-bb02-4c97314ab960","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master","page_number":244,"box":{"x":117,"y":599,"width":723,"height":12}},{"id":"023c7686-fa81-4b81-962b-faa0fea09485","block_type":"box","text":"Portfolio in which it has invested for purposes of satisfying various qualification requirements of the","page_number":244,"box":{"x":117,"y":614,"width":737,"height":12}},{"id":"54217044-e530-4881-b1df-510a0e885849","block_type":"box","text":"Code applicable to regulated investment companies. Each Master Portfolio is classified either as a","page_number":244,"box":{"x":117,"y":630,"width":734,"height":12}},{"id":"1f2bca71-7e9b-465e-b61c-5f781f733aff","block_type":"box","text":"partnership or a separate disregarded entity (depending on the particular Master Portfolio) for U.S.","page_number":244,"box":{"x":117,"y":645,"width":734,"height":12}},{"id":"13b09cc3-4c64-456c-b8a3-146bf7daa6f0","block_type":"box","text":"federal income tax purposes. If applicable tax provisions were to change the classification of a Master","page_number":244,"box":{"x":116,"y":661,"width":755,"height":12}},{"id":"7c6db377-6025-4459-a0a9-c9e9655cabba","block_type":"box","text":"Portfolio, then the Board of Directors of a Feeder Fund would determine, in its discretion, the","page_number":244,"box":{"x":117,"y":676,"width":686,"height":11}},{"id":"e1483be1-97b4-40e3-b917-1cc4c71a5e45","block_type":"box","text":"appropriate course of action for the Feeder Fund. One possible course of action would be to withdraw","page_number":244,"box":{"x":116,"y":692,"width":755,"height":12}},{"id":"be975621-87ef-42da-8dc9-26d61dc60d5d","block_type":"box","text":"the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to","page_number":244,"box":{"x":116,"y":707,"width":717,"height":12}},{"id":"de14d695-93d5-4439-89b6-98fdae926567","block_type":"box","text":"manage the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder","page_number":244,"box":{"x":117,"y":723,"width":758,"height":12}},{"id":"1361a45b-1f0a-4e3f-923b-dcd39de345fe","block_type":"box","text":"Fund.","page_number":244,"box":{"x":117,"y":738,"width":40,"height":10}},{"id":"6c81f4d6-d404-4499-bec6-5bf948a53626","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states","page_number":244,"box":{"x":116,"y":769,"width":764,"height":12}},{"id":"c0ac4897-0aa3-48d8-8976-debca806aefc","block_type":"box","text":"exempt from state income taxation dividends paid by regulated investment companies that are derived","page_number":244,"box":{"x":116,"y":785,"width":759,"height":12}},{"id":"610b4f52-3287-4a36-8244-9c7cc2c4a284","block_type":"box","text":"from interest on U.S. government obligations. State law varies as to whether dividend income","page_number":244,"box":{"x":116,"y":800,"width":693,"height":12}},{"id":"71bb5243-ea2b-4768-ad24-f78bba62e759","block_type":"box","text":"attributable to U.S. government obligations is exempt from state income tax.","page_number":244,"box":{"x":116,"y":816,"width":563,"height":12}},{"id":"d86cf8c1-9e08-4a9b-ab17-4d8600827520","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to","page_number":244,"box":{"x":116,"y":847,"width":747,"height":12}},{"id":"e2ad8c0a-6810-48c8-a1c6-b87717c81626","block_type":"box","text":"federal, foreign, state or local taxes with respect to their Fund. Foreign investors should consider","page_number":244,"box":{"x":116,"y":862,"width":721,"height":12}},{"id":"196be477-6723-42e9-946d-4848a87204df","block_type":"box","text":"applicable foreign taxes in their evaluation of an investment in a Fund.","page_number":244,"box":{"x":116,"y":878,"width":525,"height":12}},{"id":"4c2875d0-837c-4cd3-b528-10adff72700c","block_type":"box","text":"II-173","page_number":244,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"e187dfbc-8d85-4d9e-9979-097d730af1ce","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":244,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7ae22c9d-f6ce-4c60-ac36-16c3161c5eea","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and","page_number":245,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"6ffca861-7047-4cb2-8138-fbb5ab468f4d","block_type":"box","text":"the regulations issued thereunder as in effect on the date of this SAI. Future legislative or","page_number":245,"box":{"x":116,"y":102,"width":667,"height":13}},{"id":"136cd185-9d8e-453b-92c5-5b83f4f9fdd1","block_type":"box","text":"administrative changes or court decisions may significantly change the conclusions expressed in this","page_number":245,"box":{"x":116,"y":118,"width":753,"height":12}},{"id":"27b8ddf9-d4df-4257-926d-e0104a0a31e7","block_type":"box","text":"discussion, and any such changes or decisions may have a retroactive effect.","page_number":245,"box":{"x":116,"y":134,"width":581,"height":12}},{"id":"63a11628-c462-4aa1-95c5-8f91172ddf7c","block_type":"box","text":"P","page_number":245,"box":{"x":424,"y":180,"width":9,"height":9}},{"id":"ef27976b-de21-4642-8283-8d8fba3c6ad0","block_type":"box","text":"ERFORMANCE","page_number":245,"box":{"x":435,"y":182,"width":96,"height":8}},{"id":"333a282e-51e3-4515-9004-b94862f97963","block_type":"box","text":"D","page_number":245,"box":{"x":531,"y":180,"width":17,"height":9}},{"id":"7f2cd1ac-1f1e-49c3-8f23-34e1dbfa9904","block_type":"box","text":"ATA","page_number":245,"box":{"x":548,"y":182,"width":28,"height":7}},{"id":"eb076a42-3385-416f-98ac-c2c6cdeb87d5","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":245,"box":{"x":117,"y":211,"width":767,"height":12}},{"id":"f672cff8-92ba-40d3-9aa2-3129821c155e","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or","page_number":245,"box":{"x":116,"y":227,"width":723,"height":12}},{"id":"db816a93-11f7-441b-bb89-0077b0bf853d","block_type":"box","text":"prospective shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s","page_number":245,"box":{"x":117,"y":242,"width":713,"height":12}},{"id":"6a306022-1e59-461c-bea9-6b0d5dd3d9b0","block_type":"box","text":"historical performance and is not intended to indicate future performance. Average annual total return","page_number":245,"box":{"x":117,"y":258,"width":757,"height":12}},{"id":"f130a2b7-4d75-47c6-9c10-735867bc7c01","block_type":"box","text":"is determined separately for each class of shares in accordance with a formula specified by the","page_number":245,"box":{"x":117,"y":273,"width":710,"height":12}},{"id":"86bb6eb3-0bdc-4e88-89c2-b114789bcb65","block_type":"box","text":"Commission.","page_number":245,"box":{"x":117,"y":289,"width":101,"height":9}},{"id":"0cc66973-beae-4d63-a569-d1a633c542a3","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding","page_number":245,"box":{"x":116,"y":320,"width":767,"height":12}},{"id":"5efb52cd-3cc8-4002-a229-0d7437179527","block_type":"box","text":"the average annual compounded rates of return (based on net investment income and any realized","page_number":245,"box":{"x":116,"y":335,"width":741,"height":12}},{"id":"e9f11972-ac2d-474d-8b27-994c6dba9ae3","block_type":"box","text":"and unrealized capital gains or losses on portfolio investments over such periods) that would equate","page_number":245,"box":{"x":116,"y":351,"width":748,"height":12}},{"id":"a6100c64-ef4e-4749-9391-d241a8666f4b","block_type":"box","text":"the initial amount invested to the redeemable value of such investment at the end of each period.","page_number":245,"box":{"x":116,"y":366,"width":725,"height":12}},{"id":"d24e992d-bae0-4113-86c8-3d9e7da49c6b","block_type":"box","text":"Average annual total return before taxes is computed assuming all dividends are reinvested and taking","page_number":245,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"7857d56f-383c-40e3-bb86-e4c348f1c014","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":245,"box":{"x":117,"y":397,"width":762,"height":12}},{"id":"dde1461c-eca5-4164-9e41-02ed392d42d5","block_type":"box","text":"in the case of front-end load shares, and the CDSC that would be applicable to a complete redemption","page_number":245,"box":{"x":117,"y":413,"width":765,"height":12}},{"id":"192cd11d-c3f0-4fbe-9716-7fcde9800f32","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares, but does not take into","page_number":245,"box":{"x":116,"y":428,"width":764,"height":12}},{"id":"5b28f3b9-ac17-45e7-ae3a-38500a4dcc76","block_type":"box","text":"account taxes payable on dividends or on redemption.","page_number":245,"box":{"x":116,"y":444,"width":408,"height":12}},{"id":"1720f18e-67d2-4266-8736-4473d3053272","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are","page_number":245,"box":{"x":116,"y":475,"width":715,"height":12}},{"id":"bff5a291-4e51-4644-a5d6-59d9cda9ccc4","block_type":"box","text":"computed by finding the average annual compounded rates of return that would equate the initial","page_number":245,"box":{"x":116,"y":490,"width":724,"height":12}},{"id":"7afe886c-4db6-4570-9816-31f330b31c8b","block_type":"box","text":"amount invested to the ending value of such investment at the end of each period assuming payment","page_number":245,"box":{"x":116,"y":506,"width":757,"height":12}},{"id":"fd6c0138-2d62-463c-8ee2-b7c97389e905","block_type":"box","text":"of taxes on dividends received during such period. Average annual total return after taxes on dividends","page_number":245,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"3a1d9547-50b7-4b92-ab77-b0e9e4deb4f3","block_type":"box","text":"is computed assuming all dividends, less the taxes due on such dividends, are reinvested and taking","page_number":245,"box":{"x":117,"y":537,"width":751,"height":12}},{"id":"363c6253-22e3-41cd-a262-e11de5fe110c","block_type":"box","text":"into account all applicable recurring and nonrecurring expenses, including the maximum sales charge,","page_number":245,"box":{"x":117,"y":552,"width":762,"height":12}},{"id":"bcbb4ccf-1974-4a72-a336-bbce62b0229e","block_type":"box","text":"in the case of front-end load shares and the CDSC that would be applicable to a complete redemption","page_number":245,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"e642ea4b-76ea-4e19-92d2-651c2f6577f5","block_type":"box","text":"of the investment at the end of the specified period in the case of CDSC shares. The taxes due on","page_number":245,"box":{"x":116,"y":583,"width":733,"height":12}},{"id":"da80ddad-cacd-46f9-9f20-16a2fc7da436","block_type":"box","text":"dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal","page_number":245,"box":{"x":116,"y":599,"width":732,"height":12}},{"id":"948b97ae-038e-457b-a804-c098815df204","block_type":"box","text":"individual income tax rates in effect on the reinvestment date for that dividend. The rates used","page_number":245,"box":{"x":117,"y":614,"width":702,"height":10}},{"id":"36a98a42-5185-4894-abbc-e8ee20f044f5","block_type":"box","text":"correspond to the tax character (including eligibility for the maximum 20% tax rate applicable to","page_number":245,"box":{"x":116,"y":630,"width":711,"height":12}},{"id":"a52d4bca-81fb-42cb-b760-3265033770b8","block_type":"box","text":"qualified dividend income) of each dividend. The taxable amount and tax character of each dividend","page_number":245,"box":{"x":116,"y":645,"width":746,"height":12}},{"id":"c9872818-5901-42f3-8aa6-68be31dcca21","block_type":"box","text":"are specified by each Fund on the dividend declaration date, but may be adjusted to reflect subsequent","page_number":245,"box":{"x":116,"y":661,"width":767,"height":12}},{"id":"30f3916b-d0bf-4dcb-a2fa-4f1ac8b31e0a","block_type":"box","text":"recharacterizations of distributions. The applicable tax rates may vary over the measurement period.","page_number":245,"box":{"x":117,"y":676,"width":743,"height":12}},{"id":"72d592ea-c391-4e1f-a553-b31dc7c58370","block_type":"box","text":"The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign credits, are","page_number":245,"box":{"x":116,"y":692,"width":766,"height":12}},{"id":"9cb4796b-5d91-4089-8339-cd35a70a9432","block_type":"box","text":"taken into account according to U.S. federal tax law. The ending value is determined assuming","page_number":245,"box":{"x":116,"y":707,"width":703,"height":12}},{"id":"e8cd13a5-5ce0-4630-af5b-f61921f6402f","block_type":"box","text":"complete redemption at the end of the applicable periods with no tax consequences associated with","page_number":245,"box":{"x":116,"y":723,"width":740,"height":12}},{"id":"f7c0f997-a1b5-4d44-bc47-ae5d5b81d860","block_type":"box","text":"such redemption.","page_number":245,"box":{"x":116,"y":738,"width":127,"height":12}},{"id":"469d5d64-40c2-4b96-92f4-a0f0df1a5c96","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the","page_number":245,"box":{"x":116,"y":769,"width":709,"height":12}},{"id":"c1514ef8-5f93-466c-a3da-8c187e482546","block_type":"box","text":"specified periods are computed by finding the average annual compounded rates of return that would","page_number":245,"box":{"x":116,"y":785,"width":751,"height":12}},{"id":"2b6cf6e1-0873-4c13-b70b-764f37adebf7","block_type":"box","text":"equate the initial amount invested to the ending value of such investment at the end of each period","page_number":245,"box":{"x":116,"y":800,"width":732,"height":12}},{"id":"7652bf29-efed-4876-9bd1-268b1df6f7ad","block_type":"box","text":"assuming payment of taxes on dividends received during such period as well as on complete","page_number":245,"box":{"x":116,"y":816,"width":690,"height":12}},{"id":"93ef9411-5465-48d1-bc41-6293e60594cf","block_type":"box","text":"redemption. Average annual total return after taxes on distributions and redemption is computed","page_number":245,"box":{"x":117,"y":831,"width":718,"height":12}},{"id":"a09673ed-263b-4c54-9fce-390d5419b3f6","block_type":"box","text":"assuming all dividends, less the taxes due on such dividends, are reinvested and taking into account","page_number":245,"box":{"x":116,"y":847,"width":752,"height":12}},{"id":"cc77da85-7e97-482a-a67f-2f505a6ba5ef","block_type":"box","text":"all applicable recurring and nonrecurring expenses, including the maximum sales charge in the case of","page_number":245,"box":{"x":116,"y":862,"width":768,"height":12}},{"id":"1f1c2454-c5a1-435e-b525-b5381a6a4414","block_type":"box","text":"front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":245,"box":{"x":116,"y":878,"width":703,"height":12}},{"id":"2e640d22-d0a0-42f3-8f3d-afa8690d6324","block_type":"box","text":"II-174","page_number":245,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"b80f1afc-0acd-4f29-9ea1-0c37f2928f51","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":245,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1dfe3d67-35e6-4790-a955-8287b1fdbf28","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes","page_number":246,"box":{"x":117,"y":87,"width":767,"height":12}},{"id":"e6445363-8b5a-4958-86bf-ddf0ca0e9694","block_type":"box","text":"of shares, complete redemption and payment of taxes due on such redemption. The ending value is","page_number":246,"box":{"x":116,"y":102,"width":746,"height":13}},{"id":"3ce85556-f010-4b23-a127-f27590edee34","block_type":"box","text":"determined assuming complete redemption at the end of the applicable periods, subtracting capital","page_number":246,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"888ef9ac-ece4-4428-b7f7-c3299317a6a1","block_type":"box","text":"gains taxes resulting from the redemption and adding the presumed tax benefit from capital losses","page_number":246,"box":{"x":116,"y":134,"width":735,"height":12}},{"id":"bdf80f68-5472-4230-a3fa-466c3a2c26f4","block_type":"box","text":"resulting from redemption. The taxes due on dividends and on the deemed redemption are calculated","page_number":246,"box":{"x":117,"y":149,"width":758,"height":12}},{"id":"59a00e39-a07b-48fb-9e74-45af246e58d8","block_type":"box","text":"by applying the highest applicable marginal U.S. federal individual income tax rates in effect on the","page_number":246,"box":{"x":117,"y":165,"width":737,"height":12}},{"id":"f48e1653-b34d-419f-b446-a3f8ddb486ac","block_type":"box","text":"reinvestment and/or the redemption date. The rates used correspond to the tax character (including","page_number":246,"box":{"x":117,"y":180,"width":743,"height":12}},{"id":"6bd16de2-c256-4bfd-9e3d-cd099b7eae47","block_type":"box","text":"eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each component of","page_number":246,"box":{"x":116,"y":196,"width":762,"height":12}},{"id":"376b2ff9-ae21-48f5-8f55-35d848784011","block_type":"box","text":"each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":246,"box":{"x":116,"y":211,"width":673,"height":12}},{"id":"684312a4-6895-4426-80b1-304edb3d72aa","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such","page_number":246,"box":{"x":117,"y":227,"width":767,"height":11}},{"id":"2aae793b-208d-438e-9982-313d306fe478","block_type":"box","text":"as foreign tax credits, are taken into account according to federal law.","page_number":246,"box":{"x":116,"y":242,"width":522,"height":12}},{"id":"54720534-8c9b-410f-a887-2c4b2fbffc02","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":246,"box":{"x":116,"y":273,"width":760,"height":12}},{"id":"4e24703c-b16b-40e2-9252-26312f97c120","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of","page_number":246,"box":{"x":117,"y":289,"width":766,"height":12}},{"id":"441ca2a5-2cf4-469a-81cf-51179395e87a","block_type":"box","text":"$1,000 or some other amount, for various periods other than those noted in Part I of each Fund’s SAI.","page_number":246,"box":{"x":116,"y":303,"width":761,"height":13}},{"id":"7fbbe76d-5623-45b0-8ffb-9d5ea119e658","block_type":"box","text":"Such data will be computed as described above, except that (1) as required by the periods of the","page_number":246,"box":{"x":116,"y":320,"width":724,"height":12}},{"id":"0db1e18a-ca33-465d-9446-362086c49cac","block_type":"box","text":"quotations, actual annual, annualized or aggregate data, rather than average annual data, may be","page_number":246,"box":{"x":116,"y":335,"width":733,"height":12}},{"id":"65f2377f-19cf-401d-97f8-12442450477b","block_type":"box","text":"quoted and (2) the maximum applicable sales charges will not be included with respect to annual or","page_number":246,"box":{"x":116,"y":351,"width":743,"height":12}},{"id":"bee19311-b323-4d54-81fc-66627eec5b94","block_type":"box","text":"annualized rates of return calculations. Aside from the impact on the performance data calculations of","page_number":246,"box":{"x":116,"y":366,"width":760,"height":12}},{"id":"fb14d0f3-927a-42c7-9df3-45d4a6b8edf3","block_type":"box","text":"including or excluding the maximum applicable sales charges, actual annual or annualized total return","page_number":246,"box":{"x":117,"y":382,"width":760,"height":12}},{"id":"236c3bb6-3f52-467f-922f-76bc302bf2de","block_type":"box","text":"data generally will be lower than average annual total return data since the average rates of return","page_number":246,"box":{"x":116,"y":397,"width":734,"height":12}},{"id":"d5186ecf-a071-4131-ab00-f9876f1ce4df","block_type":"box","text":"reflect compounding of return; aggregate total return data generally will be higher than average annual","page_number":246,"box":{"x":117,"y":413,"width":764,"height":12}},{"id":"7ce4501e-d128-403b-9866-cd85ec1ad0d4","block_type":"box","text":"total return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":246,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"9bc8df1a-1fa3-4593-a8c9-9a842906f4d8","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on","page_number":246,"box":{"x":116,"y":459,"width":748,"height":12}},{"id":"3d71f719-2b47-4086-9b17-79c3f5755dda","block_type":"box","text":"the yield of each security earned during the period by (b) the average daily number of shares","page_number":246,"box":{"x":116,"y":475,"width":694,"height":12}},{"id":"cb306567-765c-4007-b6cc-0625491bee78","block_type":"box","text":"outstanding during the period that were entitled to receive dividends multiplied by the maximum","page_number":246,"box":{"x":116,"y":490,"width":712,"height":12}},{"id":"af029e1f-209f-4ac9-891f-7409756c57c5","block_type":"box","text":"offering price per share on the last day of the period. Tax equivalent yield quotations will be computed","page_number":246,"box":{"x":116,"y":506,"width":760,"height":12}},{"id":"4bebc11e-4a26-4422-a015-9f4f610de2f7","block_type":"box","text":"by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one minus a stated tax rate and","page_number":246,"box":{"x":117,"y":521,"width":723,"height":12}},{"id":"b78af543-9ea2-43c8-aa9f-201df69d7da2","block_type":"box","text":"adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":246,"box":{"x":116,"y":537,"width":580,"height":12}},{"id":"11a12300-4913-4fb3-8f90-8c6b40f0b427","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s","page_number":246,"box":{"x":116,"y":568,"width":728,"height":12}},{"id":"c5043507-b5c8-4ec5-93b3-533281dd370e","block_type":"box","text":"portfolio, a Fund’s operating expenses and the amount of realized and unrealized net capital gains or","page_number":246,"box":{"x":117,"y":583,"width":754,"height":12}},{"id":"80ce3dca-17f4-4b32-9685-375bd5642cd7","block_type":"box","text":"losses during the period. The value of an investment in a Fund will fluctuate and an investor’s shares,","page_number":246,"box":{"x":117,"y":599,"width":756,"height":12}},{"id":"d0ec5bdc-2ad9-40d7-81fa-ffc6fe1e7a14","block_type":"box","text":"when redeemed, may be worth more or less than their original cost.","page_number":246,"box":{"x":116,"y":614,"width":507,"height":12}},{"id":"9b17fc9e-3c22-4179-bdf5-cbf782dfb212","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","page_number":246,"box":{"x":117,"y":645,"width":750,"height":12}},{"id":"eaf016e8-3617-49d5-b9c5-258ad852b8d3","block_type":"box","text":"CDSC in the case of CDSC shares applicable to certain investors, as described under “Purchase of","page_number":246,"box":{"x":117,"y":661,"width":738,"height":12}},{"id":"e7ad91ab-1461-4b06-8b4c-110a453f3673","block_type":"box","text":"Shares” and “Redemption of Shares,” respectively, the total return data quoted by a Fund in","page_number":246,"box":{"x":116,"y":676,"width":681,"height":12}},{"id":"9bcf7410-b6f2-44e1-8f2e-3b103a28a3e4","block_type":"box","text":"advertisements directed to such investors may take into account the reduced, and not the maximum,","page_number":246,"box":{"x":116,"y":692,"width":746,"height":12}},{"id":"ae8d7147-dfb7-441b-abc7-a1c48090474b","block_type":"box","text":"sales charge or may take into account the CDSC waiver and, therefore, may reflect greater total return","page_number":246,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"4b5bd470-2d73-46e3-bcb4-d80e9f2e7c59","block_type":"box","text":"since, due to the reduced sales charges or the waiver of sales charges, a lower amount of expenses is","page_number":246,"box":{"x":116,"y":723,"width":762,"height":12}},{"id":"64601b6b-2ab3-4c1e-b387-89748a12c16d","block_type":"box","text":"deducted.","page_number":246,"box":{"x":116,"y":738,"width":72,"height":10}},{"id":"eb81fb48-c85c-401c-924a-752edfcab14c","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark","page_number":246,"box":{"x":116,"y":769,"width":731,"height":12}},{"id":"dd6fe3a2-9d8a-40b9-ade5-a16992b9bda1","block_type":"box","text":"index indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average,","page_number":246,"box":{"x":117,"y":785,"width":758,"height":12}},{"id":"4cc4c975-6343-4fa6-9bfd-7f845cba4280","block_type":"box","text":"or to other published indices, or to performance data published by Lipper Inc., Morningstar, Inc.","page_number":246,"box":{"x":116,"y":800,"width":706,"height":12}},{"id":"defb335a-584b-450f-ba51-c0d9a89d4043","block_type":"box","text":"(“Morningstar”),","page_number":246,"box":{"x":117,"y":816,"width":113,"height":12}},{"id":"ae02c110-e6b1-4c54-8113-4553aad2ddce","block_type":"box","text":"Money Magazine, U.S. News & World Report, BusinessWeek, Forbes Magazine,","page_number":246,"box":{"x":237,"y":816,"width":600,"height":12}},{"id":"36b09e1e-6749-424a-8920-3d53c6b2928f","block_type":"box","text":"Fortune Magazine","page_number":246,"box":{"x":116,"y":831,"width":140,"height":12}},{"id":"7a1a3892-0d66-4adb-9fe7-985b1719376f","block_type":"box","text":"or other industry publications. When comparing its performance to a market index, a","page_number":246,"box":{"x":257,"y":831,"width":629,"height":12}},{"id":"e83e0f5b-fef9-44b7-b8f0-fbf97b52852e","block_type":"box","text":"Fund may refer to various statistical measures derived from the historical performance of a Fund and","page_number":246,"box":{"x":117,"y":847,"width":753,"height":12}},{"id":"f6a62ec6-972b-44ae-8d2c-01e852d8f1bd","block_type":"box","text":"the index, such as standard deviation and beta. As with other performance data, performance","page_number":246,"box":{"x":116,"y":862,"width":700,"height":12}},{"id":"86b03ce6-f9c3-41ce-adb0-ad2ae73baf57","block_type":"box","text":"comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":246,"box":{"x":116,"y":878,"width":717,"height":12}},{"id":"e527beb3-9cd1-4d9e-b2d6-663a2f2ed249","block_type":"box","text":"II-175","page_number":246,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"c60ef2e0-92ec-4699-8842-c364cb6c54ed","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":246,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"d569ca1e-e9a0-4655-8e7b-cc9c9525ee12","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted","page_number":247,"box":{"x":117,"y":87,"width":701,"height":12}},{"id":"9eb7d919-e1e7-42c1-929c-4ee05f571f3d","block_type":"box","text":"performance ratings assigned by Morningstar in advertising or supplemental sales literature. From time","page_number":247,"box":{"x":117,"y":102,"width":769,"height":13}},{"id":"8809ed74-fd79-4524-9dbf-f4fdac8c8b4b","block_type":"box","text":"to time a Fund may quote in advertisements or other materials other applicable measures of Fund","page_number":247,"box":{"x":116,"y":118,"width":732,"height":12}},{"id":"78f39dd8-385e-4b5b-a3bc-291fd6ecbbab","block_type":"box","text":"performance and may also make reference to awards that may be given to the Manager. Certain","page_number":247,"box":{"x":117,"y":134,"width":721,"height":12}},{"id":"394171bc-9d36-4aae-8519-416504f37079","block_type":"box","text":"Funds may also compare their performance to composite indices developed by Fund management.","page_number":247,"box":{"x":117,"y":149,"width":742,"height":12}},{"id":"08d41ac3-0b29-48a2-a5a8-230615804f16","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to","page_number":247,"box":{"x":116,"y":180,"width":737,"height":12}},{"id":"9583cd32-12f4-443c-ab00-5a7b3d853de4","block_type":"box","text":"achieve its investment objectives. This may include information about past, current or possible","page_number":247,"box":{"x":116,"y":196,"width":704,"height":12}},{"id":"4af4dafc-1c1d-4d37-95c1-c5ea11bbbdff","block_type":"box","text":"economic, market, political or other conditions, descriptive information or general principles of investing","page_number":247,"box":{"x":116,"y":211,"width":770,"height":12}},{"id":"c39a5754-c39d-4b6e-bda2-4c649e6d5cb3","block_type":"box","text":"such as asset allocation, diversification and risk tolerance, discussion of a Fund’s portfolio composition,","page_number":247,"box":{"x":116,"y":227,"width":771,"height":11}},{"id":"a4d792e7-9556-44e1-b586-733cfa653b3e","block_type":"box","text":"investment philosophy, strategy or investment techniques, comparisons of the Fund’s performance or","page_number":247,"box":{"x":117,"y":242,"width":757,"height":12}},{"id":"94814b2a-5033-4f10-b873-7f084a1b7ef7","block_type":"box","text":"portfolio composition to that of other funds or types of investments, indices relevant to the comparison","page_number":247,"box":{"x":117,"y":258,"width":760,"height":12}},{"id":"7455159f-cbf6-448a-b5c1-da55749bd442","block_type":"box","text":"being made, or to a hypothetical or model portfolio. A Fund may also quote various measures of","page_number":247,"box":{"x":117,"y":273,"width":716,"height":12}},{"id":"e926bd86-569e-47d4-afa5-4669c44b81ea","block_type":"box","text":"volatility and benchmark correlation in advertising and other materials, and may compare these","page_number":247,"box":{"x":116,"y":289,"width":711,"height":12}},{"id":"f403453a-01e2-4436-8a93-db67516c604d","block_type":"box","text":"measures to those of other funds or types of investments.","page_number":247,"box":{"x":117,"y":304,"width":432,"height":12}},{"id":"63c934e2-0d71-4d06-b47f-3eb985fd16a2","block_type":"box","text":"P","page_number":247,"box":{"x":342,"y":351,"width":10,"height":9}},{"id":"af2a5ec9-a440-4df7-a3f5-db9052ffb814","block_type":"box","text":"ROXY","page_number":247,"box":{"x":353,"y":353,"width":38,"height":7}},{"id":"7954949d-2828-4c34-89f4-a49413cb4cd1","block_type":"box","text":"Y V","page_number":247,"box":{"x":391,"y":351,"width":16,"height":9}},{"id":"ff2c23d0-648d-4f6b-acb5-51d62083e417","block_type":"box","text":"OTING","page_number":247,"box":{"x":407,"y":353,"width":42,"height":7}},{"id":"86ef7746-5cfc-4018-ae21-da8cc0f32047","block_type":"box","text":"P","page_number":247,"box":{"x":450,"y":351,"width":15,"height":9}},{"id":"e0d4caf8-7030-493f-94cf-9f06f34eddd8","block_type":"box","text":"OLICIES","page_number":247,"box":{"x":467,"y":353,"width":53,"height":7}},{"id":"b81fefda-0c61-4f1a-ae61-e41340d57f7f","block_type":"box","text":"AND","page_number":247,"box":{"x":525,"y":353,"width":29,"height":7}},{"id":"bfcdf4ab-388d-4a26-9b7f-6146d5943ff4","block_type":"box","text":"P","page_number":247,"box":{"x":555,"y":351,"width":15,"height":9}},{"id":"e5395c0f-06c7-4eb3-944e-e690f57b07be","block_type":"box","text":"ROCEDURES","page_number":247,"box":{"x":572,"y":353,"width":85,"height":7}},{"id":"1120b39e-8c39-4622-bcd6-c7306ed5888a","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the","page_number":247,"box":{"x":116,"y":382,"width":768,"height":12}},{"id":"1a7d0564-9a02-4cf1-9dad-314c16a6068b","block_type":"box","text":"Manager pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the","page_number":247,"box":{"x":117,"y":397,"width":749,"height":12}},{"id":"37ce7557-d371-4a70-8241-e4243ee0eb86","block_type":"box","text":"“Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy","page_number":247,"box":{"x":116,"y":413,"width":761,"height":12}},{"id":"3b19c354-54fd-4d51-8949-93ba3da02e1c","block_type":"box","text":"Voting Policy, with respect to certain other Funds, as applicable. Please refer to Part I of this SAI,","page_number":247,"box":{"x":116,"y":428,"width":727,"height":12}},{"id":"a815dd20-f45f-49c4-a76a-7340338403b6","block_type":"box","text":"which discloses the policy applicable to each Fund.","page_number":247,"box":{"x":116,"y":444,"width":385,"height":12}},{"id":"9e575609-d544-46bd-8748-6e298b379ca8","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the","page_number":247,"box":{"x":116,"y":475,"width":756,"height":12}},{"id":"2ff56b33-b322-4b68-a9f6-189f3c50261c","block_type":"box","text":"BlackRock Active Investment Stewardship — Global Engagement and Voting Guidelines (the “BAIS","page_number":247,"box":{"x":117,"y":490,"width":744,"height":12}},{"id":"175041cf-9b33-41bd-8232-1894d22edbb5","block_type":"box","text":"Guidelines”). Certain of such Funds, as listed within the Active Fund Proxy Voting Policy and as","page_number":247,"box":{"x":117,"y":506,"width":713,"height":12}},{"id":"748531c7-a80c-4fff-9c9e-0c0c04b09573","block_type":"box","text":"disclosed in Part I of this SAI, follow supplemental guidelines within the BAIS Guidelines that are","page_number":247,"box":{"x":116,"y":521,"width":721,"height":12}},{"id":"e7210d0e-432a-4fde-af5d-e8f510830b1f","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":247,"box":{"x":116,"y":537,"width":724,"height":12}},{"id":"8c12c733-9afd-4d30-956c-a6e5e357882f","block_type":"box","text":"Stewardship Guidelines”).","page_number":247,"box":{"x":116,"y":552,"width":197,"height":12}},{"id":"00f6fad7-8fc7-4144-ab04-600036571c34","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has","page_number":247,"box":{"x":116,"y":583,"width":709,"height":12}},{"id":"a312034a-0db5-41ba-ac1c-da5f87c69215","block_type":"box","text":"adopted the BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the","page_number":247,"box":{"x":116,"y":599,"width":743,"height":12}},{"id":"c56dc052-6fa9-4b24-891f-6495d8cb5026","block_type":"box","text":"Global Principles for Benchmark Policies, regional voting guidelines, and engagement priorities, which","page_number":247,"box":{"x":117,"y":614,"width":762,"height":12}},{"id":"53485d53-ca3a-4ec5-9873-36cb23a220f4","block_type":"box","text":"are each available upon request. In addition, certain of such Funds, as listed within the Index Equity","page_number":247,"box":{"x":116,"y":630,"width":745,"height":12}},{"id":"22bbfb70-92e7-463b-b730-4fb8c18d830d","block_type":"box","text":"Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental guidelines that are","page_number":247,"box":{"x":117,"y":645,"width":765,"height":12}},{"id":"170e330b-daae-4221-b121-5a54ff9f5be4","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization","page_number":247,"box":{"x":116,"y":661,"width":707,"height":12}},{"id":"224c23d0-44be-4122-99e2-7f733d9d265f","block_type":"box","text":"Stewardship Guidelines”).","page_number":247,"box":{"x":116,"y":676,"width":191,"height":12}},{"id":"29944f82-cb67-4a79-bd35-ab2407212ef0","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy","page_number":247,"box":{"x":117,"y":707,"width":765,"height":12}},{"id":"e8e576a9-51d2-4b82-8930-37ce3e127abf","block_type":"box","text":"when voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy","page_number":247,"box":{"x":116,"y":723,"width":759,"height":12}},{"id":"e370cf86-e3b0-4e94-8fec-fd5954345797","block_type":"box","text":"when voting proxies on investments the underlying fund holds. Therefore, the Fund may use the Active","page_number":247,"box":{"x":116,"y":738,"width":764,"height":12}},{"id":"197d412d-2fc2-4af5-891b-c3a9da64d437","block_type":"box","text":"Fund Proxy Voting Policy while an underlying fund may use the Index Equity Fund Proxy Voting Policy,","page_number":247,"box":{"x":117,"y":754,"width":762,"height":12}},{"id":"bdb67dc0-f887-4a23-9b50-a7b9600cf777","block_type":"box","text":"and the opposite is also true.","page_number":247,"box":{"x":116,"y":769,"width":213,"height":12}},{"id":"6a55124f-0b21-4cb9-b261-127036aa4bd4","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS","page_number":247,"box":{"x":117,"y":800,"width":711,"height":12}},{"id":"e623dde9-0484-4756-8731-f32a394fc819","block_type":"box","text":"Guidelines, the Global Principles for Benchmark Policies and the BIS Climate and Decarbonization","page_number":247,"box":{"x":117,"y":816,"width":731,"height":12}},{"id":"9ace5c66-717f-4f97-ad8a-6f840ce7a2a3","block_type":"box","text":"Stewardship Guidelines are attached as Appendix B to this SAI. Only those guidelines that are","page_number":247,"box":{"x":116,"y":831,"width":706,"height":12}},{"id":"5e5dd272-7a2c-4b16-a8a3-ce88a13aa75c","block_type":"box","text":"applicable to a particular Fund pursuant to the Active Fund Proxy Voting Policy or the Index Equity","page_number":247,"box":{"x":116,"y":847,"width":735,"height":12}},{"id":"976e297d-9246-46a7-9798-805700014194","block_type":"box","text":"Fund Proxy Voting Policy are considered to form a part of the Fund’s SAI.","page_number":247,"box":{"x":117,"y":862,"width":551,"height":12}},{"id":"f6aa3746-8398-4ef3-81e8-f4cdf6a3b44a","block_type":"box","text":"II-176","page_number":247,"box":{"x":479,"y":909,"width":41,"height":9}},{"id":"03b37ab0-5744-4cac-a874-33b0d162f519","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":247,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"07be32ab-f737-42e5-b9cb-24a0b025f53f","block_type":"box","text":"Information on how each Fund voted proxies relating to portfolio securities during the most","page_number":248,"box":{"x":117,"y":87,"width":645,"height":12}},{"id":"7596857d-e25d-4ca9-885e-5f72c8637c54","block_type":"box","text":"recent 12-month period ended June 30 is available without","page_number":248,"box":{"x":117,"y":103,"width":416,"height":11}},{"id":"93c444bb-90ad-444c-80fc-be75f456d8be","block_type":"box","text":"t charge, (i) at www.blackrock.com/proxyrecords","page_number":248,"box":{"x":532,"y":102,"width":344,"height":13}},{"id":"ddf332a3-2169-4042-985e-00a7125fb5f0","block_type":"box","text":"and (ii) on the Commission’s website at http://www.sec.gov.","page_number":248,"box":{"x":116,"y":118,"width":428,"height":12}},{"id":"2ef22039-c70f-4711-be04-f2b6c2260176","block_type":"box","text":"G","page_number":248,"box":{"x":415,"y":165,"width":11,"height":9}},{"id":"f35de405-1a6b-4f01-8fd6-a6d86c89c013","block_type":"box","text":"ENERAL","page_number":248,"box":{"x":428,"y":167,"width":55,"height":7}},{"id":"2d06247e-da13-4c44-b471-a1cb0f3c42d4","block_type":"box","text":"I","page_number":248,"box":{"x":483,"y":165,"width":8,"height":9}},{"id":"86afe670-840f-436f-8711-537062733738","block_type":"box","text":"NFORMATION","page_number":248,"box":{"x":494,"y":167,"width":90,"height":7}},{"id":"9cae1798-7bcf-4a93-af61-94556cf3c2de","block_type":"box","text":"Description of Shares","page_number":248,"box":{"x":117,"y":196,"width":177,"height":11}},{"id":"e0e7f973-a9d7-48d7-9b8d-530d5bd3d21b","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for","page_number":248,"box":{"x":116,"y":219,"width":706,"height":9}},{"id":"ba30b1b2-9135-45e8-b52f-51471d5711ff","block_type":"box","text":"fractional shares held in the election of Directors and generally on other matters submitted to the vote","page_number":248,"box":{"x":116,"y":234,"width":758,"height":12}},{"id":"18fa96c0-6d27-47a9-ac06-c081f502cf3a","block_type":"box","text":"of shareholders of the Fund. Shareholders of a class that bears distribution and/or service expenses","page_number":248,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"2c6a47b3-f9fc-4b9d-9670-a12b66d34825","block_type":"box","text":"have exclusive voting rights with respect to matters relating to such distribution and service","page_number":248,"box":{"x":117,"y":265,"width":679,"height":12}},{"id":"9202057f-ac47-4302-ae17-f9d7be0d486a","block_type":"box","text":"expenditures. Voting rights are not cumulative, so that the holders of more than 50% of the shares","page_number":248,"box":{"x":116,"y":281,"width":734,"height":12}},{"id":"53930690-06bb-4ad3-a30a-00d730d5dcb9","block_type":"box","text":"voting in the election of Directors can, if they choose to do so, elect all the Directors of a Fund, in which","page_number":248,"box":{"x":116,"y":296,"width":771,"height":12}},{"id":"841d46c1-d9de-4b32-817f-3d3943d80b51","block_type":"box","text":"event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":248,"box":{"x":116,"y":312,"width":693,"height":12}},{"id":"c052b3b5-8262-4d19-83ac-f42e9f18f95e","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment","page_number":248,"box":{"x":117,"y":343,"width":698,"height":12}},{"id":"e08f3222-fd37-44fc-99f5-7ec8aab1e40c","block_type":"box","text":"Company Act does not require shareholders to act upon any of the following matters: (i) election of","page_number":248,"box":{"x":117,"y":358,"width":736,"height":12}},{"id":"af80d086-366e-452d-81fa-e7be3e8b0307","block_type":"box","text":"Directors; (ii) approval of a management agreement; (iii) approval of a distribution agreement; and","page_number":248,"box":{"x":117,"y":374,"width":732,"height":12}},{"id":"f52726a1-c713-41d5-8b6a-9ccda590f7db","block_type":"box","text":"(iv) ratification of selection of independent accountants. Shares issued are fully paid and","page_number":248,"box":{"x":117,"y":389,"width":658,"height":12}},{"id":"bf5d9fb0-1d4f-41d2-ab77-45765798e699","block_type":"box","text":"non-assessable and have no preemptive rights. Redemption and conversion rights are discussed","page_number":248,"box":{"x":117,"y":405,"width":726,"height":12}},{"id":"16c1d69d-0edd-43b6-ae5c-3ade6fe3c2f8","block_type":"box","text":"elsewhere herein and in each Fund’s Prospectus. Each share of each class of Common Stock is","page_number":248,"box":{"x":116,"y":420,"width":721,"height":12}},{"id":"3739851f-80bd-4d48-a233-aa4db675b0fb","block_type":"box","text":"entitled to participate equally in dividends and distributions declared by a Fund and in the net assets of","page_number":248,"box":{"x":116,"y":436,"width":766,"height":12}},{"id":"bf568aa4-46a0-47db-99ef-35d0fa62c07d","block_type":"box","text":"the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":248,"box":{"x":116,"y":451,"width":608,"height":12}},{"id":"595fefc4-cb1f-4e78-9983-9a7ef6a93f9e","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting","page_number":248,"box":{"x":117,"y":482,"width":762,"height":12}},{"id":"9eeec4f3-b002-4991-97f6-fb3505787fad","block_type":"box","text":"of shareholders be held upon the written request of a minimum percentage of the outstanding shares","page_number":248,"box":{"x":116,"y":498,"width":754,"height":12}},{"id":"ea92d7f7-19e6-4471-af4e-1181c3dfaf8c","block_type":"box","text":"of the Fund entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":248,"box":{"x":116,"y":513,"width":663,"height":12}},{"id":"c14f9d06-3e38-4a0d-9813-de66f56b467f","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":248,"box":{"x":117,"y":544,"width":738,"height":12}},{"id":"45e7ce6f-4770-4e5d-ae7a-eed3c6899bef","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for","page_number":248,"box":{"x":116,"y":560,"width":772,"height":12}},{"id":"720a1f67-ec7c-47cb-9f07-8c24cc73577a","block_type":"box","text":"its obligations. However, the Declaration of Trust establishing a trust, a copy of which for each","page_number":248,"box":{"x":117,"y":575,"width":701,"height":12}},{"id":"133b4354-6481-4f1b-a5f5-ba64e1c9c790","block_type":"box","text":"applicable Fund, together with all amendments thereto (the “Declaration of Trust”), is on file in the","page_number":248,"box":{"x":116,"y":591,"width":729,"height":12}},{"id":"c9d6c8c2-93f2-475b-915c-8f053114b26d","block_type":"box","text":"office of the Secretary of the Commonwealth of Massachusetts, contains an express disclaimer of","page_number":248,"box":{"x":116,"y":606,"width":731,"height":12}},{"id":"8865b85d-a89f-4426-aa0a-c4848b719868","block_type":"box","text":"shareholder liability for acts or obligations of the trust and provides for indemnification and","page_number":248,"box":{"x":116,"y":622,"width":672,"height":12}},{"id":"004bce45-d1f8-471a-a06e-54217abc6c1e","block_type":"box","text":"reimbursement of expenses out of the trust property for any shareholder held personally liable for the","page_number":248,"box":{"x":117,"y":637,"width":754,"height":12}},{"id":"9b1f3efb-b8e7-4214-b9b7-2ee66c1b5dc1","block_type":"box","text":"obligations of the trust. The Declaration of Trust also provides that a trust may maintain appropriate","page_number":248,"box":{"x":116,"y":653,"width":742,"height":12}},{"id":"b79bbfb0-5eb6-47bb-8684-93a5cb14f72a","block_type":"box","text":"insurance (for example, fidelity bond and errors and omissions insurance) for the protection of the trust,","page_number":248,"box":{"x":117,"y":668,"width":765,"height":12}},{"id":"07e3d427-3720-4298-954e-98e69762bad6","block_type":"box","text":"its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":248,"box":{"x":117,"y":684,"width":740,"height":12}},{"id":"ccd7a2e5-099f-4838-bd8d-1fbb3b905bd8","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to","page_number":248,"box":{"x":116,"y":699,"width":740,"height":13}},{"id":"434a3a8f-33a7-4b97-a3d0-6bf1978f7e2c","block_type":"box","text":"circumstances in which both inadequate insurance existed and the trust itself was unable to meet its","page_number":248,"box":{"x":116,"y":715,"width":743,"height":12}},{"id":"ec564034-d947-4bdc-ae74-f862f454c1a3","block_type":"box","text":"obligations.","page_number":248,"box":{"x":116,"y":731,"width":83,"height":12}},{"id":"11350db4-bb3c-4777-9b45-ecfac6fcccbc","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":248,"box":{"x":117,"y":761,"width":428,"height":13}},{"id":"b837dc40-3723-46c9-82ce-366077a93ab5","block_type":"box","text":"Additional Information","page_number":248,"box":{"x":116,"y":792,"width":178,"height":10}},{"id":"200d9f1b-54bb-4824-ac48-967306f3ddae","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock”","page_number":248,"box":{"x":117,"y":816,"width":742,"height":12}},{"id":"2509ccdc-ea6f-49b4-a9f3-f457e3a9b27f","block_type":"box","text":"name and has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the","page_number":248,"box":{"x":117,"y":831,"width":746,"height":12}},{"id":"1fc2ea27-e865-400c-a207-0cca3d55e815","block_type":"box","text":"Fund ceases to retain BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as","page_number":248,"box":{"x":117,"y":847,"width":709,"height":12}},{"id":"611241bc-4cb1-4e86-952c-65f2f38a01ce","block_type":"box","text":"investment adviser and (ii) to grant the use of such name to any other company.","page_number":248,"box":{"x":117,"y":862,"width":599,"height":12}},{"id":"1048e265-5ae5-459f-8131-8726d4199416","block_type":"box","text":"II-177","page_number":248,"box":{"x":480,"y":909,"width":40,"height":9}},{"id":"8c0ff7bf-e4aa-4c3a-9e40-250660cb878d","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":248,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8280e8e5-8f45-4315-93cc-3e092103976f","block_type":"box","text":"Appendix A","page_number":249,"box":{"x":453,"y":87,"width":98,"height":12}},{"id":"8e2c87db-6f69-44fa-9217-632fd8bbee7c","block_type":"box","text":"Description of Bond Ratings","page_number":249,"box":{"x":387,"y":118,"width":231,"height":12}},{"id":"50bf895b-645d-42e5-8d7e-a913037605ac","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating","page_number":249,"box":{"x":116,"y":149,"width":722,"height":12}},{"id":"91a658f3-a19b-495e-84aa-e124dfc61d33","block_type":"box","text":"agency designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC.","page_number":249,"box":{"x":116,"y":165,"width":744,"height":12}},{"id":"072da608-9de0-465d-80df-745757dd05cc","block_type":"box","text":"While NRSROs may from time to time revise such ratings, they undertake no obligation to do so, and","page_number":249,"box":{"x":116,"y":180,"width":755,"height":12}},{"id":"6e3cf047-a6a7-40ae-be0f-f9846d7c0e11","block_type":"box","text":"the ratings given to securities at issuance do not necessarily represent ratings which would be given to","page_number":249,"box":{"x":116,"y":196,"width":767,"height":12}},{"id":"c1c31f02-26e4-4910-aded-e9a6ae870ff4","block_type":"box","text":"these securities on a particular subsequent date.","page_number":249,"box":{"x":116,"y":211,"width":366,"height":12}},{"id":"24fccaf2-d052-4972-938e-90bb1aae3836","block_type":"box","text":"NRSROs may rate specific investments (e.g., bonds), issuers (e.g., corporations, governments and","page_number":249,"box":{"x":117,"y":242,"width":740,"height":12}},{"id":"ae615da0-dabc-4705-bbcd-66dbd15a6085","block_type":"box","text":"financial institutions) and/or programs (e.g., commercial paper programs). However, certain types of","page_number":249,"box":{"x":116,"y":258,"width":747,"height":12}},{"id":"109107fb-3d67-4f8a-bbd3-d1278c23c625","block_type":"box","text":"investments may not be rated by NRSROs, such as certain government/sovereign obligations, US","page_number":249,"box":{"x":117,"y":273,"width":732,"height":12}},{"id":"921b5cfc-6304-4988-8c86-360e5c4cb070","block_type":"box","text":"agency securities, commercial paper, time deposits at financial institutions, and derivative instruments","page_number":249,"box":{"x":116,"y":289,"width":761,"height":12}},{"id":"f32c2bab-5ec8-4e81-b487-96e4cb3bbe4f","block_type":"box","text":"such as credit default swaps. For these types of investments, as well as US Treasury securities (some","page_number":249,"box":{"x":116,"y":304,"width":764,"height":12}},{"id":"aedf1325-1063-4256-8efd-e076ff497f9e","block_type":"box","text":"of which are not rated), where a NRSRO has not rated the specific investment but has rated the","page_number":249,"box":{"x":116,"y":320,"width":716,"height":12}},{"id":"3c9b81df-b148-4066-81d8-547087692932","block_type":"box","text":"investment’s issuer, program, financial institution or underlying reference asset, BlackRock Advisors,","page_number":249,"box":{"x":117,"y":335,"width":751,"height":12}},{"id":"5c79634e-279e-462e-ae3c-c8757a1c85a5","block_type":"box","text":"LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider the investment","page_number":249,"box":{"x":117,"y":351,"width":766,"height":12}},{"id":"6becb819-d462-41c9-9c91-c4814d489f5c","block_type":"box","text":"to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":249,"box":{"x":116,"y":366,"width":736,"height":12}},{"id":"e2e226a1-385a-4b88-b575-cad742924e13","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings","page_number":249,"box":{"x":116,"y":382,"width":754,"height":12}},{"id":"7c756d9e-ab20-43a0-9360-21e847d7032e","block_type":"box","text":"for the same security (e.g., “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider","page_number":249,"box":{"x":116,"y":397,"width":770,"height":12}},{"id":"9d4613f3-fea2-41bf-8bf5-cc646696349e","block_type":"box","text":"the security to have the highest of the multiple ratings.","page_number":249,"box":{"x":116,"y":413,"width":407,"height":12}},{"id":"f4d1e646-9eeb-4a46-9eff-e5f3499c9274","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial","page_number":249,"box":{"x":117,"y":444,"width":722,"height":12}},{"id":"bb705056-9d6e-4eb0-a5a2-ef1399dfcab2","block_type":"box","text":"offering. Preliminary prospectuses or term sheets for new issue securities may include an expected","page_number":249,"box":{"x":116,"y":459,"width":742,"height":12}},{"id":"2f1a12ac-a974-4860-ad3a-d7a1df5ad34b","block_type":"box","text":"rating for the security (as determined by the underwriter and/or issuer) or a NRSRO rating for the","page_number":249,"box":{"x":117,"y":475,"width":723,"height":12}},{"id":"2a58ee05-79a2-496a-946e-1af5cbd403b8","block_type":"box","text":"issuer of the security. If applicable, when deciding whether to purchase a new issue security that has","page_number":249,"box":{"x":117,"y":490,"width":752,"height":12}},{"id":"f7e4f9c8-dd8f-4341-b91c-57cca0ca79c7","block_type":"box","text":"not yet been rated by a NRSRO, BlackRock may attribute an expected rating to the security based on:","page_number":249,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"4d53cfbb-2b99-4abd-bdbb-dcba0bfba6ee","block_type":"box","text":"(i) the expected rating of the security set forth in the preliminary prospectus or term sheet for the","page_number":249,"box":{"x":117,"y":521,"width":718,"height":12}},{"id":"e646c819-99de-4c13-9f7e-794fc0a185af","block_type":"box","text":"security; (ii) the NRSRO’s rating for the issuer of the security set forth in the preliminary prospectus or","page_number":249,"box":{"x":116,"y":537,"width":760,"height":12}},{"id":"3fa3bd70-e628-4cfc-9a67-4992b54d2a5a","block_type":"box","text":"term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a prior issuance","page_number":249,"box":{"x":116,"y":552,"width":767,"height":12}},{"id":"2762daca-98c1-4456-b1bd-dd3737f13843","block_type":"box","text":"having a similar structure or the same sponsor.","page_number":249,"box":{"x":117,"y":568,"width":353,"height":12}},{"id":"1882c0ae-d65c-4278-8b8f-f4b147d11980","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit","page_number":249,"box":{"x":116,"y":599,"width":746,"height":12}},{"id":"9d07f361-5e43-4fff-b7e1-a473f0badd2c","block_type":"box","text":"ratings eligibility criteria as part of its index methodology, the fund may purchase any security within the","page_number":249,"box":{"x":117,"y":614,"width":771,"height":12}},{"id":"95b1048c-9b16-4b2f-9f05-e092caaf5d17","block_type":"box","text":"index, such security having been determined by the index provider as meeting its credit ratings","page_number":249,"box":{"x":117,"y":630,"width":707,"height":12}},{"id":"bf0b12b9-a59c-4adc-8bb1-8ee306c6699d","block_type":"box","text":"eligibility criteria. The credit ratings practices of an index provider may differ from BlackRock’s","page_number":249,"box":{"x":116,"y":645,"width":701,"height":12}},{"id":"95886748-a899-41d4-9bf1-d1809af28eaf","block_type":"box","text":"practices, as described above. Further, the fund may invest, directly or indirectly, in securities that are","page_number":249,"box":{"x":117,"y":661,"width":754,"height":12}},{"id":"7e95d05f-96d1-4a56-bd94-4dc372b02b84","block_type":"box","text":"not rated by a rating agency or securities with a credit rating that differs from the credit rating specified","page_number":249,"box":{"x":117,"y":676,"width":757,"height":12}},{"id":"82bf0d00-0690-4d74-87fd-6130b924f9c3","block_type":"box","text":"in its index methodology in various circumstances, including where a security is downgraded but not","page_number":249,"box":{"x":117,"y":692,"width":741,"height":12}},{"id":"17c29b97-0d83-4c63-8c16-b3a2fbcc00e1","block_type":"box","text":"yet removed from an index, following the removal of a security from an index prior to its sale by the","page_number":249,"box":{"x":116,"y":707,"width":733,"height":12}},{"id":"1344f5a6-244e-48a2-884f-1f52553c4209","block_type":"box","text":"fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the","page_number":249,"box":{"x":116,"y":723,"width":734,"height":12}},{"id":"4179a307-7e4f-42e0-bfeb-7d3a9a3c40ff","block_type":"box","text":"fund.","page_number":249,"box":{"x":116,"y":738,"width":36,"height":10}},{"id":"d36c9a81-e133-4249-acad-7539ecd44f87","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to","page_number":249,"box":{"x":117,"y":769,"width":757,"height":12}},{"id":"4d530487-a212-486a-856b-b4d4ea0172b2","block_type":"box","text":"pay interest or repay principal which are similar to the risks of lower-rated speculative bonds.","page_number":249,"box":{"x":117,"y":785,"width":686,"height":12}},{"id":"7f455bb4-6452-4ca2-b2c2-f2a10c31bcf4","block_type":"box","text":"Evaluation of these securities is dependent on BlackRock’s judgment, analysis and experience in the","page_number":249,"box":{"x":117,"y":800,"width":747,"height":12}},{"id":"1b762a26-dba1-4c81-a57b-86176212b61b","block_type":"box","text":"evaluation of such securities.","page_number":249,"box":{"x":116,"y":816,"width":214,"height":9}},{"id":"74e439dc-a0ac-482e-9cd8-a075a0f1c90f","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the","page_number":249,"box":{"x":117,"y":847,"width":745,"height":12}},{"id":"38074be0-d839-4483-818f-75da6cc78d49","block_type":"box","text":"effect of recent developments on the issuer’s ability to make interest and principal payments or on the","page_number":249,"box":{"x":116,"y":862,"width":760,"height":12}},{"id":"6957a332-c7b6-4810-90db-7e07e09933b1","block_type":"box","text":"likelihood of default.","page_number":249,"box":{"x":117,"y":878,"width":152,"height":9}},{"id":"26c7c8ea-0185-44b7-b845-8442fd2dcc6c","block_type":"box","text":"A-1","page_number":249,"box":{"x":486,"y":909,"width":24,"height":9}},{"id":"8ec0cb8d-9265-45bb-9bf6-fb160ce8cd1c","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":249,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"553ba2bc-34a0-4976-aec8-5fae686201fc","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global","page_number":250,"box":{"x":116,"y":87,"width":755,"height":12}},{"id":"87981350-14a1-48f3-8ac1-8a1f313e9c5a","block_type":"box","text":"Ratings and Fitch.","page_number":250,"box":{"x":117,"y":103,"width":139,"height":12}},{"id":"efd8e58b-c475-4460-88a1-7d933b936b79","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":250,"box":{"x":116,"y":134,"width":674,"height":12}},{"id":"f7c27019-7fbc-47a3-bb52-ad0a0c0956e3","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":250,"box":{"x":116,"y":165,"width":677,"height":12}},{"id":"a5beae53-90e6-4aad-ab01-3c8f82d9dc4d","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking","page_number":250,"box":{"x":117,"y":196,"width":711,"height":12}},{"id":"b95993b8-2a4d-4636-b2e2-21504874d025","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial","page_number":250,"box":{"x":116,"y":211,"width":759,"height":12}},{"id":"5004886b-cb19-482b-b74d-265e58bbe2e8","block_type":"box","text":"institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody’s","page_number":250,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"f698a122-b5c3-432d-8aaf-b453140a8e30","block_type":"box","text":"defines credit risk as the risk that an entity may not meet its contractual financial obligations as they","page_number":250,"box":{"x":116,"y":242,"width":744,"height":12}},{"id":"6df55bca-50c9-40a8-a7bb-dfbe12a9e38a","block_type":"box","text":"come due and any estimated financial loss in the event of default or impairment. The contractual","page_number":250,"box":{"x":116,"y":258,"width":720,"height":12}},{"id":"e737aaca-f579-4173-baa1-ee787ebaff72","block_type":"box","text":"financial obligations addressed by Moody’s ratings are those that call for, without regard to","page_number":250,"box":{"x":116,"y":273,"width":676,"height":12}},{"id":"7d3d1d97-f56a-4f16-8d71-8a0f68fb753c","block_type":"box","text":"enforceability, the payment of an ascertainable amount, which may vary based upon standard sources","page_number":250,"box":{"x":116,"y":289,"width":765,"height":12}},{"id":"dcc18552-7e9b-42e4-a10a-f0e1bba2b849","block_type":"box","text":"of variation (e.g., floating interest rates), by an ascertainable date. Moody’s rating addresses the","page_number":250,"box":{"x":116,"y":304,"width":719,"height":12}},{"id":"111fedf4-f2b7-40ff-bb12-a3b5298e54e0","block_type":"box","text":"issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s","page_number":250,"box":{"x":117,"y":320,"width":738,"height":12}},{"id":"baf2ff8b-ffe2-4e15-921d-d7070a21c9a8","block_type":"box","text":"ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g.,","page_number":250,"box":{"x":117,"y":335,"width":765,"height":12}},{"id":"035a0f84-c799-4edf-bde2-f10804b367c0","block_type":"box","text":"equity indexed), absent an express statement to the contrary in a press release accompanying an","page_number":250,"box":{"x":116,"y":351,"width":731,"height":12}},{"id":"e6a21d2f-7bcd-457a-ba76-6758ce3879df","block_type":"box","text":"initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of one","page_number":250,"box":{"x":117,"y":366,"width":745,"height":12}},{"id":"3d7f9972-bfef-47b1-9f19-cdc6cb8ad1d0","block_type":"box","text":"year or more and reflect both on the likelihood of a default or impairment on contractual financial","page_number":250,"box":{"x":116,"y":382,"width":719,"height":12}},{"id":"5265c3f8-2370-4946-941f-d38dcd1f5c77","block_type":"box","text":"obligations and the expected financial loss suffered in the event of default or impairment. Short-term","page_number":250,"box":{"x":116,"y":397,"width":747,"height":12}},{"id":"320d456b-348d-456c-8f0c-e28cb5dfc9da","block_type":"box","text":"ratings are assigned for obligations with an original maturity of thirteen months or less and reflect both","page_number":250,"box":{"x":117,"y":413,"width":760,"height":12}},{"id":"ce4a1fd6-e451-40e1-aaf6-8dd18a875db4","block_type":"box","text":"on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":250,"box":{"x":116,"y":428,"width":717,"height":12}},{"id":"83ac9583-249a-4475-a0c4-35581d4718c8","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":250,"box":{"x":116,"y":444,"width":755,"height":12}},{"id":"dc495b71-d939-400f-b278-09ce25556984","block_type":"box","text":"and instrument level on both the long-term scale and the short-term scale. Typically, ratings are made","page_number":250,"box":{"x":116,"y":459,"width":761,"height":12}},{"id":"7865190b-739c-4b6b-b4d5-a463a23e8e74","block_type":"box","text":"publicly available although private and unpublished ratings may also be assigned.","page_number":250,"box":{"x":117,"y":475,"width":610,"height":12}},{"id":"05e2de92-5030-4299-aa78-2cbbc22e304f","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial","page_number":250,"box":{"x":117,"y":506,"width":763,"height":12}},{"id":"33faa1fb-c482-414d-ac55-5643a9558f82","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to","page_number":250,"box":{"x":116,"y":521,"width":769,"height":12}},{"id":"9e74d1ed-9bc3-4b9f-b3fd-9a9a164863c5","block_type":"box","text":"all structured finance ratings. The addition of (sf) to structured finance ratings should eliminate any","page_number":250,"box":{"x":116,"y":537,"width":735,"height":12}},{"id":"046f7627-32e7-44d5-ade7-8df6a5decb49","block_type":"box","text":"presumption that such ratings and fundamental ratings at the same letter grade level will behave the","page_number":250,"box":{"x":117,"y":552,"width":747,"height":12}},{"id":"c1ad253f-55a3-4701-8782-3960cb629293","block_type":"box","text":"same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated","page_number":250,"box":{"x":116,"y":568,"width":751,"height":12}},{"id":"3d23d8f3-4ed1-433a-bd9a-f062299005cf","block_type":"box","text":"structured finance and fundamental securities may have different risk characteristics. Through its","page_number":250,"box":{"x":116,"y":583,"width":724,"height":12}},{"id":"b8657ed9-d010-4cb4-ac6b-095ce4d357ac","block_type":"box","text":"current methodologies, however, Moody’s aspires to achieve broad expected equivalence in structured","page_number":250,"box":{"x":116,"y":599,"width":769,"height":12}},{"id":"8c7d9699-4b65-4750-a381-21847933a179","block_type":"box","text":"finance and fundamental rating performance when measured over a long period of time.","page_number":250,"box":{"x":116,"y":614,"width":658,"height":12}},{"id":"be3c18e2-a624-4eaa-8396-78e9b0535872","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":250,"box":{"x":117,"y":645,"width":445,"height":12}},{"id":"069a2fd5-f8d7-418a-b94b-35fb3e4af296","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of","page_number":250,"box":{"x":116,"y":676,"width":726,"height":12}},{"id":"b0cef6b9-d25e-4bbf-9990-870d2bc64885","block_type":"box","text":"credit risk.","page_number":250,"box":{"x":175,"y":692,"width":75,"height":9}},{"id":"dcb697e9-b625-4fa4-92e1-90a302728f75","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":250,"box":{"x":116,"y":715,"width":731,"height":12}},{"id":"eff0acbe-74e1-4a2c-886e-464393f28948","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":250,"box":{"x":116,"y":738,"width":737,"height":12}},{"id":"5d74e95c-d161-4ba0-be91-2c0c89d7d894","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and","page_number":250,"box":{"x":117,"y":761,"width":753,"height":13}},{"id":"546c7682-c38f-4999-b49c-4177c08ffe6e","block_type":"box","text":"as such may possess certain speculative characteristics.","page_number":250,"box":{"x":175,"y":777,"width":420,"height":12}},{"id":"74344eb4-b60b-4ca4-bf73-2f52c048bffb","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":250,"box":{"x":117,"y":800,"width":729,"height":12}},{"id":"f4f734a2-10d3-43d1-a4f5-31734455be74","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":250,"box":{"x":117,"y":823,"width":660,"height":13}},{"id":"3063b682-5afc-4f9f-9b12-f8f24955f82d","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very","page_number":250,"box":{"x":117,"y":847,"width":741,"height":12}},{"id":"d234a046-0ed3-4371-9ed4-4d7f7fb2cf0f","block_type":"box","text":"high credit risk.","page_number":250,"box":{"x":176,"y":862,"width":116,"height":12}},{"id":"b85f491f-a33b-4a42-bf48-12eeac4c9ec9","block_type":"box","text":"A-2","page_number":250,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"8527d940-146e-4d23-a7d3-429b9290ad23","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":250,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"df7b8bb5-5fd8-42c3-909f-533b7f0a2e6a","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":251,"box":{"x":117,"y":87,"width":748,"height":12}},{"id":"32d25e76-427b-4c09-aa5e-8d135f0b82df","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":251,"box":{"x":176,"y":102,"width":339,"height":13}},{"id":"abd9a055-ae24-44c4-9cdc-e5c3e3e3521f","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for","page_number":251,"box":{"x":117,"y":126,"width":726,"height":12}},{"id":"bf7c3a15-2704-4ecb-a145-dd9b24b28940","block_type":"box","text":"recovery of principal or interest.","page_number":251,"box":{"x":176,"y":141,"width":238,"height":12}},{"id":"0a04f70a-da5e-44c4-ba65-386f3669b7d5","block_type":"box","text":"Note","page_number":251,"box":{"x":117,"y":172,"width":34,"height":10}},{"id":"c49bde38-7160-4742-8029-f759bb5825bc","block_type":"box","text":": Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa","page_number":251,"box":{"x":153,"y":172,"width":709,"height":12}},{"id":"2ec49621-e090-4c1e-bdb9-935898081f26","block_type":"box","text":"through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating","page_number":251,"box":{"x":116,"y":188,"width":745,"height":12}},{"id":"663df340-271a-4ddd-8533-8d0859da678a","block_type":"box","text":"category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the","page_number":251,"box":{"x":116,"y":203,"width":741,"height":12}},{"id":"34217fdd-b661-4c70-88e1-13e178e9027a","block_type":"box","text":"lower end of that generic rating category. Additionally, a “(hyb)” indicator is appended to all ratings of","page_number":251,"box":{"x":117,"y":219,"width":751,"height":12}},{"id":"6483356e-63fc-483f-8611-227b2ab8e5fe","block_type":"box","text":"hybrid securities issued by banks, insurers, finance companies, and securities firms.","page_number":251,"box":{"x":117,"y":234,"width":628,"height":12}},{"id":"3abf0985-0c59-4b7d-9b30-1b9626ea3d8e","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal","page_number":251,"box":{"x":117,"y":265,"width":737,"height":12}},{"id":"466b0ed2-ea0d-4af6-996d-95b562c3373a","block_type":"box","text":"payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may","page_number":251,"box":{"x":117,"y":281,"width":765,"height":12}},{"id":"ecf69bdb-769b-44b9-ac32-5061b9a83a7d","block_type":"box","text":"also be subject to contractually allowable write-downs of principal that could result in impairment.","page_number":251,"box":{"x":116,"y":296,"width":724,"height":12}},{"id":"b9db82e5-a5ff-4dad-9b85-67d5d4b58ae3","block_type":"box","text":"Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an","page_number":251,"box":{"x":116,"y":312,"width":744,"height":12}},{"id":"ab60bf5c-8ef0-4b9b-82d2-1308ad21017e","block_type":"box","text":"expression of the relative credit risk associated with that security.","page_number":251,"box":{"x":116,"y":327,"width":488,"height":12}},{"id":"9d037dd8-cf5c-414d-80c0-2ba61e3c6ea8","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":251,"box":{"x":117,"y":358,"width":448,"height":12}},{"id":"f4cec397-4244-4c3b-acfb-f4d49d57b9e9","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":251,"box":{"x":117,"y":389,"width":616,"height":12}},{"id":"57388d06-b652-40a4-a671-4401ac162681","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":251,"box":{"x":117,"y":413,"width":602,"height":12}},{"id":"2c047839-3455-4518-9d85-bb957fcd8143","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":251,"box":{"x":117,"y":436,"width":646,"height":12}},{"id":"797730fa-092e-4c3f-954d-13b0a8e1e06f","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":251,"box":{"x":117,"y":459,"width":737,"height":12}},{"id":"7d33bd5e-0ee8-4f42-9432-a8e3fe8f1255","block_type":"box","text":"categories.","page_number":251,"box":{"x":175,"y":475,"width":87,"height":12}},{"id":"681245e1-abbd-455a-8b81-d65306fbc8a6","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":251,"box":{"x":117,"y":506,"width":707,"height":12}},{"id":"ca290840-375d-44a8-a009-eb2b429ff3c6","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":251,"box":{"x":117,"y":537,"width":439,"height":12}},{"id":"ad0fb910-0895-450d-8940-77439f85ed18","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S.","page_number":251,"box":{"x":117,"y":568,"width":681,"height":12}},{"id":"dbb60808-74cd-479b-974a-2c26577deb7a","block_type":"box","text":"municipalities and nonprofits. These commercial paper programs may be backed by external letters of","page_number":251,"box":{"x":117,"y":583,"width":761,"height":12}},{"id":"ab2a9959-b869-47eb-ab1f-1cce9f679f62","block_type":"box","text":"credit or liquidity facilities, or by an issuer’s self-liquidity.","page_number":251,"box":{"x":116,"y":599,"width":420,"height":12}},{"id":"100e64f2-f641-4a74-9ada-53bb49c67c85","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":251,"box":{"x":117,"y":630,"width":765,"height":12}},{"id":"5f085382-9277-4e0a-bb85-5bd4d158c4e8","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales","page_number":251,"box":{"x":117,"y":645,"width":708,"height":12}},{"id":"115f2e3d-2bf8-41f9-a6ef-05ab76377c68","block_type":"box","text":"discussed below.","page_number":251,"box":{"x":116,"y":661,"width":126,"height":9}},{"id":"dae64016-74ba-4d81-ac73-318fcaa3de0d","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain","page_number":251,"box":{"x":117,"y":692,"width":738,"height":12}},{"id":"9e799d86-196f-4c7e-8953-69a7eff1c499","block_type":"box","text":"other short-term obligations, which typically mature in three years or less. Under certain circumstances,","page_number":251,"box":{"x":116,"y":707,"width":766,"height":12}},{"id":"4038c774-79ec-4e8c-87ee-2a2e609b5fe3","block_type":"box","text":"Moody’s uses the MIG scale for bond anticipation notes with maturities of up to five years.","page_number":251,"box":{"x":117,"y":723,"width":665,"height":12}},{"id":"e6b43fba-e9b8-46a5-81d4-81465845a5f8","block_type":"box","text":"MIG Scale","page_number":251,"box":{"x":117,"y":754,"width":77,"height":9}},{"id":"6262c3ad-6d61-4fa4-ab95-629a6b6b85e7","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":251,"box":{"x":117,"y":785,"width":760,"height":12}},{"id":"b27bc960-73a6-4214-87dd-9d510267524f","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market","page_number":251,"box":{"x":175,"y":800,"width":703,"height":12}},{"id":"97dc38c2-04e4-44c8-b5de-84c99ac59b86","block_type":"box","text":"for refinancing.","page_number":251,"box":{"x":175,"y":816,"width":110,"height":12}},{"id":"a51bead9-62e8-4268-815a-46755157fd5b","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":251,"box":{"x":117,"y":839,"width":771,"height":12}},{"id":"30b36b92-a2ab-4bfb-a93f-cedb268e0cdf","block_type":"box","text":"large as in the preceding group.","page_number":251,"box":{"x":176,"y":855,"width":240,"height":12}},{"id":"8cda0166-1745-4f51-a9ca-2f5ded0467da","block_type":"box","text":"A-3","page_number":251,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"4020adf3-a00f-40a3-8dd9-d06e5f473dd9","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":251,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5d939f4e-2081-422d-a10b-74e4e1ef4af4","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":252,"box":{"x":117,"y":87,"width":753,"height":12}},{"id":"9d866d60-8bc1-4c08-99a9-6687bc249747","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":252,"box":{"x":176,"y":102,"width":582,"height":13}},{"id":"7ddd29f4-2923-430c-98b7-211b1a8f8083","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category","page_number":252,"box":{"x":116,"y":126,"width":741,"height":12}},{"id":"173d310e-0af9-4dca-88bf-97dc132279d7","block_type":"box","text":"may lack sufficient margins of protection.","page_number":252,"box":{"x":176,"y":141,"width":307,"height":12}},{"id":"bca69c94-bd78-4a66-80de-53bf54ae2a05","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":252,"box":{"x":117,"y":172,"width":415,"height":12}},{"id":"b2c73c71-e226-45e7-8a42-99cb1f859415","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The","page_number":252,"box":{"x":117,"y":203,"width":749,"height":12}},{"id":"25e1effb-c816-48b0-ae60-fa9cf26ca511","block_type":"box","text":"components are a long-term rating and a short-term demand obligation rating. The long-term rating","page_number":252,"box":{"x":116,"y":219,"width":740,"height":12}},{"id":"632ce382-e671-4840-bc5d-54e6ed8f9aec","block_type":"box","text":"addresses the issuer’s ability to meet scheduled principal and interest payments. The short-term","page_number":252,"box":{"x":116,"y":234,"width":719,"height":12}},{"id":"def04c61-c2ec-4179-ac8f-33fc3ce7c732","block_type":"box","text":"demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments","page_number":252,"box":{"x":116,"y":250,"width":759,"height":12}},{"id":"a19adee9-cf57-4a89-b9ef-dcd0db8483fd","block_type":"box","text":"associated with the purchase-price-upon-demand feature (“demand feature”) of the VRDO. The short","page_number":252,"box":{"x":116,"y":265,"width":756,"height":12}},{"id":"e0b756ef-5799-4c20-b319-e6ad3bc7d84c","block_type":"box","text":"term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input","page_number":252,"box":{"x":116,"y":281,"width":770,"height":12}},{"id":"c9186d44-a10a-4297-b84c-6301c4d2b293","block_type":"box","text":"the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the","page_number":252,"box":{"x":116,"y":296,"width":740,"height":12}},{"id":"28c773bb-50d1-4e33-bf62-e2debce459b2","block_type":"box","text":"underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of demand","page_number":252,"box":{"x":117,"y":312,"width":768,"height":12}},{"id":"6fda0561-7a5c-4695-bdd1-6367e27fd0bf","block_type":"box","text":"obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk","page_number":252,"box":{"x":116,"y":327,"width":760,"height":12}},{"id":"fc52a2a9-7b16-4f9b-8dc7-b1bc7bc71f82","block_type":"box","text":"that external liquidity support will terminate if the issuer’s long-term rating drops below investment","page_number":252,"box":{"x":116,"y":343,"width":729,"height":12}},{"id":"ca9fd6f3-a694-45f1-9d13-15ca24a775ea","block_type":"box","text":"grade.","page_number":252,"box":{"x":116,"y":358,"width":52,"height":12}},{"id":"47cdccf4-f24f-40b8-8621-bfada0b35bd2","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand","page_number":252,"box":{"x":117,"y":389,"width":771,"height":12}},{"id":"a71702f0-c60d-4fc6-9840-b368aaf8cc46","block_type":"box","text":"feature is less than every three years. If the frequency of the demand feature is less than three years","page_number":252,"box":{"x":116,"y":405,"width":753,"height":12}},{"id":"e3fe6b48-6742-4aa1-bbf8-e70a6d1067ae","block_type":"box","text":"but the purchase price is payable only with remarketing proceeds, the short-term demand obligation","page_number":252,"box":{"x":117,"y":420,"width":745,"height":12}},{"id":"9d2044d2-9f14-4fa4-93d3-a912a0e309c1","block_type":"box","text":"rating is “NR”.","page_number":252,"box":{"x":117,"y":436,"width":107,"height":12}},{"id":"5e5d5dfa-df68-4ac2-ad00-383a3f630376","block_type":"box","text":"VMIG Scale","page_number":252,"box":{"x":116,"y":467,"width":94,"height":9}},{"id":"96fe2233-36c5-4cb8-8bfa-f725bc88a6f9","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the","page_number":252,"box":{"x":116,"y":498,"width":713,"height":12}},{"id":"86c86fd9-a0b8-4952-9a39-12aeda8d4e26","block_type":"box","text":"superior short-term credit strength of the liquidity provider and structural and legal protections","page_number":252,"box":{"x":184,"y":513,"width":697,"height":12}},{"id":"eadcb671-c645-4238-a990-07629d3f53a0","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":252,"box":{"x":183,"y":529,"width":481,"height":12}},{"id":"170291d2-0891-437c-b1d2-f272c5087dc5","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short","page_number":252,"box":{"x":116,"y":552,"width":766,"height":12}},{"id":"887c9e01-1749-46d7-9363-e891c65ade8a","block_type":"box","text":"term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":252,"box":{"x":183,"y":568,"width":679,"height":12}},{"id":"d176bd4e-8a7e-43a2-ab08-4bb6a8024f1c","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":252,"box":{"x":183,"y":583,"width":392,"height":12}},{"id":"4a1998fc-4fc0-4e02-b620-b429fe7503d9","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":252,"box":{"x":116,"y":606,"width":738,"height":12}},{"id":"d48248b6-1655-455e-8f06-f029bb624374","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal","page_number":252,"box":{"x":184,"y":622,"width":635,"height":12}},{"id":"f13bdbd6-cd76-4e14-ba20-3380c622f672","block_type":"box","text":"protections that ensure the timely payment of purchase price upon demand.","page_number":252,"box":{"x":184,"y":637,"width":567,"height":12}},{"id":"84b8d655-3323-4ed3-8983-b9329975940e","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this","page_number":252,"box":{"x":116,"y":661,"width":720,"height":12}},{"id":"510b0518-6c80-47e9-bbe4-d7303158982d","block_type":"box","text":"category may be supported by a liquidity provider that does not have a sufficiently strong","page_number":252,"box":{"x":184,"y":676,"width":657,"height":12}},{"id":"b8aaa53e-012f-41fa-948f-be5458a6dc8d","block_type":"box","text":"short-term rating or may lack the structural or legal protections necessary to ensure the timely","page_number":252,"box":{"x":184,"y":692,"width":695,"height":12}},{"id":"258bb09c-5af7-4f47-9883-74607d9689fb","block_type":"box","text":"payment of purchase price upon demand.","page_number":252,"box":{"x":184,"y":707,"width":308,"height":12}},{"id":"722dffae-b6f5-4fd0-bcf0-34cb2f267f79","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":252,"box":{"x":117,"y":738,"width":753,"height":12}},{"id":"7171e953-c462-44ce-ba09-f2b22b8907d8","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with","page_number":252,"box":{"x":116,"y":769,"width":737,"height":12}},{"id":"e179f14f-efd4-4f8c-8438-edccfe3c0c2e","block_type":"box","text":"respect to a specific financial obligation, a specific class of financial obligations, or a specific financial","page_number":252,"box":{"x":117,"y":785,"width":748,"height":12}},{"id":"35e5e7bd-e73d-46a9-a63d-23e8afcd7991","block_type":"box","text":"program (including ratings on medium-term note programs and commercial paper programs). It takes","page_number":252,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"930f666d-b6a5-415f-8211-8f2dfda734e3","block_type":"box","text":"into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement","page_number":252,"box":{"x":117,"y":816,"width":744,"height":12}},{"id":"e043984a-fd08-407d-85e0-0145902c7659","block_type":"box","text":"on the obligation and takes into account the currency in which the obligation is denominated. The","page_number":252,"box":{"x":116,"y":831,"width":726,"height":12}},{"id":"5dd31d5e-fdb3-44de-9a66-b826cf068fd6","block_type":"box","text":"opinion reflects S&P’s view of the obligor’s capacity and willingness to meet its financial commitments","page_number":252,"box":{"x":116,"y":847,"width":759,"height":12}},{"id":"337e9080-0e90-4a8c-b384-fba4eadc7694","block_type":"box","text":"as they come due, and this opinion may assess terms, such as collateral security and subordination,","page_number":252,"box":{"x":116,"y":862,"width":750,"height":12}},{"id":"a85bfdd4-7059-419c-acd7-e9e941cab3f5","block_type":"box","text":"which could affect ultimate payment in the event of default.","page_number":252,"box":{"x":116,"y":878,"width":441,"height":12}},{"id":"f6d90038-c8f2-4c94-9c51-91e03daf9082","block_type":"box","text":"A-4","page_number":252,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"ac1c59f8-9b77-43f4-830e-18debd2c1002","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":252,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"858056ed-2c52-4c1c-b799-03667d876410","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally","page_number":253,"box":{"x":117,"y":87,"width":760,"height":12}},{"id":"599bc311-b95b-4936-ad09-8830b830df26","block_type":"box","text":"assigned to those obligations considered short-term in the relevant market, typically with an original","page_number":253,"box":{"x":116,"y":103,"width":743,"height":12}},{"id":"a356e52f-2ceb-4fed-9d7e-32b4562c8250","block_type":"box","text":"maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the","page_number":253,"box":{"x":117,"y":118,"width":708,"height":12}},{"id":"6259b5c5-4e32-4c6d-a739-c49bf8a793eb","block_type":"box","text":"creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically","page_number":253,"box":{"x":116,"y":134,"width":771,"height":12}},{"id":"c283609b-dc7c-46ba-a28c-a2ef975e0cb9","block_type":"box","text":"assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days.","page_number":253,"box":{"x":116,"y":149,"width":772,"height":12}},{"id":"56720ec3-3131-4364-b7e4-81fccd5c9e81","block_type":"box","text":"However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on","page_number":253,"box":{"x":117,"y":165,"width":758,"height":12}},{"id":"4a1f3c24-d316-4a90-9ae3-87e707f8c8c9","block_type":"box","text":"market practices. Medium-term notes are assigned long-term ratings.","page_number":253,"box":{"x":117,"y":180,"width":518,"height":12}},{"id":"7af0160f-d468-4c33-b0ee-a88469da660d","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":253,"box":{"x":117,"y":211,"width":750,"height":12}},{"id":"19d56dd5-7fc2-483f-9b99-5108008c4439","block_type":"box","text":"• The likelihood of payment—the capacity and willingness of the obligor to meet its financial","page_number":253,"box":{"x":150,"y":242,"width":706,"height":12}},{"id":"ec65913c-ba64-4352-9329-8bcdaeb15f47","block_type":"box","text":"commitments on an obligation in accordance with the terms of the obligation;","page_number":253,"box":{"x":184,"y":258,"width":575,"height":12}},{"id":"027df58d-80f6-485d-9ea8-24b5190778dd","block_type":"box","text":"• The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":253,"box":{"x":150,"y":281,"width":692,"height":12}},{"id":"bd52244d-8e83-4186-8d87-47eb44a6dea3","block_type":"box","text":"• The protection afforded by, and relative position of, the financial obligation in the event of a","page_number":253,"box":{"x":150,"y":304,"width":712,"height":12}},{"id":"74845be6-0c4a-4f38-93d3-3a706176959d","block_type":"box","text":"bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws","page_number":253,"box":{"x":184,"y":320,"width":704,"height":12}},{"id":"8517ed13-c036-4aa3-bc96-9b1d0091fafb","block_type":"box","text":"affecting creditors’ rights.","page_number":253,"box":{"x":184,"y":335,"width":191,"height":12}},{"id":"58185a4f-3065-4398-8f0b-a1bc7769b85a","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority","page_number":253,"box":{"x":116,"y":366,"width":772,"height":12}},{"id":"1aa40d87-d59b-41c0-9e2e-2cffc1dfd5a4","block_type":"box","text":"or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior","page_number":253,"box":{"x":116,"y":382,"width":728,"height":12}},{"id":"39d13dc0-75fc-4991-84c0-71431d1db32d","block_type":"box","text":"obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply","page_number":253,"box":{"x":116,"y":397,"width":729,"height":12}},{"id":"a8fdb205-07d3-46d4-b8de-f5db0d7d0729","block_type":"box","text":"when an entity has both senior and subordinated obligations, secured and unsecured obligations, or","page_number":253,"box":{"x":116,"y":413,"width":747,"height":12}},{"id":"633f3f47-d463-42c1-a78a-b8944d77908b","block_type":"box","text":"operating company and holding company obligations.)","page_number":253,"box":{"x":116,"y":428,"width":407,"height":12}},{"id":"cb153b5a-972c-44bc-8ca9-cad9de84d7a3","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":253,"box":{"x":117,"y":459,"width":265,"height":12}},{"id":"0ca35e8f-5fb0-4d27-a2ff-866b1f62f6ec","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to","page_number":253,"box":{"x":116,"y":490,"width":755,"height":12}},{"id":"01ebbc2a-8d04-43c7-9eda-10edb6b30497","block_type":"box","text":"meet its financial commitments on the obligation is extremely strong.","page_number":253,"box":{"x":192,"y":506,"width":513,"height":12}},{"id":"d8263fe9-af0e-4e6e-b465-d2af8d13a63f","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree.","page_number":253,"box":{"x":116,"y":529,"width":734,"height":12}},{"id":"029748b8-4ca6-4ccd-b595-80f09cf1ba38","block_type":"box","text":"The obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":253,"box":{"x":191,"y":544,"width":659,"height":12}},{"id":"abd1538a-c8ba-4ad3-ba61-2714bff06841","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":253,"box":{"x":116,"y":568,"width":744,"height":12}},{"id":"d56d294d-b310-4cf0-a0c2-2a4e7c13c47e","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories.","page_number":253,"box":{"x":192,"y":583,"width":624,"height":12}},{"id":"fb3d2b98-6edb-4e53-8a44-2e1edefaf67c","block_type":"box","text":"However, the obligor’s capacity to meet its financial commitments on the obligation is still","page_number":253,"box":{"x":192,"y":599,"width":664,"height":12}},{"id":"8737b35e-4873-4c97-b30e-d38404da4193","block_type":"box","text":"strong.","page_number":253,"box":{"x":191,"y":614,"width":56,"height":12}},{"id":"56502735-6f8f-46a2-88f9-df5a77a53ef5","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse","page_number":253,"box":{"x":117,"y":637,"width":715,"height":12}},{"id":"51275822-8e82-4b9f-9ee6-e110e5732282","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken the obligor’s","page_number":253,"box":{"x":192,"y":653,"width":652,"height":12}},{"id":"5d4a2353-4ab2-4524-ad26-ca86fe7620d3","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":253,"box":{"x":192,"y":668,"width":446,"height":12}},{"id":"75189e47-b8f3-4bc6-8974-ce2faeeba4b3","block_type":"box","text":"BB, B,","page_number":253,"box":{"x":117,"y":692,"width":45,"height":11}},{"id":"483369e7-b79b-41fc-b9e8-8bc428352cf4","block_type":"box","text":"CCC,","page_number":253,"box":{"x":117,"y":707,"width":38,"height":11}},{"id":"19cdce9d-0d12-47b7-a2d6-4cd0ba3c3b8a","block_type":"box","text":"CC,","page_number":253,"box":{"x":117,"y":723,"width":26,"height":11}},{"id":"7e039e45-1bfe-490d-8cf6-cbd29f69dcff","block_type":"box","text":"and C","page_number":253,"box":{"x":116,"y":738,"width":44,"height":10}},{"id":"d392bc16-e5ab-4f69-98b1-58bf30ddf28c","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant","page_number":253,"box":{"x":192,"y":692,"width":602,"height":12}},{"id":"9515335a-6fcb-4b1c-8961-112a413b887f","block_type":"box","text":"speculative characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the","page_number":253,"box":{"x":191,"y":707,"width":625,"height":12}},{"id":"37e7452d-74cd-498d-b1f8-5091ef1b42a5","block_type":"box","text":"highest. While such obligations will likely have some quality and protective characteristics,","page_number":253,"box":{"x":192,"y":723,"width":666,"height":12}},{"id":"eaba4c1d-6c3c-49a9-8012-028dc13d1b58","block_type":"box","text":"these may be outweighed by large uncertainties or major exposure to adverse conditions.","page_number":253,"box":{"x":191,"y":738,"width":664,"height":12}},{"id":"d7568793-ecc7-4007-b619-7659627c8be9","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues.","page_number":253,"box":{"x":117,"y":761,"width":723,"height":13}},{"id":"3a1ca2ad-c7cb-4bbf-b720-713e8c8b6d01","block_type":"box","text":"However, it faces major ongoing uncertainties or exposure to adverse business, financial,","page_number":253,"box":{"x":192,"y":777,"width":662,"height":12}},{"id":"22b4ca9b-5219-4030-989e-94f468165d54","block_type":"box","text":"or economic conditions that could lead to the obligor’s inadequate capacity to meet its","page_number":253,"box":{"x":192,"y":793,"width":635,"height":12}},{"id":"3b036174-399b-4401-8bdd-aa8667a39b43","block_type":"box","text":"financial commitments on the obligation.","page_number":253,"box":{"x":191,"y":808,"width":298,"height":12}},{"id":"6ccb82bf-0bcf-43d2-ab2d-a7e2435d421a","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but","page_number":253,"box":{"x":117,"y":831,"width":733,"height":12}},{"id":"71f10ca6-eae9-4be2-ab26-8995963cfd0d","block_type":"box","text":"the obligor currently has the capacity to meet its financial commitments on the obligation.","page_number":253,"box":{"x":191,"y":847,"width":665,"height":12}},{"id":"36f54dd5-4958-4914-9237-00c564b2b1ca","block_type":"box","text":"Adverse business, financial, or economic conditions will likely impair the obligor’s capacity","page_number":253,"box":{"x":191,"y":862,"width":672,"height":12}},{"id":"91609574-2237-40df-92ea-d390a82273de","block_type":"box","text":"or willingness to meet its financial commitments on the obligation.","page_number":253,"box":{"x":192,"y":878,"width":491,"height":12}},{"id":"0eaf86bc-a6d0-4bba-bec4-67541fce22b7","block_type":"box","text":"A-5","page_number":253,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"3102651c-9567-4a63-8476-04af1081f301","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":253,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b77b27e8-a735-4122-ba75-8d50eb5dec71","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon","page_number":254,"box":{"x":117,"y":87,"width":728,"height":12}},{"id":"e8d47e59-4666-4534-bd74-19db63b83b31","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":254,"box":{"x":191,"y":102,"width":667,"height":13}},{"id":"700d14ca-f361-4caf-993d-323e9599b064","block_type":"box","text":"commitments on the obligation. In the event of adverse business, financial, or economic","page_number":254,"box":{"x":192,"y":118,"width":656,"height":12}},{"id":"b4b1376d-a682-4b23-99e2-84672f200a7f","block_type":"box","text":"conditions, the obligor is not likely to have the capacity to meet its financial commitments","page_number":254,"box":{"x":192,"y":134,"width":662,"height":12}},{"id":"2eb156ba-a001-438e-be0b-ca8f8f486fa3","block_type":"box","text":"on the obligation.","page_number":254,"box":{"x":192,"y":149,"width":132,"height":12}},{"id":"717623cd-af76-4be7-bb66-a71b3a8b706e","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is","page_number":254,"box":{"x":117,"y":172,"width":727,"height":12}},{"id":"9f3b285e-73a6-452b-8d14-4089d3a17941","block_type":"box","text":"used when a default has not yet occurred but S&P expects default to be a virtual certainty,","page_number":254,"box":{"x":192,"y":188,"width":675,"height":12}},{"id":"6dadc7df-141d-4c80-9957-09fa06f0ec31","block_type":"box","text":"regardless of the anticipated time to default.","page_number":254,"box":{"x":192,"y":203,"width":330,"height":12}},{"id":"5680cdda-2547-451a-927f-2402f09b61b9","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is","page_number":254,"box":{"x":117,"y":227,"width":735,"height":12}},{"id":"4e66acee-9214-4d96-8f7f-b79c7f7b8e4e","block_type":"box","text":"expected to have lower relative seniority or lower ultimate recovery compared with","page_number":254,"box":{"x":192,"y":242,"width":615,"height":12}},{"id":"7a0543e0-5a3e-439b-a1dc-d399b0869e90","block_type":"box","text":"obligations that are rated higher.","page_number":254,"box":{"x":192,"y":258,"width":245,"height":12}},{"id":"7930ea6c-8474-43b1-8c21-c336d27c2c30","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":254,"box":{"x":117,"y":281,"width":717,"height":12}},{"id":"752a93c6-cc63-4362-8564-84d41ea689d1","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not","page_number":254,"box":{"x":192,"y":296,"width":678,"height":12}},{"id":"084b1f78-4f17-4632-83c3-7be8c84f18ea","block_type":"box","text":"made on the date due, unless S&P believes that such payments will be made within five","page_number":254,"box":{"x":192,"y":312,"width":657,"height":12}},{"id":"166cb65f-92ea-46b3-aa88-022298f7229d","block_type":"box","text":"business days in the absence of a stated grace period or within the earlier of the stated","page_number":254,"box":{"x":192,"y":327,"width":650,"height":12}},{"id":"b62a2124-1c38-4f32-8fbd-33795ad18467","block_type":"box","text":"grace period or 30 calendar days. The ‘D’ rating also will be used upon the filing of a","page_number":254,"box":{"x":191,"y":343,"width":630,"height":12}},{"id":"4000dffc-6ef1-4d3c-b71b-7f6d810da1fd","block_type":"box","text":"bankruptcy petition or the taking of similar action and where default on an obligation is a","page_number":254,"box":{"x":192,"y":358,"width":657,"height":12}},{"id":"e7d846bc-3ed7-47c1-ae1f-eac2596736ee","block_type":"box","text":"virtual certainty, for example due to automatic stay provisions. A rating on an obligation is","page_number":254,"box":{"x":191,"y":374,"width":668,"height":12}},{"id":"1a6be93c-3305-42a0-adf4-3e03ca4b0d22","block_type":"box","text":"lowered to ‘D’ if it is subject to a distressed debt restructuring.","page_number":254,"box":{"x":192,"y":389,"width":461,"height":12}},{"id":"80de62e2-3cf2-4462-9837-9c2fcc155b62","block_type":"box","text":"* Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing","page_number":254,"box":{"x":143,"y":418,"width":705,"height":9}},{"id":"fefb28b5-9708-4c83-aa4e-78c5742982b5","block_type":"box","text":"within the rating categories.","page_number":254,"box":{"x":170,"y":431,"width":162,"height":9}},{"id":"0be8f669-98da-4f98-b321-68c47ad892ac","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":254,"box":{"x":116,"y":458,"width":263,"height":12}},{"id":"93d51c91-ad4d-4aba-b6c3-4abd8313d507","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s","page_number":254,"box":{"x":116,"y":487,"width":715,"height":12}},{"id":"6777fd67-0ed2-4614-91d2-4e21c2821a76","block_type":"box","text":"capacity to meet its financial commitments on the obligation is strong. Within this category,","page_number":254,"box":{"x":175,"y":502,"width":677,"height":12}},{"id":"fa4e3e3e-cc44-4c96-ada2-ac423048f7e2","block_type":"box","text":"certain obligations are designated with a plus sign (+). This indicates that the obligor’s capacity","page_number":254,"box":{"x":175,"y":518,"width":708,"height":12}},{"id":"1c243a43-2542-4364-a0f9-3ef4eb2e6ad7","block_type":"box","text":"to meet its financial commitments on these obligations is extremely strong.","page_number":254,"box":{"x":175,"y":533,"width":558,"height":12}},{"id":"62c4a610-f4d7-491e-ac4f-81a191e17d7b","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of","page_number":254,"box":{"x":116,"y":556,"width":729,"height":12}},{"id":"20cc9e46-4732-4ebe-a194-efe7ce15f2c5","block_type":"box","text":"changes in circumstances and economic conditions than obligations in higher rating","page_number":254,"box":{"x":175,"y":571,"width":626,"height":12}},{"id":"3ead5ec8-784c-4d0c-8206-64b3c1f47d3f","block_type":"box","text":"categories. However, the obligor’s capacity to meet its financial commitments on the obligation","page_number":254,"box":{"x":175,"y":587,"width":706,"height":12}},{"id":"90ea8a1d-ebfc-4600-ab56-21ff849a8718","block_type":"box","text":"is satisfactory.","page_number":254,"box":{"x":176,"y":602,"width":110,"height":12}},{"id":"6ac323b1-6197-47e0-9afc-c42cfa309e94","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":254,"box":{"x":116,"y":624,"width":764,"height":13}},{"id":"159a58c9-bd4a-45c3-88b5-d2d9e2356a8b","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s","page_number":254,"box":{"x":175,"y":640,"width":648,"height":12}},{"id":"eea5e5ba-6b60-4065-bd9d-86e5112a36b8","block_type":"box","text":"capacity to meet its financial commitments on the obligation.","page_number":254,"box":{"x":175,"y":655,"width":453,"height":13}},{"id":"63e3c98d-b278-494f-901c-c5aa9e353ceb","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":254,"box":{"x":117,"y":678,"width":719,"height":12}},{"id":"2c180759-152c-40a4-9cab-be3045828e78","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments;","page_number":254,"box":{"x":175,"y":693,"width":653,"height":12}},{"id":"e29d431d-03d7-4a0f-b46d-d5b35b082ee7","block_type":"box","text":"however, it faces major ongoing uncertainties that could lead to the obligor’s inadequate","page_number":254,"box":{"x":176,"y":709,"width":652,"height":12}},{"id":"66e8f9b7-bc20-47cb-af6f-11e98008509e","block_type":"box","text":"capacity to meet its financial commitments.","page_number":254,"box":{"x":175,"y":724,"width":318,"height":12}},{"id":"63fee735-3897-4daf-88fd-0cc8c4e80286","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":254,"box":{"x":117,"y":747,"width":754,"height":12}},{"id":"6127415e-5629-4189-81b5-d8bf0dac46c6","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":254,"box":{"x":175,"y":762,"width":661,"height":12}},{"id":"f5bf6322-e376-4b2d-bd3f-7e9e200c8956","block_type":"box","text":"commitments on the obligation.","page_number":254,"box":{"x":175,"y":778,"width":231,"height":12}},{"id":"eba6ac1b-0776-4716-be3d-1ae9f38f2fa3","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For","page_number":254,"box":{"x":117,"y":800,"width":684,"height":12}},{"id":"efd7d050-b382-40f1-8cd3-3aa560fdc750","block_type":"box","text":"non-hybrid capital instruments, the ‘D’ rating category is used when payments on an obligation","page_number":254,"box":{"x":176,"y":815,"width":699,"height":12}},{"id":"76282b6e-0751-46d2-8236-b048987e1021","block_type":"box","text":"are not made on the date due, unless S&P believes that such payments will be made within","page_number":254,"box":{"x":175,"y":831,"width":684,"height":12}},{"id":"d39aa7fa-acef-44fa-8190-77739763ce24","block_type":"box","text":"any stated grace period. However, any stated grace period longer than five business days will","page_number":254,"box":{"x":175,"y":846,"width":700,"height":12}},{"id":"3e24fb57-f4cc-4449-94ea-e14b641bcd74","block_type":"box","text":"be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy","page_number":254,"box":{"x":176,"y":862,"width":711,"height":12}},{"id":"ba5ba628-baac-47a5-af13-85cadf9863b3","block_type":"box","text":"petition or the taking of a similar action and where default on an obligation is a virtual certainty,","page_number":254,"box":{"x":176,"y":877,"width":706,"height":12}},{"id":"d7a56fa0-9eae-4896-9539-fbec9f37e629","block_type":"box","text":"A-6","page_number":254,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"a89a819e-8495-46ec-8413-0075c60342cb","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":254,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4a5a833a-3b83-49f7-a789-fd5e19fce6a1","block_type":"box","text":"for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is","page_number":255,"box":{"x":175,"y":87,"width":695,"height":12}},{"id":"e689557d-d165-4117-9dab-f7b31d822320","block_type":"box","text":"subject to a distressed debt restructuring.","page_number":255,"box":{"x":175,"y":103,"width":312,"height":12}},{"id":"5f4e392e-c71d-4b12-b121-742b4223f68d","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":255,"box":{"x":117,"y":134,"width":456,"height":12}},{"id":"eca158ab-7113-4d6e-8201-0f32fdce052e","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access","page_number":255,"box":{"x":116,"y":165,"width":766,"height":12}},{"id":"3eb87f8f-9fde-48a7-a3f6-46812b75f95b","block_type":"box","text":"risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with","page_number":255,"box":{"x":117,"y":180,"width":748,"height":12}},{"id":"e56ddaa3-e345-4a52-a418-5ed3fd6ab802","block_type":"box","text":"an original maturity of more than three years will most likely receive a long-term debt rating. In","page_number":255,"box":{"x":116,"y":196,"width":703,"height":12}},{"id":"e0c3df56-d26a-471c-b760-37229b9d56f7","block_type":"box","text":"determining which type of rating, if any, to assign, S&P’s analysis will review the following","page_number":255,"box":{"x":116,"y":211,"width":668,"height":12}},{"id":"5c84a87f-f457-4209-8ba5-92ca545a02ed","block_type":"box","text":"considerations:","page_number":255,"box":{"x":116,"y":227,"width":118,"height":9}},{"id":"c6a12374-ceeb-46f9-b885-18364ffd6386","block_type":"box","text":"• Amortization schedule—the larger the final maturity relative to other maturities, the more likely","page_number":255,"box":{"x":150,"y":258,"width":736,"height":12}},{"id":"d59de817-3d15-4082-802d-62a87dfc63a9","block_type":"box","text":"it will be treated as a note; and","page_number":255,"box":{"x":184,"y":273,"width":232,"height":11}},{"id":"c4be4380-e801-4305-95a9-49f88c86a7e1","block_type":"box","text":"• Source of payment—the more dependent the issue is on the market for its refinancing, the","page_number":255,"box":{"x":150,"y":296,"width":709,"height":12}},{"id":"e761c79f-730d-45ba-8d2a-df5c2ccb4a69","block_type":"box","text":"more likely it will be treated as a note.","page_number":255,"box":{"x":184,"y":312,"width":284,"height":12}},{"id":"0c1a3d99-f844-43a9-a913-fbc0b3f4c474","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":255,"box":{"x":116,"y":343,"width":470,"height":12}},{"id":"bb3deeaa-c826-4e1a-a21f-f1667acd809a","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":255,"box":{"x":116,"y":374,"width":740,"height":12}},{"id":"ecca0ede-35a9-45e0-96cf-7c3c850dfbbc","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":255,"box":{"x":175,"y":389,"width":445,"height":12}},{"id":"915772b5-8903-4edb-b0a1-44bdfcdf67ca","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial","page_number":255,"box":{"x":116,"y":413,"width":757,"height":12}},{"id":"0145cede-32ec-429c-ad68-a223bd997259","block_type":"box","text":"and economic changes over the term of the notes.","page_number":255,"box":{"x":175,"y":428,"width":379,"height":12}},{"id":"0b316416-1a5e-4372-bfe9-d38702af1bb3","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":255,"box":{"x":116,"y":451,"width":432,"height":12}},{"id":"f2cf5957-592d-428d-892e-46a1ce023c5b","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":255,"box":{"x":117,"y":475,"width":699,"height":12}},{"id":"3650bb74-4d89-499f-a500-90f77a103b84","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where","page_number":255,"box":{"x":176,"y":490,"width":670,"height":12}},{"id":"e4be0ac3-7a0e-4ae8-b308-22beccb75691","block_type":"box","text":"default on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":255,"box":{"x":175,"y":506,"width":674,"height":12}},{"id":"2d72853b-87a0-4db6-811d-83625da0fb87","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":255,"box":{"x":117,"y":537,"width":498,"height":12}},{"id":"ce4031c2-88f9-4dce-b2d5-dbc6fe7eedab","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings,","page_number":255,"box":{"x":117,"y":568,"width":756,"height":12}},{"id":"ad520390-63b7-4bde-a006-05debebc643a","block_type":"box","text":"but the agency also publishes ratings, scores and other relative opinions relating to financial or","page_number":255,"box":{"x":117,"y":583,"width":706,"height":12}},{"id":"efa5ba11-ac57-4e38-935b-d317bf744a80","block_type":"box","text":"operational strength. For example, Fitch also provides specialized ratings of servicers of residential","page_number":255,"box":{"x":116,"y":599,"width":740,"height":12}},{"id":"18c1f7c0-a57e-49cc-8efc-e1454603931f","block_type":"box","text":"and commercial mortgages, asset managers and funds. In each case, users should refer to the","page_number":255,"box":{"x":116,"y":614,"width":711,"height":12}},{"id":"6e847007-60de-4cd2-a6ee-523a439351f4","block_type":"box","text":"definitions of each individual scale for guidance on the dimensions of risk covered in each assessment.","page_number":255,"box":{"x":116,"y":630,"width":769,"height":12}},{"id":"2d413d88-a9ab-4815-9b01-94f8ba1cea1f","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet","page_number":255,"box":{"x":117,"y":661,"width":702,"height":12}},{"id":"1bd0fd6b-fae0-4c35-8132-66ae03b663ae","block_type":"box","text":"financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims","page_number":255,"box":{"x":116,"y":676,"width":756,"height":12}},{"id":"78848876-b960-4ce9-b4d0-28e0082d4e4b","block_type":"box","text":"or counterparty obligations. Credit ratings relating to securities and obligations of an issuer can include","page_number":255,"box":{"x":116,"y":692,"width":761,"height":12}},{"id":"a0307354-cba6-4211-84a8-065d0986793b","block_type":"box","text":"a recovery expectation. Credit ratings are used by investors as indications of the likelihood of receiving","page_number":255,"box":{"x":116,"y":707,"width":761,"height":12}},{"id":"7942c658-494b-4e49-9118-8482c5416e9e","block_type":"box","text":"the money owed to them in accordance with the terms on which they invested. The agency’s credit","page_number":255,"box":{"x":116,"y":723,"width":733,"height":12}},{"id":"80f697e4-1377-41cd-b9f5-7a49d4401a5b","block_type":"box","text":"ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance","page_number":255,"box":{"x":117,"y":738,"width":763,"height":12}},{"id":"2fe3699e-edfa-491c-83a0-4858854a82ab","block_type":"box","text":"entities (including supranational and sub-national entities) and the securities or other obligations they","page_number":255,"box":{"x":116,"y":754,"width":749,"height":12}},{"id":"355b3ec2-b6be-4bad-b52f-7d2caab55ba5","block_type":"box","text":"issue, as well as structured finance securities backed by receivables or other financial assets.","page_number":255,"box":{"x":117,"y":769,"width":692,"height":12}},{"id":"fda784cc-587e-47e1-b313-1fc7aabbfcb2","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as","page_number":255,"box":{"x":116,"y":800,"width":718,"height":12}},{"id":"6425e717-b934-479f-90cd-5fc18c6b3ad0","block_type":"box","text":"shorthand to describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative","page_number":255,"box":{"x":116,"y":816,"width":732,"height":12}},{"id":"d0f17419-2997-45f0-91d5-e612f1d02a37","block_type":"box","text":"grade). The terms investment grade and speculative grade are market conventions and do not imply","page_number":255,"box":{"x":116,"y":831,"width":749,"height":12}},{"id":"78b100ce-e2ec-4158-852b-85feb3ff6def","block_type":"box","text":"any recommendation or endorsement of a specific security for investment purposes. Investment grade","page_number":255,"box":{"x":116,"y":847,"width":764,"height":12}},{"id":"811fe69b-b06d-4d5d-9b02-c8a30d46bcd1","block_type":"box","text":"categories indicate relatively low to moderate credit risk, while ratings in the speculative categories","page_number":255,"box":{"x":116,"y":862,"width":737,"height":12}},{"id":"62b5cf80-b0f1-41df-8f26-6342d1f1245b","block_type":"box","text":"either signal a higher level of credit risk or that a default has already occurred.","page_number":255,"box":{"x":116,"y":878,"width":584,"height":12}},{"id":"7696a267-8689-4e74-a864-e130c67697c7","block_type":"box","text":"A-7","page_number":255,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"7e4807a7-feeb-4d22-8f3a-f28770e96735","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":255,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"72ee9054-7b80-48fa-a222-e42135939dd9","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not","page_number":256,"box":{"x":117,"y":87,"width":750,"height":12}},{"id":"4fdb9985-b152-4698-8ce2-a06db440c151","block_type":"box","text":"and have not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":256,"box":{"x":116,"y":102,"width":603,"height":13}},{"id":"5563a3eb-b60b-4dd5-88f1-43c0d80ce9e1","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk","page_number":256,"box":{"x":117,"y":132,"width":770,"height":12}},{"id":"e1cbdc16-cf4f-467d-9b98-ff4ea74d79dd","block_type":"box","text":"and are not predictive of a specific frequency of default or loss. For information about the historical","page_number":256,"box":{"x":116,"y":147,"width":735,"height":12}},{"id":"8167766a-da4e-40b9-bdd7-b26b662e60bc","block_type":"box","text":"performance of ratings please refer to Fitch’s Ratings Transition and Default studies which detail the","page_number":256,"box":{"x":117,"y":163,"width":747,"height":12}},{"id":"22225127-6244-4fe7-aa84-d3b4cd5a52d2","block_type":"box","text":"historical default rates and their meaning. The European Securities and Markets Authority also","page_number":256,"box":{"x":117,"y":178,"width":705,"height":12}},{"id":"0bbe1e90-a3ce-4fcc-85db-c31e2b984430","block_type":"box","text":"maintains a central repository of historical default rates.","page_number":256,"box":{"x":117,"y":194,"width":415,"height":12}},{"id":"bbc3f258-bcf1-4f7f-bdba-145eef8435f5","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not","page_number":256,"box":{"x":117,"y":223,"width":756,"height":12}},{"id":"d85a6ee0-6ed7-4049-80f2-0886fe95ec68","block_type":"box","text":"deal with the risk of a market value loss on a rated security due to changes in interest rates, liquidity","page_number":256,"box":{"x":116,"y":239,"width":747,"height":12}},{"id":"7e1ca14e-5266-4459-b046-c53b31d29b4c","block_type":"box","text":"and other market considerations. However, in terms of payment obligation on the rated liability, market","page_number":256,"box":{"x":116,"y":254,"width":765,"height":12}},{"id":"9f976136-d9cc-4ae1-83b1-af506e59a099","block_type":"box","text":"risk may be considered to the extent that it influences the ability of an issuer to pay upon a","page_number":256,"box":{"x":117,"y":270,"width":674,"height":12}},{"id":"07830d93-5b9c-4be6-ba23-16b3bd7a809b","block_type":"box","text":"commitment.","page_number":256,"box":{"x":116,"y":285,"width":101,"height":10}},{"id":"f3c5fb59-ae8b-407e-b9e3-e33f6d3bc54e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other","page_number":256,"box":{"x":117,"y":314,"width":709,"height":12}},{"id":"c0b49687-2489-4a7f-94b5-4015e912260a","block_type":"box","text":"conditionality of the obligation to pay upon a commitment (for example, in the case of index-linked","page_number":256,"box":{"x":116,"y":330,"width":731,"height":12}},{"id":"6becd7e3-d07f-4097-9748-57aeb7d8b408","block_type":"box","text":"bonds).","page_number":256,"box":{"x":117,"y":345,"width":59,"height":12}},{"id":"eecfaa96-ec95-48fb-bf91-303ca97fcf33","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency","page_number":256,"box":{"x":117,"y":375,"width":725,"height":12}},{"id":"cd092c4b-e62e-4f88-ba4f-539d3502e3bf","block_type":"box","text":"typically rates to the likelihood of non-payment or default in accordance with the terms of that","page_number":256,"box":{"x":116,"y":390,"width":695,"height":12}},{"id":"fe66639a-8434-4681-9a6a-8b3ecc3cb53f","block_type":"box","text":"instrument’s documentation. In limited cases, Fitch may include additional considerations (i.e. rate to a","page_number":256,"box":{"x":117,"y":406,"width":764,"height":12}},{"id":"449ad994-5ce8-42bd-b991-44a70e8ea40c","block_type":"box","text":"higher or lower standard than that implied in the obligation’s documentation).","page_number":256,"box":{"x":117,"y":421,"width":573,"height":12}},{"id":"31da9b02-c8d8-4820-90cf-a7b43dc2339a","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or","page_number":256,"box":{"x":116,"y":450,"width":719,"height":12}},{"id":"9bb5ed3f-b3cc-4845-bbf2-f125f9919fef","block_type":"box","text":"certain note issuance programs or for private ratings. In this case the rating is not published, but only","page_number":256,"box":{"x":116,"y":466,"width":753,"height":12}},{"id":"f186ce12-1786-4649-b1cb-8857f134ab72","block_type":"box","text":"provided to the issuer or its agents in the form of a rating letter.","page_number":256,"box":{"x":117,"y":481,"width":472,"height":12}},{"id":"d4726a4c-3afa-480d-ab0c-54e1b31f26ab","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope,","page_number":256,"box":{"x":116,"y":511,"width":702,"height":12}},{"id":"8c777f01-02e8-4a73-bfbc-4ad08ab9ab4a","block_type":"box","text":"including interest strips and return of principal or in other forms of opinions such as credit opinions or","page_number":256,"box":{"x":117,"y":526,"width":751,"height":12}},{"id":"dde7275e-2e79-4685-8a3f-ee8e047a0d6b","block_type":"box","text":"rating assessment services. Credit opinions are either a notch- or category-specific view using the","page_number":256,"box":{"x":117,"y":542,"width":731,"height":12}},{"id":"56b2a14b-ac18-43c9-9246-1c06f5d30800","block_type":"box","text":"primary rating scale and omit one or more characteristics of a full rating or meet them to a different","page_number":256,"box":{"x":117,"y":557,"width":736,"height":12}},{"id":"3e8e85f2-3b8d-4152-b584-720101ff9d8e","block_type":"box","text":"standard. Credit opinions will be indicated using a lower case letter symbol combined with either an ‘*’","page_number":256,"box":{"x":116,"y":573,"width":760,"height":12}},{"id":"e852b5ee-ff37-4dea-b833-741822729a64","block_type":"box","text":"(e.g. ‘bbb+*’) or (cat) suffix to denote the opinion status. Credit opinions will be point-in-time typically","page_number":256,"box":{"x":117,"y":588,"width":748,"height":12}},{"id":"c3deaf47-f153-483c-a3ad-2eb2cdee49de","block_type":"box","text":"but may be monitored if the analytical group believes information will be sufficiently available. Rating","page_number":256,"box":{"x":117,"y":604,"width":748,"height":12}},{"id":"e38699ec-ec8a-4b3d-b4ef-15c75db3f9aa","block_type":"box","text":"assessment services are a notch-specific view using the primary rating scale of how an existing or","page_number":256,"box":{"x":116,"y":619,"width":733,"height":12}},{"id":"a3cab48c-3c21-4635-93d7-d80688d665f7","block_type":"box","text":"potential rating may be changed by a given set of hypothetical circumstances. While credit opinions","page_number":256,"box":{"x":117,"y":635,"width":742,"height":12}},{"id":"25f2f205-0eb3-43e9-b5ee-a23e7e9ed398","block_type":"box","text":"and rating assessment services are point-in-time and are not monitored, they may have a directional","page_number":256,"box":{"x":116,"y":650,"width":750,"height":12}},{"id":"a4d0f6cf-0c30-4ad2-b4f8-789688de3843","block_type":"box","text":"watch or outlook assigned, which can signify the trajectory of the credit profile.","page_number":256,"box":{"x":116,"y":666,"width":579,"height":12}},{"id":"6d3fe0b5-1afd-4e48-b448-e2ec13006508","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":256,"box":{"x":117,"y":695,"width":629,"height":12}},{"id":"f0ed8a07-9b81-4dd8-b08f-7c02503e3992","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative","page_number":256,"box":{"x":117,"y":724,"width":677,"height":12}},{"id":"c62bef40-5599-4baf-9058-e1e851ea3955","block_type":"box","text":"vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a","page_number":256,"box":{"x":116,"y":740,"width":746,"height":12}},{"id":"ef33107b-01aa-4539-8bad-1b9e2c7e72a0","block_type":"box","text":"measure of recovery given default on that liability is also included in the rating assessment. This","page_number":256,"box":{"x":117,"y":755,"width":711,"height":12}},{"id":"d52f9f84-e499-4eeb-a8e5-1e4abf321b3b","block_type":"box","text":"notably applies to covered bonds ratings, which incorporate both an indication of the probability of","page_number":256,"box":{"x":117,"y":771,"width":725,"height":12}},{"id":"3d0e7124-0d82-4a76-ad9f-e194ffd74c17","block_type":"box","text":"default and of the recovery given a default of this debt instrument. On the contrary, Ratings of","page_number":256,"box":{"x":116,"y":786,"width":695,"height":12}},{"id":"55e0fea9-8b97-4e7f-ab87-af3043c176db","block_type":"box","text":"debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":256,"box":{"x":116,"y":802,"width":636,"height":12}},{"id":"645951a1-a18b-4d40-acac-39964b977628","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average","page_number":256,"box":{"x":116,"y":831,"width":750,"height":12}},{"id":"1f28c1f1-e63d-4a59-b818-503c5bdee5aa","block_type":"box","text":"recovery. Individual obligations can be assigned ratings higher, lower, or the same as that entity’s","page_number":256,"box":{"x":117,"y":847,"width":728,"height":12}},{"id":"99eeab55-6c02-42be-ab32-3328e60aca5e","block_type":"box","text":"issuer rating or issuer default rating (“IDR”), based on their relative ranking, relative vulnerability to","page_number":256,"box":{"x":117,"y":862,"width":733,"height":12}},{"id":"e59502f5-4772-4bc2-86bc-c17cc1280e76","block_type":"box","text":"default or based on explicit Recovery Ratings.","page_number":256,"box":{"x":116,"y":877,"width":347,"height":13}},{"id":"5f1f59ba-f260-4bc7-bb56-7bd568207aa8","block_type":"box","text":"A-8","page_number":256,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"848324a3-5b5c-4e71-b702-d77589f9aee7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":256,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"317379ee-d7d2-40e6-a598-9adfdf32eb6d","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower,","page_number":257,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"22a2f513-a4ab-4e63-ab66-9183384556f8","block_type":"box","text":"or the same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an","page_number":257,"box":{"x":116,"y":102,"width":766,"height":13}},{"id":"c92cf5a2-a2cb-4afa-a5c0-aa2f9ffafefe","block_type":"box","text":"IDR. At the lower end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to","page_number":257,"box":{"x":117,"y":118,"width":756,"height":12}},{"id":"25b793f4-f431-49bc-b179-ff5c31b72117","block_type":"box","text":"complement issuer and obligation ratings.","page_number":257,"box":{"x":116,"y":134,"width":315,"height":12}},{"id":"03ae45dd-3ce8-4b7c-b702-6649a635a480","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":257,"box":{"x":117,"y":165,"width":412,"height":12}},{"id":"7ef0b179-6555-43d3-9c09-8e212705ca2f","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are","page_number":257,"box":{"x":116,"y":196,"width":731,"height":12}},{"id":"0fcb329e-16c7-484b-8299-ee55b305990d","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments.","page_number":257,"box":{"x":175,"y":211,"width":700,"height":12}},{"id":"01d853a7-2fcd-4028-865d-21b59d156b98","block_type":"box","text":"This capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":257,"box":{"x":175,"y":227,"width":586,"height":12}},{"id":"1c291743-4d4e-4d07-863b-cdf625706c86","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate","page_number":257,"box":{"x":116,"y":250,"width":765,"height":12}},{"id":"760d15c1-35dc-465f-b7d8-e12478b50e5a","block_type":"box","text":"very strong capacity for payment of financial commitments. This capacity is not significantly","page_number":257,"box":{"x":175,"y":265,"width":682,"height":12}},{"id":"26d63c2b-02f1-4f46-8f62-b5d2be8b0f39","block_type":"box","text":"vulnerable to foreseeable events.","page_number":257,"box":{"x":175,"y":281,"width":252,"height":9}},{"id":"1087f961-3246-4862-b32d-919ce88cb8ac","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment","page_number":257,"box":{"x":116,"y":304,"width":767,"height":12}},{"id":"f717ef7c-0d01-4ed1-b750-ba578f607599","block_type":"box","text":"of financial commitments is considered strong. 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Short-term deposit ratings may be adjusted for loss","page_number":257,"box":{"x":116,"y":738,"width":748,"height":12}},{"id":"f12061df-68db-468f-afbe-8c1fb2fe0d0a","block_type":"box","text":"severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as “short term”","page_number":257,"box":{"x":116,"y":754,"width":755,"height":12}},{"id":"4183fd1f-1847-4fd0-8b73-d840defe49bd","block_type":"box","text":"based on market convention. Typically, this means up to 13 months for corporate, sovereign, and","page_number":257,"box":{"x":117,"y":769,"width":720,"height":12}},{"id":"755be4d6-81f9-4ad9-9734-8cb82f5df76f","block_type":"box","text":"structured obligations and up to 36 months for obligations in U.S. public finance markets.","page_number":257,"box":{"x":116,"y":785,"width":658,"height":12}},{"id":"30601177-78cd-4c39-b0fa-dd2ca544f321","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":257,"box":{"x":117,"y":816,"width":283,"height":12}},{"id":"9c986edb-6430-4348-8e04-93cf40e25476","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment","page_number":257,"box":{"x":117,"y":847,"width":765,"height":12}},{"id":"01d25c94-a225-4234-a78e-2d5e0a2c385d","block_type":"box","text":"of financial commitments; may have an added “+” to denote any exceptionally strong credit","page_number":257,"box":{"x":175,"y":862,"width":679,"height":12}},{"id":"70815ca4-bb1a-472c-aec9-9d2f6b7ff5d5","block_type":"box","text":"feature.","page_number":257,"box":{"x":175,"y":878,"width":61,"height":9}},{"id":"1f77e680-8306-4e78-a3e6-c18534f72b88","block_type":"box","text":"A-9","page_number":257,"box":{"x":486,"y":909,"width":26,"height":9}},{"id":"0b561e95-106e-4437-82b1-402f94d55043","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":257,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c562d10b-8621-4c39-84a4-1fa8efdff8aa","block_type":"box","text":"F2 Good Short-Term Credit Quality.","page_number":258,"box":{"x":117,"y":87,"width":299,"height":12}},{"id":"6615965f-35ed-4283-b1b3-ae23c7e3d557","block_type":"box","text":"Good intrinsic capacity for timely payment of financial","page_number":258,"box":{"x":423,"y":87,"width":400,"height":12}},{"id":"afe84119-2868-4dea-b181-e7f2a25d7c2d","block_type":"box","text":"commitments.","page_number":258,"box":{"x":175,"y":103,"width":109,"height":9}},{"id":"02a38f9f-cfe8-4452-8c90-6d1e28163cac","block_type":"box","text":"F3 Fair Short-Term Credit Quality.","page_number":258,"box":{"x":117,"y":126,"width":286,"height":12}},{"id":"7450634a-a5ca-4ee5-90eb-71b1f427e69c","block_type":"box","text":"The intrinsic capacity for timely payment of financial","page_number":258,"box":{"x":410,"y":126,"width":389,"height":12}},{"id":"c31f928d-8dbc-4090-a26e-460858eed0ba","block_type":"box","text":"commitments is adequate.","page_number":258,"box":{"x":175,"y":141,"width":201,"height":12}},{"id":"462b7d32-6f48-4a7f-897a-a297d862903a","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":258,"box":{"x":117,"y":165,"width":707,"height":12}},{"id":"f536c33f-489b-4c10-8ea5-c5d9c768608d","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":258,"box":{"x":175,"y":180,"width":671,"height":12}},{"id":"a408e482-12b8-4282-9558-042bc4925fa0","block_type":"box","text":"economic conditions.","page_number":258,"box":{"x":175,"y":196,"width":161,"height":9}},{"id":"955f4008-c672-4efe-b571-aed4b24e3692","block_type":"box","text":"C High Short-Term Default Risk.","page_number":258,"box":{"x":117,"y":219,"width":281,"height":12}},{"id":"8fbf8091-d3e6-4aac-87b4-ec0621aa6930","block_type":"box","text":"Default is a real possibility.","page_number":258,"box":{"x":405,"y":219,"width":203,"height":12}},{"id":"be6a96a2-2f4c-41d6-b39a-d6a61724b27e","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":258,"box":{"x":117,"y":242,"width":705,"height":12}},{"id":"f3c8a5f8-8689-4e09-8718-fb6e45c5c282","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to","page_number":258,"box":{"x":175,"y":258,"width":697,"height":12}},{"id":"d8de5b27-36f3-424d-8b81-aada080a314e","block_type":"box","text":"entity ratings only.","page_number":258,"box":{"x":175,"y":273,"width":140,"height":12}},{"id":"1f640bfd-a61c-4be7-a0c0-e7d09a8a9004","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":258,"box":{"x":117,"y":296,"width":721,"height":12}},{"id":"a63c255c-8e21-4412-88d2-cdfeb728e152","block_type":"box","text":"obligation.","page_number":258,"box":{"x":175,"y":312,"width":81,"height":12}},{"id":"fa2abf0e-d64e-4f80-aea1-d75496178b14","block_type":"box","text":"A-10","page_number":258,"box":{"x":482,"y":909,"width":35,"height":9}},{"id":"7e3cfd9e-ca60-4d98-aab7-70c6b4380f74","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":258,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"59c58f4e-da40-4c3b-ae1a-854fc901c5ed","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":259,"box":{"x":380,"y":87,"width":508,"height":12}},{"id":"57230830-fc8e-413a-b3a1-d6b3dad7ba9e","block_type":"box","text":"Appendix B","page_number":259,"box":{"x":453,"y":118,"width":98,"height":11}},{"id":"db01ebfc-35d4-4542-bdc3-a0888e2b5ba3","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":259,"box":{"x":230,"y":148,"width":544,"height":12}},{"id":"e22b73f6-de44-4c8b-af60-e1e5868c3b47","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":259,"box":{"x":229,"y":178,"width":547,"height":12}},{"id":"4557598e-d842-4417-92fc-b1d1ebd63912","block_type":"box","text":"Effective Date: January 1, 2025","page_number":259,"box":{"x":383,"y":209,"width":239,"height":12}},{"id":"b1270cfd-c632-4a5c-b5a2-25211110f0e9","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":259,"box":{"x":116,"y":247,"width":566,"height":12}},{"id":"d03dc206-7f69-4598-989a-e37ce2c96845","block_type":"box","text":"‘","page_number":259,"box":{"x":116,"y":276,"width":16,"height":12}},{"id":"834a4bb0-51d6-40c1-8402-da82397def0e","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":259,"box":{"x":132,"y":277,"width":444,"height":12}},{"id":"089f7789-cdea-43ae-abd5-313e0aa468d5","block_type":"box","text":"È","page_number":259,"box":{"x":116,"y":292,"width":16,"height":12}},{"id":"b173bb4a-4181-42e7-87d6-0eeaa1739250","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":259,"box":{"x":132,"y":293,"width":663,"height":12}},{"id":"e3554a05-c2dd-4dfa-98d0-c9da9a2c30ac","block_type":"box","text":"‘","page_number":259,"box":{"x":116,"y":307,"width":16,"height":12}},{"id":"85e76e22-adc7-4125-9ae0-395d8c15a85c","block_type":"box","text":"Money Market 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in","page_number":259,"box":{"x":116,"y":492,"width":765,"height":12}},{"id":"30340a76-c652-48a4-bc02-a09ca77e1f70","block_type":"box","text":"the best interests of the Funds and their shareholders to delegate the responsibility to vote proxies to","page_number":259,"box":{"x":116,"y":507,"width":754,"height":12}},{"id":"4e0b50ea-7e14-4b83-aa5b-51ecd8d83260","block_type":"box","text":"BlackRock, subject to the principles outlined in this Policy, as part of BlackRock’s authority to manage,","page_number":259,"box":{"x":117,"y":523,"width":764,"height":12}},{"id":"7e610da3-438d-404a-8ef5-aab534ac797b","block_type":"box","text":"acquire and dispose of account assets, all as contemplated by the Funds’ respective investment","page_number":259,"box":{"x":116,"y":538,"width":718,"height":12}},{"id":"8e5e533b-1404-42e8-ba16-9d6ce184ad67","block_type":"box","text":"management 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The Guidelines include “climate and decarbonization”","page_number":259,"box":{"x":117,"y":615,"width":741,"height":12}},{"id":"e583c80c-4a34-4c9b-8e8f-a052bdc2efae","block_type":"box","text":"guidelines which apply to the Funds listed in Appendix A, if any.","page_number":259,"box":{"x":116,"y":631,"width":477,"height":12}},{"id":"725179e4-60fd-409a-ba95-cfb12ebb4010","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy","page_number":259,"box":{"x":117,"y":661,"width":714,"height":12}},{"id":"0ff3bed4-94ea-4f2b-80fe-007df9d8dc53","block_type":"box","text":"issues in respect of securities held by each such Fund (or may refrain from voting) in accordance with","page_number":259,"box":{"x":117,"y":677,"width":753,"height":12}},{"id":"742acdf2-506a-46ea-a126-bb9fe95f02bd","block_type":"box","text":"the Guidelines.","page_number":259,"box":{"x":116,"y":692,"width":110,"height":10}},{"id":"fad65381-e1a9-4250-81ad-f5d2f89d83bf","block_type":"box","text":"Conflicts Management","page_number":259,"box":{"x":116,"y":723,"width":179,"height":12}},{"id":"b745182b-e942-41bd-b665-a6d2d6922d7b","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to","page_number":259,"box":{"x":117,"y":753,"width":729,"height":12}},{"id":"7a5b4181-2a26-4dc6-90a4-31cbb9380c49","block_type":"box","text":"prevent undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of","page_number":259,"box":{"x":117,"y":769,"width":714,"height":12}},{"id":"40c986b3-ca75-463e-897c-29d7ca8e63ec","block_type":"box","text":"interest in the exercise of proxy voting responsibilities. 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The benchmark policy also may apply to","page_number":264,"box":{"x":170,"y":799,"width":685,"height":10}},{"id":"8d6c28fa-fbc9-418f-be9b-1dac8b30621d","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or","page_number":264,"box":{"x":170,"y":812,"width":709,"height":10}},{"id":"45b4ee5c-0efb-46a0-8152-c1f0a9337d63","block_type":"box","text":"conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":264,"box":{"x":170,"y":825,"width":676,"height":10}},{"id":"7fd3e5cf-8b66-48a1-b182-5d1b31d08579","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":264,"box":{"x":171,"y":838,"width":631,"height":10}},{"id":"769a7404-5b49-4bf4-b867-75eb31bdce50","block_type":"box","text":"2","page_number":264,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"7dde310a-6340-4f5b-96d5-790d54ec5de1","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a","page_number":264,"box":{"x":171,"y":854,"width":709,"height":9}},{"id":"4ce63e7b-a8de-4390-b4ed-5b5162727b68","block_type":"box","text":"strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a result,","page_number":264,"box":{"x":170,"y":867,"width":692,"height":9}},{"id":"6f273e04-701c-4e1f-8aab-8f0428a9d915","block_type":"box","text":"there are two stewardship teams, which operate independently of one another and have separate voting policies.","page_number":264,"box":{"x":170,"y":880,"width":669,"height":9}},{"id":"14ea3dfe-454f-4643-9223-b2605b277970","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":264,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"9f11965a-e637-4514-a49f-6ea3fbd1b9b3","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":264,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"5093ed46-f1a4-4691-b1f5-db30bbd6f4e6","block_type":"box","text":"3","page_number":264,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"444af0cf-7fdd-46dc-ba8d-77a590af0be0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":264,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"3c13c6e0-7ef6-4eaf-bee6-9b317034f5a8","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":265,"box":{"x":366,"y":87,"width":273,"height":10}},{"id":"40507c4a-0f45-4c8a-8cee-f80f95910979","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its","page_number":265,"box":{"x":117,"y":117,"width":741,"height":12}},{"id":"6d84e6bc-b8f1-4f5d-8519-6af7a3a1eb46","block_type":"box","text":"own – it belongs to BlackRock’s clients, many of whom make their own asset allocation and portfolio","page_number":265,"box":{"x":116,"y":133,"width":749,"height":12}},{"id":"ecc0efc4-5965-4ca1-93ff-b0a1fab91221","block_type":"box","text":"construction decisions. As a fiduciary, BlackRock invests on clients’ behalf to help them meet their","page_number":265,"box":{"x":116,"y":148,"width":733,"height":12}},{"id":"4d75e206-c9cd-496c-8f5c-c5d06fbbda81","block_type":"box","text":"investment objectives. The firm does this by understanding clients’ long-term investment objectives","page_number":265,"box":{"x":117,"y":164,"width":739,"height":12}},{"id":"07323d48-f54c-4a17-a1e7-f8cedccf4f6e","block_type":"box","text":"and offering choice on how and where they wish to invest their money. BlackRock then helps clients","page_number":265,"box":{"x":116,"y":179,"width":747,"height":12}},{"id":"ae8af414-d186-41fd-95be-b88ee99512d9","block_type":"box","text":"seek the best risk-adjusted returns based on those choices, underpinning this work with research, data","page_number":265,"box":{"x":116,"y":195,"width":768,"height":12}},{"id":"15a9afc5-69ef-4882-83b3-6e1dc25846d7","block_type":"box","text":"and analytics.","page_number":265,"box":{"x":116,"y":210,"width":107,"height":12}},{"id":"9d52bf82-7453-4544-b6a9-8412879f6e73","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our","page_number":265,"box":{"x":116,"y":241,"width":748,"height":12}},{"id":"28b4034e-6281-4610-acbc-4603265911ee","block_type":"box","text":"clients. As stewards of our clients’ assets, we engage with companies to discuss the corporate","page_number":265,"box":{"x":116,"y":256,"width":706,"height":12}},{"id":"0120eea3-dcc9-4f17-bc6d-18ba022f9172","block_type":"box","text":"governance and business practices that, in our experience, support companies in delivering durable,","page_number":265,"box":{"x":116,"y":272,"width":751,"height":12}},{"id":"d42b607b-e0be-47be-8478-41f9b1c31cd3","block_type":"box","text":"risk-adjusted financial returns over time. We are committed to building strong relationships through","page_number":265,"box":{"x":117,"y":287,"width":736,"height":12}},{"id":"c534cd48-8d2c-4a25-a881-7a33e563f3d6","block_type":"box","text":"constructive, ongoing dialogue with the boards and executive management of the companies in which","page_number":265,"box":{"x":116,"y":303,"width":760,"height":12}},{"id":"bc2d9f3f-7658-436b-a163-98aef1046067","block_type":"box","text":"our clients are invested.","page_number":265,"box":{"x":116,"y":318,"width":182,"height":10}},{"id":"fbd58957-05e3-4df6-b034-997526a50d38","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":265,"box":{"x":259,"y":356,"width":486,"height":9}},{"id":"657ed21e-2fbd-49fc-9f65-7acb48c8d057","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management","page_number":265,"box":{"x":117,"y":386,"width":764,"height":12}},{"id":"378be48c-ff99-4a35-a4eb-81da26ec759b","block_type":"box","text":"Group and manages BlackRock’s stewardship engagement and voting on behalf of clients invested in","page_number":265,"box":{"x":117,"y":402,"width":758,"height":12}},{"id":"ca5ffddf-ed54-40e9-abac-198f6ecee44e","block_type":"box","text":"active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income","page_number":265,"box":{"x":116,"y":417,"width":755,"height":12}},{"id":"0f2589d9-7bf6-4184-a728-cf215ed3c689","block_type":"box","text":"strategies, where appropriate. Our activities are informed by these Global Engagement and Voting","page_number":265,"box":{"x":116,"y":433,"width":735,"height":12}},{"id":"5fb7a90d-9634-4424-ab0b-e68b37370a42","block_type":"box","text":"Guidelines (the “Guidelines”) and insights from active investment analysts and portfolio managers, with","page_number":265,"box":{"x":117,"y":448,"width":768,"height":12}},{"id":"3c65fd64-467d-46b4-8ae3-d9f99e67c508","block_type":"box","text":"whom we work closely in engaging companies and voting at shareholder meetings.","page_number":265,"box":{"x":116,"y":464,"width":622,"height":12}},{"id":"eb23f616-000e-4caf-9cdf-058c7bf23f9e","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within","page_number":265,"box":{"x":117,"y":494,"width":680,"height":12}},{"id":"903255c6-97ef-4a5f-95d3-1248cab7a10a","block_type":"box","text":"fundamental active investing.","page_number":265,"box":{"x":116,"y":509,"width":215,"height":13}},{"id":"5bfd5d18-d18b-4b47-8f00-db72b466e80b","block_type":"box","text":"3","page_number":265,"box":{"x":333,"y":510,"width":5,"height":6}},{"id":"c7981517-bf74-44e2-a922-9b3501e8ec86","block_type":"box","text":"Through direct dialogue with company leadership, we seek to","page_number":265,"box":{"x":339,"y":510,"width":466,"height":12}},{"id":"10c78689-b03c-4b3d-8058-c84bb2ef4422","block_type":"box","text":"understand their businesses and how they manage risks and opportunities to deliver durable, risk","page_number":265,"box":{"x":117,"y":525,"width":727,"height":12}},{"id":"d47ad1fb-0910-4866-8fc9-43165c96753c","block_type":"box","text":"adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or","page_number":265,"box":{"x":116,"y":540,"width":716,"height":13}},{"id":"a185cf4a-6db0-4702-92bc-7e57fd2ea97f","block_type":"box","text":"independently on material corporate governance matters. Our discussions focus on topics relevant to a","page_number":265,"box":{"x":117,"y":556,"width":769,"height":12}},{"id":"a4e61899-4c85-4335-8e8d-03cfe424b25a","block_type":"box","text":"company’s success over time, including governance and leadership, corporate strategy, capital","page_number":265,"box":{"x":116,"y":572,"width":711,"height":12}},{"id":"032d3271-4886-43b9-b849-3d430f1518ba","block_type":"box","text":"structure and financial performance, operations and material sustainability-related risks, as well as","page_number":265,"box":{"x":116,"y":587,"width":734,"height":12}},{"id":"cd707909-b000-4371-89a8-2c4a20509975","block_type":"box","text":"macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":265,"box":{"x":117,"y":603,"width":717,"height":12}},{"id":"494ad351-179e-4b31-9363-42a0908ab555","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim","page_number":265,"box":{"x":116,"y":618,"width":770,"height":12}},{"id":"9df5ab39-e70f-4ea5-a96e-9426ec3d6e7c","block_type":"box","text":"to build and maintain strong relationships with company leadership based on open dialogue and","page_number":265,"box":{"x":116,"y":634,"width":717,"height":12}},{"id":"ed2fa515-bdef-4e80-ba52-465d30e4f5ae","block_type":"box","text":"mutual respect.","page_number":265,"box":{"x":117,"y":649,"width":118,"height":12}},{"id":"da87b3e8-5983-432f-ba50-5458b390c1b3","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the","page_number":265,"box":{"x":117,"y":679,"width":744,"height":12}},{"id":"d1112c18-b07e-4607-883c-081f241eedd7","block_type":"box","text":"latitude each portfolio manager has to make independent voting decisions on their holdings. For","page_number":265,"box":{"x":117,"y":695,"width":711,"height":12}},{"id":"27b70a76-c005-4287-9d3b-d797b40acd28","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance","page_number":265,"box":{"x":116,"y":710,"width":732,"height":12}},{"id":"a45e5696-c66e-4ce7-9335-ba4c05477c5e","block_type":"box","text":"with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":265,"box":{"x":116,"y":726,"width":751,"height":12}},{"id":"ec59bada-9648-478a-aeeb-753386726593","block_type":"box","text":"who may determine to vote differently based on each portfolio’s investment objectives and strategy.","page_number":265,"box":{"x":116,"y":741,"width":737,"height":12}},{"id":"501f7eba-9aea-41c8-9c11-eda2d9506d50","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":265,"box":{"x":116,"y":772,"width":749,"height":12}},{"id":"14ec0fd7-53dd-4648-98a3-40ad9a949235","block_type":"box","text":"management teams and board directors","page_number":265,"box":{"x":117,"y":787,"width":297,"height":12}},{"id":"626673f6-275d-437d-93fb-dfa508c6a465","block_type":"box","text":"4","page_number":265,"box":{"x":414,"y":787,"width":6,"height":6}},{"id":"1947bb6f-ec0f-477a-8608-7bd505c5f9f6","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We","page_number":265,"box":{"x":424,"y":787,"width":456,"height":12}},{"id":"0978818e-6373-437b-bc51-5cbb9cac2ec6","block_type":"box","text":"3","page_number":265,"box":{"x":143,"y":812,"width":4,"height":5}},{"id":"3cc5a2e5-13d9-4ef9-817e-f52b290d0cc8","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":265,"box":{"x":170,"y":812,"width":660,"height":10}},{"id":"2837dead-1aa2-4893-b186-a8b56e7814a9","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":265,"box":{"x":170,"y":825,"width":695,"height":10}},{"id":"bb718be9-1818-439f-9680-30fd52bcf2e7","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":265,"box":{"x":170,"y":838,"width":707,"height":10}},{"id":"26fdf124-1dcf-4482-87ef-5cf13eafac8b","block_type":"box","text":"of changing or influencing control of the company.","page_number":265,"box":{"x":170,"y":851,"width":295,"height":10}},{"id":"8518c10f-62d5-4882-81cf-1f4e6679af66","block_type":"box","text":"4","page_number":265,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"f9de3521-16f9-46f6-bd60-4bd2e4f6088c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory boards","page_number":265,"box":{"x":171,"y":866,"width":710,"height":10}},{"id":"7a716aa6-bb75-42d1-a632-2be8aa8bbdec","block_type":"box","text":"and their members, where relevant.","page_number":265,"box":{"x":170,"y":879,"width":210,"height":9}},{"id":"3ea8a5db-b32f-4ec8-baa2-d803fa2d3d5a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":265,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3893f92a-ad27-4a3b-9545-0ed95a12651b","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":265,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"a991f823-3432-4467-a149-b073383a8b2d","block_type":"box","text":"4","page_number":265,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"36a5c78c-c52e-4e7a-9b47-6461b4191142","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":265,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7b660795-707b-41d2-9e3e-8decc674966b","block_type":"box","text":"recognize that accepted corporate governance norms can differ across markets, and believe these","page_number":266,"box":{"x":117,"y":87,"width":736,"height":12}},{"id":"e82b20a5-0be6-421e-8ae2-27e269862e75","block_type":"box","text":"guidelines represent globally applicable elements of governance that support a company’s ability to","page_number":266,"box":{"x":116,"y":102,"width":741,"height":13}},{"id":"0f8b2512-bf84-43b8-8db2-ccbd866ddec3","block_type":"box","text":"manage material risks and opportunities and deliver financial returns to investors. Generally, we","page_number":266,"box":{"x":117,"y":118,"width":715,"height":12}},{"id":"2c13d3d8-86ec-429d-a80a-87faf74afe2f","block_type":"box","text":"believe companies should observe accepted corporate governance norms within their local markets or,","page_number":266,"box":{"x":117,"y":134,"width":768,"height":12}},{"id":"ceed2b8f-e385-4398-846c-4a1a506e3518","block_type":"box","text":"particularly in markets without well-established norms, aspire to widely recognized international best","page_number":266,"box":{"x":117,"y":149,"width":746,"height":12}},{"id":"c9eed462-59fa-4e81-8860-657f5c6d21b6","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a","page_number":266,"box":{"x":117,"y":165,"width":739,"height":12}},{"id":"eedce745-261e-405d-84f0-c60831dfc7de","block_type":"box","text":"company’s strategy or its implementation. We look to companies to provide disclosures that explain","page_number":266,"box":{"x":116,"y":180,"width":743,"height":12}},{"id":"dbda05fe-4701-43f4-9491-e54e86195332","block_type":"box","text":"how their approach to corporate governance best aligns with the financial interests of their investors.","page_number":266,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"1de9f80d-97e3-46b4-870d-c771f5d1de01","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":266,"box":{"x":246,"y":234,"width":513,"height":11}},{"id":"afb07316-5011-41bc-8758-c630776aa7b5","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":266,"box":{"x":116,"y":265,"width":713,"height":12}},{"id":"68800696-29bd-49f6-91d1-dd5e8c379a8b","block_type":"box","text":"corporate governance. The voting rights attached to clients’ holdings are an important mechanism for","page_number":266,"box":{"x":116,"y":281,"width":756,"height":12}},{"id":"a6b1598b-378a-49ee-83d1-3290f4c8796f","block_type":"box","text":"investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":266,"box":{"x":117,"y":296,"width":692,"height":12}},{"id":"4404173e-3d50-4910-a8de-dfeb3c0f0675","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have","page_number":266,"box":{"x":117,"y":312,"width":720,"height":12}},{"id":"5167d2da-6e46-4c11-a5c6-616e4aba09ec","block_type":"box","text":"delegated voting authority to us, in a manner consistent with BlackRock’s contractual arrangements","page_number":266,"box":{"x":116,"y":327,"width":743,"height":12}},{"id":"e971b253-fae5-42cc-af10-7b329b3e5558","block_type":"box","text":"with clients and funds.","page_number":266,"box":{"x":116,"y":343,"width":170,"height":9}},{"id":"c5e1c505-8aa9-41c0-9710-4f36dcc3d206","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As","page_number":266,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"229868fd-04be-4427-819b-e561e7ad6c18","block_type":"box","text":"indicated below, we may vote against management recommendations when we have concerns about","page_number":266,"box":{"x":117,"y":389,"width":755,"height":12}},{"id":"15afe5eb-d53f-4298-9091-88ca3024bce5","block_type":"box","text":"how companies are serving the financial interests of our clients as their shareholders. BAIS takes a","page_number":266,"box":{"x":117,"y":405,"width":740,"height":12}},{"id":"121f6008-7c35-40c9-b6b3-a0bde45addb5","block_type":"box","text":"globally consistent approach to voting but considers the different corporate governance regulations and","page_number":266,"box":{"x":116,"y":420,"width":772,"height":12}},{"id":"37584b82-c7a8-4dc4-9aa3-22ce811d43fb","block_type":"box","text":"norms across markets. Votes are determined on a case-by-case basis, in the context of a company’s","page_number":266,"box":{"x":117,"y":436,"width":753,"height":12}},{"id":"6fceb2ed-973c-4e68-a2ba-7722c218e967","block_type":"box","text":"situation and the investment mandate we have from clients. Please see page 19 for more information","page_number":266,"box":{"x":116,"y":451,"width":756,"height":12}},{"id":"4aac4bf6-b571-45ee-90a7-6986b03fd743","block_type":"box","text":"about how we fulfill and oversee our investment stewardship responsibilities for BlackRock’s non-index","page_number":266,"box":{"x":116,"y":467,"width":768,"height":12}},{"id":"dc9f1895-cf72-419a-828f-cd24fb721df1","block_type":"box","text":"equity strategies.","page_number":266,"box":{"x":116,"y":482,"width":125,"height":12}},{"id":"bd6b5a3f-88cf-4c12-b04e-bc9fb80e3c6f","block_type":"box","text":"5","page_number":266,"box":{"x":243,"y":483,"width":6,"height":6}},{"id":"4bdb776b-e15c-46ff-8b96-35395355cec9","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":266,"box":{"x":257,"y":521,"width":490,"height":10}},{"id":"6beef770-52ff-4668-b610-d40f017a1c74","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer","page_number":266,"box":{"x":116,"y":552,"width":695,"height":12}},{"id":"8da3d413-8274-4e5b-9837-af98457b01ca","block_type":"box","text":"engagement is a component of fixed income investment strategies at BlackRock, particularly for those","page_number":266,"box":{"x":116,"y":568,"width":762,"height":12}},{"id":"9e73a8db-357d-4a9f-9d4c-2c30fa0db925","block_type":"box","text":"with sustainability objectives in addition to financial objectives. Most corporate governance-related","page_number":266,"box":{"x":116,"y":583,"width":732,"height":12}},{"id":"32e75b70-9325-468d-8df9-236999bd0c0c","block_type":"box","text":"fixed income engagements are undertaken in conjunction with the active investment stewardship team,","page_number":266,"box":{"x":116,"y":599,"width":770,"height":12}},{"id":"b9d3200c-8e3f-4dd0-b21a-ac02c2d42848","block_type":"box","text":"and often active equity investors. In addition to the topics listed below, engagement with fixed income","page_number":266,"box":{"x":116,"y":614,"width":757,"height":12}},{"id":"58b96a10-758b-415e-bc80-22a89bdfc067","block_type":"box","text":"investment teams may help inform an issuer’s approach to structuring specialist issuances and the","page_number":266,"box":{"x":117,"y":630,"width":736,"height":12}},{"id":"328d4901-f4cd-46b4-a603-67f4f6a901d7","block_type":"box","text":"standard terms and information in bond documentation.","page_number":266,"box":{"x":116,"y":645,"width":417,"height":10}},{"id":"7a8263a9-124a-4c5d-bb6b-e76c6876fcdb","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":266,"box":{"x":398,"y":684,"width":203,"height":9}},{"id":"6ee82684-5972-4ea0-b742-9f133d7cee71","block_type":"box","text":"Roles and responsibilities","page_number":266,"box":{"x":117,"y":715,"width":207,"height":12}},{"id":"45ec977c-1e06-4904-9d90-9c7db669ba47","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board","page_number":266,"box":{"x":116,"y":746,"width":764,"height":12}},{"id":"9341fda3-768a-4626-be79-4b3f9e3d202c","block_type":"box","text":"of directors that is able to advise and supervise management in an independent and objective","page_number":266,"box":{"x":116,"y":761,"width":695,"height":13}},{"id":"5893dae1-c204-4a75-b706-97394fc7e502","block_type":"box","text":"manner.","page_number":266,"box":{"x":117,"y":779,"width":59,"height":7}},{"id":"ad5d7a20-8e32-44ba-a53a-4067e6f8d4cc","block_type":"box","text":"6","page_number":266,"box":{"x":178,"y":777,"width":5,"height":6}},{"id":"c7a38819-cd4c-406f-9779-0cb02501116b","block_type":"box","text":"5","page_number":266,"box":{"x":143,"y":826,"width":4,"height":4}},{"id":"192ac026-6b38-4c53-af9c-2f4da8dcbcd7","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":266,"box":{"x":171,"y":825,"width":685,"height":10}},{"id":"5dbea1a8-255d-4a79-a6e5-18f2676d1f03","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":266,"box":{"x":170,"y":838,"width":678,"height":10}},{"id":"32bf53bd-032c-463d-86bc-51847b4a8b9d","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":266,"box":{"x":170,"y":851,"width":458,"height":10}},{"id":"4072d6d5-98d8-4b85-8603-347f77a9046d","block_type":"box","text":"6","page_number":266,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"12a07e51-5f5e-4da1-964d-bda852f2d795","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles","page_number":266,"box":{"x":170,"y":867,"width":706,"height":9}},{"id":"ff2e1f69-2e1f-4548-b51d-9b1873269425","block_type":"box","text":"of the US Business Roundtable as examples.","page_number":266,"box":{"x":170,"y":880,"width":268,"height":9}},{"id":"49b42d5e-be4a-46df-ba99-7f5af246651e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":266,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0575c71d-7a28-471e-a138-eb72cdb849cf","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":266,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"10224780-1302-451d-b224-35a51da78c88","block_type":"box","text":"5","page_number":266,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"eb5be9b9-a68d-4021-9b76-14d4e1774eec","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":266,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"1163942f-ffcb-4b28-90e8-5e9334ebc380","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment","page_number":267,"box":{"x":116,"y":87,"width":762,"height":12}},{"id":"8a43aed2-2073-46bc-9b42-a8f4986ae348","block_type":"box","text":"and realization of a company’s strategy, purpose and culture. These constructs are interdependent","page_number":267,"box":{"x":116,"y":102,"width":738,"height":13}},{"id":"4208bd93-8489-4e9e-af39-55989254d9e5","block_type":"box","text":"and, when aligned, can better position a company to be resilient in the face of a changing business","page_number":267,"box":{"x":116,"y":118,"width":739,"height":12}},{"id":"95a05ef9-df42-4a0e-8441-92218d4351a9","block_type":"box","text":"environment, help reduce the risks of corporate or employee misconduct, and attract and retain the","page_number":267,"box":{"x":116,"y":134,"width":740,"height":12}},{"id":"7fe98f6a-1d79-4ffa-b83c-4ad91d626b2b","block_type":"box","text":"caliber of workers necessary to deliver financial performance over time.","page_number":267,"box":{"x":116,"y":149,"width":535,"height":12}},{"id":"2cec8f8b-e743-4445-82fd-97fdb0a288ef","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies","page_number":267,"box":{"x":117,"y":178,"width":754,"height":12}},{"id":"2f8b4c18-0366-4ac2-889d-2d4dcfec2f01","block_type":"box","text":"and procedures are in place to help management meet its strategic objectives within an agreed risk","page_number":267,"box":{"x":116,"y":194,"width":742,"height":12}},{"id":"b3766dfa-816a-476d-a11c-7c4e513ad61b","block_type":"box","text":"tolerance.","page_number":267,"box":{"x":116,"y":210,"width":78,"height":9}},{"id":"ca227c8f-d736-484a-8c3c-0ae2057ab9b0","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the","page_number":267,"box":{"x":116,"y":239,"width":739,"height":12}},{"id":"9f020ce3-e344-4ee9-805f-7119653f99ad","block_type":"box","text":"chief executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the","page_number":267,"box":{"x":116,"y":254,"width":704,"height":12}},{"id":"3db78972-dd38-430b-967a-f5f977ed7749","block_type":"box","text":"performance of the CEO and other key executives, determining executive compensation, ensuring a","page_number":267,"box":{"x":117,"y":270,"width":747,"height":12}},{"id":"13cfae23-975e-4431-b1d5-5e91d52f912a","block_type":"box","text":"rigorous audit, overseeing strategy execution and risk management and engaging with shareholders,","page_number":267,"box":{"x":117,"y":285,"width":753,"height":12}},{"id":"81ba02c4-a103-411a-ad0a-0374939dc4b5","block_type":"box","text":"and other stakeholders, as necessary.","page_number":267,"box":{"x":116,"y":301,"width":289,"height":12}},{"id":"50009ab7-d7f7-4ba5-95cc-dc041e0199cb","block_type":"box","text":"Composition and effectiveness","page_number":267,"box":{"x":116,"y":330,"width":253,"height":12}},{"id":"256cd34b-670e-4b98-9c9e-b07f047ac94b","block_type":"box","text":"Appointment process","page_number":267,"box":{"x":116,"y":359,"width":177,"height":12}},{"id":"f93344df-dd1c-4080-9063-7a2d6e457481","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to","page_number":267,"box":{"x":116,"y":389,"width":708,"height":12}},{"id":"286e4f9a-78cf-4eb9-b6e0-b1e95b7975b8","block_type":"box","text":"ensuring the board is composed of directors with the appropriate mix of skills and experience.","page_number":267,"box":{"x":116,"y":404,"width":700,"height":12}},{"id":"348c566c-6a0d-4793-a6a4-5cbb41932dc8","block_type":"box","text":"Generally, the board or a sub-committee determines the general criteria given the company’s","page_number":267,"box":{"x":117,"y":420,"width":695,"height":12}},{"id":"6eea1e4f-bd6f-4f33-a405-ef7b675d5543","block_type":"box","text":"circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role","page_number":267,"box":{"x":116,"y":435,"width":767,"height":12}},{"id":"17a9b97a-b95e-4805-bdbe-84f79c1b3264","block_type":"box","text":"being filled (e.g., financial expertise, industry track record). To inform the process, we encourage","page_number":267,"box":{"x":117,"y":451,"width":721,"height":12}},{"id":"da5f71c5-6a22-4195-9814-79d034930944","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether","page_number":267,"box":{"x":116,"y":466,"width":764,"height":12}},{"id":"690abb59-cabf-47bd-83e9-2f09410bbb80","block_type":"box","text":"the skills and experience of a director candidate would be additive. We welcome disclosures that","page_number":267,"box":{"x":116,"y":482,"width":722,"height":12}},{"id":"44943c25-3878-428e-9c21-1182fb6f8f83","block_type":"box","text":"explain how the board considered different skills and experience to ensure that the directors","page_number":267,"box":{"x":116,"y":497,"width":687,"height":12}},{"id":"0d6685c5-d203-4d31-9734-7eae386ef455","block_type":"box","text":"collectively can be effective in fulfilling their responsibilities. We assess a company’s board","page_number":267,"box":{"x":116,"y":513,"width":678,"height":12}},{"id":"50e9b237-5606-4560-aa40-464f8e4fc6f0","block_type":"box","text":"composition against that of its peer group and local market requirements.","page_number":267,"box":{"x":116,"y":528,"width":548,"height":12}},{"id":"116d0dd8-87cb-4ce7-8727-d0158638fe0d","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any","page_number":267,"box":{"x":116,"y":558,"width":714,"height":12}},{"id":"84f7252f-902c-44d0-9866-7b5990127d70","block_type":"box","text":"particular board composition in our engagements or voting but seek to understand how well placed a","page_number":267,"box":{"x":117,"y":573,"width":751,"height":12}},{"id":"e323ccaa-f1e0-4eb1-8dc4-88372490a4d4","block_type":"box","text":"board is to act in investors’ interests. We may vote against the election of the most senior independent","page_number":267,"box":{"x":117,"y":589,"width":764,"height":12}},{"id":"544cd83d-2fa9-4a61-8396-28defb1b76e1","block_type":"box","text":"director, or the chair of the relevant committee, where a company has not demonstrated it has an","page_number":267,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"2ee67943-ce74-4cb4-8d9c-dc86c3f1ac2e","block_type":"box","text":"appointment process that results in a high functioning board with the appropriate complement of skills","page_number":267,"box":{"x":116,"y":620,"width":759,"height":12}},{"id":"eb77efd5-aa7a-4c35-aed4-3af4f015f914","block_type":"box","text":"and experience amongst the directors to support strong financial performance over time. We may vote","page_number":267,"box":{"x":116,"y":635,"width":764,"height":12}},{"id":"f496cc58-cd3a-4edf-901c-ff8d6b82066f","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to","page_number":267,"box":{"x":116,"y":651,"width":736,"height":12}},{"id":"f6708b7d-9bd2-472c-b611-3ac84a188bf9","block_type":"box","text":"contribute to the board’s effectiveness.","page_number":267,"box":{"x":116,"y":666,"width":286,"height":10}},{"id":"ecb10203-03df-4e14-a388-96f1eedd1705","block_type":"box","text":"Independence","page_number":267,"box":{"x":116,"y":696,"width":113,"height":11}},{"id":"ae8e2d39-2448-4d87-89d8-80a3e64deea9","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g.,","page_number":267,"box":{"x":117,"y":725,"width":700,"height":12}},{"id":"3fbbc5b1-0519-4bdb-a2e1-c2cb59b70ae5","block_type":"box","text":"government or employees) is of paramount importance to the protection of the interests of minority","page_number":267,"box":{"x":116,"y":740,"width":732,"height":12}},{"id":"04f06d4d-777a-4684-9786-eba692fcbfd9","block_type":"box","text":"shareholders such as BlackRock’s clients. We consider it good practice for at least half the directors to","page_number":267,"box":{"x":116,"y":756,"width":761,"height":12}},{"id":"bcda8549-fcad-4001-a242-b8ad39df598e","block_type":"box","text":"be independent and free from conflicts of interest or undue influence.","page_number":267,"box":{"x":117,"y":771,"width":510,"height":12}},{"id":"9fd6ee58-2075-41e9-b1c9-b4c1e96e3a44","block_type":"box","text":"7","page_number":267,"box":{"x":629,"y":771,"width":5,"height":6}},{"id":"5754d3d5-27ef-435d-95da-b14866fc3f89","block_type":"box","text":"This also helps to ensure that","page_number":267,"box":{"x":640,"y":771,"width":219,"height":12}},{"id":"efae4c58-9362-49dc-bac3-f36578cd17c0","block_type":"box","text":"board committees are composed of a sufficient number of independent directors. Companies domiciled","page_number":267,"box":{"x":117,"y":787,"width":764,"height":12}},{"id":"0890f481-57d2-49a2-b97a-d316b9bedb4f","block_type":"box","text":"in markets with a higher threshold for board independence should meet those local requirements.","page_number":267,"box":{"x":117,"y":802,"width":720,"height":12}},{"id":"96937b3a-00e8-451e-9d37-02753782986d","block_type":"box","text":"7","page_number":267,"box":{"x":143,"y":828,"width":4,"height":4}},{"id":"61e94ce3-0328-4e61-be08-57c0518aa39f","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":267,"box":{"x":170,"y":827,"width":659,"height":10}},{"id":"1882de35-2be1-42e9-b56c-1f8df0277a68","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":267,"box":{"x":170,"y":840,"width":659,"height":10}},{"id":"abac122e-9b88-403f-9125-09e8f2ac1d89","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or","page_number":267,"box":{"x":170,"y":853,"width":702,"height":10}},{"id":"868b906d-eec4-4094-a65b-6558cefb11ee","block_type":"box","text":"could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":267,"box":{"x":170,"y":866,"width":703,"height":10}},{"id":"2397694c-401c-4bf1-a5b0-a13637d02b34","block_type":"box","text":"and shareholders.","page_number":267,"box":{"x":170,"y":879,"width":106,"height":8}},{"id":"3256d624-e457-4737-adc3-543eee2ce6c2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":267,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"ab496878-e6d3-4026-876b-b744b35329dd","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":267,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"bc1ce4f0-52cf-458c-9c1f-e8259423791c","block_type":"box","text":"6","page_number":267,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"407c336a-d795-4960-b68a-132ac6a6ee09","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":267,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7f55cbf8-71cf-4a44-9949-c93ab53beadf","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient","page_number":268,"box":{"x":116,"y":87,"width":756,"height":12}},{"id":"692884df-ff56-4a7c-a700-d0605ac4fa4c","block_type":"box","text":"balance of independence. We may also vote against the election of the chair of the committee","page_number":268,"box":{"x":117,"y":102,"width":701,"height":13}},{"id":"a9561b5c-670e-4dd3-ba81-7693d91bc7af","block_type":"box","text":"responsible for board composition if this is a perennial issue.","page_number":268,"box":{"x":117,"y":118,"width":453,"height":12}},{"id":"9baea471-b21b-4b04-ae06-65520a8f55f3","block_type":"box","text":"Independent board leadership","page_number":268,"box":{"x":116,"y":149,"width":245,"height":12}},{"id":"a8be6dc5-5745-4b70-9289-ffb97f3ed45b","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to","page_number":268,"box":{"x":117,"y":180,"width":718,"height":12}},{"id":"7decfd7a-58a8-4fcd-a216-ec5f01495b36","block_type":"box","text":"independent board leadership. One is a non-executive, independent chair of the board who is","page_number":268,"box":{"x":117,"y":196,"width":697,"height":11}},{"id":"d8f06b66-8fd6-45bc-a5a4-f69cba02e0e5","block_type":"box","text":"responsible for leading the board in the effective exercise of its duties. The other is a lead or senior","page_number":268,"box":{"x":117,"y":211,"width":738,"height":12}},{"id":"a88a0329-c9e0-4819-b51e-0c67cad10a6c","block_type":"box","text":"independent director, who is responsible for coordinating with the other non-executive directors and","page_number":268,"box":{"x":117,"y":227,"width":742,"height":12}},{"id":"2f0f6a98-3211-4b00-8dda-883c4c1b84da","block_type":"box","text":"working closely with the executive chair on the board agenda and other board procedures. In this case,","page_number":268,"box":{"x":116,"y":242,"width":770,"height":12}},{"id":"60cad82d-400a-487f-b52b-9be705e83dff","block_type":"box","text":"the executive chair and the lead independent director work together to ensure the board is effectively","page_number":268,"box":{"x":116,"y":258,"width":754,"height":12}},{"id":"9785ed19-1c39-4ccd-860e-77d53fcbdae6","block_type":"box","text":"fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a","page_number":268,"box":{"x":116,"y":273,"width":723,"height":12}},{"id":"53f4f86c-26ca-46af-9a79-a38101b9a8a6","block_type":"box","text":"relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":268,"box":{"x":117,"y":289,"width":727,"height":12}},{"id":"441581a1-8b2d-49fe-bd52-983d9055f208","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board","page_number":268,"box":{"x":116,"y":304,"width":691,"height":12}},{"id":"3913009f-f4f2-4083-82cb-0e9667425395","block_type":"box","text":"leadership model and how it serves the interests of shareholders.","page_number":268,"box":{"x":117,"y":320,"width":489,"height":12}},{"id":"a605d2dd-132c-454f-8f13-35e63a0932d4","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if","page_number":268,"box":{"x":116,"y":351,"width":740,"height":12}},{"id":"8b502e89-21fd-4143-bfad-4ccfea86473e","block_type":"box","text":"there is not an identified independent leader of the board with clear responsibilities for board","page_number":268,"box":{"x":116,"y":366,"width":689,"height":12}},{"id":"2bcf8334-deac-4c20-886b-53a1297fea52","block_type":"box","text":"performance. We may vote against the most senior independent director if the board has a policy of","page_number":268,"box":{"x":117,"y":382,"width":744,"height":12}},{"id":"c3daa865-2722-44a7-9649-9386d3d5f034","block_type":"box","text":"not engaging with shareholders.","page_number":268,"box":{"x":117,"y":397,"width":242,"height":12}},{"id":"1f6c6e58-b3df-4077-8ded-6e383271eed6","block_type":"box","text":"Tenure and succession","page_number":268,"box":{"x":118,"y":428,"width":189,"height":10}},{"id":"5c2667d9-73d2-4842-9844-a99937064d8e","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be","page_number":268,"box":{"x":117,"y":459,"width":745,"height":12}},{"id":"1c099241-71d7-46bd-aca9-16d13d63202a","block_type":"box","text":"expected to serve, in line with market norms where those exist. We find it helpful when companies","page_number":268,"box":{"x":116,"y":475,"width":733,"height":12}},{"id":"2aa2fccb-7b17-4692-829d-cc9a6c46c587","block_type":"box","text":"disclose their approach to director tenure particularly around the contributions of directors who have","page_number":268,"box":{"x":116,"y":490,"width":745,"height":12}},{"id":"6c681163-9ea9-4b5f-87f2-395701709db0","block_type":"box","text":"served for longer periods than typically provided for under local practice. In our experience, long","page_number":268,"box":{"x":116,"y":506,"width":718,"height":12}},{"id":"8eb7d6ab-43a9-4c4e-bb0b-fee21fbe656a","block_type":"box","text":"serving directors could become less independent given their long-term relationship with management","page_number":268,"box":{"x":116,"y":521,"width":755,"height":12}},{"id":"39e75e32-5e83-4354-b96b-2f9ab8c8a9e9","block_type":"box","text":"and involvement in past board decisions.","page_number":268,"box":{"x":116,"y":537,"width":308,"height":12}},{"id":"4f10220d-75ec-405f-9f25-d3c2500a1c37","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances","page_number":268,"box":{"x":116,"y":568,"width":756,"height":12}},{"id":"924c6ed4-5d7f-494d-b666-62380605674c","block_type":"box","text":"renewal through the regular introduction of directors with fresh perspectives and expertise with","page_number":268,"box":{"x":117,"y":583,"width":705,"height":12}},{"id":"728a92ae-6370-4a5b-978e-a56abd3e7b03","block_type":"box","text":"continuity through the retention of directors with long-term knowledge of the board and company.","page_number":268,"box":{"x":116,"y":599,"width":724,"height":12}},{"id":"3a5240c8-9b37-4280-b8d3-cb0de99a2150","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate","page_number":268,"box":{"x":117,"y":630,"width":680,"height":12}},{"id":"db466f30-0e4a-4e26-972c-66b08453dfa1","block_type":"box","text":"governance best practices, we may vote against the election of the chair of the committee responsible","page_number":268,"box":{"x":116,"y":645,"width":763,"height":12}},{"id":"80446d00-25f1-4c30-8b50-c22cfc31b3d0","block_type":"box","text":"for board composition if a company does not clearly disclose its approach to director tenure and board","page_number":268,"box":{"x":116,"y":661,"width":757,"height":12}},{"id":"4f044437-a0ed-4c76-8aa6-2b5f1bb44594","block_type":"box","text":"renewal. We may vote against the election of directors who have served for more years than is typical","page_number":268,"box":{"x":117,"y":676,"width":754,"height":12}},{"id":"8a097db0-f97f-452e-a89d-ec149ce7355b","block_type":"box","text":"in markets with specific guidance, where the case for their continued service is not evident.","page_number":268,"box":{"x":117,"y":692,"width":673,"height":12}},{"id":"8e3e1219-1e84-4f50-b50d-685f9a0e536d","block_type":"box","text":"Capacity","page_number":268,"box":{"x":117,"y":723,"width":70,"height":12}},{"id":"8bcd4009-7888-4c75-ac99-ba21997a630c","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our","page_number":268,"box":{"x":116,"y":754,"width":753,"height":12}},{"id":"34c58788-74ac-4f5e-8995-1399f657b208","block_type":"box","text":"view, an effective board will assess the ability of its members to maintain an appropriate focus on","page_number":268,"box":{"x":116,"y":769,"width":720,"height":12}},{"id":"415a5141-0da0-4989-8e64-59163b98e285","block_type":"box","text":"board matters and the company taking into consideration competing responsibilities. We recognize that","page_number":268,"box":{"x":117,"y":785,"width":765,"height":12}},{"id":"ad21f609-7f6f-4f75-9b3e-8eb78f84ea66","block_type":"box","text":"board leadership roles vary across markets in responsibilities and required time commitment but note","page_number":268,"box":{"x":117,"y":800,"width":750,"height":12}},{"id":"fe04453f-f330-414d-bce4-8675395edb66","block_type":"box","text":"that they are generally more intensive than a standard directorship. We will take local norms and","page_number":268,"box":{"x":116,"y":816,"width":715,"height":12}},{"id":"7246c075-c789-4ba1-a8ac-28afec6ad925","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":268,"box":{"x":117,"y":831,"width":628,"height":12}},{"id":"d88656c6-7ebb-4438-998a-75373df1d829","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively","page_number":268,"box":{"x":116,"y":862,"width":769,"height":12}},{"id":"56481220-9fe5-4916-ac9f-f72884ef0ecf","block_type":"box","text":"fulfil their duties to the board and company.","page_number":268,"box":{"x":116,"y":878,"width":326,"height":12}},{"id":"69ea479d-5b6c-4d71-8925-732a451008a4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":268,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"87b66b03-df75-409c-ba0f-457761a8711f","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":268,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"f9e0769d-eafd-4531-95b7-585d886add17","block_type":"box","text":"7","page_number":268,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"51745a54-05f0-4e60-b2bc-7fe402e5fee0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":268,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"95461340-a1e0-4172-ab27-0a524b992a36","block_type":"box","text":"Director elections","page_number":269,"box":{"x":116,"y":87,"width":147,"height":10}},{"id":"d9f3e01c-c3c8-4a0e-b7f5-5aca5906f1b9","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A","page_number":269,"box":{"x":117,"y":116,"width":720,"height":13}},{"id":"6eab95a7-b700-47ae-a09e-953f1248371f","block_type":"box","text":"classified board structure","page_number":269,"box":{"x":116,"y":132,"width":186,"height":10}},{"id":"6962f8bc-b7d2-4648-a809-d9494a89c0a8","block_type":"box","text":"8","page_number":269,"box":{"x":303,"y":132,"width":5,"height":6}},{"id":"4fb3c0c6-8b3b-4e95-93db-a2a51b46d37f","block_type":"box","text":"may be justified by a company when it needs consistency and stability","page_number":269,"box":{"x":309,"y":132,"width":530,"height":12}},{"id":"c9ad89dc-9f56-4c5c-ae06-ac71c93b1094","block_type":"box","text":"during a time of transition, or on the basis of its business model (e.g., a non-operating company such","page_number":269,"box":{"x":116,"y":147,"width":754,"height":13}},{"id":"4b6eb46c-e95d-4661-8ce8-6636bd331ed5","block_type":"box","text":"as closed-end funds).","page_number":269,"box":{"x":116,"y":163,"width":165,"height":12}},{"id":"9c0b2fd5-9d76-452a-9666-c52ffdb886a3","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in","page_number":269,"box":{"x":116,"y":192,"width":746,"height":13}},{"id":"53bebfa9-eb2f-4b38-a0d4-e2a22ca2aacc","block_type":"box","text":"bundled slates. We look to companies to provide sufficient information on each director standing for","page_number":269,"box":{"x":117,"y":208,"width":743,"height":12}},{"id":"4f3bf4ea-18c3-4de5-80c1-567f8521bfe6","block_type":"box","text":"election so that shareholders can assess their capabilities and suitability. We will generally not support","page_number":269,"box":{"x":116,"y":224,"width":765,"height":12}},{"id":"7ad75f3e-5a55-48a3-b2d3-1088dcc5280a","block_type":"box","text":"the election of directors whose names and biographical details have not been disclosed sufficiently in","page_number":269,"box":{"x":116,"y":239,"width":755,"height":12}},{"id":"fa89c9d5-1c71-4c90-9e17-a4a0751bd5a7","block_type":"box","text":"advance of the shareholder meeting.","page_number":269,"box":{"x":116,"y":254,"width":278,"height":13}},{"id":"5f124e80-9053-4e63-aa24-909de17fe78e","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at","page_number":269,"box":{"x":117,"y":284,"width":746,"height":12}},{"id":"487a6302-f6bd-47d0-b3f5-25bf9a1baa5e","block_type":"box","text":"the shareholder meeting. Where a company’s practices differ, we look to the board to provide a","page_number":269,"box":{"x":116,"y":299,"width":712,"height":13}},{"id":"c7fde369-1bd6-4234-91c9-6e9f84728138","block_type":"box","text":"detailed explanation as to how its approach best serves investors’ interests.","page_number":269,"box":{"x":116,"y":315,"width":567,"height":12}},{"id":"5a6f0987-9b4e-4fae-953c-df4456ff338e","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of","page_number":269,"box":{"x":116,"y":344,"width":710,"height":12}},{"id":"99d54be6-9379-4cb1-a23b-af96c382e2ef","block_type":"box","text":"directors and/or a simple majority vote standard for director elections. We may vote against all the","page_number":269,"box":{"x":116,"y":360,"width":732,"height":12}},{"id":"efb3b685-d2c7-49e3-b5e3-fc1f0dec9114","block_type":"box","text":"directors standing for election as part of a single slate if we have concerns about the profile or","page_number":269,"box":{"x":116,"y":375,"width":701,"height":12}},{"id":"98062452-a20c-4a42-a55d-56bbac052f76","block_type":"box","text":"performance of an individual director.","page_number":269,"box":{"x":117,"y":391,"width":280,"height":12}},{"id":"6a395a4a-7dc4-4178-b7b7-148311911079","block_type":"box","text":"Committees","page_number":269,"box":{"x":117,"y":420,"width":100,"height":10}},{"id":"d3766f6c-7049-4781-a411-57dd1754fc72","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and","page_number":269,"box":{"x":117,"y":450,"width":757,"height":12}},{"id":"e47714f5-5a62-4f9a-874a-aeb16165603b","block_type":"box","text":"risk, governance and human capital, and executive compensation, amongst other matters. We do not","page_number":269,"box":{"x":117,"y":465,"width":756,"height":12}},{"id":"f2e6eede-0584-4d0b-a036-5d2e3f2564c2","block_type":"box","text":"prescribe to companies what committees they should establish, but we seek to understand the board’s","page_number":269,"box":{"x":117,"y":481,"width":765,"height":12}},{"id":"48c16307-c507-4cd1-9fbf-f10a7736a20f","block_type":"box","text":"rationale for the committee structure it determines is appropriate. We note that, in some markets,","page_number":269,"box":{"x":117,"y":496,"width":723,"height":12}},{"id":"0ad4d70b-fa6d-45c8-8849-666450e3b6da","block_type":"box","text":"regulation requires such committees. The responsibilities of each committee should be clear, and the","page_number":269,"box":{"x":117,"y":512,"width":754,"height":12}},{"id":"ee92afb1-d79f-41d8-a68e-47bf1592228d","block_type":"box","text":"board should ensure that all critical matters are assigned either to the full board or to one of the","page_number":269,"box":{"x":117,"y":527,"width":711,"height":12}},{"id":"84434c82-c4a0-4625-b55c-a584c7f4d575","block_type":"box","text":"committees. It is helpful to investor understanding when the board discloses the structure,","page_number":269,"box":{"x":116,"y":543,"width":672,"height":12}},{"id":"c71d3827-6599-46dc-b108-b9f1d5a18ba2","block_type":"box","text":"membership, proportion of independent directors, and responsibilities of each committee. The","page_number":269,"box":{"x":117,"y":558,"width":700,"height":12}},{"id":"7ae7e27e-38b8-40b4-88f2-36aea405e289","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":269,"box":{"x":117,"y":574,"width":662,"height":12}},{"id":"7b3bc301-20d7-4849-9553-926ac7bb41cf","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management","page_number":269,"box":{"x":117,"y":596,"width":752,"height":12}},{"id":"673499b7-6c2d-4471-8f60-ea2575785650","block_type":"box","text":"and compliance with legal and regulatory requirements; may also play an oversight role in relation","page_number":269,"box":{"x":150,"y":612,"width":731,"height":12}},{"id":"c24bbd71-71fa-4b85-9e54-fb2b47cc73ee","block_type":"box","text":"to the internal audit function and whistleblowing mechanisms.","page_number":269,"box":{"x":150,"y":627,"width":460,"height":12}},{"id":"3a58a9c4-75fe-4c7c-83ef-d0a047afe67f","block_type":"box","text":"• Nominating, governance and human capital – oversight responsibilities for corporate governance","page_number":269,"box":{"x":117,"y":650,"width":756,"height":12}},{"id":"c19cd56e-5b2e-4c0e-ae99-32bb2d8c66ce","block_type":"box","text":"principles and practices of the company, including the periodic review of board performance;","page_number":269,"box":{"x":150,"y":665,"width":684,"height":12}},{"id":"c2c43f56-9396-40fb-8b08-a76c97f46e13","block_type":"box","text":"responsibility for succession planning for CEO and key board roles, as well as the director","page_number":269,"box":{"x":150,"y":681,"width":667,"height":12}},{"id":"cadc9bf2-a4b5-45d4-b727-c575b7436b69","block_type":"box","text":"appointment process; may also have oversight responsibilities for human capital management","page_number":269,"box":{"x":150,"y":696,"width":698,"height":12}},{"id":"174313ea-66b0-4a17-954c-8cdc623d281d","block_type":"box","text":"strategies, including corporate culture and purpose.","page_number":269,"box":{"x":150,"y":712,"width":381,"height":12}},{"id":"e7847d07-6927-4d4e-8c6b-16620020ff06","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and","page_number":269,"box":{"x":117,"y":734,"width":749,"height":12}},{"id":"ad501f43-44d2-4eea-8d0c-28f42ddbce0c","block_type":"box","text":"other executive officers, approves annual awards and payments under the policies; may also have","page_number":269,"box":{"x":150,"y":750,"width":730,"height":12}},{"id":"655cc542-8feb-4c39-b708-5abcda2df429","block_type":"box","text":"oversight responsibilities for firm-wide compensation policies.","page_number":269,"box":{"x":150,"y":765,"width":453,"height":12}},{"id":"8a992cb6-d886-4eaa-82db-266561d9a74c","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee","page_number":269,"box":{"x":116,"y":795,"width":760,"height":12}},{"id":"16591203-91b1-4fb7-814c-52887b2cdcec","block_type":"box","text":"members to convey concerns about how a committee has undertaken its responsibilities. We may vote","page_number":269,"box":{"x":117,"y":810,"width":762,"height":12}},{"id":"9a7d9a70-f5f1-4624-bac7-e9a59b08ac78","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed","page_number":269,"box":{"x":116,"y":826,"width":702,"height":12}},{"id":"bf0cbaab-d2b2-4d01-b1c8-a04fff84c724","block_type":"box","text":"approach to board committees.","page_number":269,"box":{"x":116,"y":841,"width":236,"height":12}},{"id":"8c211c73-11c7-4525-a222-5fc5ac68184a","block_type":"box","text":"8","page_number":269,"box":{"x":143,"y":867,"width":4,"height":4}},{"id":"694579b6-1e03-4614-8d77-e5d878bbc8e2","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":269,"box":{"x":170,"y":866,"width":673,"height":10}},{"id":"3a226bdb-52b9-4a77-b9b5-a19de940ae24","block_type":"box","text":"directors stands for election in any one year.","page_number":269,"box":{"x":170,"y":879,"width":262,"height":10}},{"id":"20084223-4525-4a58-96c0-d3e0a73df340","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":269,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"87417959-bfc3-4e07-b52f-e468b841a534","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":269,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"a3cc2a29-d103-43a4-bed9-92d91d28cddd","block_type":"box","text":"8","page_number":269,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"fdd308b1-b75d-4412-8d9b-d062cda49e4c","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":269,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0f841170-0fa3-4321-8c78-06d6e5cd0af3","block_type":"box","text":"Board and director evaluation","page_number":270,"box":{"x":116,"y":87,"width":243,"height":10}},{"id":"aef5091c-8da8-41e5-a390-197ff51cccfe","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the","page_number":270,"box":{"x":116,"y":119,"width":729,"height":12}},{"id":"37863bf2-039c-4d49-b451-bbee5eb35726","block_type":"box","text":"board, the committees, the chair and individual directors. Periodically, this review could be undertaken","page_number":270,"box":{"x":117,"y":134,"width":762,"height":12}},{"id":"d0c16d54-fde5-4d63-95c1-d00d334b1e32","block_type":"box","text":"by an independent third party able to bring objective perspectives to the board on governance and","page_number":270,"box":{"x":117,"y":150,"width":732,"height":12}},{"id":"016dc100-ec4f-4b46-b25b-562e339032b3","block_type":"box","text":"performance. We encourage companies to disclose their approach to and the objectives of","page_number":270,"box":{"x":117,"y":165,"width":677,"height":12}},{"id":"08132429-aeb5-4dc4-bd24-e5c5f6f23960","block_type":"box","text":"evaluations, including any changes made to the board’s approach as a result.","page_number":270,"box":{"x":116,"y":181,"width":581,"height":12}},{"id":"26e90774-3592-4db4-ba17-c045a220c596","block_type":"box","text":"Access to independent advice","page_number":270,"box":{"x":116,"y":213,"width":246,"height":11}},{"id":"07058ff9-fa57-4ca1-8afd-8c117f790d43","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they","page_number":270,"box":{"x":116,"y":244,"width":723,"height":12}},{"id":"5ace80cc-57b7-4ca6-babd-8ce8f9793a57","block_type":"box","text":"should have access to independent advice. In certain circumstances, it may be helpful to boards to","page_number":270,"box":{"x":116,"y":260,"width":738,"height":12}},{"id":"878e76c1-2338-4881-9bcf-8c6389040f79","block_type":"box","text":"retain independent third parties to advise on critical matters. These might include new industry","page_number":270,"box":{"x":117,"y":275,"width":703,"height":12}},{"id":"26b2c26a-30b5-438d-a4c1-1f36f8eee883","block_type":"box","text":"developments such as emergent and disruptive technology, operating events with material","page_number":270,"box":{"x":116,"y":291,"width":676,"height":12}},{"id":"79095008-a47c-4807-b80d-e6d00d213b98","block_type":"box","text":"consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":270,"box":{"x":116,"y":306,"width":735,"height":12}},{"id":"520778ef-f8de-472d-a742-6a0966a6f1f9","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit,","page_number":270,"box":{"x":116,"y":322,"width":713,"height":12}},{"id":"f98ac804-2039-4914-8cf9-6c3f66d2e27f","block_type":"box","text":"compensation and succession planning.","page_number":270,"box":{"x":116,"y":337,"width":303,"height":12}},{"id":"d3cadd13-0bb3-4b53-9b73-cc2a540da20c","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":270,"box":{"x":382,"y":369,"width":241,"height":9}},{"id":"a6fa4643-9ba3-4c71-b914-e0b1a7639a24","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to","page_number":270,"box":{"x":117,"y":401,"width":760,"height":12}},{"id":"b4be1088-e484-478c-a8da-2ceae82b91e3","block_type":"box","text":"recruit, retain and reward the caliber of executive management necessary to lead and operate the","page_number":270,"box":{"x":117,"y":416,"width":730,"height":12}},{"id":"72aa07a6-e2fb-48e9-a3aa-e2488483db13","block_type":"box","text":"company to deliver superior financial returns over time. We focus on alignment between variable pay","page_number":270,"box":{"x":116,"y":432,"width":753,"height":12}},{"id":"3e5534c6-b055-4db8-88fb-1c8e867e2a85","block_type":"box","text":"and a company’s financial performance.","page_number":270,"box":{"x":116,"y":447,"width":302,"height":12}},{"id":"caef155c-986c-4790-b48a-6734fc06e7f2","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus","page_number":270,"box":{"x":117,"y":479,"width":751,"height":12}},{"id":"5c72c6ae-0efd-462a-a8c0-1af3ce925c04","block_type":"box","text":"that rewards performance against short-term metrics, incentives—most often share-based- that reward","page_number":270,"box":{"x":116,"y":494,"width":768,"height":12}},{"id":"13cc17c2-e631-4b46-ad33-a71558999589","block_type":"box","text":"performance against long-term metrics, and pensions and benefits. In our observation, base salary,","page_number":270,"box":{"x":117,"y":510,"width":742,"height":12}},{"id":"367dea49-9661-4b09-ab09-e561cb8b56b6","block_type":"box","text":"pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and","page_number":270,"box":{"x":117,"y":525,"width":769,"height":12}},{"id":"cc950416-684f-46a3-b99b-519077253f77","block_type":"box","text":"share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long","page_number":270,"box":{"x":116,"y":541,"width":744,"height":12}},{"id":"a2ce7e58-2ba3-4582-beda-a2edf5791af3","block_type":"box","text":"term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":270,"box":{"x":116,"y":557,"width":629,"height":11}},{"id":"1268a45e-9c9d-40c0-9b05-b97bf0f286be","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a","page_number":270,"box":{"x":117,"y":588,"width":693,"height":12}},{"id":"bfef8f52-d198-41c8-896a-ddaebe0d6e6e","block_type":"box","text":"company’s approach to executive compensation on a case-by-case basis. We rely on companies","page_number":270,"box":{"x":116,"y":604,"width":726,"height":12}},{"id":"90db0d11-4f47-4ba2-9091-6df443f20572","block_type":"box","text":"providing sufficient quantitative and qualitative information in their disclosures to enable shareholders","page_number":270,"box":{"x":117,"y":619,"width":754,"height":12}},{"id":"4d67afad-948c-4353-89d1-a361be0356fb","block_type":"box","text":"to understand the compensation arrangements and assess the alignment with investors’ interests.","page_number":270,"box":{"x":116,"y":635,"width":732,"height":12}},{"id":"f28b673b-31dc-44a7-a66d-93c24ef6129d","block_type":"box","text":"Features we look for in compensation arrangements include:","page_number":270,"box":{"x":117,"y":650,"width":454,"height":12}},{"id":"ebeee617-b9f8-4ea9-b456-e0574e794704","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in","page_number":270,"box":{"x":117,"y":682,"width":739,"height":12}},{"id":"eed63a5a-960d-49c3-9691-2c75dbe7ada0","block_type":"box","text":"the context of the company’s size, sector and market.","page_number":270,"box":{"x":150,"y":697,"width":396,"height":12}},{"id":"dc1f2da4-b010-408a-8687-f1f5d9969c36","block_type":"box","text":"• Variable pay subject to performance metrics that are closely linked to the company’s short- and","page_number":270,"box":{"x":117,"y":721,"width":739,"height":12}},{"id":"e785e48d-9017-4c5c-94e7-b3b417152ed1","block_type":"box","text":"long-term strategic objectives.","page_number":270,"box":{"x":150,"y":737,"width":222,"height":12}},{"id":"e45bd6a3-4d66-4a8b-80cd-f71d425cefab","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":270,"box":{"x":117,"y":760,"width":667,"height":12}},{"id":"3f4c8612-51a9-4e81-9a69-d5e64c72c59e","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific","page_number":270,"box":{"x":117,"y":784,"width":682,"height":12}},{"id":"783e502f-8f76-40c1-a2f6-a65ebbcd9c93","block_type":"box","text":"instruments (cash and equity awards) that promotes pay program durability and seldom","page_number":270,"box":{"x":150,"y":799,"width":649,"height":12}},{"id":"37454584-eea3-4cfe-8156-f37745d344a4","block_type":"box","text":"necessitates one-off, discretionary payments.","page_number":270,"box":{"x":150,"y":815,"width":336,"height":12}},{"id":"db1155bc-8867-4615-b459-8b0374cbb0b1","block_type":"box","text":"• Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":270,"box":{"x":117,"y":838,"width":720,"height":12}},{"id":"7c494970-c342-46a6-aa12-cb0c756ad95e","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly,","page_number":270,"box":{"x":117,"y":862,"width":683,"height":12}},{"id":"0970c9ff-1ca5-4f3f-84b7-7ac1b19269db","block_type":"box","text":"responsibly and transparently.","page_number":270,"box":{"x":150,"y":877,"width":228,"height":12}},{"id":"1e308312-2947-42b0-9efb-980bc8a412eb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":270,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"0a883553-4111-476c-98f6-2de76fc13208","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":270,"box":{"x":539,"y":909,"width":324,"height":12}},{"id":"52fe7093-b600-4de9-905b-b3caea16d749","block_type":"box","text":"9","page_number":270,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"3acd5e84-992e-430c-abd0-b8322d752ff7","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":270,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"31d42fdb-2cba-42b5-b291-c5edaaf1f900","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful","page_number":271,"box":{"x":117,"y":87,"width":720,"height":12}},{"id":"9e8c2c66-2cb2-4a4e-8bc8-7c66a3a51e1b","block_type":"box","text":"shareholding in the company within a defined time period, as determined by the board or relevant","page_number":271,"box":{"x":150,"y":102,"width":727,"height":13}},{"id":"f450ecea-901e-47cc-9a9b-cfc97b84a98e","block_type":"box","text":"board committee.","page_number":271,"box":{"x":150,"y":118,"width":134,"height":10}},{"id":"d8998ce7-40d3-4efe-98aa-a2ade389254b","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and","page_number":271,"box":{"x":117,"y":142,"width":681,"height":12}},{"id":"93e49498-0389-434f-bad9-7c1bdaf6f4b8","block_type":"box","text":"shareholders.","page_number":271,"box":{"x":150,"y":157,"width":106,"height":10}},{"id":"895a2218-8b2c-45cb-be6d-3434e6e779a5","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable","page_number":271,"box":{"x":117,"y":181,"width":671,"height":12}},{"id":"4a9f22ce-210b-4f25-b862-0c34d71d7537","block_type":"box","text":"compensation from individuals whose awards were based on fraudulent activities, misstated","page_number":271,"box":{"x":150,"y":196,"width":688,"height":12}},{"id":"b9393808-adf7-4289-9434-afaf758de921","block_type":"box","text":"financial reports, or executive misconduct.","page_number":271,"box":{"x":149,"y":212,"width":318,"height":12}},{"id":"9bc2ad5a-77ff-4b7d-8f22-c946c56e7221","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is","page_number":271,"box":{"x":117,"y":235,"width":709,"height":12}},{"id":"15e78986-b702-4af3-93c1-12ea7e19c09f","block_type":"box","text":"contractual.","page_number":271,"box":{"x":150,"y":251,"width":91,"height":9}},{"id":"ac1c7104-164a-4962-ac1f-e8b6d23bcdfe","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or","page_number":271,"box":{"x":116,"y":282,"width":757,"height":12}},{"id":"73f95c0b-985c-486f-840a-c42230eb1477","block_type":"box","text":"plans, or approve the compensation report where we do not see alignment between executive","page_number":271,"box":{"x":117,"y":298,"width":701,"height":12}},{"id":"eb2adecf-5b38-449f-9d33-a2ef1599a70f","block_type":"box","text":"compensation arrangements and our clients’ financial interests. When there is not an alternative, or","page_number":271,"box":{"x":116,"y":313,"width":742,"height":12}},{"id":"127194f9-526f-4305-96cb-1a2c35358821","block_type":"box","text":"where there have been multi-year issues with compensation misaligned with performance, we may","page_number":271,"box":{"x":116,"y":329,"width":738,"height":12}},{"id":"cc374267-b427-4de9-b23d-2c2fc64ba6b5","block_type":"box","text":"vote against the election of the chair of the responsible committee, or the most senior independent","page_number":271,"box":{"x":116,"y":344,"width":735,"height":12}},{"id":"3c682c75-ee1d-455f-b8a9-b5c5ceb86d90","block_type":"box","text":"director.","page_number":271,"box":{"x":116,"y":360,"width":65,"height":9}},{"id":"d4688b51-8b5f-49fe-89ae-1e38b84e1198","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":271,"box":{"x":314,"y":399,"width":377,"height":10}},{"id":"5b8d0ee2-f934-42ce-974b-a2d40bab481a","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a","page_number":271,"box":{"x":117,"y":431,"width":712,"height":12}},{"id":"657eac0d-f4e7-4b5f-a230-8738f34fab92","block_type":"box","text":"combination of the two. Some companies also pay additional fees for service on board committees or","page_number":271,"box":{"x":116,"y":446,"width":757,"height":13}},{"id":"bf84ca28-f496-4973-8e09-c88a05bf1a09","block_type":"box","text":"in board leadership roles. We do not support non-executive directors participating in performance","page_number":271,"box":{"x":117,"y":462,"width":726,"height":12}},{"id":"b3c71c13-ac56-408f-90be-5911e8630f0a","block_type":"box","text":"based incentive plans as doing so may create a conflict of interest and undermine their independence","page_number":271,"box":{"x":117,"y":477,"width":759,"height":13}},{"id":"c75b1542-a25b-4eb8-8dbb-4a35db6aaf94","block_type":"box","text":"from management, whom they oversee.","page_number":271,"box":{"x":116,"y":493,"width":301,"height":12}},{"id":"13ae897e-a35d-47b5-b101-5e5d614d2857","block_type":"box","text":"CAPITAL STRUCTURE","page_number":271,"box":{"x":410,"y":533,"width":185,"height":9}},{"id":"f01d02cc-f321-49c8-a5ea-af9d2f602c67","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that","page_number":271,"box":{"x":117,"y":564,"width":765,"height":12}},{"id":"c3edde92-6cba-4516-9de3-dbf6d1e5957e","block_type":"box","text":"achieves appropriate capital allocation in support of long-term financial resilience.","page_number":271,"box":{"x":116,"y":580,"width":610,"height":12}},{"id":"f9723ddc-b46d-469f-b335-28c661b6aaec","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why","page_number":271,"box":{"x":116,"y":611,"width":743,"height":12}},{"id":"9092ac1f-e219-4433-8bc3-b6f183495ebe","block_type":"box","text":"they view these practices to be aligned with shareholders’ interests. We may vote against management","page_number":271,"box":{"x":116,"y":627,"width":772,"height":12}},{"id":"1637a8e4-a78b-4077-99c9-3dec5fa19f09","block_type":"box","text":"proposals seeking capital-related authorities, or the election of the most senior independent director, if","page_number":271,"box":{"x":117,"y":642,"width":761,"height":12}},{"id":"33a30c33-28c2-48ad-8f37-8493b1c864f1","block_type":"box","text":"we have concerns about a company’s approach. We may also support a shareholder proposal seeking","page_number":271,"box":{"x":116,"y":658,"width":768,"height":12}},{"id":"cee786c0-144d-428e-9e65-490fcae55af8","block_type":"box","text":"conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":271,"box":{"x":116,"y":673,"width":649,"height":12}},{"id":"e65a5dfc-5444-4a2e-ac36-dc7092430e79","block_type":"box","text":"Share","page_number":271,"box":{"x":116,"y":705,"width":46,"height":9}},{"id":"1031b009-336d-461d-8e6f-dc75e26de0fe","block_type":"box","text":"issuance","page_number":271,"box":{"x":168,"y":705,"width":71,"height":9}},{"id":"74dee95b-44a7-4f4e-8cc5-5ed18ecf8b0f","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will","page_number":271,"box":{"x":116,"y":736,"width":735,"height":13}},{"id":"3197fc67-4221-4e68-90f0-932b0a34818f","block_type":"box","text":"generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent","page_number":271,"box":{"x":116,"y":752,"width":763,"height":12}},{"id":"7ca03688-a627-49bf-8428-d2f653c758fd","block_type":"box","text":"pre-emptive rights. We consider it good practice for companies to seek regular approval of these","page_number":271,"box":{"x":117,"y":767,"width":715,"height":13}},{"id":"aee0c825-2227-4a7e-882a-bd3a502aefbe","block_type":"box","text":"authorities to allow shareholders to take into consideration how prior authorities were used, as well as","page_number":271,"box":{"x":116,"y":783,"width":754,"height":12}},{"id":"38052179-e4b1-46b7-9bfe-8afec0b0c43c","block_type":"box","text":"the current circumstances of the company and the market environment.","page_number":271,"box":{"x":116,"y":798,"width":530,"height":13}},{"id":"059df632-e494-48eb-b31c-344447e7f5ef","block_type":"box","text":"Share buybacks","page_number":271,"box":{"x":116,"y":830,"width":133,"height":12}},{"id":"663f3d51-ddc1-408b-a253-df4437d4c197","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management","page_number":271,"box":{"x":116,"y":862,"width":746,"height":12}},{"id":"3a614ca1-9bd6-4015-ad37-9df95ada91e3","block_type":"box","text":"strategy and management’s determination of the appropriate balance between investment that","page_number":271,"box":{"x":116,"y":877,"width":706,"height":12}},{"id":"b3b93ab5-7027-4a69-afa6-6c0d6fc232b7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":271,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"2a1ab861-0549-4390-96c9-8fa840520ffb","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":271,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"a1152511-a6f8-44d0-a879-663921d7cdc7","block_type":"box","text":"10","page_number":271,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"eb752d6b-658f-40b9-8210-4f155eaed6f0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":271,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"17f286e8-c1d1-43d1-b7a8-14eec453ea2d","block_type":"box","text":"supports the long-term growth of the company and returning cash to investors. We also take into","page_number":272,"box":{"x":116,"y":87,"width":721,"height":12}},{"id":"f2d60831-5341-4e4b-b9d8-52f448f2b10f","block_type":"box","text":"consideration the effect of a buyback program on the company’s balance sheet and executive","page_number":272,"box":{"x":116,"y":102,"width":701,"height":13}},{"id":"0c29a0c7-d2b9-40f0-9579-f94756909026","block_type":"box","text":"compensation arrangements and the price at which shares are repurchased relative to market price.","page_number":272,"box":{"x":116,"y":118,"width":748,"height":12}},{"id":"e462ddf5-387f-42fd-b7e0-9ee9a377dca4","block_type":"box","text":"We consider it good practice for companies to seek regular approval of these authorities to allow","page_number":272,"box":{"x":116,"y":134,"width":721,"height":12}},{"id":"b83c87c4-aa97-45ca-90ba-f7eb6b4ba69f","block_type":"box","text":"shareholders to take into consideration how prior authorities were used, as well as the current","page_number":272,"box":{"x":116,"y":149,"width":700,"height":12}},{"id":"876b5bda-4265-4dbb-bf6b-22f5d3448be0","block_type":"box","text":"circumstances of the company and the market environment.","page_number":272,"box":{"x":116,"y":165,"width":451,"height":12}},{"id":"c4554abc-166b-483e-b661-437055e56811","block_type":"box","text":"Dividends","page_number":272,"box":{"x":117,"y":193,"width":84,"height":10}},{"id":"68840b1c-55ee-4ee1-9a60-dc04e96c2ca0","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further","page_number":272,"box":{"x":116,"y":222,"width":752,"height":12}},{"id":"1ee65316-ee69-484f-b8dd-5a1432d07234","block_type":"box","text":"clarification where a proposed dividend appears out of line with the company’s financial position.","page_number":272,"box":{"x":116,"y":238,"width":720,"height":12}},{"id":"aa1ee6a4-cf32-479f-aa6e-86afe200f57e","block_type":"box","text":"Differentiated voting rights","page_number":272,"box":{"x":117,"y":266,"width":219,"height":12}},{"id":"9eb6ddea-a36c-4a02-a8ad-8f724f022529","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same","page_number":272,"box":{"x":116,"y":295,"width":710,"height":12}},{"id":"ecc08370-21fd-4838-a126-3b7e22b18f77","block_type":"box","text":"economic exposure. Certain companies, particularly those new to public markets, could make the case","page_number":272,"box":{"x":116,"y":311,"width":768,"height":12}},{"id":"e13b4fdd-8e57-4353-ae86-3e459f370bca","block_type":"box","text":"to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage","page_number":272,"box":{"x":116,"y":326,"width":755,"height":12}},{"id":"7c495de4-1cc6-45f1-b8f5-6bb30cb6285c","block_type":"box","text":"companies to evaluate and seek approval for their capital structure on a periodic basis.","page_number":272,"box":{"x":116,"y":342,"width":650,"height":11}},{"id":"29d403ba-1efb-468f-a305-783c2356eb26","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":272,"box":{"x":320,"y":377,"width":364,"height":9}},{"id":"0e583071-8c7a-45d4-869b-a15fe95cd7fc","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own","page_number":272,"box":{"x":116,"y":406,"width":712,"height":12}},{"id":"083d1c1b-625b-4006-a886-e1e103008e38","block_type":"box","text":"detailed analyses of proposals.","page_number":272,"box":{"x":116,"y":421,"width":235,"height":12}},{"id":"e402dbff-4843-4f0e-b824-e05079d1757b","block_type":"box","text":"Mergers and acquisitions","page_number":272,"box":{"x":117,"y":457,"width":206,"height":12}},{"id":"ef80108a-17f1-416e-8c53-59e6010dcb03","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as","page_number":272,"box":{"x":116,"y":485,"width":745,"height":12}},{"id":"af65839e-03ed-4175-9c4f-9ed37845488b","block_type":"box","text":"minority shareholders. Management should provide an assessment of the proposed transaction’s","page_number":272,"box":{"x":117,"y":501,"width":725,"height":12}},{"id":"1c241272-ce5c-41b2-8c78-df0948a38018","block_type":"box","text":"strategic and financial rationale, along with its execution and operational risks. We review each","page_number":272,"box":{"x":116,"y":516,"width":709,"height":12}},{"id":"d51d4f15-df59-4ddb-9404-1bb5beb46fae","block_type":"box","text":"transaction independently based on these factors and the degree to which the transaction enhances","page_number":272,"box":{"x":116,"y":532,"width":748,"height":12}},{"id":"a6da615b-1da1-4fc7-8343-6914981269a9","block_type":"box","text":"shareholder value. The board might consider establishing an ad hoc transaction committee to","page_number":272,"box":{"x":116,"y":547,"width":699,"height":12}},{"id":"c56adbc2-e218-40df-85cb-dda855056122","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its","page_number":272,"box":{"x":117,"y":563,"width":757,"height":12}},{"id":"4349ceff-dc25-483e-875d-547fc9ec6771","block_type":"box","text":"recommendation to shareholders.","page_number":272,"box":{"x":117,"y":578,"width":254,"height":10}},{"id":"7c3c4d46-d0c5-4318-916f-b71e82f02b1d","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial","page_number":272,"box":{"x":116,"y":607,"width":703,"height":12}},{"id":"8f8b7054-1944-414d-9c4e-e05476e6ed91","block_type":"box","text":"interests.","page_number":272,"box":{"x":117,"y":623,"width":72,"height":9}},{"id":"b0716d22-ac5b-4225-b5a4-5b1ba2a705ee","block_type":"box","text":"Anti-takeover defenses","page_number":272,"box":{"x":116,"y":651,"width":190,"height":10}},{"id":"775ac85f-ad72-40ff-9c1b-e97377e556aa","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":272,"box":{"x":117,"y":680,"width":753,"height":12}},{"id":"65a18893-edd9-4fde-8400-139696e8ece3","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered","page_number":272,"box":{"x":116,"y":696,"width":726,"height":12}},{"id":"5b9e8452-7852-4031-b947-2c681050abc1","block_type":"box","text":"long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a","page_number":272,"box":{"x":117,"y":711,"width":746,"height":12}},{"id":"8e46bfd6-3ae3-4118-b81b-5918beab40e7","block_type":"box","text":"takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly,","page_number":272,"box":{"x":116,"y":727,"width":754,"height":12}},{"id":"f129c56f-c1cf-411c-a314-7eb312c2c21b","block_type":"box","text":"management could make the case to use a poison pill to block a shareholder activism campaign that","page_number":272,"box":{"x":117,"y":742,"width":746,"height":12}},{"id":"cb67a1d8-332a-4e8f-9ec1-3083d4ff6ead","block_type":"box","text":"may be counter to the interests of other investors. Defense mechanisms introduced in these","page_number":272,"box":{"x":117,"y":758,"width":681,"height":12}},{"id":"4c7b7ea1-772d-4ec5-ad78-f703e139999c","block_type":"box","text":"circumstances should be limited in term and threshold, and also be closely monitored by the","page_number":272,"box":{"x":116,"y":773,"width":683,"height":12}},{"id":"3908843e-8443-48ac-bd07-f78a4161aeb5","block_type":"box","text":"independent members of the board. We consider it good practice for companies to put to a shareholder","page_number":272,"box":{"x":117,"y":789,"width":766,"height":12}},{"id":"5ffe4840-1340-4310-97b0-e3bfd43cc0ca","block_type":"box","text":"vote any mechanisms expected to be in place for more than 12 months.","page_number":272,"box":{"x":116,"y":804,"width":532,"height":12}},{"id":"867810db-a3f0-48b9-b6e1-889c2870ffcf","block_type":"box","text":"Shareholder activism","page_number":272,"box":{"x":116,"y":833,"width":175,"height":9}},{"id":"be04bac6-617a-4517-bd1e-31562050a5d9","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to","page_number":272,"box":{"x":116,"y":862,"width":732,"height":12}},{"id":"a9f48a1e-fa87-4092-9dc1-cbb4df9c32dc","block_type":"box","text":"understand their analysis and objectives, once they have publicly disclosed their campaign. We may","page_number":272,"box":{"x":117,"y":877,"width":748,"height":12}},{"id":"0d3f07c3-014a-4c10-8962-afcb2fa64e97","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":272,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"dfdd964b-228b-4464-a0f0-33f9d813ce08","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":272,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"c6ca081f-89ee-4e24-bc5d-f9567386916f","block_type":"box","text":"11","page_number":272,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"dbfb9bfb-7001-4ba0-aade-3cfe15c6ac9f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":272,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"b9e0c99b-790e-473a-92d4-623c1a7a6936","block_type":"box","text":"also engage with company management and possibly board members, especially those the activist","page_number":273,"box":{"x":116,"y":87,"width":741,"height":12}},{"id":"35cdb539-6728-46ff-9883-ae0fba4c81fc","block_type":"box","text":"may be seeking to replace. In our assessment, we evaluate various factors, including the concerns","page_number":273,"box":{"x":117,"y":102,"width":737,"height":13}},{"id":"d5cd54b0-3112-4a19-ad5c-de58c010e71f","block_type":"box","text":"raised by the activist and the case for change; the quality of both the activist’s and management’s","page_number":273,"box":{"x":117,"y":118,"width":728,"height":12}},{"id":"d520c671-e210-43af-9440-017255d9cc00","block_type":"box","text":"plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":273,"box":{"x":117,"y":134,"width":723,"height":12}},{"id":"33a7f860-8256-47c6-b51a-49746111df42","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":273,"box":{"x":116,"y":149,"width":610,"height":12}},{"id":"21c4d460-a6df-4de0-9a85-e9cf758b86ed","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent","page_number":273,"box":{"x":116,"y":181,"width":728,"height":12}},{"id":"5afac521-48f7-4dcb-86f0-4fcae9eef95f","block_type":"box","text":"judgment, or the relevant portfolio manager has determined that there is a case for change to enhance","page_number":273,"box":{"x":115,"y":196,"width":767,"height":12}},{"id":"0dff0c0f-5d1c-4c20-b769-6dee360bb51d","block_type":"box","text":"shareholder value, or if the incumbent board members do not demonstrate the relevant skills and","page_number":273,"box":{"x":116,"y":212,"width":725,"height":11}},{"id":"cfd68864-41c1-493c-a628-3daf1b45b317","block_type":"box","text":"expertise or have a poor track record of protecting shareholders’ interests.","page_number":273,"box":{"x":116,"y":227,"width":556,"height":12}},{"id":"179a0e0c-8a64-442d-a152-e254393f1420","block_type":"box","text":"Significant shareholders and related party transactions","page_number":273,"box":{"x":116,"y":259,"width":446,"height":12}},{"id":"c4aa6b02-0ea0-489f-819a-90e93a218b4b","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":273,"box":{"x":117,"y":291,"width":768,"height":12}},{"id":"f488b5b2-d9f1-4ec0-84e7-74da079c34c8","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":273,"box":{"x":117,"y":306,"width":534,"height":12}},{"id":"8636e1a9-e0d6-4b00-b79b-97943ef09a1e","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or","page_number":273,"box":{"x":116,"y":338,"width":751,"height":12}},{"id":"1919b5db-5a75-4875-b4b5-9506845bb7da","block_type":"box","text":"companies affiliated with the public company, to be disclosed in detail and conducted on terms similar","page_number":273,"box":{"x":116,"y":354,"width":760,"height":12}},{"id":"5de6cb63-02a0-48a6-baf8-b1556c20ba31","block_type":"box","text":"to what would objectively have been agreed with a non-related party. In our view, such transactions","page_number":273,"box":{"x":116,"y":369,"width":743,"height":12}},{"id":"1cf13e94-14ca-4f91-85e8-d145e1092246","block_type":"box","text":"should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":273,"box":{"x":116,"y":385,"width":734,"height":12}},{"id":"6ec6eb21-f5b9-4f70-a427-6b8464e625f8","block_type":"box","text":"disinterested shareholders should vote.","page_number":273,"box":{"x":116,"y":400,"width":297,"height":10}},{"id":"a1c00f44-8484-4ef9-aece-8ad095522906","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":273,"box":{"x":257,"y":440,"width":490,"height":12}},{"id":"87de9138-d3a7-4aae-bea5-1512d4f7fdb2","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s","page_number":273,"box":{"x":117,"y":472,"width":742,"height":12}},{"id":"e66c456b-1a08-4c41-be4b-ef9f657fdd78","block_type":"box","text":"strategy, its implementation and financial performance, as well as to assess the quality of management","page_number":273,"box":{"x":116,"y":487,"width":770,"height":12}},{"id":"be89b097-7312-438f-bf4c-fd1aec37a630","block_type":"box","text":"and operations and potential for the company to create shareholder value over time. We consider it","page_number":273,"box":{"x":116,"y":503,"width":741,"height":12}},{"id":"015756b5-6a24-49b0-88d3-bc13338db859","block_type":"box","text":"good practice for the board to oversee corporate reporting and the policies and procedures","page_number":273,"box":{"x":116,"y":518,"width":679,"height":12}},{"id":"a36019e9-2486-4069-a83a-c2f951f65b0a","block_type":"box","text":"underpinning the internal audit function and external audit.","page_number":273,"box":{"x":117,"y":534,"width":436,"height":12}},{"id":"12b1b111-a4ce-4a58-b6ea-c375ecda423e","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other","page_number":273,"box":{"x":116,"y":566,"width":734,"height":12}},{"id":"2c0e49ad-40d0-449e-b8ab-6ebcf11f6b35","block_type":"box","text":"stakeholders, on its financial performance and position. It should provide an accurate and balanced","page_number":273,"box":{"x":116,"y":581,"width":742,"height":12}},{"id":"c5296c5d-43de-4cf6-b2bc-e1c86d5970e2","block_type":"box","text":"assessment of the risks and opportunities the company faces in realizing its long-term strategy.","page_number":273,"box":{"x":116,"y":597,"width":712,"height":12}},{"id":"959c11ba-e74d-4f40-be7e-ef248d6413bb","block_type":"box","text":"Accordingly, the assumptions made by management and reviewed by the auditor in preparing the","page_number":273,"box":{"x":116,"y":612,"width":729,"height":12}},{"id":"f88900c4-ab88-4426-8123-11f3d44d1e1f","block_type":"box","text":"financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":273,"box":{"x":116,"y":628,"width":744,"height":12}},{"id":"a7899306-3113-4302-a94b-fa56d37adccb","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted","page_number":273,"box":{"x":116,"y":643,"width":755,"height":12}},{"id":"98117824-bbda-49d0-b1ea-d7934f78a85a","block_type":"box","text":"accounting principles should be explained in detail and justified. Accounting restatements should be","page_number":273,"box":{"x":116,"y":659,"width":745,"height":12}},{"id":"f967c695-77b0-4c9a-8d22-02f7f4a87213","block_type":"box","text":"explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":273,"box":{"x":116,"y":674,"width":631,"height":12}},{"id":"3bdb4c25-6738-42bb-9b22-07bd158a4dab","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":273,"box":{"x":117,"y":706,"width":763,"height":12}},{"id":"3cc4e96d-57d3-4447-832a-3a3dd3406a05","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction,","page_number":273,"box":{"x":117,"y":721,"width":731,"height":13}},{"id":"3a06b96e-ea92-4823-90d6-b96ee1c14708","block_type":"box","text":"non-financial information, internal control frameworks and Enterprise Risk Management systems. In","page_number":273,"box":{"x":117,"y":737,"width":737,"height":12}},{"id":"e2958136-1015-48cb-bf57-43a0bcd34219","block_type":"box","text":"our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":273,"box":{"x":116,"y":752,"width":725,"height":13}},{"id":"0ca885e4-6804-406d-a8fb-4e3bf564a56a","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders. Audit committees","page_number":273,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"2cd431ac-f000-4077-820e-fbb0466839c1","block_type":"box","text":"should have a procedure in place for assessing the independence of the auditor and the quality of the","page_number":273,"box":{"x":116,"y":784,"width":753,"height":12}},{"id":"983ffab6-6795-42cd-83ac-5928f90bfad7","block_type":"box","text":"external audit process annually.","page_number":273,"box":{"x":116,"y":799,"width":235,"height":12}},{"id":"8156bcae-dee3-4473-8ca1-4edb4fb76c67","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to","page_number":273,"box":{"x":116,"y":831,"width":771,"height":12}},{"id":"0872978e-0c31-4d8c-b6c0-f2d2fe08c77e","block_type":"box","text":"how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when","page_number":273,"box":{"x":117,"y":846,"width":758,"height":12}},{"id":"7ff8206f-9ef7-489e-8722-e3ea300cce98","block_type":"box","text":"companies provide robust, standardized disclosures on their material sustainability-related risks and","page_number":273,"box":{"x":116,"y":862,"width":747,"height":12}},{"id":"9a7faf2c-1570-4ab1-aa6d-5f65361992e5","block_type":"box","text":"opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet","page_number":273,"box":{"x":116,"y":877,"width":743,"height":12}},{"id":"ea220ac1-f3f4-4e82-9348-91a30ba0606f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":273,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3734c163-1895-4c56-9646-f6a058f69710","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":273,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"a8c9f354-992d-4b57-9e80-2d1557b19f79","block_type":"box","text":"12","page_number":273,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"972cff22-7604-46f7-893a-addde263d8b8","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":273,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"bcf625d6-9093-48c3-b93f-481f612aabf1","block_type":"box","text":"these objectives through its reporting standards, which may be helpful to companies in preparing such","page_number":274,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"d1c27f27-79e7-4a7f-b764-5f7fcc792a1e","block_type":"box","text":"reports.","page_number":274,"box":{"x":117,"y":103,"width":54,"height":11}},{"id":"8f62342a-f645-4f86-b645-bf7311671a59","block_type":"box","text":"9","page_number":274,"box":{"x":173,"y":103,"width":5,"height":6}},{"id":"f172c317-e2f5-4424-bfd1-feecb1e52da3","block_type":"box","text":"However, we do not mandate any specific disclosure framework, and note that companies in","page_number":274,"box":{"x":179,"y":102,"width":696,"height":13}},{"id":"0259e917-d64c-41af-a3a6-4faeda1d1e42","block_type":"box","text":"certain jurisdictions are subject to mandatory reporting requirements under standards specified by","page_number":274,"box":{"x":116,"y":118,"width":731,"height":12}},{"id":"b1fdde0e-3cf9-4e81-ad55-8447516e7cd0","block_type":"box","text":"policy makers.","page_number":274,"box":{"x":117,"y":134,"width":105,"height":12}},{"id":"cc575c39-3afe-4f38-8d64-1626500d528a","block_type":"box","text":"10","page_number":274,"box":{"x":224,"y":134,"width":11,"height":6}},{"id":"ee0ceb53-00ff-4f5d-a4e5-3f9aa5428d2a","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":274,"box":{"x":117,"y":161,"width":765,"height":12}},{"id":"d58639e0-cb08-4f6e-8f9e-9a00f882bdb9","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for","page_number":274,"box":{"x":116,"y":176,"width":759,"height":12}},{"id":"9eb8fa91-1cd8-462a-a20d-74b3141fc82e","block_type":"box","text":"employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior","page_number":274,"box":{"x":116,"y":192,"width":738,"height":12}},{"id":"596399fe-683c-47cd-8fdd-5737dea968ad","block_type":"box","text":"management and the board are aware of potential misconduct or breaches in risk management and","page_number":274,"box":{"x":117,"y":207,"width":745,"height":12}},{"id":"24411115-10f3-408d-9e7c-2f4e8c6ae84a","block_type":"box","text":"internal control processes.","page_number":274,"box":{"x":117,"y":223,"width":200,"height":12}},{"id":"13fc98c0-f96c-4e9e-9535-c92b41adfbbb","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in","page_number":274,"box":{"x":116,"y":250,"width":748,"height":12}},{"id":"2f15715a-afcd-48ea-a859-930f64f86a82","block_type":"box","text":"the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope","page_number":274,"box":{"x":116,"y":266,"width":752,"height":12}},{"id":"d1941d8e-4c71-4c35-9cc5-fbe2327b8c52","block_type":"box","text":"and focus of the audit, as well as any critical audit matters identified and how these were resolved. A","page_number":274,"box":{"x":116,"y":281,"width":751,"height":12}},{"id":"abc4b6ce-75fb-482b-a9ec-a0891ee0610d","block_type":"box","text":"comprehensive and effective audit is time and resource intensive, and the audit fee should be","page_number":274,"box":{"x":116,"y":297,"width":700,"height":12}},{"id":"55b38a2a-f8ed-4ff4-a087-e8d9fd8fa69e","block_type":"box","text":"commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a","page_number":274,"box":{"x":116,"y":312,"width":771,"height":12}},{"id":"f5ec0284-f3ea-44a3-a017-6ceb8a19d92d","block_type":"box","text":"degree that may prompt concerns about the independence of the audit. The audit committee should","page_number":274,"box":{"x":116,"y":328,"width":746,"height":12}},{"id":"8a1c047d-6e65-4f27-a5f2-140f55d5d6e1","block_type":"box","text":"explain its position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":274,"box":{"x":116,"y":343,"width":728,"height":12}},{"id":"079ba4b0-2f13-403e-a7b9-30f157a02dca","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or","page_number":274,"box":{"x":116,"y":370,"width":740,"height":12}},{"id":"80ae9f94-cdb2-4be4-b656-e3231004442e","block_type":"box","text":"there are material misstatements in financial reports. In markets where relevant, we may vote against a","page_number":274,"box":{"x":116,"y":386,"width":771,"height":12}},{"id":"dd074b67-65a1-42be-9f0d-d775d5122f13","block_type":"box","text":"proposal to approve the financial statements or the discharge of the board when we are concerned","page_number":274,"box":{"x":117,"y":401,"width":737,"height":12}},{"id":"690dbb7e-d5c6-4ff3-9e1b-92475c532cbe","block_type":"box","text":"about the quality of corporate reporting or the audit. We may vote against proposals to appoint the","page_number":274,"box":{"x":116,"y":417,"width":734,"height":12}},{"id":"9ddc1f17-b7d3-4d35-bdf5-046febd3a82a","block_type":"box","text":"auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor’s","page_number":274,"box":{"x":116,"y":432,"width":702,"height":12}},{"id":"613eadad-a0ec-4d01-b181-de75b44f8f09","block_type":"box","text":"independence, the quality of the audit, or there are material misstatements in financial reports and the","page_number":274,"box":{"x":117,"y":448,"width":760,"height":12}},{"id":"0206c9fd-4893-4a41-a389-d584306429b5","block_type":"box","text":"board has not established reasonable remediation plans.","page_number":274,"box":{"x":117,"y":464,"width":426,"height":11}},{"id":"5b5f7f0a-da1a-4034-abb9-6a721f1ba81d","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":274,"box":{"x":318,"y":496,"width":369,"height":10}},{"id":"28d95c78-ec20-42ac-9700-91f1dbd3900d","block_type":"box","text":"General shareholder meetings","page_number":274,"box":{"x":116,"y":524,"width":247,"height":12}},{"id":"e46febf5-5755-407e-95c2-6c7efe9c8bde","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine","page_number":274,"box":{"x":117,"y":551,"width":768,"height":12}},{"id":"eb3c0d3f-372c-4c58-8da3-e849e05a9591","block_type":"box","text":"items of business are discussed and voted on by shareholders in attendance or submitting proxy votes.","page_number":274,"box":{"x":117,"y":567,"width":771,"height":12}},{"id":"aced4bc6-420b-4e53-aba4-05661e218a16","block_type":"box","text":"Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so","page_number":274,"box":{"x":117,"y":582,"width":742,"height":12}},{"id":"be87e86e-8b6e-4bff-82e3-2b6f0accefdc","block_type":"box","text":"that shareholders can take them into consideration in their voting decisions. Many companies offer","page_number":274,"box":{"x":116,"y":598,"width":736,"height":12}},{"id":"309da4a1-b50a-4750-8d8d-73b208c706f0","block_type":"box","text":"shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit","page_number":274,"box":{"x":116,"y":613,"width":758,"height":12}},{"id":"984a3cc9-4531-4c32-a846-49ecaaaf2f34","block_type":"box","text":"the rights of shareholders to participate as they would during an in-person meeting.","page_number":274,"box":{"x":116,"y":629,"width":622,"height":12}},{"id":"92a08492-4bc8-4005-8f9d-0242cac6ec08","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are","page_number":274,"box":{"x":116,"y":656,"width":757,"height":12}},{"id":"80b8af81-1263-43b1-b840-7d0929ca3132","block_type":"box","text":"not provided in a timely manner or do not provide sufficient information for us to make an informed","page_number":274,"box":{"x":117,"y":671,"width":728,"height":12}},{"id":"f0346a97-e444-47f5-826c-11ae8c09e434","block_type":"box","text":"voting decision. We may vote against directors if the format of the shareholder meeting does not","page_number":274,"box":{"x":116,"y":687,"width":715,"height":12}},{"id":"c9a86a3e-8ef1-48a8-9a1b-5a55393be0b1","block_type":"box","text":"accommodate reasonable shareholder participation.","page_number":274,"box":{"x":116,"y":702,"width":385,"height":12}},{"id":"b5808437-fb21-4b73-b3bf-847573165199","block_type":"box","text":"Bylaw amendments","page_number":274,"box":{"x":117,"y":730,"width":155,"height":12}},{"id":"8e69032f-cde0-460d-a389-4e96870e396e","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally","page_number":274,"box":{"x":116,"y":757,"width":748,"height":12}},{"id":"15b61586-b774-4077-9e6f-396cb811e5f5","block_type":"box","text":"support those that are aligned with the interests of minority shareholders. Any material changes to the","page_number":274,"box":{"x":116,"y":772,"width":755,"height":12}},{"id":"1d379481-1415-40ec-b9fd-1ff165fd19d3","block_type":"box","text":"bylaws should be explained in detail and put to a shareholder vote.","page_number":274,"box":{"x":117,"y":788,"width":494,"height":12}},{"id":"e16d6dba-6a50-47f4-99af-06a00d8219ec","block_type":"box","text":"9","page_number":274,"box":{"x":143,"y":813,"width":4,"height":5}},{"id":"0901191b-6b18-411b-b319-8ca3b3aa4081","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":274,"box":{"x":170,"y":813,"width":666,"height":10}},{"id":"d446eda4-2608-46af-9562-02bb12d29957","block_type":"box","text":"Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 “General","page_number":274,"box":{"x":171,"y":826,"width":641,"height":8}},{"id":"49c32235-2a80-4c51-8b37-4f58a705a8ee","block_type":"box","text":"Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related Disclosures.”","page_number":274,"box":{"x":171,"y":839,"width":672,"height":9}},{"id":"f5986deb-daba-4cf0-8938-d12824e02848","block_type":"box","text":"10","page_number":274,"box":{"x":144,"y":854,"width":8,"height":5}},{"id":"b46b898c-dbee-4a37-9fbf-405bac2efe57","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles","page_number":274,"box":{"x":170,"y":854,"width":705,"height":9}},{"id":"42b004ab-da5a-4c29-afc5-2ea2094ded9d","block_type":"box","text":"issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company","page_number":274,"box":{"x":170,"y":867,"width":615,"height":9}},{"id":"d0a22708-e5d3-4285-9695-c5f806ef135b","block_type":"box","text":"reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en","page_number":274,"box":{"x":170,"y":880,"width":468,"height":9}},{"id":"60152934-9683-41f6-ae05-5422a435d5d0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":274,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"e384e2f6-a301-49f6-a885-77e0a1eff291","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":274,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"1cdaea86-ee2e-42a7-ae36-4bf8c279835c","block_type":"box","text":"13","page_number":274,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"f6a79dd1-0a8b-4484-ab1b-67f3c5d13cfa","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":274,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c2807184-d69e-4141-bfcb-85020fb3d291","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce","page_number":275,"box":{"x":116,"y":87,"width":753,"height":12}},{"id":"033bc5fd-fef8-473d-bf0f-bb36e20520fe","block_type":"box","text":"additional burdens. We may vote against directors if material changes are made to the bylaws without","page_number":275,"box":{"x":116,"y":102,"width":760,"height":13}},{"id":"faec6763-c33d-4ea1-9ab1-a33f96187f90","block_type":"box","text":"shareholder approval.","page_number":275,"box":{"x":116,"y":118,"width":167,"height":12}},{"id":"8fd74067-8eee-4e96-a016-5270c6eb84cc","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":275,"box":{"x":117,"y":150,"width":688,"height":12}},{"id":"61340bc3-38f0-43bd-9b74-c57f74988a29","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to call a special meeting of","page_number":275,"box":{"x":117,"y":165,"width":704,"height":12}},{"id":"21ced94a-4961-43db-85a9-abdc91350fcf","block_type":"box","text":"shareholders. The shareholding required to exercise this right should balance its utility with the cost to","page_number":275,"box":{"x":116,"y":181,"width":761,"height":12}},{"id":"8c8815ea-f1c7-4a6e-a36d-c4b90e7219e3","block_type":"box","text":"the company of holding special meetings.","page_number":275,"box":{"x":116,"y":196,"width":313,"height":12}},{"id":"cf25166d-f3c6-4347-807c-2c388ef37d12","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders,","page_number":275,"box":{"x":117,"y":228,"width":688,"height":12}},{"id":"f030a5b4-0fe5-4d85-bc8e-7409c7cbadda","block_type":"box","text":"individually or as a group, with a meaningful shareholding, the right to nominate directors to the","page_number":275,"box":{"x":117,"y":243,"width":710,"height":12}},{"id":"70a23702-1597-4b87-8062-bd36d4bcede2","block_type":"box","text":"company’s board. The threshold for this right should be set so that shareholders can exercise it without","page_number":275,"box":{"x":116,"y":259,"width":770,"height":12}},{"id":"d3526039-9390-48e8-8fcb-dfaed0c24ab5","block_type":"box","text":"being unduly disruptive to the board’s own nomination process.","page_number":275,"box":{"x":117,"y":274,"width":473,"height":12}},{"id":"147a9804-fdc3-4ae9-83c4-944234cdb9eb","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability","page_number":275,"box":{"x":116,"y":306,"width":728,"height":12}},{"id":"eed147c1-c0e1-4c78-ae05-cd40f1ad34c9","block_type":"box","text":"mechanisms. We may vote for a shareholder proposal seeking the addition of either of these","page_number":275,"box":{"x":117,"y":321,"width":691,"height":12}},{"id":"fbd2888c-36fb-4aa7-9e27-353f55627b1f","block_type":"box","text":"provisions to a company’s bylaws.","page_number":275,"box":{"x":117,"y":337,"width":258,"height":12}},{"id":"50a07659-cf25-4d18-8566-802138cd4440","block_type":"box","text":"Change of domicile","page_number":275,"box":{"x":116,"y":368,"width":160,"height":12}},{"id":"fb1eee8f-a394-45c9-8409-a95ff27744d6","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the","page_number":275,"box":{"x":116,"y":400,"width":722,"height":12}},{"id":"f9ae58bd-a7ba-4798-838e-c3b845edea62","block_type":"box","text":"rationale for doing so is consistent with the company’s long-term strategy and business model and the","page_number":275,"box":{"x":117,"y":415,"width":761,"height":12}},{"id":"60d931cd-c30c-44e3-a42f-c3e34788c353","block_type":"box","text":"related costs are immaterial.","page_number":275,"box":{"x":117,"y":431,"width":215,"height":9}},{"id":"4ed7f07d-5b55-4a26-a030-d7aee27d729b","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem","page_number":275,"box":{"x":116,"y":462,"width":757,"height":12}},{"id":"0a5e62af-1e2d-4375-8623-95c3bf3db7a8","block_type":"box","text":"aligned with our clients’ financial interests.","page_number":275,"box":{"x":116,"y":478,"width":318,"height":12}},{"id":"750f0b9b-82a0-428c-b6ce-293e0f483ddc","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":275,"box":{"x":116,"y":509,"width":504,"height":12}},{"id":"aa0270a6-cdc3-49b6-9d6d-ef5fe97e1dec","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and","page_number":275,"box":{"x":117,"y":541,"width":762,"height":12}},{"id":"ee2ce8db-259c-4672-b59f-9d8c48e766d9","block_type":"box","text":"explained in the context of long-term strategy and business dynamics. Such changes may significantly","page_number":275,"box":{"x":116,"y":556,"width":764,"height":12}},{"id":"4242a6da-36da-4649-b876-f2fbf3523a37","block_type":"box","text":"alter an investor’s views on the suitability of a company for their investment strategy or portfolio.","page_number":275,"box":{"x":116,"y":572,"width":716,"height":12}},{"id":"4eb5177f-37b5-4481-8b70-833ce3bbbea8","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its","page_number":275,"box":{"x":116,"y":603,"width":743,"height":12}},{"id":"7065be15-6382-4a9e-acb7-db20fee868f5","block_type":"box","text":"business if the board has not provided a credible argument for change.","page_number":275,"box":{"x":117,"y":619,"width":530,"height":12}},{"id":"bd7d4997-318a-417c-97f3-f790379fe48e","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":275,"box":{"x":380,"y":658,"width":244,"height":10}},{"id":"739a647f-cfaf-43df-95ea-62233f38ae6b","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals","page_number":275,"box":{"x":116,"y":690,"width":750,"height":12}},{"id":"c5eaa4d8-1825-445d-a968-5ee16214e876","block_type":"box","text":"to the general shareholder meeting asking a company to take a particular course of action subject to","page_number":275,"box":{"x":116,"y":705,"width":744,"height":13}},{"id":"65147687-b119-4286-88ed-62ef1a63fe26","block_type":"box","text":"the proposal being supported by a majority of votes cast at the meeting. The topics raised can address","page_number":275,"box":{"x":116,"y":721,"width":762,"height":12}},{"id":"292dac4a-9de3-4c65-9f48-a396415ad370","block_type":"box","text":"a range of matters that may be relevant to a company’s business.","page_number":275,"box":{"x":116,"y":736,"width":486,"height":13}},{"id":"a36f4f30-8a97-4f12-9147-42ce412bb97d","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":275,"box":{"x":116,"y":768,"width":762,"height":12}},{"id":"6df926ec-738e-4ff6-a84a-25d7b34ef876","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with","page_number":275,"box":{"x":116,"y":784,"width":691,"height":12}},{"id":"9785e5fe-db36-450f-bf9d-4d6dd9ca6bc9","block_type":"box","text":"shareholders’ interests, and what impact the proposal being acted upon might have on financial","page_number":275,"box":{"x":116,"y":799,"width":708,"height":12}},{"id":"089234e1-8b92-4aae-87a0-d412facfbed0","block_type":"box","text":"performance.","page_number":275,"box":{"x":117,"y":814,"width":96,"height":12}},{"id":"ab2070dd-e10c-4fe5-a804-289068d243e0","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or","page_number":275,"box":{"x":116,"y":846,"width":711,"height":12}},{"id":"10b975c2-808f-4545-991d-772574348391","block_type":"box","text":"performance is to engage to understand the apparent difference in perspective. If we are concerned a","page_number":275,"box":{"x":117,"y":861,"width":760,"height":13}},{"id":"9791bde5-0505-404f-a025-d125d6717337","block_type":"box","text":"company is not acting in shareholders’ financial interests, we may vote against the election of directors.","page_number":275,"box":{"x":116,"y":877,"width":772,"height":12}},{"id":"6bdad365-eca3-486b-824e-3eb91068934f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":275,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3ef29ae1-2648-4a2f-9bd9-77791ac601b1","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":275,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"1772e074-96d6-4cba-ab47-6d4f6b608ba0","block_type":"box","text":"14","page_number":275,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"7219aabc-c2ac-468b-9133-b8a5a3b4373a","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":275,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4ed3f0dc-79f7-4591-a45e-30587a1a4f19","block_type":"box","text":"We may support a relevant shareholder proposal if doing so is aligned with our clients’ financial","page_number":276,"box":{"x":116,"y":87,"width":712,"height":12}},{"id":"46e3df9b-03ab-4a91-a9c1-105cdac1ecab","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company,","page_number":276,"box":{"x":117,"y":103,"width":760,"height":12}},{"id":"ed818c80-b06d-4e8d-a5ee-e2ac7670bd87","block_type":"box","text":"seek to alter a company’s strategy or direct its operations, or are unrelated to how a company","page_number":276,"box":{"x":116,"y":118,"width":700,"height":12}},{"id":"4d63ecfd-f517-4701-a906-419b0c2a4b17","block_type":"box","text":"manages risk or generates financial returns.","page_number":276,"box":{"x":117,"y":134,"width":331,"height":12}},{"id":"9b124f1b-c8ce-42c8-87f2-9d5f65a214b2","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place","page_number":276,"box":{"x":117,"y":164,"width":737,"height":12}},{"id":"8ac5f6a4-69b8-4ef9-b756-d81269442fa8","block_type":"box","text":"restrictions and limitations on how we can interact with the companies in which we invest on behalf of","page_number":276,"box":{"x":117,"y":180,"width":755,"height":12}},{"id":"5a33b439-cd9a-4c26-9c7f-c2d837b3a556","block_type":"box","text":"our clients, including our ability to submit shareholder proposals. We do not submit shareholder","page_number":276,"box":{"x":116,"y":195,"width":712,"height":12}},{"id":"1bc3879d-47e0-461e-9441-2ef62a6b7b63","block_type":"box","text":"proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":276,"box":{"x":117,"y":211,"width":770,"height":12}},{"id":"4f1145b5-d1a6-4e50-b149-92639e365bfc","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":276,"box":{"x":351,"y":249,"width":302,"height":10}},{"id":"c062db9d-8502-428f-a9c0-d355a9f06027","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the","page_number":276,"box":{"x":116,"y":280,"width":733,"height":12}},{"id":"03f2788d-6dbb-4e35-aae6-1f71c03d9554","block_type":"box","text":"jurisdictions in which they engage. When a corporation reports material financial risk related to policy","page_number":276,"box":{"x":115,"y":295,"width":754,"height":12}},{"id":"01d6200b-f173-4276-9a6c-fda8aade2c47","block_type":"box","text":"and or regulatory changes, BAIS may seek to understand how it is addressing the material risk","page_number":276,"box":{"x":116,"y":311,"width":708,"height":12}},{"id":"ac2f9612-9143-40e4-8855-ea4df1ade9eb","block_type":"box","text":"identified. We seek to understand how companies engage in corporate political activities and ensure","page_number":276,"box":{"x":117,"y":326,"width":748,"height":12}},{"id":"81059ac4-1316-4de4-89a9-bf33f12ab011","block_type":"box","text":"that their participation is consistent with their public statements on policy matters material to the","page_number":276,"box":{"x":116,"y":342,"width":714,"height":12}},{"id":"ae1cdecd-def2-4a1a-b3b7-5feede99f637","block_type":"box","text":"company’s long-term strategy. The board should be aware of the approach taken by management on","page_number":276,"box":{"x":116,"y":357,"width":756,"height":12}},{"id":"b339ff12-fb06-49a4-af0f-a68476120fb8","block_type":"box","text":"corporate political activities as there can be reputational risks arising from inconsistencies between a","page_number":276,"box":{"x":116,"y":373,"width":752,"height":12}},{"id":"93a3781a-0e0c-4573-8482-95643f55f09a","block_type":"box","text":"company’s policy engagement and stated policy positions. Companies should, as a minimum, meet all","page_number":276,"box":{"x":116,"y":388,"width":764,"height":12}},{"id":"17f08476-a876-4f40-9789-9c6419d5b34f","block_type":"box","text":"regulatory disclosure requirements on political activities. We may engage a company where we would","page_number":276,"box":{"x":117,"y":404,"width":759,"height":12}},{"id":"4c3f79b0-4752-435c-8095-9d934f9f8a74","block_type":"box","text":"like to better understand its approach to policy engagement, where relevant.","page_number":276,"box":{"x":117,"y":419,"width":569,"height":12}},{"id":"2f3ec61d-bc2b-4839-8297-97b5af4dbddd","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their","page_number":276,"box":{"x":116,"y":450,"width":737,"height":12}},{"id":"210b7ee4-a4a9-48ca-ba02-e025d7f60b4d","block_type":"box","text":"policy priorities and the policy positions of the trade associations of which they are active members and","page_number":276,"box":{"x":117,"y":465,"width":770,"height":13}},{"id":"236ecffa-4950-4131-9f44-95d06f8c3399","block_type":"box","text":"any engagements undertaken by trade associations on behalf of members.","page_number":276,"box":{"x":116,"y":481,"width":562,"height":12}},{"id":"b0c3fbe6-571e-46eb-b9cf-6d5492d4d32d","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s","page_number":276,"box":{"x":116,"y":512,"width":712,"height":12}},{"id":"3005bc8b-d320-4823-b158-e29d4ef97633","block_type":"box","text":"disclosures are insufficient to address the material risk it has identified.","page_number":276,"box":{"x":116,"y":527,"width":530,"height":10}},{"id":"ea284ae3-7419-4b6a-8fd1-7b1788ace045","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":276,"box":{"x":223,"y":565,"width":559,"height":10}},{"id":"fd5ae4fb-ec20-4393-a8db-a97a4ecbae86","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their","page_number":276,"box":{"x":116,"y":596,"width":751,"height":12}},{"id":"c2adddb9-5e7c-4108-8c30-76d1b3616c4d","block_type":"box","text":"business operations. In our experience, sustainability-related factors","page_number":276,"box":{"x":117,"y":612,"width":505,"height":12}},{"id":"878cb1d3-7908-4f31-b02e-f0322963ee6c","block_type":"box","text":"11","page_number":276,"box":{"x":624,"y":612,"width":9,"height":6}},{"id":"f6104d03-576d-4f24-97e7-ca5b3f95d841","block_type":"box","text":"that are relevant to a company’s","page_number":276,"box":{"x":635,"y":612,"width":249,"height":12}},{"id":"4eb9263f-a09a-4529-929e-03fce7d92ad7","block_type":"box","text":"business or material to its financial performance, are generally operational considerations embedded","page_number":276,"box":{"x":117,"y":627,"width":752,"height":12}},{"id":"8be908a8-34d3-493c-8ef7-9659ac155bcc","block_type":"box","text":"into day-to-day management systems. Certain sustainability issues may also inform long-term strategic","page_number":276,"box":{"x":117,"y":643,"width":769,"height":12}},{"id":"5e1aa9da-346e-4303-9ec7-3449286dd6cf","block_type":"box","text":"planning, for example, investing in product innovation in anticipation of changing consumer demand or","page_number":276,"box":{"x":117,"y":658,"width":763,"height":12}},{"id":"86ed8bb3-7566-4d2d-b643-1cd587ea0f30","block_type":"box","text":"adapting supply chains in response to changing regulatory requirements.","page_number":276,"box":{"x":116,"y":674,"width":540,"height":12}},{"id":"0a471497-656e-4f33-9d73-e6fdef1fa6e8","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business","page_number":276,"box":{"x":116,"y":704,"width":763,"height":12}},{"id":"d2eb0b2c-ffdc-4f20-9d41-1f5351631efc","block_type":"box","text":"relevant will vary by company business model, sector, key markets, and time horizon, amongst other","page_number":276,"box":{"x":117,"y":720,"width":747,"height":12}},{"id":"f23e33fb-5b5f-4e9d-8ee2-b25d47f4b0a8","block_type":"box","text":"considerations. From company disclosures and our engagement, we aim to understand how","page_number":276,"box":{"x":116,"y":735,"width":684,"height":12}},{"id":"bf8d8d09-d26d-4690-8736-ab8f77b02483","block_type":"box","text":"management is identifying, assessing and integrating material sustainability-related risks and","page_number":276,"box":{"x":117,"y":751,"width":688,"height":12}},{"id":"56b5e082-912c-4a98-bcfe-507f43b3d6de","block_type":"box","text":"11","page_number":276,"box":{"x":144,"y":776,"width":7,"height":5}},{"id":"b853d257-9659-48ce-b57c-436304bf4a1c","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":276,"box":{"x":171,"y":776,"width":691,"height":10}},{"id":"612c8dc7-6aca-4f8d-a0c0-1d7be519b634","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":276,"box":{"x":170,"y":789,"width":686,"height":10}},{"id":"43b4a3a4-73dd-4b93-99ab-171c5307c507","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":276,"box":{"x":170,"y":802,"width":682,"height":9}},{"id":"dd9f1299-a604-49f2-872b-7a01d00d4c86","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":276,"box":{"x":170,"y":815,"width":683,"height":9}},{"id":"7b21af90-6385-4a0f-b747-edb1cfccea34","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively","page_number":276,"box":{"x":170,"y":828,"width":708,"height":9}},{"id":"b148b9cc-05a1-42b3-8ef3-fafde7390606","block_type":"box","text":"evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is","page_number":276,"box":{"x":170,"y":841,"width":707,"height":9}},{"id":"1069c42b-e65e-47ad-9672-9ba0fb2e3096","block_type":"box","text":"the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk","page_number":276,"box":{"x":170,"y":853,"width":658,"height":10}},{"id":"3e176972-9250-4f10-a081-c4ea546733e6","block_type":"box","text":"oversight of business-relevant and material sustainability-related considerations is a component of a sound governance","page_number":276,"box":{"x":170,"y":866,"width":708,"height":10}},{"id":"b6584e62-b40d-42d7-a21c-6160a40050ca","block_type":"box","text":"framework.","page_number":276,"box":{"x":170,"y":879,"width":65,"height":8}},{"id":"87c742bc-4e1c-4515-934f-a93a65b32b4b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":276,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"3d8d99d6-2b59-4649-b74a-0837684df88f","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":276,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"9dbb8b26-5c39-4091-993d-df6217af2c3a","block_type":"box","text":"15","page_number":276,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"68c2749d-7486-497c-88d3-cfa4f0dd39de","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":276,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c85b9cc2-7d71-4cea-88f0-06f33fffd0e5","block_type":"box","text":"opportunities into their business decision-making and practices. Doing so helps us undertake a more","page_number":277,"box":{"x":116,"y":87,"width":752,"height":12}},{"id":"edcac309-aecd-44d9-8ebc-58475c90bd60","block_type":"box","text":"holistic assessment of a company’s potential financial performance and the likely risk-adjusted returns","page_number":277,"box":{"x":117,"y":102,"width":761,"height":13}},{"id":"e4b588f8-0d0b-42b4-91b3-45a0eeb8088d","block_type":"box","text":"of an investment.","page_number":277,"box":{"x":116,"y":118,"width":133,"height":10}},{"id":"6c958609-79c9-4b5e-be95-cf07559b1046","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about","page_number":277,"box":{"x":116,"y":145,"width":753,"height":12}},{"id":"d3ef9b1a-dd05-4cd4-94ec-90264be83a41","block_type":"box","text":"how a company is managing or disclosing its approach to material sustainability-related risks that may","page_number":277,"box":{"x":117,"y":161,"width":761,"height":12}},{"id":"277f8dcb-2262-48ff-9426-e4b75ceb5e80","block_type":"box","text":"impact financial returns.","page_number":277,"box":{"x":117,"y":176,"width":181,"height":12}},{"id":"bb1ab8e2-f0fe-4b74-b094-237a48f81335","block_type":"box","text":"KEY STAKEHOLDERS","page_number":277,"box":{"x":412,"y":209,"width":182,"height":10}},{"id":"c569ee24-e02c-45e9-be86-f02065d5c192","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various","page_number":277,"box":{"x":117,"y":236,"width":727,"height":12}},{"id":"b880bd36-e3ff-41f8-9f7d-826dfd1673b3","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key","page_number":277,"box":{"x":117,"y":252,"width":766,"height":12}},{"id":"1e4d86d2-d1d7-4837-a96e-e0574aba6b12","block_type":"box","text":"stakeholders based on what is material to their business and long-term financial performance. For","page_number":277,"box":{"x":116,"y":267,"width":731,"height":12}},{"id":"2c934417-1db6-453c-a4ef-619bdf99d5a5","block_type":"box","text":"many companies, key stakeholders include employees, business partners (such as suppliers and","page_number":277,"box":{"x":117,"y":283,"width":726,"height":12}},{"id":"eb102ea3-89fe-45bf-834a-e64c2c30e1cd","block_type":"box","text":"distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":277,"box":{"x":116,"y":298,"width":687,"height":12}},{"id":"f10446f7-ddcf-4b09-b1e4-64ca8b528ebd","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our","page_number":277,"box":{"x":117,"y":314,"width":730,"height":12}},{"id":"fe14bbc2-1395-4ed1-9480-595390459a73","block_type":"box","text":"experience, more likely to be financially resilient over time.","page_number":277,"box":{"x":116,"y":329,"width":438,"height":12}},{"id":"92b38724-0fa9-42d8-8637-fd9e6647671a","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":277,"box":{"x":246,"y":362,"width":513,"height":10}},{"id":"51b8bcdb-0b93-429d-9869-9d7dd8abc093","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial","page_number":277,"box":{"x":117,"y":389,"width":737,"height":12}},{"id":"766bfa8b-991c-4197-bca1-a29204d414a7","block_type":"box","text":"objectives. Consistent with the objectives of those investment strategies, our stewardship activity in","page_number":277,"box":{"x":116,"y":405,"width":741,"height":12}},{"id":"ff2841fa-ef23-4eec-8d31-687516f56d21","block_type":"box","text":"relation to the holdings in those funds differs in some respects from BAIS’ benchmark guidelines, which","page_number":277,"box":{"x":117,"y":420,"width":771,"height":12}},{"id":"0cf94e9b-2720-4b9f-9865-11a8171bbfc4","block_type":"box","text":"are described above. Specifically, for those funds’ holdings, we look to investee companies to","page_number":277,"box":{"x":116,"y":436,"width":699,"height":12}},{"id":"959fb03e-d9fb-4add-88c5-9c57eecd1316","block_type":"box","text":"demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":277,"box":{"x":116,"y":451,"width":742,"height":12}},{"id":"067c2ac4-d2a2-4301-9de8-ca425bc99b0b","block_type":"box","text":"would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C","page_number":277,"box":{"x":116,"y":467,"width":759,"height":12}},{"id":"0c0ee380-5d75-498b-8903-fdf17cb33557","block_type":"box","text":"above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock","page_number":277,"box":{"x":116,"y":482,"width":771,"height":12}},{"id":"a2401c6e-0f99-42da-a4e5-b5df9a5f974f","block_type":"box","text":"to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":277,"box":{"x":116,"y":498,"width":698,"height":12}},{"id":"3f660f27-6c0d-4c11-8975-58606059598b","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable","page_number":277,"box":{"x":116,"y":514,"width":770,"height":11}},{"id":"e52df462-5d84-4759-90ee-cddc21d1218d","block_type":"box","text":"fund board or client.","page_number":277,"box":{"x":116,"y":529,"width":153,"height":9}},{"id":"30f6b133-e89f-4cbe-945c-ef88874db364","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services","page_number":277,"box":{"x":116,"y":556,"width":766,"height":12}},{"id":"46a3bf68-35d6-496a-8c2a-793c9b03f55f","block_type":"box","text":"that contribute to real world decarbonization or have a carbon intensive business model and face","page_number":277,"box":{"x":116,"y":571,"width":724,"height":10}},{"id":"139bd420-f1ee-40e4-bff2-f21c0b2d5d5b","block_type":"box","text":"outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3","page_number":277,"box":{"x":116,"y":587,"width":754,"height":12}},{"id":"6463f71f-be8f-4021-8985-81c0344cf510","block_type":"box","text":"greenhouse gas emissions. These companies should provide disclosures that set out their","page_number":277,"box":{"x":116,"y":603,"width":675,"height":12}},{"id":"96ec358b-f559-40c4-b71e-546462812eba","block_type":"box","text":"governance, strategy, risk management processes and metrics and targets relevant to","page_number":277,"box":{"x":116,"y":618,"width":646,"height":12}},{"id":"07743afd-9f2a-480e-b086-1cd07261733f","block_type":"box","text":"decarbonization. It is helpful to investors’ understanding when these disclosures include an explanation","page_number":277,"box":{"x":116,"y":634,"width":770,"height":12}},{"id":"8c3f7781-a496-4c52-af80-f3d5b110adc6","block_type":"box","text":"of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its","page_number":277,"box":{"x":116,"y":649,"width":760,"height":12}},{"id":"bab3468e-68e2-41fd-9d59-c6e728139e86","block_type":"box","text":"scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for","page_number":277,"box":{"x":116,"y":665,"width":735,"height":12}},{"id":"435ad4fc-8a24-4e42-90ed-94e39920e3b1","block_type":"box","text":"scope 1 and 2 emissions.","page_number":277,"box":{"x":116,"y":680,"width":188,"height":12}},{"id":"29558c82-c8d5-49cc-8b14-b26faf56d310","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against","page_number":277,"box":{"x":117,"y":707,"width":739,"height":12}},{"id":"37f08658-bf47-475e-a284-311910480cc1","block_type":"box","text":"directors or support for a relevant shareholder proposal if a company does not appear to be adequately","page_number":277,"box":{"x":116,"y":723,"width":766,"height":12}},{"id":"47d1ef35-4fda-4c49-b188-63123a2c583c","block_type":"box","text":"acting to address or disclosing material climate-related risks, consistent with the parameters set out in","page_number":277,"box":{"x":116,"y":738,"width":755,"height":12}},{"id":"10b1ddf7-f9f9-4b16-884d-d6dca8e297ac","block_type":"box","text":"these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder","page_number":277,"box":{"x":116,"y":754,"width":744,"height":12}},{"id":"f67b3680-1e33-4144-b84d-7200bee18cb3","block_type":"box","text":"proposals seeking information relevant to a company’s stated low-carbon transition strategy or targets","page_number":277,"box":{"x":117,"y":769,"width":755,"height":12}},{"id":"8ffc6042-9d6c-4a8e-bf37-0b1c087a3e2c","block_type":"box","text":"that the company does not currently provide and that would be helpful to investment decision-making.","page_number":277,"box":{"x":116,"y":785,"width":753,"height":12}},{"id":"f7c79163-8511-4a64-8e18-c679f6f8ed2f","block_type":"box","text":"We would not recommend support for shareholder proposals that seek to constrain board or","page_number":277,"box":{"x":116,"y":800,"width":684,"height":12}},{"id":"6797f2db-eab7-4496-86b8-50a2ed080787","block_type":"box","text":"management decision-making or direct specific business or strategic decisions. As under the BAIS","page_number":277,"box":{"x":117,"y":816,"width":730,"height":12}},{"id":"dcf942a2-cf02-4ae9-9261-b486290e79a3","block_type":"box","text":"benchmark approach, the active portfolio managers are ultimately responsible for voting consistent","page_number":277,"box":{"x":117,"y":831,"width":737,"height":12}},{"id":"7a25040f-0331-4ba6-8bab-389ddcc14b5e","block_type":"box","text":"with their investment mandate and fund objectives. For the funds and accounts in scope, voting on","page_number":277,"box":{"x":116,"y":847,"width":736,"height":12}},{"id":"cd2bae40-ab83-4511-a4a2-dadef7efb48b","block_type":"box","text":"matters not related to climate risk and the energy transition is undertaken in line with BAIS’ benchmark","page_number":277,"box":{"x":117,"y":862,"width":765,"height":12}},{"id":"11eeaed4-9a86-4c4c-82dc-f3e9f1b7a8b7","block_type":"box","text":"guidelines.","page_number":277,"box":{"x":116,"y":878,"width":85,"height":12}},{"id":"a69aad1c-6472-4e38-b970-26d073c0db52","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":277,"box":{"x":117,"y":909,"width":338,"height":12}},{"id":"409aba41-4337-4bc6-9f9b-a163d3af02a5","block_type":"box","text":"Global Engagement and Voting Guidelines |","page_number":277,"box":{"x":530,"y":909,"width":324,"height":12}},{"id":"ea65e3d6-5c9d-4e09-9559-33233ed24ba7","block_type":"box","text":"16","page_number":277,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"ec059a5f-45e8-49e3-aefc-4040b8014bfa","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":277,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"42dda115-b64c-42e0-8fcf-046dfbf7642c","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR INVESTMENT STEWARDSHIP","page_number":278,"box":{"x":171,"y":87,"width":662,"height":10}},{"id":"972253fb-f6af-4854-8d38-c6849202b885","block_type":"box","text":"RESPONSIBILITIES","page_number":278,"box":{"x":423,"y":102,"width":159,"height":10}},{"id":"efb127fa-905d-4b7c-93a7-64b6a826be50","block_type":"box","text":"Oversight","page_number":278,"box":{"x":116,"y":132,"width":83,"height":12}},{"id":"74442d3e-5bdf-4200-8a1a-51f54c637b12","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including","page_number":278,"box":{"x":116,"y":161,"width":764,"height":12}},{"id":"53e0422c-24d1-4da6-a454-54663a78ffd2","block_type":"box","text":"voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and","page_number":278,"box":{"x":116,"y":177,"width":726,"height":12}},{"id":"0b538b07-48d7-472e-ba46-27c7b06d534a","block_type":"box","text":"Voting Guidelines (the “Guidelines”), which require the application of professional judgment and","page_number":278,"box":{"x":116,"y":192,"width":714,"height":12}},{"id":"e01ca07e-ed9c-4599-a07c-3541d3dda341","block_type":"box","text":"consideration of each company’s unique circumstances, as well as input from active investors. BAIS is","page_number":278,"box":{"x":116,"y":208,"width":765,"height":12}},{"id":"3b090b1a-4654-4c8e-a19d-4fd29d151839","block_type":"box","text":"independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":278,"box":{"x":117,"y":223,"width":704,"height":12}},{"id":"65c96eba-1ccb-4c65-ba1d-a033284698e5","block_type":"box","text":"reporting lines, and oversight.","page_number":278,"box":{"x":117,"y":239,"width":224,"height":12}},{"id":"99152cd4-6cfa-428e-b4b2-0a29a7a21aee","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders","page_number":278,"box":{"x":116,"y":268,"width":765,"height":12}},{"id":"900cc4ad-36b7-4b9a-aca7-9945fab3dbe6","block_type":"box","text":"in BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s","page_number":278,"box":{"x":117,"y":283,"width":742,"height":12}},{"id":"3e88e573-09bb-4581-8be0-98238ba68d6b","block_type":"box","text":"approach to investment stewardship on non-index equity investment strategies. The Group may advise","page_number":278,"box":{"x":116,"y":299,"width":769,"height":12}},{"id":"5d61d635-abbc-4bc2-925d-2eb768318c70","block_type":"box","text":"on and review amendments to BAIS’ policies and practices. It does not determine voting decisions,","page_number":278,"box":{"x":116,"y":314,"width":739,"height":12}},{"id":"73504aea-0777-4f1f-881e-036a6369a1a3","block_type":"box","text":"which are the responsibility of BAIS and the relevant active equity investors.","page_number":278,"box":{"x":116,"y":330,"width":568,"height":12}},{"id":"82cc81a6-4d18-4510-b613-4bc093200cd4","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues,","page_number":278,"box":{"x":117,"y":359,"width":721,"height":12}},{"id":"983ae577-3a5c-4145-8962-1a63197f74a3","block_type":"box","text":"executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a","page_number":278,"box":{"x":116,"y":375,"width":757,"height":12}},{"id":"157a92e0-c4b1-46ec-a61f-867e25619b4a","block_type":"box","text":"manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues","page_number":278,"box":{"x":117,"y":390,"width":757,"height":12}},{"id":"cf2034fe-fb45-4203-a77f-8300d9f03d6b","block_type":"box","text":"and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":278,"box":{"x":116,"y":406,"width":768,"height":12}},{"id":"0586d532-907d-4884-b603-a7905b1a3717","block_type":"box","text":"the corporate governance field. BAIS may use third parties for certain of the foregoing activities and","page_number":278,"box":{"x":116,"y":421,"width":744,"height":12}},{"id":"0df8c137-9cae-4cf9-9a9e-eea676a263bc","block_type":"box","text":"performs oversight of those third parties (see “Use and oversight of third-party vote services providers”","page_number":278,"box":{"x":117,"y":437,"width":765,"height":12}},{"id":"8bd3d099-8b01-40a7-adef-dd6aa3f9cc55","block_type":"box","text":"below).","page_number":278,"box":{"x":117,"y":452,"width":58,"height":12}},{"id":"af77757c-d749-4092-a6f6-e7eeab4086f5","block_type":"box","text":"Voting guidelines and vote execution","page_number":278,"box":{"x":116,"y":482,"width":302,"height":11}},{"id":"dabac402-0751-43a2-98bd-60cc2e4a777c","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the","page_number":278,"box":{"x":117,"y":511,"width":735,"height":12}},{"id":"1d1fa6c5-b3de-4c7e-8fdc-03c391cd5874","block_type":"box","text":"voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have","page_number":278,"box":{"x":116,"y":526,"width":728,"height":12}},{"id":"386238f1-544f-4b78-a9e9-a1181e508f36","block_type":"box","text":"voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting","page_number":278,"box":{"x":116,"y":542,"width":730,"height":12}},{"id":"63744a54-bda3-4816-87f4-3f3202ba6a59","block_type":"box","text":"authority based on our evaluation of the alignment of the voting items with the long-term economic","page_number":278,"box":{"x":116,"y":557,"width":734,"height":12}},{"id":"002f3da9-589f-4543-9d1c-84889f7ba626","block_type":"box","text":"interests of our clients, in the exercise of our independent business judgment, and without regard to the","page_number":278,"box":{"x":117,"y":573,"width":771,"height":12}},{"id":"21417f65-c456-4223-951b-f42758face56","block_type":"box","text":"relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the","page_number":278,"box":{"x":117,"y":588,"width":730,"height":12}},{"id":"1759da3f-1ea6-4882-b9fd-5e8ba5bae057","block_type":"box","text":"Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":278,"box":{"x":117,"y":604,"width":754,"height":12}},{"id":"16bda786-ba1b-43f3-9b48-d35863d14b28","block_type":"box","text":"management policies and procedures,” below).","page_number":278,"box":{"x":117,"y":619,"width":353,"height":12}},{"id":"fdb7acdd-32f5-400d-9c02-f209f0c74c42","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the","page_number":278,"box":{"x":116,"y":648,"width":759,"height":13}},{"id":"b7446c19-acbf-459d-b920-853473ae6c0f","block_type":"box","text":"Guidelines, although portfolio managers have the right to vote differently on their holdings if they","page_number":278,"box":{"x":117,"y":664,"width":713,"height":12}},{"id":"7bf1c01e-aa15-43f3-b4ba-0685a361f18c","block_type":"box","text":"determine doing so is more aligned with the investment objective and financial interests of clients","page_number":278,"box":{"x":116,"y":679,"width":719,"height":13}},{"id":"fbeb07d4-3a8b-4f8f-992c-76aa5fc874aa","block_type":"box","text":"invested in the funds they manage.","page_number":278,"box":{"x":117,"y":695,"width":258,"height":12}},{"id":"b13f979b-fa83-4d7e-b34a-b71e396d5d98","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case","page_number":278,"box":{"x":116,"y":724,"width":726,"height":12}},{"id":"0fb2c954-804a-42d1-9b7c-03714f8719de","block_type":"box","text":"basis, in the context of the individual circumstances of each company and the specific issue under","page_number":278,"box":{"x":117,"y":740,"width":728,"height":12}},{"id":"2da20302-29b7-4ef9-a848-7490cf865b58","block_type":"box","text":"review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they","page_number":278,"box":{"x":117,"y":755,"width":723,"height":12}},{"id":"030e3f22-e18e-4814-a62f-228e75f05740","block_type":"box","text":"reflect our view about corporate governance issues generally, and provide insight into how we typically","page_number":278,"box":{"x":117,"y":771,"width":761,"height":12}},{"id":"183d387c-2e9e-4216-8ed3-4ac556a5d83c","block_type":"box","text":"approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually","page_number":278,"box":{"x":116,"y":786,"width":747,"height":12}},{"id":"2902967c-b933-4c2a-ac62-9e2364aa42d3","block_type":"box","text":"and updated as necessary to reflect changes in market practices, developments in corporate","page_number":278,"box":{"x":116,"y":802,"width":688,"height":12}},{"id":"9af23c7e-1795-4a0c-b190-f5149dd14d4c","block_type":"box","text":"governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":278,"box":{"x":116,"y":817,"width":760,"height":12}},{"id":"efda6123-f66e-4c65-a7ee-ef9a6ffa1e6b","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":278,"box":{"x":116,"y":833,"width":751,"height":12}},{"id":"b1d0030c-4f48-483d-9efa-dac383d73ea6","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such","page_number":278,"box":{"x":117,"y":862,"width":740,"height":12}},{"id":"5a4dc15f-e150-42c9-a960-b5e977f76876","block_type":"box","text":"proxies, as well as the desirability of voting such proxies. 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We are not supportive of impediments to the exercise of voting rights","page_number":279,"box":{"x":116,"y":165,"width":746,"height":12}},{"id":"af9e9ce0-4f44-4e27-80fb-5ff8b535df59","block_type":"box","text":"such as share-blocking or overly burdensome administrative requirements.","page_number":279,"box":{"x":116,"y":180,"width":560,"height":12}},{"id":"d2404325-eb37-490a-a30f-c80031ecda37","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. 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In","page_number":279,"box":{"x":116,"y":396,"width":716,"height":12}},{"id":"00dc3590-3fb0-4f1c-af44-068fe6cf9ad9","block_type":"box","text":"addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting","page_number":279,"box":{"x":116,"y":411,"width":764,"height":12}},{"id":"ce243509-b515-4922-90dd-9ea351421129","block_type":"box","text":"Choice regardless of their investment strategies.","page_number":279,"box":{"x":117,"y":427,"width":357,"height":12}},{"id":"4d93326f-6951-4d0e-9391-5de13fb7bc6f","block_type":"box","text":"12","page_number":279,"box":{"x":477,"y":427,"width":11,"height":6}},{"id":"cce393a0-39b7-4014-a962-ff6f7b4262cc","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently","page_number":279,"box":{"x":116,"y":457,"width":740,"height":13}},{"id":"f9437220-9ec0-4eed-a811-549f5299872d","block_type":"box","text":"depending on whether our clients have authorized BAIS to vote on their behalf, have authorized","page_number":279,"box":{"x":116,"y":473,"width":715,"height":12}},{"id":"78445127-bec0-4dfd-a789-3853ea90f2f9","block_type":"box","text":"BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance","page_number":279,"box":{"x":117,"y":489,"width":769,"height":12}},{"id":"aa3f58fb-1b64-453d-881b-a768cba3c86c","block_type":"box","text":"with their own policy. Our clients have greater control over proxy voting because of Voting Choice.","page_number":279,"box":{"x":116,"y":504,"width":727,"height":12}},{"id":"38c90940-89b1-4b64-b967-b740bc734d23","block_type":"box","text":"13","page_number":279,"box":{"x":846,"y":504,"width":10,"height":6}},{"id":"ff8f0c87-656c-476a-b37f-fde0571b9172","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":279,"box":{"x":117,"y":535,"width":452,"height":12}},{"id":"3a29379d-e649-4fb2-a5b4-9d838e6e5cea","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations","page_number":279,"box":{"x":116,"y":565,"width":769,"height":12}},{"id":"60e634a8-4bb3-45d9-82ae-c2189635d619","block_type":"box","text":"on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services","page_number":279,"box":{"x":116,"y":581,"width":746,"height":12}},{"id":"8aee1397-131b-4a81-9c5a-a93b07779e0e","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping,","page_number":279,"box":{"x":117,"y":596,"width":754,"height":12}},{"id":"f744608a-2d00-45e4-a7fa-3537e1853443","block_type":"box","text":"and reporting processes. We also use Glass Lewis’ research and analysis as an input into our voting","page_number":279,"box":{"x":116,"y":612,"width":752,"height":12}},{"id":"11977154-711c-4f8c-9787-69c91b561c55","block_type":"box","text":"process. 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A company’s","page_number":279,"box":{"x":117,"y":643,"width":738,"height":12}},{"id":"cd6e49a3-e171-4582-acf6-07de45c41cf4","block_type":"box","text":"disclosures, our engagements and voting, investment colleagues’ insights and our Guidelines are","page_number":279,"box":{"x":116,"y":658,"width":727,"height":12}},{"id":"b1b41f29-f9d7-4aee-92c9-ff6319bf90d3","block_type":"box","text":"important inputs into our voting decisions on behalf of clients.","page_number":279,"box":{"x":117,"y":674,"width":452,"height":12}},{"id":"df3e8341-decf-49ad-bdb5-a4cff9b0372a","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to","page_number":279,"box":{"x":117,"y":705,"width":722,"height":12}},{"id":"673c0da7-2dec-4cac-b0cb-6e43f697e538","block_type":"box","text":"streamline the voting process by making voting recommendations based on BAIS’ Guidelines when the","page_number":279,"box":{"x":116,"y":720,"width":765,"height":12}},{"id":"bf7fd6b3-5aea-4614-bb00-9518f98822f6","block_type":"box","text":"items on a shareholder meeting agenda are routine. 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BAIS prioritizes","page_number":280,"box":{"x":150,"y":668,"width":702,"height":12}},{"id":"9008a4fa-de70-44f7-a3b0-2e32bb14f7c4","block_type":"box","text":"engagements based on factors including, but not limited to, our need for additional information to","page_number":280,"box":{"x":150,"y":684,"width":717,"height":12}},{"id":"2a248fdf-f154-4290-a857-7ed4fcefff2e","block_type":"box","text":"make a more informed voting decision or to better understand a company’s perspectives on","page_number":280,"box":{"x":150,"y":699,"width":680,"height":12}},{"id":"ca106368-f93e-4ffe-acda-d1b648a34f0c","block_type":"box","text":"financially material risks and opportunities. 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Contributing to industry dialogue on stewardship","page_number":288,"box":{"x":150,"y":358,"width":427,"height":12}},{"id":"2b87ff14-0a11-4f98-ba64-99965a351863","block_type":"box","text":"to share our perspectives on matters","page_number":288,"box":{"x":578,"y":358,"width":283,"height":12}},{"id":"a01be3f8-b0a8-4d42-a1df-00cc33aa0bcf","block_type":"box","text":"that may impact our clients’ investments.","page_number":288,"box":{"x":183,"y":374,"width":308,"height":12}},{"id":"8f48ac26-d756-4691-a186-22694d051d92","block_type":"box","text":"4. Reporting on our activities to inform clients","page_number":288,"box":{"x":150,"y":397,"width":382,"height":12}},{"id":"c8d9fdd5-35f8-4b4a-9d6e-a5cb778a88df","block_type":"box","text":"about our stewardship efforts on their behalf","page_number":288,"box":{"x":532,"y":397,"width":338,"height":12}},{"id":"d45e04cb-f271-4483-9fd9-0ba8bf0e85d5","block_type":"box","text":"through a range of publications on our website and direct client communications.","page_number":288,"box":{"x":183,"y":413,"width":603,"height":12}},{"id":"37bb0fd0-1533-44b7-ada6-93dca7eb5d19","block_type":"box","text":"This document provides an overarching explanation of the principles that guide our approach to","page_number":288,"box":{"x":116,"y":444,"width":713,"height":12}},{"id":"b8d33cb1-f984-4a18-86af-68cedc9ec59e","block_type":"box","text":"engaging and voting on corporate governance matters and other material risks and opportunities under","page_number":288,"box":{"x":116,"y":459,"width":770,"height":12}},{"id":"381580b7-6e17-4afd-a573-f7bcab1cf1a1","block_type":"box","text":"BIS’ Benchmark Policies. 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We maintain","page_number":288,"box":{"x":116,"y":591,"width":741,"height":12}},{"id":"3008af36-35f6-42d7-9e91-ba70667b39fe","block_type":"box","text":"global principles on corporate governance, which guide our approach to stewardship across","page_number":288,"box":{"x":116,"y":607,"width":686,"height":11}},{"id":"ff86f8a8-6640-46b3-953c-ceb47ac841a7","block_type":"box","text":"jurisdictions, while recognizing the unique characteristics of the different markets where companies","page_number":288,"box":{"x":115,"y":622,"width":741,"height":12}},{"id":"1ca13851-7530-4512-b7e8-2c7285525ddc","block_type":"box","text":"operate.","page_number":288,"box":{"x":116,"y":638,"width":66,"height":11}},{"id":"622f84ae-e8df-4532-89f3-4044e69db747","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As","page_number":288,"box":{"x":116,"y":668,"width":740,"height":12}},{"id":"6ed0dfa4-eeae-4f3b-882d-b3fea2bed32e","block_type":"box","text":"one of many minority shareholders in public companies, BlackRock does not direct a company’s","page_number":288,"box":{"x":116,"y":684,"width":713,"height":12}},{"id":"db9670bd-c476-44b7-a57d-3544fa302cc5","block_type":"box","text":"strategy or its implementation, nor how they should manage material business risks. Our role, on","page_number":288,"box":{"x":116,"y":699,"width":717,"height":13}},{"id":"03d6b086-b487-4358-bb2b-b043bac94d5f","block_type":"box","text":"behalf of clients as long-term investors, is to better understand how corporate leadership is managing","page_number":288,"box":{"x":117,"y":715,"width":751,"height":12}},{"id":"82089339-bbd4-4376-988f-35861bf6368c","block_type":"box","text":"material risks and capitalizing on opportunities to help protect and enhance the company’s ability to","page_number":288,"box":{"x":117,"y":731,"width":735,"height":12}},{"id":"78f3e8b4-a388-4a78-998a-437dfb3f9649","block_type":"box","text":"deliver long-term financial returns.","page_number":288,"box":{"x":116,"y":746,"width":252,"height":12}},{"id":"e5a3196b-285c-40d9-9577-4e5231628641","block_type":"box","text":"1","page_number":288,"box":{"x":144,"y":800,"width":2,"height":4}},{"id":"06b29fbd-2bc9-41ef-9dda-84402158ea96","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":288,"box":{"x":170,"y":799,"width":660,"height":10}},{"id":"2266231c-b30d-4d1e-99a1-969934fea2f8","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":288,"box":{"x":170,"y":812,"width":695,"height":10}},{"id":"d68cf1db-7ea7-4732-9baa-b6d770465bd2","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect,","page_number":288,"box":{"x":170,"y":825,"width":707,"height":10}},{"id":"a78b4d06-d2a3-4402-bd8c-bbd43ddb29b3","block_type":"box","text":"of changing or influencing control of any company.","page_number":288,"box":{"x":170,"y":838,"width":298,"height":10}},{"id":"45e11aa2-1581-4bd8-9aa1-08b89accf68a","block_type":"box","text":"2","page_number":288,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"80c8be59-7980-4eab-90c4-be12e5e5c0ff","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":288,"box":{"x":170,"y":854,"width":695,"height":9}},{"id":"8a421dbb-a79a-4f5a-ae39-ec15a2e792f9","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":288,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"a84297f3-5824-4f14-b347-e9d384daf7f7","block_type":"box","text":"material business risk or opportunity.","page_number":288,"box":{"x":170,"y":880,"width":218,"height":9}},{"id":"24be9d4a-38ab-40a1-a5b1-87d6cba82172","block_type":"box","text":"BlackRock Investment Stewardship","page_number":288,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"848177b6-80f6-4cd8-a90d-f867f966c007","block_type":"box","text":"Global Principles |","page_number":288,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"b83cc63f-f185-4bcf-a923-e5c737b95fce","block_type":"box","text":"3","page_number":288,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"d04ba188-b351-4b38-8ae1-e41b49621c8f","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":288,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"832239f0-6654-473b-92a3-e51ea9407cfc","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":289,"box":{"x":382,"y":87,"width":240,"height":10}},{"id":"592fb110-f889-4454-86cc-f3e619e5dc67","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans,","page_number":289,"box":{"x":116,"y":118,"width":760,"height":12}},{"id":"c07693d4-70d6-4c4a-a2dd-6e7d48aff9bd","block_type":"box","text":"insurers, official institutions, endowments, universities, charities, family offices, wealth managers, and","page_number":289,"box":{"x":117,"y":134,"width":757,"height":12}},{"id":"965d8033-cc99-4469-8897-e3c73c9f470b","block_type":"box","text":"ultimately, the individual investors that they serve. Through stewardship, we assess how companies","page_number":289,"box":{"x":117,"y":149,"width":745,"height":12}},{"id":"38f81107-68e4-4bea-b9a7-2334f4a70b11","block_type":"box","text":"are creating long-term financial value to serve our clients, many of whom are saving for long-term","page_number":289,"box":{"x":116,"y":165,"width":728,"height":12}},{"id":"24d9f98b-61fb-4e69-adc5-aea7c8d5a603","block_type":"box","text":"goals, such as retirement. Our stewardship program – including when engaging with companies and","page_number":289,"box":{"x":116,"y":180,"width":749,"height":12}},{"id":"cf88abde-e209-4b61-8812-c9eae423044b","block_type":"box","text":"voting at shareholder meetings on behalf of clients – is conducted from a long-term investor","page_number":289,"box":{"x":116,"y":196,"width":685,"height":12}},{"id":"56579acf-d757-41a0-b341-668f67497333","block_type":"box","text":"perspective and takes a financial materiality-based approach, focused solely on advancing clients’","page_number":289,"box":{"x":117,"y":211,"width":732,"height":12}},{"id":"0e3ffb8c-4ac3-46d9-b278-a65fd51094a7","block_type":"box","text":"long-term financial interests.","page_number":289,"box":{"x":117,"y":227,"width":214,"height":12}},{"id":"8957d1a2-f13f-4975-b7c9-ad21dda6d6dc","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen","page_number":289,"box":{"x":117,"y":258,"width":753,"height":12}},{"id":"37363474-759a-43a2-9f0c-be91ce5184dc","block_type":"box","text":"our understanding of a company’s business model, including how they are overseeing material","page_number":289,"box":{"x":116,"y":273,"width":708,"height":12}},{"id":"158dbf35-8383-4f84-ba30-e76f7d515128","block_type":"box","text":"business risks and opportunities over time, and to help inform our voting on behalf of clients.","page_number":289,"box":{"x":117,"y":289,"width":689,"height":12}},{"id":"e28ac3c0-24f1-4a2f-a6cd-467595adfaa5","block_type":"box","text":"Engagements provide companies with the opportunity to share their perspectives on topics that, in BIS’","page_number":289,"box":{"x":117,"y":304,"width":769,"height":12}},{"id":"59c1b784-a58a-48ff-bf2f-99d8e60f5748","block_type":"box","text":"experience, impact the long-term financial returns BlackRock’s clients depend on to meet their financial","page_number":289,"box":{"x":116,"y":320,"width":771,"height":12}},{"id":"a2cdd3a5-4bcf-4320-8610-19e206fd679a","block_type":"box","text":"goals.","page_number":289,"box":{"x":116,"y":335,"width":49,"height":12}},{"id":"31717a2b-22b8-40ac-8252-dbfeab4a2dde","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of","page_number":289,"box":{"x":116,"y":366,"width":713,"height":12}},{"id":"7d8b9fdb-12de-4b20-b9c2-a3aced9d2c5c","block_type":"box","text":"corporate governance. As a fiduciary, BlackRock is legally required to make proxy voting","page_number":289,"box":{"x":116,"y":382,"width":663,"height":12}},{"id":"56117496-61c9-425b-a6a6-64aabd58f605","block_type":"box","text":"determinations in a manner that is consistent with the investment objectives of clients who have","page_number":289,"box":{"x":116,"y":397,"width":715,"height":12}},{"id":"98f1c770-6f59-48f8-8871-034c52c7dd24","block_type":"box","text":"delegated voting authority to us. BIS’ Benchmark Policies, and the vote decisions made consistent with","page_number":289,"box":{"x":116,"y":413,"width":770,"height":12}},{"id":"2550c1a2-45f4-45cb-ad3e-4d21a0efac7c","block_type":"box","text":"those policies, reflect our reasonable and independent judgment of what is in the long-term financial","page_number":289,"box":{"x":116,"y":428,"width":746,"height":12}},{"id":"85e06261-b0d9-4c4f-83db-468cc6ba219b","block_type":"box","text":"interests of clients. Our vote decisions are often informed by several factors, including in-depth","page_number":289,"box":{"x":117,"y":444,"width":706,"height":12}},{"id":"4a98aca5-af00-4afb-a7e9-fc9454b81719","block_type":"box","text":"analysis of company disclosures, comparisons against industry peers, third-party research, and, where","page_number":289,"box":{"x":116,"y":459,"width":768,"height":12}},{"id":"53b464c5-9d94-49e7-b808-0831d502b06f","block_type":"box","text":"appropriate, engagement with companies.","page_number":289,"box":{"x":116,"y":475,"width":318,"height":12}},{"id":"3668d496-16ca-4e1a-9827-a5c5fbc5b71d","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at","page_number":289,"box":{"x":117,"y":506,"width":721,"height":12}},{"id":"062ab66c-9ec9-4d4a-a7b5-03a1d73369bd","block_type":"box","text":"companies which have sound corporate governance and deliver strong financial returns over time.","page_number":289,"box":{"x":116,"y":521,"width":734,"height":12}},{"id":"a2e09cd4-87f7-4c66-9fa7-082c9c49da35","block_type":"box","text":"When we determine it is in our clients’ financial interests to convey concern to companies through","page_number":289,"box":{"x":116,"y":537,"width":729,"height":12}},{"id":"fa80818e-b20b-40cf-ace1-15f03f87abbc","block_type":"box","text":"voting, we may do so in two forms: we might not support the election of directors or other management","page_number":289,"box":{"x":116,"y":552,"width":768,"height":12}},{"id":"c06d8f16-dc3d-4de0-a80b-0877608a85ee","block_type":"box","text":"proposals, or we might not support management’s voting recommendation on a shareholder proposal.","page_number":289,"box":{"x":117,"y":568,"width":761,"height":12}},{"id":"d82b453b-bd5b-4aac-8e19-55dc1301d9a2","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":289,"box":{"x":401,"y":606,"width":202,"height":10}},{"id":"32b29fd0-6008-4c6a-983a-9f0468fa3c16","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights","page_number":289,"box":{"x":117,"y":637,"width":762,"height":12}},{"id":"f6c0420d-ddf6-46b4-bb81-4203fc6c70b9","block_type":"box","text":"attached to shareholding in most markets, as established by corporate laws, regulations, and listing","page_number":289,"box":{"x":116,"y":653,"width":743,"height":12}},{"id":"ae846ee6-026a-4e95-95c9-377ea4d02c05","block_type":"box","text":"rules.","page_number":289,"box":{"x":117,"y":669,"width":38,"height":9}},{"id":"b5698f5e-088a-4602-9c30-3de9590df4e3","block_type":"box","text":"3","page_number":289,"box":{"x":157,"y":669,"width":5,"height":6}},{"id":"4f96fddf-83bf-49c0-9de9-e9d91f430770","block_type":"box","text":"For example, in most markets, shareholders have the right to:","page_number":289,"box":{"x":169,"y":669,"width":456,"height":11}},{"id":"1caaa41b-56ba-4d6f-ae3c-995e8bf9ffb5","block_type":"box","text":"• Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend","page_number":289,"box":{"x":117,"y":699,"width":763,"height":12}},{"id":"545a7076-38d7-4b59-abd6-e260a301cc6e","block_type":"box","text":"the corporate charter or bylaws.","page_number":289,"box":{"x":150,"y":715,"width":235,"height":12}},{"id":"886b8070-5a8a-4736-96a5-3d365d741365","block_type":"box","text":"• Vote on key board decisions that are material to the protection of their investment, including but","page_number":289,"box":{"x":117,"y":738,"width":742,"height":12}},{"id":"fac058f5-fc8f-43df-9f5d-36136eb43163","block_type":"box","text":"not limited to, changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":289,"box":{"x":150,"y":754,"width":688,"height":12}},{"id":"5c698301-4d11-4534-aa25-743b2c4030a7","block_type":"box","text":"• Access sufficient and timely information on governance, strategic, and business matters – where","page_number":289,"box":{"x":117,"y":777,"width":750,"height":12}},{"id":"d782e8ad-9612-442c-8b18-90c6cf3b2901","block_type":"box","text":"such matters are material – to make informed decisions.","page_number":289,"box":{"x":150,"y":792,"width":416,"height":10}},{"id":"cf269a8c-995f-4669-a153-817de170215f","block_type":"box","text":"3","page_number":289,"box":{"x":143,"y":854,"width":4,"height":5}},{"id":"d94b1771-3819-451f-82c3-fa9bd910d828","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":289,"box":{"x":171,"y":854,"width":682,"height":9}},{"id":"3936388f-a807-42dd-9edf-347f61303f69","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":289,"box":{"x":170,"y":867,"width":651,"height":9}},{"id":"485700f7-25ce-4b14-92c2-ab71ca7ed9fa","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":289,"box":{"x":170,"y":880,"width":538,"height":9}},{"id":"6aa8d93d-1dab-4c98-857f-e51ef7ce8e89","block_type":"box","text":"BlackRock Investment Stewardship","page_number":289,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"dbf32809-79eb-40b5-a151-244a236bb2a0","block_type":"box","text":"Global Principles |","page_number":289,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"d911fc1a-8d60-425c-bb25-f41eb6036234","block_type":"box","text":"4","page_number":289,"box":{"x":874,"y":909,"width":9,"height":9}},{"id":"9886e563-8e9e-405b-b2db-eda200ace164","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":289,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"7fb6ab23-0ed3-4a4c-93e8-266f2a1a873e","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":290,"box":{"x":387,"y":87,"width":231,"height":10}},{"id":"43e3584f-9595-482b-9a77-e31675dc5e8e","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that","page_number":290,"box":{"x":117,"y":118,"width":700,"height":12}},{"id":"224164a8-8ed5-471f-80dd-6fabbb6dfd56","block_type":"box","text":"contribute to a company’s ability to create long-term financial value for shareholders. These are topics","page_number":290,"box":{"x":116,"y":134,"width":761,"height":12}},{"id":"66df0594-4635-4a98-8a94-9ee63993fa32","block_type":"box","text":"that shareholders may have the ability to vote on at shareholder meetings. These areas include:","page_number":290,"box":{"x":116,"y":149,"width":717,"height":12}},{"id":"7899f261-bf8b-4682-91d2-9ec71f3cf829","block_type":"box","text":"• Boards and directors","page_number":290,"box":{"x":117,"y":180,"width":192,"height":10}},{"id":"12b8c898-c6c0-4816-818d-93dd611b1381","block_type":"box","text":"• Auditors and audit-related issues","page_number":290,"box":{"x":117,"y":203,"width":282,"height":10}},{"id":"58b9d64b-54dd-41f5-9b35-86857b35577f","block_type":"box","text":"• Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":290,"box":{"x":117,"y":227,"width":635,"height":12}},{"id":"1ceb68dc-754c-4037-b2e7-52f916857eec","block_type":"box","text":"• Executive compensation","page_number":290,"box":{"x":117,"y":250,"width":219,"height":12}},{"id":"86ccfadf-d64b-4945-b524-e1d60c33d9de","block_type":"box","text":"• Shareholder protections and other significant corporate governance matters","page_number":290,"box":{"x":117,"y":273,"width":600,"height":12}},{"id":"70e7e546-2d8c-43f8-b44d-f30e29351040","block_type":"box","text":"• Shareholder proposals","page_number":290,"box":{"x":117,"y":296,"width":206,"height":12}},{"id":"c965affa-cb51-4210-a1e7-2aa38578b5f4","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking","page_number":290,"box":{"x":116,"y":327,"width":744,"height":12}},{"id":"77f63375-c6b8-4f8f-b808-8dedad75775d","block_type":"box","text":"into consideration a number of company-specific factors, including the sector, market, and business","page_number":290,"box":{"x":117,"y":343,"width":744,"height":12}},{"id":"751a8895-d1c1-4dba-bb12-925af29a1f65","block_type":"box","text":"environment within which companies operate.","page_number":290,"box":{"x":116,"y":358,"width":345,"height":12}},{"id":"6807f315-6fc7-4eec-8303-feedca567015","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance","page_number":290,"box":{"x":116,"y":389,"width":761,"height":12}},{"id":"5877f024-2f57-44c4-b26d-ff3fc1a9490d","block_type":"box","text":"standards in their domestic market at a minimum, and we ask that, if they do not, they explain how","page_number":290,"box":{"x":116,"y":405,"width":736,"height":12}},{"id":"0d69b742-9aca-4f1f-970e-15bba7b640d6","block_type":"box","text":"their approach better supports durable, long-term financial value creation. Our regional voting","page_number":290,"box":{"x":116,"y":420,"width":698,"height":12}},{"id":"9b172ff7-d529-4990-be92-507955194580","block_type":"box","text":"guidelines explain how the BIS Global Principles inform our voting decisions in relation to common","page_number":290,"box":{"x":116,"y":436,"width":735,"height":12}},{"id":"9d62ba1a-0f28-426c-9b8c-4fa60cb7ae99","block_type":"box","text":"ballot items for shareholder meetings in those markets.","page_number":290,"box":{"x":117,"y":451,"width":406,"height":12}},{"id":"2a274e9e-8c1d-4f10-b1a0-e5e7b2a694a1","block_type":"box","text":"4","page_number":290,"box":{"x":525,"y":451,"width":5,"height":7}},{"id":"259f6970-9b78-49f8-b5bb-074eec4826e9","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":290,"box":{"x":392,"y":490,"width":221,"height":10}},{"id":"d6e90403-4303-4edc-87ce-680e7810900a","block_type":"box","text":"Oversight role of the board","page_number":290,"box":{"x":116,"y":521,"width":221,"height":12}},{"id":"08b3790f-d4f3-45be-935f-be4dbfc209fe","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with","page_number":290,"box":{"x":117,"y":552,"width":676,"height":12}},{"id":"c24fb5ed-f0f4-4b48-8f65-968e3d556afa","block_type":"box","text":"professional characteristics relevant to a company’s business enhance the board’s ability to add long","page_number":290,"box":{"x":117,"y":568,"width":753,"height":12}},{"id":"3a60c4f1-ec11-44a2-b090-a9dc683511ee","block_type":"box","text":"term financial value and serve as the voice of shareholders in board discussions. In our view, a strong","page_number":290,"box":{"x":116,"y":583,"width":761,"height":12}},{"id":"c227c423-c33a-4f6e-a39b-a8f108ef0367","block_type":"box","text":"board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":290,"box":{"x":117,"y":599,"width":754,"height":12}},{"id":"129e7916-ca99-43b5-bd2e-bca327f7e647","block_type":"box","text":"most important management decisions that support long-term financial performance.","page_number":290,"box":{"x":117,"y":614,"width":632,"height":12}},{"id":"dcb78247-8110-4267-adb3-614df4a0e922","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors.","page_number":290,"box":{"x":117,"y":645,"width":768,"height":12}},{"id":"6a392de8-fb6e-408e-85ee-36eda339dd77","block_type":"box","text":"We engage, as necessary, with members of the board’s nominating and/or governance committee to","page_number":290,"box":{"x":116,"y":661,"width":748,"height":12}},{"id":"0aaef29a-17d9-46df-9285-f6e089427b2d","block_type":"box","text":"assess whether governance practices and board composition are effective given a company’s","page_number":290,"box":{"x":116,"y":676,"width":696,"height":12}},{"id":"5598ed42-97aa-461c-bef6-7d1924195aca","block_type":"box","text":"business model, sector, market, and the business environment in which a company is operating.","page_number":290,"box":{"x":117,"y":692,"width":713,"height":12}},{"id":"9ee38b18-e6f2-4f5b-9969-e6d1937038ae","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and","page_number":290,"box":{"x":116,"y":723,"width":730,"height":12}},{"id":"11922550-2e2e-4006-8f91-d9e18c09d247","block_type":"box","text":"effective governance mechanisms that supports its oversight of the company’s strategy and","page_number":290,"box":{"x":116,"y":738,"width":679,"height":12}},{"id":"fae0977e-d33d-4ae3-b5c8-ce185a3c3e55","block_type":"box","text":"operations, consistent with the long-term financial interests of investors. This includes having clear","page_number":290,"box":{"x":116,"y":754,"width":731,"height":12}},{"id":"62c4240b-5f49-4e02-9a5a-51a8cc024e7e","block_type":"box","text":"descriptions of the role of the board and the committees of the board and how directors engage with","page_number":290,"box":{"x":116,"y":769,"width":742,"height":12}},{"id":"3c706e41-60b3-40f5-b2d6-5f5a535fc141","block_type":"box","text":"and oversee management, as well as disclosure of material risks that may affect a company’s long","page_number":290,"box":{"x":116,"y":785,"width":738,"height":12}},{"id":"ad5b3a63-efe7-4673-afb0-f5b225585d91","block_type":"box","text":"term strategy and how management is effectively identifying, managing, and mitigating such risks.","page_number":290,"box":{"x":116,"y":800,"width":726,"height":12}},{"id":"b1b33bec-fdb5-427f-8742-78a4ec2a2300","block_type":"box","text":"4","page_number":290,"box":{"x":143,"y":841,"width":4,"height":5}},{"id":"98c79d11-2837-412d-aed9-84c895e7cc1a","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market, generally","page_number":290,"box":{"x":170,"y":841,"width":702,"height":9}},{"id":"a4093c74-bb27-46ee-8642-9ac36f851a43","block_type":"box","text":"accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other","page_number":290,"box":{"x":170,"y":854,"width":712,"height":9}},{"id":"3fc21cdf-38b1-4772-a5e2-ac8d8fb1db8e","block_type":"box","text":"factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":290,"box":{"x":170,"y":867,"width":688,"height":9}},{"id":"63200edb-b505-4faa-9c84-9ff916ec595c","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant regional voting guidelines.","page_number":290,"box":{"x":170,"y":880,"width":600,"height":9}},{"id":"b4556789-4f7a-4c4d-95c7-7f746db27e77","block_type":"box","text":"BlackRock Investment Stewardship","page_number":290,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9fe25775-ef08-4997-83dd-eea0c9dcd319","block_type":"box","text":"Global Principles |","page_number":290,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"6330c9ec-e9bd-4d7b-a055-011669eb823d","block_type":"box","text":"5","page_number":290,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"79695179-1c63-464e-9c78-a53425c98b02","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":290,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2078f02c-3fd5-4a41-b2ad-b8e99066bf34","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should","page_number":291,"box":{"x":117,"y":87,"width":747,"height":12}},{"id":"798c817e-ec73-49b8-a861-d3f661122a1c","block_type":"box","text":"assess its implementation is central to our approach. If any strategic targets are significantly missed or","page_number":291,"box":{"x":116,"y":102,"width":765,"height":13}},{"id":"e706a0a7-f024-458f-b2f1-bd381b8e2967","block_type":"box","text":"materially restated, we find it helpful when company disclosures provide a detailed explanation of the","page_number":291,"box":{"x":117,"y":118,"width":753,"height":12}},{"id":"030227d7-ca6d-4d9c-8bc2-cdd108bf0b8e","block_type":"box","text":"changes and an indication of the board’s role in reviewing the revised targets. We look to the board to","page_number":291,"box":{"x":116,"y":134,"width":759,"height":12}},{"id":"0dc85ada-550b-4b19-b75a-d8c70398559d","block_type":"box","text":"articulate the effectiveness of these mechanisms in overseeing the management of business risks and","page_number":291,"box":{"x":116,"y":149,"width":765,"height":12}},{"id":"2c0ce917-4b5a-4fc3-892d-a88334c959f9","block_type":"box","text":"opportunities and the fulfillment of the company’s strategy.","page_number":291,"box":{"x":116,"y":165,"width":439,"height":12}},{"id":"2bc9f33d-f3ec-495a-b3c0-40ebc9750d6b","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these","page_number":291,"box":{"x":116,"y":196,"width":727,"height":12}},{"id":"ef76c285-4451-4402-812f-5bd78ef48937","block_type":"box","text":"corporate governance and risk oversight responsibilities, we may consider not supporting the election","page_number":291,"box":{"x":116,"y":211,"width":757,"height":12}},{"id":"548e0db3-0dce-48df-a61b-2aff7be43442","block_type":"box","text":"of directors who, in our assessment, have particular responsibility for the issues.","page_number":291,"box":{"x":116,"y":227,"width":601,"height":12}},{"id":"51258926-9dfa-4726-a192-f99818fadd74","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that","page_number":291,"box":{"x":116,"y":258,"width":750,"height":12}},{"id":"e11f479a-14c5-434f-9ffe-be0695f102bc","block_type":"box","text":"speak to the board’s effectiveness as a group include the relevance of individual directors’","page_number":291,"box":{"x":116,"y":273,"width":673,"height":12}},{"id":"2a973b97-6e91-421a-9229-b552c047d8b6","block_type":"box","text":"qualifications and skillsets, as well as directors’ capacity and other time commitments, and how these","page_number":291,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"c488fa46-5bc8-4644-aefd-25e6b12b9cd3","block_type":"box","text":"factors may contribute to the company’s financial performance. We look to boards to establish formal","page_number":291,"box":{"x":116,"y":304,"width":754,"height":12}},{"id":"2c5e5650-a3be-490d-86c3-ae450529fc1d","block_type":"box","text":"and transparent processes for nominating directors that reflect the company’s long-term strategy and","page_number":291,"box":{"x":116,"y":320,"width":754,"height":12}},{"id":"1206b16e-2156-4998-8fc7-9d780999a3d9","block_type":"box","text":"business model.","page_number":291,"box":{"x":117,"y":335,"width":125,"height":10}},{"id":"598d2775-c310-42e9-9495-62cca434f95e","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our","page_number":291,"box":{"x":117,"y":366,"width":697,"height":12}},{"id":"ca55747e-fb23-4fa0-abe6-407617930c4f","block_type":"box","text":"approach to board composition and how it underpins board effectiveness and long-term financial value","page_number":291,"box":{"x":116,"y":382,"width":766,"height":12}},{"id":"bf1f5b34-e1b4-4d46-8633-e39148c43a4e","block_type":"box","text":"creation.","page_number":291,"box":{"x":116,"y":397,"width":69,"height":10}},{"id":"c5db303d-3b2d-4eb9-aeee-de0020e8ea63","block_type":"box","text":"Regular accountability through director elections","page_number":291,"box":{"x":117,"y":428,"width":397,"height":12}},{"id":"929bc08f-2a33-4d91-833d-2a1a42751d14","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for,","page_number":291,"box":{"x":116,"y":459,"width":756,"height":12}},{"id":"1f911a9b-7d6c-4559-8246-792552f6c814","block_type":"box","text":"or concern about, the performance of the board in overseeing and advising management. To ensure","page_number":291,"box":{"x":116,"y":475,"width":749,"height":12}},{"id":"53b2d0d4-272f-40ce-9b9d-6f11a0c9411d","block_type":"box","text":"accountability for their decisions on behalf of shareholders, directors should stand for election on a","page_number":291,"box":{"x":116,"y":490,"width":736,"height":12}},{"id":"bfdf2328-497b-47a7-b89f-ea0e25c89231","block_type":"box","text":"regular basis, ideally annually.","page_number":291,"box":{"x":117,"y":506,"width":223,"height":12}},{"id":"417a662a-3cfa-4dd3-9c6f-d2877b7e8c3c","block_type":"box","text":"5","page_number":291,"box":{"x":341,"y":506,"width":6,"height":6}},{"id":"ea253f88-0526-466a-aa32-3451a361b949","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support","page_number":291,"box":{"x":347,"y":506,"width":517,"height":12}},{"id":"c2696b97-52f8-4db7-9cdc-a71bc4f58edc","block_type":"box","text":"for, or concerns about, board members’ decisions in a timely manner. When board members are not","page_number":291,"box":{"x":116,"y":521,"width":749,"height":12}},{"id":"4e0188a6-14d7-4949-8b24-d050c42298bc","block_type":"box","text":"elected annually, we consider it good practice for boards to have a rotation policy to ensure that,","page_number":291,"box":{"x":116,"y":537,"width":719,"height":12}},{"id":"39b6842e-1e93-4790-bcbd-8b2716fcf9ab","block_type":"box","text":"through a board cycle, all directors have had their appointment re-confirmed, with a proportion of","page_number":291,"box":{"x":116,"y":552,"width":722,"height":12}},{"id":"888c9cf8-223f-4493-bc12-de29937b35f1","block_type":"box","text":"directors being put forward for election at each shareholder meeting.","page_number":291,"box":{"x":116,"y":568,"width":513,"height":12}},{"id":"ebe197cd-3bd9-45f7-bf93-89cee3341f8e","block_type":"box","text":"Board quality and effectiveness","page_number":291,"box":{"x":117,"y":599,"width":257,"height":12}},{"id":"00fd6461-687e-4d98-97e5-c861c0e04639","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way","page_number":291,"box":{"x":117,"y":630,"width":770,"height":12}},{"id":"e0029556-0ec9-4650-b2e2-15a094c91d6d","block_type":"box","text":"to reflect developments in the company’s strategy and the market environment. In our view, it is","page_number":291,"box":{"x":116,"y":645,"width":714,"height":12}},{"id":"bded15b6-003d-402e-a03c-1564b521e518","block_type":"box","text":"beneficial for new directors to be brought onto the board periodically to refresh the group’s thinking,","page_number":291,"box":{"x":117,"y":661,"width":735,"height":12}},{"id":"73c81352-b6cd-4504-a0d9-67319b795b26","block_type":"box","text":"while supporting both continuity and appropriate succession planning. We consider the average overall","page_number":291,"box":{"x":116,"y":676,"width":763,"height":12}},{"id":"f60012b2-c31a-40de-a164-2a87f94e76f2","block_type":"box","text":"tenure of the board and seek a balance between the knowledge and experience of longer-serving","page_number":291,"box":{"x":116,"y":692,"width":723,"height":12}},{"id":"ed026478-4d20-413f-8d74-a2396632e59c","block_type":"box","text":"directors and the fresh perspectives of directors who joined more recently.","page_number":291,"box":{"x":116,"y":707,"width":549,"height":12}},{"id":"9e87b8c1-8e16-42ea-9843-6bea37923b60","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election","page_number":291,"box":{"x":116,"y":738,"width":725,"height":12}},{"id":"4885f8c7-dd6a-4ef4-be93-950585061f51","block_type":"box","text":"contribute to the effectiveness of the board. In our view, the company’s assessment should consider a","page_number":291,"box":{"x":116,"y":754,"width":757,"height":12}},{"id":"16b05c46-7e4e-4d42-a8f9-f73735525885","block_type":"box","text":"number of factors, including each director’s independence and time commitments, as well as the","page_number":291,"box":{"x":117,"y":769,"width":715,"height":12}},{"id":"b62cb31d-1b69-4140-8d18-87315a83936d","block_type":"box","text":"breadth and relevance of director experiences and skillsets, and how these collectively contribute to","page_number":291,"box":{"x":117,"y":785,"width":739,"height":12}},{"id":"93ae30f8-6b18-440c-9540-7afc89038cc2","block_type":"box","text":"the board’s effectiveness in advising and overseeing management in delivering long-term financial","page_number":291,"box":{"x":116,"y":800,"width":728,"height":12}},{"id":"b4ba4dbc-1c33-4e97-b436-fa5d4134029e","block_type":"box","text":"returns.","page_number":291,"box":{"x":117,"y":816,"width":54,"height":9}},{"id":"be33e1aa-ac95-45b4-b0d3-afe1ce8ff5c0","block_type":"box","text":"5","page_number":291,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"2a24a714-899b-4257-9992-e56a75146a35","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law, market","page_number":291,"box":{"x":171,"y":867,"width":703,"height":9}},{"id":"2f82e662-3f2e-4fcc-8634-625336f17336","block_type":"box","text":"regulation or voluntary best practice.","page_number":291,"box":{"x":170,"y":880,"width":215,"height":9}},{"id":"9b3064f4-f031-4f78-958b-ea6daa745f47","block_type":"box","text":"BlackRock Investment Stewardship","page_number":291,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"3722e4e6-fff0-4ccf-a53c-a4ba5a3b0523","block_type":"box","text":"Global Principles |","page_number":291,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"7c0a3a90-81be-409e-87b4-5ee088153b17","block_type":"box","text":"6","page_number":291,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"f9ad04d7-d734-4601-b9d3-af5ca39ff9f9","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":291,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5ea6fa98-8532-455c-b36d-0ea7158034f9","block_type":"box","text":"Director independence","page_number":292,"box":{"x":117,"y":87,"width":186,"height":12}},{"id":"dba6dc9a-e440-4b47-b8ec-6d4f4b045944","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a","page_number":292,"box":{"x":117,"y":117,"width":738,"height":12}},{"id":"cd31015c-b912-4611-8093-bc1597623edc","block_type":"box","text":"central tenet of sound corporate governance across markets.","page_number":292,"box":{"x":116,"y":132,"width":452,"height":12}},{"id":"78ce6846-1fb7-46c1-aab7-1d05d0584e8e","block_type":"box","text":"6","page_number":292,"box":{"x":570,"y":132,"width":5,"height":6}},{"id":"30d6c8cf-b9aa-4840-9cf7-98e0cdcd925b","block_type":"box","text":"We look to boards to have a sufficient","page_number":292,"box":{"x":576,"y":132,"width":290,"height":10}},{"id":"bb99c70b-6b56-45af-9b3e-1a899470c1db","block_type":"box","text":"number of independent directors, free from conflicts of interest or undue influence, to ensure objectivity","page_number":292,"box":{"x":117,"y":148,"width":768,"height":12}},{"id":"40e38017-be01-4a83-8c08-9aa23b4b2316","block_type":"box","text":"in the decision-making of the board and its ability to oversee management. We generally consider it","page_number":292,"box":{"x":117,"y":163,"width":742,"height":12}},{"id":"3dc1a748-b044-4a2e-bc12-cfb2e2f288c0","block_type":"box","text":"good practice for independent directors to make a majority of the board, or in the case of controlled","page_number":292,"box":{"x":116,"y":179,"width":740,"height":12}},{"id":"ee4c53c7-5496-41d5-b081-49361658debc","block_type":"box","text":"companies, at least one-third.","page_number":292,"box":{"x":116,"y":194,"width":225,"height":12}},{"id":"5f74172d-5d5e-4587-ae08-8ea78958b13b","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":292,"box":{"x":117,"y":224,"width":557,"height":12}},{"id":"8ac11469-3c1e-4712-9315-e41e2cc3acfd","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":292,"box":{"x":117,"y":254,"width":495,"height":12}},{"id":"37cef457-935b-4d70-94f4-1eff0310decf","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":292,"box":{"x":117,"y":276,"width":668,"height":12}},{"id":"b7b3954f-e7c2-4e57-8414-515fbe44f4cc","block_type":"box","text":"• Interlocking directorates","page_number":292,"box":{"x":117,"y":299,"width":216,"height":12}},{"id":"e71f8de0-0539-4e94-a301-bbccb453a20e","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be","page_number":292,"box":{"x":117,"y":322,"width":730,"height":12}},{"id":"d74cfcf4-0dcb-42d9-b762-73fdf6d3dbee","block_type":"box","text":"perceived to, materially interfere with a director’s ability to act in the best interests of the company","page_number":292,"box":{"x":150,"y":337,"width":729,"height":12}},{"id":"97f816e5-9662-4d8b-9369-28e9ad8aae02","block_type":"box","text":"and shareholders","page_number":292,"box":{"x":150,"y":353,"width":134,"height":9}},{"id":"ae607a9f-f66e-49ae-91e7-0474f82c8075","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a","page_number":292,"box":{"x":117,"y":382,"width":759,"height":12}},{"id":"c15032eb-5207-4911-8034-8a1404d8ba08","block_type":"box","text":"senior, independent board leader. This director may chair the board, or, where the chair is also the","page_number":292,"box":{"x":116,"y":398,"width":736,"height":12}},{"id":"e57506ac-ef6a-4a77-a78e-780edf99c8de","block_type":"box","text":"CEO (or is otherwise not independent), be designated as a lead independent director. The role of this","page_number":292,"box":{"x":117,"y":413,"width":757,"height":12}},{"id":"756f057c-fc91-4e99-9ecd-6e183d13e0d7","block_type":"box","text":"director is to support independent board members in fulfilling their oversight responsibilities effectively","page_number":292,"box":{"x":116,"y":429,"width":760,"height":12}},{"id":"bd04f0eb-94e5-4a20-9bb1-8b332ecb3d67","block_type":"box","text":"by shaping the agenda, ensuring adequate information is provided to the board, and encouraging","page_number":292,"box":{"x":117,"y":444,"width":726,"height":12}},{"id":"2dd36cff-cf03-4141-8ef3-1c1eb1757318","block_type":"box","text":"independent director participation in board deliberations. We appreciate when the lead independent","page_number":292,"box":{"x":117,"y":460,"width":742,"height":12}},{"id":"8e1f3eb3-7eaf-4034-85c2-68375eecccab","block_type":"box","text":"director or another appropriate director is available to meet with shareholders to explain and","page_number":292,"box":{"x":116,"y":475,"width":687,"height":12}},{"id":"966a9283-45a3-4157-a791-ad5a44211f45","block_type":"box","text":"contextualize a company’s approach as a situation warrants.","page_number":292,"box":{"x":116,"y":491,"width":454,"height":12}},{"id":"1f417b95-a702-48b2-ab8d-6e38aed003d7","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or","page_number":292,"box":{"x":117,"y":520,"width":759,"height":13}},{"id":"0a4857f3-2efd-46de-8a93-c2d5389eabef","block_type":"box","text":"that require additional focus. It is our view that objective oversight of such matters is best achieved","page_number":292,"box":{"x":116,"y":536,"width":736,"height":12}},{"id":"048f06a4-3370-493b-b518-9a4cb2a24ea9","block_type":"box","text":"when the board forms committees with a majority of independent directors, depending on market","page_number":292,"box":{"x":116,"y":551,"width":723,"height":13}},{"id":"ca66afca-5e69-4bdc-96c7-a1dbd3203e10","block_type":"box","text":"norms and a company’s ownership structure. In many markets, these committees of the board","page_number":292,"box":{"x":117,"y":567,"width":704,"height":12}},{"id":"1b132afc-c0d2-4692-8879-063742c6ccb9","block_type":"box","text":"specialize in audit, director nominations, and compensation matters, among others. An ad hoc","page_number":292,"box":{"x":116,"y":583,"width":703,"height":12}},{"id":"406b5d38-2720-4f9f-ac68-607ab5f9ee74","block_type":"box","text":"committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":292,"box":{"x":116,"y":598,"width":762,"height":12}},{"id":"af88bd1e-6f3d-421b-8976-938ede4a4dc2","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":292,"box":{"x":117,"y":613,"width":378,"height":13}},{"id":"33a81404-1b13-45ac-ae46-ab6932ac8b8b","block_type":"box","text":"Sufficient capacity","page_number":292,"box":{"x":116,"y":643,"width":153,"height":12}},{"id":"a2448057-3f63-4d2f-b9de-0bfbe4f4fb80","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to","page_number":292,"box":{"x":116,"y":673,"width":709,"height":12}},{"id":"f74da2d5-585f-4eb0-b785-889e46661f8e","block_type":"box","text":"commit an appropriate amount of time to board and committee matters. It is important that directors","page_number":292,"box":{"x":116,"y":688,"width":738,"height":12}},{"id":"236601ef-72f1-45a2-bba3-7a6352b8a930","block_type":"box","text":"have the capacity to meet all of their responsibilities – including when there are unforeseen events –","page_number":292,"box":{"x":117,"y":704,"width":743,"height":12}},{"id":"2e4a0ea9-310e-4ff7-8b7b-72f62ab0cb41","block_type":"box","text":"and therefore, we consider it best practice when they don’t take on an excessive number of roles that","page_number":292,"box":{"x":116,"y":719,"width":751,"height":13}},{"id":"423104bb-c046-437e-92eb-2972c97a0b8e","block_type":"box","text":"would impair their ability to fulfill their duties.","page_number":292,"box":{"x":116,"y":735,"width":326,"height":12}},{"id":"c52735be-99f7-406b-ad0a-531a7318a31b","block_type":"box","text":"Board composition","page_number":292,"box":{"x":117,"y":765,"width":151,"height":12}},{"id":"1091fb37-d81e-40a8-a7b7-74d05733b3ee","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model,","page_number":292,"box":{"x":117,"y":795,"width":708,"height":11}},{"id":"8c4fd511-a833-49f5-8403-b3bb639e4b1a","block_type":"box","text":"strategy, market capitalization, and ownership structure, as well as the market in which the company","page_number":292,"box":{"x":116,"y":810,"width":745,"height":12}},{"id":"fe706b98-4a6f-4169-9047-e9c739d93b70","block_type":"box","text":"operates. We find it helpful when companies explain how their approach to board composition supports","page_number":292,"box":{"x":116,"y":825,"width":771,"height":12}},{"id":"cf34f557-cd2d-4a1f-8672-097fd01c9436","block_type":"box","text":"the company’s governance practices.","page_number":292,"box":{"x":116,"y":841,"width":282,"height":12}},{"id":"44172929-6ad4-4cce-bdcb-681e1e379b79","block_type":"box","text":"6","page_number":292,"box":{"x":143,"y":866,"width":4,"height":5}},{"id":"e4f84db4-dceb-4e6d-ae88-999201539bca","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":292,"box":{"x":171,"y":866,"width":683,"height":10}},{"id":"e6c59075-2af7-4465-af77-81e3c88f29d3","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":292,"box":{"x":171,"y":879,"width":587,"height":10}},{"id":"4139b8e5-d3ee-41b8-b20e-6afda734df27","block_type":"box","text":"BlackRock Investment Stewardship","page_number":292,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"886c0ac4-1dd6-48d9-855e-94457337b2ce","block_type":"box","text":"Global Principles |","page_number":292,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"ddc24345-65f6-4485-8f71-a7663f5ac294","block_type":"box","text":"7","page_number":292,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"8cfb76aa-3022-4517-bb0c-968a090e3f90","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":292,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"475898cb-b6eb-430e-bfa9-6a0e3aec72fe","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the","page_number":293,"box":{"x":116,"y":87,"width":760,"height":12}},{"id":"6c6a663c-2239-473d-aded-083c5462554f","block_type":"box","text":"individual candidates so that shareholders can assess the capabilities and suitability of each individual","page_number":293,"box":{"x":117,"y":102,"width":763,"height":13}},{"id":"1e59b76b-c41e-419e-bc65-ba8ff1aef29e","block_type":"box","text":"nominee and their fit within overall board composition. These disclosures should explain how the","page_number":293,"box":{"x":117,"y":118,"width":721,"height":12}},{"id":"4123a7ba-7da0-43c0-a095-ed07113e8c66","block_type":"box","text":"collective experience and expertise of the board, as well as the particular skillsets of individual","page_number":293,"box":{"x":116,"y":134,"width":703,"height":11}},{"id":"5766bb17-e9fe-4fe1-9657-2f2c2cebc2cb","block_type":"box","text":"directors, aligns with the company’s long-term strategy. Highly qualified, engaged directors with","page_number":293,"box":{"x":116,"y":149,"width":713,"height":12}},{"id":"09eb8438-7a4d-4c90-ae5e-479568f864ab","block_type":"box","text":"professional characteristics relevant to a company’s business and strategy enhance the ability of the","page_number":293,"box":{"x":117,"y":165,"width":749,"height":12}},{"id":"5a82d985-7f89-4c88-8ff2-437a372c73fd","block_type":"box","text":"board to add value and be the voice of shareholders in board discussions.","page_number":293,"box":{"x":117,"y":180,"width":554,"height":10}},{"id":"ca069e29-d898-4143-a1d7-fd0950634e04","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the","page_number":293,"box":{"x":117,"y":208,"width":755,"height":12}},{"id":"45017bf5-d783-4452-99a4-7f9933cfc498","block_type":"box","text":"board room. We see it as a means of avoiding “group think” in the board’s exercise of its","page_number":293,"box":{"x":117,"y":224,"width":659,"height":12}},{"id":"3bd3dae2-6571-4380-838f-29abdc8aeebc","block_type":"box","text":"responsibilities to advise and oversee management. We note that in many markets, policymakers have","page_number":293,"box":{"x":117,"y":239,"width":768,"height":12}},{"id":"0db11964-9491-4645-a5e8-fd5a64c4e747","block_type":"box","text":"set board gender diversity goals which we may discuss with companies, particularly if there is a risk","page_number":293,"box":{"x":116,"y":255,"width":743,"height":12}},{"id":"9aa1933d-c9e5-4e61-a135-3e35d21249f9","block_type":"box","text":"their board composition may be misaligned.","page_number":293,"box":{"x":116,"y":270,"width":329,"height":12}},{"id":"4b1e6c76-ee10-4612-ac41-36455edd974f","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":293,"box":{"x":331,"y":305,"width":341,"height":9}},{"id":"4459e954-ea66-41a2-a2df-e9ad4d1a9600","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate","page_number":293,"box":{"x":117,"y":333,"width":725,"height":12}},{"id":"ff11f139-2faf-4d24-90bc-a5d05b53f488","block_type":"box","text":"portrayal of a company’s financial condition. Accordingly, we look for the assumptions made by","page_number":293,"box":{"x":117,"y":349,"width":709,"height":12}},{"id":"aa9a10ed-06da-4013-a6ec-ce7fcfd5e130","block_type":"box","text":"management, and reviewed by the auditor in preparing the financial statements, to be reasonable and","page_number":293,"box":{"x":117,"y":364,"width":760,"height":12}},{"id":"ac1fa48b-8ecd-4046-9a63-982185719d8f","block_type":"box","text":"justified.","page_number":293,"box":{"x":115,"y":380,"width":67,"height":12}},{"id":"4194479e-d907-4878-ba2b-9f6b6b8d9a4f","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":293,"box":{"x":116,"y":408,"width":754,"height":12}},{"id":"f667e817-12ee-4d19-a5c8-01ea2b4fb9ff","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important","page_number":293,"box":{"x":117,"y":423,"width":746,"height":12}},{"id":"0e723e0e-bdc1-4665-94ce-f822a673838c","block_type":"box","text":"role in a company’s financial reporting system by providing independent oversight of the accounts,","page_number":293,"box":{"x":117,"y":439,"width":733,"height":12}},{"id":"e3ac86ca-79ca-40c6-b649-3c37ec6c625d","block_type":"box","text":"material financial, and, where appropriate to the jurisdiction, non-financial information and internal","page_number":293,"box":{"x":117,"y":454,"width":728,"height":12}},{"id":"a01782be-6039-4679-bee7-e3720ce40fcb","block_type":"box","text":"control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":293,"box":{"x":116,"y":470,"width":743,"height":11}},{"id":"ad6e5747-1a0f-4e15-992a-69e6c2e2ab91","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":293,"box":{"x":117,"y":485,"width":437,"height":12}},{"id":"dec6fe96-ffd6-48f9-bdeb-708381aea901","block_type":"box","text":"7","page_number":293,"box":{"x":556,"y":486,"width":5,"height":5}},{"id":"ae6e5f97-d02b-48d0-91de-156f726af1a1","block_type":"box","text":"In our view, effective audit committee","page_number":293,"box":{"x":562,"y":485,"width":286,"height":12}},{"id":"2170e096-34d4-4ab5-9471-9e482266c3e0","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":293,"box":{"x":116,"y":501,"width":745,"height":12}},{"id":"4f21a455-20eb-4a70-88a2-38f89da59cd9","block_type":"box","text":"important level of reassurance to shareholders.","page_number":293,"box":{"x":117,"y":516,"width":354,"height":12}},{"id":"3fa03b74-d04a-40b9-93b1-85d5895f200f","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":293,"box":{"x":116,"y":545,"width":750,"height":12}},{"id":"9001afd0-b760-4b84-9f88-7e8b6a4dec95","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership","page_number":293,"box":{"x":117,"y":560,"width":765,"height":12}},{"id":"50c75019-babb-4782-b88b-9043d1738554","block_type":"box","text":"and introduce new perspectives. We recognize that audit committees will rely on management, internal","page_number":293,"box":{"x":116,"y":576,"width":769,"height":12}},{"id":"ecb1f010-10d9-4e4a-84de-62adeb26dfec","block_type":"box","text":"audit, and the independent auditor to fulfill their responsibilities. However, we look to committee","page_number":293,"box":{"x":116,"y":591,"width":712,"height":12}},{"id":"def831fa-89e6-4c9c-aa1d-d4636c61902a","block_type":"box","text":"members to demonstrate they have relevant expertise to monitor and oversee the audit process and","page_number":293,"box":{"x":117,"y":607,"width":749,"height":12}},{"id":"dd87f12b-2b69-42a8-9750-376cc64a33de","block_type":"box","text":"related activities.","page_number":293,"box":{"x":117,"y":622,"width":129,"height":10}},{"id":"d5fc83ee-5b62-48eb-8abf-da283bd05071","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant","page_number":293,"box":{"x":116,"y":650,"width":753,"height":12}},{"id":"219fff9f-ddf6-450f-93d2-5eab8c626b92","block_type":"box","text":"financial restatements, or ad hoc notifications of material financial weakness. In this respect, we look to","page_number":293,"box":{"x":116,"y":666,"width":765,"height":12}},{"id":"7c184f50-e190-4a0f-a1ed-ad647cae7f32","block_type":"box","text":"audit committees to provide timely disclosure on the remediation of key and critical audit matters","page_number":293,"box":{"x":116,"y":681,"width":715,"height":12}},{"id":"1eed71ee-fa2c-4c7f-9d12-ad5d0f60f914","block_type":"box","text":"identified either by the external auditor or internal audit function.","page_number":293,"box":{"x":117,"y":697,"width":472,"height":12}},{"id":"addd4d54-4218-46ad-bc19-0dfd8576cc5b","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":293,"box":{"x":116,"y":725,"width":748,"height":12}},{"id":"d60a9bcd-b21b-446e-966b-9ab20309ccd6","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that","page_number":293,"box":{"x":116,"y":741,"width":750,"height":12}},{"id":"5abd2beb-4786-4108-95c0-c87e2e714dbb","block_type":"box","text":"auditors are, and are seen to be, independent. Where an audit firm provides services to the company","page_number":293,"box":{"x":116,"y":756,"width":751,"height":12}},{"id":"2cd73673-e60d-44e0-b965-3c3d5dfe8f86","block_type":"box","text":"in addition to the audit, we look for the fees","page_number":293,"box":{"x":117,"y":772,"width":318,"height":11}},{"id":"e8019f85-ee9c-407c-8912-b4197629d790","block_type":"box","text":"earned to be disclosed and explained. We look for audit","page_number":293,"box":{"x":441,"y":772,"width":414,"height":12}},{"id":"2d653099-5de8-4c97-aad5-7d75d9f2e950","block_type":"box","text":"committees to have in place a procedure for assessing the independence of the auditor and the quality","page_number":293,"box":{"x":116,"y":787,"width":762,"height":12}},{"id":"f543ec4b-4b68-4c8a-8032-11601dc3e9d4","block_type":"box","text":"of the external audit process on an annual basis.","page_number":293,"box":{"x":116,"y":803,"width":360,"height":12}},{"id":"e697c3a3-6682-4457-a98b-3bff16abdcdd","block_type":"box","text":"7","page_number":293,"box":{"x":143,"y":828,"width":4,"height":5}},{"id":"bd982af5-7963-4b2f-9240-b37e07aa39c4","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":293,"box":{"x":171,"y":828,"width":648,"height":9}},{"id":"816b23cd-96f0-418f-a3e3-2ad1f59ff59c","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the","page_number":293,"box":{"x":170,"y":841,"width":709,"height":9}},{"id":"17b97fd9-eca6-4738-9335-234b14f0da38","block_type":"box","text":"entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of","page_number":293,"box":{"x":170,"y":854,"width":690,"height":9}},{"id":"3539867d-d06a-4184-a9ea-365e983e365f","block_type":"box","text":"objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Enterprise","page_number":293,"box":{"x":170,"y":866,"width":710,"height":10}},{"id":"491af7c7-3ab9-44db-a65b-beaa577fde46","block_type":"box","text":"Risk Management,” 2023, accessed in December 2025.","page_number":293,"box":{"x":171,"y":879,"width":329,"height":10}},{"id":"5b1f5a64-8c43-45a6-90af-074edca3d689","block_type":"box","text":"BlackRock Investment Stewardship","page_number":293,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"b89fc55c-7fcb-45e8-bf54-17d87d30d6e5","block_type":"box","text":"Global Principles |","page_number":293,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"226c8dc8-3c89-48d4-98c5-aa03870a8f06","block_type":"box","text":"8","page_number":293,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"9bacaf84-e90e-4a9a-a525-154f8a84ebc8","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":293,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"5ad498ee-373b-4616-abb6-352321453b7e","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term","page_number":294,"box":{"x":117,"y":87,"width":719,"height":12}},{"id":"adcecb04-572b-41db-ae97-989c5245be31","block_type":"box","text":"operational risk management practices and, more broadly, the quality of the board’s oversight. We look","page_number":294,"box":{"x":116,"y":102,"width":770,"height":13}},{"id":"e53401b3-40ad-49a8-93ca-f82ad8af610a","block_type":"box","text":"to the audit or risk committee to periodically review the company’s risk assessment and risk","page_number":294,"box":{"x":116,"y":118,"width":684,"height":12}},{"id":"3a3a5442-9681-4d7d-8891-58564a55b0ff","block_type":"box","text":"management policies and the significant risks and exposures identified by management, the internal","page_number":294,"box":{"x":117,"y":134,"width":747,"height":12}},{"id":"a3c46f0b-aa6c-4992-94be-f69b9faa2f6f","block_type":"box","text":"auditors or the independent auditors, and management’s steps to address them. In the absence of","page_number":294,"box":{"x":116,"y":149,"width":735,"height":12}},{"id":"f636d078-794e-4b05-8f93-27067332ae23","block_type":"box","text":"detailed disclosures, we may conclude that companies are not adequately managing risk.","page_number":294,"box":{"x":116,"y":165,"width":668,"height":12}},{"id":"6d02c609-b30e-4126-9af9-5d8f6a224ea0","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL","page_number":294,"box":{"x":141,"y":203,"width":723,"height":12}},{"id":"eb08a619-28b6-4280-b07f-ae3b8b0b9374","block_type":"box","text":"SITUATIONS","page_number":294,"box":{"x":449,"y":219,"width":106,"height":9}},{"id":"300b6c1b-450c-48ab-8b72-a758f6e78ffd","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment","page_number":294,"box":{"x":116,"y":250,"width":766,"height":12}},{"id":"a6f5c7b7-9248-43ca-a603-cb0651f60d55","block_type":"box","text":"and the priority of their interest in the company relative to that of other equity or debt investors.","page_number":294,"box":{"x":116,"y":265,"width":707,"height":12}},{"id":"1dd88ec5-f9e9-4e63-ac69-5f9cea0b9b16","block_type":"box","text":"Pre-emptive rights are a key protection for shareholders against the dilution of their interests.","page_number":294,"box":{"x":117,"y":281,"width":693,"height":12}},{"id":"d675e7b4-1bf9-45ad-a68f-05a5f6256372","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure","page_number":294,"box":{"x":117,"y":312,"width":746,"height":12}},{"id":"71c40d83-5589-4d3d-93ab-1b9c88b7e0f1","block_type":"box","text":"and differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce","page_number":294,"box":{"x":116,"y":327,"width":754,"height":12}},{"id":"f5e576db-23d8-4d65-b128-21a5420d1783","block_type":"box","text":"the adoption of “one share, one vote” for registered shareholders.","page_number":294,"box":{"x":116,"y":343,"width":491,"height":12}},{"id":"030f2a9b-7870-4684-b574-4a01af5d597b","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a","page_number":294,"box":{"x":117,"y":374,"width":740,"height":12}},{"id":"8d26d073-34fa-4f14-a290-4c04dfb41f45","block_type":"box","text":"valid reason for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":294,"box":{"x":116,"y":389,"width":706,"height":12}},{"id":"ff0b0c0f-781f-4d51-bb4b-845ba32d542a","block_type":"box","text":"companies should review these share class structures on a regular basis or as company","page_number":294,"box":{"x":116,"y":405,"width":661,"height":12}},{"id":"4f9c0c1b-cfb7-49c8-aedc-6e865115807e","block_type":"box","text":"circumstances change. Additionally, they should seek shareholder approval of their capital structure on","page_number":294,"box":{"x":116,"y":420,"width":769,"height":12}},{"id":"bdee7004-18f3-4f8a-bdc1-318a4bc88b9c","block_type":"box","text":"a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":294,"box":{"x":116,"y":436,"width":731,"height":12}},{"id":"1fcef643-0080-4ee7-9ff0-ee85c62dc77a","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish","page_number":294,"box":{"x":116,"y":451,"width":705,"height":12}},{"id":"0eb308d3-696a-493a-9ca4-49c3ac177fc2","block_type":"box","text":"mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":294,"box":{"x":117,"y":467,"width":757,"height":12}},{"id":"6505998a-688a-4c27-8ba2-0b242387ec80","block_type":"box","text":"to shareholders.","page_number":294,"box":{"x":116,"y":482,"width":125,"height":10}},{"id":"20c7b75f-357c-4819-a830-b3efc44f06c5","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long","page_number":294,"box":{"x":117,"y":513,"width":745,"height":12}},{"id":"f1a0f308-c8ed-4fe5-89f2-5f19b3330a06","block_type":"box","text":"term financial interests of our clients as shareholders, and so we will review any proposed transaction","page_number":294,"box":{"x":116,"y":529,"width":758,"height":12}},{"id":"a1ee200a-32cf-45b0-9c07-e84d0a7dd09f","block_type":"box","text":"with that objective in mind. Typically, we review factors such as whether the proposed transaction has","page_number":294,"box":{"x":116,"y":544,"width":760,"height":12}},{"id":"70332158-f0bb-44a4-ac43-84db94e10c2f","block_type":"box","text":"the unanimous support of the board and has been negotiated at arm’s length, and whether the board","page_number":294,"box":{"x":116,"y":560,"width":753,"height":12}},{"id":"70d62510-487a-4e0f-a457-3d7bc8241281","block_type":"box","text":"or management has clearly explained its economic and strategic rationale. We may also seek","page_number":294,"box":{"x":116,"y":576,"width":699,"height":11}},{"id":"5936481b-5417-4708-9d0e-ab2ff7397049","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given","page_number":294,"box":{"x":117,"y":591,"width":761,"height":12}},{"id":"a4215316-aebe-4802-b08b-5114a94be599","block_type":"box","text":"transaction have not adversely affected their ability to place shareholders’ interests before their own.","page_number":294,"box":{"x":116,"y":606,"width":750,"height":12}},{"id":"c8499965-e55f-4caf-87a1-1f049fe13dcb","block_type":"box","text":"Where the transaction involves related parties, the recommendation to support should come from the","page_number":294,"box":{"x":116,"y":622,"width":755,"height":12}},{"id":"1b105e10-57f2-4e82-b433-a4c238fb6c5f","block_type":"box","text":"independent directors, a best practice in most markets, and ideally, the terms should have been","page_number":294,"box":{"x":117,"y":638,"width":715,"height":11}},{"id":"b1f384cc-a220-4d36-86c6-427a9ba69543","block_type":"box","text":"assessed through an independent appraisal process. In addition, it is good practice that it be approved","page_number":294,"box":{"x":116,"y":653,"width":766,"height":12}},{"id":"e0b081f9-c45a-40c5-9183-015414caeb2c","block_type":"box","text":"by a separate vote of the non-conflicted parties.","page_number":294,"box":{"x":117,"y":668,"width":352,"height":12}},{"id":"50745d15-8355-4383-bd18-48c62a61de3f","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company","page_number":294,"box":{"x":116,"y":699,"width":738,"height":13}},{"id":"71ab1e68-3e5d-4ac1-87dc-42dd50afb244","block_type":"box","text":"shares in the open market without unnecessary restriction. In our view, corporate mechanisms","page_number":294,"box":{"x":116,"y":715,"width":700,"height":12}},{"id":"47d51170-6c1b-471f-9160-d3ab2488c1ff","block_type":"box","text":"designed to limit shareholders’ ability to sell their shares are contrary to basic property rights. Such","page_number":294,"box":{"x":116,"y":730,"width":732,"height":13}},{"id":"fe5236a5-be40-458a-93e9-b4977af9ac41","block_type":"box","text":"mechanisms can serve to protect and entrench interests other than those of the shareholders. In our","page_number":294,"box":{"x":117,"y":746,"width":745,"height":12}},{"id":"819ea470-c7bc-40a2-ab81-1b3be06310cd","block_type":"box","text":"view, shareholders are broadly capable of making decisions in their own best interests. We encourage","page_number":294,"box":{"x":116,"y":761,"width":759,"height":13}},{"id":"71cdb109-0b37-4fcb-8f30-32b13b012f19","block_type":"box","text":"any shareholder rights plans proposed by a board to be subject to shareholder approval upon","page_number":294,"box":{"x":116,"y":777,"width":693,"height":12}},{"id":"9c51fe3b-10fa-436d-86f6-0f5ea65afce8","block_type":"box","text":"introduction and periodically thereafter.","page_number":294,"box":{"x":117,"y":792,"width":287,"height":13}},{"id":"494ba85f-c1a9-4a8d-a060-8cff03cf8718","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":294,"box":{"x":318,"y":831,"width":369,"height":10}},{"id":"8e91a48b-3cee-4c10-9f3b-a6a7a2c2fd82","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value","page_number":294,"box":{"x":117,"y":862,"width":749,"height":12}},{"id":"74bbb4f6-07a2-421e-bff1-0cffd8b5af1d","block_type":"box","text":"creation. A well-structured compensation policy rewards the successful delivery of strategic,","page_number":294,"box":{"x":116,"y":878,"width":686,"height":12}},{"id":"8b9061b1-c12b-4ade-9c85-b02d5fd1d37f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":294,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9f422ad8-e667-4731-85f4-c8c51c022602","block_type":"box","text":"Global Principles |","page_number":294,"box":{"x":731,"y":909,"width":132,"height":12}},{"id":"1253c30d-847e-449f-81f4-e535055c600f","block_type":"box","text":"9","page_number":294,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"1708ecb0-87b2-431f-b859-7a19c67d8561","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":294,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0ff79df0-03a9-4a62-990d-725edc6863eb","block_type":"box","text":"operational, and/or financial goals; encourages an appropriate risk appetite; and aligns the interests of","page_number":295,"box":{"x":116,"y":87,"width":763,"height":12}},{"id":"651f3762-881b-4d61-baad-df3321d53f7f","block_type":"box","text":"shareholders and executives through equity ownership.","page_number":295,"box":{"x":116,"y":103,"width":410,"height":12}},{"id":"bd3cccfa-656b-4f80-ac5e-9d8ec77c6886","block_type":"box","text":"8","page_number":295,"box":{"x":528,"y":103,"width":5,"height":6}},{"id":"ec798366-9a82-4652-86db-da00721388c5","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support","page_number":295,"box":{"x":116,"y":134,"width":751,"height":12}},{"id":"f02eb34b-2d5e-44f3-bd41-54d13e7a4daa","block_type":"box","text":"sustained financial value creation for our clients as shareholders. We appreciate when performance","page_number":295,"box":{"x":116,"y":149,"width":744,"height":12}},{"id":"9573868e-e021-457f-9a18-08fa7353c474","block_type":"box","text":"targets incorporate ambitious objectives, and the corresponding metrics are aligned with the","page_number":295,"box":{"x":116,"y":165,"width":687,"height":12}},{"id":"b5e6d535-88bd-41a0-ac51-6f885ddccd16","block_type":"box","text":"company’s strategy and business model. BIS does not have a position on whether companies choose","page_number":295,"box":{"x":116,"y":180,"width":760,"height":12}},{"id":"c585665c-e573-4ea0-a2a1-b904e7f6ac3b","block_type":"box","text":"to use sustainability-related criteria in compensation structures, but, where they are included, we look","page_number":295,"box":{"x":116,"y":196,"width":757,"height":12}},{"id":"8c34ebd1-c75f-4089-9b8a-2508e33a9be9","block_type":"box","text":"to companies to be as rigorous as they would be in setting other financial or operational targets. We","page_number":295,"box":{"x":116,"y":211,"width":745,"height":12}},{"id":"ca3df2c6-460d-4c45-b750-0da6b1d97bdb","block_type":"box","text":"appreciate when long-term incentive plans encompass timeframes that: 1) are distinct from annual","page_number":295,"box":{"x":116,"y":227,"width":735,"height":12}},{"id":"00b203d3-9ae3-4b61-924f-96e74fb9f032","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":295,"box":{"x":116,"y":242,"width":724,"height":12}},{"id":"a48d8076-6fd0-44f5-a7af-625066625a78","block_type":"box","text":"results over a period of years.","page_number":295,"box":{"x":117,"y":258,"width":225,"height":12}},{"id":"8e448fc8-7848-40de-bbc3-aea4bcb6acfc","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":295,"box":{"x":116,"y":289,"width":757,"height":12}},{"id":"2514f8ef-16b1-422c-aa08-2ac1f5d519ee","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may","page_number":295,"box":{"x":116,"y":304,"width":720,"height":12}},{"id":"f60f5737-4372-432f-ab61-f678306235f7","block_type":"box","text":"include the company’s risk profile, the environment it operates in, and the individuals the board is trying","page_number":295,"box":{"x":117,"y":320,"width":770,"height":12}},{"id":"bd7d6a43-3c9f-4ad1-b887-4b133b0f2e64","block_type":"box","text":"to attract and retain. We look to the compensation committees to guard against contractual","page_number":295,"box":{"x":116,"y":335,"width":679,"height":12}},{"id":"a710007b-10dc-48bb-94a6-8d29fc4f3376","block_type":"box","text":"arrangements that would entitle executives to material compensation for early termination of their","page_number":295,"box":{"x":116,"y":351,"width":726,"height":12}},{"id":"d8fd3201-b924-426f-8dc0-33eb0bc9f464","block_type":"box","text":"employment. Finally, we look for pension contributions and other deferred compensation arrangements","page_number":295,"box":{"x":116,"y":366,"width":770,"height":12}},{"id":"45cb5eb9-9dfb-4e83-800c-824ea33e8c72","block_type":"box","text":"to be reasonable in light of market practices or the company’s business and executive compensation","page_number":295,"box":{"x":116,"y":382,"width":752,"height":12}},{"id":"11c9d44e-78a1-4429-9bb1-b2871fdf1efb","block_type":"box","text":"strategies.","page_number":295,"box":{"x":116,"y":397,"width":82,"height":12}},{"id":"d834d4e1-540d-49fa-a023-b141282e02f0","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance.","page_number":295,"box":{"x":116,"y":428,"width":755,"height":12}},{"id":"65fe877e-7225-4d95-8f61-99a0a5ee5c67","block_type":"box","text":"Where discretion has been used by the compensation committee, or its equivalent, we appreciate","page_number":295,"box":{"x":116,"y":444,"width":730,"height":12}},{"id":"076eada3-1852-4659-a88e-71008e731226","block_type":"box","text":"disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned","page_number":295,"box":{"x":116,"y":459,"width":757,"height":12}},{"id":"b04e4bb4-1b5c-45a4-a3c2-f422bfac4af6","block_type":"box","text":"with the interests of shareholders. In addition, we acknowledge that the use of peer group evaluation","page_number":295,"box":{"x":116,"y":475,"width":751,"height":12}},{"id":"f1d7c7e2-5bc1-4472-ae6d-9ba6df5b2171","block_type":"box","text":"by compensation committees can help ensure competitive pay. However, we encourage companies to","page_number":295,"box":{"x":117,"y":490,"width":763,"height":12}},{"id":"9936b5cd-2b7e-4cc7-a67f-e3603dd843ca","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance rather than solely base","page_number":295,"box":{"x":116,"y":506,"width":724,"height":12}},{"id":"a65caf43-6ae8-429e-8f14-43fe612d7025","block_type":"box","text":"increases in total compensation on peer benchmarking.","page_number":295,"box":{"x":117,"y":521,"width":416,"height":12}},{"id":"9a70d2ea-36b9-4cd7-92ae-fce8b0068293","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such","page_number":295,"box":{"x":116,"y":552,"width":755,"height":12}},{"id":"b3d596cf-5967-428f-9469-02f69eeb70f6","block_type":"box","text":"provisions could require executives to forgo awards when compensation was based on faulty financial","page_number":295,"box":{"x":117,"y":568,"width":760,"height":12}},{"id":"9ff9be18-9b38-4079-bf40-176a3d84ec09","block_type":"box","text":"statements or deceptive business practices, or when their behavior caused material financial harm to","page_number":295,"box":{"x":116,"y":583,"width":754,"height":12}},{"id":"f36fbcfe-5530-43b0-938c-e81d7ef35fd3","block_type":"box","text":"shareholders, material reputational risk to the company, or resulted in a criminal investigation.","page_number":295,"box":{"x":116,"y":599,"width":701,"height":12}},{"id":"4867839d-8e12-4860-b7c3-64d66546df50","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with","page_number":295,"box":{"x":117,"y":630,"width":745,"height":12}},{"id":"ad8afb9c-7c86-46cb-a4ae-7cda3eb0a2ba","block_type":"box","text":"the time and effort expended in fulfilling their professional responsibilities. Additionally, these","page_number":295,"box":{"x":116,"y":645,"width":691,"height":12}},{"id":"aa1c5392-5bc7-4326-aebd-68199b782b82","block_type":"box","text":"compensation arrangements should not risk compromising directors’ independence or aligning their","page_number":295,"box":{"x":116,"y":661,"width":739,"height":12}},{"id":"04b075fe-909b-44c0-9ba4-3c83c5d78c5c","block_type":"box","text":"interests too closely with those of the management, whom they are charged with overseeing.","page_number":295,"box":{"x":117,"y":676,"width":687,"height":12}},{"id":"c1b83c60-56ec-4b1a-8785-ad32153055ce","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether","page_number":295,"box":{"x":116,"y":707,"width":750,"height":12}},{"id":"43714e30-1e61-43ec-8677-c9337bb3bb4e","block_type":"box","text":"the board’s approach to executive compensation is rigorous in light of the company’s stated long-term","page_number":295,"box":{"x":116,"y":723,"width":755,"height":12}},{"id":"5ef48ae0-e8b9-4472-ad72-eb44d7309277","block_type":"box","text":"corporate strategy and specific circumstances, as well as local market and policy developments.","page_number":295,"box":{"x":116,"y":738,"width":713,"height":12}},{"id":"995a8c0f-1f23-4407-a142-a7e6b7e67b69","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance,","page_number":295,"box":{"x":116,"y":769,"width":739,"height":12}},{"id":"9ea31036-d4a3-4345-894f-61fa72e1ffd0","block_type":"box","text":"BIS may not support management’s proposals to approve compensation, where they are on the","page_number":295,"box":{"x":117,"y":785,"width":709,"height":12}},{"id":"01a5886c-baba-4105-bbde-9b5871c308cc","block_type":"box","text":"agenda. We may also not support members of the compensation committee or equivalent board","page_number":295,"box":{"x":116,"y":800,"width":713,"height":12}},{"id":"75745c54-b289-4e4c-bbbf-9b91d5ba6979","block_type":"box","text":"members for poor compensation practices or structures.","page_number":295,"box":{"x":117,"y":816,"width":415,"height":12}},{"id":"18329bb3-f7f7-47e0-98dd-e4ad3e5f363b","block_type":"box","text":"8","page_number":295,"box":{"x":143,"y":867,"width":4,"height":5}},{"id":"e0248323-c781-46ac-8015-45faae9a5389","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":295,"box":{"x":170,"y":867,"width":664,"height":9}},{"id":"a8a34cbd-b250-435e-bc34-24a6de6868bd","block_type":"box","text":"different markets.","page_number":295,"box":{"x":170,"y":880,"width":102,"height":7}},{"id":"1b0d450f-e7da-41b8-82b0-8c6a79b2722e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":295,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"7cb65797-ba39-4ea0-8b20-4caa04776737","block_type":"box","text":"Global Principles |","page_number":295,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"15ead3f8-9e03-4a4a-a5a0-9eba17ce8c23","block_type":"box","text":"10","page_number":295,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"18a19fc5-d394-493f-b47d-f98d342a8dd9","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":295,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"05ebe3b7-5dd8-45c3-af9c-8d061729dfeb","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":296,"box":{"x":158,"y":87,"width":688,"height":10}},{"id":"04481fdb-d534-45a0-a1b5-365b18f8a733","block_type":"box","text":"Corporate form","page_number":296,"box":{"x":116,"y":116,"width":127,"height":12}},{"id":"11aa81b0-9b0c-4a5d-b1ef-c9b252f71328","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate","page_number":296,"box":{"x":117,"y":145,"width":766,"height":12}},{"id":"582510c4-5439-4b0a-928f-c393c958292a","block_type":"box","text":"given the company’s purpose and business model.","page_number":296,"box":{"x":116,"y":161,"width":376,"height":12}},{"id":"36966b39-53ef-40c6-9c59-4f1517cb723e","block_type":"box","text":"9","page_number":296,"box":{"x":494,"y":161,"width":5,"height":6}},{"id":"6aed266c-2fd1-42bc-b18b-7d9abac5b494","block_type":"box","text":"We look to companies proposing to change their","page_number":296,"box":{"x":500,"y":161,"width":369,"height":12}},{"id":"31f0af83-a3eb-47cb-97a4-615d6911eace","block_type":"box","text":"corporate form to a public benefit corporation, or similar entity, to put it to a shareholder vote if not","page_number":296,"box":{"x":116,"y":176,"width":731,"height":12}},{"id":"f9a222b6-ce2b-4129-9006-0fc6ae4f787c","block_type":"box","text":"already required to do so under applicable law. We appreciate when supporting documentation from","page_number":296,"box":{"x":116,"y":192,"width":748,"height":12}},{"id":"318775bd-8705-4052-90e4-c4be46506550","block_type":"box","text":"companies or shareholders proposing to alter the corporate form clearly explains how the interests of","page_number":296,"box":{"x":116,"y":207,"width":755,"height":12}},{"id":"aee535d6-abd1-4a56-a795-353990b331ad","block_type":"box","text":"shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":296,"box":{"x":116,"y":223,"width":741,"height":12}},{"id":"8ec8cd9e-f938-410e-b174-1de16b3ea870","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if","page_number":296,"box":{"x":117,"y":238,"width":756,"height":12}},{"id":"a607e762-5df4-49c7-90bc-bcc9e199659c","block_type":"box","text":"our analysis indicates that shareholders’ financial interests are adequately protected. Corporate form","page_number":296,"box":{"x":116,"y":254,"width":752,"height":12}},{"id":"5379f06b-6466-4ee0-b38b-e15476b7e048","block_type":"box","text":"shareholder proposals are evaluated on a case-by-case basis.","page_number":296,"box":{"x":116,"y":269,"width":468,"height":12}},{"id":"6a8ab4c9-7f04-4802-944f-eeb47ef8c716","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":296,"box":{"x":380,"y":305,"width":244,"height":10}},{"id":"86292f57-8efc-417f-8b86-d951f2a66d27","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":296,"box":{"x":117,"y":335,"width":717,"height":12}},{"id":"d43b8185-d458-404f-a616-fb9c905c6005","block_type":"box","text":"meeting, as long as certain requirements are met. Shareholder proposals span a wide range of topics,","page_number":296,"box":{"x":117,"y":350,"width":762,"height":12}},{"id":"c4ff2627-73ff-4e10-b583-04824f90fc72","block_type":"box","text":"including governance reforms, capital management, and changes in the management or disclosure of","page_number":296,"box":{"x":117,"y":365,"width":758,"height":13}},{"id":"ef9231d1-090d-44c0-9bf4-0a4b03faa64b","block_type":"box","text":"sustainability-related risks. These proposals have a varying degree of relevance for companies across","page_number":296,"box":{"x":116,"y":381,"width":763,"height":12}},{"id":"f7c90d05-d7c5-4ca2-bb46-dbc779c31dd0","block_type":"box","text":"sectors, locations, and business models.","page_number":296,"box":{"x":116,"y":397,"width":307,"height":11}},{"id":"b9d84c34-a1b1-41d0-9dd7-b4f306d791f8","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus","page_number":296,"box":{"x":117,"y":426,"width":764,"height":12}},{"id":"aca7e510-d5b7-4b42-b277-f207403a6152","block_type":"box","text":"on the proposal’s implications for long-term financial value creation for shareholders. Our analysis","page_number":296,"box":{"x":116,"y":441,"width":730,"height":12}},{"id":"33261381-7209-495c-bba6-69c36fdd00b7","block_type":"box","text":"considers whether a shareholder proposal addresses a material risk that may impact a company’s","page_number":296,"box":{"x":116,"y":457,"width":732,"height":12}},{"id":"f0e2b513-f94f-4142-b562-f5ead0ab34a1","block_type":"box","text":"long-term financial performance. BIS may support shareholder proposals that request disclosures that","page_number":296,"box":{"x":117,"y":472,"width":760,"height":12}},{"id":"e12003ce-0a81-49b3-905f-ed545a032828","block_type":"box","text":"help us, as long-term investors on behalf of our clients, better understand the material risks and","page_number":296,"box":{"x":117,"y":488,"width":713,"height":12}},{"id":"243b3bf0-0374-48a8-b890-4bb2add2b723","block_type":"box","text":"opportunities companies face and how they are managing them, especially where this information is","page_number":296,"box":{"x":116,"y":503,"width":747,"height":12}},{"id":"c67c3a0a-7543-4552-8136-c7f17239bc07","block_type":"box","text":"additive given the company’s existing disclosures. We look for consistency between the specific","page_number":296,"box":{"x":116,"y":519,"width":715,"height":12}},{"id":"07c9c046-d2f6-44ad-9479-c8c3805f4586","block_type":"box","text":"request formally made in the proposal, the supporting documentation, and the proponents’ other","page_number":296,"box":{"x":117,"y":534,"width":717,"height":12}},{"id":"94a2447b-df94-49ff-a850-1e0b21593e0a","block_type":"box","text":"communications on the issues. We also assess the company’s practices and disclosures and the costs","page_number":296,"box":{"x":116,"y":550,"width":769,"height":12}},{"id":"5d63f3c1-e65d-46e6-876e-ab7a251e0c0c","block_type":"box","text":"and benefits to the company of meeting the request made in the proposal. We take into consideration a","page_number":296,"box":{"x":116,"y":565,"width":772,"height":12}},{"id":"ad978501-75e1-41ad-9b6b-0e2f43c3e26c","block_type":"box","text":"company’s governance practices and disclosures against those of their peers.","page_number":296,"box":{"x":116,"y":581,"width":583,"height":12}},{"id":"ba85b00a-63b2-4475-9838-a003fbf8e45a","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value","page_number":296,"box":{"x":117,"y":610,"width":767,"height":12}},{"id":"c33a7b4f-2afc-4a8e-8326-efbbb488d7f1","block_type":"box","text":"or that seek to micromanage companies. We take into consideration the legal effect of the proposal, as","page_number":296,"box":{"x":116,"y":625,"width":769,"height":12}},{"id":"7bc7e716-a4a9-4e3e-aa9b-d11a6a9afe4d","block_type":"box","text":"shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others","page_number":296,"box":{"x":116,"y":641,"width":747,"height":12}},{"id":"14acfa3b-8a53-4422-b962-da4cd5fb8982","block_type":"box","text":"may make requests that would be deemed illegal in a given jurisdiction.","page_number":296,"box":{"x":117,"y":656,"width":534,"height":12}},{"id":"610a3dae-79ca-43de-8c29-2fef39a2b7e7","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization","page_number":296,"box":{"x":117,"y":685,"width":740,"height":12}},{"id":"6e81db50-9459-4419-9361-677d31b8c2bb","block_type":"box","text":"that has submitted or advised on the proposal. We recognize that some shareholder proposals bundle","page_number":296,"box":{"x":116,"y":701,"width":757,"height":12}},{"id":"965b8ffc-bd39-42c0-b3b2-c3be1fd139ea","block_type":"box","text":"topics and/or specific requests. Further, the proponent’s supporting statement may refer to topics that","page_number":296,"box":{"x":116,"y":716,"width":753,"height":12}},{"id":"807e64fa-3648-4c73-82cf-014bf2925a97","block_type":"box","text":"are not directly related to the request made in the proposal. In voting on behalf of clients, we must vote","page_number":296,"box":{"x":116,"y":732,"width":762,"height":12}},{"id":"75f701af-fdd9-466c-907c-03ca5c9016fb","block_type":"box","text":"yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a","page_number":296,"box":{"x":116,"y":747,"width":714,"height":13}},{"id":"c4129cf1-2e8a-49d2-8d5e-51de38bc3e85","block_type":"box","text":"proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives,","page_number":296,"box":{"x":117,"y":763,"width":759,"height":12}},{"id":"9c660a50-0f97-4e52-b51d-4679a5e23fa1","block_type":"box","text":"or supporting statement of the proponent. We may support a proposal for different reasons than those","page_number":296,"box":{"x":116,"y":778,"width":757,"height":13}},{"id":"f57d84f0-099c-43d2-b32b-d0102b875455","block_type":"box","text":"put forth by the proponent, when we believe that overall it may advance our clients’ long-term financial","page_number":296,"box":{"x":117,"y":794,"width":757,"height":12}},{"id":"9407308f-c6c8-4250-b423-292ee12b7377","block_type":"box","text":"interests.","page_number":296,"box":{"x":117,"y":810,"width":65,"height":9}},{"id":"0f7e460d-cf57-4620-b19c-340571be9cfc","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that","page_number":296,"box":{"x":117,"y":839,"width":752,"height":12}},{"id":"b28d87a1-8f84-4b68-8259-98a15a8520d5","block_type":"box","text":"place restrictions and limitations on how BlackRock can interact with the companies in which we invest","page_number":296,"box":{"x":117,"y":854,"width":766,"height":12}},{"id":"d180e5d1-0118-4b34-ba81-cca03296d239","block_type":"box","text":"9","page_number":296,"box":{"x":143,"y":879,"width":4,"height":5}},{"id":"f32dc4f0-28e9-40b2-8c44-9d17a17bd604","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":296,"box":{"x":170,"y":879,"width":457,"height":10}},{"id":"c24670de-245b-4983-87d8-c51dda6a49df","block_type":"box","text":"BlackRock Investment Stewardship","page_number":296,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"38b97056-b374-449e-aa8c-8d65184da45a","block_type":"box","text":"Global Principles |","page_number":296,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"7d423cc0-c66f-4db0-806b-6d1e70962ca5","block_type":"box","text":"11","page_number":296,"box":{"x":866,"y":909,"width":15,"height":9}},{"id":"4f9c32d0-e633-41b6-bd33-d46214b3d32e","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":296,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"13de4c0d-1b09-48c4-b4fb-bd84efd032e7","block_type":"box","text":"on behalf of our clients. BlackRock does not nominate directors for board elections or submit","page_number":297,"box":{"x":116,"y":87,"width":692,"height":10}},{"id":"19da8019-73ca-4ecc-9fd7-a1e0c2b2d139","block_type":"box","text":"shareholder proposals to companies. Non-compliance with these requirements could adversely affect","page_number":297,"box":{"x":116,"y":102,"width":757,"height":13}},{"id":"25c74208-aceb-466e-bafb-4b48b63e4a48","block_type":"box","text":"BlackRock’s ability to serve its clients’ interests.","page_number":297,"box":{"x":117,"y":118,"width":358,"height":12}},{"id":"b6301539-7216-4e4b-8d7b-d6d7064b3a7e","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":297,"box":{"x":223,"y":155,"width":559,"height":10}},{"id":"97cf5c22-f236-4c54-bcb0-ed84bc48620f","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks","page_number":297,"box":{"x":116,"y":186,"width":758,"height":12}},{"id":"766325bb-3f68-4418-a8a4-bea300e13c6a","block_type":"box","text":"and opportunities, is an important component of having an effective governance framework that","page_number":297,"box":{"x":116,"y":201,"width":714,"height":12}},{"id":"4dbbdb01-a564-4630-b54c-6a925966c3f4","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":297,"box":{"x":116,"y":217,"width":385,"height":12}},{"id":"4e4daabf-41e2-4a5b-9419-b7ac95b779ce","block_type":"box","text":"10","page_number":297,"box":{"x":503,"y":217,"width":11,"height":6}},{"id":"48795789-6890-4d02-9350-85d280b17b7e","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate","page_number":297,"box":{"x":116,"y":247,"width":703,"height":12}},{"id":"73064177-1c2b-4860-859a-bf2545e5611a","block_type":"box","text":"companies’ strategy and business practices related to material sustainability-related risks and","page_number":297,"box":{"x":116,"y":262,"width":699,"height":12}},{"id":"548a4f71-26ad-4e5b-9356-20b64d4c23e1","block_type":"box","text":"opportunities. We find it helpful when companies’ disclosures demonstrate that they have a resilient","page_number":297,"box":{"x":116,"y":278,"width":743,"height":12}},{"id":"64b8723a-7c81-4d51-88ae-73e13a5500f7","block_type":"box","text":"business model that integrates material sustainability-related risks and opportunities into their strategy,","page_number":297,"box":{"x":117,"y":293,"width":766,"height":12}},{"id":"a35b24ef-97e1-4838-8e6f-2b0c09a21fd6","block_type":"box","text":"risk management, and metrics and targets, including industry-specific metrics.","page_number":297,"box":{"x":117,"y":309,"width":583,"height":12}},{"id":"48c79b6d-d1f5-469b-9b9b-2897f673c9f5","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions.","page_number":297,"box":{"x":116,"y":339,"width":766,"height":12}},{"id":"935ab2ca-0d70-49ec-9eea-143d2ece219e","block_type":"box","text":"The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one","page_number":297,"box":{"x":116,"y":354,"width":743,"height":12}},{"id":"9dd1403e-5cf9-4a45-bde5-4ee68e9141d8","block_type":"box","text":"such approach to standardization that we find useful in our analysis.","page_number":297,"box":{"x":116,"y":370,"width":503,"height":12}},{"id":"74c3f248-f16c-4081-8624-b832eec0d9b9","block_type":"box","text":"11","page_number":297,"box":{"x":622,"y":370,"width":9,"height":6}},{"id":"a99badbf-e2fa-423a-84f3-d2cdff3a3bd6","block_type":"box","text":"However, we do not mandate","page_number":297,"box":{"x":633,"y":370,"width":228,"height":11}},{"id":"362668ab-20be-4a1a-9f61-5eaae1798980","block_type":"box","text":"any specific disclosure framework companies should use, and recognize that companies may report","page_number":297,"box":{"x":116,"y":385,"width":747,"height":12}},{"id":"a8d55cc3-6170-474d-b2d0-9f8757917f05","block_type":"box","text":"using different standards, some of which may be required by regulation. In such cases, we ask that","page_number":297,"box":{"x":117,"y":401,"width":739,"height":12}},{"id":"582581f1-a0d7-4ed9-b15b-01fdec0067d0","block_type":"box","text":"companies highlight the metrics that are industry- or company-specific.","page_number":297,"box":{"x":116,"y":416,"width":530,"height":12}},{"id":"ab9e3d10-31d7-449e-b48a-60e89f85e3f4","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not","page_number":297,"box":{"x":116,"y":447,"width":702,"height":11}},{"id":"a8e1c645-b33f-47a9-abf5-64321c450047","block_type":"box","text":"prescribe timelines regarding when companies should make sustainability-related disclosures but","page_number":297,"box":{"x":117,"y":462,"width":725,"height":12}},{"id":"d81ccda2-7f94-4e68-b071-440fd4276a9f","block_type":"box","text":"appreciate it when companies produce them sufficiently in advance of their shareholder meeting, to the","page_number":297,"box":{"x":116,"y":477,"width":770,"height":12}},{"id":"7bad5146-3bd8-482e-9524-49a67b1eedbf","block_type":"box","text":"best of their abilities, to provide investors with time to assess the data and make informed voting","page_number":297,"box":{"x":117,"y":493,"width":718,"height":12}},{"id":"1ad6b9d4-7fdf-4740-a074-4ca6d6420dcd","block_type":"box","text":"decisions.","page_number":297,"box":{"x":116,"y":509,"width":79,"height":9}},{"id":"d92721da-267e-47ed-b31b-06f3aa3527d1","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to","page_number":297,"box":{"x":117,"y":538,"width":700,"height":13}},{"id":"83d32522-7d9c-489b-bed6-a42d7a7ae255","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our","page_number":297,"box":{"x":116,"y":554,"width":697,"height":12}},{"id":"5972d281-3b11-4409-a957-47f1eaacc8fe","block_type":"box","text":"understanding of investment risk when companies disclose any relevant global sustainability-related","page_number":297,"box":{"x":117,"y":569,"width":746,"height":13}},{"id":"1b46fee3-74c1-4219-a06b-f75ce2619067","block_type":"box","text":"standards adopted, the industry initiatives in which they participate, any peer group benchmarking","page_number":297,"box":{"x":116,"y":585,"width":731,"height":12}},{"id":"27f98ecf-fbf6-4bef-98f7-182948fbc6ed","block_type":"box","text":"undertaken, and any assurance processes to help investors understand their approach to sustainable","page_number":297,"box":{"x":117,"y":601,"width":758,"height":12}},{"id":"98e1b03e-ff58-4d5a-af8a-ee08544693dc","block_type":"box","text":"and responsible business practices.","page_number":297,"box":{"x":116,"y":616,"width":271,"height":12}},{"id":"cdfd6d48-05f8-464f-9d9a-c6a45fdcb771","block_type":"box","text":"Climate and nature-related risk","page_number":297,"box":{"x":116,"y":646,"width":251,"height":10}},{"id":"d8b26116-7857-4695-88a6-5284eba14c25","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term","page_number":297,"box":{"x":117,"y":676,"width":739,"height":12}},{"id":"22a92475-e589-47e7-8dc4-52ddd74d07ed","block_type":"box","text":"financial value to investors. For companies facing material climate-related risks, we find it helpful when","page_number":297,"box":{"x":116,"y":692,"width":760,"height":12}},{"id":"a7482709-e721-45cc-8eac-992b15c015ab","block_type":"box","text":"they publicly disclose, consistent with their business model and sector, how they intend to deliver long","page_number":297,"box":{"x":116,"y":707,"width":762,"height":12}},{"id":"b5a970f5-6951-4d2e-a345-d96448793ab1","block_type":"box","text":"term financial performance through the low-carbon transition, including where available, their transition","page_number":297,"box":{"x":116,"y":723,"width":760,"height":12}},{"id":"ff9afa6d-7861-4407-99aa-d20b644f17ec","block_type":"box","text":"10","page_number":297,"box":{"x":144,"y":748,"width":8,"height":5}},{"id":"4e949c4a-e179-4a6e-8bb0-2e0a1c63fc81","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a","page_number":297,"box":{"x":171,"y":748,"width":691,"height":10}},{"id":"a4b35e06-cb8c-43b9-b330-dc060f120515","block_type":"box","text":"company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":297,"box":{"x":170,"y":761,"width":686,"height":9}},{"id":"0206f96b-df91-4c61-8225-fa637c86ba44","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":297,"box":{"x":170,"y":774,"width":682,"height":9}},{"id":"276ddf39-60d8-4b5a-94ac-be81e99fb1e6","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":297,"box":{"x":170,"y":787,"width":683,"height":9}},{"id":"31fb7797-0377-4965-aed5-6d0b013b2eb2","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":297,"box":{"x":170,"y":800,"width":360,"height":9}},{"id":"5c822d97-eb1b-4060-a4cf-9114a49ae512","block_type":"box","text":"11","page_number":297,"box":{"x":144,"y":815,"width":7,"height":5}},{"id":"ede03552-30ad-41de-8545-8ee2e4aec9b2","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":297,"box":{"x":170,"y":815,"width":666,"height":10}},{"id":"27e8aad5-9f8f-49aa-aa02-3ec9c52610e0","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":297,"box":{"x":171,"y":828,"width":712,"height":9}},{"id":"bae4a2a5-99e7-4152-ad27-724a0ca2d644","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":297,"box":{"x":170,"y":841,"width":649,"height":9}},{"id":"109e0fda-3215-46f7-baa2-e645a99fe630","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":297,"box":{"x":170,"y":854,"width":674,"height":9}},{"id":"05b59f07-2c19-49e3-b161-cbd2c5bc95e7","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":297,"box":{"x":170,"y":867,"width":647,"height":9}},{"id":"0a0a6021-9601-4d99-ae75-e31122f0eaa2","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":297,"box":{"x":171,"y":880,"width":312,"height":7}},{"id":"c564fa72-56c3-4058-be1b-38bf8268fe4a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":297,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"6dedee5d-396e-4b1c-9afe-f97c9ef9d0b2","block_type":"box","text":"Global Principles |","page_number":297,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"167fe6fb-493c-4bb1-acde-cd04649e9916","block_type":"box","text":"12","page_number":297,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"e3b6544a-8a2a-4a47-b502-78362eb558f6","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":297,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"e5e139c6-b6b5-4d89-9536-5b0757076f88","block_type":"box","text":"plan.","page_number":298,"box":{"x":117,"y":87,"width":34,"height":12}},{"id":"1d58f3f0-7a6c-4876-a7d4-45180a1f1112","block_type":"box","text":"12, 13","page_number":298,"box":{"x":153,"y":87,"width":29,"height":7}},{"id":"9abc2a95-e50f-487e-aa7b-158a046f6036","block_type":"box","text":"From company disclosures and engagement, we seek to understand the strategies","page_number":298,"box":{"x":182,"y":87,"width":626,"height":12}},{"id":"ca3c788b-4d4f-4949-95df-dfe846312bcb","block_type":"box","text":"companies have in place to manage material risks to, and opportunities for, their long-term business","page_number":298,"box":{"x":116,"y":102,"width":748,"height":13}},{"id":"6c346c55-71d5-4745-a819-358bc386ce8d","block_type":"box","text":"model associated with a range of climate-related scenarios.","page_number":298,"box":{"x":117,"y":118,"width":446,"height":12}},{"id":"b10112f9-2e3c-45ff-9e76-3d3af30724b1","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate","page_number":298,"box":{"x":117,"y":152,"width":734,"height":12}},{"id":"3b6d672f-3853-447d-8772-9172294861d2","block_type":"box","text":"large companies to disclose such climate-related financial information, while in other jurisdictions these","page_number":298,"box":{"x":117,"y":168,"width":767,"height":12}},{"id":"eab4d155-635a-4add-8500-dbbf3c1bc264","block_type":"box","text":"disclosures are viewed as best practice in the market.","page_number":298,"box":{"x":116,"y":183,"width":404,"height":12}},{"id":"e5366408-4c50-4517-89e5-c383804778b4","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company","page_number":298,"box":{"x":116,"y":217,"width":726,"height":12}},{"id":"b182d48a-4ce2-497e-b6a7-43fad4ad2329","block_type":"box","text":"specific climate-related risks and opportunities, and informing investment decisions. Such disclosures","page_number":298,"box":{"x":116,"y":233,"width":757,"height":12}},{"id":"c86d558f-de5e-4974-810a-ce8e7e09f1ed","block_type":"box","text":"also provide investors with insights into how companies are managing the risks associated with a","page_number":298,"box":{"x":116,"y":248,"width":726,"height":12}},{"id":"ac51f687-1fe8-41ea-950a-6ce71fda1040","block_type":"box","text":"transition to a low-carbon economy by managing their own carbon emissions or emissions intensities","page_number":298,"box":{"x":116,"y":264,"width":754,"height":12}},{"id":"2382805b-ce09-4244-9a81-376ae284f820","block_type":"box","text":"to the extent financially practicable.","page_number":298,"box":{"x":116,"y":279,"width":266,"height":12}},{"id":"1b40e8aa-d90e-4234-b928-7390ef6a539b","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-,","page_number":298,"box":{"x":116,"y":313,"width":723,"height":12}},{"id":"e69b6bf2-c3f1-4656-bba7-a01ed345a451","block_type":"box","text":"medium- and long-term targets, ideally science-based where these are available for their sector, for","page_number":298,"box":{"x":117,"y":329,"width":742,"height":12}},{"id":"df69f276-1a36-49d7-bc78-66f730deb176","block_type":"box","text":"scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are","page_number":298,"box":{"x":116,"y":344,"width":760,"height":12}},{"id":"888634fa-bb19-410d-8cb7-451b60ae6a23","block_type":"box","text":"consistent with the long-term financial interests of their investors.","page_number":298,"box":{"x":116,"y":360,"width":486,"height":12}},{"id":"773951bc-2790-465a-aba3-77af9917d579","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this","page_number":298,"box":{"x":116,"y":394,"width":766,"height":12}},{"id":"a56e2cce-38c7-46b8-9ffc-79a9479359bb","block_type":"box","text":"stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity,","page_number":298,"box":{"x":116,"y":409,"width":749,"height":13}},{"id":"a48fc174-d93f-4ee0-9d03-557199f96449","block_type":"box","text":"regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We","page_number":298,"box":{"x":117,"y":425,"width":749,"height":12}},{"id":"40910402-a2cd-4465-b30b-d02d6bf5d84f","block_type":"box","text":"welcome disclosures and commitments that companies choose to make regarding material scope 3","page_number":298,"box":{"x":116,"y":441,"width":744,"height":12}},{"id":"98630dd1-cba1-46e2-a2f3-497bc0d57980","block_type":"box","text":"emissions and recognize that these are provided on a good-faith basis as methodology develops.","page_number":298,"box":{"x":116,"y":456,"width":728,"height":12}},{"id":"aa7e4fea-b6db-45ae-9223-a8d0230cc363","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or","page_number":298,"box":{"x":117,"y":490,"width":742,"height":12}},{"id":"ce4a945d-192e-42f4-b397-361cd0364d88","block_type":"box","text":"supply chains are materially reliant on natural capital, nature-related risks and opportunities may affect","page_number":298,"box":{"x":116,"y":506,"width":765,"height":12}},{"id":"81100201-053f-4ba9-a47c-28ad723cf565","block_type":"box","text":"their ability to generate long-term financial returns.","page_number":298,"box":{"x":116,"y":521,"width":372,"height":12}},{"id":"df87d7fd-f18f-4bd0-b126-9b0bd4aa419f","block_type":"box","text":"14","page_number":298,"box":{"x":491,"y":521,"width":11,"height":6}},{"id":"7704bc75-085b-4637-a008-bb0d505e3856","block_type":"box","text":"For these companies, we rely on disclosures to","page_number":298,"box":{"x":502,"y":521,"width":360,"height":12}},{"id":"a765d9b8-8799-4f6e-b077-31b8013886da","block_type":"box","text":"understand how their strategies consider nature-related impacts and dependencies and to assess how","page_number":298,"box":{"x":117,"y":537,"width":765,"height":12}},{"id":"5a2d578f-e2e9-41ae-aae6-b98e72db7d0b","block_type":"box","text":"the board oversees these risks.","page_number":298,"box":{"x":116,"y":552,"width":232,"height":10}},{"id":"97d07c8a-edb5-4dbd-8211-7f24be78db32","block_type":"box","text":"15","page_number":298,"box":{"x":351,"y":552,"width":10,"height":6}},{"id":"e4dd88c3-2137-4d04-91fe-496e10ce7105","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":298,"box":{"x":116,"y":586,"width":580,"height":12}},{"id":"e1aa9a41-3257-4272-a5b1-1f201b44c370","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term","page_number":298,"box":{"x":117,"y":620,"width":768,"height":12}},{"id":"5547b2f8-972c-4448-a018-dec6e769f8b1","block_type":"box","text":"financial performance. For many companies, key stakeholders include employees, business supply","page_number":298,"box":{"x":116,"y":636,"width":741,"height":12}},{"id":"9a2be619-5635-4d47-bd1c-4e60b0e48fde","block_type":"box","text":"chains, clients and consumers, regulators, and the communities in which they operate.","page_number":298,"box":{"x":116,"y":651,"width":647,"height":12}},{"id":"e72647c8-c442-4c95-9985-e040655edda4","block_type":"box","text":"12","page_number":298,"box":{"x":144,"y":677,"width":8,"height":4}},{"id":"9fd4d183-da36-4714-a62a-78c336279287","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":298,"box":{"x":170,"y":677,"width":685,"height":9}},{"id":"8bac74a2-dcaf-4425-9284-b4ee00350356","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":298,"box":{"x":170,"y":690,"width":670,"height":9}},{"id":"1485a56a-bc8b-49b5-b674-a0a29b43ff4c","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":298,"box":{"x":171,"y":702,"width":691,"height":10}},{"id":"8b5de111-7729-4a5f-82d1-7df205bc5cc2","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives,","page_number":298,"box":{"x":170,"y":715,"width":710,"height":10}},{"id":"a5ba46b4-c8d1-470c-9720-4a876a82b644","block_type":"box","text":"and actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":298,"box":{"x":170,"y":728,"width":709,"height":10}},{"id":"729d3143-585c-45d2-8196-f615616c1810","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. While transition plans can","page_number":298,"box":{"x":170,"y":741,"width":710,"height":10}},{"id":"df60573a-4ee3-4488-8f3d-3d8e4d37c214","block_type":"box","text":"be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may","page_number":298,"box":{"x":170,"y":754,"width":684,"height":10}},{"id":"849dbee4-cdef-4271-a08c-f3460d26cc2e","block_type":"box","text":"engage companies that have chosen to publish a transition plan to understand their planned actions and resource","page_number":298,"box":{"x":170,"y":767,"width":675,"height":10}},{"id":"81024101-6f5f-40f0-87bd-c9e1ab19ae8a","block_type":"box","text":"implications. Website accessed in December 2025.","page_number":298,"box":{"x":170,"y":780,"width":303,"height":9}},{"id":"3f898af1-5fbb-4f34-9903-7c1c503da00b","block_type":"box","text":"13","page_number":298,"box":{"x":144,"y":796,"width":8,"height":5}},{"id":"9f247d71-4f4f-4ca6-9ab1-faefa7eac7ad","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December 2025.","page_number":298,"box":{"x":171,"y":796,"width":703,"height":10}},{"id":"f98519c9-d3f0-43e1-9975-d071cd8e2b45","block_type":"box","text":"14","page_number":298,"box":{"x":144,"y":812,"width":8,"height":5}},{"id":"54ba9664-1dcb-4641-881e-1dbdf553726e","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December 2025.","page_number":298,"box":{"x":171,"y":812,"width":697,"height":10}},{"id":"6031ef98-83b2-45bd-aa80-49feb40321a2","block_type":"box","text":"15","page_number":298,"box":{"x":144,"y":828,"width":8,"height":5}},{"id":"b2542892-595e-49c5-9a91-35338f594773","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":298,"box":{"x":170,"y":828,"width":660,"height":10}},{"id":"c2d597db-1835-4004-9f4a-7ab5f6f56adb","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of the","page_number":298,"box":{"x":170,"y":841,"width":704,"height":9}},{"id":"febae627-569c-4f63-a176-2c974ac09840","block_type":"box","text":"Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":298,"box":{"x":170,"y":854,"width":689,"height":9}},{"id":"ab914f6e-fb3f-475c-80c2-715d52e98cd9","block_type":"box","text":"some companies may report using different standards, which may be required by regulation, or one of a number of","page_number":298,"box":{"x":170,"y":867,"width":680,"height":9}},{"id":"00a5e2d6-adbc-43ac-9395-6a0e65be821c","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":298,"box":{"x":170,"y":880,"width":680,"height":9}},{"id":"487a1aae-76a6-4dae-9850-58b8be442b98","block_type":"box","text":"BlackRock Investment Stewardship","page_number":298,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"9beb79c7-0112-41f8-b995-37fe5f52fe4f","block_type":"box","text":"Global Principles |","page_number":298,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"e56f14af-11a1-4ecb-b35e-c67408d9aab6","block_type":"box","text":"13","page_number":298,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"df408f12-a3fe-4bfe-8bed-c835d5a2d5a0","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":298,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"705a35d1-2d49-4528-bbec-63d797192b1f","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives","page_number":299,"box":{"x":117,"y":87,"width":769,"height":12}},{"id":"152854c6-ee16-413d-9e9a-73e41e5f678e","block_type":"box","text":"are more likely to deliver durable, long-term financial performance. By contrast, we have found that","page_number":299,"box":{"x":116,"y":102,"width":739,"height":13}},{"id":"195b3ded-2f76-46bf-a9b4-966f4e0c8cb0","block_type":"box","text":"poor relationships may create adverse impacts that could expose companies to legal, regulatory,","page_number":299,"box":{"x":117,"y":118,"width":722,"height":12}},{"id":"1ed5a6df-c442-4ade-86fb-141ce16695be","block_type":"box","text":"operational, and reputational risks. This is particularly relevant to a company’s workforce, which is","page_number":299,"box":{"x":116,"y":134,"width":730,"height":12}},{"id":"c9add455-1996-40f9-b479-8e9ff4275296","block_type":"box","text":"central to long-term financial value creation.","page_number":299,"box":{"x":116,"y":149,"width":324,"height":12}},{"id":"9da76392-4320-4147-a363-43937239ac43","block_type":"box","text":"16","page_number":299,"box":{"x":442,"y":149,"width":11,"height":6}},{"id":"83a1b174-d840-453c-a1ee-21748238da9a","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how","page_number":299,"box":{"x":116,"y":179,"width":743,"height":13}},{"id":"4f5fb176-e040-4cd3-8a4e-c0be6e1192cb","block_type":"box","text":"they have identified their key stakeholders and considered their interests in business decision-making.","page_number":299,"box":{"x":116,"y":195,"width":763,"height":12}},{"id":"ded786c2-0965-481f-abe2-caccb0ae8d94","block_type":"box","text":"In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies","page_number":299,"box":{"x":117,"y":210,"width":740,"height":13}},{"id":"945f2de0-3eb4-4b9a-887a-97bfb16b8a4c","block_type":"box","text":"discuss how they consider the needs of their workforce today, and the skills required for their future","page_number":299,"box":{"x":116,"y":226,"width":742,"height":12}},{"id":"f4274ee6-a68c-4a23-bfd9-e2e3bbf9bcbb","block_type":"box","text":"business strategy. We are also interested in understanding how the board monitors and engages on","page_number":299,"box":{"x":117,"y":242,"width":747,"height":12}},{"id":"194c95a8-3485-4be2-93b9-b44ec9786881","block_type":"box","text":"these matters, given it is well positioned to ensure that the approach taken by management is informed","page_number":299,"box":{"x":116,"y":257,"width":770,"height":12}},{"id":"b271cfa5-321b-4a71-afad-a3ab340bf096","block_type":"box","text":"by and aligns with the company’s strategy. BIS does not direct a company’s policies or practices, which","page_number":299,"box":{"x":117,"y":272,"width":771,"height":13}},{"id":"357c1a33-56d1-4e40-a916-3d427638f2d7","block_type":"box","text":"are the responsibility of management and the board.","page_number":299,"box":{"x":116,"y":288,"width":394,"height":12}},{"id":"e3aede2f-13c5-4892-8939-854590a201e7","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse","page_number":299,"box":{"x":117,"y":318,"width":754,"height":12}},{"id":"8a448b18-5582-44e1-9f33-3f6ba24c809b","block_type":"box","text":"impacts that could arise from their business practices and affect critical relationships with their","page_number":299,"box":{"x":117,"y":334,"width":701,"height":12}},{"id":"a109e04f-595f-478c-84b4-32957bad060a","block_type":"box","text":"stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes","page_number":299,"box":{"x":116,"y":350,"width":767,"height":12}},{"id":"4601da2e-3f60-4207-9dd6-6b1423d4c32a","block_type":"box","text":"(often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":299,"box":{"x":117,"y":365,"width":740,"height":12}},{"id":"9a7a4951-4dfe-413a-945a-145ffc0dec1e","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts.","page_number":299,"box":{"x":117,"y":381,"width":474,"height":12}},{"id":"9c41b314-2394-4814-913e-4d98b8e93b10","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key","page_number":299,"box":{"x":116,"y":411,"width":729,"height":12}},{"id":"9dece450-b2f3-4afd-a92a-c1009c20b017","block_type":"box","text":"stakeholders and may convey concerns about board oversight in our voting on director elections or","page_number":299,"box":{"x":116,"y":426,"width":739,"height":12}},{"id":"46944bda-a0e5-4282-b4de-ae590c8e7cd7","block_type":"box","text":"supporting a business relevant shareholder proposal when, in our assessment, the board is not acting","page_number":299,"box":{"x":116,"y":442,"width":761,"height":12}},{"id":"6c58b6e8-fe24-415f-b361-c09b7c4ae69e","block_type":"box","text":"in shareholders’ long-term financial interests.","page_number":299,"box":{"x":117,"y":457,"width":337,"height":12}},{"id":"df714e79-df62-4920-8445-7b8a0c86b37e","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":299,"box":{"x":188,"y":495,"width":629,"height":10}},{"id":"5a322f12-8631-4072-af03-ec8f86563ce1","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on","page_number":299,"box":{"x":117,"y":526,"width":742,"height":12}},{"id":"38626c79-faec-4a31-bb54-cb5e6279876b","block_type":"box","text":"behalf of clients at the global and regional level.","page_number":299,"box":{"x":117,"y":541,"width":358,"height":12}},{"id":"44513a55-c926-4d72-adfd-7e6832ae37a8","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the","page_number":299,"box":{"x":116,"y":572,"width":699,"height":12}},{"id":"ba76148d-014d-43a0-b135-9a6dc54f7768","block_type":"box","text":"Committee) supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to","page_number":299,"box":{"x":117,"y":587,"width":760,"height":12}},{"id":"a0e1291b-e15e-468c-aba4-24a36a601f55","block_type":"box","text":"policies and procedures as well as market-level stewardship requirements. The Committee reviews","page_number":299,"box":{"x":117,"y":603,"width":740,"height":12}},{"id":"f47479de-5638-49ac-a066-02f35f6d8de1","block_type":"box","text":"and approves amendments to the Global Principles and regional voting guidelines. The Committee","page_number":299,"box":{"x":116,"y":618,"width":738,"height":12}},{"id":"09a97f25-a4ca-411d-a64a-9053008ee3d8","block_type":"box","text":"also reviews periodic reports regarding the votes cast by BIS on behalf of clients, as well as updates","page_number":299,"box":{"x":116,"y":634,"width":749,"height":12}},{"id":"7c47ebee-dfeb-4183-a9fc-36ec6cf3f82a","block_type":"box","text":"on material process issues, procedural changes, and other risk oversight considerations. The","page_number":299,"box":{"x":116,"y":649,"width":697,"height":12}},{"id":"e32dd2de-9674-4784-9a65-a32406182958","block_type":"box","text":"Committee is chaired by the Global Heads of the Investment Stewardship function and its members","page_number":299,"box":{"x":117,"y":665,"width":737,"height":12}},{"id":"2fd23233-d79f-4dbf-9fb6-20e2e6dba361","block_type":"box","text":"include senior BlackRock executives with legal, risk, and other experience relevant to team oversight","page_number":299,"box":{"x":117,"y":680,"width":747,"height":12}},{"id":"d01b1c39-a714-4247-81d1-5b8fb9bc4c6c","block_type":"box","text":"who are independent from the investment stewardship function.","page_number":299,"box":{"x":116,"y":696,"width":471,"height":12}},{"id":"d67b79ed-7e1e-4549-8b27-0a5bea7c4cf3","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with","page_number":299,"box":{"x":116,"y":726,"width":764,"height":12}},{"id":"d7cb5495-5e11-499f-919a-502dfb3ffe35","block_type":"box","text":"the Global Principles and regional voting guidelines. At the regional level, three regional Heads for the","page_number":299,"box":{"x":116,"y":742,"width":756,"height":12}},{"id":"e2346413-1d63-45ff-8f1d-d61ed7c56957","block_type":"box","text":"Americas, APAC, and EMEA oversee BIS’ activities for their specific markets.","page_number":299,"box":{"x":116,"y":757,"width":574,"height":12}},{"id":"d1360c24-4f07-4c17-9821-bf99833a75a8","block_type":"box","text":"VOTE EXECUTION","page_number":299,"box":{"x":425,"y":795,"width":148,"height":10}},{"id":"1fa5fa97-3166-447a-9d5f-da6fb7c3892e","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We","page_number":299,"box":{"x":117,"y":825,"width":739,"height":13}},{"id":"a3c8f3ca-6d1c-41d8-aedd-fe7b4e0ea9a2","block_type":"box","text":"have processes in place to consider all proxies for which we have voting authority, and submit voting","page_number":299,"box":{"x":117,"y":841,"width":751,"height":12}},{"id":"13c7f358-944d-4434-b03c-bc84ae21832b","block_type":"box","text":"16","page_number":299,"box":{"x":144,"y":866,"width":8,"height":5}},{"id":"ec796429-bd32-465d-a979-32f69ed5d30c","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":299,"box":{"x":171,"y":866,"width":677,"height":10}},{"id":"4014c370-5bac-43c0-8aae-f4b6ad49f716","block_type":"box","text":"December 2025.","page_number":299,"box":{"x":171,"y":879,"width":97,"height":8}},{"id":"fb7a9f8e-31cf-4e5f-b895-d7a198798118","block_type":"box","text":"BlackRock Investment Stewardship","page_number":299,"box":{"x":117,"y":909,"width":282,"height":12}},{"id":"476c950d-3c80-4220-8ce9-1cfb75275072","block_type":"box","text":"Global Principles |","page_number":299,"box":{"x":722,"y":909,"width":132,"height":12}},{"id":"57eb41e3-073a-4739-a543-c99c13c71934","block_type":"box","text":"14","page_number":299,"box":{"x":866,"y":909,"width":17,"height":9}},{"id":"e61ef55d-1c41-458c-9e94-d08a9c744697","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":299,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"63520ab4-e2ce-445a-b9dd-0e7c6e5b7f13","block_type":"box","text":"decisions, or refrain from voting when logistical issues arise (see below). The BIS Benchmark","page_number":300,"box":{"x":116,"y":87,"width":698,"height":12}},{"id":"56e90043-62b1-493b-9020-0d87c5d82b42","block_type":"box","text":"Policies – and the vote decisions made consistent with those policies – reflect our reasonable and","page_number":300,"box":{"x":117,"y":102,"width":730,"height":12}},{"id":"dd362ae5-30fc-4965-aad9-b8395aeb6d8c","block_type":"box","text":"independent judgment and are made without regard to the relationship between the issuer of the proxy","page_number":300,"box":{"x":117,"y":118,"width":766,"height":12}},{"id":"70cbabd9-36d2-4dd1-a1dc-4d0b36b8068f","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and the Fund, the Fund’s affiliates (if any),","page_number":300,"box":{"x":117,"y":134,"width":739,"height":12}},{"id":"567b397a-011c-45ac-9682-0cb854d73bf8","block_type":"box","text":"BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":300,"box":{"x":117,"y":149,"width":768,"height":12}},{"id":"a0406f52-90d4-4f47-9223-d2271562c391","block_type":"box","text":"procedures,” below).","page_number":300,"box":{"x":117,"y":165,"width":157,"height":12}},{"id":"59a55a3a-6ba6-46af-bcd6-76b91ce2c6bd","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well","page_number":300,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"34dfe083-5e10-4b8f-ab09-e3ffc76d85b1","block_type":"box","text":"as the cost of voting such proxies on behalf of our clients. These issues include, but are not limited to:","page_number":300,"box":{"x":116,"y":212,"width":761,"height":12}},{"id":"7b5e5a5b-de0f-434e-bea1-c72810e6b1cb","block_type":"box","text":"1) untimely notice of shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3)","page_number":300,"box":{"x":118,"y":227,"width":754,"height":12}},{"id":"fd8c9b19-afd0-4709-a664-bd73a9aa7fee","block_type":"box","text":"requirements to vote proxies in person; 4) “share-blocking” (requirements that investors who exercise","page_number":300,"box":{"x":117,"y":243,"width":756,"height":12}},{"id":"d6852452-edbe-4da5-a28e-2d44b8c06a10","block_type":"box","text":"their voting rights surrender the right to dispose of their holdings from the point at which votes are","page_number":300,"box":{"x":116,"y":258,"width":728,"height":12}},{"id":"ef134946-18e7-4a17-a3ae-2c6727464d45","block_type":"box","text":"submitted until after the after the shareholder meeting has occurred); 5) potential difficulties in","page_number":300,"box":{"x":116,"y":274,"width":701,"height":12}},{"id":"d5d040d0-d9a2-4330-bd59-3620c14770ad","block_type":"box","text":"translating the proxy; 6) regulatory constraints; and 7) requirements to provide local agents with","page_number":300,"box":{"x":116,"y":289,"width":714,"height":12}},{"id":"1326652f-1e4b-4ca7-8aa8-326774b725d6","block_type":"box","text":"powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":300,"box":{"x":117,"y":305,"width":706,"height":12}},{"id":"2bf25b44-54cc-4fa5-874b-c0e639635496","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":300,"box":{"x":116,"y":320,"width":742,"height":12}},{"id":"0d283268-5052-462c-9983-f2260c8a13f9","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":300,"box":{"x":117,"y":352,"width":758,"height":12}},{"id":"a9b0b049-0169-46bf-a651-edab7fc6040c","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if","page_number":300,"box":{"x":116,"y":368,"width":755,"height":12}},{"id":"8f0d02d4-2177-42fa-af44-e9646bb1f04e","block_type":"box","text":"the costs (including but not limited to opportunity costs associated with share-blocking constraints)","page_number":300,"box":{"x":116,"y":383,"width":734,"height":12}},{"id":"bd354ef0-9807-470f-b07e-d92e42751f28","block_type":"box","text":"associated with exercising a vote are expected to outweigh the benefit the client would derive by voting","page_number":300,"box":{"x":116,"y":399,"width":770,"height":12}},{"id":"90aed698-9115-462b-af39-ce2bebcc04be","block_type":"box","text":"on the proposal.","page_number":300,"box":{"x":116,"y":414,"width":125,"height":12}},{"id":"ea08db3f-0d9b-4cd2-bd75-4a419107a402","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":300,"box":{"x":265,"y":454,"width":475,"height":10}},{"id":"6410a249-b9d4-4d3a-afce-e5010960d590","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business","page_number":300,"box":{"x":117,"y":486,"width":724,"height":12}},{"id":"6fccd7cd-1f31-45f8-a42f-4797c0f44c3e","block_type":"box","text":"partnership or enterprise-level vendor management activities.","page_number":300,"box":{"x":117,"y":501,"width":460,"height":12}},{"id":"64496367-eeee-4768-b46b-7fb31c7de6d5","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’","page_number":300,"box":{"x":117,"y":533,"width":739,"height":12}},{"id":"661b4243-10ac-489c-84c2-d580bc2b6953","block_type":"box","text":"proxy voting activity. Such influence might stem from any relationship between the investee company","page_number":300,"box":{"x":117,"y":549,"width":755,"height":12}},{"id":"d3bf1950-3c76-4bc0-b8a8-93e0354c0a7e","block_type":"box","text":"(or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund","page_number":300,"box":{"x":117,"y":564,"width":766,"height":12}},{"id":"89d50833-c945-462e-911c-88b111a8de99","block_type":"box","text":"or a Fund’s affiliates, or BlackRock employees.","page_number":300,"box":{"x":116,"y":580,"width":354,"height":12}},{"id":"5efdf9d2-fbf8-4dc4-ad86-7ba75b83f5f5","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":300,"box":{"x":117,"y":611,"width":630,"height":13}},{"id":"7d1864a8-2c83-42ad-b345-8b85c7f442af","block_type":"box","text":"SECURITIES LENDING","page_number":300,"box":{"x":410,"y":643,"width":185,"height":10}},{"id":"7fe900dc-7a7d-47ab-8bc0-7d89d451c169","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending","page_number":300,"box":{"x":116,"y":675,"width":704,"height":12}},{"id":"eabba623-b975-411e-8553-7284fa5ad77b","block_type":"box","text":"securities enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending","page_number":300,"box":{"x":116,"y":690,"width":729,"height":13}},{"id":"47918d0b-8d3a-43bc-b0b9-ef09886fe876","block_type":"box","text":"agreements allow it to recall securities out on loan at any time. BlackRock (or any other lender) does","page_number":300,"box":{"x":116,"y":706,"width":746,"height":12}},{"id":"1b87a423-3c14-4fdd-819d-653c5c10a48d","block_type":"box","text":"not retain voting rights for securities out on loan. Entitlements associated with the lent securities","page_number":300,"box":{"x":117,"y":721,"width":709,"height":13}},{"id":"5ddca796-ed3d-43cb-9ea2-4bf44b237bb7","block_type":"box","text":"(dividends, coupons, etc.), while on loan are paid back to the lender of the security as stipulated in","page_number":300,"box":{"x":117,"y":737,"width":727,"height":12}},{"id":"649b29d2-5be7-4af1-bcc8-af62f4acba5c","block_type":"box","text":"industry standard legal agreements.","page_number":300,"box":{"x":117,"y":753,"width":265,"height":12}},{"id":"504a1118-59dc-4031-8ffa-f800c824d9df","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote","page_number":300,"box":{"x":116,"y":784,"width":735,"height":12}},{"id":"72461b4e-03d5-4ee4-892d-661191764c83","block_type":"box","text":"shares on loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset","page_number":300,"box":{"x":116,"y":800,"width":767,"height":12}},{"id":"86898af4-2b1d-4a31-ba6d-c15fd2a15a9f","block_type":"box","text":"manager to our clients in helping them achieve their investment goals. 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Under the","page_number":307,"box":{"x":522,"y":622,"width":357,"height":12}},{"id":"f064106c-e2c5-48c6-9be7-80b801775da5","block_type":"box","text":"Guidelines, the dedicated team makes decisions on how to engage companies and vote proxies","page_number":307,"box":{"x":150,"y":637,"width":688,"height":12}},{"id":"8f12ab78-0c09-4984-9746-2ac5699e16d6","block_type":"box","text":"independently, based on its professional judgment of t","page_number":307,"box":{"x":150,"y":653,"width":379,"height":12}},{"id":"8210ac74-254e-45bf-b5ce-bc4755009c2d","block_type":"box","text":"the priorities and outcomes most aligned with","page_number":307,"box":{"x":529,"y":653,"width":326,"height":12}},{"id":"c5533f18-2ca9-4611-a43d-12ae28ff4d09","block_type":"box","text":"participating clients’ investment objectives.","page_number":307,"box":{"x":150,"y":669,"width":300,"height":11}},{"id":"40db6b13-16f2-4904-ac27-cb178653abba","block_type":"box","text":"VOTING APPROACH UNDER THE GUIDELINES","page_number":307,"box":{"x":306,"y":707,"width":375,"height":10}},{"id":"f46a7e7c-09c9-4cfd-9c44-6af09c21c17f","block_type":"box","text":"12","page_number":307,"box":{"x":682,"y":707,"width":11,"height":6}},{"id":"90b405fa-f91e-40d0-aa7d-ace8f6a2c35d","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team","page_number":307,"box":{"x":116,"y":738,"width":752,"height":12}},{"id":"5a6b0d4a-da9e-48da-af23-47d8be85ec68","block_type":"box","text":"applies a case-by-case approach that reflects the uneven pace of the low-carbon transition across","page_number":307,"box":{"x":116,"y":754,"width":728,"height":12}},{"id":"9d45ed84-4801-44cf-9b64-41837e7bf896","block_type":"box","text":"sectors and markets, and acknowledges the distinction between what company management can","page_number":307,"box":{"x":116,"y":769,"width":723,"height":12}},{"id":"c174dacf-0056-4b6c-af99-090e0de66d3f","block_type":"box","text":"influence and what lies beyond its control. 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This would typically","page_number":308,"box":{"x":184,"y":320,"width":661,"height":12}},{"id":"43ddbeed-fe54-4b1f-8b54-1e03b0f3924b","block_type":"box","text":"include a long-term strategy to achieve net-zero GHG emissions by 2050, with appropriate","page_number":308,"box":{"x":184,"y":335,"width":676,"height":12}},{"id":"4a2740ad-1410-4b87-85ef-062d4950e98a","block_type":"box","text":"near- and medium-term milestones to assess their progress.","page_number":308,"box":{"x":184,"y":351,"width":453,"height":12}},{"id":"5a7fdf40-5ca9-49b4-965c-657f35e1a45f","block_type":"box","text":"(2) low-carbon transition-related reporting. Standardized disclosure of sustainability-related data","page_number":308,"box":{"x":150,"y":374,"width":724,"height":12}},{"id":"47ea3911-dc33-42fb-8ead-338a11f8fb03","block_type":"box","text":"supports investors in making informed decisions. The International Sustainability Standards","page_number":308,"box":{"x":184,"y":389,"width":683,"height":12}},{"id":"cc10bb9e-0b31-40c8-85b1-fd6d3eee4607","block_type":"box","text":"Board (ISSB) standards, IFRS S1 and S2, represent one such approach to standardization","page_number":308,"box":{"x":184,"y":405,"width":678,"height":12}},{"id":"ab8ed6bb-4785-4b6d-8f58-69f56f0c6f36","block_type":"box","text":"that the dedicated team finds useful in its analysis.","page_number":308,"box":{"x":183,"y":420,"width":374,"height":12}},{"id":"6a4ab468-15a6-4c89-8308-261e033b7db6","block_type":"box","text":"14","page_number":308,"box":{"x":559,"y":420,"width":11,"height":7}},{"id":"baae5055-45fa-4303-8952-b2d2be6473f1","block_type":"box","text":",","page_number":308,"box":{"x":572,"y":428,"width":8,"height":4}},{"id":"38d2f376-d462-4108-8c9d-0c15e5b5b726","block_type":"box","text":"15","page_number":308,"box":{"x":581,"y":420,"width":11,"height":7}},{"id":"5f69ca9f-e0c8-4e7b-b822-66c95120e454","block_type":"box","text":"IFRS S1 addresses the general","page_number":308,"box":{"x":592,"y":420,"width":244,"height":12}},{"id":"1226c664-c994-496d-a826-21775d3b517c","block_type":"box","text":"requirements of sustainability reporting and IFRS S2 sets out the disclosures that provide","page_number":308,"box":{"x":184,"y":436,"width":667,"height":12}},{"id":"58738bc6-b6fe-4f0e-977d-777fc6341a48","block_type":"box","text":"investors with decision-useful information about a company’s most significant climate- and","page_number":308,"box":{"x":184,"y":451,"width":674,"height":12}},{"id":"72e9f43a-0e5d-43a4-b6fd-9d62776e2fb4","block_type":"box","text":"low-carbon transition-related risks and opportunities. This includes receiving independent,","page_number":308,"box":{"x":184,"y":467,"width":671,"height":12}},{"id":"b9a7564b-00b0-44e0-a770-9b3f92662cee","block_type":"box","text":"third-party assurances, as audit and assurance standards are developed.","page_number":308,"box":{"x":183,"y":482,"width":549,"height":12}},{"id":"3120ae01-e709-4cc4-b24c-7d39fab818b7","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions.","page_number":308,"box":{"x":150,"y":506,"width":536,"height":12}},{"id":"e818204f-ac23-4459-a3b3-96014da5c37a","block_type":"box","text":"16","page_number":308,"box":{"x":689,"y":506,"width":10,"height":6}},{"id":"44a58dd3-5082-4ff8-8a42-81d1e76bcdc6","block_type":"box","text":",","page_number":308,"box":{"x":701,"y":514,"width":8,"height":3}},{"id":"1f16f15d-ce45-4ec9-9a2f-e742b2d7c612","block_type":"box","text":"17","page_number":308,"box":{"x":710,"y":506,"width":11,"height":6}},{"id":"9d946eb2-dc0a-4744-91e7-447ab9bfa196","block_type":"box","text":"In addition, the","page_number":308,"box":{"x":721,"y":506,"width":120,"height":11}},{"id":"e2121cc1-d61b-49ee-bd47-26f256af086e","block_type":"box","text":"dedicated team looks to companies to disclose their emissions reduction targets for scope 1","page_number":308,"box":{"x":184,"y":521,"width":687,"height":12}},{"id":"622cedf4-b9a0-4408-9696-1065fd7cca5f","block_type":"box","text":"and 2 emissions, science-based where possible. The team welcomes disclosure of targets or","page_number":308,"box":{"x":184,"y":537,"width":695,"height":12}},{"id":"66943366-962a-4aee-a50c-35896ab88afd","block_type":"box","text":"13","page_number":308,"box":{"x":144,"y":572,"width":8,"height":5}},{"id":"aedeb826-1375-4515-b1ee-ed753bcb446d","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where reporting","page_number":308,"box":{"x":170,"y":572,"width":695,"height":10}},{"id":"fd6a5548-7ff4-4c03-a71f-95cca6e934f5","block_type":"box","text":"methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their business","page_number":308,"box":{"x":170,"y":585,"width":686,"height":10}},{"id":"8ac44b6a-8bcd-4bbe-a47c-398b4060d897","block_type":"box","text":"models through the low-carbon transition may require forward-looking statements.","page_number":308,"box":{"x":170,"y":598,"width":485,"height":10}},{"id":"aef267b9-604f-4beb-9789-9480b23894a1","block_type":"box","text":"14","page_number":308,"box":{"x":144,"y":614,"width":8,"height":4}},{"id":"6b70b71a-3655-432e-aa96-745df08ab934","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS)","page_number":308,"box":{"x":170,"y":613,"width":666,"height":10}},{"id":"f6d0fd39-72fc-4b2c-86d4-36d5b72e5654","block_type":"box","text":"Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":308,"box":{"x":171,"y":626,"width":712,"height":10}},{"id":"619f3481-454c-478c-885b-4d0e465c6017","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":308,"box":{"x":170,"y":639,"width":649,"height":10}},{"id":"63170bb5-1c24-4779-a19b-50db04856872","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":308,"box":{"x":170,"y":652,"width":674,"height":10}},{"id":"672ad2c1-c156-4012-baea-3dbb95fac260","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":308,"box":{"x":170,"y":665,"width":647,"height":10}},{"id":"faba9f00-0382-4533-b605-d2863072e470","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":308,"box":{"x":171,"y":678,"width":312,"height":8}},{"id":"e41cf744-ffbd-4262-a8e9-600789b12e97","block_type":"box","text":"15","page_number":308,"box":{"x":144,"y":694,"width":8,"height":5}},{"id":"c8545309-b14f-49c0-856c-b333f7d3c89d","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to doing","page_number":308,"box":{"x":170,"y":694,"width":694,"height":9}},{"id":"181c0b94-8f3b-40cf-b621-416cf1d9407d","block_type":"box","text":"so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":308,"box":{"x":170,"y":706,"width":651,"height":10}},{"id":"85b6e3a1-1f17-4a74-b77b-3452517e44e2","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we ask","page_number":308,"box":{"x":170,"y":719,"width":698,"height":10}},{"id":"85b7e490-6b28-4a82-9a2b-de56030f6650","block_type":"box","text":"that companies highlight the metrics that are industry- or company-specific. We also recognize that companies may be","page_number":308,"box":{"x":170,"y":732,"width":703,"height":10}},{"id":"7d98f884-badb-4dc0-a362-e86e97800b3a","block_type":"box","text":"phasing in reporting over several years. We do not prescribe timelines regarding when companies should make","page_number":308,"box":{"x":170,"y":745,"width":661,"height":10}},{"id":"b5df595b-27e6-4447-8a90-ba157aedb4b0","block_type":"box","text":"sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of their","page_number":308,"box":{"x":170,"y":758,"width":664,"height":10}},{"id":"12404015-3cab-4c2f-99e0-e8440f55c562","block_type":"box","text":"shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make informed","page_number":308,"box":{"x":170,"y":771,"width":698,"height":10}},{"id":"8fbc3e3e-e792-49bc-b747-43032bfda30f","block_type":"box","text":"voting decisions.","page_number":308,"box":{"x":170,"y":784,"width":98,"height":10}},{"id":"8e4be53f-a67d-44ba-a679-b1576a39b9b4","block_type":"box","text":"16","page_number":308,"box":{"x":144,"y":800,"width":8,"height":4}},{"id":"6e17ad39-7208-4382-818a-913978eead9a","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":308,"box":{"x":171,"y":799,"width":685,"height":10}},{"id":"365fb776-0985-49fc-9a14-90529e54c68b","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in December","page_number":308,"box":{"x":170,"y":812,"width":708,"height":10}},{"id":"907d99a6-f0ff-44cf-aff3-b5b0028a7e0b","block_type":"box","text":"2025.","page_number":308,"box":{"x":170,"y":825,"width":32,"height":8}},{"id":"61b8bb54-0157-4da8-a988-7d637d5c2486","block_type":"box","text":"17","page_number":308,"box":{"x":144,"y":841,"width":8,"height":5}},{"id":"be78f412-d812-42c5-8103-94bd8ab23830","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":308,"box":{"x":171,"y":841,"width":680,"height":9}},{"id":"e7e78370-fd5f-499c-8dcf-daebc015ee2d","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":308,"box":{"x":171,"y":854,"width":706,"height":9}},{"id":"448c84a3-5e16-4845-a91c-ab20ab20dc11","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":308,"box":{"x":170,"y":867,"width":677,"height":9}},{"id":"31ec1624-a9b6-4606-b7c7-f4cbe304242a","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":308,"box":{"x":170,"y":880,"width":650,"height":9}},{"id":"c03eddfb-4f31-4d7d-b179-541c3980a41a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":308,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"02bb0004-d775-48d6-ba27-8dbfb625ee33","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":308,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"471114ce-ef06-4b87-ac77-202d2c412a79","block_type":"box","text":"6","page_number":308,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"6906b666-880e-4655-9e27-698693c14a30","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":308,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"c0f15dbd-9443-4fed-bc25-94e2326dc52d","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions. 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While we do not believe","page_number":309,"box":{"x":183,"y":211,"width":672,"height":12}},{"id":"83db56d0-5243-4ed4-8588-924d4a4ae9e6","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control,","page_number":309,"box":{"x":184,"y":227,"width":693,"height":12}},{"id":"32711eef-493e-4ee3-a8a3-12d572ed7696","block_type":"box","text":"where relevant, we look for disclosures on how the company approaches the low-carbon","page_number":309,"box":{"x":183,"y":242,"width":662,"height":12}},{"id":"b6201314-c16b-40c9-9bd1-1ee10cf9ec47","block_type":"box","text":"transition in these cases. This may include plans and targets to grow businesses that","page_number":309,"box":{"x":183,"y":258,"width":636,"height":12}},{"id":"59754c17-fbae-414d-b6ac-bf8c638593b2","block_type":"box","text":"contribute to real world decarbonization, forward-looking capital or procurement allocation","page_number":309,"box":{"x":184,"y":273,"width":670,"height":12}},{"id":"7b2eb24e-29f1-4dc4-bce2-7ad31809b203","block_type":"box","text":"plans to net-zero aligned activities or suppliers, and strategies to mitigate material transition","page_number":309,"box":{"x":184,"y":289,"width":684,"height":12}},{"id":"50a5c1d5-63df-495b-b104-99ea58772f5a","block_type":"box","text":"risks.","page_number":309,"box":{"x":184,"y":304,"width":43,"height":10}},{"id":"f580d23a-76ea-4171-97a2-550c693e44f0","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical","page_number":309,"box":{"x":150,"y":327,"width":729,"height":12}},{"id":"b975b65d-6fc2-40d9-9db6-17ec3a88d25a","block_type":"box","text":"risks – such as acute risks from extreme weather events or chronic risks from long-term shifts","page_number":309,"box":{"x":184,"y":343,"width":699,"height":12}},{"id":"263154be-8497-4a52-a396-cb3a7447d5b1","block_type":"box","text":"in climate patterns – and how these risks could reasonably be expected to affect the","page_number":309,"box":{"x":184,"y":358,"width":629,"height":12}},{"id":"4316dce0-6bcc-4cee-8fb6-2de357d897f8","block_type":"box","text":"company’s operations, assets, or supply chains.","page_number":309,"box":{"x":184,"y":374,"width":361,"height":12}},{"id":"e50ff8f4-0552-4849-b4a6-1a444dae261f","block_type":"box","text":"Transition plans","page_number":309,"box":{"x":118,"y":405,"width":132,"height":12}},{"id":"f0e47116-fffa-48cf-b0e1-7a9c1d34a020","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their","page_number":309,"box":{"x":116,"y":436,"width":698,"height":12}},{"id":"27ff588c-ea23-49ad-8654-65322f603e4f","block_type":"box","text":"low-carbon transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets,","page_number":309,"box":{"x":117,"y":451,"width":761,"height":12}},{"id":"f327ffab-3bde-4f40-8253-e6d1159b76cf","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as","page_number":309,"box":{"x":116,"y":467,"width":724,"height":12}},{"id":"a8028024-dc53-44ec-a42b-6e1edb390f94","block_type":"box","text":"reducing its greenhouse gas emissions” (see Appendix 1).","page_number":309,"box":{"x":117,"y":482,"width":430,"height":12}},{"id":"6f258b45-4bb4-4f2b-95bd-6e8880771e78","block_type":"box","text":"19","page_number":309,"box":{"x":550,"y":482,"width":10,"height":7}},{"id":"921d1645-4ca8-4f07-926b-85435f88499e","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to","page_number":309,"box":{"x":116,"y":513,"width":760,"height":12}},{"id":"ac324ec8-dafc-4fce-9892-f3cfcbb3021a","block_type":"box","text":"corporate transition plans.","page_number":309,"box":{"x":116,"y":529,"width":192,"height":12}},{"id":"ca737587-b8da-44d2-a312-215a198313f4","block_type":"box","text":"20","page_number":309,"box":{"x":310,"y":529,"width":11,"height":6}},{"id":"b7d641f0-2098-4228-b2b0-9e46b4ea0396","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans","page_number":309,"box":{"x":321,"y":529,"width":523,"height":12}},{"id":"1d98ffb5-ac0e-45ad-9fe6-e5c02b1d31cf","block_type":"box","text":"highlights the convergence of reporting approaches.","page_number":309,"box":{"x":117,"y":544,"width":391,"height":12}},{"id":"9990a785-fd35-41f1-ad4f-e084ddd36d08","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these","page_number":309,"box":{"x":116,"y":575,"width":697,"height":12}},{"id":"5d193c40-bee6-45b7-b8b2-78c6532703e6","block_type":"box","text":"disclosures typically provide valuable insights that inform the dedicated team’s approach to engaging","page_number":309,"box":{"x":116,"y":591,"width":754,"height":12}},{"id":"999fb7c2-9d4c-45fc-abad-483513f0860d","block_type":"box","text":"and voting on matters related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":309,"box":{"x":116,"y":606,"width":761,"height":12}},{"id":"a76d5cbc-7a6c-46f0-89a0-e48f19d97879","block_type":"box","text":"Boards and directors","page_number":309,"box":{"x":117,"y":638,"width":173,"height":9}},{"id":"bdfb87af-3ae8-4665-bd75-a2abe6c60bbf","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate","page_number":309,"box":{"x":116,"y":668,"width":699,"height":12}},{"id":"f2be7009-5d34-4010-ac99-8da32eaa0a81","block_type":"box","text":"oversight of a company’s management and strategic initiatives is critical to the company’s ability to","page_number":309,"box":{"x":116,"y":684,"width":731,"height":12}},{"id":"8fabba61-a0de-487b-9c35-2dd30bf7a2c7","block_type":"box","text":"18","page_number":309,"box":{"x":144,"y":722,"width":8,"height":5}},{"id":"74f82615-a281-447e-bb6c-77372739afa5","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly traded","page_number":309,"box":{"x":170,"y":722,"width":707,"height":10}},{"id":"ee6b8e8e-a629-48f2-a7ed-cafff4b76607","block_type":"box","text":"companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":309,"box":{"x":170,"y":735,"width":645,"height":10}},{"id":"591ec3f7-c0ca-40fe-b32e-4de9e7e9bbfd","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":309,"box":{"x":170,"y":748,"width":686,"height":9}},{"id":"3f9a591d-3cb7-4ad8-9795-a8a2f7be5f7b","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":309,"box":{"x":170,"y":761,"width":663,"height":9}},{"id":"fddc5ccf-c121-40dc-81e6-ba060a80deaf","block_type":"box","text":"material to their business models.","page_number":309,"box":{"x":170,"y":774,"width":199,"height":7}},{"id":"5eea6602-19a4-42bc-8810-a3788906d0fd","block_type":"box","text":"19","page_number":309,"box":{"x":144,"y":789,"width":8,"height":5}},{"id":"acb8d17b-0ad2-4808-8090-4c94f6ca5e08","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in December","page_number":309,"box":{"x":171,"y":789,"width":712,"height":10}},{"id":"f98d69e9-b8e6-4f79-b6ad-14e8c548c326","block_type":"box","text":"2025.","page_number":309,"box":{"x":170,"y":802,"width":32,"height":8}},{"id":"77992b85-1342-4e08-b1e9-0aa7e7b95b7b","block_type":"box","text":"20","page_number":309,"box":{"x":143,"y":815,"width":9,"height":5}},{"id":"6544441d-e4b8-46b3-9c9c-d97cb1b7ca2b","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their intentions to","page_number":309,"box":{"x":171,"y":815,"width":705,"height":10}},{"id":"805025de-700b-4708-bd8a-c16d40455c27","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union (please see the","page_number":309,"box":{"x":170,"y":828,"width":704,"height":10}},{"id":"82e254f1-4072-48c6-b9ba-7830b3f1b08d","block_type":"box","text":"International Transition Plan Network for information). BlackRock views transition plans as a method for a company to","page_number":309,"box":{"x":171,"y":841,"width":697,"height":9}},{"id":"9f485e81-4f11-4b8c-9d56-27e29bd0379c","block_type":"box","text":"both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create","page_number":309,"box":{"x":170,"y":854,"width":687,"height":9}},{"id":"0a7ad71d-e33d-4eb2-a3f1-d1ab2d8247ec","block_type":"box","text":"financial value through the global transition towards a low-carbon economy. Across the landscape there remains","page_number":309,"box":{"x":170,"y":867,"width":666,"height":9}},{"id":"2c2952c6-b630-4c06-b815-07e82f7de76b","block_type":"box","text":"divergence on the objectives of such plans and the details they should contain. Website accessed in December 2025.","page_number":309,"box":{"x":170,"y":880,"width":697,"height":9}},{"id":"813bdced-3b55-48a2-8bc7-4866a1a48f7c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":309,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"e8c816a3-02ec-46f5-8f0b-6e5fa8adb21c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":309,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"c3f91486-a512-4c9f-b67f-0e490cf1b17c","block_type":"box","text":"7","page_number":309,"box":{"x":875,"y":910,"width":8,"height":8}},{"id":"cf24bd6d-2ea7-46f5-8afb-016094319512","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":309,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"0c8ca641-3efe-468c-892c-618a74fdb879","block_type":"box","text":"deliver on its low-carbon transition strategy. 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The Guidelines consider the whole board to","page_number":310,"box":{"x":150,"y":149,"width":719,"height":12}},{"id":"a806393a-e806-4583-8196-0fb2946a7e68","block_type":"box","text":"have responsibility for oversight of the company’s long-term strategy, including those aspects","page_number":310,"box":{"x":150,"y":165,"width":696,"height":12}},{"id":"dd0e6445-58e3-4aa4-8a24-1f160d333e0e","block_type":"box","text":"related to the transition to a low-carbon economy.","page_number":310,"box":{"x":150,"y":180,"width":373,"height":12}},{"id":"5662ffdb-9c8b-4873-9ff6-59d452783d35","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy,","page_number":310,"box":{"x":125,"y":203,"width":735,"height":12}},{"id":"312ec800-28c5-45f0-a248-c9b603b1f117","block_type":"box","text":"with clear accountability for delivery by senior executives.","page_number":310,"box":{"x":149,"y":219,"width":432,"height":12}},{"id":"ca0c11c1-8d3f-4a23-bc2f-525e88e07f70","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional","page_number":310,"box":{"x":125,"y":242,"width":749,"height":12}},{"id":"8ff71135-e82f-4ba2-9956-1c2911d5c3c3","block_type":"box","text":"and next generation) business lines and innovation, and returns cash to shareholders, consistent","page_number":310,"box":{"x":150,"y":258,"width":724,"height":12}},{"id":"77509deb-035b-491a-a4b7-a3bb60105303","block_type":"box","text":"with the company’s stated low-carbon transition strategy.","page_number":310,"box":{"x":149,"y":273,"width":428,"height":12}},{"id":"05be5e01-b9ca-40f3-88b8-168c2c51b50d","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are","page_number":310,"box":{"x":125,"y":296,"width":724,"height":12}},{"id":"ccd50570-96f0-4c46-a285-fecf000c514e","block_type":"box","text":"integrated into the company’s enterprise risk management processes and reporting.","page_number":310,"box":{"x":150,"y":312,"width":627,"height":12}},{"id":"497713c2-95dd-4800-b171-19bceec6d866","block_type":"box","text":"• The company has set scope 1 and 2 GHG emissions reduction targets, science-based and","page_number":310,"box":{"x":125,"y":335,"width":704,"height":12}},{"id":"0e9fadf3-ee5e-4150-a9e1-4e9709f0779d","block_type":"box","text":"independently verified where possible, against a baseline, that are consistent with the ambition to","page_number":310,"box":{"x":150,"y":351,"width":726,"height":12}},{"id":"ea3b2aaf-cd2b-42d3-874f-96d1a71a70e6","block_type":"box","text":"limit average global temperature rise to no more than 1.5°C above pre-industrial levels.","page_number":310,"box":{"x":150,"y":366,"width":651,"height":12}},{"id":"e9ca25ae-91d6-4922-a697-1f9188061b57","block_type":"box","text":"• There is a clear link between the company’s scope 1 and 2 GHG emissions reduction targets over","page_number":310,"box":{"x":125,"y":389,"width":757,"height":12}},{"id":"75e6cceb-02ad-4a1e-bc3a-52224a4ace8e","block_type":"box","text":"time and its long-term low-carbon transition strategy.","page_number":310,"box":{"x":150,"y":405,"width":395,"height":12}},{"id":"b40b52b1-da17-48cb-aa02-9a898c5aba8f","block_type":"box","text":"• The company is monitoring its most significant scope 3 emissions and disclosing these where it is","page_number":310,"box":{"x":125,"y":428,"width":754,"height":12}},{"id":"92884095-af58-4ca0-8a02-cdb72a7f105b","block_type":"box","text":"confident in the data. Given forthcoming regulatory requirements in certain jurisdictions, some","page_number":310,"box":{"x":150,"y":444,"width":700,"height":12}},{"id":"31f4c074-e535-4bd4-ab53-9d15070458ba","block_type":"box","text":"companies are voluntarily disclosing scope 3 emissions reductions targets and plans, setting out","page_number":310,"box":{"x":150,"y":459,"width":720,"height":12}},{"id":"f6a6c043-2f1d-4248-96c0-11ccd111f441","block_type":"box","text":"how they are working on decarbonization with the different constituents in their value chain.","page_number":310,"box":{"x":150,"y":475,"width":682,"height":12}},{"id":"ead26398-c48e-41b0-b528-2912f5b6dc92","block_type":"box","text":"21","page_number":310,"box":{"x":833,"y":475,"width":10,"height":6}},{"id":"5cd2f365-4918-4aff-bcf0-00f1176d0d80","block_type":"box","text":"• The company’s governance and oversight processes for managing material risks associated with","page_number":310,"box":{"x":125,"y":498,"width":749,"height":12}},{"id":"f3255c07-cde9-4848-851f-40d386aad313","block_type":"box","text":"corporate political activities including applicable policies and procedures where relevant.","page_number":310,"box":{"x":150,"y":514,"width":652,"height":11}},{"id":"ca4bbf6b-cf35-4998-9fd2-57835c6c925a","block_type":"box","text":"22","page_number":310,"box":{"x":804,"y":513,"width":11,"height":7}},{"id":"021ab080-1d66-4f82-8257-1a4b116b95d9","block_type":"box","text":"The","page_number":310,"box":{"x":816,"y":514,"width":38,"height":9}},{"id":"62a25890-c713-4903-8af8-875b4f8687c1","block_type":"box","text":"dedicated team looks for public policy engagement to be consistent with a company’s stated","page_number":310,"box":{"x":150,"y":529,"width":689,"height":12}},{"id":"551d092d-22ca-4de8-aad5-67968981a5be","block_type":"box","text":"strategic policy objectives, including those related to the low-carbon transition.","page_number":310,"box":{"x":150,"y":545,"width":584,"height":11}},{"id":"062fae7a-e133-467b-9fe2-6263bf4f33af","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":310,"box":{"x":118,"y":576,"width":463,"height":11}},{"id":"c9ca23e6-fa91-4571-a0d2-bf7c751c6cd1","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally supports non-executive directors","page_number":310,"box":{"x":117,"y":606,"width":726,"height":12}},{"id":"dd800687-8f6f-4a4b-8d26-7c56843685a7","block_type":"box","text":"standing for election where, in its assessment based on company disclosures and engagement, a","page_number":310,"box":{"x":116,"y":622,"width":729,"height":12}},{"id":"5936a3b8-f34c-4902-a031-087b69591ecb","block_type":"box","text":"company is executing on its commitment to align with the transition to a low-carbon economy, as","page_number":310,"box":{"x":116,"y":638,"width":722,"height":11}},{"id":"d75a8d0b-ee7f-4673-903c-074c0d58c93c","block_type":"box","text":"defined above. Where the dedicated team determines this is not the case, it may vote against the","page_number":310,"box":{"x":116,"y":653,"width":727,"height":12}},{"id":"5ed85206-9870-4bf6-9f2a-8a242ecf9310","block_type":"box","text":"election of one or more directors who the team identifies as having the most responsibility for the issue.","page_number":310,"box":{"x":116,"y":668,"width":766,"height":12}},{"id":"0b0eaa08-72dd-4d90-a868-72b7164dadf6","block_type":"box","text":"The directors most likely to be in focus are the chair of the board committee with low-carbon transition,","page_number":310,"box":{"x":116,"y":684,"width":759,"height":12}},{"id":"93f6e613-843e-4e37-97a0-827ad08acf0b","block_type":"box","text":"climate or sustainability risk oversight responsibilities, other members of the relevant committee, the","page_number":310,"box":{"x":116,"y":699,"width":741,"height":13}},{"id":"cb3d3f37-bde0-43d4-a353-b10ab1a02728","block_type":"box","text":"lead independent director or the non-executive chair of the board. In certain markets, the team may","page_number":310,"box":{"x":117,"y":715,"width":736,"height":12}},{"id":"12f1c36e-3cc8-432e-a889-8b3dcd47ab1d","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent and/or board reports.","page_number":310,"box":{"x":116,"y":730,"width":699,"height":13}},{"id":"624cb5ad-d640-48d6-9588-f00d89466266","block_type":"box","text":"23","page_number":310,"box":{"x":817,"y":731,"width":11,"height":6}},{"id":"7dc844e3-4bc2-4a51-90ce-e36381751d34","block_type":"box","text":"21","page_number":310,"box":{"x":143,"y":758,"width":8,"height":5}},{"id":"d69c5fd8-d888-49d8-9856-be2410ba3889","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":310,"box":{"x":171,"y":758,"width":685,"height":10}},{"id":"3631ef9d-0f51-4e29-995b-755830cde459","block_type":"box","text":"paper “Scope for improvement: Solving the Scope 3 conundrum.” Their research indicates that there are 2-3 material","page_number":310,"box":{"x":170,"y":771,"width":692,"height":10}},{"id":"b119b70f-8a2f-4300-a2b4-5eb19947cd0d","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":310,"box":{"x":170,"y":784,"width":679,"height":10}},{"id":"663d06fe-55c5-4354-a25d-84a32e721829","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":310,"box":{"x":170,"y":797,"width":682,"height":10}},{"id":"9e4e4bc8-a3a7-41a3-9521-bc9cf078b21c","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.” Website","page_number":310,"box":{"x":170,"y":810,"width":712,"height":9}},{"id":"dcb467e8-007c-4dda-88d3-8451be2ca54c","block_type":"box","text":"accessed in December 2025.","page_number":310,"box":{"x":170,"y":823,"width":173,"height":7}},{"id":"9c9b5e67-929f-4c76-a6be-21b45821e67e","block_type":"box","text":"22","page_number":310,"box":{"x":143,"y":838,"width":9,"height":5}},{"id":"8df89d02-4cf5-4ac8-ad8b-237d94e5d3b6","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":310,"box":{"x":170,"y":838,"width":694,"height":10}},{"id":"78def2ea-975b-4b00-ba83-91edb60d685b","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":310,"box":{"x":170,"y":851,"width":378,"height":10}},{"id":"97e76b63-5e9b-44c7-b757-e59d24e7d6df","block_type":"box","text":"23","page_number":310,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"acac3e15-9d98-4083-beec-897564bddfe4","block_type":"box","text":"Board report votes are generally advisory and relate to reports issued by the board of directors that may contain","page_number":310,"box":{"x":171,"y":867,"width":661,"height":9}},{"id":"d9ee9ff0-b1d1-4457-ba61-fb5bef8617d5","block_type":"box","text":"information on a company’s sustainability efforts, operational resilience, or financial condition, among others.","page_number":310,"box":{"x":170,"y":880,"width":643,"height":9}},{"id":"e672d6eb-3a15-437a-bb61-6e02f3750d5a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":310,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"e086caa5-937d-4009-8dfe-07d5ad65a667","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":310,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"5c3e12fa-bf2f-4b4f-9ff3-70b0d7047a67","block_type":"box","text":"8","page_number":310,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"66ff4cdc-2dfc-48a5-8221-2a0ee346a195","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":310,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"332f2847-8dc9-4a55-b668-9ea305f8bff3","block_type":"box","text":"Where the dedicated team has not supported director elections over climate concerns in a prior year,","page_number":311,"box":{"x":116,"y":87,"width":754,"height":12}},{"id":"1d4936c3-a903-43e1-851b-41921ca38ce2","block_type":"box","text":"and the company has not subsequently made progress towards aligning with the transition to a","page_number":311,"box":{"x":116,"y":103,"width":709,"height":12}},{"id":"1b86e41a-3d56-4a4e-9db4-fbbba997cd73","block_type":"box","text":"low-carbon economy, the team may escalate by not supporting the re-election of additional responsible","page_number":311,"box":{"x":117,"y":118,"width":769,"height":12}},{"id":"3b044c6f-82f3-4e22-9892-b229c259440a","block_type":"box","text":"directors.","page_number":311,"box":{"x":116,"y":134,"width":67,"height":9}},{"id":"e897bc7f-9c46-4801-ad50-1c59ca9edefd","block_type":"box","text":"24","page_number":311,"box":{"x":185,"y":134,"width":12,"height":6}},{"id":"de181c88-b8ca-4d4f-b5be-588b97061b78","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":311,"box":{"x":117,"y":165,"width":581,"height":12}},{"id":"c67561ad-59ad-44a4-90b4-69e24ce6207f","block_type":"box","text":"In certain markets, company management may submit proposals – commonly referred to as “Say on","page_number":311,"box":{"x":117,"y":196,"width":749,"height":12}},{"id":"3ab89e10-aced-4d71-8ace-952cf152a985","block_type":"box","text":"Climate” – seeking shareholder approval of their climate action plans or progress reports. The","page_number":311,"box":{"x":117,"y":211,"width":700,"height":12}},{"id":"8e28c28d-cdfd-43b1-8cc4-506e963ec027","block_type":"box","text":"Guidelines consider these proposals as a valuable governance mechanism that can enhance","page_number":311,"box":{"x":117,"y":227,"width":696,"height":12}},{"id":"c37ca4ea-ee7f-453b-aaf2-589b7d9a7452","block_type":"box","text":"transparency, accountability, and investors’ understanding of a company’s climate strategy. The","page_number":311,"box":{"x":116,"y":242,"width":716,"height":12}},{"id":"76469438-de2f-4b39-84d6-aff613d4b9ec","block_type":"box","text":"dedicated team generally supports management’s climate strategy proposal if, in the team’s","page_number":311,"box":{"x":116,"y":258,"width":687,"height":12}},{"id":"553fefb3-00c4-4dd5-87df-56d54641ebfc","block_type":"box","text":"assessment based on these Guidelines, the strategy is aligned with the low-carbon transition. Similarly,","page_number":311,"box":{"x":116,"y":273,"width":772,"height":12}},{"id":"ae3b44cb-f364-4256-bc1e-4fc7e09d6c18","block_type":"box","text":"the dedicated team generally supports management’s proposal on a progress report if the company","page_number":311,"box":{"x":116,"y":289,"width":745,"height":12}},{"id":"889104a2-1a4f-4fa5-a736-cc479286c219","block_type":"box","text":"has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":311,"box":{"x":117,"y":304,"width":770,"height":12}},{"id":"7e452268-6aa6-4c88-b58d-895b694299c5","block_type":"box","text":"transition plan and targets.","page_number":311,"box":{"x":116,"y":320,"width":203,"height":12}},{"id":"1659a0a3-675b-413e-8ffe-659cee232a02","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":311,"box":{"x":116,"y":351,"width":552,"height":11}},{"id":"de10571e-3fd7-4cad-8c5f-9f6edb1227ef","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder","page_number":311,"box":{"x":117,"y":382,"width":717,"height":12}},{"id":"81de2488-26ca-4d3e-a0ff-d80ebc519175","block_type":"box","text":"meeting, as long as certain requirements are met. 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The dedicated team assesses the implications for, and the","page_number":311,"box":{"x":117,"y":537,"width":756,"height":12}},{"id":"2d146e31-8ac6-4157-95c2-81d27da605a1","block_type":"box","text":"relevance to, the company’s stated low-carbon transition strategy and targets. 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The dedicated team will continue to take a constructive, long-term","page_number":311,"box":{"x":170,"y":841,"width":708,"height":9}},{"id":"4558e65b-d74c-4cd5-907e-619eafdad38d","block_type":"box","text":"focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":311,"box":{"x":170,"y":854,"width":530,"height":9}},{"id":"0adaff49-5e9a-463e-a899-38faf340e37c","block_type":"box","text":"25","page_number":311,"box":{"x":143,"y":867,"width":9,"height":5}},{"id":"d8e091f0-bf46-4b22-a574-5003a765ab1e","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including trade","page_number":311,"box":{"x":170,"y":867,"width":694,"height":9}},{"id":"2fb9de20-2c4b-4d24-99ab-e154dd37e2dc","block_type":"box","text":"association memberships), and corporate political contributions.","page_number":311,"box":{"x":170,"y":880,"width":378,"height":9}},{"id":"e56ed351-c373-4d8b-a778-c8f740e5d214","block_type":"box","text":"BlackRock Investment Stewardship","page_number":311,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"22916dff-3c9f-4720-b346-788260828a68","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":311,"box":{"x":490,"y":909,"width":375,"height":11}},{"id":"8a20dd43-3d64-41e1-930f-c4c7a7265d6c","block_type":"box","text":"9","page_number":311,"box":{"x":875,"y":909,"width":8,"height":9}},{"id":"8b884555-790d-4902-a7e7-6333c1c52401","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":311,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"08f9d073-3b41-4ad3-add3-34b25ad65d90","block_type":"box","text":"RELATED MATTERS","page_number":312,"box":{"x":418,"y":87,"width":169,"height":10}},{"id":"c08c1778-98a5-4ab3-bf0b-66c752d4447e","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could","page_number":312,"box":{"x":116,"y":118,"width":741,"height":12}},{"id":"669a6e7a-664a-40e1-b6a5-7dd7fcc5bed3","block_type":"box","text":"address matters relevant to the transition to a low-carbon economy. 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Some companies, in light of their long-term","page_number":312,"box":{"x":117,"y":250,"width":703,"height":12}},{"id":"49f64403-ddd6-410a-83a7-9cbe5b31a450","block_type":"box","text":"strategy, may decide to include relevant GHG emissions reduction targets or low-carbon transition","page_number":312,"box":{"x":116,"y":265,"width":734,"height":12}},{"id":"8ababf22-fe33-4517-8a0e-6f96aecad65e","block_type":"box","text":"related metrics in their incentive plans. In such cases, the dedicated team would engage to understand","page_number":312,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"70ca3eab-fd71-4df7-89ca-982e4f93ea0f","block_type":"box","text":"the alignment between those metrics and the company’s stated climate strategy. Clear disclosure also","page_number":312,"box":{"x":116,"y":296,"width":763,"height":12}},{"id":"0ffe498c-7a52-435f-b5bc-7cdaefb3fb12","block_type":"box","text":"helps investors assess whether pay structures are consistent with long-term climate strategy and risk","page_number":312,"box":{"x":117,"y":312,"width":754,"height":12}},{"id":"dd91959c-78de-44ba-822f-d8ac5ac2d55f","block_type":"box","text":"management.","page_number":312,"box":{"x":117,"y":328,"width":106,"height":11}},{"id":"6aabb607-bd62-47a0-b65b-89ce490fa736","block_type":"box","text":"Auditors and audit-related issues","page_number":312,"box":{"x":116,"y":366,"width":271,"height":10}},{"id":"3d357801-21b2-41a5-9241-1615c6fcb5fc","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the","page_number":312,"box":{"x":117,"y":397,"width":742,"height":12}},{"id":"0aaafaba-7597-4e7a-99c6-cd7d71b6ce6c","block_type":"box","text":"dedicated team is interested in understanding whether the company considers and, if relevant,","page_number":312,"box":{"x":116,"y":413,"width":706,"height":12}},{"id":"f174e954-3609-428b-9539-f89bce97eefe","block_type":"box","text":"quantifies, and accounts for material climate-related risks in its financial statements, including if the","page_number":312,"box":{"x":116,"y":428,"width":739,"height":12}},{"id":"5bf48558-ca5d-4aba-94e5-8228027d89ed","block_type":"box","text":"company explains such risks within the context of its audit report. 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The dedicated team does not promote changes in corporate","page_number":312,"box":{"x":116,"y":576,"width":723,"height":11}},{"id":"92796aa2-1eaf-4649-b183-f7fb84f9bf85","block_type":"box","text":"control or engage in shareholder activism.","page_number":312,"box":{"x":116,"y":591,"width":317,"height":12}},{"id":"723b07b1-9d08-4497-adf1-429de64711e8","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":312,"box":{"x":116,"y":630,"width":560,"height":12}},{"id":"ee39b0d6-733a-4087-8d42-18401f155ae3","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other","page_number":312,"box":{"x":117,"y":661,"width":730,"height":12}},{"id":"afe2137b-9fd7-489a-bf66-a0d4d8558a92","block_type":"box","text":"material sustainability-related risks and opportunities that may be relevant to a company’s business","page_number":312,"box":{"x":117,"y":676,"width":735,"height":12}},{"id":"3d25f735-eaba-4416-9652-2cc9d9277fc7","block_type":"box","text":"model and long-term financial performance. 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The economic transformation is being","page_number":313,"box":{"x":117,"y":248,"width":735,"height":13}},{"id":"c4cf76fa-65c0-41ad-a572-d4e4b283c8f7","block_type":"box","text":"driven by changes in government policy, technology, and consumer and investor preferences, as well","page_number":313,"box":{"x":116,"y":264,"width":758,"height":12}},{"id":"792bb9f7-dc0d-4eab-9fb5-849f91a8d037","block_type":"box","text":"as the physical effects of climate change (e.g., extreme weather), and can potentially have a material","page_number":313,"box":{"x":116,"y":279,"width":755,"height":13}},{"id":"5131152e-ec63-459e-b8de-34c7a44c5c62","block_type":"box","text":"impact on clients’ investments and portfolios.","page_number":313,"box":{"x":117,"y":295,"width":337,"height":12}},{"id":"1c5af45c-9c2b-4583-8e02-f7ecf41bdf28","block_type":"box","text":"Decarbonization","page_number":313,"box":{"x":117,"y":324,"width":128,"height":9}},{"id":"2d79b24a-58b5-47a5-8a70-e9d7cbab7c49","block_type":"box","text":": the process of reducing or eliminating emissions of carbon dioxide (CO","page_number":313,"box":{"x":248,"y":324,"width":535,"height":12}},{"id":"de9bc7ea-c9c8-466a-be7d-464558ab4f6b","block_type":"box","text":"2","page_number":313,"box":{"x":784,"y":330,"width":5,"height":6}},{"id":"d395f72d-6f3d-4e2b-aabb-65a74c884a9a","block_type":"box","text":") from","page_number":313,"box":{"x":790,"y":324,"width":48,"height":12}},{"id":"0b36f855-f2d9-4dd2-830c-de64dcffb56c","block_type":"box","text":"human activity and removing carbon currently in the atmosphere. This can be carried out by countries,","page_number":313,"box":{"x":117,"y":339,"width":763,"height":12}},{"id":"ca13255d-ecfb-409f-8325-93b7faa3b1f0","block_type":"box","text":"companies and even individual consumers. Sometimes the concept is understood to include the","page_number":313,"box":{"x":116,"y":355,"width":717,"height":12}},{"id":"173167ae-b573-4320-b983-428a690f7ef1","block_type":"box","text":"reduction and elimination of other GHG, e.g., methane.","page_number":313,"box":{"x":117,"y":370,"width":412,"height":12}},{"id":"5427acc8-70db-4f33-b3eb-4d159c1be3d4","block_type":"box","text":"Climate-related risks and opportunities","page_number":313,"box":{"x":116,"y":399,"width":312,"height":12}},{"id":"db5f36ee-5a51-4967-9e84-3fde518a4cde","block_type":"box","text":": The investment opportunities and risks associated with the","page_number":313,"box":{"x":430,"y":399,"width":448,"height":12}},{"id":"8fc5f1e9-a092-4c3a-9248-dc033f823d73","block_type":"box","text":"transition to a low-carbon economy, including transition risks and opportunities and physical risks and","page_number":313,"box":{"x":116,"y":415,"width":757,"height":12}},{"id":"73b54159-0669-48d3-9567-7f096a1c39e2","block_type":"box","text":"opportunities in adapting to physical climate change.","page_number":313,"box":{"x":116,"y":430,"width":394,"height":12}},{"id":"1ecfae81-f4cd-4c8c-8fe8-a1523dfc8051","block_type":"box","text":"Climate-related transition plan","page_number":313,"box":{"x":116,"y":459,"width":241,"height":12}},{"id":"af6f4f45-a71a-4ec6-93f0-771cd504f385","block_type":"box","text":": “An aspect of an entity’s overall strategy that lays out the entity’s","page_number":313,"box":{"x":360,"y":459,"width":492,"height":12}},{"id":"e3ab9d95-70c7-4570-aec2-8d2d20e686c9","block_type":"box","text":"targets, actions or resources for its transition towards a lower-carbon economy, including actions such","page_number":313,"box":{"x":116,"y":474,"width":762,"height":12}},{"id":"a09dd212-4db9-4ae7-bec2-933e3aaa3597","block_type":"box","text":"as reducing its greenhouse gas emissions.”","page_number":313,"box":{"x":116,"y":490,"width":323,"height":12}},{"id":"86983445-c28d-4e16-830e-ffb3ac7a8365","block_type":"box","text":"27","page_number":313,"box":{"x":440,"y":490,"width":11,"height":6}},{"id":"b62615f9-695b-4b63-b098-4fa165931470","block_type":"box","text":"Science-based GHG emissions reduction targets","page_number":313,"box":{"x":116,"y":519,"width":389,"height":12}},{"id":"b9788d74-2be3-4c65-a7cf-4b66fe482f64","block_type":"box","text":": Targets that “…are in line with what the latest","page_number":313,"box":{"x":507,"y":519,"width":351,"height":12}},{"id":"1770f91c-d404-45c4-b252-9b85344874c5","block_type":"box","text":"climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming","page_number":313,"box":{"x":116,"y":534,"width":756,"height":12}},{"id":"971e7ed9-aa1b-4d56-a194-9b4130fb7d96","block_type":"box","text":"to 1.5°C above pre-industrial levels. 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[It] is defined as","page_number":313,"box":{"x":116,"y":700,"width":720,"height":12}},{"id":"baba0b6b-7168-4ae2-b96e-607e70f86a33","block_type":"box","text":"electricity [steam, and heating/cooling] that is purchased or otherwise brought into the organizational","page_number":313,"box":{"x":116,"y":716,"width":744,"height":12}},{"id":"61dd8b86-ccce-4f11-86de-7ff22ed82a04","block_type":"box","text":"boundary of the company.","page_number":313,"box":{"x":117,"y":731,"width":192,"height":12}},{"id":"38a27119-c2fe-4ce0-90b3-582f71ed42dd","block_type":"box","text":"30","page_number":313,"box":{"x":311,"y":731,"width":11,"height":6}},{"id":"952de76f-bb58-4d23-bebf-86e25a3cc556","block_type":"box","text":"27","page_number":313,"box":{"x":143,"y":756,"width":9,"height":5}},{"id":"7763334e-0c27-4529-a8b4-de4352479566","block_type":"box","text":"As defined by the International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":313,"box":{"x":170,"y":756,"width":682,"height":10}},{"id":"94cbb9bf-7095-4b1c-89b4-fb1699d01365","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":313,"box":{"x":170,"y":769,"width":711,"height":10}},{"id":"178f1306-7574-4293-9bc1-b096e652517f","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":313,"box":{"x":170,"y":782,"width":630,"height":10}},{"id":"3bda2071-8ee0-4ac1-9823-8e2392fd9be8","block_type":"box","text":"28","page_number":313,"box":{"x":143,"y":797,"width":9,"height":5}},{"id":"3707ca09-d4e6-4a34-9da7-edee97525ac7","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that enables","page_number":313,"box":{"x":170,"y":797,"width":707,"height":10}},{"id":"3a10296b-b185-470e-ab43-d08f081d9c61","block_type":"box","text":"companies and financial institutions worldwide to play their part in combating the climate crisis. We develop standards,","page_number":313,"box":{"x":170,"y":810,"width":702,"height":10}},{"id":"1d484f34-6336-4aee-84ef-b6228d1918d0","block_type":"box","text":"tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in line with what","page_number":313,"box":{"x":170,"y":823,"width":707,"height":10}},{"id":"578917f8-3fc5-47ae-8efb-017f7719eb34","block_type":"box","text":"is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.” Source: Science","page_number":313,"box":{"x":170,"y":836,"width":675,"height":10}},{"id":"f3e0ad41-2a8f-45d7-87cc-fd4e2417f448","block_type":"box","text":"Based Targets initiative, “About Us.” Websites accessed in December 2025.","page_number":313,"box":{"x":171,"y":849,"width":450,"height":10}},{"id":"032d90bd-9224-420c-b761-0a1d019818a5","block_type":"box","text":"29","page_number":313,"box":{"x":143,"y":864,"width":9,"height":5}},{"id":"46b40434-22d4-481e-9be0-6d0ab09b46b0","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":313,"box":{"x":170,"y":864,"width":565,"height":10}},{"id":"620f3bf9-3718-4a2c-8ace-9aba081543ab","block_type":"box","text":"30","page_number":313,"box":{"x":143,"y":879,"width":9,"height":5}},{"id":"067bd617-3d29-4241-b27a-afc7967dd863","block_type":"box","text":"Greenhouse Gas Protocol, “A Corporate Accounting and Reporting Standard,” Revised Edition.","page_number":313,"box":{"x":170,"y":879,"width":565,"height":10}},{"id":"0a0f01c0-9e07-4c80-80f1-0350c4ae513b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":313,"box":{"x":117,"y":909,"width":262,"height":11}},{"id":"3534506d-e2a7-4918-8e4e-d709652e5478","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines |","page_number":313,"box":{"x":481,"y":909,"width":375,"height":11}},{"id":"ef7803f3-643a-4980-9312-786a34d8d9e2","block_type":"box","text":"11","page_number":313,"box":{"x":867,"y":909,"width":14,"height":9}},{"id":"f1da49e9-2d85-4e2b-adec-689c67d8b512","block_type":"box","text":"BNM1026U-6033397-19205824","page_number":313,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"2b6060bd-5b66-4a04-a249-048791092022","block_type":"box","text":"Scope 3:","page_number":314,"box":{"x":116,"y":87,"width":74,"height":12}},{"id":"1aeb532e-b801-4a47-acf0-02c8ac04c73f","block_type":"box","text":"Other indirect GHG emissions. 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