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To the extent the Fund uses CFTC Derivatives, it","page_number":21,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"fc34ba2d-6bd9-4692-8d80-0744fd1e715e","block_type":"box","text":"intends to do so below such prescribed levels and will not market itself as a “commodity pool” or a vehicle for trading","page_number":21,"box":{"x":70,"y":672,"width":838,"height":11}},{"id":"88652dc8-8c9f-421f-b999-3a17bcfe153c","block_type":"box","text":"such instruments.","page_number":21,"box":{"x":69,"y":687,"width":127,"height":9}},{"id":"c12daf7c-57d6-4372-8087-cbb6ff6f0954","block_type":"box","text":"The Fund may have investments in “underlying funds” (and such underlying funds themselves may invest in","page_number":21,"box":{"x":101,"y":710,"width":764,"height":11}},{"id":"1c847104-770f-4bf6-9e79-6f9cbfae031d","block_type":"box","text":"underlying funds) not advised by BlackRock (which for purposes of the no-action letter referenced below may include","page_number":21,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"da51a072-2be1-4c51-afc4-c072de90befc","block_type":"box","text":"certain securitized vehicles, mortgage real estate investment trusts and/or investment companies that may invest in","page_number":21,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"5b2ab2a8-0f75-4175-8d5a-8146e0343a23","block_type":"box","text":"CFTC Derivatives), and therefore may be viewed by the CFTC as a commodity pool. 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To address this issue of lack","page_number":21,"box":{"x":70,"y":770,"width":831,"height":12}},{"id":"dda9aff6-4dc7-47eb-9266-1bfc1d567823","block_type":"box","text":"of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":21,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"fe01e680-5629-4f88-8ff5-e3db326336ee","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to Rule 4.5 to","page_number":21,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"859785e8-fc5c-4b98-b156-9144697341b7","block_type":"box","text":"delay registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional","page_number":21,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"935fbef1-46b0-4203-8388-78bb16dae132","block_type":"box","text":"guidance on the treatment of CFTC Derivatives held by underlying funds. 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Purchase securities of any one issuer (other than securities issued or guaranteed by the U.S. Government, its","page_number":22,"box":{"x":102,"y":128,"width":802,"height":11}},{"id":"945b6d5f-8929-41c3-8c1d-bbf5b68fe823","block_type":"box","text":"agencies or instrumentalities or certificates of deposit for any such securities) if more than 5% of the value of the","page_number":22,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"5ecfce06-dcb7-41a3-812b-acb0b6f980ea","block_type":"box","text":"Fund’s total assets would (taken at current value) be invested in the securities of such issuer, or more than 10% of","page_number":22,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"6e666a05-11b4-4ea6-84ec-2b807f94d17a","block_type":"box","text":"the issuer’s outstanding voting securities would be owned by the Fund or the Trust, except that up to 25% of the","page_number":22,"box":{"x":68,"y":173,"width":801,"height":11}},{"id":"421d7b76-1bac-4bd0-8875-5771412c4b42","block_type":"box","text":"value of the Fund’s total assets may (taken at current value) be invested without regard to these limitations. For","page_number":22,"box":{"x":68,"y":188,"width":801,"height":12}},{"id":"d95d5b41-b048-48ed-baea-43795800f735","block_type":"box","text":"purposes of this limitation, a security is considered to be issued by the entity (or entities) whose assets and","page_number":22,"box":{"x":70,"y":203,"width":770,"height":12}},{"id":"c666b17f-d1f0-4da3-89e3-cfd003650e58","block_type":"box","text":"revenues back the security. A guarantee of a security shall not be deemed to be a security issued by the guarantors","page_number":22,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"5bac32ff-64c5-4eee-a52b-3c3fe9caa159","block_type":"box","text":"when the value of all securities issued and guaranteed by the guarantor, and owned by the Fund, does not exceed","page_number":22,"box":{"x":68,"y":234,"width":812,"height":11}},{"id":"9cb01eed-279d-4d5b-8a4e-545e02e4ce2a","block_type":"box","text":"10% of the value of the Fund’s total assets.","page_number":22,"box":{"x":70,"y":249,"width":310,"height":9}},{"id":"03b187dd-0233-4080-a18e-b8fff50495e9","block_type":"box","text":"2. Purchase any securities which would cause 25% or more of the value of the Fund’s total assets at the time of","page_number":22,"box":{"x":102,"y":271,"width":802,"height":12}},{"id":"88de4a95-6130-48ac-b293-560abe7994b9","block_type":"box","text":"purchase to be invested in the securities of one or more issuers conducting their principal business activities in the","page_number":22,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"d9e7b5f0-05ee-48bf-8ba0-24e4856a5e87","block_type":"box","text":"same industry, provided that (a) there is no limitation with respect to (i) instruments issued or guaranteed by the","page_number":22,"box":{"x":69,"y":302,"width":803,"height":11}},{"id":"da24cfd8-53ed-4e23-ad71-c97cc487e5f8","block_type":"box","text":"United States and tax-exempt instruments issued by any state, territory or possession of the United States, the","page_number":22,"box":{"x":70,"y":317,"width":796,"height":11}},{"id":"307da467-cf56-469b-8e65-6cb5bea5133d","block_type":"box","text":"District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions, and","page_number":22,"box":{"x":70,"y":332,"width":734,"height":11}},{"id":"052abf08-ba02-47c2-8e16-ba3301a5f549","block_type":"box","text":"(ii) repurchase agreements secured by the instruments described in clause (i); (b) wholly-owned finance companies","page_number":22,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"7200309b-a345-4f2e-8db4-2ffdab91260b","block_type":"box","text":"will be considered to be in the industries of their parents if their activities are primarily related to financing the","page_number":22,"box":{"x":68,"y":362,"width":786,"height":11}},{"id":"fe47c09b-4f44-43f2-8b6f-34db30dc4151","block_type":"box","text":"activities of the parents; and (c) utilities will be divided according to their services; for example, gas, gas","page_number":22,"box":{"x":69,"y":377,"width":746,"height":12}},{"id":"d94d611b-86c5-4749-a6a7-5729847741c0","block_type":"box","text":"transmission, electric and gas, electric and telephone will each be considered a separate industry.","page_number":22,"box":{"x":68,"y":393,"width":702,"height":11}},{"id":"96cec0ac-32e9-4c77-8b8c-b1551be6e703","block_type":"box","text":"3. Issue senior securities, borrow money or pledge its assets, except that the Fund may borrow from banks or","page_number":22,"box":{"x":102,"y":415,"width":785,"height":11}},{"id":"f3a8cd4a-0bcd-45de-8475-0af2db2e896a","block_type":"box","text":"enter into reverse repurchase agreements or dollar rolls in amounts aggregating not more than 33","page_number":22,"box":{"x":69,"y":430,"width":700,"height":11}},{"id":"6ee2c0da-ef26-4e35-a779-a14db336da0c","block_type":"box","text":"1⁄","page_number":22,"box":{"x":771,"y":430,"width":5,"height":6}},{"id":"57b0e68e-39b7-4226-aba2-c2e183205e40","block_type":"box","text":"1⁄3","page_number":22,"box":{"x":774,"y":430,"width":8,"height":9}},{"id":"27cf02f3-6e4e-4651-9476-3956a94a42f7","block_type":"box","text":"⁄3","page_number":22,"box":{"x":780,"y":434,"width":6,"height":5}},{"id":"29be3e12-1f22-47b8-951a-00edb9621a44","block_type":"box","text":"% of the value of","page_number":22,"box":{"x":787,"y":430,"width":118,"height":9}},{"id":"7173c4ca-0273-465c-8775-2bad4d782acd","block_type":"box","text":"its total assets (calculated when the loan is made) to take advantage of investment opportunities and may pledge up","page_number":22,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"369a037f-9fdc-40ec-86d0-8f2785ef6f04","block_type":"box","text":"to 33","page_number":22,"box":{"x":68,"y":460,"width":38,"height":9}},{"id":"4c2ba030-b704-4e8b-b409-b6d69469a848","block_type":"box","text":"1⁄","page_number":22,"box":{"x":108,"y":461,"width":5,"height":5}},{"id":"2ed71aa7-a6c3-47e8-a223-2fa37d8351bf","block_type":"box","text":"1⁄3","page_number":22,"box":{"x":111,"y":461,"width":8,"height":8}},{"id":"0e27692d-8f05-499d-bcd1-9ce7ae7a5c93","block_type":"box","text":"⁄3","page_number":22,"box":{"x":117,"y":464,"width":6,"height":5}},{"id":"620c8265-db1e-466f-9a1f-499decea7074","block_type":"box","text":"% of the value of its total assets to secure such borrowings. The Fund is also authorized to borrow an","page_number":22,"box":{"x":124,"y":460,"width":723,"height":12}},{"id":"a2a7d5a1-7519-4d5f-a72e-22f97b9f6310","block_type":"box","text":"additional 5% of its total assets without regard to the foregoing limitations for temporary purposes such as clearance","page_number":22,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"e1a17e2c-bd12-40f1-a3c8-9eab4fbc3a03","block_type":"box","text":"of portfolio transactions and share redemptions. For purposes of these restrictions, the purchase or sale of","page_number":22,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"33141b03-6826-4797-97e0-07f47b1d1923","block_type":"box","text":"securities on a “when-issued,” delayed delivery or forward commitment basis, the purchase and sale of options and","page_number":22,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"22d7ea61-e361-4d60-ab0c-e05173688b49","block_type":"box","text":"futures contracts and collateral arrangements with respect thereto are not deemed to be the issuance of a senior","page_number":22,"box":{"x":68,"y":521,"width":812,"height":11}},{"id":"511b18a2-8a0a-40e4-b011-bf33c31edc9a","block_type":"box","text":"security, a borrowing or a pledge of assets.","page_number":22,"box":{"x":69,"y":536,"width":306,"height":11}},{"id":"85ce04f4-0dd3-481d-9c00-c02011f4dce1","block_type":"box","text":"4. 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Write or sell put options, call options, straddles, spreads, or any combination thereof, except for transactions","page_number":22,"box":{"x":102,"y":687,"width":798,"height":11}},{"id":"486a9fb4-a5b1-47b7-a01c-90c27b98bfe6","block_type":"box","text":"in options on securities and securities indices, futures contracts and options on futures contracts.","page_number":22,"box":{"x":70,"y":702,"width":699,"height":11}},{"id":"358da12d-0b98-4fd5-af99-7bc0cc7b44e1","block_type":"box","text":"8. Purchase securities of companies for the purpose of exercising control.","page_number":22,"box":{"x":101,"y":725,"width":527,"height":11}},{"id":"e0d83bdb-beb4-4473-85a6-3e9dcf001192","block_type":"box","text":"9. Purchase securities on margin, make short sales of securities or maintain a short position, except that","page_number":22,"box":{"x":102,"y":748,"width":756,"height":11}},{"id":"17b749e0-c6d8-43f3-9e1b-10d83b994ebb","block_type":"box","text":"(a) this investment limitation shall not apply to the Fund’s transactions in futures contracts and related options or the","page_number":22,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"2d1ef312-9cec-4d2c-8d68-0fa5d572a198","block_type":"box","text":"Fund’s sale of securities short against the box, and (b) the Fund may obtain short-term credit as may be necessary","page_number":22,"box":{"x":70,"y":778,"width":822,"height":11}},{"id":"a4c17695-f70c-402c-b119-8b16103b0f90","block_type":"box","text":"for the clearance of purchases and sales of portfolio securities.","page_number":22,"box":{"x":68,"y":793,"width":454,"height":11}},{"id":"2c6c4f62-31ef-4b69-a717-4ca6dc26b36c","block_type":"box","text":"10. Purchase or sell commodity contracts, or invest in oil, gas or mineral exploration or development programs,","page_number":22,"box":{"x":102,"y":816,"width":792,"height":11}},{"id":"7558d9e8-d70b-43a0-b416-941f14efd561","block_type":"box","text":"except that the Fund may, to the extent appropriate to its investment policies, purchase securities of companies","page_number":22,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"b80bdc95-161e-4250-a4ea-b7d3477994dc","block_type":"box","text":"engaging in whole or in part in such activities and may enter into futures contracts and related options.","page_number":22,"box":{"x":69,"y":846,"width":734,"height":11}},{"id":"3e9c4ea3-86ad-4701-8524-5bd29379a3d8","block_type":"box","text":"11. Make loans, except that the Fund may purchase and hold debt instruments and enter into repurchase","page_number":22,"box":{"x":102,"y":869,"width":755,"height":11}},{"id":"faa32992-4f2e-4b7d-9bd7-7078b15de359","block_type":"box","text":"agreements in accordance with its investment objective and policies and may lend portfolio securities. See","page_number":22,"box":{"x":69,"y":884,"width":763,"height":11}},{"id":"5f8ee171-c7d2-410c-88ad-ec5e582414c6","block_type":"box","text":"“Securities Lending” in Part II of this SAI.","page_number":22,"box":{"x":70,"y":899,"width":292,"height":11}},{"id":"adefe8d8-a9d6-4ecf-a56e-b1078335a19a","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"9453f220-ceeb-4ab8-ab01-2de80206b022","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f3b111a-cd16-49fd-a9c7-bf0ef8952aba","block_type":"box","text":"12. Purchase or sell commodities except that the Fund may, to the extent appropriate to its investment policies,","page_number":23,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"0548f945-e4fb-4a67-b3d1-79bab15727ce","block_type":"box","text":"purchase securities of companies engaging in whole or in part in such activities, may engage in currency transactions","page_number":23,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"1b16f2a4-39ac-4db5-b9e7-d7e9c2eb132a","block_type":"box","text":"and may enter into futures contracts and related options.","page_number":23,"box":{"x":69,"y":75,"width":406,"height":11}},{"id":"1c59d0db-2ecf-4612-a8e3-1c154a1a1b77","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":23,"box":{"x":102,"y":98,"width":494,"height":11}},{"id":"cc890c4e-e6bd-4d1a-bd12-ae5e828e7237","block_type":"box","text":"The following notations are not considered part of the Fund’s fundamental investment restrictions and are","page_number":23,"box":{"x":101,"y":120,"width":757,"height":12}},{"id":"25caa287-d7e0-45ee-aeef-783adb2d7982","block_type":"box","text":"subject to change without shareholder approval.","page_number":23,"box":{"x":69,"y":136,"width":341,"height":11}},{"id":"5f0e3745-c2b9-4bcc-96f3-3ec92fe311a5","block_type":"box","text":"For purposes of investment restriction 2 above, with respect to the Fund’s industry classifications, the Fund","page_number":23,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"4042db50-ef3e-45a4-9ecb-0decc5c69ad0","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":23,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"3e20591d-ccef-4b3f-9643-37557fc6c9ed","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":23,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"25e41c69-9ec1-4a9a-83c6-2f26f2390052","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":23,"box":{"x":69,"y":203,"width":597,"height":12}},{"id":"82ef95c1-d851-4aa0-ad2f-e10a5a2b9720","block_type":"box","text":"While certain swaps are now considered commodity interests for purposes of the Commodity Exchange Act and","page_number":23,"box":{"x":101,"y":226,"width":793,"height":11}},{"id":"205ae6e9-8876-4302-ac45-f2baf167cf5f","block_type":"box","text":"the rules thereunder, at the time of the Fund’s adoption of fundamental investment restrictions no. 7, 10 and 12","page_number":23,"box":{"x":68,"y":241,"width":806,"height":11}},{"id":"3ce096e5-21b6-4658-8881-458d38112972","block_type":"box","text":"above, many swaps were treated as securities for purposes of the Fund’s compliance with applicable law.","page_number":23,"box":{"x":69,"y":256,"width":752,"height":11}},{"id":"d74b48d6-f62d-4aa5-9947-dd6b54e97735","block_type":"box","text":"Accordingly, fundamental investment restriction no. 7, which does not restrict transactions in options on securities","page_number":23,"box":{"x":68,"y":271,"width":817,"height":12}},{"id":"c90ee6e6-e138-4814-b722-998a0844bab2","block_type":"box","text":"and securities indices, and fundamental investment restrictions no. 10 and 12 are being interpreted to permit the","page_number":23,"box":{"x":69,"y":286,"width":812,"height":12}},{"id":"faba34bd-0d0a-4ec8-9876-7cb40325fa49","block_type":"box","text":"Fund to engage in transactions in swaps and options on swaps, as applicable, related to financial instruments, such","page_number":23,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"2ac5a607-61c2-42ac-97e8-a37c06667209","block_type":"box","text":"as securities, securities indices and currencies, but not to engage in transactions in swaps or options on swaps","page_number":23,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"44488d44-4e34-469f-b136-f436500b0f90","block_type":"box","text":"related to physical commodities, such as oil or metals.","page_number":23,"box":{"x":69,"y":332,"width":390,"height":11}},{"id":"f50a3667-1677-4335-89b0-9577897ffd35","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board of Trustees without","page_number":23,"box":{"x":102,"y":355,"width":764,"height":11}},{"id":"1c71bee3-7a45-4468-9526-8cc6c6ea4c42","block_type":"box","text":"shareholder approval, the Fund may not:","page_number":23,"box":{"x":69,"y":370,"width":286,"height":11}},{"id":"8bfd8196-f12b-42a4-ab99-3245cbb0e0bd","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":102,"y":392,"width":742,"height":12}},{"id":"4ac8a670-ca45-4ea5-862f-6c778f275091","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":23,"box":{"x":69,"y":407,"width":759,"height":12}},{"id":"8e01b154-6d1f-4410-8749-a28ac971453b","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":23,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"3afb241a-ff43-4ef4-a642-e3cf7a8f92ae","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":23,"box":{"x":70,"y":438,"width":808,"height":11}},{"id":"707934d5-4a20-4945-ab55-d6ea24b238f1","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":23,"box":{"x":69,"y":453,"width":763,"height":11}},{"id":"4c5d5ca6-54ec-4d02-8dbd-56291e0ac288","block_type":"box","text":"Unless otherwise indicated, all limitations apply only at the time that a transaction is undertaken. Any change in","page_number":23,"box":{"x":102,"y":476,"width":799,"height":11}},{"id":"e8e823da-0c7e-4a6c-92c5-6b2daa44ab32","block_type":"box","text":"the percentage of the Fund’s assets invested in certain securities or other instruments resulting from market","page_number":23,"box":{"x":68,"y":491,"width":781,"height":11}},{"id":"b4e7591a-1da5-4953-9757-55abff8eced5","block_type":"box","text":"fluctuations or other changes in the Fund’s total assets will not require the Fund to dispose of an investment until the","page_number":23,"box":{"x":68,"y":506,"width":841,"height":11}},{"id":"067f3ab0-9df5-40ac-b1d2-799733a7bdc6","block_type":"box","text":"adviser or sub-adviser determines that it is practicable to sell or close out the investment without undue market or","page_number":23,"box":{"x":69,"y":521,"width":816,"height":11}},{"id":"c0b566cc-e074-4890-a42a-af6604da6816","block_type":"box","text":"tax consequences.","page_number":23,"box":{"x":68,"y":537,"width":133,"height":10}},{"id":"d22f4b75-40ac-46c5-ae56-b80ead11c3dc","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":566,"width":290,"height":9}},{"id":"fe7da20b-1a67-4a73-a9d4-c9e1dddf2268","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":589,"width":789,"height":11}},{"id":"485abe27-8799-4127-801d-c794b36ab8ba","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":604,"width":779,"height":11}},{"id":"c216ba8f-730c-43d4-b9e4-ff83064431c1","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"36ce375e-bf70-465f-b287-226ff6d04035","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":23,"box":{"x":70,"y":634,"width":793,"height":11}},{"id":"72f11e06-a6e6-4e82-ba40-7bc6759421e0","block_type":"box","text":"Complex”). The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":69,"y":649,"width":820,"height":11}},{"id":"4f8e96fe-3d17-4d73-bd7a-e42a8aba2908","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":23,"box":{"x":68,"y":664,"width":837,"height":12}},{"id":"3b0ffe89-8859-4a67-b3e2-6ed8d517c04b","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":23,"box":{"x":70,"y":680,"width":335,"height":11}},{"id":"a9c6e504-74e5-424b-9e85-0d78d47ccfe9","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":23,"box":{"x":101,"y":702,"width":769,"height":12}},{"id":"93582e49-4ed0-40ed-af14-63fa09715c1e","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":23,"box":{"x":70,"y":717,"width":827,"height":11}},{"id":"44c0e979-aedc-433f-ba3f-010aa57f55f7","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":23,"box":{"x":70,"y":732,"width":821,"height":12}},{"id":"207ed081-ec7b-4e17-b393-aa96f588453e","block_type":"box","text":"Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":23,"box":{"x":69,"y":748,"width":835,"height":11}},{"id":"ab5f2e11-4965-42ad-bcd6-f58676d2c8e6","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":23,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"f003feb8-d492-4007-acae-6c85f1cbaaf0","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":23,"box":{"x":68,"y":778,"width":789,"height":11}},{"id":"89e7d495-2042-4930-90d3-9e19c542c166","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":23,"box":{"x":69,"y":793,"width":810,"height":11}},{"id":"7c89e97e-a237-4d01-81f1-f3fa8974212d","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":23,"box":{"x":69,"y":808,"width":809,"height":11}},{"id":"aa787df2-78df-43b2-a915-797bff405a91","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":23,"box":{"x":70,"y":823,"width":794,"height":12}},{"id":"ac9d0925-d3df-42b6-82ca-82ac683e801e","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":23,"box":{"x":69,"y":838,"width":816,"height":12}},{"id":"9347d532-d18c-4304-9b62-a4225ae6916e","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":23,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"6bbf0f36-228b-4291-a86c-99385c213871","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":23,"box":{"x":70,"y":869,"width":811,"height":11}},{"id":"d508d023-61e0-4303-a0c8-bf0f2e0c6d3a","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":23,"box":{"x":68,"y":884,"width":809,"height":11}},{"id":"3fbe73b1-8f3a-41f5-80c7-30858a051fd8","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"550fe1f0-1fe6-495a-af0a-76d6aec83aca","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0dd4edb-26d6-4afd-9901-2123f8f7c8da","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"301377c2-c33c-4f70-88b0-d42e9a88adf9","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":60,"width":441,"height":11}},{"id":"00455d66-b813-40f1-ac83-54271c9708fd","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":24,"box":{"x":101,"y":82,"width":777,"height":12}},{"id":"5e4a40d3-4813-4b3b-b89b-9c276045ebe4","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"cf7330d1-c978-4984-beec-4d6b2aca2c0f","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s charter, and the Fund’s","page_number":24,"box":{"x":68,"y":113,"width":820,"height":11}},{"id":"6d755b02-c41f-4c7c-b434-a26cdef59ac2","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations","page_number":24,"box":{"x":70,"y":128,"width":812,"height":11}},{"id":"3fb5fbe9-52f2-44d1-aaf8-359e55c3e66f","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"10bc9602-de92-4411-9b3c-c6054c4a4447","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":158,"width":192,"height":11}},{"id":"2dc4e1b9-2181-4371-bebc-40097b1f9b9a","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":24,"box":{"x":102,"y":181,"width":785,"height":11}},{"id":"f035a02a-a1f5-49f7-bc52-0b2055407e48","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":24,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"1284aa80-2e7f-4dc7-9c9f-5ec2d9b27740","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"069f9466-c684-49be-b42c-34a9bc7e73f4","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":24,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"bbc9351e-718e-49e9-b4d9-df7d8712fbd4","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":24,"box":{"x":70,"y":241,"width":811,"height":11}},{"id":"e0895e17-82db-4863-8b62-feb4b211b877","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":24,"box":{"x":70,"y":256,"width":767,"height":12}},{"id":"a0577cdf-3d9b-4943-8b61-b426a9d662d6","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":24,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"23d1a2ac-bd64-45f7-863a-80626ad56448","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":286,"width":803,"height":12}},{"id":"dab2a9bd-7f4b-48b9-a74d-0f00b9cc8ce1","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":24,"box":{"x":69,"y":302,"width":840,"height":11}},{"id":"b831f4b7-8f6f-431f-9937-e29d962c6e39","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":317,"width":812,"height":11}},{"id":"e80c1441-f835-4b2b-93b6-66aeb28a861a","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"63324521-f68e-4bc0-a12d-c24696ccadcb","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"1c2206aa-e991-4b6f-ace1-dec458245a0e","block_type":"box","text":"testing of the Trust’s compliance program and reports to the Board regarding compliance matters for the Fund and","page_number":24,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"06501d58-f3fd-470f-9372-b237e92dc3a8","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":24,"box":{"x":70,"y":377,"width":759,"height":12}},{"id":"37dff503-e75f-4de6-97dc-2cddd4b62916","block_type":"box","text":"performing their oversight responsibilities.","page_number":24,"box":{"x":70,"y":392,"width":299,"height":12}},{"id":"de8694b9-8edb-42a1-872c-fe4e37edc763","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":415,"width":122,"height":9}},{"id":"8558ac41-9d85-454b-bdd9-c44ea9324467","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":415,"width":673,"height":11}},{"id":"cf158f73-fdbe-4714-9a6d-31d30d3799a6","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":24,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"28abba2a-7dd5-4fe0-a81e-24a33c091628","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":24,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"b1771e14-b48b-4a10-b778-325b483d8cc1","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":24,"box":{"x":69,"y":460,"width":753,"height":12}},{"id":"b204bd5a-b91c-4553-a094-82c45edda082","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":70,"y":476,"width":797,"height":11}},{"id":"93f926b5-3b15-435e-ada0-8b176e289d2d","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":24,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"860449b4-47e0-46de-8d71-38f9e0ace07d","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":24,"box":{"x":70,"y":506,"width":807,"height":11}},{"id":"170713ab-d1f8-4b90-874f-2dfd4b255cc1","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":24,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"c81b95cb-0ec9-488b-a73b-f8c4cc47c817","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"9a4b6f90-8c8d-481a-9c9b-85caf1e8f470","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":24,"box":{"x":69,"y":551,"width":838,"height":11}},{"id":"edcc24a0-295c-48c2-afbd-c97b744c1a58","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"7dd37e5e-75d4-4904-9562-601443e81b1f","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"801de86e-13d6-4390-bfbf-6598215ba332","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":596,"width":815,"height":12}},{"id":"5fddd426-8353-4e1e-ba44-687b2c8773bf","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":24,"box":{"x":69,"y":612,"width":774,"height":11}},{"id":"15dd2ccb-1e59-44bf-bddc-67aa85fcd9f7","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"a65d21b1-4d28-4b12-acfb-73a019fed9f8","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":24,"box":{"x":69,"y":642,"width":819,"height":11}},{"id":"cd40d187-1beb-43b8-a479-9ea69d1a8a80","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":24,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"88c2d1a7-1902-4b5d-ad64-4b6e253a43b5","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":24,"box":{"x":70,"y":672,"width":617,"height":11}},{"id":"99d0f6b9-143c-4d93-a46c-f7b49e33f32a","block_type":"box","text":"Governance and Nominating Committee.","page_number":24,"box":{"x":102,"y":695,"width":286,"height":11}},{"id":"b8f2fad4-629f-41c2-a736-dcc0101fc258","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":24,"box":{"x":394,"y":695,"width":464,"height":11}},{"id":"0e99c7f2-aee8-45df-8511-10dc8f08a338","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":24,"box":{"x":70,"y":710,"width":833,"height":11}},{"id":"8c2bac1f-dcab-44df-95a6-dd263a8b014c","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":24,"box":{"x":69,"y":725,"width":769,"height":11}},{"id":"bb7292ad-490f-47e1-ba9a-cdf2ef6655e3","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":24,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"9b2daccc-063c-4e2e-9ea6-c69599d802c7","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":24,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"d0ebc461-d447-4dd2-a0fc-66dd13b41cde","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":24,"box":{"x":69,"y":770,"width":810,"height":11}},{"id":"a103b9df-6411-4d0f-b08f-99df9771866a","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":24,"box":{"x":69,"y":785,"width":824,"height":11}},{"id":"17c505e5-cd4f-4297-89b6-bb874fd7c43b","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":24,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"8bdb30e9-a225-450c-bd5c-ebe30d15ba9c","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":24,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"965907d2-1de1-48bb-b86c-8989d364873e","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":24,"box":{"x":70,"y":831,"width":835,"height":11}},{"id":"8c5c1ec9-bbdc-40c6-b91d-1a1b4b1b083c","block_type":"box","text":"they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to","page_number":24,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"5cc04091-2f4c-4850-83a0-0f49f9666155","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":24,"box":{"x":68,"y":861,"width":841,"height":11}},{"id":"af5e9ad3-97c6-497f-86ca-97c223b29b4a","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":24,"box":{"x":68,"y":876,"width":809,"height":11}},{"id":"b0ef039d-5c8d-4aa6-94f5-c4c0d5ef72c4","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow certain procedures to nominate a person for election as a","page_number":24,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"e6cb7892-e358-43f6-8e30-29a3963ff125","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":24,"box":{"x":68,"y":907,"width":792,"height":11}},{"id":"b66494aa-faf3-47d6-80f0-64d6ad617342","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"185a0475-64e9-4963-bab0-eeab7ef2807b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96ece596-7709-41e0-879d-2d4ef57c37b9","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":25,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"7238f965-ac48-412a-99b6-46790524563e","block_type":"box","text":"principal executive offices of the Fund not later than the close of business on the fifth day following the day on which","page_number":25,"box":{"x":70,"y":60,"width":831,"height":11}},{"id":"0782b4ff-02b1-4678-98e4-8cf9e6fe9e2f","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":25,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"5ff34525-003c-4fc9-91a8-1b7cfd99287f","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include certain information about","page_number":25,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"55c90e94-cf98-41a2-b92d-abfc785f4aca","block_type":"box","text":"the shareholder and the nominee, as well as certain other information, including a written consent of the proposed","page_number":25,"box":{"x":68,"y":105,"width":820,"height":11}},{"id":"3153987c-c9cd-4c47-b37c-385d99a6ad26","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":25,"box":{"x":69,"y":120,"width":801,"height":11}},{"id":"c3b629f4-dcdd-44b6-88df-77b0d4fc06f3","block_type":"box","text":"written charter for the Governance Committee. During the fiscal year ended December 31, 2025, the Governance","page_number":25,"box":{"x":68,"y":135,"width":808,"height":12}},{"id":"4b283b21-e252-4394-ba78-245455fa84bd","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":151,"width":208,"height":8}},{"id":"65be6cfe-9578-4874-997d-5825cacbc914","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":173,"width":168,"height":11}},{"id":"75a74f2d-6684-451c-a844-35432ec27a88","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":173,"width":629,"height":11}},{"id":"c6ac39c6-59c4-4e28-a670-873bab6fc75a","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":25,"box":{"x":68,"y":188,"width":789,"height":12}},{"id":"04923ad7-1f02-4600-860e-a54c9cec3bea","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":25,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"212fdefd-f615-4011-a14d-f145b2372acb","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock and","page_number":25,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"ee70599d-3176-4008-963d-7c9e1a5c647e","block_type":"box","text":"any sub-adviser and the Trust’s third-party service providers. The Compliance Committee’s responsibilities include,","page_number":25,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"eec38dd0-42f7-422e-be11-9b47c6de01de","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Fund and its service providers and","page_number":25,"box":{"x":68,"y":249,"width":817,"height":11}},{"id":"ada1b256-de54-4d1a-9013-b6bd9162d8b6","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":25,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"721e2ad5-e116-465d-8306-d083c2271422","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review reports from, oversee the","page_number":25,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"74a9ef40-dc73-48de-aa58-0db11c6f040a","block_type":"box","text":"annual performance review of, and make certain recommendations and determinations regarding the Trust’s Chief","page_number":25,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"00a5fa17-e643-46dc-b8e7-73334c049c05","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":25,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"f9376e34-18ef-446d-b307-1c55a915d424","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such","page_number":25,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"e197f6e1-3b82-4303-9eeb-7de8ae4a772f","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":25,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"a564fb16-3156-42e2-b1f9-d087e8896308","block_type":"box","text":"The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended December 31,","page_number":25,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"e27abd7a-bd07-42fa-afd9-9d092ff79887","block_type":"box","text":"2025, the Compliance Committee met four times.","page_number":25,"box":{"x":69,"y":370,"width":355,"height":11}},{"id":"577d6ff6-2a9b-4489-9ba8-49fd08cb792a","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":392,"width":248,"height":12}},{"id":"6ecbf423-83e6-42be-9887-9fb23e8ac33c","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":25,"box":{"x":356,"y":392,"width":531,"height":12}},{"id":"d06f6ac2-439b-4c47-824d-501434f1a4e8","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":25,"box":{"x":69,"y":408,"width":837,"height":11}},{"id":"b5eb3df9-1790-4c55-8519-369f15417370","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is to assist the","page_number":25,"box":{"x":68,"y":423,"width":808,"height":11}},{"id":"bd74e6f7-1619-46da-8b55-a51e9cf42263","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed-upon","page_number":25,"box":{"x":70,"y":438,"width":769,"height":11}},{"id":"504305d5-f6c0-444e-89b0-36d6b542a51f","block_type":"box","text":"performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":70,"y":453,"width":775,"height":11}},{"id":"57418f63-28db-432b-a577-80e3926bdc8c","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":25,"box":{"x":69,"y":468,"width":782,"height":11}},{"id":"2ab3d4cf-8514-472e-aeef-c85661955bbc","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":25,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"da798fa6-be31-40e7-a297-a3512545491c","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":25,"box":{"x":69,"y":498,"width":816,"height":11}},{"id":"3c444745-9a61-4a51-8983-20dcc31e7e04","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":25,"box":{"x":69,"y":514,"width":803,"height":10}},{"id":"1257e900-a219-4651-9fb0-0def3d3bf08e","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":25,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"ed075799-1a21-4fef-aa14-71fe3d4e84a2","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":25,"box":{"x":68,"y":543,"width":811,"height":12}},{"id":"67336d30-467e-4abe-b452-75a2665f0d85","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":25,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"50b801ca-a89a-4c28-a1a7-e05508cdf0e3","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":574,"width":835,"height":11}},{"id":"647ec33a-48b9-47bb-9e38-ca370cf3e317","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":25,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"8a9a6720-9b21-4e3b-9fb7-79625c4eac92","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":25,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"c5d87719-6230-402c-80da-cfbead30769f","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":25,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"4bda4899-a64b-43aa-ace5-ac5a7fc790f5","block_type":"box","text":"ended December 31, 2025, the Performance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":634,"width":587,"height":12}},{"id":"91ab0d7c-80cf-421f-ab62-361042a6a383","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":25,"box":{"x":101,"y":657,"width":186,"height":11}},{"id":"8c27535e-5ddc-4643-b0c9-c42dde46da0b","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":25,"box":{"x":293,"y":657,"width":598,"height":11}},{"id":"6f770d4e-bb83-44cf-b78b-428e8caceee7","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":25,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"3b3a8233-5e70-43e2-bcaf-fc9415cd1c03","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":25,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"82648af6-e13a-477d-9e85-b72cce782855","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":25,"box":{"x":69,"y":702,"width":788,"height":12}},{"id":"aaaa621f-0cda-4074-ae40-68ae68cfd206","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":25,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"b85947a0-7e78-4f35-b827-a6b47f28492a","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":25,"box":{"x":68,"y":732,"width":816,"height":12}},{"id":"c0423bb5-55f1-458e-97a3-40531a8384e0","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":25,"box":{"x":68,"y":748,"width":618,"height":11}},{"id":"d378a35e-da6b-4ffd-beed-b4b36d01908f","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":25,"box":{"x":101,"y":770,"width":771,"height":11}},{"id":"3b661a0e-0456-4cb1-8c2a-b146d76aa3e9","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":25,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"b3c23623-62fd-4e9f-b901-cf430b4a5d88","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":25,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"e86e83dd-197f-4697-8d62-583110081fcf","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":25,"box":{"x":69,"y":816,"width":825,"height":11}},{"id":"b185ba77-99ca-49ed-81b4-2a9879b80489","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":25,"box":{"x":70,"y":831,"width":807,"height":11}},{"id":"f0d00b7e-df27-4b2c-b5d6-7896974a5db1","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":25,"box":{"x":70,"y":846,"width":787,"height":11}},{"id":"3f53f2c8-6e9d-4ff5-81e7-44dd91faa95e","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":25,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"c2b42942-d6a5-45d7-8c6e-bd3cff2c4a88","block_type":"box","text":"which allow the Board to operate effectively in governing the Fund and protecting the interests of shareholders.","page_number":25,"box":{"x":68,"y":876,"width":792,"height":11}},{"id":"695d2e38-a6a4-4aa2-97b4-b58e1e5a841a","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":25,"box":{"x":68,"y":891,"width":829,"height":12}},{"id":"9756d333-18a7-4eb2-a269-b97cc465bc13","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":25,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"a9cab4d1-1c9a-4906-be61-f49cce6ea370","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5dc276f7-bbeb-4f4b-85b0-53605f88c925","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbad999f-8d4e-48a2-b801-c871d46d62db","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":45,"width":771,"height":11}},{"id":"9c198d28-afdf-4399-98b6-83bb98dc5342","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"f6b34721-916b-4580-a44a-eee562ee9ebd","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":26,"box":{"x":102,"y":82,"width":792,"height":12}},{"id":"0f9ae36a-5316-45d4-9977-4766bbba2e21","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"9189e355-0925-4d94-bbea-4f7bef18ba0b","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":26,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"fb31e43a-211f-492d-9584-772e07a62799","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":128,"width":759,"height":11}},{"id":"02bde01e-d47e-4665-a8f0-d020667e9745","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":143,"width":685,"height":11}},{"id":"ecb28641-4211-4af8-985a-f6413a2cd4dd","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":143,"width":47,"height":9}},{"id":"c6b2e3b4-e1a9-46fe-92fe-ca16cc1c1671","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":143,"width":82,"height":9}},{"id":"0ee32095-02a0-41ad-aa30-dd54ab446c09","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":158,"width":395,"height":11}},{"id":"58439a87-4679-4110-a05c-4b9811f7fc96","block_type":"box","text":"Trustees Elect","page_number":26,"box":{"x":103,"y":181,"width":101,"height":9}},{"id":"1f81d246-cbdc-48d7-a90b-dd218bb95c7f","block_type":"box","text":". Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective","page_number":26,"box":{"x":204,"y":181,"width":643,"height":11}},{"id":"bbfe14c9-3b58-4fe7-9add-5029e40b2e2b","block_type":"box","text":"July 1, 2026 (each, a “Trustee Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the","page_number":26,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"53afa0fd-ebf7-496c-9a4d-e6f3cc3d2c14","block_type":"box","text":"time of his service. Each Trustee Elect has been retained as a consultant to the Independent Trustees to assist the","page_number":26,"box":{"x":68,"y":211,"width":826,"height":11}},{"id":"e021a827-5e09-44d8-b862-75a5ff31a546","block_type":"box","text":"Independent Trustees in the performance of their duties to the Trust and is expected to serve in that capacity until","page_number":26,"box":{"x":70,"y":226,"width":816,"height":11}},{"id":"4453e6b4-acd4-4340-9eae-0be19b9026a6","block_type":"box","text":"July 1, 2026.","page_number":26,"box":{"x":69,"y":241,"width":92,"height":11}},{"id":"21d3936a-69ef-43f8-b808-0e17bf12e35e","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":264,"width":751,"height":11}},{"id":"4cf1a78b-2be4-45ef-82e4-817d9ad427bf","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":279,"width":492,"height":11}},{"id":"3cd300f3-9ecb-4a48-a880-5a981f869380","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":307,"width":409,"height":9}},{"id":"fe0ec5c6-8754-411f-909f-a637fc3100dd","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":324,"width":154,"height":11}},{"id":"dc1e7260-3207-4282-926c-0c86c79076bd","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":339,"width":781,"height":11}},{"id":"506447f2-6ee3-46b0-bd19-dd7cfe56dacd","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":354,"width":604,"height":11}},{"id":"5b33701b-7dc7-4b2d-bc94-fc5b981c69dc","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":369,"width":623,"height":11}},{"id":"48fd35d1-7814-4685-949d-5192df4b4dcd","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":384,"width":637,"height":11}},{"id":"658966e6-3867-400c-9926-87ac937860a6","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":399,"width":631,"height":12}},{"id":"58bd7ec9-53af-4b38-b6a0-d97959cd0edd","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":26,"box":{"x":264,"y":414,"width":626,"height":11}},{"id":"577291b0-5deb-402a-92a7-49186d1a4665","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":429,"width":639,"height":11}},{"id":"0dd1c561-a3f8-41ee-9954-e1e37e378a59","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":445,"width":637,"height":11}},{"id":"38c64631-4c52-4d68-a77d-f1012be05b7e","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":460,"width":586,"height":11}},{"id":"120701d4-3429-49ba-8b74-c8e08e63749a","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":475,"width":640,"height":11}},{"id":"6b728118-2458-4861-8d11-9dedf529ab8d","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":26,"box":{"x":265,"y":490,"width":389,"height":11}},{"id":"e3860881-291e-4e12-b29c-23a3b5246e7d","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":26,"box":{"x":69,"y":513,"width":806,"height":11}},{"id":"91909354-9245-427f-a899-4750b6ad1e94","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":26,"box":{"x":265,"y":528,"width":604,"height":11}},{"id":"538874b5-3415-46a9-9658-9130a5be108c","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":26,"box":{"x":265,"y":543,"width":632,"height":11}},{"id":"75a88c2a-dc99-437e-a9de-ce1e21f96f79","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":26,"box":{"x":265,"y":558,"width":562,"height":9}},{"id":"ceb77163-3aaa-4041-acff-b92471c884c9","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":26,"box":{"x":265,"y":573,"width":616,"height":11}},{"id":"09b20c36-c4d0-4114-ad80-3ca06aba5d26","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":26,"box":{"x":264,"y":588,"width":591,"height":12}},{"id":"b1eb1d61-b59a-497d-b118-20df40b7321a","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":26,"box":{"x":265,"y":603,"width":641,"height":12}},{"id":"0fa65a4d-c7d5-4967-aa66-f4b381f312b8","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":26,"box":{"x":264,"y":618,"width":638,"height":12}},{"id":"4fc0b3c6-a657-43dc-951c-6e6fb9d7801a","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":26,"box":{"x":265,"y":634,"width":584,"height":11}},{"id":"6cee683f-10fa-4227-88c9-f591be502912","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":26,"box":{"x":265,"y":649,"width":630,"height":11}},{"id":"d7f72ed1-9440-480d-b25c-42e36331231e","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":26,"box":{"x":265,"y":664,"width":634,"height":11}},{"id":"ebba1e93-871a-4aa1-b5a6-0cd6a505c897","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":26,"box":{"x":265,"y":679,"width":599,"height":11}},{"id":"0b789409-02e6-4916-99bb-d6cded0a7c1b","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":694,"width":407,"height":11}},{"id":"571fb64f-db09-42da-90de-fbcad6ef4fa5","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":26,"box":{"x":69,"y":717,"width":837,"height":11}},{"id":"cbfacd68-35e8-446a-8591-e54e5240ac13","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":26,"box":{"x":265,"y":732,"width":638,"height":11}},{"id":"54659d1b-666b-4352-943d-c45b6b6276e9","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":26,"box":{"x":265,"y":747,"width":642,"height":11}},{"id":"0925957a-8cc8-4d84-9282-0ece1346eb35","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":26,"box":{"x":265,"y":761,"width":601,"height":12}},{"id":"e969b914-a0c4-424c-8c9e-5a4399850b14","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":26,"box":{"x":265,"y":777,"width":595,"height":12}},{"id":"36e405c0-a196-4961-ab7b-f6d8ef97524d","block_type":"box","text":"perspective on the markets and the economy.","page_number":26,"box":{"x":265,"y":793,"width":323,"height":11}},{"id":"4c586dd3-9a5a-40ff-b789-7d6293b77f5e","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":26,"box":{"x":70,"y":815,"width":798,"height":11}},{"id":"e5bfa4eb-40d9-4746-a764-9e26d71900c1","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":26,"box":{"x":265,"y":830,"width":631,"height":11}},{"id":"f7ca66d7-2889-47f8-aa51-52429aca0515","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":26,"box":{"x":265,"y":845,"width":633,"height":12}},{"id":"0bb90ddf-3f79-43a0-b715-ed5e1e4df520","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":26,"box":{"x":265,"y":860,"width":628,"height":12}},{"id":"5967fcbb-a961-4ed1-b20e-13d8ac988108","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":26,"box":{"x":265,"y":875,"width":596,"height":12}},{"id":"97a311e3-4d1f-42de-8e67-e28e35bbf82a","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":26,"box":{"x":265,"y":891,"width":616,"height":11}},{"id":"8f2f40f8-2383-4d22-8fd9-b06ee925769f","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":26,"box":{"x":264,"y":906,"width":368,"height":11}},{"id":"45adc401-9f22-4fca-9610-2a3ac50133cb","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6ba3da35-b38a-424c-8ee1-60799502a497","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f53ab605-771c-438f-b3d2-beba8329a1f1","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"a9590602-c7dc-48ca-93ef-85f679b70829","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"e91c62c0-5d85-49e1-aa07-60b9d7be1272","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"009bbf38-7370-4b20-9483-85a12ca2e977","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"29217102-e065-4d22-876f-75d5af670ee1","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"dcb80595-1171-46ef-8a24-bd3d2d23e6de","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"14454918-55ab-4f2d-96ed-3025d44f75ff","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"308b36a4-f293-4430-88de-3e349b6dffb0","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"953ea285-19e9-42c2-87fc-009219fb8404","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"281dcd6b-442f-4d33-a41c-f546a693f6a3","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"3a07d8a6-3d9c-4190-bc63-f2cc0645f0d7","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"aea5e086-8046-4eb2-9a0e-8de91fc7b21a","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"8a84789e-122f-4e38-947f-1d8a2f6a1bfb","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":27,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"53dbf805-78d7-4c9c-9753-624876d1c1ed","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"9d75beb7-ccfb-429a-aaab-be443dc38f39","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"a62afc63-d40b-4da9-a5d0-a48c4263463b","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":27,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"085fafe7-89b5-49c9-ad67-eba994d9c46f","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"0584e10b-1f5d-47bb-b123-14e26df6d67e","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"c6a81d72-92f8-4188-a83b-92d79e1be8e5","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"aea79a2d-0423-41cf-997e-808cabb53fc5","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"576c40bb-9156-4ce2-a655-baac1b8b70f4","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"cec97a7e-5302-470f-892d-5f8e84c7428c","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"2180b6a0-3d0a-43f5-8a9e-71f39867ddec","block_type":"box","text":"articles and books on these topics.","page_number":27,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"0748ceba-d215-4f67-9cd3-5dd92ceda204","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":27,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"74a0730b-1dbb-43b6-aa5e-2c6dcaf5818f","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":27,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"91084b57-8571-4538-9084-886309c66eb8","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":27,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"eb720b39-0526-43a3-9d99-266eb7573d70","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":27,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"b2428f45-0d2a-4ee7-8ef6-5eec08664103","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"c9b228fb-76ed-4695-a8a8-37a25873dc7d","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":27,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"5f412fad-c8c4-424a-8eb0-ebb5d15b5503","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":27,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"cada1230-3780-42cd-9ee0-26bb57311a56","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":27,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"966d09ff-b5c9-43a7-b9db-e62d6c4c3ec8","block_type":"box","text":"2009. 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In addition, Ms. Richards served as a member","page_number":27,"box":{"x":265,"y":678,"width":627,"height":11}},{"id":"836f4e66-c700-4f82-b568-52a3cc46fb00","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":27,"box":{"x":265,"y":693,"width":578,"height":11}},{"id":"76cec728-02e3-43bc-89e1-0a77e58cdfe0","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":27,"box":{"x":265,"y":708,"width":607,"height":11}},{"id":"cfcf2977-d9b3-472f-a535-3388c1fc1233","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":27,"box":{"x":265,"y":723,"width":615,"height":11}},{"id":"1abfd9c4-c23c-4a8a-953a-2262d45b9610","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. 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The","page_number":28,"box":{"x":265,"y":111,"width":608,"height":9}},{"id":"30ac2b05-17b4-481f-a070-503abf163469","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":126,"width":626,"height":11}},{"id":"f37d04bb-5b91-4e13-b25d-c7b3ced5704b","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":141,"width":591,"height":11}},{"id":"45554999-596d-4336-9323-685be789d734","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":156,"width":265,"height":11}},{"id":"89d24c2e-5484-41d1-b3d1-50e273d0d234","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":179,"width":807,"height":11}},{"id":"5247b845-d6b0-4bfd-ae13-6c24b52b9c8d","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":194,"width":641,"height":11}},{"id":"16875d52-97e8-41e5-8aa2-3d9a3187b1ae","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":209,"width":618,"height":11}},{"id":"e598ab59-22de-48f2-907c-83cf21f8e625","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":224,"width":594,"height":11}},{"id":"40e705c2-0efb-4b84-92cf-1ada8687c094","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":239,"width":639,"height":12}},{"id":"58c1050a-396e-4089-90ff-cede8adda10f","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":254,"width":575,"height":11}},{"id":"a69f2158-ba1a-4504-977d-36f11e6d579c","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":270,"width":131,"height":9}},{"id":"deb68067-026f-4cb6-9f3a-1157f42e1487","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":28,"box":{"x":69,"y":292,"width":808,"height":11}},{"id":"eebfc13e-2d12-4231-bd9a-518085f0f816","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":28,"box":{"x":265,"y":307,"width":630,"height":12}},{"id":"7582ce3b-25bf-45c8-9abc-881444e6d34b","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":28,"box":{"x":265,"y":322,"width":618,"height":12}},{"id":"0d783768-bf51-4f5f-bb39-5f5a11f71eb6","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":28,"box":{"x":265,"y":338,"width":643,"height":11}},{"id":"a3dcf322-feba-475e-bd30-21ebb34fbc06","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":28,"box":{"x":265,"y":353,"width":624,"height":11}},{"id":"9b286485-6eb7-41e5-bc98-d3e54e50301d","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":28,"box":{"x":264,"y":368,"width":634,"height":11}},{"id":"5024229b-a6dd-47e6-8e78-9566352ab392","block_type":"box","text":"perspective on the markets and the economy. Ms. Walton has been determined by the","page_number":28,"box":{"x":265,"y":383,"width":614,"height":11}},{"id":"4b2f66ef-93bd-41d4-8b4a-7f4e24113a5a","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":28,"box":{"x":264,"y":398,"width":641,"height":11}},{"id":"dc7d53de-86ee-45b0-911e-759a44b73d86","block_type":"box","text":"applicable Commission rules.","page_number":28,"box":{"x":265,"y":413,"width":208,"height":11}},{"id":"8037e3a1-aa09-4ba3-aac6-b07c4e8fcc00","block_type":"box","text":"Interested Trustees","page_number":28,"box":{"x":70,"y":436,"width":138,"height":9}},{"id":"da435588-ea98-45d4-9d52-d743bebb483b","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":28,"box":{"x":70,"y":451,"width":823,"height":11}},{"id":"09d56dca-69c4-4fae-baae-e40e1f2f3f92","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":28,"box":{"x":264,"y":466,"width":593,"height":11}},{"id":"3ec87383-587b-411a-ae9a-177537e2e3ea","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":28,"box":{"x":265,"y":481,"width":629,"height":11}},{"id":"e219927b-0f9f-445f-9ead-3fab1f1e5a28","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":28,"box":{"x":265,"y":496,"width":639,"height":11}},{"id":"3ea87eea-422e-421d-8a0f-cc938a6c8f38","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":28,"box":{"x":265,"y":511,"width":617,"height":12}},{"id":"4286b23b-b4f7-4822-907f-eda4ec4c8cf9","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":28,"box":{"x":264,"y":526,"width":634,"height":12}},{"id":"2d86781d-399a-4876-98ac-c6012e921d9d","block_type":"box","text":"a Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":28,"box":{"x":265,"y":542,"width":637,"height":10}},{"id":"f7405794-7481-4be2-91e6-9ec9b062ca92","block_type":"box","text":"and iShares","page_number":28,"box":{"x":265,"y":557,"width":84,"height":9}},{"id":"e76a6ee0-26ff-4711-8074-98dbf4b25038","block_type":"box","text":"®","page_number":28,"box":{"x":350,"y":557,"width":6,"height":5}},{"id":"a3c90251-5d21-46b0-ba81-53e29b2b0689","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":28,"box":{"x":362,"y":557,"width":478,"height":11}},{"id":"3c44a687-0722-4cf4-b8f0-1457dbb9a110","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":28,"box":{"x":265,"y":572,"width":585,"height":11}},{"id":"ff2b1304-dbc7-4e8f-b139-c7212ec9465b","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":28,"box":{"x":265,"y":587,"width":620,"height":11}},{"id":"8977bdd9-de80-4da2-8869-af9f34a4d236","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":28,"box":{"x":265,"y":602,"width":578,"height":11}},{"id":"3d8b6e93-97cc-4c36-83cc-e28e8fa28f5d","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":28,"box":{"x":69,"y":625,"width":821,"height":11}},{"id":"0b03d199-fcc7-44a4-8987-8ad742c54b61","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":28,"box":{"x":264,"y":640,"width":595,"height":11}},{"id":"febc4d8b-288d-4546-b349-9e8b0af8568f","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":28,"box":{"x":265,"y":655,"width":637,"height":11}},{"id":"5bd718d0-af75-41bb-8a4a-476865d3e881","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":28,"box":{"x":265,"y":670,"width":636,"height":11}},{"id":"4379898d-0ee6-44ea-8ce6-b40733a383d2","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":28,"box":{"x":265,"y":685,"width":628,"height":12}},{"id":"7213a891-c861-45ba-b289-703134843fc8","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":28,"box":{"x":265,"y":700,"width":638,"height":12}},{"id":"1bc642e0-d9b2-4a90-8327-914505c2651d","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":28,"box":{"x":265,"y":715,"width":639,"height":12}},{"id":"3e0ade01-9e0c-4d39-a8f5-ad3bbee5d540","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":28,"box":{"x":265,"y":731,"width":603,"height":9}},{"id":"0d359a8f-ef12-425e-9c56-7a14bdedefc2","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":28,"box":{"x":265,"y":746,"width":582,"height":11}},{"id":"3885052a-0c18-4096-a61d-06fde8bce931","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":28,"box":{"x":265,"y":761,"width":632,"height":11}},{"id":"fc9d1697-f286-4b63-a2d8-bf1a82b223c0","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. Mr. Perlowski is a member of","page_number":28,"box":{"x":264,"y":776,"width":572,"height":11}},{"id":"e625e825-a57c-4840-8093-cb0c3f5e1e38","block_type":"box","text":"BlackRock’s Global Executive Committee.","page_number":28,"box":{"x":265,"y":791,"width":294,"height":9}},{"id":"d916b344-22d1-43a3-9198-7d63b4e2a9ee","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b5bf50b9-e079-4698-853c-71f6215859ba","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"336d53c4-d003-4d40-9652-b306341ed2ff","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"c43482e9-ad1d-4d98-9c7b-d4bacd631624","block_type":"box","text":"Trustees Elect","page_number":29,"box":{"x":70,"y":66,"width":101,"height":8}},{"id":"a356a4de-b5f3-4576-bb02-aacd321f49b8","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":29,"box":{"x":69,"y":81,"width":777,"height":11}},{"id":"97aa4474-226b-4aa2-a502-0a31b389ceb6","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":29,"box":{"x":265,"y":96,"width":613,"height":11}},{"id":"5d653ab0-c370-4d1f-9f2d-7dd26b628755","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":29,"box":{"x":265,"y":111,"width":563,"height":11}},{"id":"31304498-be22-4e9e-b2b4-f36f10959d07","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":29,"box":{"x":265,"y":126,"width":607,"height":11}},{"id":"eb276002-474a-4bdc-a606-640765aa6883","block_type":"box","text":"partner at Deloitte and Arthur Andersen for approximately 17 years. These positions have","page_number":29,"box":{"x":265,"y":141,"width":638,"height":11}},{"id":"f6ca6710-9cd4-45b7-8b38-bc794b0eb65a","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":29,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"47db6748-a503-4204-955f-d5d14f64115e","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":29,"box":{"x":265,"y":171,"width":563,"height":12}},{"id":"ef7cfdca-987b-4cbe-92dc-18b3f26bfb92","block_type":"box","text":"Marc D. Stern Marc D. Stern has more than 30 years of experience in investing and asset management.","page_number":29,"box":{"x":70,"y":194,"width":833,"height":11}},{"id":"3121706c-83f2-4b3d-93bb-d6ca75f6ebd0","block_type":"box","text":"Mr. Stern served as the Chief Executive Officer at Bessemer Trust, a wealth management","page_number":29,"box":{"x":265,"y":209,"width":638,"height":11}},{"id":"df2590aa-4eb8-4bde-8e5a-bd5beb79a4ac","block_type":"box","text":"business, for 13 years. During his tenure at Bessemer Trust, Mr. Stern served on the","page_number":29,"box":{"x":265,"y":224,"width":608,"height":11}},{"id":"d68863d9-5611-4310-a14c-dcc97bde7579","block_type":"box","text":"firm’s board of directors, chaired the board’s trust and investment committee, and led the","page_number":29,"box":{"x":264,"y":239,"width":645,"height":11}},{"id":"debd1baf-6e89-4c56-9291-c7e7099226c3","block_type":"box","text":"firm’s executive committee. 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Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":581,"width":517,"height":11}},{"id":"f17f0e51-046c-425b-baa6-a75b6695e29e","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":581,"width":228,"height":11}},{"id":"a459d9a4-7bf1-42ff-b46a-20dd107e96bd","block_type":"box","text":"Henry R. Keizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":597,"width":517,"height":11}},{"id":"076ae466-ae87-4a8c-8667-57459feeb75d","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":596,"width":228,"height":11}},{"id":"a8036b2c-753d-4654-8c84-34843c5fe06f","block_type":"box","text":"Cynthia A. 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Opatrny","page_number":33,"box":{"x":79,"y":627,"width":129,"height":11}},{"id":"f52fc64d-4b41-4641-9623-e1169ce3c94b","block_type":"box","text":"................................................","page_number":33,"box":{"x":211,"y":634,"width":385,"height":2}},{"id":"97acabf4-be7e-4cfb-bdc6-7a7138791b73","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":626,"width":228,"height":11}},{"id":"eb7fa55b-2bf2-4b5c-a174-b3796d17c945","block_type":"box","text":"Lori Richards . . .","page_number":33,"box":{"x":79,"y":642,"width":118,"height":9}},{"id":"6de9eacf-225a-4024-9c1e-25d862a6a385","block_type":"box","text":".................................................","page_number":33,"box":{"x":203,"y":649,"width":393,"height":2}},{"id":"c4cf97c0-eda3-4915-ae42-1e818e36c71a","block_type":"box","text":"None None","page_number":33,"box":{"x":666,"y":642,"width":192,"height":9}},{"id":"57148343-05c7-486e-b9f9-42b3cecd5c4c","block_type":"box","text":"Mark Stalnecker","page_number":33,"box":{"x":79,"y":657,"width":115,"height":9}},{"id":"9bb8ccbe-5c81-40c5-8c10-241018f3da30","block_type":"box","text":".................................................","page_number":33,"box":{"x":203,"y":664,"width":393,"height":2}},{"id":"8188598e-ccae-4aa7-b569-ed0aae5c7041","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":656,"width":228,"height":11}},{"id":"1267813c-b34a-4f42-9f37-477780b74a7a","block_type":"box","text":"Kenneth L. Urish .","page_number":33,"box":{"x":79,"y":672,"width":126,"height":9}},{"id":"6dd4c4fb-7612-43b6-bb66-4eeca3978710","block_type":"box","text":"................................................","page_number":33,"box":{"x":211,"y":679,"width":385,"height":2}},{"id":"ade7dc06-6c63-482f-8869-5d1c16232af6","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":671,"width":228,"height":12}},{"id":"1b1bad84-7b93-48fa-91bf-9eca8a745afa","block_type":"box","text":"Claire A. Walton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":33,"box":{"x":79,"y":687,"width":517,"height":9}},{"id":"0c127bd3-a0f7-4469-8111-0e2a8c8f783c","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":686,"width":228,"height":12}},{"id":"95990250-d1d1-450a-a023-776919eaaf2c","block_type":"box","text":"Interested Trustees","page_number":33,"box":{"x":70,"y":703,"width":138,"height":8}},{"id":"4fbaf40d-8fdb-425a-83ae-b123a966540b","block_type":"box","text":"Robert Fairbairn","page_number":33,"box":{"x":79,"y":718,"width":113,"height":8}},{"id":"feb3ccb7-2f13-4304-9ec0-eb17d26d7e8f","block_type":"box","text":"..................................................","page_number":33,"box":{"x":195,"y":725,"width":401,"height":1}},{"id":"6bd89c54-f363-4873-9d86-365c2defb59a","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":717,"width":228,"height":11}},{"id":"52289196-6702-4800-8126-848086269881","block_type":"box","text":"John M. Perlowski","page_number":33,"box":{"x":78,"y":733,"width":127,"height":9}},{"id":"1f2510a8-25c8-4304-a4b1-f99a9507d9d1","block_type":"box","text":"................................................","page_number":33,"box":{"x":211,"y":740,"width":385,"height":1}},{"id":"a900393a-2adb-443c-9b4e-108e4d8d5e13","block_type":"box","text":"None Over $100,000","page_number":33,"box":{"x":666,"y":732,"width":228,"height":11}},{"id":"2c289bae-8293-4b41-a056-21e838cccd66","block_type":"box","text":"As of April 2, 2026, the Trustees and officers of the Trust as a group directly or indirectly beneficially owned an","page_number":33,"box":{"x":101,"y":756,"width":792,"height":12}},{"id":"19a1a1fc-0ad8-415c-96d4-0333e533c44c","block_type":"box","text":"aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2025, none of the","page_number":33,"box":{"x":69,"y":772,"width":837,"height":11}},{"id":"41703fa8-212a-4609-b03b-a73dd3ec1b8e","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":33,"box":{"x":70,"y":787,"width":840,"height":11}},{"id":"4f140038-1dfc-433a-aadf-7818fc953efd","block_type":"box","text":"the Fund’s investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly controlling,","page_number":33,"box":{"x":68,"y":802,"width":800,"height":11}},{"id":"48fb02e7-4ea2-46e0-8e06-8bed2824b554","block_type":"box","text":"controlled by, or under common control with such entities.","page_number":33,"box":{"x":69,"y":817,"width":412,"height":11}},{"id":"a16992c0-978e-49d9-8d81-1a8c23615701","block_type":"box","text":"Compensation of Trustees","page_number":33,"box":{"x":69,"y":847,"width":190,"height":11}},{"id":"5dfb4f3c-216f-469d-9822-abb642e8dc08","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":33,"box":{"x":102,"y":869,"width":791,"height":12}},{"id":"d1e0546a-5a57-480b-b2a5-c18591affa5d","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":33,"box":{"x":68,"y":885,"width":810,"height":11}},{"id":"41779d3a-d77d-4ebc-9e7f-1344f3b98287","block_type":"box","text":"including the Fund, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":33,"box":{"x":70,"y":899,"width":837,"height":12}},{"id":"94e78426-f3b7-4fe2-a58a-fa18cc6d8f69","block_type":"box","text":"I-17","page_number":33,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"949f4c17-d935-40c3-b01e-c5c0ea5cc7ef","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d06d25df-c0f9-4470-87e2-217277ccd7f1","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":34,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"bbd5f3ae-af28-45f5-8438-12b4b8dc1bd0","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":34,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"62c212cb-5d7f-47c0-946e-4d5b45a27e66","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":34,"box":{"x":68,"y":75,"width":786,"height":11}},{"id":"ff474ee6-a888-487a-b0c2-f5363e2fb96d","block_type":"box","text":"relating to attendance at meetings. The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":34,"box":{"x":69,"y":90,"width":769,"height":11}},{"id":"76ab2bac-38e9-4c88-878c-9d9ee96dc91c","block_type":"box","text":"Committee and Performance Oversight Committee are paid as compensation an additional annual retainer of","page_number":34,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"d8e20df0-dc7b-4416-8cd0-5a5c579a97c1","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":34,"box":{"x":69,"y":120,"width":689,"height":11}},{"id":"26052508-6b95-4709-aec4-0dba251ed81a","block_type":"box","text":"Each Trustee Elect currently serves as a consultant to the Independent Trustees in the performance of the","page_number":34,"box":{"x":102,"y":143,"width":761,"height":11}},{"id":"9f0dee82-fed3-4a68-bb27-ec75e4df8f08","block_type":"box","text":"Independent Trustees’ duties to the Trust and is paid compensation at the same rate as the compensation paid to","page_number":34,"box":{"x":70,"y":158,"width":816,"height":11}},{"id":"965805ca-6c10-4a79-9206-56985c38cac4","block_type":"box","text":"any Independent Trustees who are not the Chair of the Board or a Chair of a Committee. This compensation","page_number":34,"box":{"x":69,"y":173,"width":768,"height":11}},{"id":"aac01bef-4bc4-466e-a8ee-f0b41ded308b","block_type":"box","text":"arrangement will continue until July 1, 2026, when each Trustee Elect is expected to begin serving as an","page_number":34,"box":{"x":69,"y":188,"width":747,"height":12}},{"id":"f8b4eb5e-0dfc-4ef6-9cd5-aadac2fa8dd0","block_type":"box","text":"Independent Trustee and will be compensated in a manner similar to other Independent Trustees.","page_number":34,"box":{"x":70,"y":204,"width":695,"height":10}},{"id":"d6cd4bde-e38d-477c-917e-f07443b0b478","block_type":"box","text":"The following table sets forth the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":34,"box":{"x":101,"y":226,"width":776,"height":11}},{"id":"752901af-0eb6-4710-a786-2bccf891e267","block_type":"box","text":"fiscal year ended December 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds","page_number":34,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"9320dab6-40f2-4de4-85cd-590812427bbe","block_type":"box","text":"for the calendar year ended December 31, 2025.","page_number":34,"box":{"x":68,"y":256,"width":350,"height":11}},{"id":"53c25d7d-d7f1-4ffd-9d6f-cc379689a707","block_type":"box","text":"Name","page_number":34,"box":{"x":69,"y":315,"width":32,"height":7}},{"id":"1cb2b00c-1301-4db4-87fe-1953d66d0f0c","block_type":"box","text":"Compensation","page_number":34,"box":{"x":516,"y":305,"width":83,"height":8}},{"id":"993266d2-590f-48c6-a788-652af4319ac4","block_type":"box","text":"from the Fund","page_number":34,"box":{"x":517,"y":315,"width":81,"height":7}},{"id":"5d4704a8-92ad-4dff-98a9-4838ddc66e35","block_type":"box","text":"Estimated Annual","page_number":34,"box":{"x":630,"y":295,"width":101,"height":7}},{"id":"0c64e1f9-78fc-4644-915a-c8b573f19311","block_type":"box","text":"Benefits upon","page_number":34,"box":{"x":641,"y":305,"width":79,"height":8}},{"id":"f907b854-7d26-4e74-adaf-a929b88ab85f","block_type":"box","text":"Retirement","page_number":34,"box":{"x":648,"y":315,"width":65,"height":7}},{"id":"bfeed584-b1d1-42f9-918c-667125654445","block_type":"box","text":"Aggregate Compensation","page_number":34,"box":{"x":761,"y":285,"width":148,"height":8}},{"id":"9994a869-9e0e-41b2-a9e3-6a10d3bd9573","block_type":"box","text":"from the Fund and","page_number":34,"box":{"x":782,"y":295,"width":106,"height":7}},{"id":"b858b0e5-d9e6-4755-9bac-457a0d5123f5","block_type":"box","text":"Other BlackRock","page_number":34,"box":{"x":785,"y":305,"width":102,"height":7}},{"id":"af5c4048-c108-4602-ad3b-292c5a0c895b","block_type":"box","text":"Advised Funds","page_number":34,"box":{"x":791,"y":315,"width":84,"height":7}},{"id":"b4016d3a-752b-4a9f-85c6-652d34577a69","block_type":"box","text":"1","page_number":34,"box":{"x":876,"y":315,"width":3,"height":3}},{"id":"9929803c-a82c-4211-a1b9-68abb90f470b","block_type":"box","text":"Independent Trustees","page_number":34,"box":{"x":70,"y":333,"width":154,"height":10}},{"id":"88ede577-1731-43f8-9182-35da59a2ec7e","block_type":"box","text":"Christopher J. Ailman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,066 None $445,000","page_number":34,"box":{"x":79,"y":347,"width":792,"height":12}},{"id":"cc9fa8dc-992b-4b32-8fca-7ad5ebcaabe2","block_type":"box","text":"Susan J. Carter","page_number":34,"box":{"x":79,"y":363,"width":110,"height":9}},{"id":"51ef43c6-5c89-4d5c-839a-15711e08018c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,066","page_number":34,"box":{"x":198,"y":362,"width":386,"height":11}},{"id":"1e00fab6-1368-44a8-bcfc-dd467250576f","block_type":"box","text":"None $445,000","page_number":34,"box":{"x":663,"y":362,"width":208,"height":11}},{"id":"3e971fb0-5421-49b7-9822-86f4be87a179","block_type":"box","text":"Collette Chilton. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,066","page_number":34,"box":{"x":79,"y":377,"width":505,"height":11}},{"id":"043b5f3a-5f19-4507-bf0e-5ca3a9e25759","block_type":"box","text":"None $445,000","page_number":34,"box":{"x":663,"y":377,"width":208,"height":11}},{"id":"17b786ca-8fb4-45d0-9747-31ce8beab785","block_type":"box","text":"Neil A. Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,083","page_number":34,"box":{"x":79,"y":392,"width":505,"height":12}},{"id":"f64f6074-7de8-408a-937d-e44994573e79","block_type":"box","text":"None $467,500","page_number":34,"box":{"x":663,"y":392,"width":208,"height":11}},{"id":"a525c9b9-1087-43d7-873e-b722f90a8a15","block_type":"box","text":"Henry R. Keizer","page_number":34,"box":{"x":79,"y":408,"width":109,"height":11}},{"id":"2e1aa793-051b-4ea0-8aec-fd9a4c50ca9b","block_type":"box","text":"2","page_number":34,"box":{"x":189,"y":409,"width":4,"height":4}},{"id":"80292fc3-65b3-47ff-ab94-b7498c316121","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,122","page_number":34,"box":{"x":198,"y":407,"width":386,"height":12}},{"id":"a3583231-5096-4d01-8bcd-83eec9fa69bc","block_type":"box","text":"None $490,000","page_number":34,"box":{"x":663,"y":407,"width":208,"height":12}},{"id":"8715c614-5cff-4e89-8e57-968653888dc5","block_type":"box","text":"Cynthia A. Montgomery","page_number":34,"box":{"x":79,"y":423,"width":164,"height":12}},{"id":"b6c6d62f-d6b3-4ef7-8edc-1abcacf7f9d7","block_type":"box","text":"3","page_number":34,"box":{"x":244,"y":424,"width":4,"height":4}},{"id":"3a84e23d-c6ee-48f9-97b1-e7bd91b2a1c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,122","page_number":34,"box":{"x":255,"y":423,"width":329,"height":11}},{"id":"73e60c8c-5da1-4e77-9553-997a5b37b191","block_type":"box","text":"None $490,000","page_number":34,"box":{"x":663,"y":423,"width":208,"height":11}},{"id":"d562025d-10c0-477f-ba28-5255757fa32a","block_type":"box","text":"Donald C. Opatrny","page_number":34,"box":{"x":79,"y":438,"width":129,"height":11}},{"id":"a2dd8e0d-abd1-4145-ad75-f75e58e6eff0","block_type":"box","text":"4","page_number":34,"box":{"x":208,"y":439,"width":4,"height":4}},{"id":"e2a32a44-0f43-4741-98fd-ee22cbd64fe6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,122","page_number":34,"box":{"x":214,"y":438,"width":370,"height":11}},{"id":"13a4ab4c-2f3f-4ad7-a7ab-bdbcc0e1c4b4","block_type":"box","text":"None $490,000","page_number":34,"box":{"x":663,"y":438,"width":208,"height":11}},{"id":"442c740b-1028-40a9-b141-aec11b265579","block_type":"box","text":"Lori Richards","page_number":34,"box":{"x":79,"y":454,"width":91,"height":8}},{"id":"3f9b0c14-dff6-44e0-bcd8-ebdabca813d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,066","page_number":34,"box":{"x":174,"y":453,"width":410,"height":11}},{"id":"12b0b4f4-2c28-4e39-b5a8-26c4989145b0","block_type":"box","text":"None $445,000","page_number":34,"box":{"x":663,"y":453,"width":208,"height":11}},{"id":"42d66c58-cc70-4140-aeb9-95dc24aeb199","block_type":"box","text":"Mark Stalnecker","page_number":34,"box":{"x":79,"y":469,"width":115,"height":9}},{"id":"c0dfb5f2-affe-4d96-af38-b28193936e8c","block_type":"box","text":"5","page_number":34,"box":{"x":195,"y":469,"width":4,"height":4}},{"id":"99b15d26-8299-45a1-9318-c131711fafdd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,253","page_number":34,"box":{"x":206,"y":468,"width":378,"height":11}},{"id":"c7234447-ed63-4c50-b78b-95371a7fc006","block_type":"box","text":"None $595,000","page_number":34,"box":{"x":663,"y":468,"width":208,"height":11}},{"id":"d2899895-acc3-4874-bbf2-203eb93e1d01","block_type":"box","text":"Kenneth L. Urish","page_number":34,"box":{"x":79,"y":484,"width":117,"height":9}},{"id":"668b1c53-e6f1-4db6-ad6e-04f763452e2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,066","page_number":34,"box":{"x":206,"y":483,"width":378,"height":11}},{"id":"bfaaf228-0408-4e0a-9ed1-90f424fee02f","block_type":"box","text":"None $445,000","page_number":34,"box":{"x":663,"y":483,"width":208,"height":11}},{"id":"cb94dc66-fe37-4702-a2df-e272850746ec","block_type":"box","text":"Claire A. Walton","page_number":34,"box":{"x":79,"y":499,"width":111,"height":9}},{"id":"fa0fe4ba-d17d-48e2-b183-c38a87187b84","block_type":"box","text":"6","page_number":34,"box":{"x":191,"y":499,"width":5,"height":5}},{"id":"98faf5ee-5dbd-4e57-8bdb-975db1e0d06d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,122","page_number":34,"box":{"x":198,"y":498,"width":386,"height":11}},{"id":"9a802cfa-1e81-4381-aaf5-3e7550aec866","block_type":"box","text":"None $490,000","page_number":34,"box":{"x":663,"y":498,"width":208,"height":11}},{"id":"6ebe8eb5-e5d5-44a8-a104-8410e5a718e0","block_type":"box","text":"Interested Trustees","page_number":34,"box":{"x":70,"y":514,"width":138,"height":9}},{"id":"8ce55be4-7fc8-4dec-bf26-c69b264313a8","block_type":"box","text":"Robert Fairbairn . . .","page_number":34,"box":{"x":79,"y":529,"width":137,"height":9}},{"id":"b2945f22-b174-43eb-90e8-6f1130076100","block_type":"box","text":".................................","page_number":34,"box":{"x":223,"y":537,"width":262,"height":1}},{"id":"4535bd22-e6a3-45c1-bee5-90389aef1ff7","block_type":"box","text":"None None None","page_number":34,"box":{"x":541,"y":529,"width":312,"height":9}},{"id":"fc47e131-a58e-41c7-82f9-ea1367f93765","block_type":"box","text":"John M. Perlowski . .","page_number":34,"box":{"x":78,"y":544,"width":146,"height":9}},{"id":"9fd9e8ff-7b70-466e-ae7d-b6c3e5274711","block_type":"box","text":"................................","page_number":34,"box":{"x":231,"y":552,"width":254,"height":1}},{"id":"c00a4db8-51fc-411c-b459-3708cba03e3a","block_type":"box","text":"None None None","page_number":34,"box":{"x":541,"y":544,"width":312,"height":9}},{"id":"e7cad5ba-5bdd-4c85-b995-f528b67dc859","block_type":"box","text":"1","page_number":34,"box":{"x":69,"y":569,"width":3,"height":3}},{"id":"13b583a7-a2e9-4fa7-8ea2-1fbdd58e1808","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":34,"box":{"x":94,"y":569,"width":786,"height":9}},{"id":"9a21e4ef-9314-4e5f-a163-d43b835cfa48","block_type":"box","text":"page I-13.","page_number":34,"box":{"x":94,"y":579,"width":55,"height":9}},{"id":"4417a37e-511c-48f8-aaef-4dd0b5bda106","block_type":"box","text":"2","page_number":34,"box":{"x":69,"y":591,"width":3,"height":4}},{"id":"bd41b4ae-caa9-4f6d-b093-f7a39d783fd8","block_type":"box","text":"Chair of the Audit Committee.","page_number":34,"box":{"x":93,"y":591,"width":168,"height":7}},{"id":"293f53d7-ce35-4fdb-9208-f7685ec85cd6","block_type":"box","text":"3","page_number":34,"box":{"x":69,"y":604,"width":3,"height":4}},{"id":"19844437-dd2a-46fa-9fcd-d29b9f128962","block_type":"box","text":"Chair of the Governance Committee.","page_number":34,"box":{"x":93,"y":604,"width":206,"height":7}},{"id":"b0ef915f-e9f8-4319-9a14-0e55d9ac1b13","block_type":"box","text":"4","page_number":34,"box":{"x":68,"y":617,"width":4,"height":3}},{"id":"bb10d194-bd63-499b-98b5-67e3c9b88ed1","block_type":"box","text":"Chair of the Performance Oversight Committee.","page_number":34,"box":{"x":93,"y":616,"width":269,"height":10}},{"id":"870d53fa-4b64-43cf-a98d-4b2fc9212048","block_type":"box","text":"5","page_number":34,"box":{"x":69,"y":629,"width":3,"height":4}},{"id":"712a425c-7a00-4eef-93f2-7fe0cbd980a4","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":34,"box":{"x":93,"y":629,"width":352,"height":9}},{"id":"a0354412-cd9a-42ac-a834-082b11c717ec","block_type":"box","text":"6","page_number":34,"box":{"x":69,"y":642,"width":3,"height":3}},{"id":"abece902-a780-4413-9e38-dbd10634d5a1","block_type":"box","text":"Chair of the Compliance Committee.","page_number":34,"box":{"x":93,"y":642,"width":205,"height":8}},{"id":"6d08eb02-51b7-4105-a115-fec365e7c915","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":34,"box":{"x":69,"y":670,"width":432,"height":11}},{"id":"9d794cf6-2bda-43ef-8a34-c3553685b5d9","block_type":"box","text":"Management Agreement","page_number":34,"box":{"x":69,"y":701,"width":180,"height":11}},{"id":"b8510dde-78a2-4add-b174-92b7de35f75d","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with the Manager, pursuant","page_number":34,"box":{"x":101,"y":723,"width":807,"height":11}},{"id":"d0316fc8-4df8-479c-8c3f-631d65e8fa46","block_type":"box","text":"to which the Manager is entitled to fees for the services it provides (the “Management Agreement”).","page_number":34,"box":{"x":68,"y":738,"width":715,"height":11}},{"id":"ab6f51a7-f53f-4a46-ba1b-ee57f469087f","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":34,"box":{"x":102,"y":761,"width":762,"height":11}},{"id":"20480b93-afd5-44a8-bdf5-dd2ee97c9e19","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":34,"box":{"x":69,"y":776,"width":799,"height":11}},{"id":"41eb236c-20f2-4adc-b35a-8b852bbe646d","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":34,"box":{"x":68,"y":791,"width":726,"height":11}},{"id":"3e706467-bcc9-4751-8d7f-dc050426b368","block_type":"box","text":"June 30, 2027. BlackRock has contractually agreed to waive its management fees by the amount of investment","page_number":34,"box":{"x":69,"y":806,"width":797,"height":11}},{"id":"87070253-f4de-468c-9d02-f26c57dcf270","block_type":"box","text":"advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by","page_number":34,"box":{"x":69,"y":821,"width":789,"height":12}},{"id":"a6bd2da1-5b27-4429-a256-a774837a24fc","block_type":"box","text":"BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’","page_number":34,"box":{"x":70,"y":836,"width":810,"height":12}},{"id":"15f6bd05-4d75-4835-b5f6-62cae9314871","block_type":"box","text":"notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the","page_number":34,"box":{"x":69,"y":852,"width":827,"height":11}},{"id":"93bfd0e8-7027-4659-81c0-bf9cc2ee934b","block_type":"box","text":"Fund.","page_number":34,"box":{"x":70,"y":867,"width":36,"height":9}},{"id":"49cfe64d-a726-481b-9e40-bb9297b5d988","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":34,"box":{"x":101,"y":889,"width":792,"height":12}},{"id":"439597c6-6194-49f5-b7ff-8ac46a15cc5b","block_type":"box","text":"Other Expenses (excluding Dividend Expense, Interest Expense and certain other Fund expenses (as defined in the","page_number":34,"box":{"x":69,"y":904,"width":817,"height":12}},{"id":"72b4bf58-59e2-41f9-89e8-738fd75fd504","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6250864c-b5be-459d-b230-9f368303b1ce","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b6a5856-98a1-4720-8729-4702a11d02ce","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 0.09% for Investor A Shares, Investor C Shares","page_number":35,"box":{"x":70,"y":45,"width":836,"height":11}},{"id":"bffef6ee-c0a9-42cc-b58f-d8da757e3398","block_type":"box","text":"and Institutional Shares and 0.04% for Class K Shares through June 30, 2027. This contractual agreement may be","page_number":35,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"e8b9f673-f8c7-4971-b708-3d76bb8b8bdd","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the","page_number":35,"box":{"x":68,"y":75,"width":761,"height":11}},{"id":"26ce86c5-ee52-4941-bedb-957a8fd048e2","block_type":"box","text":"outstanding voting securities of the Fund.","page_number":35,"box":{"x":69,"y":90,"width":293,"height":11}},{"id":"b54a3b04-f04c-4b84-8f10-15dbcc287bc4","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":35,"box":{"x":102,"y":113,"width":784,"height":11}},{"id":"a2a2039e-6e1a-4cd2-a96f-34d830389ee3","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":35,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"b132aea8-012d-4891-a7ad-324e8be293ee","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":35,"box":{"x":68,"y":143,"width":825,"height":11}},{"id":"c7641f5a-0202-4583-a85a-2cf9f29e1c39","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"189b15a5-4474-45da-b4af-16b35ae6ec73","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":35,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"e425caf7-e559-4b6f-b0f5-1a225ea6faa8","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":70,"y":188,"width":508,"height":11}},{"id":"76b9dad1-bee6-4e9d-9596-1c2d2b83f602","block_type":"box","text":"BlackRock entered into separate sub-advisory agreements (each, a “Sub-Advisory Agreement”) with BlackRock","page_number":35,"box":{"x":102,"y":211,"width":787,"height":11}},{"id":"68c58d47-d14c-4449-820a-d1cc06b10785","block_type":"box","text":"(Singapore) Limited (“BSL”) and BlackRock International Limited (“BIL” and together with BSL, the “Sub-Advisers”),","page_number":35,"box":{"x":69,"y":226,"width":819,"height":11}},{"id":"a7611acf-604e-4301-9e42-2974d4c98f7e","block_type":"box","text":"pursuant to which each Sub-Adviser receives for the services it provides for that portion of the Fund for which it acts","page_number":35,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"34af0fae-2863-4243-8021-c028d9bcba8d","block_type":"box","text":"as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid to the Manager","page_number":35,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"63138ddd-1143-4c5d-9614-ea53bc843f7b","block_type":"box","text":"under the Management Agreement.","page_number":35,"box":{"x":69,"y":272,"width":250,"height":11}},{"id":"152a9b59-89bf-42cb-ae14-2a7d96bb0bcf","block_type":"box","text":"In rendering investment advisory services to the Fund, BlackRock uses the portfolio management, research and","page_number":35,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"38f37f45-f68a-4863-b478-e1da22986e78","block_type":"box","text":"other resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a foreign affiliate","page_number":35,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"e5fa2a0f-e27c-43aa-9c3c-e40fc32dea4e","block_type":"box","text":"of BlackRock that is not registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).","page_number":35,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"12f125a8-62ef-4eb8-a189-d2043b44e63f","block_type":"box","text":"BlackRock Australia provides services to the Fund through a “participating affiliate” arrangement, as that term is","page_number":35,"box":{"x":70,"y":339,"width":806,"height":12}},{"id":"1e24c01d-a6ff-4e59-a700-8754c36ca451","block_type":"box","text":"used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio","page_number":35,"box":{"x":69,"y":355,"width":754,"height":11}},{"id":"bf263404-de30-4af5-b77c-8cf815d71ba3","block_type":"box","text":"management or research resources of advisory affiliates subject to the regulatory supervision of the registered","page_number":35,"box":{"x":69,"y":370,"width":794,"height":11}},{"id":"684be551-cdf7-43ff-9eac-8ae1f0e2db6f","block_type":"box","text":"investment adviser. Under the participating affiliate arrangement, BlackRock Australia is considered a participating","page_number":35,"box":{"x":70,"y":385,"width":819,"height":11}},{"id":"b9d67058-220d-4971-93a1-94856bc9582e","block_type":"box","text":"affiliate of BlackRock, and BlackRock Australia and certain designated employees are considered “associated","page_number":35,"box":{"x":69,"y":400,"width":784,"height":11}},{"id":"c9f95079-7550-4bfe-9d97-59eb3d97e191","block_type":"box","text":"persons” of BlackRock (as that term is defined in the Advisers Act) and investment professionals from BlackRock","page_number":35,"box":{"x":70,"y":415,"width":807,"height":11}},{"id":"75b7b77b-a991-46eb-9644-47e1827d2780","block_type":"box","text":"Australia may render portfolio management, research and other services to the Portfolio, subject to the supervision","page_number":35,"box":{"x":68,"y":430,"width":826,"height":11}},{"id":"2a201d4f-ddf1-4d40-9cae-789ccc1d758e","block_type":"box","text":"of BlackRock. The Portfolio pays no additional fees and expenses as a result of such arrangement.","page_number":35,"box":{"x":69,"y":445,"width":705,"height":12}},{"id":"a9d93139-c259-4869-9eb1-70cf5bccf9ee","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager (which","page_number":35,"box":{"x":101,"y":468,"width":802,"height":11}},{"id":"9d5e87ca-18a0-4b1d-a83a-0c3ca83d18b6","block_type":"box","text":"includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or reimbursed by the","page_number":35,"box":{"x":70,"y":483,"width":794,"height":11}},{"id":"3add5a2d-d01e-4392-941b-3d38935939e1","block_type":"box","text":"Manager, for the periods indicated:","page_number":35,"box":{"x":70,"y":498,"width":247,"height":11}},{"id":"d6fb0c53-eee4-4dd3-bebd-333805940ece","block_type":"box","text":"Fees Paid","page_number":35,"box":{"x":586,"y":527,"width":56,"height":7}},{"id":"c994a6ee-1f39-48df-aaeb-94997baf103d","block_type":"box","text":"to the Manager","page_number":35,"box":{"x":569,"y":537,"width":90,"height":8}},{"id":"72b6aa33-d6be-4f3d-9304-945410498580","block_type":"box","text":"Fees Waived","page_number":35,"box":{"x":698,"y":527,"width":72,"height":7}},{"id":"0764d13d-98c7-4231-a614-91344f3c58da","block_type":"box","text":"by the Manager","page_number":35,"box":{"x":689,"y":537,"width":91,"height":8}},{"id":"e9d14091-ce09-4e61-b029-5ec42be21d97","block_type":"box","text":"Fees Reimbursed","page_number":35,"box":{"x":810,"y":527,"width":99,"height":7}},{"id":"f3fd587c-d785-43bf-9281-61a73247049e","block_type":"box","text":"by the Manager","page_number":35,"box":{"x":814,"y":537,"width":91,"height":8}},{"id":"cd3e3ef1-edff-4d4a-9b4e-86a35e09a18c","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . $2,813,312 $429,690 $954,706","page_number":35,"box":{"x":70,"y":554,"width":825,"height":11}},{"id":"37e7a50c-54e6-49dc-99d2-523027bd4558","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . $2,646,031 $476,982 $836,376","page_number":35,"box":{"x":70,"y":569,"width":825,"height":11}},{"id":"a1b6e459-8eed-499d-8365-32c79718403f","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . $2,622,174 $399,417 $781,377","page_number":35,"box":{"x":70,"y":584,"width":825,"height":11}},{"id":"60649c55-e1a0-435f-b891-62f1d7760b25","block_type":"box","text":"Administration Agreement","page_number":35,"box":{"x":68,"y":616,"width":191,"height":11}},{"id":"e7767de0-a1b3-45c5-9460-a3a102d2613c","block_type":"box","text":"BlackRock serves as the Fund’s administrator pursuant to an administration agreement (the “Administration","page_number":35,"box":{"x":102,"y":639,"width":771,"height":11}},{"id":"0d4b148a-8eab-4a1d-8b72-6a9b92237c9d","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Fund; furnish the Fund with clerical,","page_number":35,"box":{"x":68,"y":654,"width":761,"height":11}},{"id":"a9195a1d-7cd9-429a-9d3e-893adf7d16a0","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Fund’s net asset value;","page_number":35,"box":{"x":69,"y":669,"width":819,"height":11}},{"id":"799711a2-be8d-4b05-9bc1-9e6dd373e157","block_type":"box","text":"oversee the preparation and filing of Federal, state and local income tax returns; prepare certain reports required by","page_number":35,"box":{"x":69,"y":684,"width":830,"height":11}},{"id":"e21a361c-1655-45fd-ad2d-161d6a329920","block_type":"box","text":"regulatory authorities; calculate various contractual expenses; determine the amount of dividends and distributions","page_number":35,"box":{"x":69,"y":699,"width":822,"height":11}},{"id":"026469d6-52b9-4b24-8a35-736ccc21a1ff","block_type":"box","text":"available for payment by the Fund to its shareholders; prepare and arrange for the printing of dividend notices to","page_number":35,"box":{"x":69,"y":714,"width":800,"height":12}},{"id":"119f9d8b-a001-4e4c-bac8-187de22b0b08","block_type":"box","text":"shareholders; provide Fund service providers with such information as is required to effect the payment of dividends","page_number":35,"box":{"x":69,"y":729,"width":830,"height":12}},{"id":"ae77d090-2c53-4b42-9b96-a814245db780","block_type":"box","text":"and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal counsel, custodian,","page_number":35,"box":{"x":69,"y":744,"width":825,"height":12}},{"id":"42335571-4700-4065-b4d3-af9ece374cd8","block_type":"box","text":"accounting agent and transfer and dividend disbursing agent in establishing the accounting policies of the Fund and","page_number":35,"box":{"x":69,"y":760,"width":824,"height":11}},{"id":"8ecb32c6-9644-4876-b42a-6823b85c95d6","block_type":"box","text":"monitoring financial and shareholder accounting services. BlackRock may from time to time voluntarily waive","page_number":35,"box":{"x":69,"y":775,"width":773,"height":11}},{"id":"bdfce9db-5ad9-4ae2-8355-80a4978160a3","block_type":"box","text":"administration fees with respect to the Fund and may voluntarily reimburse the Fund for expenses.","page_number":35,"box":{"x":69,"y":790,"width":700,"height":11}},{"id":"64292f8b-dbcf-419a-9e00-c91e3695e25c","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Fund, pays to BlackRock a fee,","page_number":35,"box":{"x":102,"y":812,"width":789,"height":12}},{"id":"d97710de-3652-487a-a296-50e436a8f072","block_type":"box","text":"computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":35,"box":{"x":69,"y":827,"width":792,"height":12}},{"id":"7d2326d5-b86a-40b1-bf8c-253b4daa16e3","block_type":"box","text":"Fund’s average daily net assets, 0.040% of the next $500 million of the Fund’s average daily net assets, 0.0375% of","page_number":35,"box":{"x":70,"y":842,"width":838,"height":12}},{"id":"8d388f38-791f-49e7-a98b-3520ff047d76","block_type":"box","text":"the next $1 billion of the Fund’s average daily net assets, 0.035% of the next $2 billion of the Fund’s average daily","page_number":35,"box":{"x":68,"y":857,"width":821,"height":12}},{"id":"ff55e761-571a-41e2-88ad-97e88eade55b","block_type":"box","text":"net assets, 0.0325% of the next $9 billion of the Fund’s average daily net assets and 0.030% of the average daily","page_number":35,"box":{"x":69,"y":872,"width":816,"height":12}},{"id":"ba2688da-2077-4214-9701-1dab09a1f7f7","block_type":"box","text":"net assets of the Fund in excess of $13 billion and (ii) 0.020% of average daily net assets allocated to each class of","page_number":35,"box":{"x":69,"y":887,"width":833,"height":12}},{"id":"54ca0951-16dd-46d2-9bb3-886768431c46","block_type":"box","text":"shares of the Fund.","page_number":35,"box":{"x":69,"y":903,"width":137,"height":9}},{"id":"ccb534b1-bba1-48dd-a18c-cfbb63a3c8c6","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"cfb9b1a3-e2bd-465e-96b3-5fb4b53e80b4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9034456c-d94c-45df-9d50-b92faf21029e","block_type":"box","text":"The table below sets forth information about the administration fees paid by the Trust, on behalf of the Fund, to BlackRock,","page_number":36,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"376372cf-f6df-43b5-820b-e9d0380de99b","block_type":"box","text":"and the amounts waived, for the past three fiscal years.","page_number":36,"box":{"x":69,"y":60,"width":397,"height":11}},{"id":"eaee8ff2-fe17-4adf-80c1-59cb07e4c2c0","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":732,"y":88,"width":56,"height":7}},{"id":"09ddb309-2ba8-47c5-bd43-4ad6814f7180","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":720,"y":98,"width":80,"height":7}},{"id":"90a4579a-8bcc-41bb-8d61-1314030e0e53","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":833,"y":88,"width":72,"height":7}},{"id":"e314d481-b6be-405b-86fa-c0eb93902429","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":830,"y":98,"width":80,"height":9}},{"id":"820adbdb-6636-40c5-878b-d12957789961","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":36,"box":{"x":70,"y":116,"width":294,"height":10}},{"id":"2787f6f4-0900-4344-aefb-3e520c385166","block_type":"box","text":"........................................","page_number":36,"box":{"x":370,"y":123,"width":320,"height":2}},{"id":"3a5751ba-8126-4b91-9c36-f5be97bbea20","block_type":"box","text":"$494,782 $492,833","page_number":36,"box":{"x":724,"y":115,"width":181,"height":11}},{"id":"ba712a19-74fd-4615-9b79-af4cd089f734","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":36,"box":{"x":70,"y":131,"width":294,"height":10}},{"id":"623536f9-9c5e-457f-a88b-0a76c4ffdc23","block_type":"box","text":"........................................","page_number":36,"box":{"x":370,"y":138,"width":320,"height":2}},{"id":"ae05c59d-b800-44bb-b440-d7ac519259d2","block_type":"box","text":"$466,106 $466,086","page_number":36,"box":{"x":724,"y":130,"width":181,"height":11}},{"id":"344722e7-ca44-4fa6-8350-2f8158323558","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":36,"box":{"x":70,"y":146,"width":294,"height":11}},{"id":"4a97ed2b-87b2-46c0-94dd-fa7901a989af","block_type":"box","text":"........................................","page_number":36,"box":{"x":370,"y":154,"width":320,"height":1}},{"id":"0c4ccf69-2b77-4dba-96e4-70d6612d37fe","block_type":"box","text":"$462,016 $439,263","page_number":36,"box":{"x":724,"y":145,"width":181,"height":12}},{"id":"131e09cf-a091-4ea2-b71e-1563a683907f","block_type":"box","text":"The Trust and its service providers may engage third party plan administrators who provide trustee,","page_number":36,"box":{"x":101,"y":170,"width":708,"height":11}},{"id":"773584be-8c3c-4239-804d-fb1ec2e7c9ae","block_type":"box","text":"administrative and recordkeeping services for certain employee benefit, profit-sharing and retirement plans as agents","page_number":36,"box":{"x":69,"y":185,"width":838,"height":11}},{"id":"d1f2b210-e763-4891-9cb2-263a3cccf21b","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":36,"box":{"x":68,"y":200,"width":800,"height":12}},{"id":"43dbfc97-9255-46c8-b374-756a08673ff7","block_type":"box","text":"shares of the Fund.","page_number":36,"box":{"x":69,"y":215,"width":137,"height":9}},{"id":"4a0d69e1-d94e-4271-a01d-eed645d38757","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides certain","page_number":36,"box":{"x":102,"y":238,"width":740,"height":11}},{"id":"f6bdc58a-9cc8-4cbf-9ddd-54ecfdd33988","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund,","page_number":36,"box":{"x":69,"y":253,"width":824,"height":11}},{"id":"16d1a10f-bf24-4741-ac59-337b8ebd97a1","block_type":"box","text":"reimburses BlackRock for its costs in maintaining the service center, which costs include, among other things,","page_number":36,"box":{"x":69,"y":268,"width":787,"height":12}},{"id":"1edf7dee-2e1b-41c7-b7b8-68701f95fd31","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":36,"box":{"x":69,"y":283,"width":531,"height":12}},{"id":"774acfce-b9b0-48e1-81df-f3504d2f4c42","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, reimbursed to BlackRock fees for shareholder liaison","page_number":36,"box":{"x":102,"y":306,"width":779,"height":11}},{"id":"623bc3a6-a180-46c6-8898-c4795dedc13e","block_type":"box","text":"services pursuant to such agreement as follows:","page_number":36,"box":{"x":69,"y":321,"width":346,"height":11}},{"id":"3a788890-e859-439b-8966-8a227c479580","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":732,"y":349,"width":56,"height":8}},{"id":"58fc6dcd-b9f4-4908-bd42-0f75007ce833","block_type":"box","text":"to BlackRock","page_number":36,"box":{"x":720,"y":360,"width":80,"height":7}},{"id":"a69f15c2-fd6b-4b8c-ace2-41c09c507c2b","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":833,"y":349,"width":72,"height":8}},{"id":"eb86c3e0-33db-44b7-b171-3662cb66cfaf","block_type":"box","text":"by BlackRock","page_number":36,"box":{"x":830,"y":360,"width":80,"height":8}},{"id":"2bee0b14-378a-4ef8-aa97-27ff652f91ff","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":36,"box":{"x":70,"y":377,"width":294,"height":11}},{"id":"15334b8b-6ef6-4443-8e67-66b66e94eb55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,350 $2,932","page_number":36,"box":{"x":370,"y":377,"width":525,"height":11}},{"id":"128cb39e-dd99-438c-a55b-9e4741cbc7ef","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":36,"box":{"x":70,"y":392,"width":294,"height":11}},{"id":"fd465b06-61cd-4250-bd31-2e3ca882ba69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,338 $4,278","page_number":36,"box":{"x":370,"y":392,"width":526,"height":11}},{"id":"06dd489f-529e-45f7-a9f5-2a4ae49173c6","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":36,"box":{"x":70,"y":408,"width":294,"height":10}},{"id":"92a1edca-c1ce-4928-99a5-ac547247e5f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,583 $1,221","page_number":36,"box":{"x":370,"y":407,"width":525,"height":11}},{"id":"33df1206-af8c-475b-8a69-be856183727c","block_type":"box","text":"Accounting Services.","page_number":36,"box":{"x":101,"y":432,"width":154,"height":11}},{"id":"54b3c0d8-8367-4c71-a376-642101225d82","block_type":"box","text":"JPM serves as the accounting services provider for the Fund. JPM records investment,","page_number":36,"box":{"x":261,"y":431,"width":616,"height":12}},{"id":"f4c6fdf2-fdae-4892-a5ef-6269fe2dfc30","block_type":"box","text":"capital share and income and expense activities; verifies and transmits trade tickets; maintains accounting ledgers","page_number":36,"box":{"x":69,"y":446,"width":820,"height":12}},{"id":"9ec1640d-4421-48b9-9713-1e467b0015cb","block_type":"box","text":"for investment securities; maintains tax lots; reconciles cash with the Fund’s custodian; reports cash balances to","page_number":36,"box":{"x":68,"y":462,"width":812,"height":11}},{"id":"f98e8017-2db2-4d08-8ec0-20274ace6b09","block_type":"box","text":"BlackRock; prepares certain financial statements; calculates expenses, gains, losses and income; controls","page_number":36,"box":{"x":70,"y":477,"width":765,"height":11}},{"id":"9c34c6b4-c7e7-423f-9b26-fbc745b9ab1b","block_type":"box","text":"disbursements; works with independent pricing sources; and computes and reports net asset value. In connection","page_number":36,"box":{"x":69,"y":492,"width":815,"height":11}},{"id":"b530d0ed-99a4-4d24-bb14-51ded0b9b2d7","block_type":"box","text":"with its accounting services, JPM also provides certain administration services to the Fund.","page_number":36,"box":{"x":68,"y":507,"width":653,"height":11}},{"id":"465d073c-73af-4e95-96f8-7a1e692e3d41","block_type":"box","text":"The table below shows the amounts paid by the Trust, on behalf of the Fund, to JPM, as applicable, for","page_number":36,"box":{"x":101,"y":530,"width":734,"height":11}},{"id":"894c5c4d-d36f-44d1-a334-4276ed02d4b7","block_type":"box","text":"accounting services for the periods indicated:","page_number":36,"box":{"x":69,"y":545,"width":324,"height":11}},{"id":"16e2c8a1-09f2-4894-99b6-d9c40bdd62ac","block_type":"box","text":"Fees Paid to JPM","page_number":36,"box":{"x":809,"y":573,"width":100,"height":7}},{"id":"0ddb71ce-9bac-46ee-9b96-1a512ec40b87","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . .","page_number":36,"box":{"x":70,"y":591,"width":332,"height":10}},{"id":"75e7ad31-c36c-4d58-9b64-6e2bd22f7593","block_type":"box","text":"..............................................","page_number":36,"box":{"x":408,"y":598,"width":369,"height":2}},{"id":"d70259af-bb43-4740-a677-8bb46034d683","block_type":"box","text":"$446,427","page_number":36,"box":{"x":823,"y":590,"width":71,"height":11}},{"id":"1c3c00f0-cdd8-4084-a1ce-7ddbbc94212e","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . .","page_number":36,"box":{"x":70,"y":606,"width":332,"height":10}},{"id":"82fab3f0-ac51-4c3e-a6a2-25974628b3bb","block_type":"box","text":"..............................................","page_number":36,"box":{"x":408,"y":613,"width":369,"height":2}},{"id":"d0073208-e071-4bb5-8f72-58486458c51f","block_type":"box","text":"$427,304","page_number":36,"box":{"x":823,"y":605,"width":72,"height":11}},{"id":"5f9c41ec-ced7-465c-b82c-274865bf64eb","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . .","page_number":36,"box":{"x":70,"y":621,"width":332,"height":11}},{"id":"29382db9-191d-4f40-9900-216d7186c56a","block_type":"box","text":"..............................................","page_number":36,"box":{"x":408,"y":628,"width":369,"height":2}},{"id":"f05ddc6e-1e75-4fa7-af0f-76b89fbb7a92","block_type":"box","text":"$375,377","page_number":36,"box":{"x":823,"y":620,"width":71,"height":12}},{"id":"c6e5dfd1-700e-49fc-9b41-68e73f0a5eb6","block_type":"box","text":"Custodian and Transfer Agency Agreements.","page_number":36,"box":{"x":101,"y":645,"width":324,"height":11}},{"id":"f75e1944-97e5-4106-9eff-8b74dd47eb60","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”), which has its principal","page_number":36,"box":{"x":431,"y":645,"width":425,"height":11}},{"id":"716c20f9-9e9c-4d88-a418-f7553656df83","block_type":"box","text":"offices at 383 Madison Avenue, New York, New York 10179, serves as the custodian for the Fund. Among other","page_number":36,"box":{"x":69,"y":660,"width":799,"height":11}},{"id":"970645c9-25a9-44fe-8e93-5ec03fdfdb9c","block_type":"box","text":"responsibilities, JPM maintains a custody account or accounts in the name of the Fund, receives and delivers all","page_number":36,"box":{"x":69,"y":675,"width":800,"height":11}},{"id":"c9931fde-cc95-4b86-a690-6680813d9042","block_type":"box","text":"assets for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other","page_number":36,"box":{"x":69,"y":690,"width":778,"height":11}},{"id":"847a97b8-b5bb-4992-9016-8f3c178bfa5b","block_type":"box","text":"payments and distributions on account of the assets of the Fund.","page_number":36,"box":{"x":70,"y":705,"width":464,"height":12}},{"id":"59640cc3-150d-46d5-9144-6087af505d55","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 118 Flanders Road","page_number":36,"box":{"x":102,"y":728,"width":760,"height":11}},{"id":"3f78f166-c83b-4810-8501-155578eb701b","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer and dividend disbursement agent for the Fund.","page_number":36,"box":{"x":68,"y":743,"width":771,"height":12}},{"id":"2ad63555-73ad-464c-b2e2-868c6c61d6dc","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":36,"box":{"x":69,"y":774,"width":335,"height":11}},{"id":"d5288103-65d7-4fc6-bbe7-6875f8456b6b","block_type":"box","text":"Justin Christofel, CFA, and Louis Arranz, CFA are the portfolio managers and are jointly and primarily responsible","page_number":36,"box":{"x":101,"y":796,"width":801,"height":11}},{"id":"6a48a388-ce0b-4b08-a50a-b44bcb851019","block_type":"box","text":"for the day-to-day management of the Fund’s portfolio.","page_number":36,"box":{"x":68,"y":811,"width":387,"height":12}},{"id":"92e2722c-08f0-4514-9acc-c3a077780f57","block_type":"box","text":"Other Funds and Accounts Managed","page_number":36,"box":{"x":69,"y":842,"width":258,"height":11}},{"id":"b99aee2f-0d8c-40ff-84e4-f7982816a13f","block_type":"box","text":"The following table sets forth information about the funds and accounts other than the Fund, for which the","page_number":36,"box":{"x":101,"y":864,"width":758,"height":11}},{"id":"b9dd6ff0-6e1b-4ded-8b3f-bb950c6da492","block_type":"box","text":"portfolio managers are jointly and primarily responsible for the day-to-day portfolio management as of December 31,","page_number":36,"box":{"x":70,"y":879,"width":826,"height":12}},{"id":"d68a828e-8dc9-4506-8023-7aa1322b3698","block_type":"box","text":"2025.","page_number":36,"box":{"x":69,"y":895,"width":42,"height":8}},{"id":"5d5faeae-c71d-4e25-80f0-d534b8d3adb2","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4afbeb68-ef36-4cb7-96e7-7d50c86682ee","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a75181c-4ed0-40d7-8deb-4ec685efebc7","block_type":"box","text":"Number of Other Accounts Managed","page_number":37,"box":{"x":373,"y":49,"width":211,"height":9}},{"id":"5a9f350c-9c4d-4280-873a-a4ffab82eca1","block_type":"box","text":"and Assets by Account Type","page_number":37,"box":{"x":396,"y":59,"width":164,"height":9}},{"id":"368af93b-ec7c-481c-9dbd-37021a618f9b","block_type":"box","text":"Number of Other Accounts and Assets","page_number":37,"box":{"x":656,"y":49,"width":222,"height":7}},{"id":"475f0c74-e7db-4ef7-bd67-e9217100081b","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":37,"box":{"x":634,"y":59,"width":265,"height":9}},{"id":"313d1cc6-ee2a-439c-80bc-a08f9593d965","block_type":"box","text":"Name of Portfolio Manager","page_number":37,"box":{"x":74,"y":102,"width":157,"height":9}},{"id":"3b200336-203f-4e02-9961-c5a60f14686d","block_type":"box","text":"Other","page_number":37,"box":{"x":367,"y":72,"width":31,"height":7}},{"id":"2c778192-7700-4440-964e-6f7ac2d6a94b","block_type":"box","text":"Registered","page_number":37,"box":{"x":351,"y":82,"width":63,"height":9}},{"id":"bbc50e33-4111-4e01-a1c4-c20c40df2d2a","block_type":"box","text":"Investment","page_number":37,"box":{"x":351,"y":92,"width":64,"height":7}},{"id":"d3f917cb-e712-433a-beba-7f1e132818c2","block_type":"box","text":"Companies","page_number":37,"box":{"x":351,"y":102,"width":63,"height":9}},{"id":"f3d69042-4618-4190-ace7-1eaecdc595aa","block_type":"box","text":"Other Pooled","page_number":37,"box":{"x":443,"y":82,"width":75,"height":7}},{"id":"2bb728b1-f184-442b-8b6c-355fd684d8b9","block_type":"box","text":"Investment","page_number":37,"box":{"x":449,"y":92,"width":64,"height":7}},{"id":"0e953df9-64ae-40f3-a09a-05c60a9ee9e7","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":456,"y":102,"width":48,"height":7}},{"id":"1fa5ab6b-98a8-4169-9ac9-cc14116ee090","block_type":"box","text":"Other","page_number":37,"box":{"x":561,"y":92,"width":31,"height":7}},{"id":"d943eda6-2acd-4e05-b2d3-65a9bbcdaf40","block_type":"box","text":"Accounts","page_number":37,"box":{"x":549,"y":102,"width":54,"height":7}},{"id":"3e8c9dc0-995d-4133-9ca6-2d7730ce49d5","block_type":"box","text":"Other","page_number":37,"box":{"x":656,"y":72,"width":32,"height":7}},{"id":"44a4bd0f-e3af-4b8c-b1af-2606c7877814","block_type":"box","text":"Registered","page_number":37,"box":{"x":641,"y":82,"width":62,"height":9}},{"id":"4612fce2-93db-4519-968d-c04b33712857","block_type":"box","text":"Investment","page_number":37,"box":{"x":640,"y":92,"width":64,"height":7}},{"id":"e71f9282-8764-46bd-b84e-4af3b559133e","block_type":"box","text":"Companies","page_number":37,"box":{"x":640,"y":102,"width":64,"height":9}},{"id":"d0568436-0284-43ac-86b0-5664f879e61d","block_type":"box","text":"Other Pooled","page_number":37,"box":{"x":735,"y":82,"width":74,"height":7}},{"id":"4ea95f23-fc75-4d1b-a95b-c584ec1c4657","block_type":"box","text":"Investment","page_number":37,"box":{"x":740,"y":92,"width":64,"height":7}},{"id":"560e7005-e8f4-4528-815c-a575191a104c","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":748,"y":102,"width":48,"height":7}},{"id":"d9cbd9f1-4987-45f8-8580-73499037f50b","block_type":"box","text":"Other","page_number":37,"box":{"x":852,"y":92,"width":31,"height":7}},{"id":"0b78d5d0-049b-4ed8-b2d3-aadd67fed49b","block_type":"box","text":"Accounts","page_number":37,"box":{"x":840,"y":102,"width":54,"height":7}},{"id":"6f68a564-ff19-4e98-89e6-6a7f9efa2789","block_type":"box","text":"Louis Arranz, CFA 3 9 0 0 0 0","page_number":37,"box":{"x":74,"y":116,"width":797,"height":8}},{"id":"10d6176d-9b42-44ef-b686-65547c048b70","block_type":"box","text":"$11.92 Billion $7.96 Billion $0 $0 $0 $0","page_number":37,"box":{"x":342,"y":128,"width":532,"height":8}},{"id":"77edc0e8-211f-4819-8008-9218624d59e9","block_type":"box","text":"Justin Christofel, CFA 3 11 1 0 0 0","page_number":37,"box":{"x":73,"y":141,"width":798,"height":8}},{"id":"63b20f2f-faac-4c44-ada2-60efc998d5d1","block_type":"box","text":"$11.92 Billion $7.99 Billion $8.44 Million $0 $0 $0","page_number":37,"box":{"x":342,"y":153,"width":532,"height":8}},{"id":"619c0969-b069-4567-860c-44750c49d712","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":188,"width":304,"height":11}},{"id":"efa4614d-c853-458d-a93b-3b53c1ac4b00","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of December 31, 2025.","page_number":37,"box":{"x":101,"y":210,"width":700,"height":12}},{"id":"b9f5b1eb-5103-4259-ae8b-5d2980efd523","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":233,"width":774,"height":11}},{"id":"debc23c6-eb69-408a-8f8e-a20e121ec958","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":248,"width":837,"height":11}},{"id":"a09d152f-4e58-47f8-b47f-f34af75a52cb","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":37,"box":{"x":69,"y":263,"width":823,"height":11}},{"id":"6b27067d-db17-4369-a664-b0332d3a5a4b","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":37,"box":{"x":69,"y":278,"width":799,"height":11}},{"id":"c3c77b4c-5e48-4847-8d3b-dbd581cec428","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":293,"width":670,"height":12}},{"id":"ed61c974-fe24-415b-aeee-fd7fb2d321f9","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":316,"width":148,"height":11}},{"id":"c57cc5cf-adce-414a-820b-ee951e2ef183","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":316,"width":640,"height":11}},{"id":"cab04272-5112-497b-a19d-08c7e6e0de20","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":331,"width":32,"height":9}},{"id":"3ecb99e7-3a21-4397-832c-cf0698a85325","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":354,"width":281,"height":11}},{"id":"1b378be1-7069-4b74-aefa-a72570fd3972","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":37,"box":{"x":391,"y":354,"width":432,"height":11}},{"id":"cf6b55fe-9244-4adf-9743-fdaedacb2eac","block_type":"box","text":"components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within","page_number":37,"box":{"x":69,"y":369,"width":759,"height":11}},{"id":"c16d1560-29ac-4e3c-8989-a6b175c45340","block_type":"box","text":"BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or","page_number":37,"box":{"x":70,"y":384,"width":821,"height":11}},{"id":"ebee55d2-c9a7-46e0-9ef8-b5788efdb362","block_type":"box","text":"supervision by that portfolio manager, and the individual’s performance and contribution to the overall performance","page_number":37,"box":{"x":69,"y":399,"width":826,"height":12}},{"id":"81e555ff-4b99-4bda-84a6-5f03abb9e719","block_type":"box","text":"of these portfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":37,"box":{"x":69,"y":414,"width":805,"height":12}},{"id":"eda256fc-73cd-4267-9fb0-9ca5ded99e73","block_type":"box","text":"determination with respect to each portfolio manager’s compensation based on the performance of the Fund and","page_number":37,"box":{"x":69,"y":429,"width":809,"height":12}},{"id":"e3292e19-1e03-45ac-841d-91c06942eacf","block_type":"box","text":"other accounts managed by each portfolio manager. Performance of multi-asset class funds is generally measured","page_number":37,"box":{"x":69,"y":445,"width":818,"height":11}},{"id":"f5707bbc-9c2d-4614-9df6-f2f9269b417d","block_type":"box","text":"on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of","page_number":37,"box":{"x":69,"y":460,"width":818,"height":11}},{"id":"e73392f7-7dda-4113-a10d-6f3c65eb6b61","block_type":"box","text":"Messrs. Christofel and Arranz is not measured against a specific benchmark.","page_number":37,"box":{"x":70,"y":475,"width":548,"height":11}},{"id":"e0f21f07-25f9-493f-a359-3a05eafc58dc","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":498,"width":389,"height":11}},{"id":"9c27a55c-3286-4bdd-a810-76b19e3b3aba","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":498,"width":383,"height":11}},{"id":"547e18d5-ac6b-4da3-a074-7aa983e3b3b1","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":37,"box":{"x":70,"y":513,"width":815,"height":11}},{"id":"4d4cf169-41a8-4939-a2a7-3f5ffed8333f","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":37,"box":{"x":68,"y":528,"width":522,"height":11}},{"id":"ff64eb5f-6da0-4774-8713-44e2ba8defe1","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":37,"box":{"x":102,"y":550,"width":760,"height":12}},{"id":"73891d18-91c5-45c0-8efb-b4c539a26954","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":37,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"d8eb8802-52a5-4ca4-a262-fb68dd599ae7","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":37,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"f6f45ae0-8648-44d8-afc9-3f0a11fb57f6","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":37,"box":{"x":69,"y":596,"width":822,"height":11}},{"id":"ab4afba2-f974-4ff0-b8aa-94bb31f15cc9","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":37,"box":{"x":68,"y":611,"width":839,"height":11}},{"id":"a604c599-a7b6-4ecb-9ec7-8ac5775a19e3","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":37,"box":{"x":69,"y":626,"width":802,"height":11}},{"id":"f83a2f1a-577e-484f-adfb-35bee40ab4f1","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":37,"box":{"x":70,"y":641,"width":820,"height":11}},{"id":"0c1c54ad-d07a-4e71-b663-3a98a649fa1d","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":37,"box":{"x":70,"y":656,"width":801,"height":12}},{"id":"56bc0b53-3e6f-4cf0-96ac-7a7de1f4ff57","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":37,"box":{"x":70,"y":671,"width":831,"height":11}},{"id":"0ef8c078-8e79-42bd-ad4c-76059274c486","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":686,"width":479,"height":12}},{"id":"6f905ce1-6072-438f-98fc-f124188b3d17","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":37,"box":{"x":102,"y":709,"width":785,"height":11}},{"id":"f2ac167e-8c75-4392-a385-88c8edbe55ae","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":37,"box":{"x":68,"y":724,"width":836,"height":12}},{"id":"0a0da4a0-c197-4665-9583-246cb750e702","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":37,"box":{"x":68,"y":739,"width":821,"height":12}},{"id":"417a5fc4-6440-4987-a8ae-a498a4a8895e","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":37,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"bbabf2d0-61ef-48d2-9503-1db21020b0d7","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":770,"width":835,"height":11}},{"id":"b4415f94-7389-41c4-9ac0-5bfde3795f8c","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":785,"width":414,"height":11}},{"id":"10ee4de9-0481-450e-871a-c248b8913b39","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":808,"width":218,"height":10}},{"id":"eca5ca1e-16f7-492e-80e5-9d12b860dac2","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":37,"box":{"x":327,"y":807,"width":552,"height":12}},{"id":"6a200cbc-54a5-4446-ae72-fec79bed2cec","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":37,"box":{"x":69,"y":823,"width":582,"height":11}},{"id":"d6b88fc9-b112-42b1-bcf4-e88d64e6b92b","block_type":"box","text":"Incentive Savings Plans","page_number":37,"box":{"x":102,"y":845,"width":167,"height":12}},{"id":"b27a89d4-4072-44ff-9565-bb3cc2e693fc","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":37,"box":{"x":274,"y":845,"width":614,"height":12}},{"id":"f02d0220-401e-432f-9451-deb810bb0633","block_type":"box","text":"employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":37,"box":{"x":69,"y":860,"width":831,"height":12}},{"id":"6f040496-53d0-43ff-9d9b-67646ca0ec4c","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":37,"box":{"x":70,"y":875,"width":785,"height":12}},{"id":"5952d96f-0421-4897-aaaa-24d28dd305f8","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":37,"box":{"x":69,"y":890,"width":830,"height":12}},{"id":"7d539eb9-34e9-422e-bd2d-3fb4e485f66f","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":37,"box":{"x":69,"y":906,"width":799,"height":11}},{"id":"50f4d2ca-b916-4185-9693-7e6990253a2a","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e448bfea-030d-4f78-8e95-1b6ef1213664","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"355ec23e-31cb-4850-8a76-4ba40884e44c","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":44,"width":831,"height":12}},{"id":"84baa6cb-6d76-4647-ae4a-ef70bc831d2f","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"49bac765-0b79-4885-a77e-9c8c4fbf46c5","block_type":"box","text":"participants for their own contributions or, absent participant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":75,"width":809,"height":11}},{"id":"287e7b05-3bf8-4526-9e68-c061cb024bae","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for","page_number":38,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"cdfb6f13-c2c3-459e-a6fe-2bd69242b07f","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":38,"box":{"x":70,"y":105,"width":832,"height":11}},{"id":"c50a3f29-0c09-4f7e-8272-c4afeb9ddc82","block_type":"box","text":"Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":38,"box":{"x":68,"y":120,"width":805,"height":11}},{"id":"08ce1a9e-d22b-4967-a57f-0ff5dddbfe1b","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":38,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"fdc8c6e5-6ecd-4dd5-b62b-8f8cd58f6a08","block_type":"box","text":"participate in these plans.","page_number":38,"box":{"x":70,"y":151,"width":185,"height":10}},{"id":"5f2d6972-532e-456e-86a7-5d12b9614cd5","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":38,"box":{"x":69,"y":181,"width":268,"height":11}},{"id":"fe2e47f3-6e68-4b99-b249-ef9bc674f77b","block_type":"box","text":"The following table sets forth the dollar range of equity securities of the Fund beneficially owned by each","page_number":38,"box":{"x":101,"y":203,"width":744,"height":12}},{"id":"624afa04-d98d-4fbc-bd3d-500a6f82ec65","block_type":"box","text":"portfolio manager of the Fund as of December 31, 2025.","page_number":38,"box":{"x":70,"y":218,"width":405,"height":12}},{"id":"956da170-c2a8-452c-998e-850148dea610","block_type":"box","text":"Portfolio Manager","page_number":38,"box":{"x":69,"y":257,"width":105,"height":9}},{"id":"74ceed4f-c432-493d-9a07-12479cde65eb","block_type":"box","text":"Dollar Range of Equity","page_number":38,"box":{"x":757,"y":247,"width":129,"height":9}},{"id":"e86f0ec0-699d-4b8c-b082-178028d6b626","block_type":"box","text":"Securities Beneficially Owned","page_number":38,"box":{"x":732,"y":257,"width":173,"height":9}},{"id":"668b5acc-db35-4793-81c4-e8726bba5b01","block_type":"box","text":"1","page_number":38,"box":{"x":906,"y":257,"width":4,"height":3}},{"id":"afb8f49b-fcb9-4b87-a8f7-a8e8573e2699","block_type":"box","text":"Justin Christofel, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":69,"y":275,"width":632,"height":10}},{"id":"521e356b-9f40-4a9a-99d8-a801bb1868b3","block_type":"box","text":"$10,001 - $50,000","page_number":38,"box":{"x":752,"y":274,"width":139,"height":11}},{"id":"519a1bf3-179e-44a1-bbf8-83a3c069a1c0","block_type":"box","text":"Louis Arranz, CFA","page_number":38,"box":{"x":70,"y":290,"width":122,"height":10}},{"id":"8ff2b8c8-fc1b-4833-9be1-0df09298e7ab","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 -","page_number":38,"box":{"x":194,"y":289,"width":607,"height":10}},{"id":"1637b1fa-39a1-457d-a0b6-711d244edeac","block_type":"box","text":"$10,000","page_number":38,"box":{"x":807,"y":289,"width":61,"height":11}},{"id":"ffc6c047-4e76-4faf-a0dd-e2abb9a6dc6f","block_type":"box","text":"1","page_number":38,"box":{"x":69,"y":314,"width":3,"height":4}},{"id":"c024427f-8dcd-4410-92e0-7de8bbd9cdf2","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement programs.","page_number":38,"box":{"x":94,"y":314,"width":746,"height":9}},{"id":"e76cec7c-2cb2-4873-895c-f4a760325a7e","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":38,"box":{"x":69,"y":343,"width":403,"height":11}},{"id":"b9fd86ba-d1d0-4c98-9ea2-072faedee5f1","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":38,"box":{"x":102,"y":365,"width":727,"height":12}},{"id":"56335af1-a46a-45ff-ac17-b6047803658c","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":38,"box":{"x":70,"y":380,"width":814,"height":12}},{"id":"013a01c5-1cd4-4b59-b86d-901bfa4875b4","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":38,"box":{"x":70,"y":395,"width":837,"height":11}},{"id":"8efe9946-605d-41bd-b959-304bf2027414","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":38,"box":{"x":70,"y":411,"width":810,"height":11}},{"id":"71415633-13f3-4ace-bd9e-e02c7457f17d","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":38,"box":{"x":69,"y":426,"width":782,"height":11}},{"id":"bfd71d3d-4ce2-444b-8dba-eaad5790bf29","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":38,"box":{"x":69,"y":441,"width":830,"height":11}},{"id":"33947810-844b-455e-a85d-b94ef34da2e9","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":38,"box":{"x":69,"y":456,"width":828,"height":11}},{"id":"c0c7be91-5068-42dc-b3c6-f58fbdd99a87","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":38,"box":{"x":68,"y":471,"width":834,"height":11}},{"id":"2d3127b1-9abd-4ac4-8a87-1f2935c3ec77","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":38,"box":{"x":70,"y":486,"width":777,"height":11}},{"id":"71a318aa-cff1-48f1-b86a-43bfa1cff1a3","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":38,"box":{"x":70,"y":501,"width":821,"height":12}},{"id":"f1257ed3-d949-4860-87b7-f5b5314bd9d7","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":38,"box":{"x":69,"y":517,"width":819,"height":10}},{"id":"d59b7b74-8f6a-4eee-a08a-b2ba14229b25","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":38,"box":{"x":69,"y":532,"width":832,"height":11}},{"id":"d5808c99-24cd-4e7b-a1c5-db6eda97066c","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":38,"box":{"x":68,"y":547,"width":804,"height":11}},{"id":"4e155ac4-5599-444f-8e64-ba70e835fb6b","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":38,"box":{"x":69,"y":562,"width":760,"height":11}},{"id":"08e5f809-7e6e-4108-a001-d52e0a8155ae","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":38,"box":{"x":69,"y":577,"width":834,"height":11}},{"id":"64794e63-b177-45ba-a5ad-3e601e6ce131","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":38,"box":{"x":69,"y":592,"width":836,"height":11}},{"id":"36961939-1535-4f14-8ac1-8a04ad48fde3","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":38,"box":{"x":69,"y":607,"width":822,"height":11}},{"id":"4b9cba53-4d38-49ba-82d2-91a92be08ca7","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":38,"box":{"x":70,"y":622,"width":835,"height":12}},{"id":"e9ed7b41-5faf-4877-b777-9da33ea361c5","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a portfolio manager may be managing","page_number":38,"box":{"x":69,"y":637,"width":820,"height":12}},{"id":"df2d6f01-916b-48b6-b289-bbd060acfc76","block_type":"box","text":"hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":38,"box":{"x":69,"y":652,"width":811,"height":12}},{"id":"66a0bf56-914a-4927-b588-458fd233efdb","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees","page_number":38,"box":{"x":69,"y":668,"width":839,"height":11}},{"id":"dea9f969-e281-401c-8865-566a18ba97fe","block_type":"box","text":"earned on such accounts. Currently, the portfolio managers of this fund are not entitled to receive a portion of","page_number":38,"box":{"x":69,"y":683,"width":788,"height":11}},{"id":"4e030c52-c233-40ab-81b2-c314d4ab8d14","block_type":"box","text":"incentive fees of other accounts.","page_number":38,"box":{"x":70,"y":698,"width":231,"height":9}},{"id":"7277505a-842f-4035-b28f-926be827329f","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":38,"box":{"x":101,"y":721,"width":788,"height":11}},{"id":"03bac714-a03b-4713-a28b-f24fb7df8163","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":38,"box":{"x":70,"y":736,"width":839,"height":11}},{"id":"9066ffb7-84af-4d99-83dd-61fd142389b0","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":38,"box":{"x":68,"y":751,"width":823,"height":11}},{"id":"ffe256eb-389d-441a-8bb4-ee1bfc3336b0","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":38,"box":{"x":68,"y":766,"width":812,"height":11}},{"id":"69c67269-d572-4503-a981-68878b51de24","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":781,"width":777,"height":11}},{"id":"5d38e554-9313-45e6-b81f-45d15793110f","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":796,"width":826,"height":11}},{"id":"01852135-2ee2-4d8a-a6e1-58f380716d89","block_type":"box","text":"Credit Agreement","page_number":38,"box":{"x":69,"y":826,"width":129,"height":11}},{"id":"c64039ee-1ce0-4f84-8e92-c28109ebeed4","block_type":"box","text":"The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates","page_number":38,"box":{"x":101,"y":849,"width":757,"height":11}},{"id":"83a4adb9-e4ba-4cf2-b8c7-711fc0d2051c","block_type":"box","text":"(“Participating Funds”), is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":38,"box":{"x":69,"y":864,"width":817,"height":11}},{"id":"d76876a8-6d18-4ebb-8d80-a49b0de4c150","block_type":"box","text":"terminates on April 8, 2027 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments","page_number":38,"box":{"x":68,"y":879,"width":840,"height":12}},{"id":"6a147aaf-7474-4b22-aba0-9accb551c286","block_type":"box","text":"designated for certain Participating Funds, the Participating Funds, including the Fund, can borrow up to an aggregate","page_number":38,"box":{"x":69,"y":894,"width":839,"height":12}},{"id":"66e80e05-3f96-4185-b849-50376efbc0d7","block_type":"box","text":"commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as","page_number":38,"box":{"x":69,"y":909,"width":801,"height":12}},{"id":"0ccda210-3ec9-44c0-aa13-b170bc776874","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7faa2085-56f7-43b4-b5e2-9205969fa81b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a001bb60-56d2-4407-b800-00d2fea8d3f8","block_type":"box","text":"specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet shareholder","page_number":39,"box":{"x":69,"y":45,"width":751,"height":11}},{"id":"56159c5a-b32f-4c9f-ab75-af2ec7acefbe","block_type":"box","text":"redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit Agreement for","page_number":39,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"7290c4d9-5ca8-4b66-977a-6c552f266743","block_type":"box","text":"leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses and SAI, subject","page_number":39,"box":{"x":70,"y":75,"width":839,"height":11}},{"id":"f51d2496-9701-4211-a119-a518f16f82e4","block_type":"box","text":"to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and","page_number":39,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"e7167977-b3b2-4cee-b67b-1d38eab526a6","block_type":"box","text":"expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the Fund’s","page_number":39,"box":{"x":69,"y":105,"width":809,"height":11}},{"id":"f28ef902-4694-4c7b-8c70-18c860d18576","block_type":"box","text":"returns. The Fund charged its pro rata share of upfront fees and commitment fees on the aggregate commitment","page_number":39,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"8172a21b-94f2-400e-8f5e-f92979361352","block_type":"box","text":"amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be charged","page_number":39,"box":{"x":69,"y":135,"width":800,"height":12}},{"id":"fe61ecbe-765a-44fd-b13e-e99804ed6f03","block_type":"box","text":"interest at a variable rate.","page_number":39,"box":{"x":70,"y":151,"width":182,"height":8}},{"id":"4c1d7bef-579e-4729-aaa2-2e985eda004d","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":181,"width":491,"height":11}},{"id":"7d34b5ba-0c79-48f4-ac26-6d989035f581","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":39,"box":{"x":102,"y":203,"width":421,"height":11}},{"id":"c8b76d27-4117-401b-9e87-7245f855606e","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":39,"box":{"x":529,"y":204,"width":368,"height":11}},{"id":"1e21541f-52a3-46be-b788-899bb8ebe982","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL,” or the “Distributor”) under which BRIL, as agent, offers shares of the Fund","page_number":39,"box":{"x":68,"y":218,"width":834,"height":12}},{"id":"d4434c6f-9902-4d31-a452-aefb6288439c","block_type":"box","text":"on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is not","page_number":39,"box":{"x":69,"y":234,"width":774,"height":11}},{"id":"9102a5bf-c2ab-441f-b1b9-a37a0d322098","block_type":"box","text":"obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":39,"box":{"x":69,"y":249,"width":822,"height":11}},{"id":"954f4a89-67c7-4e14-8825-5a7f46152c42","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":39,"box":{"x":70,"y":264,"width":359,"height":9}},{"id":"0c9d2d3e-59c8-49f4-ba13-6760efacf462","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":39,"box":{"x":101,"y":286,"width":805,"height":12}},{"id":"e87e5f4b-b770-4fc0-ab4d-ccd2ddca3a20","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":39,"box":{"x":68,"y":302,"width":808,"height":11}},{"id":"c3fc7d32-c214-42bb-b170-1eea2b3c87e0","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":39,"box":{"x":69,"y":317,"width":791,"height":11}},{"id":"0d93a522-4a2d-4489-be71-d70562f9d85b","block_type":"box","text":"Organizations”) for certain support services rendered by Service Organizations to their customers who are the","page_number":39,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"83fc4a59-a02e-4e74-9a36-2e0682c3bf93","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Fund.","page_number":39,"box":{"x":69,"y":347,"width":470,"height":9}},{"id":"9a53eab5-5a75-493b-89f0-04435ee47ee9","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":39,"box":{"x":102,"y":370,"width":773,"height":11}},{"id":"9cb7e10d-97e5-4d48-81b4-1853bca83b5c","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of BlackRock, for the period indicated. BRIL, an affiliate","page_number":39,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"b79f568d-000c-4a1e-8fa2-e671e43b0d24","block_type":"box","text":"of the Manager, acts as the Fund’s sole Distributor.","page_number":39,"box":{"x":69,"y":400,"width":366,"height":11}},{"id":"82e9d206-bfb5-406e-9692-b2b67dd47507","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":636,"y":428,"width":102,"height":7}},{"id":"72259c11-0f5a-4363-b960-0a7b904907aa","block_type":"box","text":"Gross Sales","page_number":39,"box":{"x":466,"y":444,"width":68,"height":7}},{"id":"43ba5043-87a7-45e7-beae-8e980aa182e2","block_type":"box","text":"Charges","page_number":39,"box":{"x":476,"y":454,"width":48,"height":9}},{"id":"1f203666-94d5-4068-a0d5-870b5b14919a","block_type":"box","text":"Collected","page_number":39,"box":{"x":473,"y":464,"width":54,"height":7}},{"id":"5ca360d7-30b5-44ed-a6d9-907837bb3319","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":566,"y":444,"width":84,"height":9}},{"id":"22bd5b7b-fdfb-4ee2-b4da-75b69be62837","block_type":"box","text":"Retained by","page_number":39,"box":{"x":574,"y":454,"width":69,"height":9}},{"id":"5cf5f608-25e6-4e05-a535-5a234b08f559","block_type":"box","text":"BRIL","page_number":39,"box":{"x":595,"y":464,"width":27,"height":7}},{"id":"eedea263-7f15-4e9d-a4c7-8d1c48bef5a5","block_type":"box","text":"Sales Charges","page_number":39,"box":{"x":679,"y":444,"width":84,"height":9}},{"id":"bae8688d-f708-4d39-9566-2c3fe71114d2","block_type":"box","text":"Paid to","page_number":39,"box":{"x":701,"y":454,"width":41,"height":7}},{"id":"aead4e1f-aac7-495c-8844-8cf7910ac35e","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":695,"y":464,"width":52,"height":7}},{"id":"2589befb-327e-474b-a914-38de4b9f4608","block_type":"box","text":"CDSCs Received on","page_number":39,"box":{"x":794,"y":444,"width":114,"height":7}},{"id":"9c88aafc-d3e5-40d0-8858-0faba7fc5a5d","block_type":"box","text":"Redemption of","page_number":39,"box":{"x":810,"y":454,"width":84,"height":9}},{"id":"0f8fedb6-7463-4e3b-91ac-146f070bb1cf","block_type":"box","text":"Load-Waived Shares","page_number":39,"box":{"x":793,"y":464,"width":116,"height":7}},{"id":"27e4f522-1deb-4475-8251-ef1f464cceee","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . $138,951 $9,389 $9,389 $12,385","page_number":39,"box":{"x":70,"y":481,"width":812,"height":11}},{"id":"e093c820-89df-4834-8355-c8c1e1601bf4","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . $124,244 $8,610 $8,610 $16,501","page_number":39,"box":{"x":70,"y":496,"width":812,"height":11}},{"id":"9576672a-a6db-433d-88ba-97a95c940827","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . $ 93,166 $6,247 $6,247 $13,407","page_number":39,"box":{"x":70,"y":511,"width":812,"height":12}},{"id":"acec6c09-91bc-4745-8882-b632d46672bb","block_type":"box","text":"Investor C Shares","page_number":39,"box":{"x":752,"y":542,"width":103,"height":7}},{"id":"bb8ace25-08c9-4c4f-bc40-f517a2aa5088","block_type":"box","text":"CDSCs Received","page_number":39,"box":{"x":698,"y":557,"width":96,"height":7}},{"id":"fbce7c06-1bc4-4f07-bba9-6fd371db7aa2","block_type":"box","text":"by BRIL","page_number":39,"box":{"x":724,"y":568,"width":44,"height":8}},{"id":"03947393-ef12-4e51-b8d5-6ffe76ce9c17","block_type":"box","text":"CDSCs Paid to","page_number":39,"box":{"x":824,"y":557,"width":85,"height":7}},{"id":"4b5c3570-4a35-4cce-bc68-51e3c45a85dd","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":841,"y":567,"width":52,"height":8}},{"id":"e2ffd1ea-7e40-4544-b468-f800540a49a7","block_type":"box","text":"Fiscal Year Ended December 31, 2025. . .","page_number":39,"box":{"x":70,"y":585,"width":295,"height":11}},{"id":"4109e882-223a-4738-9d9d-3ae27d026842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 681 $ 681","page_number":39,"box":{"x":371,"y":584,"width":522,"height":11}},{"id":"e24aeff0-8d0b-4366-8691-6ad6bca4033c","block_type":"box","text":"Fiscal Year Ended December 31, 2024. . .","page_number":39,"box":{"x":70,"y":600,"width":295,"height":11}},{"id":"6f13cfa5-ab52-4f90-9d01-d15ed3752fdd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 708 $ 708","page_number":39,"box":{"x":371,"y":600,"width":522,"height":10}},{"id":"d2b7d9fa-cf57-4522-bf11-127f793956d3","block_type":"box","text":"Fiscal Year Ended December 31, 2023. . .","page_number":39,"box":{"x":70,"y":615,"width":295,"height":11}},{"id":"5a375870-d132-4671-a944-8a78e7eb6f6c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,068 $4,068","page_number":39,"box":{"x":371,"y":615,"width":522,"height":11}},{"id":"9557da3d-57e9-4709-a55e-100894ffbe55","block_type":"box","text":"The table below provides information for the fiscal year ended December 31, 2025 about the 12b-1 fees the","page_number":39,"box":{"x":101,"y":639,"width":774,"height":11}},{"id":"3f54f185-e57c-4907-9f6b-1c71587ad1b1","block_type":"box","text":"Fund paid to BRIL under the Trust’s 12b-1 plan. A portion of the fees collected by BRIL were paid to affiliates for","page_number":39,"box":{"x":70,"y":654,"width":801,"height":12}},{"id":"f65a0ff8-676c-441d-be81-f31d04406caa","block_type":"box","text":"providing shareholder servicing activities for Investor A Shares and for providing shareholder servicing and","page_number":39,"box":{"x":70,"y":669,"width":756,"height":12}},{"id":"06095c2e-7221-45c9-bbe5-7357da074e7f","block_type":"box","text":"distribution-related activities and services for Investor C Shares.","page_number":39,"box":{"x":69,"y":685,"width":456,"height":9}},{"id":"032e7e31-f015-4e8f-a0c6-aabca82608df","block_type":"box","text":"Class Name","page_number":39,"box":{"x":69,"y":723,"width":68,"height":7}},{"id":"664e1617-b630-44ec-9a29-5b64139205b4","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":845,"y":713,"width":56,"height":7}},{"id":"1dd2bf06-a827-45dd-af5e-58fd57804ff8","block_type":"box","text":"to BRIL","page_number":39,"box":{"x":851,"y":723,"width":44,"height":7}},{"id":"e2527d8f-85cb-4424-b8c6-bbed60398d77","block_type":"box","text":"Investor A Shares . . .","page_number":39,"box":{"x":70,"y":741,"width":157,"height":9}},{"id":"c4e9e7d5-1b02-4dc4-b7f6-9e961d21aa4a","block_type":"box","text":".......................................................................","page_number":39,"box":{"x":233,"y":748,"width":572,"height":2}},{"id":"e9390c86-6ee7-4663-835d-e26f294285e9","block_type":"box","text":"$752,264","page_number":39,"box":{"x":837,"y":740,"width":72,"height":11}},{"id":"ea96e61e-1d91-44da-bc0c-f4f6dc7ee2bc","block_type":"box","text":"Investor C Shares","page_number":39,"box":{"x":70,"y":756,"width":125,"height":9}},{"id":"e83519cc-74a9-4542-ace3-5f2b340beeb5","block_type":"box","text":"...........................................................................","page_number":39,"box":{"x":200,"y":763,"width":605,"height":2}},{"id":"5f5f9aae-81ca-403a-bc2c-cb50a5136e9f","block_type":"box","text":"$177,801","page_number":39,"box":{"x":837,"y":755,"width":72,"height":11}},{"id":"8c202d43-5c1e-4c65-a8fe-d105ed6b2bce","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":39,"box":{"x":68,"y":787,"width":318,"height":11}},{"id":"44f91f19-a665-41d6-8e47-053a6bcc0c00","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund, based on the","page_number":39,"box":{"x":101,"y":810,"width":795,"height":11}},{"id":"81a0e628-1861-4d9a-b45f-e1f624ca342f","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of December 31,","page_number":39,"box":{"x":68,"y":825,"width":827,"height":11}},{"id":"1eb5d41d-74dd-49fa-bbe9-6817b4e40c58","block_type":"box","text":"2025 follows:","page_number":39,"box":{"x":69,"y":840,"width":96,"height":9}},{"id":"a98fc2cf-7e92-46e3-9b97-831ab5e5965c","block_type":"box","text":"Investor A Shares","page_number":39,"box":{"x":805,"y":869,"width":102,"height":7}},{"id":"27d1419e-2901-40e4-ad36-9ce29f71295b","block_type":"box","text":"Net Assets","page_number":39,"box":{"x":70,"y":886,"width":76,"height":9}},{"id":"04097cea-4941-4de4-89af-bfe6aacc1ef1","block_type":"box","text":"............................................................................","page_number":39,"box":{"x":158,"y":894,"width":613,"height":1}},{"id":"7f8b1974-139f-47bf-a037-f0b3b93fe1c2","block_type":"box","text":"$315,821,284","page_number":39,"box":{"x":803,"y":886,"width":106,"height":11}},{"id":"77e1749f-182c-4a1b-ae76-f0931dcff528","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":39,"box":{"x":70,"y":901,"width":245,"height":12}},{"id":"92bee4f7-1be9-4b46-9253-7f41e36dc066","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,","page_number":39,"box":{"x":321,"y":901,"width":524,"height":11}},{"id":"66991ca7-3444-418c-9638-0ad7f2a57964","block_type":"box","text":"590,058","page_number":39,"box":{"x":847,"y":901,"width":62,"height":11}},{"id":"52176c5c-1bcb-4e16-8220-f2dbdc940ccd","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"e6daaf50-28bb-4984-8a2d-3b07bfcace2f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ae8f523-494f-4d2d-b863-b250f7b79836","block_type":"box","text":"Investor A Shares","page_number":40,"box":{"x":805,"y":49,"width":102,"height":7}},{"id":"39bd8032-5d40-4cf8-9a2a-67a126755b29","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) . .","page_number":40,"box":{"x":70,"y":67,"width":595,"height":11}},{"id":"46627193-f976-4b36-82c0-692b90e19f00","block_type":"box","text":". . . . . . . . . . . . . $9.69","page_number":40,"box":{"x":672,"y":66,"width":237,"height":10}},{"id":"8c327e52-3a02-4332-99c4-7c44c0edf9d4","block_type":"box","text":"Sales Charge (4.00% of offering price; 4.17% of net asset value per share)","page_number":40,"box":{"x":69,"y":82,"width":531,"height":11}},{"id":"c97d865d-2f12-4753-9e21-80ef49c0d19f","block_type":"box","text":"1","page_number":40,"box":{"x":602,"y":82,"width":4,"height":5}},{"id":"966d67ac-cc26-4355-b63a-2e44f7dd048e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.40","page_number":40,"box":{"x":615,"y":81,"width":294,"height":11}},{"id":"f0e0dbdd-97fb-415a-ba0a-637dea7db529","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":101,"width":702,"height":12}},{"id":"7adb3930-8749-44ae-bcf4-206bf5944b36","block_type":"box","text":"$10.09","page_number":40,"box":{"x":857,"y":101,"width":52,"height":10}},{"id":"c045688f-b57f-47eb-93ce-85d1d0545b6a","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":134,"width":3,"height":3}},{"id":"d2b5dee7-ce1a-4511-bb64-59f6e5aa02ec","block_type":"box","text":"Assumes maximum sales charge applicable.","page_number":40,"box":{"x":93,"y":134,"width":253,"height":8}},{"id":"65509a2c-89e3-4ea1-812f-174f773cf8bc","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":40,"box":{"x":101,"y":154,"width":787,"height":12}},{"id":"15e8bf65-8069-41a4-ac08-283bbeebeb3f","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":40,"box":{"x":69,"y":169,"width":833,"height":12}},{"id":"f042001d-fd48-4ff3-bf4b-72c553b3cfbc","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":40,"box":{"x":69,"y":184,"width":813,"height":12}},{"id":"990f8097-d35f-4bc9-9842-39fa59a3e252","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":40,"box":{"x":69,"y":200,"width":377,"height":11}},{"id":"a3b8bb22-edce-4f7b-907f-832833f580bd","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":230,"width":302,"height":11}},{"id":"5c427143-617e-4650-b287-c2bfd00eff79","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":40,"box":{"x":102,"y":252,"width":609,"height":12}},{"id":"3e8e51fd-0848-427e-8277-99f4c1280ea5","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to Affiliates, for the","page_number":40,"box":{"x":102,"y":275,"width":801,"height":11}},{"id":"8a1c8bd5-3ad9-4aa0-83df-df702adda31b","block_type":"box","text":"last three fiscal years is set forth in the following table:","page_number":40,"box":{"x":70,"y":290,"width":392,"height":12}},{"id":"31b5e91c-20cc-47b6-b325-8c20df5188f3","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":648,"y":319,"width":125,"height":8}},{"id":"e1444ef2-702f-430a-922d-64ba22b754f8","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":658,"y":329,"width":105,"height":7}},{"id":"9bfb9f68-c792-4331-8eb7-de2073155762","block_type":"box","text":"Commissions Paid","page_number":40,"box":{"x":803,"y":319,"width":106,"height":7}},{"id":"3cc09603-2451-43f1-a017-0f2c4982f988","block_type":"box","text":"to Affiliates","page_number":40,"box":{"x":822,"y":329,"width":68,"height":7}},{"id":"07f95959-fb56-41c7-83f3-071ad786c746","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":40,"box":{"x":70,"y":346,"width":273,"height":11}},{"id":"c2e7e669-b849-4957-882b-6fdeeb502578","block_type":"box","text":"..................................","page_number":40,"box":{"x":346,"y":354,"width":271,"height":1}},{"id":"85e7b290-4b20-4919-a736-1a2cde907fdd","block_type":"box","text":"$133,452 $0","page_number":40,"box":{"x":675,"y":346,"width":190,"height":11}},{"id":"a2d33737-3b1d-45f9-acb3-7cf87220018f","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":40,"box":{"x":70,"y":362,"width":274,"height":10}},{"id":"12ad8feb-a49e-4a4c-a189-f1a42d577509","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 84,590 $0","page_number":40,"box":{"x":346,"y":361,"width":519,"height":11}},{"id":"f24de50f-7f0a-4d83-bff7-b7f2239d1369","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":40,"box":{"x":70,"y":377,"width":273,"height":10}},{"id":"e67c6fd1-5507-47d6-af42-90e1c0d5325f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 99,394 $0","page_number":40,"box":{"x":346,"y":376,"width":519,"height":11}},{"id":"ba76e89d-63b1-4f33-9777-23daf0aba41b","block_type":"box","text":"For the fiscal year ended December 31, 2025, the brokerage commissions paid to affiliates by the Fund","page_number":40,"box":{"x":102,"y":401,"width":741,"height":11}},{"id":"e54bc9bf-3a37-4b93-9cda-f3aeb30400bd","block_type":"box","text":"represented 0% of the aggregate brokerage commissions paid and involved 0% of the dollar amount of transactions","page_number":40,"box":{"x":69,"y":416,"width":823,"height":11}},{"id":"84e5699e-760a-4da3-ac9c-b11a7cece38c","block_type":"box","text":"involving payment of commissions during the year.","page_number":40,"box":{"x":70,"y":431,"width":356,"height":11}},{"id":"3778aa49-ce3b-45c2-8f24-18e4ed043c24","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":453,"width":770,"height":12}},{"id":"f1fe7264-ed46-40da-8902-7e452c8dd692","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":40,"box":{"x":69,"y":469,"width":814,"height":11}},{"id":"3f736cfc-1a67-4b64-901b-9b84ee3e518c","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":40,"box":{"x":68,"y":484,"width":784,"height":11}},{"id":"1b5753aa-1c8c-411e-9d37-43121ddaca1c","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":40,"box":{"x":70,"y":499,"width":839,"height":11}},{"id":"f5d2524a-47d8-429b-a82a-3492bc610d95","block_type":"box","text":"business with such brokers.","page_number":40,"box":{"x":69,"y":514,"width":198,"height":9}},{"id":"ffb69559-c70e-455b-b5f4-56b817d15665","block_type":"box","text":"Amount of","page_number":40,"box":{"x":337,"y":542,"width":60,"height":7}},{"id":"8193d71e-ed78-4f5b-9866-1be74ba59048","block_type":"box","text":"Commissions Paid to","page_number":40,"box":{"x":306,"y":552,"width":122,"height":7}},{"id":"0e47b41f-8ccc-48a4-9c25-10d867c08515","block_type":"box","text":"Brokers for Providing 28(e) Eligible","page_number":40,"box":{"x":265,"y":562,"width":204,"height":9}},{"id":"63539630-50f6-40c4-9eb0-499b9b269a2d","block_type":"box","text":"Research Services","page_number":40,"box":{"x":313,"y":572,"width":108,"height":8}},{"id":"714c7eaa-f913-49b0-b8ed-267bd8da7f0e","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":588,"y":562,"width":124,"height":9}},{"id":"96a5a236-f405-46f8-8ff9-0bf5dbc2667b","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":587,"y":572,"width":126,"height":8}},{"id":"3aeaa1f5-dc33-4119-93e8-33206529408f","block_type":"box","text":"$7,822 $16,411,985","page_number":40,"box":{"x":341,"y":589,"width":358,"height":12}},{"id":"372c7884-f630-44fe-a990-0db35d8a99ee","block_type":"box","text":"As of December 31, 2025, the value of the Fund’s holdings of the securities of its regular brokers or dealers (as","page_number":40,"box":{"x":101,"y":614,"width":802,"height":11}},{"id":"29945eda-3b03-4442-a5f7-7cf5f495e762","block_type":"box","text":"defined in Rule 10b-1 under the Investment Company Act), if any portion of such holdings were purchased during the","page_number":40,"box":{"x":69,"y":629,"width":832,"height":11}},{"id":"af368024-49da-4c30-9946-acf811f26b64","block_type":"box","text":"fiscal year ended December 31, 2025 is as follows:","page_number":40,"box":{"x":68,"y":644,"width":370,"height":11}},{"id":"1d7b7dfa-6b11-4034-928f-0fa67d0c7f49","block_type":"box","text":"Regular Broker/Dealer","page_number":40,"box":{"x":69,"y":683,"width":132,"height":9}},{"id":"b98d5be6-2a97-4b5c-9f52-00f7c7b0e615","block_type":"box","text":"Debt (D)/Equity (E)","page_number":40,"box":{"x":646,"y":683,"width":114,"height":9}},{"id":"d92480ae-8b55-4778-8119-cc4c3038a2ac","block_type":"box","text":"Aggregate Holdings","page_number":40,"box":{"x":794,"y":673,"width":115,"height":8}},{"id":"e43b44f4-9004-4b97-8996-f134fa783e6c","block_type":"box","text":"(000’s)","page_number":40,"box":{"x":831,"y":683,"width":42,"height":8}},{"id":"728ee197-e7ac-4e2c-8d57-c8dca9215073","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $9,323","page_number":40,"box":{"x":70,"y":700,"width":808,"height":12}},{"id":"a3fd9353-d9d7-445c-ab7e-38a5b1e2eb60","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":40,"box":{"x":69,"y":716,"width":203,"height":11}},{"id":"872de135-7a9c-4d70-bc25-af096c9e5fde","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $8,144","page_number":40,"box":{"x":279,"y":715,"width":599,"height":11}},{"id":"8704f4c5-c6ba-4c50-9e35-279e0beb530f","block_type":"box","text":"BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $7,443","page_number":40,"box":{"x":70,"y":730,"width":808,"height":11}},{"id":"baf4cb57-7487-4d70-8d21-d077d3364c1f","block_type":"box","text":"Citigroup Global Markets Inc.. . . . . . . . .","page_number":40,"box":{"x":69,"y":746,"width":277,"height":11}},{"id":"2f2ba4f9-1f8e-4899-b33c-81220c8ef9f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $7,407","page_number":40,"box":{"x":352,"y":745,"width":526,"height":11}},{"id":"d7fddd19-8887-432a-82ec-68df9a95201b","block_type":"box","text":"Goldman Sachs & Co. LLC . . .","page_number":40,"box":{"x":69,"y":761,"width":212,"height":9}},{"id":"ad58453f-fe67-46b5-97a3-9691c6c3e079","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $6,076","page_number":40,"box":{"x":287,"y":760,"width":591,"height":11}},{"id":"5f19b95d-2f1f-44a4-a32d-1dff8d349f38","block_type":"box","text":"UBS Securities LLC","page_number":40,"box":{"x":70,"y":776,"width":135,"height":9}},{"id":"af7d822b-0fab-4ae4-8dd8-ef6728372ad6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $2,145","page_number":40,"box":{"x":214,"y":775,"width":664,"height":11}},{"id":"7b1348aa-38fb-4577-a3fa-d3c77d9cbf87","block_type":"box","text":"Barclays Capital, Inc.","page_number":40,"box":{"x":70,"y":791,"width":147,"height":11}},{"id":"4f8b29e4-43af-493b-9c74-c7694e5f93ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $1,469","page_number":40,"box":{"x":222,"y":790,"width":656,"height":12}},{"id":"d9a4bdf0-3f71-438b-b894-f579b8e25095","block_type":"box","text":"BNP Paribas Securities Corp.","page_number":40,"box":{"x":70,"y":806,"width":204,"height":11}},{"id":"5d494f3a-0e5e-469f-953b-fa9b9f664884","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 887","page_number":40,"box":{"x":279,"y":806,"width":599,"height":10}},{"id":"04a668bf-2439-44e8-ba6d-07617173273d","block_type":"box","text":"Citigroup Global Markets Inc.. . . . . . . . .","page_number":40,"box":{"x":69,"y":821,"width":277,"height":12}},{"id":"535a162a-2b12-4ee3-9b35-3ecbfb59b70a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $1,251","page_number":40,"box":{"x":352,"y":821,"width":526,"height":11}},{"id":"ebfe2a74-c772-4928-b6f4-706d1c44d362","block_type":"box","text":"BNP Paribas Securities Corp.","page_number":40,"box":{"x":70,"y":837,"width":204,"height":10}},{"id":"fe71f876-28a6-4d29-8dcc-317df0df95eb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 897","page_number":40,"box":{"x":279,"y":836,"width":599,"height":10}},{"id":"3fee1cc7-2121-4101-99cb-50d1b87e3dfe","block_type":"box","text":"UBS Securities LLC","page_number":40,"box":{"x":70,"y":852,"width":135,"height":9}},{"id":"9d8dd069-a3aa-4f0b-9492-af81048c1285","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 639","page_number":40,"box":{"x":214,"y":851,"width":664,"height":10}},{"id":"8328a7eb-95b3-4423-af49-61319e8914b2","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 639","page_number":40,"box":{"x":70,"y":866,"width":808,"height":12}},{"id":"1476d340-5f2a-4ec6-8108-4bde74e59606","block_type":"box","text":"BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 609","page_number":40,"box":{"x":70,"y":881,"width":808,"height":11}},{"id":"6066be13-6e9e-47b3-b964-cea54604d321","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":40,"box":{"x":69,"y":897,"width":203,"height":11}},{"id":"c9f7168c-6a1f-418e-90e3-95eeb33ead5c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 585","page_number":40,"box":{"x":279,"y":896,"width":599,"height":11}},{"id":"24ea98e3-d036-4fe2-a7bb-e7a026b574ef","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"57b789b5-1dd7-4839-a600-f492b39479a9","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f2d30c7b-c4e0-480c-b86f-fd2f3e41c389","block_type":"box","text":"Regular Broker/Dealer","page_number":41,"box":{"x":69,"y":59,"width":132,"height":9}},{"id":"a0032abf-a04b-4cb1-8fb7-3a5eab6bfc08","block_type":"box","text":"Debt (D)/Equity (E)","page_number":41,"box":{"x":646,"y":59,"width":114,"height":9}},{"id":"92f81e8d-3d61-43f1-bcfa-10fdd8667789","block_type":"box","text":"Aggregate Holdings","page_number":41,"box":{"x":794,"y":49,"width":115,"height":9}},{"id":"f38c4a4e-dd5a-46a0-8f5a-c6ea9ca13fed","block_type":"box","text":"(000’s)","page_number":41,"box":{"x":831,"y":59,"width":42,"height":9}},{"id":"ebf34112-9ef7-46f9-9e5e-0c06e597c7f7","block_type":"box","text":"Goldman Sachs & Co. LLC . . .","page_number":41,"box":{"x":69,"y":77,"width":212,"height":9}},{"id":"2acdc14a-4c25-4216-b6d0-3b48724fa18e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 432","page_number":41,"box":{"x":287,"y":76,"width":591,"height":11}},{"id":"f43ed0ec-d588-4fe8-8c3a-9969c0b3161e","block_type":"box","text":"Barclays Capital, Inc.","page_number":41,"box":{"x":70,"y":92,"width":147,"height":11}},{"id":"f67fe7e8-4ac0-444b-9023-cb95df69c224","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 232","page_number":41,"box":{"x":222,"y":91,"width":656,"height":11}},{"id":"ad4a2fe2-4e93-43bd-8105-7c4cc256c899","block_type":"box","text":"Securities Lending","page_number":41,"box":{"x":68,"y":123,"width":135,"height":11}},{"id":"da819160-41b7-4006-8c54-0c4e64b547bb","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":41,"box":{"x":101,"y":146,"width":807,"height":11}},{"id":"a65dd22b-5699-4d1e-b05d-1eb7b7886269","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":41,"box":{"x":69,"y":161,"width":817,"height":11}},{"id":"c2752ca9-9dbc-4497-92ed-f001f5e8f86f","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":41,"box":{"x":69,"y":176,"width":813,"height":12}},{"id":"39c3f359-d902-4b71-baa2-b6217386206c","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":41,"box":{"x":70,"y":191,"width":838,"height":12}},{"id":"c90ff97a-6060-48ce-ba25-4eb0df74a3b2","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":41,"box":{"x":69,"y":206,"width":813,"height":12}},{"id":"5acb4a4c-d3ba-44e4-8fa9-72ad3844aaa9","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board of Trustees.","page_number":41,"box":{"x":70,"y":222,"width":731,"height":11}},{"id":"8d0e99d5-64ba-422e-9714-83ceacd4dc39","block_type":"box","text":"The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as","page_number":41,"box":{"x":101,"y":244,"width":735,"height":12}},{"id":"c1d711c5-666e-4564-a321-b3ba63c5a451","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":41,"box":{"x":69,"y":259,"width":834,"height":12}},{"id":"5b3c4470-4fc1-4d0d-a9c7-627ad39be474","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":41,"box":{"x":70,"y":275,"width":822,"height":11}},{"id":"362def14-0ae2-4a67-9b75-b4f4f7a98336","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":41,"box":{"x":69,"y":290,"width":787,"height":11}},{"id":"15ac2490-6aae-43d5-bfc4-79a0343ad438","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":41,"box":{"x":69,"y":305,"width":783,"height":11}},{"id":"9e073691-9461-4487-9c99-a29072c9b0c8","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":41,"box":{"x":70,"y":320,"width":800,"height":11}},{"id":"68a6ecf9-1e0a-40e8-a1b6-2a37bbe3de29","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":41,"box":{"x":70,"y":335,"width":813,"height":11}},{"id":"19d63fe0-6c5a-4eec-bea4-1f8c960661a9","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":41,"box":{"x":70,"y":350,"width":830,"height":11}},{"id":"6f13148f-e30b-49c1-b04b-9882d0485747","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":41,"box":{"x":69,"y":365,"width":773,"height":11}},{"id":"c00a4dbe-b700-44b4-ace3-e3064c10f4be","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":41,"box":{"x":101,"y":388,"width":776,"height":11}},{"id":"c4db6f48-0777-4ff2-b31c-58099c853621","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":41,"box":{"x":69,"y":403,"width":831,"height":11}},{"id":"bd08c893-9bed-469c-b809-78b98cedfc9a","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":41,"box":{"x":68,"y":418,"width":812,"height":11}},{"id":"ebb5ae57-400e-4d3f-9a90-f05269ec60fe","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":41,"box":{"x":69,"y":433,"width":799,"height":11}},{"id":"93f4867b-9abe-49b4-8cad-42159cad3ce4","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":41,"box":{"x":68,"y":448,"width":835,"height":12}},{"id":"dfa73ce8-83ee-4fae-90ef-a8977957cfe1","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":41,"box":{"x":69,"y":463,"width":818,"height":12}},{"id":"d346393b-7294-4b68-b6ae-70559328bb5a","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":41,"box":{"x":68,"y":479,"width":789,"height":11}},{"id":"6a3e4ee0-9de0-418e-ad1a-cb2e056a3b17","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":41,"box":{"x":69,"y":494,"width":829,"height":11}},{"id":"d8be1e6f-d43e-4924-b1ef-90d05fcf9dcf","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":41,"box":{"x":69,"y":509,"width":839,"height":11}},{"id":"561acf19-e0cf-4a99-9b44-f13a5cd91553","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":41,"box":{"x":69,"y":524,"width":802,"height":11}},{"id":"6a906f2c-5918-431a-903f-b2f604c0668e","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":41,"box":{"x":70,"y":539,"width":830,"height":11}},{"id":"652bb9cf-6980-4db0-8b7f-0e6d15f4079f","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":41,"box":{"x":69,"y":554,"width":838,"height":11}},{"id":"ef7d0bef-3f3b-4301-b660-52464554b654","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":570,"width":258,"height":11}},{"id":"91f71b1e-66dc-4907-bf6e-b7eedaad019b","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":592,"width":774,"height":11}},{"id":"284ea912-2214-442d-9b27-5f0f754be9d6","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":41,"box":{"x":69,"y":607,"width":794,"height":11}},{"id":"cd49ad49-9352-40a3-8d63-0eedc9d53de5","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":41,"box":{"x":68,"y":622,"width":809,"height":12}},{"id":"bd25d5fb-a32d-47a3-966b-73cfba343974","block_type":"box","text":"Trust and BIM.","page_number":41,"box":{"x":68,"y":638,"width":103,"height":8}},{"id":"7b3bc349-657b-4405-94dc-976cc87ada9f","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":41,"box":{"x":102,"y":660,"width":761,"height":11}},{"id":"f699d939-d021-40da-81c3-0422221bfd59","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":41,"box":{"x":69,"y":675,"width":832,"height":11}},{"id":"853dbedd-be2e-445d-8b73-6d00a9d47d79","block_type":"box","text":"lending income plus collateral investment fees.","page_number":41,"box":{"x":70,"y":690,"width":334,"height":12}},{"id":"2161a9fd-2848-4e45-8bc5-a527b656ceac","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":713,"width":753,"height":11}},{"id":"74ac9756-e9da-45fd-bcda-bb92ab41740e","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specific threshold, the Fund,","page_number":41,"box":{"x":69,"y":728,"width":773,"height":11}},{"id":"856b5422-9aec-4ad0-a770-64132e39b5b9","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":743,"width":817,"height":12}},{"id":"4c634b8d-4451-42f6-8c79-6751ce144f58","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":70,"y":758,"width":794,"height":12}},{"id":"0a7e5692-6fb5-4c19-9d8b-c8d40a8f0f06","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":41,"box":{"x":69,"y":773,"width":825,"height":12}},{"id":"73563923-105b-4c2d-aea6-f875735883ec","block_type":"box","text":"Prior to January 1, 2026, the Fund was subject to the same securities lending fee arrangement.","page_number":41,"box":{"x":102,"y":796,"width":683,"height":11}},{"id":"bf2304a1-5259-4477-aacc-17799c041d26","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended December 31, 2025, primarily","page_number":41,"box":{"x":101,"y":819,"width":783,"height":11}},{"id":"66b41afd-ae32-4518-b973-2ead46c14b98","block_type":"box","text":"included the following:","page_number":41,"box":{"x":70,"y":834,"width":156,"height":11}},{"id":"2675a63f-c073-4e7d-a293-b5dd03197823","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":41,"box":{"x":69,"y":854,"width":818,"height":11}},{"id":"e4db7269-6ebc-488f-a83b-06486d5d0741","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":41,"box":{"x":102,"y":869,"width":333,"height":11}},{"id":"47175556-d14d-499b-a988-52fa72ea51aa","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":41,"box":{"x":69,"y":889,"width":538,"height":12}},{"id":"340fc29b-86cd-455d-a3b1-9100caf03616","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":41,"box":{"x":69,"y":909,"width":330,"height":12}},{"id":"f3c92c2c-57d1-460e-85d5-c6663804b7f0","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"e4b1159e-e2fb-435b-b97c-3af8f1024937","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ab687de-0d54-45d5-b155-786e6ca2ce1d","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":42,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"f53e8996-a4ee-40bd-a256-d032d17de6d5","block_type":"box","text":"of excess collateral, as necessary;","page_number":42,"box":{"x":102,"y":60,"width":246,"height":11}},{"id":"1fc4a00e-f819-4bef-8008-952f1842cd5b","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":42,"box":{"x":69,"y":80,"width":562,"height":11}},{"id":"536e6928-5c01-4b5f-a17e-d92f81e47659","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":42,"box":{"x":69,"y":100,"width":665,"height":11}},{"id":"1d57759e-8475-46e8-9470-8f3760bef505","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":42,"box":{"x":69,"y":120,"width":822,"height":12}},{"id":"10645f41-02bc-4b5b-b0d9-02c56bf97473","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":42,"box":{"x":101,"y":135,"width":803,"height":11}},{"id":"d6bd5daf-fe72-41ba-a645-f8997a055d64","block_type":"box","text":"of the loaned securities; and","page_number":42,"box":{"x":102,"y":150,"width":203,"height":11}},{"id":"cc691fa7-ba67-4e17-beb1-ad752e861bd8","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":42,"box":{"x":69,"y":171,"width":808,"height":11}},{"id":"c61a08f4-6bed-40fb-92de-2edc0fbea22f","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":42,"box":{"x":101,"y":193,"width":805,"height":12}},{"id":"e7d6c3d5-2a7f-431a-96ec-59353e9b23d9","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended December 31, 2025.","page_number":42,"box":{"x":69,"y":208,"width":590,"height":12}},{"id":"0ef4f051-1ede-4dc3-b0e0-80694981d67c","block_type":"box","text":"Gross income from securities lending activities","page_number":42,"box":{"x":69,"y":236,"width":343,"height":11}},{"id":"574aa919-b64f-4bff-82ad-7494a43dbadc","block_type":"box","text":"..................................................","page_number":42,"box":{"x":414,"y":244,"width":401,"height":1}},{"id":"256ec972-4c61-4da1-9a78-21b13d6d5641","block_type":"box","text":"$222,477","page_number":42,"box":{"x":837,"y":236,"width":72,"height":11}},{"id":"282d6f8f-69cd-4189-8464-0297fc406ef8","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":42,"box":{"x":70,"y":256,"width":565,"height":11}},{"id":"aa369413-56a9-419f-8127-10e87a0919a1","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":42,"box":{"x":79,"y":271,"width":565,"height":11}},{"id":"1deae9b1-5405-4be9-81d6-2ff7950cd861","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 2,656","page_number":42,"box":{"x":650,"y":270,"width":259,"height":11}},{"id":"4b3a6bb9-1d3e-42dd-bea2-9c8f8be5da79","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":42,"box":{"x":79,"y":286,"width":679,"height":11}},{"id":"33973ced-b71f-45fb-be94-d0cd9ea33ef9","block_type":"box","text":". . . . . . . $ 2,021","page_number":42,"box":{"x":765,"y":285,"width":144,"height":11}},{"id":"23ae22d7-620a-4e0b-a296-73ab56826f94","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":78,"y":301,"width":519,"height":11}},{"id":"2a9d7533-80cb-4043-850a-849392ef95ed","block_type":"box","text":"........................... $ 0","page_number":42,"box":{"x":602,"y":300,"width":307,"height":11}},{"id":"04f4eb5a-3fb6-4e5c-b9e7-b410068dd25d","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":42,"box":{"x":79,"y":316,"width":526,"height":11}},{"id":"08092d49-f6f4-425d-8b61-98f18a31ac87","block_type":"box","text":".......................... $ 0","page_number":42,"box":{"x":610,"y":315,"width":299,"height":11}},{"id":"46271427-5cb9-4ffc-8a42-fd3997b84e92","block_type":"box","text":"Rebates (paid to borrowers)","page_number":42,"box":{"x":79,"y":331,"width":197,"height":11}},{"id":"17858d22-287b-4870-8066-48cac1064060","block_type":"box","text":"..................................................................","page_number":42,"box":{"x":284,"y":339,"width":531,"height":1}},{"id":"c671ca92-365d-44d2-a9b2-b1674c92bcb7","block_type":"box","text":"$204,663","page_number":42,"box":{"x":837,"y":331,"width":72,"height":11}},{"id":"6de3218b-b50c-4656-ad1d-dd15fb777d8c","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":42,"box":{"x":79,"y":346,"width":532,"height":12}},{"id":"13e19933-5312-4cb9-9f9e-025cf537aec7","block_type":"box","text":"......................... $ 0","page_number":42,"box":{"x":618,"y":346,"width":291,"height":10}},{"id":"a19c26cc-ce86-4007-ab0f-e5fb0f53a7fb","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":42,"box":{"x":68,"y":362,"width":455,"height":11}},{"id":"17b61792-0634-4bc5-a0a8-0736573a9c8e","block_type":"box","text":"....................................","page_number":42,"box":{"x":528,"y":369,"width":287,"height":1}},{"id":"34e648bf-b42d-4feb-8af5-251e6e872af0","block_type":"box","text":"$209,340","page_number":42,"box":{"x":837,"y":361,"width":72,"height":11}},{"id":"bd14a4b8-05f7-494d-bea5-8c023481addd","block_type":"box","text":"Net income from securities lending activities","page_number":42,"box":{"x":69,"y":381,"width":327,"height":11}},{"id":"35d86077-445d-4551-bddc-06eafbc9a5dc","block_type":"box","text":"...................................................","page_number":42,"box":{"x":406,"y":388,"width":409,"height":2}},{"id":"7ca25c32-c2cb-46f2-9c21-996f0465483f","block_type":"box","text":"$ 13,137","page_number":42,"box":{"x":837,"y":380,"width":72,"height":12}},{"id":"87ee9b00-5d90-496f-9636-c5a2b987e75c","block_type":"box","text":"VIII. Additional Information","page_number":42,"box":{"x":68,"y":417,"width":195,"height":9}},{"id":"8b1f0f6f-5444-4f58-8662-8f9b228dbf7f","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 26, 2007 and is registered under the","page_number":42,"box":{"x":101,"y":440,"width":760,"height":11}},{"id":"786a140b-4a26-4007-87ec-4b3166dd8683","block_type":"box","text":"Investment Company Act as an open-end, management investment company. Shares of each class of the Fund of the","page_number":42,"box":{"x":70,"y":455,"width":834,"height":11}},{"id":"20f2c3ce-4b47-41ed-9383-2e191f5223e8","block_type":"box","text":"Trust bear their pro rata portion of all operating expenses paid by the Fund, except transfer agency fees, certain","page_number":42,"box":{"x":68,"y":470,"width":799,"height":11}},{"id":"bda3c064-f5ac-406d-8a3c-4fccd498e1f6","block_type":"box","text":"administrative/servicing fees and amounts payable under the Trust’s Amended and Restated Distribution and","page_number":42,"box":{"x":69,"y":485,"width":782,"height":11}},{"id":"98e2c52c-acb1-4f1a-81f6-f15423a4f079","block_type":"box","text":"Service Plan. Each share of the Fund of the Trust has a par value of $0.001, represents an interest in that Fund and","page_number":42,"box":{"x":69,"y":499,"width":831,"height":12}},{"id":"33358495-0bef-45e7-954f-7eaab601e022","block_type":"box","text":"is entitled to the dividends and distributions earned on that Fund’s assets that are declared in the discretion of the","page_number":42,"box":{"x":70,"y":515,"width":821,"height":9}},{"id":"cee32867-eacf-463e-b267-90f93462cf84","block_type":"box","text":"Board of Trustees. The number of shares of each series, and class thereof, is unlimited. The Trust’s shareholders","page_number":42,"box":{"x":70,"y":530,"width":812,"height":11}},{"id":"5260b65a-540c-48c3-85eb-0cc154081822","block_type":"box","text":"are entitled to one vote for each full share held and proportionate fractional votes for fractional shares held, and will","page_number":42,"box":{"x":69,"y":545,"width":829,"height":11}},{"id":"cc9e018d-319d-4276-8071-5244d06ff3e3","block_type":"box","text":"vote in the aggregate and not by class, except where otherwise required by law or as determined by the Board of","page_number":42,"box":{"x":68,"y":561,"width":806,"height":11}},{"id":"80b08213-4102-4df3-801b-4c57793bebcf","block_type":"box","text":"Trustees.","page_number":42,"box":{"x":68,"y":576,"width":66,"height":9}},{"id":"5fc70d82-c316-494c-858d-cb47af812021","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":42,"box":{"x":102,"y":598,"width":765,"height":12}},{"id":"cfac81fe-028d-482b-8170-5d519d1f6ced","block_type":"box","text":"Trust’s outstanding shares (irrespective of class) may elect all of the Trustees. Shares have no preemptive rights and","page_number":42,"box":{"x":68,"y":613,"width":838,"height":12}},{"id":"010987f4-f25b-4de0-ab6d-93cdcd4367f1","block_type":"box","text":"only such conversion and exchange rights as the Board may grant in its discretion. When issued for payment, shares","page_number":42,"box":{"x":69,"y":629,"width":832,"height":11}},{"id":"88a32ff9-b2e0-4a9a-8901-679692f8bae7","block_type":"box","text":"will be fully paid and non-assessable by the Trust.","page_number":42,"box":{"x":68,"y":644,"width":354,"height":11}},{"id":"4bd37010-3363-48e1-b6c3-e8e2e26ad06c","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":42,"box":{"x":101,"y":666,"width":781,"height":12}},{"id":"01763c7e-e690-431b-9743-8b2846f060a5","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":42,"box":{"x":68,"y":681,"width":816,"height":12}},{"id":"4fc0a227-00aa-4d82-8412-94de6bd17b3f","block_type":"box","text":"Except as set forth above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":42,"box":{"x":70,"y":697,"width":787,"height":11}},{"id":"061cfb16-676a-418c-b186-7f844125201b","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":42,"box":{"x":68,"y":712,"width":817,"height":11}},{"id":"19d93380-3b44-4007-94ae-e75c81c04ea9","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":42,"box":{"x":69,"y":727,"width":744,"height":11}},{"id":"9016991d-728c-4d3e-a388-302ae8849d6f","block_type":"box","text":"Rule 18f-2 under the 1940 Act provides that any matter required by the provisions of the 1940 Act or applicable","page_number":42,"box":{"x":102,"y":749,"width":799,"height":12}},{"id":"1b528be8-58ae-424e-be0d-0115c09cc32a","block_type":"box","text":"state law, or otherwise, to be submitted to the holders of the outstanding voting securities of an investment company","page_number":42,"box":{"x":69,"y":765,"width":838,"height":11}},{"id":"bf247019-a16b-481e-bf23-818565909094","block_type":"box","text":"such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a","page_number":42,"box":{"x":69,"y":780,"width":794,"height":11}},{"id":"4e25376b-9c00-43f0-b2bf-0c1e7bd834f9","block_type":"box","text":"majority of the outstanding shares of each investment portfolio affected by such matter. Rule 18f-2 further provides","page_number":42,"box":{"x":69,"y":795,"width":826,"height":11}},{"id":"b007dc0b-a14e-4428-ab20-a4cccea49cec","block_type":"box","text":"that an investment portfolio shall be deemed to be affected by a matter unless the interests of each investment","page_number":42,"box":{"x":68,"y":810,"width":803,"height":11}},{"id":"15d04baf-325f-46ed-bec8-3980901ab063","block_type":"box","text":"portfolio in the matter are substantially identical or the matter does not affect any interest of the investment","page_number":42,"box":{"x":70,"y":825,"width":773,"height":11}},{"id":"33ba2a9c-2011-4264-9934-bcd7776ec38b","block_type":"box","text":"portfolio. Under Rule 18f-2, the approval of a management agreement, a distribution plan subject to Rule 12b-1","page_number":42,"box":{"x":70,"y":840,"width":795,"height":12}},{"id":"b06d6dc0-6e36-4f1b-ac3b-23340d80f82a","block_type":"box","text":"under the 1940 Act or any change in a fundamental investment policy would be effectively acted upon with respect to","page_number":42,"box":{"x":69,"y":855,"width":837,"height":12}},{"id":"a90f56ee-7e56-4689-a4d8-c3805bc59160","block_type":"box","text":"an investment portfolio only if approved by a majority of the outstanding shares of such investment portfolio.","page_number":42,"box":{"x":69,"y":870,"width":775,"height":12}},{"id":"039aaead-3e70-467f-86df-3c1e228f3d9c","block_type":"box","text":"However, Rule 18f-2 also provides that the ratification of the appointment of independent accountants, the approval","page_number":42,"box":{"x":70,"y":886,"width":824,"height":11}},{"id":"eab3dfca-618f-4022-9f55-279911bc7fce","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8acc376b-49dc-4411-a7b3-70b05d6030af","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2680efe-b947-4790-8732-d679641bf298","block_type":"box","text":"of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the","page_number":43,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"a837022f-777a-44d3-bd6a-d280329f0a16","block_type":"box","text":"Trust voting together in the aggregate without regard to a particular investment portfolio.","page_number":43,"box":{"x":68,"y":60,"width":631,"height":11}},{"id":"ae65ccbe-530c-43f2-92b9-655f1137c387","block_type":"box","text":"The proceeds received by the Fund for each issue or sale of its shares, and all net investment income, realized","page_number":43,"box":{"x":101,"y":82,"width":792,"height":12}},{"id":"aa45fb12-a190-4924-9852-0fcf36a1d861","block_type":"box","text":"and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated to and","page_number":43,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"6b80c6d1-6bcf-474f-8aea-667af37587c1","block_type":"box","text":"constitute the underlying assets of the Fund. The underlying assets of the Fund will be segregated on the books of","page_number":43,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"6084d6a8-f9fd-4267-8299-7cd58ff65e8e","block_type":"box","text":"account, and will be charged with the liabilities in respect to the Fund and with a share of the general liabilities of the","page_number":43,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"44408fce-2235-4750-abeb-979ad73f1dc9","block_type":"box","text":"Trust. As stated herein, certain expenses of the Fund may be charged to a specific class of shares representing","page_number":43,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"b78f79b5-ab01-4b4a-bdc7-39f8b59aa469","block_type":"box","text":"interests in the Fund.","page_number":43,"box":{"x":70,"y":158,"width":149,"height":9}},{"id":"eb633ab9-536f-4544-82d8-4663ec25c104","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":43,"box":{"x":101,"y":181,"width":736,"height":11}},{"id":"567a0a21-839a-4e11-9195-9529a98cb0f8","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a class of shares to another","page_number":43,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"2dcd67b2-c7b1-4fb1-bee5-12be72a53376","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":43,"box":{"x":69,"y":211,"width":807,"height":11}},{"id":"8f555d58-5b83-4ad1-9bbd-26bf5908e5c2","block_type":"box","text":"connection therewith, to cause all outstanding shares of such class to be redeemed at a price which is equal to their","page_number":43,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"77b8a23c-9326-4e66-9269-7f9001e41cb4","block_type":"box","text":"net asset value and which may be paid in cash or by distribution of the securities or other consideration received","page_number":43,"box":{"x":69,"y":241,"width":803,"height":11}},{"id":"8c9fe9d3-00de-4579-8d68-eaf8ecc5ef35","block_type":"box","text":"from the sale and conveyance; (ii) sell and convert the assets belonging to one or more class of shares into money","page_number":43,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"422eba1c-b0a9-46d2-8fba-3f3b57148b86","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such class to be redeemed at their net asset value;","page_number":43,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"3dc9cb95-5c52-4073-b8f0-1923062d79f9","block_type":"box","text":"or (iii) combine the assets belonging to a class of shares with the assets belonging to one or more other class of","page_number":43,"box":{"x":69,"y":286,"width":807,"height":12}},{"id":"3a8153ab-4cff-4701-ad43-82ec78e40302","block_type":"box","text":"shares, if the Board of Trustees reasonably determines that such combination will not have a material adverse effect","page_number":43,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"409d77b4-c9c2-4d27-8b9c-1802477458bc","block_type":"box","text":"on the shareholders of any class participating in such combination and, in connection therewith, to cause all","page_number":43,"box":{"x":69,"y":317,"width":774,"height":11}},{"id":"2e134414-3331-49d5-b926-2aafa14bfa42","block_type":"box","text":"outstanding shares of any such class to be redeemed or converted into shares of another class of shares at their net","page_number":43,"box":{"x":69,"y":332,"width":840,"height":11}},{"id":"9a7ec1c3-d3ea-40c9-b0f8-538e766d09b5","block_type":"box","text":"asset value. The Board of Trustees may authorize the liquidation and termination of the Fund or any class of shares.","page_number":43,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"c51630f2-51df-47e2-9ff6-7d7e43cc6b81","block_type":"box","text":"Upon liquidation of the Fund, shareholders of each class of the Fund are entitled to share pro-rata in the net assets","page_number":43,"box":{"x":70,"y":362,"width":823,"height":11}},{"id":"1a58db94-3f50-4a71-bf10-ee84076d5892","block_type":"box","text":"belonging to that class available for distribution.","page_number":43,"box":{"x":69,"y":377,"width":341,"height":12}},{"id":"0c4168b6-936d-424b-bfde-2c44450af8c1","block_type":"box","text":"Shareholder and Trustee Liability of the Trust.","page_number":43,"box":{"x":101,"y":400,"width":333,"height":11}},{"id":"972b47d1-ec9b-4fd8-95b1-1bcfb72e9f8d","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may,","page_number":43,"box":{"x":441,"y":400,"width":462,"height":11}},{"id":"12bb1a9b-7fa8-478f-bfc8-34131b1efa40","block_type":"box","text":"under certain circumstances, be held personally liable as partners for the obligations of the trust. However, the","page_number":43,"box":{"x":69,"y":415,"width":794,"height":11}},{"id":"c41cb64e-2b4e-4da7-b5fa-2e1a1b72a576","block_type":"box","text":"Trust’s Declaration of Trust provides that shareholders shall not be subject to any personal liability in connection with","page_number":43,"box":{"x":68,"y":430,"width":837,"height":11}},{"id":"69ff7b6c-3493-4cb5-b21a-6ab94a388f7f","block_type":"box","text":"the assets of the Trust for the acts or obligations of the Trust, and that every note, bond, contract, order or other","page_number":43,"box":{"x":68,"y":445,"width":807,"height":12}},{"id":"7ea59285-768e-41ef-a2ba-b3324d560f4a","block_type":"box","text":"undertaking made by the Trust shall contain a provision to the effect that the shareholders are not personally liable","page_number":43,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"aaa908eb-08cc-4197-9e0c-36a772814338","block_type":"box","text":"thereunder. The Declaration of Trust provides for indemnification out of the trust property of any shareholder held","page_number":43,"box":{"x":68,"y":475,"width":808,"height":12}},{"id":"ef81d1bf-7af9-4daa-b550-348aba8231db","block_type":"box","text":"personally liable solely by reason of his being or having been a shareholder and not because of his acts or omissions","page_number":43,"box":{"x":70,"y":491,"width":835,"height":11}},{"id":"0ed8548c-7ad6-48a6-8796-7b0d406ee892","block_type":"box","text":"or some other reason. 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In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":46,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"2d8932f3-d904-4553-868f-a3a603dbf35b","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":46,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"d69aa94c-6ca1-4aa7-91e4-95e524b81be7","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":46,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"6ed2a957-4211-418c-b336-7e3ce217cce4","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":46,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"e5ae04e8-87eb-4ec6-bbf0-4f8d32512c19","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":46,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"7bb9df89-5412-466d-a4b4-2e4c7ee2fd3d","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":46,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"abdf5b00-3252-4d5f-b6b4-62ec218f78f7","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":46,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"b9527d5b-aa34-4cae-aa50-3c1412971679","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":46,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"52b98331-d5c2-4177-bc44-b75179bd50c2","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":46,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"31c5c8b5-0d3a-4c01-9528-bc90e6f14fd0","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":46,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"e5f9313a-01bc-41ae-99cd-3eef69d849d9","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":46,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"ffcc9d4a-5a56-4204-8a1b-c2a5c12be1f0","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":46,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"2902a5d9-a8ec-4bd7-a8f2-c71477a7add1","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":46,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"bc05540c-16ab-4c12-a17f-145ebb09aefa","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":46,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"f2a5f952-695f-448c-9cc7-e1fc8adb4fdc","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":46,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"83d4028b-cf46-4df6-b90f-cc53bfdeb813","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":46,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"7b716e72-0815-4a88-8771-6193c7f3424a","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":46,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"b643b7f0-4487-4285-a558-0fe7ba45a73c","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":46,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"ca8a0eb3-d274-477b-b2d7-0e06818a07d7","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":46,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"a31c5ae8-f63e-48eb-b7c1-bb5818072dbb","block_type":"box","text":"particular Fund.","page_number":46,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"9f5b4565-9e45-4155-9d15-fbd402986e7f","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":46,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"c61eaf7d-3ae2-494d-8f35-95324aa528bb","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":46,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"505b71a6-4775-4c97-939f-634c232a13ad","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":46,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"26297542-0953-4a64-9054-c78abf68bb57","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":46,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"f7a988e8-8d76-42ee-bd2e-846b1fd6a3d8","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":46,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"3b0b864e-92ef-4574-b5dc-4e72c68183b3","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":46,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"badb5636-88de-4049-933f-36fa2f09f978","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":46,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"fb012407-e8f6-47cd-b235-0946f67a2079","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":46,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"46a5cdcd-b388-4848-ac48-bb7073707013","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":46,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"21486880-82fb-467e-8a4a-77324d45af00","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":46,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"caba5400-f3c6-4ccb-a104-a2b7026435a9","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":46,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"7529159e-3b1d-41b7-83f0-65d948769fde","block_type":"box","text":"Asset-Backed Securities.","page_number":46,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"97de2e44-c137-4083-afb9-4c6eaf4077a3","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":46,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"944d3a48-1b69-4ad9-8774-4cab18ef07c5","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":46,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"c58a54a1-ae0f-4b44-b9bc-c8e88819e528","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":46,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"a6f8ceb7-d21b-4ad6-b5c1-9b4ed37b8e74","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":46,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"b75edfd6-270a-496a-9569-ab2038383598","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":46,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"34105af9-dce2-40bf-b98d-303a8a0f530d","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":46,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"91b2f2f4-346a-41a6-9369-773a902f6446","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":46,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"e76b560d-fd99-4dd9-a214-560e13b4ab1d","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":46,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"fd628d28-50dc-41ac-a25c-451d5162db97","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":46,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"2f63e4e5-3951-4d37-84df-f25b447d2635","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":46,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"43928230-767d-483f-ab15-464eaeea9d48","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":46,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"7b92809a-e6e5-4ef6-95a0-eea5f22972ca","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":46,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"2a93bb01-f26a-437e-acff-05d591eaa64f","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":46,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"367665fd-5a8a-42cb-9b77-9dd29e291f4d","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":46,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"4ae4db42-f601-4801-80a6-f8a1d991293a","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":46,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"4cad0202-5831-4f59-a9ae-25e145bf5589","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":46,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"394aa85a-ed81-4371-918c-533e762cb396","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":46,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"99bf4d74-fd79-4b48-bd19-5e3cfbf9ae54","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":46,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"55f08e39-e545-4b45-8700-17c36141f5a7","block_type":"box","text":"II-1","page_number":46,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"d29325cc-7efd-48ea-aa8f-4887159cea11","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9102f419-eb2f-4a74-b170-2d8fca382f1b","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":47,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"61ec715c-e357-4611-b701-a501064453f5","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":47,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"a1dab5ec-bc8b-46fd-96b7-3676039e531c","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":47,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"6c56d901-3cbc-4722-b83a-3f523c21c380","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":47,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"0f51c053-4e66-4557-b316-16b6c692a8f2","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":47,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"7c28f87c-2ebc-4a71-8f5b-503a43074838","block_type":"box","text":"Asset-Based Securities.","page_number":47,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"445ec348-c4dc-4a76-b966-4afa82f5aa65","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":47,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"dbf45219-2437-456e-a8ea-d08d6bfbd535","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":47,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"60e543d3-3116-409b-8568-3faad235f24e","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":47,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"8cfdac8e-5824-41ce-b2c1-f7dc3963faaf","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":47,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"f1927fce-03a7-4684-85c9-65cdb25cab20","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":47,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"fb60c6c0-c985-4d8c-accc-a45fb5b39fff","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":47,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"408fba4c-e995-4dcd-85d8-963ca9524e49","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":47,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"192e9ff8-7dfd-4a20-b2d0-98e673524b73","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":47,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"a70b5dde-5c7b-4449-ab74-68f1caa03520","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":47,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"03ac0204-ac64-4e57-b073-7b0986e01619","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":47,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"a7fb0cf7-8890-4b59-8ed0-9d3f88623c50","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":47,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"1e1350f9-749d-4202-8aaa-b1422b6d6074","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":47,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"7bca11cd-7a04-4a37-bbe0-f803f738efd3","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":47,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"ec971ddd-9320-45a1-beba-62f0ee94bf7a","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":47,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"e29468c0-7bdd-4714-9912-702024533455","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":47,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"5a6a44b0-7fec-4598-a433-04cbed4d743a","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":47,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"14a14e0d-fe59-4463-94c6-a2dcddb4cfc7","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":47,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"3aae2470-dd90-4780-b257-536450e517b3","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":47,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"d4ba67c8-17d7-45d8-9a10-7672f8bb7553","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":47,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"abf60420-180c-4648-bcd6-e04647ba274c","block_type":"box","text":"appreciation in the underlying asset.","page_number":47,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"3bad1aac-e26b-446d-8f0e-de49a2517da4","block_type":"box","text":"Precious Metal-Related Securities.","page_number":47,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"649633cb-3c31-484b-b8bb-a76daa16325c","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":47,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"14c399ef-cbf8-43d4-9e43-92566af7cf1e","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":47,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"56419149-e1fa-4798-bf64-d30f2442c793","block_type":"box","text":"e.g.","page_number":47,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"1591354a-ef44-4134-bc57-48fb7ad301aa","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":47,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"26cd69ab-b587-40c2-b92c-41e30db52b6e","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":47,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"39707655-38b9-4dfb-a99e-ee3593187162","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":47,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"7e84b38a-9288-4e59-881b-c269ae0f84a2","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":47,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"8d8b571b-8292-4014-be70-a5a73cfd5ee8","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":47,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"c19aac83-a9d3-4aa1-9c7d-5deb00c5673b","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":47,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"4801b9f2-825f-4529-aa9e-84d99c97ac46","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":47,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"29db11ee-04d1-4fd2-b6fb-647042194e77","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":47,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"1184bad7-32b2-445e-9da1-13b475d5a473","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":47,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"23667de9-77fc-46a2-a74e-db4d00f9946b","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":47,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"91269528-20db-43d8-b714-e850bb98e34e","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":47,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"3fb7dcde-cfe0-4054-abf9-64a20065f595","block_type":"box","text":"South African gold production.","page_number":47,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"320800e9-3a64-4046-bed4-706a8b7a1572","block_type":"box","text":"Borrowing and Leverage.","page_number":47,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"8160e33f-bc1a-4b4f-94be-033434cb5a9f","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":47,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"2e04acf8-f2fa-43da-8e86-8a8c549ffefc","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":47,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"3b4f6670-83d8-44fb-8d66-6d5226658552","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":47,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"d6664555-cc8d-4fc8-9558-d73e935ae267","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":47,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"98fccd23-9db9-4190-b040-d65b513b5d66","block_type":"box","text":"other securities transactions.","page_number":47,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"fc4911aa-455f-4dc4-aa0d-d65ec72806c7","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":47,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"0a340a5c-0a4f-410c-8572-4e12f3f5aa2e","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":47,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"86a5ecf2-d681-48f5-ab7d-f8aebcb1be4a","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":47,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"2993bec1-dcf0-416e-9f54-f544f4806b4a","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":47,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"5c7e5c3f-ba8b-4a93-a7bc-7382967c8c4d","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":47,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"9e2065d0-7426-4c08-9214-1635ab9de450","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":47,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"243a0235-05a7-40cd-889c-57db8a7782e7","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":47,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"ad9b839a-9fbe-4cbc-a30d-b8c28c6d727d","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":47,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"3fe37df6-c169-4d79-ad54-197db80a3ca7","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":47,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"e8dedd10-322b-4d10-9a09-595c075d40e7","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":47,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"e12103fa-9542-4504-b5a0-38c223236666","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":47,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"e3eb8f78-689b-48b0-b2b7-de76309c210e","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":47,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"cd2df8fc-9fa6-41c9-9409-5cfd99d33d04","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":47,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"2924ff46-8b89-4308-9ea5-818dff82354c","block_type":"box","text":"II-2","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"99e29f56-cdec-43ee-9003-4af9ceedfebe","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"392a914f-bb7c-4804-82b1-ffab10155f78","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":48,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f03a8cdd-c06f-4b29-b691-aa31d1edbe88","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":48,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"92a4894e-fbbe-4948-a392-b075dc887337","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":48,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"e29919da-dd98-4632-8093-f268eb9f7b7e","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":48,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"94f9dcda-4fdf-4bd6-a6c9-e60c842f437a","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":48,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"01831201-6a77-498a-98fc-fa2da1bc8822","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":48,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"2cb4e312-a2e1-4339-9f3e-3b64dc4c731b","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":48,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"ac9ebd2c-07aa-4681-9a43-d8d202b095f2","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":48,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"0fc3eff8-7bb1-40fe-a4e1-39787471c9e0","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":48,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"cce85261-3070-490e-8e70-4d7bf0bc4a58","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":48,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"f4607a2a-40d3-42da-a851-58055c991135","block_type":"box","text":"Cash Management.","page_number":48,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"f1fe0c4b-54fb-4489-9e0a-48dd5985f260","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":48,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"aa8f950c-caa3-474d-aebb-d03bdb9a3e87","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":48,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"fe866b72-5d11-4890-a06f-0df2e23f7b8a","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":48,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"e1666d3c-0fa5-4099-814d-841ce458fc2d","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":48,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"586827cc-7619-4305-ba80-b06b341872ab","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":48,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"d59ccc4c-0fac-4b72-a70b-24eeb151eb28","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":48,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"c749e993-55c3-496d-872f-6c3784d3a53f","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":48,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"5e61474a-b40a-433f-a5f8-cb817bdd05d6","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":48,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"7004ea11-060c-424c-a3ad-bcb5ddda4269","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":48,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"5edd5457-41a8-4890-8f32-bb5ce6d462f5","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":48,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"1cd41d2c-5035-4718-8a17-6e9dcdb85282","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":48,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"b7d3c024-cd5e-47d5-8fee-aba69986d1b6","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":48,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"971b0a03-f69c-498d-a520-906a91dc6842","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":48,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"2cb51c04-c33b-44dd-9c0b-407392611f2e","block_type":"box","text":"Collateralized Debt Obligations.","page_number":48,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"955e3c41-f89c-43b0-9366-7051813c189f","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":48,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"f196c3ce-94b9-44d9-8b1a-55a99bac5f9f","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":48,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"68d9d526-1247-4c69-93da-22245d9a1954","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":48,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"4815f21d-c426-4691-9fe1-c4b00861d8f7","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":48,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"2bfb063c-57f6-441a-9e2b-aff509871630","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":48,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"c6d9723d-5f4a-48e7-b223-0a43745e081d","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":48,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"bd65819e-740a-41c3-bb34-9f02a34a667e","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":48,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"6b20c234-c4a8-4a25-a0d6-4dc691450dcb","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":48,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"fe482b92-b428-4a93-b751-f8db7f28215f","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":48,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"8e4b8f30-c2b1-456d-85ab-7ada1a3b7131","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":48,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"dee14f68-2f27-4410-8de9-92adedefd172","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":48,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"14b01a06-370e-46b9-8e69-0a837d871db4","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":48,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"c1b02422-c493-4d30-95b0-7e9e92d42671","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":48,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"aaaf2308-8c45-48ad-a553-e66af154a534","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":48,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"0091819b-377a-4451-a7ea-9825845c1725","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":48,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"78a15b43-2bd6-488b-a431-2c14536c15fe","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":48,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"01f77342-e1f2-48be-9d91-8fb8a58a47b2","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":48,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"9098dfad-301e-4515-8353-1f4cbcca6b86","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":48,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"b5662ed4-47e2-446b-ae88-4d26259f8285","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":48,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"1d339d46-c028-44dc-9c34-3dfbbab99fbc","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":48,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"06c09d84-d23b-43cc-b75e-4579576bbbb4","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":48,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"00f26e9e-9bda-4e5e-bedf-7f34d71d54bc","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":48,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e9d0c607-196f-40ad-839b-4fbe535a1ae6","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":48,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"3830c43d-53d9-4931-9071-2c05340793db","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":48,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f185827d-8e9a-4495-85a1-2ae47e927599","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":48,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"17d1c46b-b041-4e4c-b097-4f35f94acd8a","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":48,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"6df9718c-b372-4ad0-afd1-dd527b35a1e9","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":48,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"f9219c95-2067-4228-b14b-3897f28841fc","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":48,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"40b22589-112b-4a04-9a6b-fee38d88f997","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":48,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"5e1a3f52-f8af-4014-90ff-f29b6e3b478b","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":48,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"d4b6bc74-d4cd-455d-85ca-1954bb449f28","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":48,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"acde3f26-a3a0-4803-b25c-21c0e00aa7ff","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":48,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"4876e538-2fad-4641-8062-d2f41953c0bf","block_type":"box","text":"II-3","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"86293711-2426-4758-9e26-3b82265de3f1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bc5c9a5-c733-410a-bf66-79720a41283b","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":49,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"7be31bfd-681d-4e86-9de1-76466beab3c3","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":49,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"9a8a65ea-3d75-4e88-a816-c97b9c548ecd","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":49,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"2e4e30d8-2f68-47cf-b2ec-600edac38134","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":49,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"70454dc8-3b27-4e47-984c-aaaa5c90d702","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":49,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"a49d2bc3-714f-4d2f-ab90-603fdf65f686","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":49,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"60f532d3-6de7-413f-bd54-1ffbb4f6a647","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":49,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"ae8852eb-719a-464e-8dfe-5b7c5aea6510","block_type":"box","text":"Commercial Paper.","page_number":49,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"ddc1ebd7-6354-4f85-8b24-6d310abe79a5","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":49,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"d8fd3038-2126-42c8-855a-f502104a5860","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":49,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"da7f2d70-bf2c-4099-b21e-036166df7e42","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":49,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"4c5eb486-34f6-4256-810d-0d9dc33348b8","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":49,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"f1001025-c860-416f-95e8-f6b56e7098b1","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":49,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"0b69b74e-f7cc-42e4-b4a1-59eae32ecc58","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":49,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"875aa90f-e03a-420a-97ba-b9dae24cb7ab","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":49,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"cff13301-573e-40da-bf26-04d93d78b0ea","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":49,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"b3b2423e-3401-4798-9b5a-68d5506080b5","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":49,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"b56e0c35-74ba-4f6c-bc51-4bceeca7781b","block_type":"box","text":"Commercial paper is generally considered to be short-term unsecured debt of corporations. Like all fixed income","page_number":49,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"aedf9945-6fe7-474d-890d-7341dc37f90d","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":49,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"3f0cc07d-9af5-47ce-8c0b-506a0553bc97","block_type":"box","text":"paper prices will decline and vice versa. However, the short-term nature of a commercial paper investment generally","page_number":49,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"926e36d3-e85e-41af-a53d-86b73ad87d31","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":49,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"507fe507-9408-42a9-b8ee-faef9878bdda","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":49,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"8611a778-945f-4020-abe0-02e411972018","block_type":"box","text":"debt because securities with shorter maturities typically have lower effective yields than those with longer maturities.","page_number":49,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"dc5d7e61-66bc-4ca5-93d7-4a94409eb3a8","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":49,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"cca0adb6-967c-442c-a4e5-c052bc73c4df","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":49,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"782c99e6-e2d6-4648-bf4d-85c04f02133b","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":49,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"5502e755-deef-4109-b7d9-2af9baf8df91","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":49,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c15b1251-935f-4bc5-8f0c-b8e00b512303","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":49,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"c564ba43-9517-478b-b6b1-a2d80f618d26","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":49,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"4b1640a0-8f6c-40ac-be54-66c2f3488a7d","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":49,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"68042701-9037-428d-8857-f4f6deca8ed1","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":49,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"441bbb19-b410-463e-bdd3-74b2dc8d01bc","block_type":"box","text":"variable.","page_number":49,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"02a6d1bb-9d2e-44d4-ab44-d5578ba3f3a4","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":49,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"450cf0ac-d994-4293-919e-cb6398c8b5a3","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":49,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"8db877ff-c8e4-498f-93d7-263ee8541781","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":49,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"9d59dbd5-6d7b-48e2-b18c-80e38e5c6223","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":49,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"94f75ca7-ef6f-43f6-987b-ff8aca82304c","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":49,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"8b4c82aa-324b-4bfe-b5ce-f5bf6bed174f","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":49,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"01aefecc-8c94-4465-9a3d-2588f98571fa","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":49,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"ed5bd1f6-d603-4a16-b1a8-12c38dd4245f","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":49,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"08a1d71e-fa3b-4e6c-a565-6572e6c74a8f","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":49,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"20e31f67-4c1a-4f0e-bdca-f28b1f5e660d","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":49,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"104815f8-d444-444a-95e6-d7b8b5e3371c","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":49,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"1085279e-3210-40db-bb2b-8bd3f3e52064","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":49,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"2b8d8dea-1a55-4b69-a43c-2bf077aa8d9b","block_type":"box","text":"correlation with stocks and bonds.","page_number":49,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"08001583-2273-419e-b9e4-41bfddf8a9d1","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":49,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"ebd23b2b-f853-47a2-9e8b-ff389a80e1b3","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":49,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"54b67acd-1f23-4c44-a692-f8dbf44ee982","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":49,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"b9cfa3e7-78ad-49a8-9e47-f8cc1bbf539e","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":49,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"44228a6c-47f5-4877-942c-563b13d85a0f","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":49,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"b26fd6e7-bd2b-495a-a266-9cb058d3a19c","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":49,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"c1ad944b-fd06-4251-9c91-1c8c577dcf8b","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":49,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"a30956e0-7a1b-4c09-a8c2-30c1ab98cc12","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":49,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"23117238-1a44-4742-94f5-76e40f329650","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":49,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"6b2d70f1-7201-4f93-b0bc-894acf57229d","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":49,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"ec766129-90fa-4336-a3f3-c52a18301f2f","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":49,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"d1e5f8d7-fb4f-4685-9294-fa8977a4ca8b","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":49,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"c2e293a5-e036-42fd-8207-586dcb73eea6","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":49,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"ed547e85-95d0-48a4-932e-f63d962bf8f5","block_type":"box","text":"II-4","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e830cf81-e3c0-4795-bed3-eadc95e1032e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e95d3ffb-a7c5-439e-af97-6470522a230b","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":50,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"b9fadb31-6ed4-480a-896b-7a9e0facfa63","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":50,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"69b41c66-ddc2-4338-8972-b2a317996521","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":50,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"25ef8b70-b01f-4e96-be99-7d21c08aa96a","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":50,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"da03176f-2e44-450e-a252-978a87323ed4","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":50,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"636ea8b6-1319-4592-9a7b-c6d2a41c8a79","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":50,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"36529378-5d0b-45e3-901c-9c85de09b61e","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":50,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"e37d15f6-8c2a-4bfd-ade7-6c1f4167023d","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":50,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"c5a74713-af34-4d61-b549-1f5e3ddae48c","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":50,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"0137fb63-24d4-4fbc-ac9b-a580511b39fe","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":50,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"704b84aa-a5dc-4290-9a91-3a0b2c1fc446","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":50,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"8e12146f-bc93-4d25-8c8a-923d46821a91","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":50,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"7f88e252-a699-4864-b04d-17f7f3de3bdb","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":50,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"96fcc26e-f329-49bf-b1b6-da27393ceac1","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":50,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"bcf93ea6-a0c4-44d8-9815-b127b121358f","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":50,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"a44a06ff-4c67-411c-b78d-a65989f32843","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":50,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"b213900c-7652-41de-993c-4bc57feb066f","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":50,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"8474ccad-eac4-4eb8-a1aa-0ad509517d5e","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":50,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"91e4d66c-d0a8-487b-a779-b34382cf2e61","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":50,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"a9bc0189-017b-47ed-a026-b47fefb8c3a5","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":50,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"9c920fb9-f287-4ecd-970f-415791af37ab","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":50,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"6768eebf-54c1-4da1-85b3-a0ae467c42a4","block_type":"box","text":"the Manager believes are relevant.","page_number":50,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"eceff814-c905-4fe3-9c63-5a3d2bfb108e","block_type":"box","text":"Limitations on Leverage.","page_number":50,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"83ae37d1-6b0e-4181-bd3a-371c1dc053da","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":50,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"18fbf633-10ad-431b-a78c-379985496b55","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":50,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"7c35485c-09b6-4425-a3f5-cc80cf6dc324","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":50,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"95ca63d0-7445-4268-8688-cdce9625df91","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":50,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"379f3ca4-0ac7-40fc-9d79-5f5273e5fe56","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":50,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"43b32190-691b-4759-a1e8-7eb59bc24c85","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":50,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"fed075be-dd8f-4931-90fe-2a6ce67aa8f8","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":50,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"b2443678-5833-4f22-8b6a-9f26cefd8c82","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":50,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"80061fea-4ad3-4ed4-932c-c45b354f8226","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":50,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"aec22520-688c-473e-b4f1-2d9eff53224f","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":50,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"d1fa3d7f-29a4-49b3-aa9a-c296a9f5e1a0","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":50,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"0c72fa56-f149-4d22-8a13-ef601a2b7027","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":50,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"f7daf190-3a73-4a48-b352-3daecd2df5b0","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":50,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"b6097ed7-5153-471c-80ef-d34e829b3515","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":50,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"6eb24e3d-b08a-4d4d-84ef-105ffab87c81","block_type":"box","text":"Counterpar ty Risk.","page_number":50,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"aa9ace61-04b4-41b8-8830-a161519ecf93","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":50,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"29e6fb68-1bed-488d-8ab5-3163e6f09c80","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":50,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"393c27fc-a1c9-4cac-a387-dafa89e54fa4","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":50,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"a26bdeca-6bd8-4707-9ddb-90a1e64d7a77","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":50,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"1631573e-6a36-41f0-a97e-592f620ca5b9","block_type":"box","text":"e.g.","page_number":50,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"c4081ea9-ea2f-4c38-9b2a-d54065c016ed","block_type":"box","text":",","page_number":50,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"d22f32f6-7ccd-4dc4-aee0-08b25531802d","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":50,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"7c9534f1-64b9-45ad-ac1d-940e9f7a1c9c","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":50,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"4431bf7f-90f8-46dd-8915-2f69bea36738","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":50,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"b74944cf-277f-45af-aed4-ee23c80835ec","block_type":"box","text":"obligations under the structured note.","page_number":50,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"7ced5f2d-914e-4d3f-b34b-e5161848afee","block_type":"box","text":"Convertible Securities.","page_number":50,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"ee23625f-89f8-4d31-9b02-392a3c023cc6","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":50,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"418389e7-06bb-41a9-bd93-52e6009f68bc","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":50,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"7efa394c-8e08-4e52-b754-929fff31277e","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":50,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"516392c4-94b9-40cc-97dd-7bc89f088534","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":50,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"7e107891-fac3-4451-89ec-dd3841a9c710","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":50,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"97f44618-b898-4e92-ab86-662ea11e2d6c","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":50,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"4e1cbce7-1713-4452-87bc-2edd1c9c1447","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":50,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"6e00e468-1a4e-40df-87d9-e307c3a6397b","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":50,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"77611327-66bf-4b01-9007-7aeefd13e929","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":50,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"3b614e74-0ad8-4180-a256-662fd34ffebb","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":50,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"5652b62b-b5e2-4db5-b5c5-53e33a0d4162","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":50,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"15d878ef-3586-4fa8-afee-3fdefbc71696","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":50,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"82941284-99fa-4cd5-bd2e-a002aa20c0f7","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":50,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"c853a78a-0f26-48ed-8cfb-1108a0b111c6","block_type":"box","text":"II-5","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"982b1c80-748c-4608-9e3b-05a83fdec89c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b271fb5-6b8c-450f-8f4d-811d2033a8d1","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":51,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"ff58c96c-721e-4c67-85a5-f48738add4be","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":51,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"9aa44c03-165b-4a27-8973-aef451788d36","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":51,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"8d7bf35d-8305-4592-b960-ffa41c542a8a","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":51,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"ce7349d3-996d-4d7e-851a-5790caae5972","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":51,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"ed5a4fe4-8334-4ac3-a9f2-dd4756077b3e","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":51,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"86722fef-ddb4-4058-ae4e-40fddd6017df","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":51,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"8e891a37-6d61-4a77-81c9-2a7ba4b5117f","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":51,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"d0159bec-2fb0-4486-888c-2e7e35552b93","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":51,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"7ca0e206-e44b-42aa-9bab-4b8f9dab11cb","block_type":"box","text":"things.","page_number":51,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"c08e6786-2763-44dc-82d1-e619a81b4e41","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":51,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"2c20d79a-269f-4adc-8230-a444ac1d34ec","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":51,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"0a338b62-d731-4b52-b765-84ba8ccde322","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":51,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"04b8ac0e-3062-475d-8c3f-776cd84f68e4","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":51,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"dadd9d4f-8c68-4c17-81ee-7c5511528286","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":51,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"7c42d3f8-630e-4dd0-9667-39c587d4d44f","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":51,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"6a7887af-66d8-4973-bab4-847426a110d5","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":51,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"3c935d8f-fbce-4f5c-ad42-12a01eb146b0","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":51,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"b3c63082-d862-4950-9b1e-ffa1e79e9e2d","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":51,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"6a7728cf-957f-466c-9de6-ab0c803e228b","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":51,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"fb78b420-8fbb-4d9a-8635-d27917a9fe08","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":51,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"0af67db8-cf3b-485b-8afa-8c93db6faa07","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":51,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"15e274df-0ab1-4e06-905a-992c3b8182cd","block_type":"box","text":"i.e.","page_number":51,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"33c4794c-a4c2-4235-831b-43d916d2b826","block_type":"box","text":", strictly on the basis of its yield) is","page_number":51,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"61e5f9d9-4b90-442b-9a3f-d2f2c8b4b143","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":51,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"85e054f2-c495-4d26-a2fb-6cf9e19fdb86","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":51,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"c82fa0d2-87bb-438a-a550-d743ca90cd94","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":51,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"e57489c6-688e-48e6-86bc-11b95cbcf2e2","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":51,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"7a2a37e6-9269-408b-878c-91cf84eb6cb5","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":51,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"f3d0cf68-91dc-4fde-9f46-eb1e09c83adc","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":51,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"836dc1f0-7d29-4006-bb46-b80a2b008451","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":51,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"7f85e8d1-71e6-4924-9f73-199a5b8a231b","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":51,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"698c52de-8d40-49e7-b1ef-8ac862e4a941","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":51,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"7a078240-d07b-499d-a0cf-ed2b350ee229","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":51,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"e47f5e09-2273-4fbe-bfd1-12b1c487518d","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":51,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"9220e8a7-272b-4900-9064-ee624de2e05f","block_type":"box","text":"than the securities’ investment value.","page_number":51,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"633fcef7-dbb2-4a9d-bc97-3322e8bf5eae","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":51,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"7986d5c6-beb0-4d16-9921-b70db3e660a4","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":51,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"57a3597f-29fe-486c-9c42-cf3b6f1b6493","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":51,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"ee951a01-b3e8-4dc7-8cce-653a7c792d21","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":51,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"f7ba4a4d-b661-41b3-8a50-e2051915b8e0","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":51,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"d56f2fb1-5c8a-453f-9b0d-2536b6fcd91b","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":51,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"c7fb2e40-b9dc-4621-be52-71cadf6ae930","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":51,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"2c8150f6-34cd-47b4-9771-46e0e21dc284","block_type":"box","text":"security under certain circumstances.","page_number":51,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"87064983-d133-4474-a652-df3903a16e25","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":51,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"ab5d90df-4cf9-4b00-aea0-5b1e46982fc0","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":51,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"5ea37142-2db1-4352-9e91-64c7befa6f52","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":51,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"12cb2e8a-6398-4650-bd4f-42e6c089b09b","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":51,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"789c5cd6-e96e-44fe-87ef-94f2a52af222","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":51,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"281478bf-1422-4a04-b2ae-d73adfc0bded","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":51,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"bf3c09cb-cbcc-4320-9559-739371f140fe","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":51,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"f8eb5e03-d69f-458b-85b8-9b490ef1d74b","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":51,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"c637dee2-91d7-419f-9233-1f8722240a42","block_type":"box","text":"i.e.","page_number":51,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"321d3b3e-e415-4a57-919c-99dc41c81558","block_type":"box","text":", fixed-income (“fixed","page_number":51,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"d64973ba-da10-4731-aa80-ba99bd683a4a","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":51,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"686a4642-37e9-47f2-8d95-9570a5dcd7eb","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":51,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"bee53f88-aa82-4821-bc3a-e4bc97da6e90","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":51,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"acc1b3ef-4294-4baa-a646-d9a9ef6dbf62","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":51,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"da3c7686-7f4d-4786-9d2a-65ca4db5f790","block_type":"box","text":"II-6","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"56164d73-7e09-4f1a-9b5b-f665ae9b4707","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca368991-8417-4e8e-bda8-1fe539b44db6","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":52,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f8cf09eb-93fe-4731-8eb4-cda59d61dc46","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":52,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"ea27ef21-7971-4685-bf92-73e3d5ed5d60","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":52,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"813a6e77-c043-413e-88a2-3ccdcffac540","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":52,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"c5ac7abd-1641-4145-8150-7e08793a8eaf","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":52,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"a185a797-8a3d-4952-8801-50a7346c976d","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":52,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"2e3eaf1b-cda5-4a73-a2cc-f2075d9f948c","block_type":"box","text":"component.","page_number":52,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"80c16110-2d06-4489-bdc5-bdd60df2f458","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":52,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"9e1ecaf4-3d8d-4bce-9ae1-966cca2ad376","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":52,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"21945743-ccde-4903-ad07-4fa2d83f71c2","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":52,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"0f01a813-e772-4c29-b96f-72b389dd8718","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":52,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"be92185a-ecfc-46ac-85bc-d673ebf86956","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":52,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"956c15a7-8fa5-4207-b640-b0e3e37415ac","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":52,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"aeca5d2d-8781-4df2-8f57-dfce891484ad","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":52,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"0eeda613-59cc-4bf9-b427-8565bc0b788b","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":52,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"38d9376d-3c38-4c6f-897e-da693bc0fd08","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":52,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"c5a8367e-1a62-4f7f-b104-e029dfd02e93","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":52,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"defc9cd2-6d12-4463-8beb-d8d28106929a","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":52,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"ef560d65-5914-4da9-b226-76a7634557be","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":52,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"5671ae4b-3d7b-4752-84f1-8bbabe01af58","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":52,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"e5dbe8f0-cd38-4853-b134-fb4859bc725d","block_type":"box","text":"favorable market conditions.","page_number":52,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"dcad40bb-dfc6-4d41-813c-e861e18d5ab0","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":52,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"2f42311d-780b-4699-b439-78b57c46b333","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":52,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"3c5851e1-a9f0-4b2d-ac2b-6abcff59c0d0","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":52,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"5e5b3640-8a70-49f0-9782-b3e1240f3d8f","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":52,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"f80f2efb-9422-46e7-8e28-18fce05e6d15","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":52,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"37a85ebb-8bee-4002-bbd5-868a1bb8b317","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":52,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"82b0ec81-bf76-4ec2-8fc2-be6d8925defa","block_type":"box","text":"Corporate Loans.","page_number":52,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"7d65d335-ab2d-4e00-b50f-4b6fb0fdac1e","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":52,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"a7553d69-1f1a-405a-bae2-018471b32ab7","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":52,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"8949e79e-8b2c-49f9-8ecd-a13141fde0f9","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":52,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"295d3617-b79f-4b53-906b-a6d521f4c8da","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":52,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"19fc55ce-a89c-4e2c-961a-bc2a2757c198","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":52,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"5eb1b1f4-c462-4706-94c8-ca3e0ef88fb4","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":52,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"4cf7bd88-59d6-420c-bc3f-61df7c22487e","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":52,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"2c4d1b0a-8c76-4578-abce-55c261fcfb2c","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":52,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"c52666e2-dbd8-49e8-bb5b-7558778be680","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":52,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"74727942-3739-4753-83c6-70b44cf43e28","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":52,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"2398dbe8-98fb-4e7f-81df-e4fce5719bfa","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":52,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"5197bfc4-f550-44bc-a804-99bd065c90b1","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":52,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"7f0f3c2e-ea83-4d26-82ae-86f125cafa54","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":52,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"8c43bde6-e2ef-443a-a18d-a4c721733f2c","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":52,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"37eaecab-36dd-4471-bf5f-c38a117fb0fb","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":52,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"f383b255-592c-467f-b538-a1f461b7a3fd","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":52,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"01173d4e-2269-4d4c-a143-eec12a43db21","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":52,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"9e908e59-57d5-448f-b4e1-859a7c8b9017","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":52,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"984cc321-5bca-4488-81c9-3640d6b81da5","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":52,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"efcedbf7-b00e-46ff-be6e-6b84494b5915","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":52,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"1237f299-54c3-441c-90b3-3e1a67dd4b92","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":52,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"85020ffa-cfd5-4b38-8704-ef9d47ff9e8f","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":52,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"4dd7bdd3-bbd2-42ec-bc33-ea11c6ba9883","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":52,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"e61e6476-1f62-43d6-89d7-d2e7c6d35a01","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":52,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"789f809f-184f-489f-bff4-1be0e8fdc36d","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":52,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"af7a65c1-a712-4176-93bd-e2dfe9e117ad","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":52,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"33f291ae-8023-49c9-aaac-53fe8acd3de4","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":52,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"e825af6d-9a39-4e19-a109-ad1007673443","block_type":"box","text":"of the borrower.","page_number":52,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"ff941ad7-abe5-4819-b480-157b2b402c02","block_type":"box","text":"II-7","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6f68387f-1195-44b4-8a92-51f2a1883056","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b630dcad-9673-4edd-aa3d-3fea5121a278","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":53,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"edca0434-a61a-4b3d-ae76-d140c501d547","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":53,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"af5124e1-e284-4157-8eb4-4bfa5490bb5e","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":53,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"baf890be-725e-4659-ba0b-0302879c74d2","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":53,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"5f98792c-2379-49d9-af9b-7ec4a59ea996","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":53,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"c837ac59-22c2-4fe0-8b0d-0b718b96c8b6","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":53,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"8d7c2b82-19da-49be-8c0e-ca09e0fe6895","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":53,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5c8ca249-8bd5-4e7d-a6ec-30a163e651f9","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":53,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"66c66a97-beb4-469b-b451-4969c9ff7206","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":53,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"2cbbe2eb-abcd-4e49-bfaa-044cfdb443af","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":53,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"6515fe0a-180f-4718-99d8-cb81f59ceed7","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":53,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"9ca9ae83-b6b5-423f-8c1b-811a177004f7","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":53,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"8ac28beb-779b-4eab-8805-fe76992472bf","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":53,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"f456956b-14db-4b7a-977f-26a12e723301","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":53,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"bf53152e-99ba-4c33-a14b-c1c82726a598","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":53,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"7aff6aa4-a17b-48bf-aaa0-f191cd2704cd","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":53,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"e23f624f-f62a-4435-9eab-3cd20a7ca181","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":53,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"107ed6be-4d8f-4af5-85dd-051abaac26e8","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":53,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"a5e171bc-7050-4878-b692-3548d6ac83fc","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":53,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"5b25b02e-ef61-4f3e-95b2-00175fdb7a16","block_type":"box","text":"state law.","page_number":53,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"02c81a13-b445-46dc-a60c-9b716fb587db","block_type":"box","text":"Direct Lending.","page_number":53,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"6b15eb83-97c2-4925-a4f3-c0fbc59f0b8a","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":53,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"df2caa36-ac1b-4dd7-9c6f-4ab2b4f920c1","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":53,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"fac00c35-a8bb-44a6-88dc-5d727bc80638","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":53,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"9cc66801-7899-4c94-a74f-bcfca756fc9a","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":53,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"bfe8276c-e6ee-4e4b-ba02-5f4401d11787","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":53,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"90501721-5545-4188-9d6f-6d0155bf1104","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":53,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"038cc1b8-5dfe-49bb-9b4c-f0f34778b1c7","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":53,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"69bd36ee-92d1-4a11-9831-ba725a22be3c","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":53,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"46e03bc7-efb0-4840-b6f2-02e91bd2268a","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":53,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"196ff3fc-79c6-4060-b1f0-308dea3e2212","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":53,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"133d34bb-d0b4-48e0-81a3-a08634f65fb0","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":53,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"d552e6a6-f767-40f4-b959-5167ca5fc20c","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":53,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"61c14a0b-ca2b-4819-bc44-b61a1dec8a2f","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":53,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"16310f64-1f5f-4ed6-9544-f7ced0b9103a","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":53,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"44f914dc-5f1c-43a9-9dca-bea6ca19d593","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":53,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"27e33bba-f7c7-4ae3-b6dd-7b64e3cafd37","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":53,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"1c2a137d-7417-4a41-b285-b4dd082ca54f","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":53,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"c959bc5d-bf1f-4604-b07b-e71343f2b433","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":53,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"4461b50c-4c4c-4e49-9b01-33b99ea25250","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":53,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"28b0a1f5-b98b-4395-9aa6-e4379141d81a","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":53,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"d0cb008a-d4ee-4a0f-b9d7-d2007f49cb3e","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":53,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"a72ff28e-42a9-452d-8563-52fc3592f586","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":53,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"b8400ab5-8354-435f-a74f-3e93589fe004","block_type":"box","text":"Credit Linked Securities.","page_number":53,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"7e0c3d3b-c2d9-4896-88fe-b67ba0ba39e2","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":53,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"eab41d98-6058-451e-a440-b5213ae7d508","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":53,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"4ec82abb-e9b4-44ee-a249-ba8e6e1be2ba","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":53,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"b88ac6eb-dc11-47f7-941e-34e03fcd47ea","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":53,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"51417bb7-b6ef-4ef4-840b-6dfe91551b22","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":53,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0f8854a1-cddd-4d6e-8383-97afe95ad885","block_type":"box","text":"traditional income producing securities are not available.","page_number":53,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"8df54d6e-8092-4303-aed2-21166e87b1ef","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":53,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"7e7888aa-c260-42eb-a779-ebe3b7c6282c","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":53,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"0f4b6201-c967-405d-822a-bffb9d46cb68","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":53,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"fd864dd9-feaf-49f6-9fd7-d8e3c31e5494","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":53,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"c40ce97c-b39f-473e-8d0e-c9abd266aa16","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":53,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"2ba6455e-8efa-4aa1-95a7-d3e679d2bb0e","block_type":"box","text":"II-8","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"545559f4-8d75-4744-812b-b7420848eb87","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84ed7670-2c82-4cde-8b89-9dcc9d28d59b","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":54,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"399f789c-0a3c-4701-9686-a947080745af","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":54,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"fdb3422b-0e1d-4129-b487-f45676e0cb37","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":54,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"9830f895-46e5-44f5-8118-972addf64546","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":54,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"4f606d47-7256-4594-b6bb-21744f0b4dcc","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":54,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"f9c65159-103d-459e-a72d-803102aa894c","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":54,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"0a3474a7-8109-493c-86f4-27755b4e42cd","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":54,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"48d6e3b3-6160-4c2d-a704-75d4f9973a19","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":54,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"636bab37-1e44-4774-82bd-fc6a9606f725","block_type":"box","text":"investments.","page_number":54,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"017211b8-be3c-4ec3-829f-b1e053f9d17b","block_type":"box","text":"Debt Securities.","page_number":54,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"ffbb5f93-0311-4427-bca0-83f4c4c52656","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":54,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"fd539781-5ed2-4bfe-b3b7-44c06d77757f","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":54,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"d7e2e6f8-2563-4af9-8c54-fa894204babc","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":54,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"ef850816-fde4-471d-9ffd-db9e776f838b","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":54,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"7ab5cad2-a0ca-48c3-9f41-b033cf5c025c","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":54,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"be5cca35-eaa3-4aa7-8557-376278fae77c","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":54,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"b7ec4c3e-26fe-4cb7-9f9c-a2d165e3c8bd","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":54,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"d4426e45-9614-4554-93fa-7aefbfc6028c","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":54,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"a2d47ba0-0d06-4be9-9119-b16d0155a2d5","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":54,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"4af1c323-012a-4af8-b05c-f1484c111635","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":54,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"ce7941a4-2d9a-4e24-964d-6d15a138025f","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":54,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"bcc238cd-b936-4405-a8f2-b8fc47366a06","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":54,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"8014fa75-dda3-43c3-b457-16c8d3615fb3","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":54,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"b7296cd9-7432-4055-8e2e-7c6fcea20f8d","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":54,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"311efeef-b585-483d-a810-e083834e7cf1","block_type":"box","text":"lose value. This is known as extension risk.","page_number":54,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"45ad7505-fa92-4c54-9783-854226e8bb13","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":54,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"8aec8353-a0ed-48e3-9dcf-f4aa5453056c","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":54,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"63fda09e-0026-462a-8a44-cfe1d0287e87","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":54,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"40918f6f-03cc-4f3d-9022-f5fc7a080cd2","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":54,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"f99831c3-46ba-444e-8d9d-25eb4e22b733","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":54,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"07f9abbd-7e6f-4244-947b-ff59101856ff","block_type":"box","text":"Floating and Variable Rate Securities","page_number":54,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"f9d8a05e-1190-4371-8bd1-244a2a530ca6","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":54,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"aba68b88-c560-487d-9122-4fc92cf63d15","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":54,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"0c466e55-ba0a-4357-a3f9-7c527fefc59b","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":54,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"59e31811-c91e-4bb8-9027-9a218bd0244a","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":54,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"fc4451e8-07cc-4f56-9b1d-6201be50f7f5","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":54,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"255b2839-c40a-458c-903b-dcafc1a25382","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":54,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"184fb7b2-94b3-4fa6-9d01-98543e729d5c","block_type":"box","text":"market interest rates.","page_number":54,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"73a9f556-132f-40bf-b7e2-05c34a77f4e0","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":54,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"52a671f7-a264-4bed-afd0-6fddfa443cd8","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":54,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"70fea71b-e5c2-4bc1-aa03-191a51069732","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":54,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"71cac74b-1180-4e22-8e05-1247e4f6b661","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":54,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"fb4e2792-b2c1-4bb7-8ed8-b14a4c8f33d3","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":54,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"9c3abf6e-fe0b-4e2d-879c-f647cd1deb4f","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":54,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"a9d9eafc-f45d-449d-9531-174f0f72f026","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":54,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"03e124ed-c4ad-446c-a605-992143c24e94","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":54,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"a8c4cf70-b43a-4b4e-bed6-d64e66fc2f9a","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":54,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"4ce40b2e-7148-4a4a-92c7-721b6f1bd65f","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":54,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"f19965a1-c263-44fd-b3b1-8d338c3a6cd4","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":54,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"d26fe64f-986b-4c1b-ae17-d24e06a78bc8","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":54,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"fcb704fa-1bb3-423e-8ba9-5c417d420ece","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":54,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"172b009c-756d-4af6-9659-a2d8265e9fa7","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":54,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"32405db3-a209-453d-9a8d-781839dfd596","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":54,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"a8c4fd00-49c2-4a77-8e3c-aae37659b72e","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":54,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"f245a662-2ef6-432a-b6e5-b3c49ed21d91","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":54,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"1a020fbb-ff46-4270-a364-fa30837d4b55","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":54,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"865b002d-6951-402f-b947-ca4fc70d7106","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":54,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"6a47cd86-7548-4605-82c0-f8b20358c1d2","block_type":"box","text":"II-9","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ce6bf222-8ada-4a0d-8f35-ec8a6d9727f4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd302654-f2f9-43cc-8c08-946db65526eb","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":55,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"e4bfac1d-8ac3-4b93-81b7-43cd40fcc1d7","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":55,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"8782052e-cbb9-4835-a419-e91ae5a6ae1c","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":55,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"1a381a6a-f979-4fed-a6b3-48b973aedd35","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":55,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"b399e04f-92ae-4e1d-ad0c-55a5eb7ac970","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":55,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"12469f81-a655-4bdd-b8f1-6710f027f369","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":55,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"e544a330-de52-42a5-8abe-de78a3f435e1","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":55,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"3f35f14b-213b-4284-8602-ccd87fdfe32c","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":55,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"82bf4547-add9-4ece-9ef7-fef726549949","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":55,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"97696048-d1b7-4b4e-8709-46ff94e46670","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":55,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"f0b2069b-fcb3-40c3-a7e2-037294f756d2","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":55,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"1aaa2a06-cbdc-4479-be15-a86d4c6db475","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":55,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"10dd1001-4caa-4125-9a82-25385279b73e","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":55,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"094b55ff-56fd-4592-855b-d0578e90763a","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":55,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"62c37e69-649f-4b7c-b244-4396567919db","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":55,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"d660290f-8b3c-464e-b244-216ec88f7c38","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":55,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"9b47cb1b-00d4-48e7-8e6c-bc356eede066","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":55,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"cd833f06-271a-4ba6-bd1d-2ea9da842b8d","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":55,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"9c078e53-53b2-4f61-9a06-d68a255bec8a","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":55,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"a279ec0c-25ac-469d-836e-1edbe4c06406","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":55,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"7d88f76a-c01b-49cb-99a1-6776c03b8fd5","block_type":"box","text":"United States.","page_number":55,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"59f7e166-bb41-49a6-9707-df1754344648","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":55,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"c506b99b-9703-4929-8ac1-8f06b520b727","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":55,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"b91bdc34-7b03-4435-81d6-d01253fb129f","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":55,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"432ba8da-e339-4384-ac52-db5460b479c2","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":55,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"764898e0-b163-4213-bed6-6aaa800c55ce","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":55,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"af8454db-da41-42e6-b5d3-5fd7b6f46413","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":55,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"5e3357c1-2b47-4bf4-9166-df229805ebbc","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":55,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"d7352339-9664-4637-a4e0-18bf276a8882","block_type":"box","text":"i.e.","page_number":55,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"ec5204e1-b521-492d-b478-a7801be29f44","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":55,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"86796a49-234e-41cc-b4ae-637dda190e4e","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":55,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"701e01ff-befc-40d8-8c59-7894106b987a","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":55,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"40f91a43-28cc-4a49-a613-b27dcfb4733b","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":55,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"0259ce17-66b2-4eab-9018-bab020b1e465","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":55,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"94f45945-a0fe-4198-9ff9-038cbc04a30a","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":55,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"c4e27dc5-2da4-4cf5-be25-c20e143ca358","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":55,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"abd0da84-647b-43f6-82dc-90d8370e30b9","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":55,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"8cbaede5-fe82-4d32-9ac7-7897de2c00fe","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":55,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"b65205b1-45dc-44a0-a14f-d3ce26c0c86a","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":55,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"fba1330f-0590-4928-8ee4-b7aa2a34258f","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":55,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"511a3914-d181-41e8-a005-25fb8294d0f6","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":55,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"9c89ebb7-17e4-4210-828a-2197620cb934","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":55,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"adbe518a-7c16-43db-8933-5692daf896a6","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":55,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"0e203bb8-518f-4f14-9624-d1a66e75b102","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":55,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"30bebf1a-4645-458f-a476-21e935ce29f6","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":55,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"a1438027-b92d-45a2-be91-194eff07f213","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":55,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"f8048296-929b-43af-8fce-f520000b24e6","block_type":"box","text":"risk than higher rated securities.","page_number":55,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"075446f6-0058-491f-9d11-1b57a72c0c18","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":55,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"daa37caa-84c8-42dd-8859-f2c183c419ca","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"83a8ec97-c6ab-443d-a47b-0ff74565d7b8","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":55,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"36979daf-1cfd-457c-b96e-7d15c59de9d4","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":55,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"e8c247ae-bffb-4c96-a9f2-3ed040c961dc","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":55,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"8d87d39c-4cba-42f6-bff0-29b1e91075ef","block_type":"box","text":"unavailability of additional financing.","page_number":55,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"22182d93-3f4c-47f2-a582-d602ef56db31","block_type":"box","text":"•","page_number":55,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"c13f9d69-d3c9-4e1f-94b5-c22f28df7340","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":55,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"936704dd-1339-4980-b19e-f6cc41f80608","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":55,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"f5990099-3d2e-4542-8899-3098ecff937f","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":55,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"8c2ea336-2f3e-44ef-8b5a-b9b04b142ac0","block_type":"box","text":"II-10","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"09c4f18c-2157-455c-8860-5cd8aadee026","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26417f97-3f88-4575-b733-37eedb6b4463","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":56,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"2c35d7f8-4750-4956-bb67-5416ae0e15d3","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":56,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"641f6c72-d5ea-4eb6-8f69-238327b164d7","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"93e13aaf-1b0b-4189-ad44-ec86b2b33bfb","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":56,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"30f1008d-7d6a-453b-8fdc-efb9d3dfbf1b","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":56,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"3f5d0eb1-51fd-488b-acec-d04a0eeb5f35","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":56,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"434dcd35-2ec9-4c77-8406-47f95232093e","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":56,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"b67e6d1a-475a-439a-b307-4ae01198dd00","block_type":"box","text":"investors in higher rated securities.","page_number":56,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"bdf90bba-0b63-435f-b503-59ece7b229c4","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"f4b8b590-3810-419b-8176-cb88c24cfd22","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":56,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"d35670a5-2900-4f83-b84b-ee17fe938db2","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":56,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"43a33cd2-0c5b-4183-9983-4e85ad036719","block_type":"box","text":"lower yields and may lose income.","page_number":56,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"213ea105-c9e3-4327-a943-38dc9f354dbf","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"79882ef5-9362-4c2b-b705-1cd70625efd3","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":56,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"c4f1cd3d-8b27-4550-832e-7befcf7b8d35","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":56,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"ea272606-b14b-435d-8016-d08ec5d225d0","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"6b16e7fa-b454-48b3-909c-b22009b7fff9","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":56,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"9cfd0600-003c-4bc9-af5f-8599055fe2a4","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":56,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"de402fae-4ad9-479c-a04f-c0185fe3ae00","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":56,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"d43ecd78-d08d-4182-83ad-5217c7a660a1","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":56,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"0e220234-eb5f-4ca5-b5e7-24c080a4bca6","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":56,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"67d2c826-2b44-43ab-b66e-f64003de3f08","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":56,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"69db1067-995b-475c-a560-e297bf6db118","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":56,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"a5efe784-9e7e-4e7c-a760-cc2048cd89ee","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"47b72078-0033-4387-af3f-9e18881051d2","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":56,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"a9172056-07da-462f-a049-6e1830ddbd9b","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":56,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"f3896d07-d2bc-4c9f-af62-08435e7ae2c1","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":56,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"0da2a4ff-2a36-4991-a1f7-ff1a72847944","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":56,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"1e79efd7-c17d-439c-9833-3407da997b3c","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":56,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"d82a10b0-75d9-4167-b847-652520bde414","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":56,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"def8a2b4-0157-436b-bec6-c817479dc550","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":56,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"184592c8-983b-4c4b-9a67-9a124e1770f4","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":56,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"ac4a538f-9cea-4026-a68c-3717ba572adf","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":56,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"fd2acc1a-a919-468b-adb5-04dbbbc29e73","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":56,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"01826bed-2a50-4dd4-a040-bd32b100c6fd","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":56,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"4d12a9c5-5530-4eb8-bd0e-ddaf44578fdf","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":56,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"3c66007b-da50-4f41-880b-763129d4101e","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":56,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"526a1b36-a961-4bbe-adc1-f00e7bf3ff6f","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":56,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"2f6d7d88-fb1b-4061-83eb-66f6b3231dfb","block_type":"box","text":"role in determining such valuations.","page_number":56,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"bce1c898-ba91-480a-9c7d-c7506dc9ec24","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"626d491c-b684-4d46-ad6b-059d76c62b53","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":56,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"d685eb21-d72b-441b-b540-f553b25cd15d","block_type":"box","text":"a defaulting issuer.","page_number":56,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"fced5e02-df92-4bbe-a80a-2415b31beac8","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"091545ba-453c-410c-b373-df9a73faa44e","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":56,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"b6af2b44-71dc-424f-815f-04a6f78dfc4f","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":56,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"e1813b1e-ff7d-4f8c-839d-fe68bc6f3d72","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":56,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"5f6105b4-f014-4652-a8ba-73d455102a81","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":56,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"5c1cfe05-32f5-413e-8c59-c4d6d22c77ed","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":56,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"bc80feb5-de61-4f2b-ab2f-89a0cc7b2545","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":56,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"ce6621f3-1448-43e7-ba76-7d63896b4751","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":56,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"ec96bbd8-b0aa-4037-83c8-2a3592862ce2","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":56,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"8ce017d0-6a76-4057-b529-9279aed678f6","block_type":"box","text":"•","page_number":56,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"110d418a-61b2-4217-aa63-f976bf1ac662","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":56,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"cf309110-ace3-420f-86fa-3e6ee65a7845","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":56,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"bb7e96d0-67ae-4b08-ac82-7c6ea45d7760","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":56,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"5827cbae-100b-431f-a654-e39c0daaff40","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":56,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"72f21894-18ab-45e4-b884-55b41d68a090","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":56,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"85b7dbbf-c6b0-42a7-af06-f71ac52aed9b","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":56,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"27b16a83-2448-4984-9eb4-aba5b620b0e2","block_type":"box","text":"higher-rated securities.","page_number":56,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"b1536f22-5ac2-45aa-a86e-6b5cfee2d981","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":56,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"b28c3a9c-17a8-481d-ad3a-b392e6d1f48c","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":56,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"f8cf571c-fbaa-43f8-a910-ed203b117f87","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":56,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"1dffdd2a-0ee9-4eec-ab72-2632f7123984","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":56,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"37b5a454-37da-466f-9dd7-211bc1823d3e","block_type":"box","text":"II-11","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3c54be1-871b-431d-89b8-b471f53e2090","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83db03ac-2b5f-4fb4-ac4d-c50b3a166695","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":57,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"9ebd6b49-aa52-415b-b31f-80940f9210fe","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":57,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"e077378a-4a6f-4f29-9ce5-d4d2a17ace3c","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":57,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"9f630a3f-af52-497b-a775-53064bbe0e77","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":57,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"ad5c33ff-7678-472f-9689-abba77b5cfae","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":57,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"47ceac70-ad53-42a4-a34a-31afae0c239e","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":57,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"1ff04705-fe53-416a-ae31-7033278d0530","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":57,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"d1f5559f-4d48-4a2a-971f-47db86a76504","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":57,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"2b2ac908-7b50-4083-9e3f-e9e3fae06208","block_type":"box","text":"Mezzanine Investments.","page_number":57,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"41627d44-2645-49ae-9f04-7df0c13e8b65","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":57,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"183082fa-2632-4e6c-9731-d85654d0952c","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":57,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"0e805921-917a-4aa1-a679-8ff41a901129","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":57,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"9e300899-f6d7-4d2c-ac11-f0a92a2d2770","block_type":"box","text":"e.g.","page_number":57,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"4c75f2f3-a8e5-4086-bb5f-4e3695c34cc6","block_type":"box","text":", with","page_number":57,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"2ed53d40-af62-4dcf-b8ca-c2d5a2e8333b","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":57,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"2698d844-6c36-4e9a-b9a0-d77c2271d510","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":57,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"75266553-9e14-44a2-8ced-f4f52734f224","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":57,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"1eb14bac-f58e-42b3-ad8f-c1743715d4bd","block_type":"box","text":"other obligations of the issuer.","page_number":57,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"e5781266-ba03-421c-a0f0-19f93048ebbf","block_type":"box","text":"Pay-in-kind Bonds.","page_number":57,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"2700faac-8b04-4500-8256-e3aed45b1580","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":57,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"16ab6fc8-c476-41b8-bc36-5da48c7af607","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":57,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"6bd2c846-951b-43f3-afa3-eefe89a8c5d8","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":57,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"2219ea7c-c6fd-4809-8f08-3006df8cbebd","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":57,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"8fe5003c-83f8-450c-b9f0-e9f378df325d","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":57,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"81976760-2ad1-44f3-8c3f-15f0d3478f9b","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":57,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"e31ca2d7-2b76-4d45-9a5e-f133be3b4004","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":57,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"cc1dca94-cf5c-4ee2-9cec-4b38854356f0","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":57,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"04a1aaef-b125-40cc-9073-4ae8817f1046","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":57,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"e589f140-3d79-4402-8455-55c0c8ef06e5","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":57,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"2aa66351-cf9f-47db-b54d-019361e1c9bd","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":57,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"38492ad9-06f8-4a03-9eb1-f691028be75f","block_type":"box","text":"Supranational Entities.","page_number":57,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"f7d3e20c-2c4e-4010-8643-4c685dc3b0f1","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":57,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"8b006fc0-4878-41f1-be6d-64c1faf60a65","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":57,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"0e727e6c-48f4-4c85-9001-44925a48a998","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":57,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"d007d322-1665-4b34-9e01-4ef0b09879de","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":57,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"ef88f0ea-e585-4558-910e-217069d68504","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":57,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"88e535b4-5b00-4bd2-acdc-4624de92a630","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":57,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"99cae72e-d218-40e5-af5e-48c98de7bb75","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":57,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"12e9592c-f6ee-44bc-9784-ad05ec8456cf","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":57,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"af2e1957-8370-474f-a106-7b4a038fd0b9","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":57,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"4abfe90c-18db-45d8-98f4-100c7a7e30c7","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":57,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"1929113f-d65e-43a0-a507-c65157ff4d53","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":57,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"4b6eb597-4255-4ec2-917d-e3d82bed7187","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":57,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"9edb8d0f-eaac-4c9c-9d68-626781fa1d1d","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":57,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"eda874c1-b27b-4068-b08b-3546e6e3e83a","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":57,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"055bd8e1-87fe-4b4c-a1e3-c1c8ff0d5a99","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":57,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"4d407efe-743b-465a-ba42-9c20866fb8f2","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":57,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"0cc3c1e5-deec-491a-8e9a-abea21880ca9","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":57,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"9b4053f6-2dee-461e-b22a-85ef51a52c6d","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":57,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"606875b5-78d0-452e-b639-34fb39a6428c","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":57,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"e3449dfc-bf75-487d-80fe-d1e59ec1698b","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":57,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"b4e63a31-2d2e-4bd0-a27d-18c45a8b1110","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":57,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"7fe5f83a-855f-4ce8-a050-409d7486a3f0","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":57,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"8feffbb4-a98c-46c9-bcd1-7501298ba717","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":57,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"c8a21a68-71bd-407e-a3b9-f4bda5fa5fe0","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":57,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"591e955a-0f64-4ed2-a83d-aa73a58773d0","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":57,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"419275e5-f133-4d3b-952a-f423125c4dab","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":57,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"8ef5d4be-f421-4e0d-8d62-30ba3664a286","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":57,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"0e3e81c3-2467-4658-8de9-6dd946e1458f","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":57,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"461ae87b-796e-41ac-9fd8-389bf7b98a3a","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":57,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"04675b94-6a55-47ac-8148-6798c8decf0a","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":57,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"eebf8da9-fb9d-4d5a-9528-e7e1aa7da7a3","block_type":"box","text":"II-12","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e11873d7-a1e8-43be-ab4b-bdd4861f745e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edb0d160-9c2d-40b7-880e-26506dd9abca","block_type":"box","text":"Derivatives.","page_number":58,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"3b7a7f13-8187-4908-afdf-d76253f172dd","block_type":"box","text":"General.","page_number":58,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"8723a52a-ddb4-4334-ac5d-abe055eed7c8","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":58,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"cc5af69d-5242-48da-a558-0b4011a6a3e9","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":58,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"9754ba26-0963-452a-a918-abc60bdd5e40","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":58,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"c6ac9524-a1a0-4594-9612-ce2a266b0790","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":58,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"419a5fba-9c2a-414d-8120-514112e8b548","block_type":"box","text":"efficiently than with other transactions. Certain Funds may use derivatives to maintain a portion of their long and","page_number":58,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"02f84492-eebb-4bff-9ccc-986f02bcdd28","block_type":"box","text":"short positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":58,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"f9aca189-4061-4e8f-9dd5-40408c56dc94","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":58,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"45dc8360-1f7a-4afb-b378-cdd6a5b82622","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":58,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"870ae25a-2cb6-41f0-9e17-0f223afbaf6d","block_type":"box","text":"i.e.","page_number":58,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"be50e710-3737-4309-8ee8-d332014d4a37","block_type":"box","text":", the payment","page_number":58,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"8dbe7f18-72fd-4117-9244-45b0bce1c1d1","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":58,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"3a7c3dc9-4abe-4c59-96ce-54925d864c34","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":58,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"d4f029f6-b9c8-4df2-94a0-1de732013ec0","block_type":"box","text":"Hedging.","page_number":58,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"de404fcb-4fa0-4feb-8750-75540b94ab9d","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":58,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"485d0e9e-f98d-4870-b7c1-5c04ca10529e","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":58,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"838ace8b-f853-48ac-8761-8e7d8ef6645c","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":58,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"0a29ee80-1d65-48e7-947f-09366cabeba0","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":58,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"7b04a80e-2f5f-4b90-9941-2455ca5b5672","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":58,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"5b29af1c-9335-4569-ac5f-6e82c4af1aff","block_type":"box","text":"correlation risk,","page_number":58,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"034a47fe-1273-45a8-8538-56fe11cec715","block_type":"box","text":"i.e.","page_number":58,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"4e39d462-08e9-4ff5-abaf-4ddd33bf22e5","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":58,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"6fcf55ef-7ac9-40b5-a8a9-418fc41d24d2","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":58,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"5d0dba60-583e-45d7-b9cc-20e6db6e7659","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":58,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"7d8b0a1b-5827-495b-b1ab-60e5515252e0","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":58,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"51413267-0b06-4ac1-b50c-f6ac2687fec7","block_type":"box","text":"Speculation.","page_number":58,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"6d745178-0eac-4de3-98a6-f0867ee335ff","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":58,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"b7031911-96e3-467d-8a9a-2ca2bb8989af","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":58,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"5dc68c7b-e6c3-4b8a-b2fd-9a77e4bb16b2","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":58,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"5f3e78b7-3b81-4d49-bf59-98b2b2a2c297","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":58,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6587cc33-aab0-4b99-89e2-e04dcd1339a3","block_type":"box","text":"in certain cases may be unlimited.","page_number":58,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"a28c7983-88c0-4aec-8d5a-214aee2a0e43","block_type":"box","text":"Regulation of Derivatives.","page_number":58,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"3119f39a-0015-4ad2-92e4-fed12e7a85f3","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":58,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"6feea9f3-e1be-455d-bd40-4b8e84254d4b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":58,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"90b16681-cfee-4fff-bcdf-ebb6a652dc00","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":58,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"58d1921e-be73-4447-89b1-532a0f17e38a","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":58,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"692bba8d-1a57-4af5-b7ad-1335e921c7ed","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":58,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"e923c293-84b6-478d-aec4-0ddd1bd054fb","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":58,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"6ac78606-d0a8-4eb1-b251-79772fcdeb26","block_type":"box","text":"coverage”).","page_number":58,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"6fdd4f60-4f6a-4ce0-89f5-9b105c676350","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":58,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"549905c3-efb6-4cdf-86a0-9cec3da8e386","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":58,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"69f1133e-ac3a-4a8d-986e-08a29a99683b","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":58,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"cec29c88-b9bb-4982-8cd9-2ead82311652","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":58,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"9c1e2043-a8b0-48a5-a600-4fd1c1c12ca7","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":58,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"e258a13e-c27c-466f-a530-853c793fb0d6","block_type":"box","text":"financing transactions (","page_number":58,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"4ad0bc3e-2af2-45fa-ad81-e1018b8c658d","block_type":"box","text":"e.g.","page_number":58,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"49050c01-65db-4b92-9564-36a122930429","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":58,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"4cf67d49-fc88-49c0-8de9-23859001cd13","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":58,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"2925ffc0-9465-4a6d-aeb5-10fd565f8369","block_type":"box","text":"securities (","page_number":58,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"7a7d96e0-09aa-4891-9492-05c2ce4868a5","block_type":"box","text":"e.g.","page_number":58,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"41ae2e29-f63b-4538-9ede-8af3bca9aaaf","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":58,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"e4a3395b-10e4-4c0c-9e59-5e42286730b3","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":58,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"4c5fea7b-c056-4371-8b8e-2bbd8c6e3d32","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":58,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"b0064de9-8617-4114-b128-cc177a7d2938","block_type":"box","text":"Commitments”).","page_number":58,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"0666ec06-a12d-4c3e-8def-da8ca03eea53","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":58,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"ae9382b8-c113-4016-bc71-0963334fcf5c","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":58,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"4c530876-e6ef-4d74-b9ab-27819451b852","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":58,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"75a8f41a-e6b0-4973-b1df-5dfa47bc3caa","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":58,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"d13895f3-0221-42ac-90b2-dec610c7818d","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":58,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"a40ea66b-4f43-4f22-858c-72e57aa97152","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":58,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"79b054c9-1619-46e6-bd10-47eee7ebaf02","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":58,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"f04603fd-7db3-475f-abe5-49af783ea4f2","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":58,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"50a19165-5a4c-4802-bc2b-88fbfb4ba27c","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":58,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"3106c7fd-93d1-47c0-b617-6f35caf711c7","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":58,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"ae64ee35-9fd8-4b21-bc69-884fadfbbe10","block_type":"box","text":"II-13","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f5b841b-1d2d-4ab4-bf60-4070bcea8668","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"758eaf30-226d-427c-a3a2-e799e23f4844","block_type":"box","text":"Dodd-Frank Regulations.","page_number":59,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"2bcc2165-9839-4ea2-a998-fec4b0a8ca07","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":59,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"331e16a2-45a6-4e11-8f94-6d5180e944f8","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":59,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"0e353be5-4c30-411d-b483-79f0837369f6","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":59,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"7a83b169-26ad-4046-91e2-4d20474e5c94","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":59,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"354ffdeb-af23-4093-9f48-320ae5c3dc1d","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":59,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"efe00d92-af8a-49f9-aed7-8d4b8ae7248a","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":59,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"0606fcec-9584-41aa-9593-36f741443fa6","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":59,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"04121dcb-003c-4aff-835f-d4269e719170","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":59,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"c916ae7e-89c8-4b6a-93d3-c1782038f12e","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":59,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"2dfc6588-ed18-40bf-9c13-bfa579602c7f","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":59,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"1709873b-70c9-4f28-bd1f-9944dbdb65a2","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":59,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"d446d43c-5801-4ef2-81ce-06e84b948aef","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":59,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"fcdd647a-197e-4bb0-9ae5-a7359b13ea74","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":59,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"0d8cbeab-980d-441c-9eea-39359433246c","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":59,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"e43d362d-b5bc-49e8-b445-c7f20dd45797","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":59,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"3311e409-e2ec-4c93-a900-fea30bda52d1","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":59,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"5420a69b-3d0f-4100-b615-cc0a2710fcb8","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":59,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"34c3eae2-e7d7-4334-959d-43ad6818cb8a","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":59,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"639da84b-2b09-483f-bedb-e7974421a2dd","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":59,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"46ed619e-ce2a-463f-bdd5-2720ce4c4923","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":59,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"85a57e47-ba46-426f-ab09-c7f0bdb76596","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":59,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"39203dbb-2719-4049-bc90-a1b38d1e5bef","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":59,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"c5aa5742-7177-4056-90a2-15c3c6ecc3d2","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":59,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"1d964cfc-d1a5-492f-9710-75fe79ffa00b","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":59,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"6a996786-87a4-4eec-ae57-1522aa47c189","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":59,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"e8252bd8-b7d1-4759-8b39-f20549f0941d","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":59,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"368de4d0-0d1e-4f16-a260-56db5c3347fd","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":59,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"f72fcc67-04c7-48c5-9ab8-95423a83d41c","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":59,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"89a7dac7-4d60-4cce-bc32-cfb4eaa2dff6","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":59,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"953b5249-7b96-4300-9fc3-a04dcd0c7d8f","block_type":"box","text":"member.","page_number":59,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"20a6190b-0b91-48de-ba7b-eaeb0d7b1f24","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":59,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"439acde2-a952-4b6b-a3e0-05e6ea58ec9a","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":59,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"bd4dec99-115b-456a-9ea0-a23783f8daf1","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":59,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"1517514b-e03d-444c-a4b8-d7023fab5d28","block_type":"box","text":"margin in excess of clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on","page_number":59,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"51c3fefe-9de0-4eae-b2db-162f4cbc990e","block_type":"box","text":"initial margin with their clearing members, some portion of the initial margin that is passed through to the","page_number":59,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"185cc25c-87cb-44ff-9abb-8b27d0077bd6","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":59,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"67e2c969-d8b8-4a11-b2a2-335305c11683","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":59,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"da2a8f77-da7a-4bf8-9a8c-2932777eca26","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":59,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"4d826dee-9e37-4b31-b668-d76d3acf6a33","block_type":"box","text":"provide for non-cleared OTC derivatives. Furthermore, customers, including the Funds, are subject to additional fees","page_number":59,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"78e8ce4f-43c6-48f5-b28d-9c2648fe104b","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":59,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"c5bb3112-5d31-46c9-9cae-df47ed49c581","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":59,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"a6f0baff-ce78-4b25-ab0f-8f709d34eb62","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":59,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"b1a65a39-8c8e-496c-80f0-25964e9cf297","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":59,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"7bbf0198-dea4-4705-af1f-ae3de2225b4b","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":59,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"c078a40a-2b19-47ba-8d21-71dae2ba7d8d","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than certain","page_number":59,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"215c381b-a282-4859-a56d-71700947f007","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":59,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"d6144e72-2a27-427a-be8b-28a386a4020f","block_type":"box","text":"The CFTC, certain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":59,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"05cba993-14ca-4816-b09f-269beaf9dbfc","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":59,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"c0565790-d1e1-4e90-b52c-3cbe979bc054","block_type":"box","text":"group of persons acting in concert, may hold or control in particular contracts. In addition, U.S. federal position limits","page_number":59,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"5e004301-6328-4439-ae35-4261e9b8c633","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on certain agricultural, metals and energy","page_number":59,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"cff37af0-3740-4157-97c8-ec0c93b8eecc","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":59,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"ea81e3f2-b439-42b4-872b-2044f57f1055","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":59,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"b449f654-7a3b-4175-a5ae-f72abb9e5444","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":59,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"6b815b6c-c94a-460c-bc27-9fee72988ac2","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":59,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"22a228f9-7f94-4cf3-9b18-6c8528c80d57","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":59,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"cd0514bb-e86f-4d3f-9739-f4cab2aa16bc","block_type":"box","text":"II-14","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e00dfb54-f255-428e-acaf-97281ea7546b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1957a91-6c41-4ae7-87a5-6fba80bb7434","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":60,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"001739a9-c3b0-4c7e-9f0c-e13796892d61","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":60,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"4e20cdf9-e2ca-4f0a-b185-dc4819f08a7c","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":60,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"3efb1c85-4ed7-41a1-aeac-c744c0f1205f","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":60,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"8f37a65e-b8f9-47f5-aac5-e11e77b7b90b","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":60,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"ab9fb47e-ab3e-4125-a72f-1dc06def3265","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":60,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"721ae563-198a-4961-ba13-0168c52e6a6a","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":60,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"fb007f2f-b5cb-4dce-a5bd-b8c3175e999f","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":60,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"63f94c46-8b4c-4473-992e-8d461c0e0b2c","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":60,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"a7e0f3f2-faf0-4a6a-b0e3-e1a89c4c621d","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":60,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"7e173ec7-1877-4e9a-af6b-5e8fc91c39a8","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":60,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"06b2b513-294f-4fac-8459-e6fa9dce86f2","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":60,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"b8ff8c9f-1572-4dc1-a3fd-7606a7824f82","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":60,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"bd184f27-bbc6-4226-88e3-f43d4346fadc","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":60,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"2fe5fc6b-753b-470a-b8c1-1760e624decb","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":60,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"2e332ff1-bdc2-495f-a7d7-66def90f0888","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":60,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"623c2434-240b-41bc-958f-1cade9c14362","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":60,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3b59682c-22cb-41dc-abab-01709238da14","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":60,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"21dac150-49a8-4cdf-81cd-30d2f75b8b2d","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":60,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"9f6e9264-130e-41fa-acb9-cb94a3bcd529","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":60,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"3f0599c5-b4de-4d62-9aa1-ce86c7256f8c","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":60,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"0fea57ed-17a1-4311-a7d0-1975c667e02d","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":60,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"9e1dc4a1-c225-4206-b29c-414b0f47de86","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":60,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"cb8ff3ad-44e9-4d7c-a980-3b7efbc9348e","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":60,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"9fd95e14-a520-465c-b17e-0be96242d91f","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":60,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"505e01a4-ceda-4b51-96fd-8e0867296114","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":60,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"2ea7f539-5a73-42bd-af08-ad9280ef9ac9","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. In particular, in the United","page_number":60,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"1348c67c-68d5-408f-88d5-d78e7e28ff10","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or convert to equity the liabilities","page_number":60,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"12061dcf-ee01-47b6-8393-84deab3fa84c","block_type":"box","text":"to a Fund of a counterparty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":60,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"a2e69465-3d8d-4132-9097-77e1f7d6f5ce","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":60,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"8a1e055f-d85b-40fe-9f6e-7d942312d97a","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":60,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"f3245077-d060-4d60-9ae7-a0a95e3a5947","block_type":"box","text":"collateral received under such contracts.","page_number":60,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"33774d5c-9079-434a-b3fc-5d8255e9d1d7","block_type":"box","text":"Risk Factors in Derivatives.","page_number":60,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"3a8eaa32-7026-4b7e-b6b8-a8aa849e31cd","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":60,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"ec052b32-2c60-412d-983d-996cda83b54a","block_type":"box","text":"Correlation Risk","page_number":60,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"40d2d5d8-a6cb-4818-a954-a7ae4e3cf9c6","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":60,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"72b58698-3a89-42ea-b358-f1c246d8d72c","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":60,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"eeeead53-b1d7-47cc-8d1b-996d7bb0e7e7","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":60,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"ea7caf04-ce2d-4e2e-b3b2-e125364b3923","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":60,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"4172d115-8fcb-4bc1-915e-cfafc412a33c","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":60,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"94ef3384-63c9-474c-8c63-8ebcfa00c1b7","block_type":"box","text":"Counterpar ty Risk","page_number":60,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"64043ae2-fee5-4922-a4e8-440f65318e75","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":60,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"80188be0-c367-40dd-bd02-f2feac509ef2","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":60,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"7f9e9011-244f-4c85-be23-4258a26cbef3","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":60,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"f2f0f545-e373-4116-923f-ccc4344d29a4","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":60,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"f0729e62-ca78-4b67-9991-552de27fdacb","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":60,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"00ff0cd5-481e-4333-9860-3161487c649e","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":60,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"3e0603ff-86f4-4043-b199-f0384d916430","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":60,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"1b825ba2-e67a-43d6-b370-e9db6ff30ef1","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support. When a Fund enters into a derivatives","page_number":60,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"62b6cbad-db5c-4448-b2b0-ec9a79b7fde6","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":60,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"bff48566-2517-4873-b8a4-92d3211dcf70","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market participants","page_number":60,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"ff45dae7-abe5-45c6-a0a2-c3c48c74bc14","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":60,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"508a9d93-261a-4971-b1f8-71d481e9a48c","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":60,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"2c077619-c748-493b-bed0-a86184593e4e","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":60,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"8eb7e42d-7d2a-4362-9e1d-f61f900720a9","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":60,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"5aef661b-fea7-45be-8f05-a02e99d97dce","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":60,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"5fef53ba-04cd-4410-b398-feb6c770a53d","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":60,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"8b3211a2-cc95-4f68-b18b-888f74fae93c","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":60,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"57c4443e-c9e8-4aa5-b8b6-2c6accc99460","block_type":"box","text":"II-15","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46ba2907-6fd9-4b5a-9566-d3a27ae9e1f6","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adc4fce5-72c0-4ac7-99e8-1bd4bea6f803","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":61,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"ef57bbff-ece0-4811-99a5-e6125e673d69","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":61,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"35c9f4b5-b783-4b6a-a544-c0421f1cb09b","block_type":"box","text":"by the clearing member.","page_number":61,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"ca007458-d175-487e-8db7-55f2373a55a6","block_type":"box","text":"Credit Risk","page_number":61,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"b85aa648-3ef0-4699-bd9e-b4cc0efcfb67","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":61,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"43297dc1-4f9d-4bc3-bc1b-77bab8098364","block_type":"box","text":"honor its financial obligations.","page_number":61,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"a3ccdcba-ea1e-4ce9-ac7d-4c7826a942b7","block_type":"box","text":"Currency Risk","page_number":61,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"7f697b4e-3cc7-4f48-a28f-c0ed2ac84d17","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":61,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"c5242c61-661e-4157-a4c6-620c368b408c","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":61,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"51e76558-3a77-4097-b180-50388fbec460","block_type":"box","text":"Illiquidity Risk","page_number":61,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"008a47a6-73c0-4b31-81b3-aaeea505a729","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":61,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"53c581d7-a66e-4859-906a-00e435ea4d24","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":61,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"adc8afa0-97cd-4576-86f8-9802c9fa4b64","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":61,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"474a3662-21ef-4651-bf68-092da393f49f","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":61,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"ad7650b3-dfc2-49a0-964a-05babfa60f04","block_type":"box","text":"incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve substantial","page_number":61,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"d22598d3-0b64-4c66-a9c6-509e5d73cc73","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such derivatives. A","page_number":61,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"40ca5eaa-b2fb-4a25-bb88-dcece5005a6d","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":61,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"1c7ee9d5-c939-4697-9234-557a66d2980c","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":61,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"905d0c5e-c40d-4f98-986f-fbb63eb2268b","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":61,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"45389821-8564-43fe-8219-9c172de433af","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":61,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"cca4ae4d-12cc-4cb1-a154-3471f86339d3","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":61,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"f9ad3d9e-24fd-4a7c-abfa-e358ece5a03d","block_type":"box","text":"the participation of speculators, government regulation and intervention, and technical and operational or system","page_number":61,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"2476889c-1242-471d-981d-25e7c7cad306","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":61,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"a7ef57dd-e473-42a3-96df-4318d1668f84","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":61,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"f61018e8-81ce-44b2-a739-58c6907943a0","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":61,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"25ff64da-e013-45de-b619-2a2d86b4d122","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":61,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"175c22f6-91b6-4494-a83e-a48851787695","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":61,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"56b9c5dc-6dd4-4e71-95f1-3105c41764e9","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":61,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"6eaaa37f-6ece-4dd1-8869-37162e5f9ce5","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":61,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"04add823-36c3-4625-9f5c-0c226559703d","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it","page_number":61,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"d4003204-8090-4b02-99b3-051859851b93","block_type":"box","text":"may be disadvantageous to do so.","page_number":61,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"59e5c0e3-eab0-4ef4-903a-e44e2b68bc64","block_type":"box","text":"Index Risk","page_number":61,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"c6a76893-1f2e-4559-8d5c-a6655cdcea0f","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":61,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"e916f209-dab1-4c34-be38-1d0d069819f1","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":61,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"df584c16-c3d0-4bcc-8b65-618a1bc33493","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":61,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"f1c6458e-cc90-4d00-bacc-c44d8784d1b8","block_type":"box","text":"Legal Risk","page_number":61,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"84f7aa4f-3a54-449b-8ac7-3e9f43f59387","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":61,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"a698b80e-9ae5-46c7-979f-60fffef198d7","block_type":"box","text":"or enforceability of a contract.","page_number":61,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"312480c3-a1cd-4995-b4fe-7152972238c4","block_type":"box","text":"Leverage Risk","page_number":61,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"1cb4b44f-b664-40be-85a4-2d75bd99961d","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":61,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"bdb44315-b0c1-4dcc-bf33-7a50a5fabc27","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":61,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"3c460766-e565-4cb3-9338-bbec06044e7c","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":61,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"7c88c388-0eb9-4c7f-986e-3a048e0594be","block_type":"box","text":"Market Risk","page_number":61,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"86f878e6-cdc6-41ff-bcec-0bab331fc120","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":61,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"662fa936-46fc-4d3d-a5a1-54fa7f0bc3ff","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":61,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"ce32127e-dfb4-4693-a919-2f9e82d378e9","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":61,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"540d8782-802b-4cf2-8589-38c2a9491a19","block_type":"box","text":"affected.","page_number":61,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"387b5dcf-5306-48ae-a5d6-1d9c79718fe0","block_type":"box","text":"Operational Risk","page_number":61,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"0dff0f91-a3d1-450d-9857-8503e35a02a0","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":61,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"8d4d32cc-bbd1-48bc-9293-b678a801c9f7","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":61,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"f0534f07-feeb-4142-993d-29551ae24973","block_type":"box","text":"Valuation Risk","page_number":61,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"61e56a79-1aab-4bf5-bf42-33a6951ea513","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":61,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"9c177092-0e4d-495f-b1de-902ed33dac8a","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":61,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"bfedf5c6-1de1-4639-bc08-d669d2d5bbe1","block_type":"box","text":"complex instruments or quote prices for them.","page_number":61,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"c616486d-fbd2-414d-a8ac-08926b1b749c","block_type":"box","text":"Volatility Risk","page_number":61,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"55a3a33a-c1ee-415d-935a-0306c28eac28","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":61,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"9ddc1014-7255-4944-accd-d78e04c8b0e6","block_type":"box","text":"Types of Derivatives Transactions.","page_number":61,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"70e9a65e-2c0c-45f0-b72d-d91ee1189f88","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":61,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"e6a9b727-1bd9-47c6-890c-4f9caa334ec6","block_type":"box","text":"including the following:","page_number":61,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"afd3abca-e5f8-4811-89c9-eeb1414728d8","block_type":"box","text":"Futures.","page_number":61,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"effbe3b0-13cc-4be5-8140-a35bd976d1e8","block_type":"box","text":"II-16","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39ad5417-cf82-4087-8dd5-4972ea344183","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"291487d2-2f2d-4aa3-a015-43bd7fa93c52","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":62,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"36681b93-f1b3-43d5-afd1-378314bfed96","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":62,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"107681d5-fcf4-43b1-ab59-bd5f3ff9521f","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":62,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"a9dc26da-a3fe-461a-98e9-4bc2231ae547","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":62,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"677cc867-2cf7-46bf-991e-edada737e501","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":62,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"bc5de1e5-1dea-4894-b417-d2b0184f41d3","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":62,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"c2836818-ef4a-40a8-a7b0-79c3ac38c7f9","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":62,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"cf6c0986-3c0c-4a4f-a034-0be80350f14e","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":62,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"c2c0f588-9444-4bc9-8849-016b614b851a","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":62,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"3bd30c42-45d6-4530-a3c8-1d8bf52b2342","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":62,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"05229600-ca53-416d-b253-414fcfe4b3f5","block_type":"box","text":"of the futures contract.","page_number":62,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"2262d6de-d6d0-4dc8-9037-3996e1eed5e0","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":62,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"8f8d2248-c0e9-4d21-bf6d-2d76298e61af","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":62,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"83caca60-99be-475a-8735-c1e3537becca","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":62,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"647bb2a6-8c2a-45d6-9d55-0dc461d3c440","block_type":"box","text":"relating to the futures position.","page_number":62,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"5c096f19-f9ea-4169-b91c-7ce139b741dd","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":62,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"5afbb734-3725-476c-8fbd-d99be7032a0e","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":62,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"2e9025d6-2c4a-4514-a526-426464395e08","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":62,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"7b585b2a-89b2-456a-9398-ffefa55081d6","block_type":"box","text":"Regulations” above.","page_number":62,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"0cf54ee8-f167-463a-bb9d-35975945efd4","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":62,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"2b8180fa-ee41-4a8f-9b30-2769be9836fe","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":62,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"fae8d4cd-539d-47e0-b3d0-aa7f45967e3d","block_type":"box","text":"(","page_number":62,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"921bc6fb-f3af-4e4f-a9ae-de0bd1630a47","block_type":"box","text":"i.e.","page_number":62,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"1018449c-6c79-4578-bfb1-eef28883f31e","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":62,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"15677b4d-2f31-49fe-bff5-26c7fe03bece","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":62,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"1b3b0d22-12ef-4900-b1eb-0b8c2b0504bd","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":62,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"ec782efe-76e2-4704-9993-7f6008200647","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":62,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"4a83a89c-35ed-4e39-9c2d-c649c72fab06","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":62,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"abffdc37-b268-452e-b310-659c1006c99c","block_type":"box","text":"Fund intends to purchase.","page_number":62,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"a60cac76-f88f-42e2-aca2-02f9d7607f8d","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":62,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"c2048a88-3e27-4090-a1b3-b92d89b02158","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":62,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"4c3f8210-25d9-410e-b9a0-6c303be877fb","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":62,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"e1b043b9-67a4-4a3a-a753-47121be821fd","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":62,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"dd168230-381e-4c0c-90c5-846b80b68410","block_type":"box","text":"illiquidity.","page_number":62,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"0f9ef714-2fb9-4afc-a6ab-0f8d318267d6","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":62,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"5f010d7b-32d1-4b82-b192-685e2b9de455","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":62,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"f0fedca0-ebbe-478b-93d5-c3c671268537","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"974fdd55-cf10-4ead-a123-44b6f0c11c95","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":62,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"e436ac3c-a500-466c-87e8-bf10aafd2e95","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":62,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"4827d86c-21a3-41a4-8dcb-75f453a9000f","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":62,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"28039cef-1e79-4235-b7d2-243234b112c4","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":62,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"ebcdcbfa-576a-4bde-b456-1469b19a5746","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":62,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"5e285016-f7d6-49f1-b9bf-76fe05612590","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":62,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"2b7fac36-96c4-473a-b607-99ae2c09da62","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":62,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"366d5f0d-fc06-45a2-9d4f-6b4cdb272e1d","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":62,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"6e88aa95-379a-40ee-92b0-3c36ac6e2130","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":62,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"90c69d2d-2c2d-40e1-bc6c-ddecfe516c3a","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":62,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"49ca7fb5-5e9a-48e5-9785-630e869b3646","block_type":"box","text":"difficult to find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":62,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"7d31fd85-bdf9-4f41-bc7c-d879bb43c35a","block_type":"box","text":"Swap Agreements.","page_number":62,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"e27461db-9aaa-433b-9021-6ba2adf28d76","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":62,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"8d092155-c208-4056-99d1-b1b4b18b1724","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":62,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"928b4b2e-ca86-4254-822a-316cc123897b","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":62,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"9a19483b-7990-4d53-a13f-5caa7e9bcef2","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":62,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"ddfc800d-a83e-4003-a47a-4ebb57876a4f","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":62,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"fe214be6-fdfa-4989-b439-05a5843ded76","block_type":"box","text":"a “notional amount,”","page_number":62,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"3fdca344-935e-44a7-b5c4-0c17e72b5554","block_type":"box","text":"e.g.","page_number":62,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"9dede382-5e79-46db-ab3f-7889022f87bb","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":62,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"028ace3c-4064-4af1-b539-b9ea97a1830c","block_type":"box","text":"II-17","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c6a986c-e9e6-4193-a141-e9fca890bb06","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14cd8fc0-eb2d-4340-8a6d-07f905508296","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":63,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"5fb80f47-273b-46af-801c-17889e13cdb0","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":63,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"f9f1bd3c-41fc-4065-a5e9-09cc362f6f53","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":63,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"7ffd643b-86cc-4e34-8a7e-0c5a5647ea9b","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":63,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"daa3d0ea-0320-48f0-b92e-59b67b355758","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":63,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"a0043631-03aa-478f-9237-b52383819293","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":63,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"85f1d770-3e21-4fe9-8542-f86248fa3fa8","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":63,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"c5479967-b395-4b03-b7d9-20a66af64fe3","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":63,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"b3c1f453-91eb-4a13-a5b4-a6455e9ea1bc","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":63,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"4f1dcfb9-e218-4ad8-b64b-087eafaa1e7e","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":63,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"70fe8730-b3f3-4609-9b9f-da844e455431","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":63,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"591e4e3a-dce5-4311-a401-79cdc2af6c28","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":63,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"248a3e90-25a0-491c-b30a-f5de3afffd83","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":63,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"770be63d-6e72-41df-99e7-e502f8821873","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":63,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"cc587442-9407-4695-b256-4f7d2049ae38","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":63,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"8a253e7f-785a-42a7-8463-9afd0008cfea","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":63,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"5cb072fa-922a-465a-82e1-ebf1353541b3","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":63,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"fcf376ad-68c2-4549-a515-5230c0ed5d93","block_type":"box","text":"index CDS.","page_number":63,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"d3c66030-fe77-4104-a56a-f1fc7c5c8f03","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":63,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"0fb09f33-1a92-4a98-a2dd-4977f79401fb","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":63,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"2254cc3a-66b7-4fff-89d7-89b1783bccef","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":63,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"229c8ab0-ccc0-4c90-9efe-090a6ce040cd","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":63,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"d38c80db-8ded-4d2e-bb79-d24acffc11b9","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":63,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"91df69cd-1395-4df3-9cba-49b669d6262c","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":63,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"18f2f9be-9701-40b7-a243-4bf2027ebf17","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":63,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"537ce04b-be2f-4652-8857-1f558a95c44f","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":63,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"d7f1f47f-8567-47c7-89b5-d5b276236ed0","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":63,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"7eb55c15-1b4b-4790-8643-7052cc288940","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":63,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"e75ae4ed-1107-467d-adc9-1c703b9031b6","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":63,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"8ced7484-411a-490b-a89a-9c8189fc95d6","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":63,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"fd2185be-7213-4486-8c34-e7cfebb0adca","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":63,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"6560c633-815a-47cc-9fd1-1ea728812a5c","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":63,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"ad41a81a-03ff-470a-b7b3-13cd24038d81","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":63,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"ee4f47ab-c980-466f-bcea-1e35d64e51a0","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":63,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"0caae104-ac02-4202-9e61-bf0ca72e5127","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":63,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"65de3f8e-2c92-4104-a315-99c180bbbfee","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":63,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"93b55600-9023-4c68-ab44-6ce279cc454f","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":63,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"1fb8ad2d-49fe-4e6a-a5ee-baa1c4d68a49","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":63,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"5e24a80e-b1fa-4505-bb2d-24a331310e07","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":63,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"ebee95be-c315-4151-ac08-6498d3723b2b","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":63,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"3d5bb225-86c8-49d5-894c-1a627781583f","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":63,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"26fb7af7-fbc8-4dfd-b139-a5718d30265c","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":63,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"d03585a0-ce7c-4ba5-8f3f-5665ca235882","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":63,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"7554ced5-da1c-499b-82be-ad5edf0a03e4","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":63,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"bd845e90-53b3-491f-851f-99d36aa45e1f","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":63,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"64f6cacb-877f-41eb-901f-0d8f37285bd4","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":63,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"a33ad47d-40e9-44b4-a6d3-795b718cd3e6","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":63,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"b22c5860-2e95-49d6-a59c-7facc2a9a5f3","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":63,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"8d2e5592-09c5-4eb2-a81b-74ac4912bdb5","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":63,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"5a76b7b4-62cb-4689-afd8-119319b18c5f","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":63,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"0b766fe2-a3ca-42e9-9b07-a33b00b6f133","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":63,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"6edd5bc9-e1f6-4b28-a422-217718e92b7d","block_type":"box","text":"conditions.","page_number":63,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"4f92f088-061d-4bf8-a801-30f43ebf052f","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":63,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"3961a646-a05f-427a-a265-12fb5fe3cbaa","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":63,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"17511d6e-4886-4293-81d1-c9e90d098784","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":63,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"fb109b48-e96f-4628-aa0b-37d591db242c","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":63,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"b394cbce-c12e-4aed-aa3c-e4e4575f5f64","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":63,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"f3470bde-8aa7-4b25-915f-e60c006857dc","block_type":"box","text":"II-18","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee8783ac-4845-4b0b-a4d1-85de9cfdf718","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89a30daa-099e-484d-b6ed-f0e68b4c8451","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":64,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"49972a1f-73ff-4b11-b0fc-ab9063cd5124","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":64,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"2b370453-b6f4-414d-a8fb-dbae1e7e5b96","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":64,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"dfb63534-5011-4a66-88c1-c255c10bcc98","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":64,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"9aea4af4-8ea0-4305-b3e8-e3c615367e40","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":64,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"80a0c023-db50-40ee-8fed-1f51351bffda","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":64,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"dfd4751d-f00a-499d-90fc-e42e6f0daa13","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":64,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"c3bc0119-34d4-4d4a-9434-e691eeeb9cda","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":64,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"45dff7bb-521f-46df-94f4-d28f385e5c79","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":64,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"47be4202-28b9-4df1-b69f-85ab2aa7909d","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":64,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"c23fbcf4-fe29-4de5-81c7-67e1a0e97af6","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":64,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"e0ec2b0a-98ea-4d9e-94c4-b6afb62b48b1","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":64,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"65aaa117-9b62-4b09-be03-eba149b07162","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":64,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"75cf9e6e-0b40-4611-b351-0a6f261187a0","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":64,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"5e5a82e0-0e37-4a85-9880-9c53785f53ff","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":64,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"464d421e-d444-4cec-b54a-b956fe7d7333","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":64,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"7ffe7b1d-f2c2-4470-85e6-3ae8ac4bde35","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":64,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"066a05f8-cb9e-4a96-8b06-4ecbf9669e19","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":64,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"4a10c70d-0b1a-4d20-b54d-5f490e845a90","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":64,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"ef35cf7c-c86c-4dae-a817-25650ae653f0","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":64,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"de6ad13e-de1b-47cc-b7b1-5187e3059c88","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":64,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"fecdcfe8-5130-40d9-a2c8-33a76607e8cb","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":64,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"bdd3e92f-fe00-4d46-84b5-6398e89c4767","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":64,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"2ab76a18-7da8-4867-82b7-6e36a454aefd","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":64,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"629eeaba-506e-4847-b5fd-c7159ecd844c","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":64,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"f04b7306-cd78-43bf-8931-d0dffa258bd0","block_type":"box","text":"cleared interest rate swaps.","page_number":64,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"54aedf17-7ccc-4576-8a05-b285ea0ac75f","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":64,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"16cbc479-b31a-4400-ae35-b39ea2e1bc70","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":64,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"12bb3670-94db-4a4e-8f5a-60b121a54185","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":64,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"b593a9d2-bb32-4448-a603-793776760a56","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":64,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"abe7b755-373d-401d-a63e-9a954c1366c7","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":64,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"35c063ee-c9c7-4265-b742-36530a854714","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":64,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"e9fda8ba-2a18-4c98-acd6-e9f85865c4a9","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into certain","page_number":64,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"d03911f2-7209-4ed0-9bc3-4a08de6edc6e","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":64,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"c029c466-3175-4f17-8bff-ee4611d952c3","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":64,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"8d631c5d-2990-4bc6-a1ff-6d99d7361546","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":64,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"8803195a-3642-4106-a6ac-1e819d8496eb","block_type":"box","text":"or variable interest rate, index or asset.","page_number":64,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"c568b838-fb2b-42eb-b492-9f2d859a27e1","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":64,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"103f8a38-8f06-4446-be99-e052fbfe074e","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":64,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"6b036091-6876-4e67-9fc7-b481287e9245","block_type":"box","text":"such interest rate floor.","page_number":64,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"583a25d3-0f26-4b1c-b5ef-f22712e3f2e0","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":64,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"14506dfc-0b6b-4cc1-88c6-f3fa77276bf1","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":64,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"ca8e4bf3-f4d0-4a23-8b0e-a05af1bf6d8b","block_type":"box","text":"such interest rate cap.","page_number":64,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"ef1e133a-2dd1-40bd-ad1c-de69e0f1bff6","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":64,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"dfc11b26-5eb0-4073-acfe-bceb489405cd","block_type":"box","text":"commitments to pay or receive interest,","page_number":64,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"8b1b56aa-c044-4cb3-8df7-8dda7334c32b","block_type":"box","text":"e.g.","page_number":64,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"4444ce91-b01b-434d-a42a-e99f8120bb4c","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":64,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"67d98432-6f0f-444f-a081-531908b0e91a","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":64,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"bfb36f0a-9890-4790-9abc-c999277c74a2","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":64,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"f587ab1e-8fe1-406e-bf45-544d0bad2309","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":64,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"eb71edf7-1360-4136-a627-f249ecebbed7","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":64,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"f9fdda71-0fce-4a47-9814-895a0cd54f9b","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":64,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"67916164-3828-46bd-877b-70ce72b989e4","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":64,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"1fc130b9-605a-46ff-94f7-d4a35cf7da24","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":64,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"ca193582-431b-44b2-84cc-d3d4e3f5b946","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":64,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"5e830cae-da33-44a1-b3fa-53b3198428a6","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":64,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"b4a994e9-6718-4145-83c1-91b2f2a6d51e","block_type":"box","text":"II-19","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95e0c7d8-1b00-4643-8ddf-41eb5fd3ec4c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed82d9e2-38f6-48eb-96b8-fc8daed856af","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":65,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"6fc1f70c-dd82-4407-96d3-d177b448bf53","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":65,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"40abf53e-5bca-4efa-ac96-e0c86899737a","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":65,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"74b04c91-2d6c-47f6-b086-ceb237db6b99","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"0833f8b9-f4f8-4c80-8b1a-572003f556de","block_type":"box","text":"Total Return Swaps.","page_number":65,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"c12dae8c-7b41-465a-8c67-cfb140228de5","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":65,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"d8b77a24-9703-4937-92fe-0c8f74650dc4","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":65,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"1e596cc7-0db8-4476-ae8d-aa0205253344","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":65,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"3eb573e4-2db4-4f50-aeed-0c601d342483","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":65,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"899f42a9-fc6d-4b5f-81ba-8f7f4591feed","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":65,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"e6f45d9c-7c66-4cdb-b0f4-60e24e1cfcce","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":65,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"aee01a05-4376-492a-89b7-d145bdb47c7a","block_type":"box","text":"“contracts for difference.”","page_number":65,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"603db110-89c9-4efa-a314-44f667502e6f","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":65,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"55422863-550d-4063-b60f-4775eb68e4fe","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":65,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"9b7b7b7b-5eb9-4b57-b77e-964e464d7499","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":65,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"c9a5ad68-b9ff-48c8-bfd9-684c748db50a","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":65,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"61ad5c8a-3b47-4562-b8ee-550f619de906","block_type":"box","text":"the notional amount of the swap.","page_number":65,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"db10aeb9-1436-4a9d-8f1f-04e07ab2a498","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":65,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"20bc5621-5aea-48d8-8d8b-5231002b3870","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"715602d1-9b1e-4a8d-ac25-7b240774fe29","block_type":"box","text":"Options.","page_number":65,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"1621db2a-8882-4a90-afce-8c967454b6a0","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":65,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"b0e7cf1c-c34d-425a-be53-e1056b3c90ec","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":65,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"8e519ba2-609a-4cbb-9ced-c33dd05c7907","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":65,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"90187aa0-116e-4202-a67f-8b2f9cf39ee4","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":65,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"aba87fbc-63a7-4881-bb94-2d8822a51e98","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":65,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"4fead47b-5263-49f4-80a9-44e574e0e4c3","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":65,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"7d1a631e-fc3a-44dc-bd26-8b8e7e147331","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":65,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"70f45118-08b2-48f3-b6d7-95248f02bf50","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":65,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"91e785e3-0923-4242-9297-a61c39f23c98","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":65,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"1b30c7e5-0760-4841-b647-8ae6b0cd4345","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":65,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"1723463b-b069-4279-90e7-8ceba24646d4","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":65,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"48ed8993-536b-4138-baa1-0e091ce0b97c","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":65,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"74fb9b87-8e53-46f0-9e34-28cec5551007","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":65,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"6fe81a43-7c81-4555-a14b-f7377a22680d","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":65,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"59e58f34-29a0-4a75-9561-ebf3f9291bbb","block_type":"box","text":"OTC markets.","page_number":65,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"a5ed57cd-0fc3-43e0-a9ca-066ecff5e1a2","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":65,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"518c3de6-5bbf-4a6b-bb10-bc85564a105e","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":65,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"e3ef661d-8a35-44d8-b5a2-acdaa1719622","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":65,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"79827c97-3c5f-4cec-a2c6-e6fd39ebcbc5","block_type":"box","text":"particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":65,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"a00d0273-91cf-464c-8f47-fa233a47e6fc","block_type":"box","text":"which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed","page_number":65,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"3c162cb3-0879-4485-802f-fdb4c8afdf08","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":65,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"11c2b514-ba0c-49ff-a311-0f1142bddf12","block_type":"box","text":"restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual","page_number":65,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"32b8d2ea-fbfa-4a16-b084-77f3ac2f6992","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":65,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"24314d39-d404-4f1e-ae4f-ae5874208d89","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":65,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"adb4ae25-d533-401b-9777-3910083b37b3","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":65,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"c99a4b87-b70c-4624-b360-49723514ecf8","block_type":"box","text":"trading of options (or a particular class or series of options), in which event the market on that Exchange (or in that","page_number":65,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"c6c45046-2caf-4532-af94-f3942a9fc394","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":65,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"3209e0c5-fef4-4ebd-adee-3db14cf51188","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":65,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"cf1a1782-be57-47cb-9b73-b60e3c42a3a1","block_type":"box","text":"terms.","page_number":65,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"49fd1acd-3237-45db-a2b8-5651a1f1bd37","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":65,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"7c051b83-bada-4bb7-b35f-960eb8f250da","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concert with others","page_number":65,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"58e57d3e-19fb-40fe-b0dd-8ffd99250d76","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":65,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"4f4b31c6-5b22-4f78-aeb5-48a68911702c","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":65,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"793e141d-d2ca-4c7f-ae92-4fad4376dee7","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":65,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"57782228-f4dd-42b9-bf36-56ca657be902","block_type":"box","text":"II-20","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"deda6784-f3c6-481c-b0bf-c287afbbbeac","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6b860fe-6c1f-481d-93f2-cb4942f4082a","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":66,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6b06e5c7-62fb-4558-8828-9e2a96cfd2f6","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":66,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"ded553ab-84c5-459b-81f0-03178d74c488","block_type":"box","text":"Call Options.","page_number":66,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"51ff76cb-38ad-4a1a-b3e1-cd9ab09bf0a5","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":66,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"f72832c6-e895-4f0c-9381-b749cdcdbdde","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":66,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"7ca02573-48c3-43a7-af41-a827c04ed929","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":66,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"a2ce2317-ed7b-4c96-aa7b-4a07a77888d0","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":66,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"262ee11c-5100-4127-861f-a7e7c825c512","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":66,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"2d4321ac-c1e6-467d-acf9-1220e8851547","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":66,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"21e4f29b-2f14-4e45-ac51-06f23dc60dce","block_type":"box","text":"of the option.","page_number":66,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"78fa8fcc-2d79-4885-9cd3-4bf3ea604d16","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":66,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"484749d9-f9f4-426d-8d3b-38c580d84772","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":66,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"b11bfe57-620b-4ab4-afca-8481c947a0ca","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":66,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"dd188cfb-9cb5-4b20-aa04-4018f49f76ef","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":66,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"ef681d8b-f6ac-41da-8686-93ecaccc1b39","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":66,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"e7b7898b-f70c-4a59-8f10-72033344cf8e","block_type":"box","text":"A Fund may write (","page_number":66,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"c72918ef-2123-4eae-95b7-b9b50b7f0cc8","block_type":"box","text":"i.e.","page_number":66,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"30eac46e-a603-40d2-ac98-c42dadf96e00","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":66,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"4dce8ab1-dca9-4620-b1e1-ac9b4aca7298","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":66,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"d73f2687-d75f-49dc-bcfb-14b324423629","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":66,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"ac0ddd6c-d9e6-4880-ba5b-35a38846b856","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":66,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"3b7144d1-78ea-4505-b357-87374249e117","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":66,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"20cf1849-538a-4b43-af62-723726e16b5f","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":66,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"ba4e4164-de3f-4351-b89c-06d0f440f863","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":66,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"f27aedff-87bc-4dfd-9d88-66d15ff403cb","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":66,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"3fff4999-fac5-4336-b041-5fdde5938595","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":66,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"d6716eb6-ae9d-4cf7-aa11-bb6fd62f4baa","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":66,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"67b3d66e-f3c5-4d4e-8ed7-69f7c766cbaa","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":66,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"49b42286-e3ac-4d0e-9db4-f3cde8735c56","block_type":"box","text":"A Fund may write","page_number":66,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"cd1208a9-3159-425f-99a1-0fa49b469a5e","block_type":"box","text":"(i.e.","page_number":66,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"4c22068b-55c2-4106-9e0e-8a8324952355","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":66,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"ed3d1c92-3e49-4466-b563-cfcf061b4ea3","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":66,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"208f712e-184c-408a-9028-7a096357fcd8","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":66,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"e6750476-4278-4b75-908e-996058dce80a","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":66,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"6b40a8f0-f059-4cb6-a9e6-8125c0bc7818","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":66,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"e8dc6699-56c3-4dfe-83fa-f8accc4207d1","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":66,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"f652b38e-092b-4086-9bf6-20cbb84448b7","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":66,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"ed118f1e-7863-43a6-be1f-1c46aa815455","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":66,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"822ee229-e6ca-432b-adb2-de908c450f48","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":66,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"3d257816-2a9a-4e68-8510-d3b01965809a","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":66,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"dbd560d0-06f0-40ab-b578-b2695860ae91","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":66,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"2cc71887-cdd9-4cb4-91de-00cc1c33986a","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":66,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"d2c0d8d0-36cc-4a71-b53d-bab41898e1ad","block_type":"box","text":"Put Options.","page_number":66,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"0eedf1f4-fb4e-405d-aea0-04af5eaa6928","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":66,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"5ca16616-e06a-4d79-84b5-e8f6417aa52e","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":66,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"a91fc0e3-aea8-4be0-bff2-2db383ce1a61","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":66,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"2db07800-c12f-4797-8d25-a4c227274cd5","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":66,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"f561b3df-f8ac-468c-b6ab-3868162e12ef","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":66,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"30bfe7c0-4b81-4e84-ae7f-70edec984aa9","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":66,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"cac95fe6-b046-4f3e-b77d-676e5d33f372","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":66,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"7b3890be-f1a2-4d16-9786-4addba8ac715","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":66,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"a0e45050-1d6c-44eb-b8cf-c19c07e7b887","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":66,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"8e55a0d4-db87-4b90-b93b-99215370070b","block_type":"box","text":"purchase uncovered put options.","page_number":66,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"ab90fe97-c4b7-4fc9-acee-3698dc6202fa","block_type":"box","text":"A Fund also may write (","page_number":66,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"c20ee46a-be37-473b-a013-c7832e70cce5","block_type":"box","text":"i.e.","page_number":66,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"f36764d8-3492-4433-8bb4-1307afe3630b","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":66,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"2bdc8e05-0ae8-48ec-a1f9-a124216e9958","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":66,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"80f965f3-6ac1-4b74-a8d9-987264f2617f","block_type":"box","text":"A Fund also may write (","page_number":66,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"e6af9a0f-5367-4397-9b5e-abd93f667f16","block_type":"box","text":"i.e.","page_number":66,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"09ee0a4a-5985-414b-886e-9661016ef0f8","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":66,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"6965a749-4c61-4000-8727-c23115601ed4","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":66,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"69570053-6885-43cd-8c22-5dba08be9cd1","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":66,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"1b98b624-4ff2-41fa-af75-77929e691f7b","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":66,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"3031b873-0305-4426-82a9-e8870af8e52f","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":66,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"edbe881d-3251-4ff8-adb4-cce42b6c8d0c","block_type":"box","text":"II-21","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e89f3701-c985-4d58-a99f-d7b81bb68a3e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fecd1c5-45c2-47ee-bd4e-d103e7008887","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":67,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"8237c493-15e0-4eec-86e1-b5183348ba47","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":67,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"e1138441-0ed8-405f-8fdc-55edeaeff4fe","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":67,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"f35844c6-2386-428d-b103-557e4a58fd15","block_type":"box","text":"the exercise price.","page_number":67,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"b68f2445-1622-4f43-aeaa-b6c9bcfe4b9c","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":67,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"21c3883b-bcba-4f2e-8d96-2d0c60e75460","block_type":"box","text":"The following information relates","page_number":67,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"741ba5ea-2bb0-4fee-9d50-cf30c0a20aca","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":67,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"b3be92a7-4f7c-48e5-934f-6beff3f271ca","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":67,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"425b5d93-64dc-4142-ae6f-9ee47de65189","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":67,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"95b22eba-d469-4fda-9ba6-c1620afce9dc","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":67,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"8448f401-f067-4f83-949b-4679e66405c7","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":67,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"678bec14-d137-4f0e-8f4f-917a92c3cd8f","block_type":"box","text":"market in order to maintain its “cover.”","page_number":67,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"81cb5eaa-5bcd-4920-bd75-a0e97ba18a56","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":67,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"637cffbc-e07a-488e-977b-0bb4ffb6581c","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":67,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"ff4f9fa6-00ed-4753-ae36-a6a8417c6a66","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":67,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"9d94376e-69e0-4f10-a603-88ae954889a8","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":67,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"2c93b408-aa7d-461e-9cb2-0f1cec7f0744","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":67,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"f54a49e5-ff61-4e43-9a9c-cac223bcd2a0","block_type":"box","text":"and incur transaction costs.","page_number":67,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"bff0e945-68e4-48a5-80fd-eac09ae0d06c","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":67,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"f5f09b94-5d3b-4067-8e48-45145d63e73f","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":67,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"b2e0df7f-4ead-4678-8424-d2d323bcf1ad","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":67,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"746c2cfb-14db-4836-9845-637b0e0bd9dd","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":67,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"95c04b51-cb72-4e70-a359-c490dcc6ff96","block_type":"box","text":"i.e.","page_number":67,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"ea73205b-ea70-45cc-a0f1-0e269df0714c","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":67,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"eddb0e41-a28c-4055-92be-93cc0de7d4b8","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":67,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"ee25dc36-d24c-43a0-8b55-47f692225555","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":67,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"87516d3c-c40b-456a-b761-b03d08028d1b","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":67,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"8d11e348-e1b9-4a2f-bf40-bf1e91a76b6d","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":67,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"cb22b3a6-92db-4bc0-9831-fae4201f6eb0","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":67,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"2f9d50dc-3c4b-4a3c-a1d3-ce9fbff89141","block_type":"box","text":"required, to be cleared.","page_number":67,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"4332d371-255f-4112-b43b-523e93d8c767","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":67,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"a218096d-aec5-4cc0-b994-a86d6e946b40","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":67,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"8505bab1-efd8-4e0a-84b7-e42896e64600","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":67,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"d8d65bf1-e194-48f7-a0bb-ba300dae9314","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":67,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"b0975dc6-04bd-4c10-99c3-c45ba73cc24f","block_type":"box","text":"Derivatives” above.","page_number":67,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"4c811d2d-334e-4b14-901f-c683a0574b0c","block_type":"box","text":"FLEX Options.","page_number":67,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"23e4c395-8899-4519-bac4-9a5dbb2e856a","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":67,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"03ac4ba9-89a8-41e4-a3a1-2a61d06fb84e","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":67,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"097b2456-8b58-41ab-a38e-9fcdec9ffb81","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":67,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"0ad1422f-9ce7-4e58-8c0a-7f48316b2271","block_type":"box","text":"exercise prices, exercise styles (","page_number":67,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"260fc34a-2e85-4235-9471-087b8f64132c","block_type":"box","text":"i.e.","page_number":67,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"b2514279-cd70-4ffe-9fb8-653a8d5558a8","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":67,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"12bab1dc-9856-4cb4-b17a-496d2ff45083","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":67,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"f971c2e5-307f-41e4-b49d-8310cae98cb7","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":67,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"8270d202-2292-49ae-bf01-92f404acf1b8","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":67,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"65e2ed1d-dcf2-4f18-a2d6-5d09ab9ac1ed","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":67,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"693456ea-6785-412c-a65d-2a6037e61f9a","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":67,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"f6e7924f-b439-421c-af6f-74302b5d4155","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":67,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"cc1be67a-7708-46b6-b2c7-0b6044d3a706","block_type":"box","text":"FLEX Option’s expiration date.","page_number":67,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"69c93a4a-089c-439b-b8aa-ac06be934116","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":67,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"c695cf78-0920-46e9-8a11-6923f05e99e0","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":67,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"a49128da-0ff7-4c6e-b838-fab42313e101","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":67,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"18ec0025-c2d4-4292-b335-c84d15ed65a5","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":67,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"46c3e87f-2cb2-4e81-a931-c98db7f05b3d","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":67,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"c9732e48-e4fb-4053-960b-38d9b1268eac","block_type":"box","text":"FLEX Options contracts.","page_number":67,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"ae080539-44dc-47ed-bd31-0a25eaa27843","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":67,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"b0f7849b-4e6b-4a22-a3d2-d0a914804588","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":67,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"0982cb1c-216b-4dd4-bd76-3062cf36c4a5","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":67,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"ee0b5403-a97d-4f9a-9f05-050f60da9c32","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":67,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"b0073899-8d60-451f-b8dc-deedec58b3a4","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":67,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"2690af93-80dd-4411-b97e-d427ff6a1020","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":67,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"bb5e2ac8-ee77-44ca-9875-49978e664239","block_type":"box","text":"II-22","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"caf91cb4-87fc-4160-bc9e-7f0b72cd79e7","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96d99429-7b21-4492-8bfa-00d15d4c4571","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":68,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"b678afee-41c0-450c-a887-67bcadd3992d","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":68,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"5b43e750-a1f4-464e-bd85-36c0961a7e5b","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":68,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"837987de-a0d5-4291-98b4-d262c4a96831","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":68,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"aa005eb6-8748-42ee-866e-1c3da5f1ec22","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":68,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"6b8f1f1c-3b7f-4851-b777-24404f500acb","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":68,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"c296995a-d647-46b7-a794-299510c8a46a","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":68,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"e855ca36-a6b7-4f75-8c9b-a17ea19a597a","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":68,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"6ceb6fb5-6c4e-40f9-ac7c-1d7fd1ade304","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":68,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"e6e43af3-d84e-48b7-baa8-e10b4089ebfb","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":68,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"58d00874-296a-4499-8a75-269bcd53fc83","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":68,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"d2037f57-128f-4c14-a487-45d4aad09c73","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":68,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"bdb187ab-1d72-4d06-b870-995c80283341","block_type":"box","text":"expire unexercised have no value.","page_number":68,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"2c6f8373-e099-4904-80a5-8c9221a7164a","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":68,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"5d702241-42f6-4cdf-b0da-694ef3bde5a0","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":68,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"10d801cd-2ce7-42c8-8942-3678aceb6f41","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":68,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"170fc08a-e1a2-4bb6-9fab-4bdc33db763f","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":68,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"a3867a27-20c5-430a-a468-3bc90c969929","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":68,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"2087379a-e006-4a77-9a89-c7d0ad391923","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":68,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"ffc541b3-179a-4699-b1bb-532440d6d920","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":68,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"6df051f4-b014-44c7-87a9-e049e75c57d5","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":68,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"8d0f0afe-3414-4666-8ed3-d4609b159b9c","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":68,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"e32434d3-8d6b-4faa-ae42-60f457b9fa31","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":68,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"9bb6eb86-7640-4415-88e7-d56558a5e9dc","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":68,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"4575218b-b0fe-4d58-b2a8-a3ede68a4f7f","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":68,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"2b598568-5187-4f03-845f-4c4bfcde7ee2","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":68,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"5a393376-2fc7-4b74-8113-ee8f0db1ce67","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":68,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"6c198c8f-f945-4114-9a22-397b7dde1cf3","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":68,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"3ff5d375-cbe8-48c5-9814-053c7bb764a4","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":68,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"d088b3c8-5cef-4f59-8912-6ac2bb263665","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":68,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"8112aae1-c0aa-49e6-bba3-164ed6d786af","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":68,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"54e9eee1-7edf-4ebf-9e9d-17dbd41a3de4","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":68,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"d1048eaa-91a6-4d27-be55-766aa001facc","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":68,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"ecdec85c-5e9d-45c9-b608-652db57baeda","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":68,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"aef0deea-70e6-47a2-9def-8a1066818e3d","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":68,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"c5fe4173-5a81-4441-8ecd-ebcd99259609","block_type":"box","text":"Foreign Exchange Transactions.","page_number":68,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"5777d971-c5b7-4ba2-a3d0-65555a657b6f","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":68,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"189ef3aa-c40a-4127-8e60-ec92360a5853","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":68,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"93cd5c59-412c-4a78-a56a-842be8aae48c","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":68,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"39e28d6c-395b-4011-9cab-bb8de222abe8","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":68,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"354fb337-af80-4d4d-9da8-c23cb6141ae9","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":68,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"da60e4cc-cae6-4585-b158-2a76a549618e","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":68,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"fbb99fdf-2450-4416-8853-210a99937093","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":68,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"dc1d99ce-02c1-4688-b0da-d49c58bd86ee","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":68,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"2e947dc5-a05d-4919-9414-f57c3e8953d3","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":68,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"83ae473b-5f7c-47c7-b649-517d828b1484","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":68,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"639e135b-5a89-442a-a09c-8e0822aeca14","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":68,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"a31b35b2-a207-4987-b340-f31a91c81ddd","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":68,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"6b6ef5c5-5011-418b-92a3-d9583e2b0364","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":68,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"0769e523-156d-4f67-b67c-0bad057db7b5","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":68,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"1c96db1a-a8e3-4510-80b8-6cb6d13e5a05","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":68,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"33c24c87-a5e2-4c4c-bd3d-b5e4c79fb240","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":68,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"12b9ea03-a057-4036-afcf-dd326e09ede2","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":68,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"ef56d94b-afc2-415c-9e08-075fc29ffbec","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":68,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"e3a9a622-5656-4436-a757-c014ca8a0533","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":68,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"45d0aa5c-748f-49a2-9918-e927f013874d","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":68,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"7cdf3ce3-e542-4d47-a643-1a7aacd1e225","block_type":"box","text":"II-23","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b2ca79d-6d5e-4beb-a3c4-dbbfefb4919a","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1878e841-32a1-44c1-ac39-1a66abffc0f3","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":69,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"45581e19-b39f-4a8c-ab6b-cef852db1f12","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":69,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"21befad2-1f1c-41f1-9ecf-9c4417841234","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":69,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"66e1a49a-78f3-4ff4-887e-39697724641f","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":69,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"ec54d994-a027-4e59-867e-c0b799d1ca6a","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":69,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"e7b8663e-08ba-45b5-b0ec-004842b39679","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":69,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"0a198a1a-360f-4f4b-ba62-051ee862d348","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":69,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"2a09d6fd-29de-4c60-8c62-e61196fa7a15","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":69,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"8a5dbcd2-0b5f-4d26-a4cc-fe0b0b570f54","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":69,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"7a3c3e8f-bd2b-4bc9-bb70-b9093ebb9dd9","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":69,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"66a9672b-f4e6-452c-8238-a141da4116c2","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":69,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"a15e5ba3-2447-44a7-b5fb-9cf3b4cfb5e4","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":69,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"1423c369-9247-47d6-bac0-0bf522d22f53","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":69,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"3144000d-ed57-45fc-8b31-bdb3cf28ebc7","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":69,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"4c11e8f4-bf95-462c-b9a0-e7bf7e5d0d13","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":69,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"7d506a6a-8eea-4f5b-bcd3-7fc6755a2d97","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":69,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"820d41ca-995d-4444-805d-0882b9bfe1c8","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":69,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"f65a4632-1923-4204-8399-ac350402b4a6","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":69,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"b60e9184-da4f-4069-81ae-af139d84afeb","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":69,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"5c2a7006-0caa-47fa-a726-30156df0acb6","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":69,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"8662248d-d274-4384-971f-c666ea6c3832","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":69,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"54709b7d-3bfb-4083-8466-0a85790acad5","block_type":"box","text":"involved.","page_number":69,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"670ea148-64d3-4656-860e-f8c7f4f41220","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":69,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"1d1c6c98-abb3-4e8a-bc62-33582f1f6dba","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":69,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"5e5cfddf-6b52-4ebf-9b23-5802d8a284e9","block_type":"box","text":"denominated in such currency.","page_number":69,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"4de14df3-632f-424b-8760-73945d3afe97","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":69,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"12533bed-f83a-4f13-8c34-38e08d591f6d","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":69,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"6fbbe8a1-3e99-455f-8a72-b4ab83d31849","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":69,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"28b04b95-2afa-4c26-93df-b0b5f1d294f0","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":69,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"e3366c27-ac48-4024-976e-87f084f714a7","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":69,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"271c74d3-569b-4602-ab8d-8330ae85f985","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":69,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"44400c6f-af58-49aa-b2f1-e63cabdca975","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":69,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"4963f8ce-70ef-4c5c-930b-5bbb3d3c37fc","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":69,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"0ff3c0f2-a367-443e-b227-0561156c11bb","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":69,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"7eceeddd-91d6-4ca4-8401-2a0bf1d4007a","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":69,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"fc514843-57ee-4934-b8fd-798d5511f08c","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":69,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"0764cc54-6f56-47f3-9b26-f6ef0223fcb7","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":69,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"690b4fd1-da81-4f40-bea3-f88d14e6f4c9","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":69,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"4c61fe6e-7bf8-4051-8de2-d837390c2606","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":69,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"071cf0ca-7168-460f-af64-a8ce9ccf1387","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":69,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"2933b388-6e47-4608-b3e9-59a423c7cec7","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":69,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"50778272-71ad-46b7-b7e3-2520bab23c00","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":69,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"0dfb5e82-87c0-4222-8192-5352379dc48b","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":69,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"f46b83ef-cfe0-4d36-8401-67c3107df05b","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":69,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"3f09fbfa-8fbf-4f3a-96c8-84193ba0f008","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":69,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"f0a9de8d-4f93-439f-9b6f-d7c66b9fca4a","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":69,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"62f29f91-6abb-4e86-8210-378f0b69c3b1","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":69,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"241c3962-19c5-495e-b84f-431ce86eb3af","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":69,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"f6821f56-c071-449e-ae43-dc68f9e881b1","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":69,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"69d99578-2339-4173-8d01-c4dbb5f01306","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":69,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"387e3ec5-252f-4e59-80f6-22f5f7c0ffe5","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":69,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"97fb3c82-a863-44bb-9c60-826973460dfc","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":69,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"a5a1b6be-6145-45b3-9549-d966f6e6081f","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":69,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"684bd5f6-5f96-4f74-851b-e5fa30b3206d","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":69,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"19c68a50-fb9b-4eeb-a9b1-b493d6d8f720","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":69,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"91d3cfdf-492c-4e3b-9110-12df2b51c0b1","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":69,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"447e7734-147a-4491-89bf-ff6638d0e493","block_type":"box","text":"II-24","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d391353-b899-48f3-9bb5-c956a64a3af9","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85f5f5d3-860b-47fb-b938-937de9d84391","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":70,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"fe960f06-be8c-4a38-96af-9a56d4df8144","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":70,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"a187ec5b-ff46-4659-af14-83f38d6bf55f","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":70,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"270d6ad3-ad7d-4647-a04f-7d9bc3a08cfd","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":70,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"726c7811-1545-4ac1-bf67-0930c7207f5a","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":70,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"b1cffb40-fb6e-4970-8151-07231e222d5b","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":70,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"d9815f60-ea51-4a34-8335-62383c12971b","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":70,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"5510cc6d-ec45-47e2-a70d-0d79f38d66b0","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":70,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"2aa155f8-9fab-4255-a8f6-652b9bd03f04","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":70,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"d1f463ca-c344-4564-bb3f-eb2a65adcd38","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":70,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"d98b4d2b-fd4a-40b2-be07-2e497160cbd5","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":70,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"03023216-c46c-4443-bcbd-ea137a10463a","block_type":"box","text":"traded.","page_number":70,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"6154f343-a9c8-4131-bea9-3018c96285e2","block_type":"box","text":"Currency Futures.","page_number":70,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"8d71eac4-207a-44d0-a793-e8396e2d54a2","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":70,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"5f5f23fe-8615-4673-9800-3bcbbc763517","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":70,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"e8e68b35-29b1-42b1-a77d-bf1d67e5a737","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":70,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"bb77fcb5-7991-4f18-bc93-52e950271f29","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":70,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"42339aa1-fba6-4ef8-8133-155aadb2ed23","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":70,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"09f31d3a-2bbe-41fc-8e4a-9654ae5d365b","block_type":"box","text":"Currency Options.","page_number":70,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"0db5221b-fde5-4e73-a8a7-b18775f44bb7","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":70,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"6eb7b432-dd24-4d5c-a73d-c572802168cf","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":70,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"e9d3b99e-16b5-4978-89ad-1635163df837","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":70,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"0ac13794-ff17-46e3-ab5a-121b0d357a49","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":70,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"9c938fa9-75ea-4ea2-a21a-14ed24e15712","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":70,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"dec1d9cf-8c8e-47bc-b33d-0d0b3b1a9bed","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":70,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"b3952eff-43c7-42be-84f6-26650540da4a","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":70,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"2569981b-01c6-4a11-881f-59ab9c3e8997","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":70,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"af94b130-4bde-4aff-84d7-b18eed6b05b1","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":70,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"9b8fb1d9-7a44-42a6-b0b9-b7248f4a44f4","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":70,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"bc5700b9-8d24-4f9b-b7a0-0d6c57b12a15","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":70,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"92ca7149-f1bd-4af0-9a4a-6a892ea1e52c","block_type":"box","text":"Currency Swaps.","page_number":70,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"c11c5092-c767-4ab3-868a-dcc272d602a4","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":70,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"fdca3ef5-5d29-4e83-b2ca-ac5654c3cf25","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":70,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"10d2130c-8921-4575-b118-87761bbda3e6","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":70,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"1530b192-6ba4-461b-bf35-5edcb0456453","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":70,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"3d4cbf38-87f1-44b6-9176-576f7d7c6ee6","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":70,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"32831028-e546-46ea-88c8-6ce0ee9fddb3","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":70,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"c8b233cf-b39b-49b0-87d7-b88ada23d5ee","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":70,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"7c7e9f0e-e722-4bc2-899f-9b9b4f57226e","block_type":"box","text":"Distressed Securities.","page_number":70,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"04301206-e0f7-4786-b7ad-1487cb3ced55","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":70,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"c16d48d2-6a7c-4a77-bc67-75d4b83ef87d","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":70,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"c014b9d0-8f02-45d9-b1e3-8deb22fd11c9","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":70,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"738e1db6-babe-4824-8033-0dc91a2f8751","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":70,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"ef94db3d-c1f3-4c32-b4c3-37ea4c6b2e6e","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":70,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"8c809019-ea4c-4329-b235-566b59d7c2d2","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":70,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"d2755114-205c-4499-ab28-56c4a4bb4079","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":70,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"ffc01b4b-5bc1-41cb-8ace-1f0c526e8a63","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":70,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"f9b8e1a0-4173-41e5-b5b3-e6e10a09befc","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":70,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3dca06ee-d121-4a1d-a759-9d718cbbebf0","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":70,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"ba0c1310-67ad-4328-a16d-5e5c451d92aa","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":70,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"d050a98c-efa3-49d3-9c15-9fa8ac5e5d95","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":70,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"86c85e50-e0e4-4a96-b9a7-b5c6b21d9545","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":70,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"228e1d9b-5636-4c57-bb66-6606e884b1cc","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":70,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"b9a67456-e44a-400d-a606-72c6c08badd5","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":70,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"63ff9079-0b3d-4ecb-a526-cc2bb5aa1e56","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":70,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"76bd141f-f701-4e39-990c-bb74fc05a005","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":70,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"54b21be6-1c85-47c6-a837-45983e20584b","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":70,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"cea5436a-1f2e-4b2b-9c50-1c0059f29207","block_type":"box","text":"satisfied (","page_number":70,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"b7737c40-06da-4c12-a879-4741f4eaf4d0","block_type":"box","text":"e.g.","page_number":70,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"8d53ca1c-8791-4bfd-8bd6-6c15c70cba33","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":70,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"da254e34-60a8-441d-8005-927a2ce8e04b","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":70,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"af7fa80d-cadb-4e9d-9f0c-eb89ed771f80","block_type":"box","text":"II-25","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"672ccbb2-d2be-4ba1-8df7-cef67d2260dd","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"043f3c49-97e2-4e06-9c50-0dad63c2ced8","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":71,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"f0bfd2ed-4de5-4b11-bb57-66505c269a57","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":71,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"6b34ad39-11ad-476a-96ab-1ce3e02e6939","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":71,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"cf400afc-2705-48f6-9a29-bedbdfeb6f91","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":71,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"d977494f-8de2-421c-87d4-2a997b266ec2","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":71,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"51bc31f6-45de-43b1-93ea-ffc1afcbb9d1","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":71,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"9b2e29e7-2fc2-45e0-a7b0-96d56700f318","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":71,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"4a9894a8-bc33-4acb-a657-5070f43c773b","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":71,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"eca9e8c4-ad42-4e8d-b745-648b4aaaebcc","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":71,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"73fd2e98-9617-453e-b401-23f737f3c903","block_type":"box","text":"affairs.","page_number":71,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"701e34bb-ed42-4899-83c7-1138dca6a779","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":71,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"447c9a16-b4c9-4eae-ad49-33ad942dcea0","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":71,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"aa3b28c8-575b-4e9a-a3ed-c30c942eea8a","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":71,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"f9a300c5-2a59-474a-984a-8f0d7838027e","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":71,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"187f8867-3163-4c0b-a517-7ff1e7ab956d","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":71,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"8e3bb163-62f8-423b-aae5-5dd09d5420f0","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":71,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"bdb6b2b2-06e2-44c0-8778-865b4c758a14","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":71,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"dca778f0-69c7-4bf2-aac8-8498db27eb78","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":71,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"ded9a5a7-8d5d-40dd-808b-fd89a892d06c","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":71,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"7fb07e30-fdac-4b5f-a543-1d81d6247ceb","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":71,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"b116adc7-d7bb-42c2-bbe8-bd48b94e33a6","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":71,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"9e2cee8f-a449-4463-912e-cda8fab617d0","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":71,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"5467cf20-f297-418c-9199-faace1f9bc62","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":71,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"bb456c6e-05b4-40e4-90c2-cfbce18a5f4d","block_type":"box","text":"Equity Securities.","page_number":71,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"ac12da50-afea-468d-ba73-4555d9764686","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":71,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"af73851f-50d9-435a-b6ef-8cc5ab4fed09","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":71,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"8f30268a-c187-49d7-a971-be9c8d823e5a","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":71,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"41edb87a-9f7f-4671-94a8-7d3bc65f7cc5","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":71,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"44920644-1da2-42d2-ac89-a287eebbaf4e","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":71,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"1b0c80da-82cc-4d94-a1fc-fbdf17c35760","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":71,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"121732d1-0722-4ade-8c20-e7d5bbac81cf","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":71,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"ff501560-5df6-45ea-8479-27bbc7f48750","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":71,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"51887230-933a-4757-bb51-0e46b9b8fe79","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":71,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"e100b320-2bd8-4618-b44c-bda8eaef2ed8","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":71,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"2966036f-6eaf-438f-97b4-75c7cbb6a83c","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":71,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"aff409e7-6351-4410-92e7-f8cbee8b680d","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":71,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"cc4f5313-f3f2-4b3f-ab8a-697951f06137","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":71,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"014f88e9-f9af-4bf9-9e38-a2bab8fdd779","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":71,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"9a29fd88-090f-41d7-884a-4a1e1393ac07","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":71,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"ae180632-9172-4b07-85e5-3d2edee560a2","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":71,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"80a5cad1-d166-45dd-9101-39a583474a38","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":71,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"e2ec2a2f-dd96-4f8b-a1ed-cacdf5fa1ebb","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":71,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"1f65644f-f7f6-4b99-927d-938a6c6ce4cb","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":71,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"7bc0062c-500e-4a37-86a6-eae4e7280a11","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":71,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"8a4af57e-8f08-401d-82ce-36e02a7359d7","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":71,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"6d76f81c-1069-4bc6-9a9d-5a79b2b408ae","block_type":"box","text":"initial public offering.","page_number":71,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"9f477ce7-937f-4465-a48a-efeb6594af79","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":71,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"5c3d6735-2580-4bd6-81e6-9415b3fa8c03","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":71,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"3c3d4977-cfae-43fb-a6fd-976c5bfaf8a5","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":71,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"9b2f9367-e5af-42ce-9b67-1ef601d52962","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":71,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"9460d1a5-a467-49be-bd81-301c33c8af41","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":71,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"92881c45-b3e4-4cb3-bd6d-e806b86aa1b5","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":71,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"365b12e2-3f03-442e-b70a-d82a9ad7fa98","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":71,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"ad853882-4b3b-4c8c-9aca-4b3601d0b1e7","block_type":"box","text":"more established companies.","page_number":71,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"6569464d-195b-4020-baab-024cf1efdfc1","block_type":"box","text":"II-26","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ed1de37-8630-41c9-b77d-1c60849d886b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f3fbc4b-07a9-44ba-ba49-737b99e73f55","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":72,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"b1a997e6-0dcb-4f8e-9444-fac903f00c39","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":72,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"7ba7caf1-8136-4179-a402-53ab1dd0de7c","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":72,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"a05cd4f2-b4d8-4cfd-a58f-f4f1cc8348d6","block_type":"box","text":"below.","page_number":72,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"450e28d0-b298-44b9-8c71-ec5cc927b50b","block_type":"box","text":"Real Estate-Related Securities.","page_number":72,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"6abadcd1-ed05-4dd1-a884-df8bfb9259b2","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":72,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"fb19321c-b923-49b9-bce1-ca681b49eaaa","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":72,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"49d4b095-d106-4f15-9ef8-129ed5d492db","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":72,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"95fa39a8-0218-4e2d-b7a5-7da6bfd0ac73","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":72,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"b37589ac-1639-4e26-847f-0a51c7ed06e5","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":72,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"31dceb7c-897f-4950-82cd-38975753894f","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":72,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"8337be0a-d93e-49b9-919e-d70f0b346eb7","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":72,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"9ebdbd6a-a62a-4851-bc0a-e7bf74733aef","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":72,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"8d4de410-de8f-4309-8c7a-873f9b71b595","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":72,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"70d73d61-2299-427b-9aa3-d4756e1f7681","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":72,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"9033d9c8-4c37-4f13-aed6-493a3e34c470","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":72,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"1a4e31d2-7206-4f38-899f-2c82eae1fe83","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":72,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"a97b8c8c-ed9f-49dd-a604-9b9d19ac67ad","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":72,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"21e5107f-5226-4798-a040-e059dc40d53c","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":72,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"8a6af263-d5fb-4e9b-827b-084968b9e8a8","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":72,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"ebe84593-6b6d-4d10-a282-0b95f5cb1946","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":72,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"b01b68da-7645-40d8-95ee-3e772d161db3","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":72,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"349c3bec-57c8-45b6-8a53-d23eb7b182b7","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":72,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"a9c0c8d9-b607-4eed-8c30-6353445b82a3","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":72,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"84814b54-a9e3-4eb7-9c46-f88d541b5a0b","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":72,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"d00f76ee-88cd-48f4-aee2-d1d9396dac2b","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":72,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"363abe48-a9a3-40fb-9885-26845d99c30f","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":72,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"d08f38be-3b2d-4117-82e9-1340c21cdff4","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":72,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"7678a7ce-ada8-4284-9d4c-167d74283bce","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":72,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"079e807a-9e3a-4d7f-bbf2-255d58f2d53e","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":72,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"fe5bd3c1-714e-4e80-8c79-46c11c2ff59b","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":72,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"7240f5bd-4dd9-4f77-8076-05a7665241a5","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":72,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"683d54a1-9bf9-40d6-b9c6-8d1448fc73f3","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":72,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"25845156-f501-40bf-a7ee-39a500a54644","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":72,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"21aafab2-563b-4f93-ab2d-61e9c39fa490","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":72,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"a57902f7-7b71-40aa-af6f-c77e7f6ce542","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":72,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"ad224637-b02d-4160-971a-dcc34c19da7b","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":72,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"e5569bdf-16ec-468d-a8ae-7c4ff50d1553","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":72,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"2065fb55-a2ca-41d3-852f-71422a543b17","block_type":"box","text":"investment results. Careful initial selection is particularly important in this area as many new enterprises have","page_number":72,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"a5fb8a19-9624-40a5-aaff-803c42352d52","block_type":"box","text":"promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":72,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"996682ba-d9fb-4bc7-bb25-25f3b5fabd84","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":72,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"2987d36c-5648-4200-a417-b735989d7aa9","block_type":"box","text":"Fund management believes that relatively small companies may have the opportunity to develop into significant","page_number":72,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"5616e9b9-6a3e-4f75-b5a8-d825aa4ba4be","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":72,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"d632e4ce-7d88-460b-bf90-285fe4542b36","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":72,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"0a88d350-adaf-451f-ae31-f4f7fb89ea43","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":72,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"6505cea0-25b3-481f-8520-ac88b2984acc","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":72,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"6e1ea873-3e91-4133-b253-003651a34e96","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":72,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"b1251227-fc38-4291-92ee-49790015da7e","block_type":"box","text":"cycles.","page_number":72,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"4aa0934b-3276-4eef-baa0-51838c521b0f","block_type":"box","text":"Tracking Stocks","page_number":72,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"550c2213-0ff4-4dc5-a7ec-fed806a01aa2","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":72,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"470020bf-2f2f-41c4-9a0d-6a2553f9b384","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":72,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"a6b2d2bb-44c8-4c1f-9771-5cf83200c328","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":72,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"2e6d7972-aa95-4799-b931-0e7c717aba49","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":72,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"dd3d39ee-18b5-4dee-b95d-39b9164495bb","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":72,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"61e1438f-4e73-4a2a-9d04-8c88199b3c7e","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":72,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"e0c772fe-aa3b-4a4e-9daf-e9a81203d5a1","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":72,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"63f6bea3-c0a9-4de1-8d9d-ba6b5935e0d9","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":72,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"c1004a76-7127-4d9f-a8a1-c2181c5be4e1","block_type":"box","text":"II-27","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0b169f0f-eed7-4916-aa23-08980a503926","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"981d6574-2702-453b-8502-7053164f0641","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":73,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"0849ab40-a502-4fec-a2bf-882352c02a0a","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":73,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"fe393b38-96d6-4487-a86b-479a1cb78037","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":73,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"e4c7e1a7-2cdb-4966-ba62-d3ca62cd6396","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":73,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"738635e7-877e-47b4-8e67-4611dd9f0818","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":73,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"f95b8ec9-fa19-4104-916a-8fa52546a8d7","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":73,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"36299be7-0588-4f40-b394-1a74ae43e3a8","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":73,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"cbea0875-24c5-4148-bed4-f75602b49ab9","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":73,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"360f6bbf-a10b-4009-abe9-e9ccf3b5bdbd","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":73,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"76da944c-d49f-4723-8d6a-41fc123358d9","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":73,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"2e26502e-efe8-40aa-93ba-87b15d3fb569","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the","page_number":73,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"66f57313-c758-40db-8df9-f622644ba933","block_type":"box","text":"ETN.","page_number":73,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"2b766c8f-e9c7-44a3-bd62-d379d0d2a379","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument.","page_number":73,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"76aad3b2-51e2-4102-b085-a0c1a0d3ff4c","block_type":"box","text":"ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":73,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"d9f47a3e-ba6f-4932-8cfd-8a8152cb8f38","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":73,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"ce02c24b-ea60-411e-b61a-500fb24b5e50","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":73,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"1ed29c5c-67e6-453c-a14d-79944e6cb5c2","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":73,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"854cb8d0-1c22-4d96-b85b-8a789816ad0c","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":73,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"0597808f-ce9e-4eaf-bdbd-9266311caf36","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":73,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"11aa6a7e-0dcd-4c89-9a4e-181b1e2014d6","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":73,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"943d701b-fe8f-4163-84be-d4a1e7dcddaf","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":73,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"8a5c8393-47ad-48d7-8a05-70671a97c02e","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":73,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"b5b73cc5-44a3-46ef-a532-a19e1de51102","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":73,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"b97f6dcd-f65d-4fec-85cb-7a7e42a9da58","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":73,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"e7c46aef-8e63-46d1-a675-931304a3fac4","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":73,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"55bab706-58ef-4335-9da1-3709d7a94afa","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":73,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"50ef5d03-fd28-4d46-a432-2ee349142002","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":73,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"8f7767bf-5268-4a6e-a757-b5608bfadd5c","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a court may not","page_number":73,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"71d86b30-c0b8-4592-8dfe-931035eb86dd","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":73,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"5f523313-140b-4279-9a2a-ba2740f9ec34","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":73,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"bc2149a0-12a7-421b-9fac-6a46ab8a4833","block_type":"box","text":"Foreign Investments.","page_number":73,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"58762855-b114-4194-9523-43795f7424e1","block_type":"box","text":"Foreign Investment Risks.","page_number":73,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"a6a286ba-8ad4-412f-ac54-fe52a52dd81d","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":73,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"774f3e64-83ab-4867-9afd-ebf4f1288893","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":73,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"03dc738f-33ca-418e-aa66-8ce76a818a76","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":73,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"41d9f89b-48ff-4509-b1c3-6bd90b65a8ec","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":73,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"7b62e386-2ea4-4414-9656-afd2dc9b8035","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":73,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"c7bace8c-e4b9-4cdd-9366-6330044ac5e0","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":73,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"897553d9-9816-4108-a39a-93563c65941f","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":73,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"a3a29118-43d3-471a-a669-f5d97fbbf0bc","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":73,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"2694b24e-410f-4cba-9d0c-5d29782670c7","block_type":"box","text":"benchmark index.","page_number":73,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"d99b77bf-2e4f-45fa-adb7-1c33a976cfbb","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":73,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"f633c0b4-b0c6-4fa4-8e04-8264e6172e12","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":73,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"de0d55a5-b425-42d1-a285-27be876d93c1","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":73,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"f80d720b-b237-4c18-bfed-b3e8ee7c75bc","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":73,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"3342b68e-5a77-4c54-bd00-93681ba5478a","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":73,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"caa2ad02-1143-43e4-94aa-cf65048ef577","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":73,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"fd391428-add7-4c4c-8d18-7274454463cc","block_type":"box","text":"securities and zero-coupon securities.","page_number":73,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"870c5c03-efd6-47d6-b05f-9cb2ddf2c569","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":73,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"f9b46319-115e-4177-9cf8-773073bd26f7","block_type":"box","text":"taxes.","page_number":73,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"6f0bbe5d-91fb-4309-a64a-c00c2015846e","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":73,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"3528d7fc-0447-4dea-860d-3328706ce2b8","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":73,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"262b242d-0847-4254-abd6-f9010343b222","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":73,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"f8d765a9-fd89-40b7-9428-47f97a75d730","block_type":"box","text":"II-28","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"119027a5-ff9d-4947-87a0-aece9b49cfef","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac904b87-cc65-42b5-b23c-eedc78a69cf8","block_type":"box","text":"underlying security (","page_number":74,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"68daca05-d840-4e0f-a3b5-2fd7a239ee7a","block_type":"box","text":"i.e.","page_number":74,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"41fb075d-af5e-4eaf-98bb-eeaab1eec407","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":74,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"fb1a745f-4cb2-4983-9466-1826225c8b95","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":74,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"cfbaa6d7-2aef-48b6-90fe-671dc4f81e9f","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":74,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"b8e34757-fc1e-4e32-b30d-93fb2c460f9c","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":74,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"10b6cbdf-ecac-4662-9ac5-c8cc71b0f632","block_type":"box","text":"Foreign Market Risk.","page_number":74,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"60d22c1d-6696-4c22-8935-ee89a9244592","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":74,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"0dec5ed9-ff09-4221-a788-9e06d02820c4","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":74,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"31abd3ea-ad6f-44ed-a93b-6f1db39097dc","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":74,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"6c74e5fc-cd97-44c3-b198-8147e384c4ad","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":74,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"b5b3ff9a-b97e-470c-b654-47ad9df61a32","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":74,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"807815cb-6c0c-4874-9c41-2d380c46678c","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":74,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"d3fb86e6-1d5c-494a-80c4-96dd5381ed1d","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":74,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"4a5b0a21-0684-41b5-b6ff-08ee0e628f6c","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":74,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"200d56a1-ba9b-4aeb-ba6e-bffafecb015c","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":74,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"84d9e440-e5f7-4136-bee5-5f1c979043d5","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of certain countries, or the","page_number":74,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"6432036b-f651-4443-9925-365d28cb4bf9","block_type":"box","text":"U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital","page_number":74,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"1586240f-3695-484a-b1fc-6667aa5d9389","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital","page_number":74,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"40e57d63-0550-4317-8aac-4018b3b2195b","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":74,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"7379b76e-f205-4acf-ad79-113225139ce2","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":74,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"533af296-ad5c-432b-a15a-24a2676247ee","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":74,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"f9a7028b-9807-44f0-bb26-4b994fbeebb7","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":74,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"7256da76-794c-4ba4-82c1-5a97e559202b","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":74,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"95a597ee-c218-4152-92a6-c1e799186030","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":74,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"75c7175b-5ce6-4a47-ad30-7feda52618b8","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":74,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"3a7ff38a-32eb-4ea2-ad33-9049b6f59c54","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social","page_number":74,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"2b45db34-87c1-47e8-a99f-c7c9e13a0ace","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":74,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"74ef573c-a819-450c-883e-476213cbd0c1","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain","page_number":74,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"392691a6-9387-40c0-80ba-fc1cc47f9c82","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":74,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"0f416fc6-215b-4bf1-85fb-dc8355b6d51b","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":74,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"8cc20db8-9b9b-420d-a9b2-b0be0243c233","block_type":"box","text":"or abroad could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a","page_number":74,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"f9732046-cb86-43cf-820b-66adc351e09d","block_type":"box","text":"Fund’s operations.","page_number":74,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"003ab099-2538-4c7d-85df-09a687c2a769","block_type":"box","text":"Foreign Economy Risk.","page_number":74,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"5d8811b0-8355-4e4e-8677-9abd58d905f5","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":74,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"9dced724-3c95-4614-8f3d-b0786aebeccf","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":74,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"223e085a-9749-44fb-b3b1-c32e28d13672","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":74,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"a11acb95-9c67-4610-b88e-412f54210422","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":74,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"d8a90994-5479-4270-8837-e84f11757f17","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":74,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"f571b6e2-2c0d-4f3b-951b-fe3ebb5348e2","block_type":"box","text":"measures.","page_number":74,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"eeca2ed8-5f8c-411d-800e-33a0f5bb141b","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":74,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"5080467c-28be-432d-a57e-a8d29dce7a89","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":74,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"21edeef1-024e-41cd-9eaf-17d00cbbe251","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":74,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"8da1b291-e68e-4e59-b4da-0e33939c9d68","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":74,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"384a3e92-95b8-4bf8-a54d-cc0d19154643","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":74,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"696e05d5-501b-4a30-9170-5230cdb32cc1","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":74,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"f4089fab-8c7a-4e6f-9753-78f7e3ed0318","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":74,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"77eb3480-2432-4c19-891d-85eea08ea314","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":74,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"1801d55e-b831-4fab-9d17-9959d2615749","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":74,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"251b9d63-2044-490f-b021-4b491c2a92bc","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":74,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"e4712a45-8bf0-4dcc-ba57-4121690b2d86","block_type":"box","text":"United States or abroad.","page_number":74,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"5d07e6f0-c805-4ff2-b0d8-93236f6049c1","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":74,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"6b1c4f87-e330-4d17-b0b5-3b3ebfb9834c","block_type":"box","text":"Many foreign governments supervise and","page_number":74,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"24a8befb-32b0-4ec5-ba14-a79618121cf1","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":74,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"dbcaba65-73da-4e91-87ec-85bc3c7c8069","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":74,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"fee7bdd7-5e44-48ea-8b9b-e636ea9ce49d","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":74,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"90595a8b-4ba6-488b-89bc-8ab9daef159a","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":74,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"8087082f-6d6c-4cd6-b83e-a2142cf062b1","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":74,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"0804f6ec-3bbf-451f-afbf-dadb83b449fd","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":74,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"06e54096-55a9-4d23-b921-d7ec4d78958f","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":74,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"6665ece1-1dde-4fcf-b2c8-2ab28148cee0","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":74,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"513d7671-4d2d-4603-9be6-ae7baff0b891","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":74,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"a4d2dc93-ee73-4633-a1b6-bb04de678eed","block_type":"box","text":"II-29","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83b49d8d-82a1-4c32-baf0-9313b281e10f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81c401ef-53f2-401b-851e-09007113a5f1","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":75,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"90c6f862-92a1-4691-9de7-816326695cd9","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":75,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"e09c6284-ef33-46b6-973e-d4d021d4f0ac","block_type":"box","text":"investments.","page_number":75,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"9bf0cae4-847d-496f-b181-8df3bb4d8f4e","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":75,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"478c720a-3d18-454d-89db-14d155dc1211","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":75,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"e37f56b3-98c4-43a9-acf0-fbcbb8796bac","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":75,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"cce0315a-3c6f-46b4-beff-e09648b7625d","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":75,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"a1fd3cd8-e485-4967-aad9-43784fd24183","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":75,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"72d56fb7-3b88-4143-9882-0954b65adcc4","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":75,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"67ebcb6d-c9d9-43e6-aabd-835c445f5a78","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":75,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"138eee23-c081-4812-afcc-6042a82bc0ab","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":75,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"874d6de4-9ea8-4869-9ccf-40b05508fb77","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":75,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"3f9e4d4f-bb6f-4c4f-a1fd-dc1d116d080d","block_type":"box","text":"States.","page_number":75,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"685a229b-9fa5-42e1-930a-6b6911343568","block_type":"box","text":"Publicly Available Information.","page_number":75,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"8a813663-4886-48e8-8ded-ea67a03c68c3","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":75,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"55fe2634-1a85-40eb-bb55-4f47a908a4fd","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":75,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"ead9f0e5-8037-4764-945d-866eedf233b1","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":75,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"1b783e54-d8c3-4998-93af-0dec3aa7d171","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":75,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"e51131f5-b60d-48aa-a135-29bee73b1260","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":75,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"b7cbfc30-08fb-4fc0-b9bf-005346c3dc4f","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":75,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"cde05c78-4bfd-4516-a1db-f91f342da406","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":75,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"66d998f6-31bb-4823-8527-22c5e895e99c","block_type":"box","text":"United States.","page_number":75,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"f47656da-b545-4a30-8b4a-9c6649a3c505","block_type":"box","text":"Settlement Risk.","page_number":75,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"fe264bf1-bc4c-4356-bcf0-c1f1707d38a7","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":75,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"49741fd1-620f-4246-a027-4e5d1d6a92e8","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":75,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"79e8e9c6-1082-4da1-a7f3-8a4d4522e228","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":75,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"30878e54-381b-446b-bd41-5c1a6e333f9a","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":75,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"12365037-0c87-481a-a80a-64ebe1fcddf2","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":75,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"b07d4219-23be-4b7f-8830-85b958619690","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":75,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"cee51970-5bf2-4bf3-aefd-671a375681aa","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":75,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"e8e5b7ed-e2ba-4d35-bd6d-ddb2860d154a","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":75,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"20b729f8-b5eb-46b6-ac6b-78860fa7cca6","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":75,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"cc58ba3f-5d92-4966-9ccf-2b696d447935","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":75,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"66492ae6-965b-4369-8c4f-cf95bf4b0f2a","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":75,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"3c91891f-398f-4c1f-a938-f5c8d9531e45","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":75,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"59857e13-2273-41e3-9e79-8aeb7b0c71a0","block_type":"box","text":"Because of uncertainties in the operation of settlement systems in individual markets, competing claims may","page_number":75,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"6895dc7b-aaff-4db5-aebb-600a431d5197","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":75,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"939a95a0-a9fa-4ff7-9a9b-becff09659d0","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":75,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"ab0782fc-671a-4eef-bfbd-7fd012f36d51","block_type":"box","text":"Sovereign Debt.","page_number":75,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"2e27b549-322c-45fa-948d-3b3995595fd9","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":75,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"ba460d71-216b-415b-93bc-aeb783feceb3","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":75,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"c8bc57d9-7b6c-481d-87c3-aa98412b5dae","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":75,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a7aa3070-ad1e-47c0-b0ab-153a02179dd9","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":75,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"ba0031de-59f2-4927-beb8-c682551a9dae","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":75,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"2aa55338-1081-4456-83dc-c38806039907","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":75,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"e101cecd-2223-41f0-b833-4e3f1ebf489c","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":75,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"f79a5b99-db37-427d-a0eb-ec20e9c39d8a","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":75,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"c2a21e02-7cd3-45e7-9290-4c4e24688529","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":75,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"735e949d-9ae3-4ed7-97ec-57ec3b8e5716","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":75,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"c5ddf4c2-2f0d-47d1-84ea-8c377e84015a","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":75,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"ee252884-bb73-41a7-a6f9-f89f3965ca2c","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":75,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"ad79657a-ceab-43d8-9a6d-b162afdf303d","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":75,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"c7da062f-4c62-490e-b8a6-9c76dd922786","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":75,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"9c612a56-6a63-4096-915b-616967e309f7","block_type":"box","text":"debt.","page_number":75,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"90a98229-b5e7-486e-aa75-fd110f44167a","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":75,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"24635fc1-f2d9-4121-8c2e-2790d0ce8e9c","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":75,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"bbace85b-258b-4c73-a3af-cd6bec674290","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":75,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"da292599-683d-4c3f-9971-7fda36027844","block_type":"box","text":"II-30","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"84637dd0-2c3b-4c7d-899b-b57066db1df8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35ac601f-5b97-47f1-b5a0-6ec9516b0a60","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":76,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"98da074c-e36a-4f8f-8432-6943d40ae5bb","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":76,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"f18d4933-ec8e-4d0a-835f-f9690cb97efd","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":76,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"e1d4dc5c-b9e9-4f17-94e7-c98b0fd75972","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":76,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"05e79ebe-ed53-4cfb-b183-04fcd386a4a6","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":76,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"8b9e3f49-033b-4045-a0d3-503236f0c713","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":76,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"6ebd05fd-dc53-4cdd-850d-8549db082495","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":76,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"28f0ce0c-8838-4686-840e-3076e94e2d6c","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":76,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"e0f41097-7659-4981-bc54-fe3a800b4634","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":76,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"0d2321fd-35c6-415d-bec6-091f8a66c2f9","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":76,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"06d20954-1898-4edd-9820-6fd3d40264c2","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":76,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"1850b764-f2a0-4f8e-9c99-dbeb177b0454","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":76,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"aadd94de-238e-4888-b9a8-5149043af095","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":76,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"66300171-842f-4433-b3d6-b77b2d314a3b","block_type":"box","text":"in the Fund’s net asset value.","page_number":76,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"0d0460d0-7c73-4780-aeae-c9b3b0a1d8c2","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":76,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"7ec84103-ef70-4e6b-a3a4-32da4dea4736","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":76,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"b3b4e8f8-9ee9-4748-9de9-c07517996856","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":76,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"2ae2bc65-469c-432c-9995-09af8826e134","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":76,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"763225e5-4e6c-4809-90b4-889ec5e032fb","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":76,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"6541d94b-db6f-4c93-8900-a49e67807d20","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":76,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"4046b092-e4a8-4f87-8df9-9c00cb51b492","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":76,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b1b096ac-79c3-45fd-96c1-2368ee2c984d","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":76,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"c11de970-95e4-48bf-8de0-f60f95c42e81","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":76,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"90e7a509-fc7a-48ac-9ea3-e15e8e35c87b","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":76,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"a7dcf769-6b2e-418f-a965-375e931c3711","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":76,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"bfe041e0-32e8-4391-b278-e121a6d1a199","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":76,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"7890b4a9-ee12-498e-911e-a3e4a7bc532e","block_type":"box","text":"United States for trade. 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Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":76,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"53f242de-75aa-4051-a9f2-d4f9d18d4c08","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":76,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"354843a4-bd92-4213-b921-946f068f6ac8","block_type":"box","text":"Illiquid Investments.","page_number":76,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"ede18ed1-a63d-49db-969e-78a6e432552c","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":76,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"2708d7a7-183e-48d0-90f9-5c43be06d983","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":76,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"958c31d0-d557-4510-9f83-576aa2939017","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":76,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"bc8216aa-538d-4ccd-9ee1-7d42031c0455","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":76,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"baa51636-75e4-4ade-a775-f53fcd5f727d","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be","page_number":76,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"d79e12be-0ede-4e52-a616-604a9bf0144e","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":76,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"a2fabc46-f823-4f80-be61-8d2ae71742bd","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":76,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"4f8f4f49-0031-4232-a868-107ca6bbf155","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":76,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"7fd62279-fca9-4f95-8d11-78177cb83d16","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":76,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"f6372af3-7938-4541-bf53-7bb7be9f8cc1","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":76,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"ced739fc-8baa-4670-9b32-12d789f64b71","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":76,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"5e41afeb-c675-4b62-9eb3-64957e4ccd94","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. If illiquid","page_number":76,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"11979633-5d81-4585-a060-7f6d97556a26","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":76,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"6318956c-bb7f-476b-b1ea-e95768c5c8b8","block_type":"box","text":"defined below) will require that certain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":76,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"5da81082-77af-49dd-a736-ed589c87fddb","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":76,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"56e45509-dff1-4b4e-aa34-8fdddea4144b","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":76,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"508f83a8-1bab-464b-b672-428f4aad4c6a","block_type":"box","text":"market opportunities. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":77,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"90f82f70-4de1-4714-9d54-366614b46e03","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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Finally, since each Fund seeks to","page_number":77,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"ad3b0fec-5660-40cc-bf40-0e3755391715","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":77,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"5ff02e5f-6baf-4d3a-aae4-ac2827271562","block_type":"box","text":"particular security as an investment.","page_number":77,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"0501ab02-73b6-4c70-a7e1-675434f17cfd","block_type":"box","text":"Tracking Error Risk","page_number":77,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"b7fc31a4-00df-4d29-8dae-70f3fb96d522","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":77,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"e4b5d250-f1be-4fc5-88f1-e9f95e6b9fe0","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":77,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"7dd252b5-2d6a-4da6-9160-142421c6c13d","block_type":"box","text":"instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as","page_number":77,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"9bcd9999-a2b4-4a4a-924c-2d0188852c53","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":77,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a7060fbc-bad8-471d-8f6d-ba8848667919","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":77,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"0e3f3702-2854-4f4a-a495-083bf16fbe8b","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":77,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"5a77011d-bf38-4f99-a002-9565e2386308","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to","page_number":77,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"aa8d3ff6-fbe8-4323-b181-2916f6406b36","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":77,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"abc5405c-a584-4401-8b50-269584231c47","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":77,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"c10c28b2-90ec-4d6c-8018-209872ade598","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":77,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"3054a3db-2189-44a1-8844-fc4d67b9bb39","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":77,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"d7351ec8-7b66-41a9-a002-52af5bffe263","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":77,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"52e132b5-5f14-4acd-909c-6280a5e9871f","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":77,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"0364b932-de49-4b0f-a103-74dda3f97c54","block_type":"box","text":"price growth that does not appear to be supported by publicly available information on the business and assets of","page_number":77,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"676d351d-e7e2-42ab-a5b5-ab91c61c0870","block_type":"box","text":"the issuer, unusual or significant short interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":77,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"95b0152f-11ac-44d8-8999-5a5ec0761561","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). 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If the securities continue to be included in the index, the Manager may underweight or","page_number":77,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"1327e5b0-f209-468d-87d6-d99642a564c0","block_type":"box","text":"exclude such securities from a Fund’s portfolio and, if it does so, such Fund will be subject to increased tracking","page_number":77,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"29d1f118-b23e-4ecb-8af1-a08ceb84dd38","block_type":"box","text":"error due to the divergence in the securities included in its portfolio from its underlying index. 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BofA is","page_number":79,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"569162b9-3682-4260-a705-2f0c069c5cc3","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":79,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a757c4c4-0cca-4fd4-b977-d9f8ff305b96","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":79,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"2bef0c0c-8e8e-4205-a7dd-51b4f4e66a4e","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":79,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"0e426741-4d94-4bbe-a2fd-180080619655","block_type":"box","text":"completeness, or otherwise.","page_number":79,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"f6f96291-8f8e-48c7-b9eb-4d42648be85d","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":79,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"48b1b024-a117-440e-8a63-bfff5383d97e","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any particular Fund or its participants or any other product or","page_number":79,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"0169419a-6140-420a-bcff-23cba843f744","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":79,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"e4f12bed-90b6-4ad1-82c2-cbe1f245875a","block_type":"box","text":"Indexed and Inverse Securities.","page_number":79,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"9f2373ff-3712-4ad9-bda7-93bdafb451c7","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":79,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"93e375b4-b8f3-4ece-a4a8-ed492eddc75c","block_type":"box","text":"particular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":79,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"799e088b-2f1c-4519-a891-1aaf05c61aaa","block_type":"box","text":"be subject to risk with respect to the value of the particular index: that is, if the value of the index falls, the value of","page_number":79,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"27f1c398-feba-4092-b1a4-7118165abfc6","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on certain securities may also be","page_number":79,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"9f19ac60-5e58-4d36-bc1b-db2c30cddf4e","block_type":"box","text":"based on relative changes among particular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":79,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"db9849e7-bae6-4b46-a5c3-279b0a2e4ff3","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":79,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"3f5390a7-3aba-46d9-98bf-80435530f4aa","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a short-term tax-exempt interest rate index). A","page_number":79,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"031f98ea-16ad-445b-aba4-79e05f10f252","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":79,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"e778163f-a461-4259-8053-eca7d0bbc6e2","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":79,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"93abfd00-4d21-4712-97f8-a11df4c2a0f7","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":79,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"29adffe9-6446-46c2-adb5-866656fc0754","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":79,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"68d77f2a-41bd-49a4-931b-4dbb22e50221","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":79,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"e6b3a970-0e74-464c-908d-6082054f7630","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":79,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"551d1cfb-079d-4417-9683-df1fd05cb796","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term","page_number":79,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"82b41aa0-5e22-4b21-aed4-91d62c6917f0","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such","page_number":79,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"282129c2-a120-4ded-ab4f-08f6d1abfa1d","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":79,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"31a0c419-61d5-4891-9f01-9478328b6ab7","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":79,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"8d3f0fd9-68c1-408d-9539-6078533f6cf3","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":79,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"45d31925-fc10-4990-b1f2-4a13869c35be","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. 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Furthermore, where such a security","page_number":79,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"dbeee657-acbb-4187-b202-f75e63100926","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":79,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"8be12a50-17b0-4879-a91c-f9773e920b54","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":79,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"4caa32e1-51bb-4dd0-84f3-9b7730ed3b0c","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":79,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"5c33b2c4-1190-4bb5-9815-a62888b62061","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":79,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"5d0a377f-3fb4-40e0-978e-5b94670dceb0","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":79,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"7e1dac1a-68ff-43fa-848f-fc65797a82f2","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":79,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"006b92d3-6c83-4747-9f59-0afff720bef6","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":79,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"0007024b-6acc-48ef-8bf8-816c9d780879","block_type":"box","text":"Inflation Risk.","page_number":79,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"e10630e3-57ab-4197-948e-d6376bd91382","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":79,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"3c7a3b5b-8ed1-449a-8a38-136570ffacbb","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":79,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"62e82e03-71a3-47f6-b6ee-67fdc0184f18","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":79,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"0dda0d79-84bd-4761-b9cf-60fce32c8e03","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":79,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"d6a15e74-13c4-4888-96cb-5546ce292cd2","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":79,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"cdfe717a-fceb-49e0-90a0-5aad3370d0ce","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":79,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"1281209a-dab7-428d-a295-f43e83b88c76","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":79,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"b65ba168-40e4-44bf-aaef-8ace90dc8e01","block_type":"box","text":"the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market,","page_number":79,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"193a8249-2c6e-4bc6-99d8-03e942789a21","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":79,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"b9b8fda3-4aa1-4c2d-883c-7b83d49278f8","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":79,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"ac3e58df-6dca-49cd-abb9-857574b397a3","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":79,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"fe9d42e9-3155-48a7-bb2f-6d555fb2f7f9","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a short","page_number":79,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"f95f7053-21b3-4315-9dc9-85c1559814c3","block_type":"box","text":"period of time given possible price volatility. This may result in increased portfolio turnover and expenses, such as","page_number":79,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"45152ab9-432e-4d56-8784-82d01317478c","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":79,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"0e383e5e-d24e-4fc4-8c94-d0a5dde279f2","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":79,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"143014e2-47e4-423d-92b6-9c42e8115e3f","block_type":"box","text":"II-34","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8345030-93bb-4971-8ea9-427c3081280f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85b3e499-ca3a-4375-8344-711df21ee7c2","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future performance. The investment performance of a","page_number":80,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"f69a594c-ef78-4ba3-b99e-2177ab67bba4","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":80,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"f5a3d261-f265-492f-bdae-28f3381c8ef8","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally","page_number":80,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"931063dd-79f4-4af7-9e25-b7b131e7ef24","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":80,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"41601bb3-a819-4c92-85a8-9b6106676f44","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":80,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"3389c764-6a66-478b-a3a6-b1249fc55011","block_type":"box","text":"be available for very limited periods.","page_number":80,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"a469a399-9841-4b3b-8e00-e2f59bb511fa","block_type":"box","text":"Investment in Emerging Markets.","page_number":80,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"a5404445-d21e-4566-9e95-217215752794","block_type":"box","text":"General.","page_number":80,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"76dbe512-1f17-4563-bd2f-ef8f84eefcfa","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":80,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"6041c6ee-55ae-47e5-8cdb-62aafb21a6cb","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":80,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"fea56262-6d13-46b3-a390-3293e163aacb","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":80,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"04bd9897-127b-418e-a24b-6e94ca142d0a","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":80,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"edcd4195-e7d5-4f2a-a028-78189c232ce4","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":80,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"f41b2ed4-c9d2-42c2-8c59-c57dccacbf2d","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":80,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"5951ac36-943f-4422-9f33-5a72c6fb933a","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":80,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"6ba295e0-31b5-4715-8b04-30efc01538f9","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":80,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"d32fb886-bb82-4c34-b60b-641a18eb31e8","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":80,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"b4c77634-08da-44e7-8e88-9420a301442f","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":80,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"15916324-8687-41f3-8863-bbfd1b11b107","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":80,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"f4662d97-1cce-45af-8c1a-a89d9c3d38de","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":80,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"ba4ecec6-e817-4410-90f5-db2e09de8ec0","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":80,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"d1b7464c-e9a3-46a0-b9d6-298ac4df6c04","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":80,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"1fcb908b-637b-4f1f-8360-c6eede560372","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":80,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"32f57aa8-1d20-463d-b953-da007f50b438","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":80,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"5dff6d2b-a91d-466c-9dd1-3ac666d29db2","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":80,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"81b02173-8a85-4855-83c1-ae36af704b37","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":80,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"bacf8464-d1fa-4ce7-a83e-fdf0ffa8c5b0","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":80,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"f2a37f61-f3df-40ba-96b2-bb0f92f81b28","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":80,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"6daee75f-584e-4567-8401-55d110140e39","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":80,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"626e3a68-d61c-464e-bfdf-edc446a2f806","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":80,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"1c9ee6a2-6408-47cd-ba1f-31b946ef9e81","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":80,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"af4013e3-50fa-4442-ae9d-4e7fc774213b","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":80,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"1378d127-c33c-429d-8126-89527b644530","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":80,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"0eba5969-4836-4e3d-8d5e-e7d5d18f89da","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":80,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"b6fed451-6327-44e7-aa41-1d74a34bdb85","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":80,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"bfbf9c43-4323-45eb-87f0-b48a0de4ed05","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":80,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"8b8c7009-aa63-4504-bcaf-211c637d426d","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":80,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"7a466643-0376-44a7-b293-491ea7cd0471","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":80,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"4f0894ba-777b-464c-b2d4-41a7f4a5e8a4","block_type":"box","text":"volatile than investments in more established markets.","page_number":80,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"db35baad-9903-4e95-98a3-a582376205b3","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":80,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"69225832-c5a1-48ab-9f5a-12f8dbc33dae","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":80,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"2c3ad020-5b6e-411e-93ef-5c68d448f792","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":80,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"acc52766-849e-4637-8fd3-07357d0f6e6a","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":80,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"0c9efd68-a53a-493b-9699-088f8e6ec71f","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":80,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"fa71566e-837c-4b9b-8288-341bb60d8911","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":80,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"8948ece4-ac17-445e-b014-88639aadbac2","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":80,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"34513e95-4436-43c8-b94a-a4bf83cea80e","block_type":"box","text":"acquisition or disposal of securities.","page_number":80,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"23ef9a7d-f611-4464-9c3c-4849f3a3270a","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":80,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"31312ce6-93ef-40bd-9dd3-f7b8072c4178","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":80,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"344b1fde-7a3c-4893-afdd-a94c42346faf","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":80,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"1bc8a45d-5c85-4903-979c-4c62c9c6f9df","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":80,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"7e50d554-1171-4c61-ae95-50e7d07e3579","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":80,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"463456c1-6341-4dc6-afeb-f84bd4783602","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":80,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"1b97ce3e-80a3-4914-9473-012de988669b","block_type":"box","text":"II-35","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5fc92fb-ba8d-47e4-bb21-829bbf414369","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"052e38e3-cd04-4b1f-a75f-6d8b14b23bf2","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":81,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"fac1bc6f-7ef5-43a6-b5a1-877a186e009f","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":81,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"45fe67dc-bcac-4a07-a93c-e33baec1a006","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":81,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"62154df1-3efe-4d0c-8fb8-d02b97fb5771","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":81,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"a50362a4-a515-462a-8cd3-98e3f516ef5a","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":81,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"f6f19435-37a9-48c9-bffb-ad0de08faa3c","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":81,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"5a4aabc5-7ceb-4122-89c8-3e5d987bc518","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":81,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"7472c819-18de-4e4f-bb2c-727a5daaa3b8","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":81,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"cdf87a3f-7397-4c92-bc66-c70c1840232c","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":81,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"29376843-2ae2-45ce-8ede-ff9158971e06","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":81,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"8d1f91cd-00b4-42fd-8ee0-d126a068694c","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":81,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"60975bb6-495e-4bb5-83ac-87f7cde83149","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":81,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"79410aee-88b3-4b86-a6fa-5140147461cc","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":81,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"974dc05f-6e7a-40e7-8296-0b1c5b5ea063","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":81,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"3d1b1b55-6d0b-42a2-a263-ad5cc54fde2a","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":81,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"39e594e2-cb7e-41d8-9929-091505d1cf81","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":81,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"9978b67f-856e-4303-8778-6f7f02e59d4e","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":81,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"05884803-1520-4a07-b24b-fb9f09c43ec7","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":81,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"1520247a-88cb-4796-90c4-e17196eeb3b4","block_type":"box","text":"performance of the Fund.","page_number":81,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"a25e1a8b-180a-4f46-839c-c18f279d29c4","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":81,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"e4bde78e-95eb-4a32-845d-40ead7301b88","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":81,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"1e28594a-42da-4fe9-9907-e8f8dd9d965f","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":81,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"e31ba935-c0ae-435f-9b04-ffaa2b89df99","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":81,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"08465345-688c-4b89-849e-d1ce688d6a36","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":81,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"c45e7265-df7d-4220-9bb8-3571f87cb3b3","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":81,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"ffb44cfe-7926-432e-acd4-36547c479032","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":81,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"167b4a27-f26f-4e3f-997e-28b0b5b807ef","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":81,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"0129db9e-4c78-47b1-b3be-32f53d2de7c7","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":81,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"6edc7990-59bd-4345-91a9-801c7f6ac963","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":81,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"c2e20ad2-11d6-4d00-95bc-edeb58247e89","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":81,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"0781d489-42e3-4ac5-9324-8595da6badff","block_type":"box","text":"affected by a variety of factors.","page_number":81,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"fd4b4ba7-5a17-498e-977b-0d086aa6e2bb","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":81,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"fa3e479a-d9be-44cb-9afc-063dfc99b8f8","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":81,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"08534ed8-e931-42e5-83cb-e31a86c9381a","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":81,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"178fc544-6397-4986-8f23-1ebddd85aa66","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":81,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"a36cf651-dbc7-4625-bd8d-fe62e498e7d8","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":81,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"01840682-58c3-4392-9160-490801f54884","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":81,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"668d885b-bef0-436a-ad87-035a1647be78","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":81,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"74c9384a-6d77-4fb6-ba02-99f84f92bd53","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":81,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"f26a2efe-02d0-4802-a4ce-394f05dc4080","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":81,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"0008f7bb-ed1b-42d9-96c9-9b14646cb1f3","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":81,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"5cd769db-cf1f-4e16-b6bf-0e2c23a39a99","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":81,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"21db2058-e633-42db-9920-87e8833c77c6","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":81,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"de4a132f-337d-41c7-a2de-5c673c849cf5","block_type":"box","text":"nations.","page_number":81,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"dad0da30-155e-433e-9827-c786559d99eb","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":81,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"133fe8db-2702-4ef8-980a-b98f24a37e50","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":81,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"b1e6532f-a488-4fea-a991-abc1a75c52cc","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":81,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"0c9d4699-a4d9-4d7b-9d65-96b9296a2c4a","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":81,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"8fc7d12b-8eb5-4279-8f2b-03dd0e8f2a38","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":81,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"bbad4a05-906f-4b61-948a-0f132706c857","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":81,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"6bfa9480-0134-45ab-87de-0e60616967d9","block_type":"box","text":"market Asia-Pacific companies.","page_number":81,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"cc8fd1da-e5e3-4d99-9b9f-f2d814fb33e7","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":81,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"9a55eaf0-639e-45d7-8106-291e7d598187","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":81,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"8673c259-325d-4cba-89fb-b2f4ebea6064","block_type":"box","text":"services for such securities outside such countries.","page_number":81,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"ae2b0ff0-b81c-41f9-8432-cc4d35c04d29","block_type":"box","text":"II-36","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1d6bc2d-5361-4e1d-a106-6e607eb4dd7e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ee34c8d-455e-4a7d-9328-daac6fd38b55","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":82,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"d3dc0146-aa33-4797-ad95-2b9afaff0cf9","block_type":"box","text":"to commercial banks and foreign governments.","page_number":82,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"4ba8ceba-7301-4cb4-bee9-151b06e7ba36","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":82,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"3dbe16ad-f3ea-4c6c-aad3-3c6f88f01f66","block_type":"box","text":"on a Fund’s investment portfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":82,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"f93a8976-93bd-45fd-bfc1-00aca34ff2ac","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":82,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"a6de32a8-c7a7-4a0a-b36a-3551d1ad7ba1","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":82,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"2a4f7fe2-6abd-4e9d-872d-9feaab609140","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":82,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"c11082ae-a562-479c-8175-18a115a5905b","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":82,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"a9a497db-0fea-44d9-9b51-23be37775b78","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":82,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"5f679413-6591-4dc0-9256-11c393a130b4","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":82,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"e5691566-f46c-4245-ae0e-f5615c9f67e4","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":82,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"68caaceb-d68c-4477-bbd4-9f23fcacf2a2","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":82,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"c95dba51-84b7-44bc-ae6e-ef2c48cd3deb","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":82,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"700dece8-3a3a-4e9b-9572-fffa1362cf5b","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":82,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"d702830a-e279-4b77-bb91-51d352687532","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":82,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"1b09a310-7e93-4678-b572-14945a545124","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":82,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"0dc84029-4376-403c-b702-68f907745f66","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":82,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"6c08904a-a29b-4c91-844c-5a1f2bdecba9","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":82,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"d371ed97-2fea-4b39-8902-eb1af1a9f457","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":82,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"12eaf50c-01c5-4850-86c5-9e0a1adf5d47","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":82,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"2a6c7e4e-1ee4-4ce9-abe0-5c7567bca03f","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":82,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"7fe520c0-123d-44dc-a8fa-ee5a5adc5b4c","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":82,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"25fe6b5a-d010-4ecc-a279-d9bc496bcca4","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":82,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"9a236a8b-68d0-4cd2-bed3-b781d04949ab","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":82,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"93123d3b-87e8-4d18-aed1-d82b1dfe06e4","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":82,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"87d89fde-88b0-498d-b997-3f4d69a73dc6","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":82,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"95300f8d-0103-407d-89da-8dc344edbd9c","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":82,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"03e9d98c-7df7-44d4-b4ae-92f0f09e2114","block_type":"box","text":"investment at that time.","page_number":82,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"45909f5b-832e-4b59-9396-f0eaa2d4cc5d","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":82,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"92753f89-c5e9-4c22-9e67-f0334061fd9d","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":82,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"c4da82c6-e528-4d04-99fa-542d7b1b5b4e","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":82,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"bcb26351-ca82-48ad-a5c5-d7f5975649fc","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":82,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"d1324f40-886a-4df3-b8ac-84511153f51b","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":82,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"352d7b5f-0d2f-4afd-a009-bd1404124fcd","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":82,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"59248d77-8553-4fc9-a54c-ea2389a3f647","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":82,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"b0c38deb-6634-4ba7-9d1b-fdbf39d99385","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":82,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"f4df40ba-b2af-481b-9104-fa3337c3fdfc","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":82,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"c9826f4b-7674-494c-a129-2dc100b0fc0e","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":82,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"b6664efd-2aa2-4326-86be-af945af6c514","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":82,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"d21c615f-5542-41b9-81fd-c06e4315011c","block_type":"box","text":"government).","page_number":82,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"c08aa299-3567-4bf6-98d9-b88e484d70e5","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":82,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"156f5147-f941-428b-a77c-ecf0aef6141f","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":82,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"0b276afb-0d55-4803-9ad9-2519d8cf22d7","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":82,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"c304c3c5-4ddc-46f0-8649-fa84b00433cb","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":82,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"2702c02e-56c3-422a-b50d-9b699733fd69","block_type":"box","text":"foreign banks and other financial institutions.","page_number":82,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"11d0c47b-6f17-428c-9fca-3e8b9dad7f36","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":82,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"216f3b56-2d0d-4211-8781-8365fbd19b57","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":82,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"77aee3a7-e63b-4500-b0d0-bd8864b6b344","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":82,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"1f4b489b-013a-4dfc-82d9-d2e55b02db38","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":82,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"7ce8dbb3-77ed-4efa-8047-a5eff48b4fce","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":82,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"3b7fb6ff-409c-4ad4-993c-b97d68b2f2cd","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":82,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"bb7f040d-986a-4665-9a1a-bb31f3170b2a","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":82,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"f8b4d7a6-4b85-4816-9e09-0ab6f548963b","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":82,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"7ff47a52-605e-49bb-8a5b-aa7996a22984","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":82,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"5eb86d8b-8492-443d-ab27-c9d03fc202af","block_type":"box","text":"II-37","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9b3985d-a4c7-43e7-a459-d547df1f787c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d77c43af-14e1-421c-96cd-c30e9837ac52","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":83,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"3344febf-028f-4c54-9a8f-6c5f27d4ed6f","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":83,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"91fc3308-1ec1-463b-ae47-e7e459838f24","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":83,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"b8507dcd-baa5-4c04-a35a-5415ecbe606f","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":83,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"cce12db4-e515-4cef-a56c-0460d6ee74c6","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":83,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"a2abcfc0-e813-4896-9fa1-5eb15bd26b5d","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":83,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"1a2c28ce-e61a-4a0f-a379-c73059cfa7aa","block_type":"box","text":"foreign securities.","page_number":83,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"26c26e3b-c71f-44f5-b800-06ea6c09494a","block_type":"box","text":"Risks of Investments in Russia.","page_number":83,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"5c6532f3-b349-4b39-8b30-0d6d03e66933","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":83,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"5740a348-8be2-4d5d-8a53-203c54b77510","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":83,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"212fa95f-538b-4fec-a033-44b4c18cd316","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":83,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"cc49fa9c-2b93-4bc6-ba83-1255619715eb","block_type":"box","text":"and a substantial portion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":83,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"c70a4681-746f-4c00-a9d2-29a42cc5dbeb","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":83,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"6ca08118-4563-4295-9b1e-f3f158fef790","block_type":"box","text":"make obtaining accurate prices on portfolio securities from independent sources more difficult than in more","page_number":83,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"d20a9f3f-e111-4202-b124-2b8a4f49a1a5","block_type":"box","text":"developed markets.","page_number":83,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"4ee6ca35-5737-4122-a650-59b4c72f38d2","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":83,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"5525834d-eea9-4f06-a37d-5b8f9bbba633","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":83,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"c663c65c-63d7-4331-bb1b-5b1a3be54071","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":83,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"9e9af695-5b16-4d75-8e69-257d72293daf","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":83,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"1edb2b91-da90-4c60-beaa-7b359c304d8e","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":83,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"383df706-a6c8-4590-af8f-b1ad9709a7cf","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":83,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"b36eed2a-8820-4737-811c-2ffc8e2cbd77","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":83,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"862e16ea-d3e0-4fef-b838-65b3d083f8ad","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":83,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"e0bb617d-8e9b-4dee-96a5-779eeffe9f9d","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":83,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"9519d5b9-5f7c-4f90-baaa-909cd2bb190d","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":83,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"4574c131-ac09-4ffb-a28c-a0029d9e1dea","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":83,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"3a818346-9a9c-4f72-802b-d1a845fcbf0c","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":83,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"2ffdec00-e4ca-4a2a-bb99-5f5010b66c4b","block_type":"box","text":"relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its","page_number":83,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"b545a0ee-b692-4b7f-b8c7-e9356bdb7704","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":83,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"0d47cf23-6722-4ff4-8aed-2caf6a60af70","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":83,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"5ca5ef44-30d9-49b1-92fb-96575b95f678","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":83,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"3cade46f-ddfd-47a3-a9ad-4b6a64ba6459","block_type":"box","text":"In addition, Russia continues to assert its influence in the region through economic and military measures, as it","page_number":83,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"4f43b2ce-b0a7-4d6e-9486-e1520dc348c7","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":83,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"6d6393c1-366d-4035-87ec-e22d691ffee7","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":83,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"8d20c385-8d0e-472c-b717-145b0d06b0ba","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":83,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"1f532f00-c77d-4fd1-8425-bf073d66e2a9","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":83,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"8ce7641c-8c6a-40f6-8b39-6ea642ac53df","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":83,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"0084583a-5da8-402c-b715-4a6275f2c20a","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":83,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"408bd8ea-b983-4bce-a3d9-dbbba94a2bf7","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":83,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"f517bb4c-d483-4ed0-a9f8-87166b1ffad9","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":83,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"76a9b9d9-3c2a-4865-93fb-6cea7db1017e","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":83,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"4f4b193a-c757-483b-983a-8ee68d626bd7","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":83,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"12426e16-2e4d-4dde-9013-e7b52baac7e5","block_type":"box","text":"threatened responses to such military action may also impact the markets for certain Russian commodities, such as","page_number":83,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"54cd4905-3fd6-406a-a1cd-3bc9fa8f743e","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":83,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"dbfce917-434a-494f-8398-e9acc965efcd","block_type":"box","text":"sectors globally.","page_number":83,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"9c776610-335f-42b6-9ea6-282a0e73714b","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":83,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"5171b7ef-3a2e-4579-badf-cfc1363eea46","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":83,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"83aa8501-d99e-41da-b597-969d22ff15f9","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":83,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"7b963b1e-e41d-4893-811c-f2939475ac68","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":83,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"3becd494-d211-47b6-bb2f-be9f08a2de39","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":83,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"fd792b64-13a9-4b19-b2dd-11241c93fdae","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":83,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"5de5b73f-a43c-4449-870e-e84a784b01c8","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":83,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"bf44a2ae-88d1-4c3c-9a2b-e8727268681f","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":83,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"354c0c8c-0e3e-4b9a-9950-3240c17b862e","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":83,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"3df714f1-752e-4494-a470-ac23fd8d181e","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":83,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"f5052fb5-e7f3-42c1-8550-e0854b3425e7","block_type":"box","text":"further impair the value and liquidity of Russian securities.","page_number":83,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"9af24df2-d33a-4e5b-8f70-afc52fd9f583","block_type":"box","text":"II-38","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"32f377c1-2358-49f2-a9cf-9a4cd183feae","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06f3aac5-caf6-47da-8ca8-bcf699371acc","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":84,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"c5ca4df7-23ca-4a36-a7a9-f7437f5217a7","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":84,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"a61efbad-ad48-4338-90f5-6186877b5c59","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":84,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"a1b1b63f-154b-4855-b2d8-932165d4600b","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":84,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"97ce4c06-edc5-4c89-9bd7-8fdb9a049bad","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":84,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"925b4bb3-35ef-4964-9f1c-6e6fcddf99b7","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":84,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"145aec3b-1225-4243-b076-106190b484cc","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":84,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"91a2c439-b61d-40a1-ab34-099a5ff9b3af","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":84,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"c945a878-7cc7-4001-a510-82110c0636e9","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":84,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"c6c61515-d666-4669-ba3f-4b1805b8a904","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":84,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"c5ec7a7a-a9c7-4188-a02d-16676d96f0bc","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":84,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"854eda71-c947-45c4-a06a-4e221b7b8fbb","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":84,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"b247312a-9ed3-4d54-b64a-6188e5895f7e","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":84,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"dbd0ddc0-4a03-4ad1-8cb1-14c1ccea1e29","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":84,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"d892883d-0ffe-4536-8412-e9ee155756bf","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":84,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"3f9a86f2-1f35-4a92-b294-51e81bf171ac","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":84,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"49ef4d3f-13ba-450d-aa81-1ce67ab51c9d","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":84,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"621384ca-df9c-4b08-bf32-e957a0f68c9e","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":84,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"a502de87-c57a-4bd9-8ba4-b33dcbd957c5","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":84,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"22398388-eee7-40c1-9bb9-95f50673ef0b","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":84,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"2d498684-64bf-4604-8088-d1e02ab43336","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":84,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"ead00a61-2f29-4bc2-861f-40e6efeac686","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":84,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"74c7b662-2b54-49e2-93e7-d885ec4f66ba","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":84,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"d37ec463-3b94-4d9a-a1ec-70a53b3d2262","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":84,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"e69b6405-3bb6-49e5-9bd6-8926f61dae00","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":84,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"fb4f38df-bdc6-4411-a19a-fa7c3624ff36","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":84,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"1a3f47b5-d888-45b1-b02e-6c0a83224509","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":84,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"2ac0db8f-1e47-4345-a2a0-ad47ac0e777e","block_type":"box","text":"impacted.","page_number":84,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"d25919ed-9a36-4afd-b4c0-a9e96e5b95da","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":84,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"e15ff06b-bf4e-4975-9b7c-6695d9b5a78a","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":84,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"c366586b-4ff9-4ca9-8774-4195181be2c0","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":84,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"9cb1bd88-6710-42d4-9d4b-52ef98415c8a","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":84,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"85b82669-cfdb-4f00-a464-c557f33dd65d","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":84,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"29d5babd-3ce7-43da-b413-a37ad6010581","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":84,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"49c5bbe1-3055-4fd5-8f76-c1e8b483c1b0","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":84,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"e7212d7c-a7e8-4a41-a9cf-27c90fcc54a7","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":84,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"6dd64242-16ca-4e5b-932d-78a4487d8901","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":84,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"bb58fc6b-66b1-498e-a9a3-5a8541529080","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":84,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"6b4754f2-5936-498c-84a8-196ea041f945","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":84,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"49522284-8b4d-4031-8d6b-52bd91024f65","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":84,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"98b6f7f9-ec61-43be-a874-48083566342f","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":84,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"0037c265-6107-4026-ad87-fabca6494f93","block_type":"box","text":"economy.","page_number":84,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"92f59c06-52ce-438b-878d-5b1051225054","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":84,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"e6f2a8bf-dc59-4bc4-ab10-d9bb7cc56340","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":84,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"28523229-057e-4d7b-81d8-5f8b5bb92fad","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":84,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"0ab7c2b6-5f1d-412f-8785-32fda8890aee","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":84,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"165368b5-9ef0-4558-b79a-124ca58e0cee","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":84,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"697cec82-039f-4190-8396-1a16ec41a4c1","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":84,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"d1cc1ce6-a3eb-4a11-afe6-97d42fafcc92","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":84,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"5c7d1843-aa74-4889-9a88-62a85ed2edcc","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":84,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"1f2fc452-8868-4c22-955c-3d8ea8d7ef65","block_type":"box","text":"typically the case for investment managers.","page_number":84,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"8ac51217-f6e7-4ff5-9f57-af70b125c452","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":84,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"54d41076-6839-4055-b6b9-f392ccaec910","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":84,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"9e5a4289-d76b-4b60-961f-184ac57f6975","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":84,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"2d0f46b3-cc7e-470e-854e-fee4988a2835","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":84,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"fd5c4be7-c29d-4b70-ad1d-41224eb651e4","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":84,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"331e09a7-6b13-4baa-8092-157f6af7e23f","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":84,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"aa8298fc-aa3d-44db-8abd-7b59337323e3","block_type":"box","text":"II-39","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"82b5b6e4-2728-47b2-bb3b-4acfc99749bb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d253485-4a0b-47ba-97ef-6acde1c28ca4","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":85,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"bbc33fca-ca9f-4679-9bdc-fbf6a044dc3c","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":85,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"a6de5d3c-7ed2-425a-a4bc-bee48e9dc9eb","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":85,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"90e8cb6a-9029-4eb8-b931-e10f609bed8e","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":85,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"4535ff2f-51e8-4a29-b38e-16e074c6b624","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":85,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"9e5a9981-5757-49a4-b645-a66def25bba2","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":85,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"dd4545e3-ead3-47fe-9522-10b454bf5e99","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":85,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"4dcd0538-acb0-4b8b-a221-efb681ab8005","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":85,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"a37590d7-b5ab-41e9-96df-8185a60dbb98","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":85,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"4e83d2f7-f96b-48f6-84ff-f757a6520998","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":85,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"ded586e8-3116-44b0-90d8-6747e8bbed3b","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":85,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"47f76813-286c-4c2b-ae2c-0f62741c9bd1","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":85,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"612bbc4a-b277-4918-9beb-bf9fb85a7496","block_type":"box","text":"will be indirectly subject to those risks.","page_number":85,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"a34cad45-dc3f-4e1e-832d-f00533732071","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":85,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"50e187b7-73f6-4e2d-92c2-ff21fd6772da","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":85,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"8804b5f7-33d5-49b7-901c-aa097a8d0c7d","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":85,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"31d6d14e-99c3-4cea-a177-64dd8a424b75","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":85,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"1524242a-35da-4162-b439-317a7965d11e","block_type":"box","text":"on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":85,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"61480a04-1e8f-4135-92e5-b18400688de5","block_type":"box","text":"key trading relationship that disrupts the production or export of natural resources will likely negatively affect the","page_number":85,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"1a8cc568-0cc0-4d0b-9110-6ec9607f2b5e","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":85,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"9381888e-272a-4a75-a14e-223a4fb3ec7a","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":85,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"a8a9e535-8c0b-4d1b-aa8a-2e063a283a5c","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":85,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"e5a325ce-8cd7-4df2-a0f8-f62bade478f2","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncertainty. Friction continues between the","page_number":85,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"1899e087-cbdb-4ebd-9481-cf7554c44afc","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":85,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"d7f0831d-da64-4934-8a2c-97804b1b4354","block_type":"box","text":"and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":85,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"270d79ed-8f7c-4be9-ac45-a88d3703acdc","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":85,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"bd4a9b1b-f496-42de-8ec6-2bee8ca68598","block_type":"box","text":"against Venezuela in an effort to effect regime change. Military action, sanctions, or even the threat of further","page_number":85,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"1307a50b-e019-4ae0-94ad-b9a63d1339fa","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":85,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"a586bffc-c4bd-4269-869b-b50f5af09ac0","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":85,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"e761253f-ede1-43c5-9002-3d5446045d6c","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":85,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"0bdf54ba-7a32-4535-970d-d091eadaf7ed","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":85,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"6b02202d-8686-4e7b-bb6f-9211290adbfd","block_type":"box","text":"impact on a Fund’s investments.","page_number":85,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"abd04841-e0dd-4c10-953e-a53103c08ab1","block_type":"box","text":"Brady Bonds.","page_number":85,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"5602fb6c-954c-418c-be6b-a0ed12fbf011","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":85,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"0c592116-4da4-4933-b5fc-9e26f58b9e87","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":85,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"ebe616c8-a2b0-40a2-abed-336bc594e67e","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":85,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"670ea97f-610d-4fea-b4dc-14c9e062816c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":85,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"59d8af7a-874e-429b-ac84-e7a7f041522b","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":85,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"51697404-d8b8-4f34-8757-38885190ffe1","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":85,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"6fb571ae-ec7f-4550-982c-c5878de2d46a","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":85,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"da6c1fd8-f854-4f05-9e8a-b4e761f1197e","block_type":"box","text":"2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":85,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"27c228b5-e2e5-42d0-a571-57fd4cb3ef8f","block_type":"box","text":"Venezuela.","page_number":85,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"fbbcab71-6bce-44ac-a981-4796c3c2c4b2","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":85,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"a43723ab-8168-4a77-b604-df0d6728552a","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":85,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"c3cf38ca-3d8b-4582-87be-41ff3ab535e8","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":85,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"fd11e82b-a901-47a3-9174-84a97cef6a9e","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":85,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"ece552b4-f987-4369-bebb-07692765499f","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":85,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"f3d0f27d-55ad-4d94-8f21-f90c928bd3c3","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":85,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"b03adb8f-5253-4969-8ae5-3f126a61dab4","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":85,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"ff998084-168d-4bb0-9b5a-eecf1c616126","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":85,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"fd42ef8f-8187-462d-acb9-fe8dca85268b","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":85,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"23c5c802-d5c4-4dbd-acf8-de6ae3334290","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":85,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"b6757d1c-4b37-46cb-ac1c-c0066af6f4de","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":85,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"2b498fb7-ab2c-4aee-a8d0-e3e4b27b06ed","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":85,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"06ec3943-b04c-4051-ab7f-8cce88e9e4eb","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":85,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"65dcc3f3-e02c-4d61-967c-006ca2b84a3e","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":85,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"35770848-715d-41ab-aef2-ac7f45717136","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":85,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"a5c837de-37dd-463b-8cec-f1ff8f733f6f","block_type":"box","text":"II-40","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51f35c1f-897e-4d30-a9ba-3e1aed285ee7","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f52617c3-344b-437d-bafd-2789361e4910","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":86,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"a122a27c-92a7-4412-b587-91f285559584","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":86,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"04c738ae-2f4d-4337-bccf-d57bd8254909","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":86,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"4a29141c-fc60-45e4-944e-ba7b0ca18a44","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":86,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"f41851e1-98d1-4ca4-93bb-2dfcad00b48f","block_type":"box","text":"China Investments Risk.","page_number":86,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"3c38066c-047a-4e87-89ca-132b7c268f09","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":86,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"890781ec-7cc8-4000-9ad4-3a1a05e86e3a","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":86,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"1e639e5c-d605-4675-8e4e-d168e3c3fc4a","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":86,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"8a988748-806f-4841-a2b3-67f3ffecf743","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":86,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"a7ef154e-3bfb-4ae6-be64-28720b10007b","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":86,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"4ad242e4-6f1d-498e-9a09-06566886bd83","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":86,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"92d2d038-b4a7-4c93-86bc-d9cb7698121b","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":86,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"f2f3cab3-696f-4e73-8efa-9cbabed6bc23","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":86,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"0d3b3204-a68e-4483-86e0-46d9b4eb3d85","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":86,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"92b1326e-e205-4a0e-9f65-cfcb1d930886","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":86,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"cd3d1714-8545-4087-921d-c950bbd34376","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":86,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"3ccb25fe-bf64-4a12-8134-218d818e1461","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":86,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"60cd4f8f-0525-4b7d-b79d-16f55aa7a9f1","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":86,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"f9579f6d-053b-42a9-81c0-db70207e8a61","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":86,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"ab5f274c-922b-4cbf-acdf-dc812f11fad9","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":86,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"6660f9b8-cbfd-48d5-99aa-aec1c6016e90","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":86,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"028054f4-3865-4b98-aa2c-8dbdaa0e2672","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":86,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"008e3494-383f-45e5-b7ba-3fc931d8b6b3","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":86,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"3566f07d-dd17-4ae9-b9fc-22b1769c6eb3","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":86,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"a8b42dc7-d1b8-4c89-9ba7-3cd4b89b6a77","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":86,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"931a3930-f29e-487a-b98e-042b3c7169e8","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":86,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"dbff89da-7dda-4cfc-8248-812527973ecd","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":86,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"c387a5b4-6dba-4d27-8cd7-b04010cd8729","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":86,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"587f2202-33bd-49d7-b006-67266798bd4a","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":86,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"59df9bac-7dc9-48a1-801b-056386249020","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":86,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"2c328ff6-8233-4eeb-b50b-7b832c1d4549","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":86,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"675eeec5-5c66-4974-923b-6287ed0d0092","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":86,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"ca1cbdd5-7693-416e-9845-b1246d47485d","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":86,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"922bf7a7-61ab-4bf3-a43c-7b86d5d83720","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":86,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"50137af7-423c-45c6-8e0f-ddce2ceab94c","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":86,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"2414ffd3-ccd6-4371-a80a-b3a265ee8392","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":86,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"1b0a1e01-c618-4e42-ba0d-56a7c3657e46","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":86,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"13c1180d-1240-4516-9187-3abdd1430769","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":86,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"d63bac55-762f-489d-a313-1832fde358dd","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":86,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"33665503-b551-4569-b275-ce4a8f229fdc","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":86,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"0b9a14e1-dd20-418c-9e56-431db9ed277a","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":86,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"3a883c15-e9f2-4c09-890e-8be9c7ddfcd4","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":86,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"97f3e018-de7c-4c72-9eff-035a4c97bf5d","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":86,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"e97137ba-5052-4ffc-ad24-7bf6b294e202","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":86,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"109c155a-65d2-4f17-a23e-097868343678","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":86,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"5fc3126e-5191-4b11-bde9-f5990a6d1205","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":86,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"2aff3b37-02ef-4a88-a308-bd5d23f21086","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":86,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"ce39bc22-209d-4694-9aee-9ddd3b933735","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":86,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"c1bcb9d0-1e02-4edc-a7a4-aa44cbd3e5df","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":86,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"777359d8-b094-4a7f-a37b-87ae1e55ceb1","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":86,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"2287ec58-8d1a-4014-9d87-549f6dc442f6","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":86,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"0fa0dd41-8cf5-422a-a839-806e3b12cdf0","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":86,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"4df9405b-0b9e-4799-9f12-34d539aa4cf3","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":86,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"798d97dc-f4a0-4384-9886-cd5e2f8d557c","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":86,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"27bc00ab-9177-4bfb-ab68-4e6385a7828b","block_type":"box","text":"sub-custodian.","page_number":86,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"af398346-34ea-4a53-8bfd-93644ea5c661","block_type":"box","text":"II-41","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8768d25b-4020-4d0b-a5a0-f242192e3ffc","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55f62342-2d39-4efc-ba5e-b176b8a2709a","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":87,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"3f30e846-4873-45f8-a6ac-f86030af9055","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":87,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"b89565a7-4e67-4397-9a24-60c5a470265a","block_type":"box","text":"on investor protection considerations.","page_number":87,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"211e4cf1-bbe0-4b5c-918e-02249f7d6c4a","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":87,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"afb848f4-1e45-413b-935d-61cbad7eaa23","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":87,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"4ca69fce-8e0b-408a-9ff0-2d99d81ad266","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":87,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"9460de26-267b-472f-95c0-87067f78ee7a","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":87,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"7992cea7-7024-4b3b-9844-46cfdb0ed1f9","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":87,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"94407ae8-bd22-4a97-9e45-9433f158f044","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":87,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"07e84d1c-f404-4cb9-b722-ceee9eb04d80","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":87,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"ee784665-23b1-4f37-a052-4b523335121b","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":87,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"bdb048c2-8ea4-4d8f-bcb5-ab21ce1b5677","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":87,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"c0fef97e-6e47-4ee1-af65-1037bad1be32","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":87,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"6ff8d275-916d-476a-a1db-9fc5d1bdb178","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":87,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"c0da354e-766e-45cf-a18e-a0e403774b0e","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":87,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"295ddac4-9b16-4ac7-9ab7-55ebfba62f80","block_type":"box","text":"accounting firm.","page_number":87,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"8e375dfc-5bbc-4ed9-a7c1-952161860e0c","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":87,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"fc9e2bd6-7e3c-4273-bc4a-ae6ec0cc45e0","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":87,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"43c58dd4-55c2-43d6-8194-35e81105cd75","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":87,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"6a2f900e-6a48-47d0-aabe-7ec1b33856a3","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":87,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"e3b993bc-f857-4eef-bd38-767ddffd2807","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":87,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"90fc1192-6697-4589-9148-e2ed4f447498","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":87,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"a76e2726-5a80-4181-b098-53180afb6da6","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":87,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"10f0b6b2-2c22-403e-9141-d7094202540f","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":87,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"712a6b92-ac20-492e-88db-54a1be11960c","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":87,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"2cf49c3a-ec7c-4fe5-84a8-6e787a6021e5","block_type":"box","text":"RMB (“CNH”).","page_number":87,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"e6d80fc3-aa1e-48ab-85bd-2171d4ee6ddb","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":87,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"dff2d2df-9b81-4eec-aead-277d40c454ba","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":87,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"15c6dc0f-b725-48d8-98c2-052e86b7421f","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":87,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"6fcf22a1-9710-470c-909a-248f8aa6e399","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":87,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"59e876e5-a362-4f34-bedb-4fcbd4187086","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":87,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"efafcdb3-f9d6-4e7f-a6dd-bba84d9de656","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":87,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"2018a2ce-cf29-4914-80d3-73e1a09d089f","block_type":"box","text":"represent equity ownership in the operating company.","page_number":87,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"fbd0e2cf-571f-40fa-8b8f-91948ea608aa","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":87,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"81f4fab9-4ff7-4200-9ba0-802bb2932b6c","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":87,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"7385c5f1-fef9-4e5e-84b7-161af39006cd","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":87,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"ad4a5384-4eee-4aba-9900-d43715bf107a","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":87,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"c959405b-76a2-439c-8e99-619a353a3c94","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":87,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"1d6d2ffc-94ce-4f07-b0f9-7f707c9bb56b","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":87,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"1b98da0d-7528-4999-97db-5f90d48ea722","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":87,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"183ddd36-dde7-4931-9416-e679df78d301","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":87,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"ac1d8689-8095-47ba-a8cb-5e0496f1d429","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":87,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"cc564750-2988-45e5-884e-6cb5a4898d86","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":87,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"823140b7-8f5d-447e-8449-bfa0ef78192f","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":87,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"340f7784-8391-4338-97c0-0c1d8cdf14b5","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":87,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"65eaa30d-1472-42e3-8131-11f10ccfabfb","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":87,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"ff495ed5-0c2d-4760-b7f7-b635a3fc46dd","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":87,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"d6539574-13dd-4a70-805e-f38b6a71e878","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":87,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"c47f3e50-cb3e-477b-9731-ad219a2dac85","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":87,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"ac404eea-69bd-473f-aff5-51ba447ddda2","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":87,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"ede58541-6400-487f-ba8c-03816c6b68e7","block_type":"box","text":"losses to a Fund.","page_number":87,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"0bc57307-b079-46a3-80ff-e531d026655b","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":87,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"e47182a2-1b55-4309-a4fd-1d4f52c2a2ac","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":87,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"342523e7-9c12-4036-93ef-1db806a2211c","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading partners over its exporting of its","page_number":87,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"5c758b27-040e-4e4c-9db9-03f57b918c2c","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":87,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"380e2ddf-e42d-4e9d-b819-f693a286a578","block_type":"box","text":"II-42","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"50238bc3-bc20-47ef-b987-023c8650075f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48e9b040-1ec4-4ef3-87f8-f226f31aeb9f","block_type":"box","text":"export growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":88,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"9d0b04c4-67f9-4249-91ca-9a0abd0d3992","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":88,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"3af95be9-0fa7-42f6-a231-693ec529171f","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":88,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"24efaeb5-d958-4f35-83f4-ebd079ea4189","block_type":"box","text":"economies of China’s key trading partners may have an adverse impact on the Chinese economy and the companies","page_number":88,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"fb94b9a5-f2b1-4d39-8cc5-f8fb9d72ea41","block_type":"box","text":"in which a Fund invests. Certain Chinese companies (which may change from time to time) are directly or indirectly","page_number":88,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"8a7ab182-94fa-4223-9b18-d2c12e6237f0","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":88,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"78e0625f-5abd-4521-8195-15d067a78f62","block_type":"box","text":"rights or other concerns of such government. For example, certain foreign technology companies are subject to U.S.","page_number":88,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"c0d60e86-10c9-4b7a-9140-bc881d64cb14","block_type":"box","text":"export controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of","page_number":88,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"a0c42431-ce73-44e7-a04a-e8b88c35a9c1","block_type":"box","text":"goods produced in certain regions of China or by certain Chinese companies due to concerns about forced labor.","page_number":88,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"09ba4a81-788e-42e3-86df-b738cb33ee6b","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":88,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"17f42552-bf16-4a4d-b126-9486c68ef246","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement","page_number":88,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"7cb739e8-77e2-4687-b383-846b647fc081","block_type":"box","text":"or cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":88,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"9dbd166c-5078-4bba-a941-95e45758051b","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":88,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"b8534bc5-a00b-4b66-b349-053c073b17ed","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":88,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"67036827-d544-45a4-82e4-51673030ef81","block_type":"box","text":"such companies.","page_number":88,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"9fa24cfb-08b4-4937-ab86-6eb75fc26a3f","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":88,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"9be249a8-8241-4b9c-a429-d8595e90be2e","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":88,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"e43c96d8-1f45-44d1-9ba7-039cd2ac80ef","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":88,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"85685cce-183a-4929-900e-16da7a22eeac","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":88,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"4006369a-914d-48bf-927a-466d07c37d4d","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":88,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"b8d7f24f-c403-4575-bdd9-c1db5a459027","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":88,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"aac237d5-5af7-427a-a423-4d46d32ad274","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":88,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"8ce2762b-c190-4fa2-b248-68461140483f","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":88,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"9a3d88a2-32dc-4ff9-9ba9-252485079301","block_type":"box","text":"standards.","page_number":88,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"3d08f0be-a249-4479-8bbd-b4a297260756","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":88,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"5a91b544-f239-41bc-b7ce-acf690d0df16","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":88,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"ded5d7b8-8356-4d2e-ac61-db098550ae9b","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":88,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"b2bae8e8-f030-4f23-856a-68d7e98e61ab","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":88,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"2921a450-1ecb-473b-b470-455b18214314","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":88,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"fb094316-c208-4dce-ae8c-a0a86f2605cd","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":88,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"dc9b3fc9-071d-4040-af7f-3816c7bae674","block_type":"box","text":"General","page_number":88,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"1c45f0e4-778c-4e57-837f-e8161f73f357","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":88,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"c754c6be-9283-464d-b7bc-3f8ddcb37fea","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":88,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"25014032-0869-402d-8cf3-256e2c20344d","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":88,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"11c37ffd-ce3f-4be3-a346-66a92195da2d","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":88,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"0467ebe0-bc18-42c2-8d61-cd5c7b57b56e","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":88,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"8305e2c4-cd93-4d0e-9d62-c1f172620e5b","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":88,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"9ec452d8-eb1e-4d3c-ad20-40675e389c14","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":88,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"71e19e0b-5d33-4f43-8179-28f3e9e2dd75","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":88,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"0c634fc7-afeb-4263-875f-9e8cd1cfd3fb","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":88,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"63d8c530-0190-4824-b684-7c82426c8784","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":88,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"d3b16349-d010-4dbf-9f23-6280a589bef5","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":88,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"46cf6004-c303-4715-8958-f10931541fd6","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":88,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"898bd3b0-ad15-4013-836b-db257e20aa77","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":88,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"d023b8ad-ce39-4199-8082-f3addf9d2ae6","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":88,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d1ebb0a3-83ed-4307-ac76-4b9d3b07da80","block_type":"box","text":"company established by SEHK.","page_number":88,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"fb401ba5-b424-481e-b339-b6da06899752","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":88,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"9d14aeac-a084-4af2-acce-60fd9e3da38c","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":88,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"b0d26adb-b4d5-4d5e-8001-49b7b1bf7907","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":88,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"42533b57-7ec2-41e0-acea-c354ad5d284a","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":88,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"4bb5566f-189d-4f61-9d3e-8ec7ca8e8afe","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":88,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"3c459fbe-feab-42e3-a2f5-bc7ee8bdb5ff","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":88,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"17f94bea-035a-46a5-880f-a468de639c80","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":88,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"f9204de5-e529-4da0-a498-6920bab532aa","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":88,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"40399d34-d8db-4cdd-9f8e-f0e05dd7ac76","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":88,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"4a281af6-94cf-40e8-a92d-eba9e09eb7a2","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":88,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"0670b3cc-9e8a-43c0-af31-2317543de0e1","block_type":"box","text":"II-43","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1e49a87-62d1-4c3d-bb4f-fcb987b0b0b0","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cd1fef2-d380-42a1-b648-cb9992342c33","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":89,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"c5d9634f-2708-41bd-acaf-92f2b4b485ef","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":89,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"11ba26b8-da76-4262-8871-4d4cbe086388","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":89,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"a2f1619c-5999-4fd6-8a70-400b7e8497ee","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":89,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"a0b1604b-b32c-4118-b940-8e88cc268ecc","block_type":"box","text":"i.e.","page_number":89,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"f464ae1f-4cba-4401-9a6f-265eef6b9811","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":89,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"3ea1ae78-1147-4ad2-8536-616e6775d917","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":89,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"95bb16c1-8029-452b-a411-c6df9308d3a5","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":89,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"34064918-5e9f-4989-b649-53cd57d12035","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":89,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"109290bb-5ceb-4f72-9048-c48ec8e813e0","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":89,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"c0c6cd36-186c-4469-8b9f-5cf41ac1076c","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":89,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"811ade78-defb-46ac-b350-ee41b8d08277","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":89,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"d4f1998a-9482-438f-8bf6-413a28477ccc","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":89,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"ac41b163-da42-4289-8233-fad89c36b23d","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":89,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"e2c1f74d-78df-4384-8c35-ac13d3975056","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":89,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"20e66106-aba6-416a-b6d6-55c6379b7601","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":89,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"93d0e033-16a8-40ef-97bc-d045913cce38","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":89,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"cdffe019-709a-438c-9e5e-14c70c71da65","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":89,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"52098983-f157-45cc-9b65-1c7822a9f3ab","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":89,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"be1c189b-15ee-47fe-9364-1817955200d2","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":89,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"8e80348f-515d-425f-8270-75117e7b671f","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":89,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"3545cbbe-aff8-4283-92ef-4a3d1378b631","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":89,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"8d65bdab-39ee-476f-9383-3d15114f4eef","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":89,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"23ebb204-205d-4953-b1fb-5c3c5ba1f8e2","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":89,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"fd44ff99-cc55-4483-a4f2-501a8f475e09","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":89,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"b3d86c03-d52c-43c5-bc12-a391000c750a","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":89,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"8d7511b9-a0fb-4acc-b330-481d052ff3e9","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":89,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"80d1d62c-788f-4026-8838-d1a9fff89327","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":89,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"2b9e5317-33e6-49cc-8725-4ef7c4d054e8","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":89,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"8b27f419-20a0-44ba-bc97-f61b79a28473","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":89,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"0e74f808-1eb7-4ecd-819b-350ff91528d7","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":89,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"931ed6fb-76d1-4193-9bc2-f652f7a72a0c","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":89,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"83551de1-3242-428e-a448-356131a2b8fd","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":89,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"948d44e0-a028-485d-bace-32939f1f5649","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":89,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"57372f4c-044d-412c-9229-7077956076ab","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":89,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"1ed36a94-0ec8-4f62-84d5-2f5ee6d9edfc","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":89,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"16dbf575-c342-4af7-ab7c-2af5f20402e0","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":89,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"b3d6fb4d-833f-47bb-8211-7b6ed7129f73","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":89,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"2b861fba-ef80-492c-b95a-da6fe3ac8779","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":89,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"d4469717-856a-450c-a689-76684362130d","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":89,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"41dfe497-3970-446d-81bc-edda402cf981","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":89,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"d377fc16-b69d-4f8d-b36d-238d0e52b765","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":89,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"e33d8bc6-cb00-4081-9d96-f04680eddaa2","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":89,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"24cb9df5-1471-4d97-a653-95e3b140e1b0","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":89,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"87a65677-6c08-4444-bf1f-5ac5575348c5","block_type":"box","text":"PRC.","page_number":89,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"97bf039f-3577-41bc-aca6-2e35a7b38258","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":89,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"20f84576-27ff-442e-8537-74cf0961c006","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":89,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"4c489521-1467-481f-9a5c-f7c163d66490","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":89,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"b730f764-212f-4986-bb12-3712369dc206","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":89,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"328ea894-8857-4404-93e4-50dde112c086","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":89,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"9c03e6f6-fa94-457b-810f-c621c22aae1d","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":89,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"40ba6abc-9f22-4c6e-a4ff-8e38d30c8752","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":89,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"ba1b8975-0c7b-48dd-8b95-ddf436fd6603","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":89,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"c44b1ebe-499b-4ae3-a4f7-1bc9288a21a3","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":89,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"4c6b9cec-4f02-4b88-b20c-c7e79ff67ed0","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":89,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"3da157e3-c631-4e3f-8b29-d9e8ff013a31","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":89,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"ed01fa2a-6d91-4ddf-a2f9-14185a08bf86","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":89,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"afcecf3c-81f3-4559-926a-a8b89378a60a","block_type":"box","text":"as a result of such changes. Furthermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":89,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"024841d9-f9f2-4361-bdfa-647319972e9c","block_type":"box","text":"II-44","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d06fcef9-4a67-4acf-8461-e7b7e2387060","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"337da5f6-2a27-4ae6-a4d5-a7bcd9bec97f","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":90,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"c13ead74-bcb9-4bc7-84c4-f007405e34eb","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":90,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"1245de86-5c9e-4c12-9c35-157d29e6a5f5","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":90,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"d5871585-b3d9-426f-9e37-5c2c40a29228","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":90,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"e931c461-2201-4f3b-93e6-dff1ab334a91","block_type":"box","text":"other restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":90,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"e6648f8e-ca51-43ad-8589-ec78812279aa","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":90,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"9fe0e7db-e6e6-4504-9024-d6d1a4c712d7","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":90,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"bff0b541-e134-4a5b-9ee6-40fce6b65d56","block_type":"box","text":"Suspension Risk.","page_number":90,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"c33928ba-84a5-473a-a98c-73d793bea3ca","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":90,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"05c895ed-7394-4c70-8f4a-a6f1e2faad91","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":90,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"06310e14-864b-4e34-8059-77d50a5d4d8b","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":90,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"3f591018-e0d4-42d0-bf06-1461486ca7fd","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":90,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"08b2ea50-792e-4b2d-880a-ee2fbb1a12f0","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":90,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"6c8cb8d1-716a-41c7-9f88-6462b3eecb1c","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":90,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"2e80c5a3-74dc-45b1-8515-0befa65c2bb0","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":90,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"7bef614d-6018-4a5c-93e1-b10080121f3a","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":90,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"76f11099-fd4a-4af8-96e3-e94c4cc9bf35","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":90,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"607ca6ad-8f52-42f3-bb35-406b8e39315e","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":90,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"59ad0379-58bd-4b8f-95cb-d81e9e83d04f","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":90,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"50ce89af-491b-42c5-ab88-2dc9771334b1","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":90,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"a040f889-a6f6-4f31-a46e-30c0d192838c","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":90,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"87f2498f-342c-42f8-b17f-e385513522ad","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":90,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"2d1599d0-cd8d-421c-885c-ba4f819a35d2","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":90,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"3e108bee-1c85-44cc-b7fb-738f1a5af61b","block_type":"box","text":"A Fund may invest directly in the","page_number":90,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"099523ee-33d9-4881-93f5-cdadd3e7c14e","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":90,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"70509d39-1231-467c-9018-2e18b7fe2fe3","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":90,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"c6acef86-7466-468c-8d9d-9bb239596139","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":90,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"c0f911ac-c04d-4031-b6cf-ff2df71e3bd2","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":90,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"bc5332a8-2d19-4e4c-8252-198533b798ad","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":90,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"d22ce96f-0c84-4183-b24d-5d3623ffa704","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":90,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"d69b8838-f076-4be9-a543-a3d8ac25477e","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":90,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"79758193-eb56-4fea-af6c-d0ef3f550cdd","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":90,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"3d1c57a2-f9fc-4923-a794-7a678972d6f1","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":90,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"7c0e4622-8ea4-4c5c-add1-5114457807ee","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":90,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"bc6e17ab-96f6-44e1-b1d2-a04cddf4e738","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":90,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"c346ed2b-feaf-4c44-9feb-2350ae5aca7b","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":90,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"30642e26-157b-4831-9e84-ce423b06786c","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":90,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"1777060d-61c1-4428-b687-e8cad81a2593","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":90,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"a5e6d7d0-967c-4901-9cdc-08a0956f5dbc","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":90,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"eef3e46e-9353-42c9-aa22-9a1b43590bbd","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":90,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"42b45a5d-ddbc-445c-b462-26c2fac2cfbc","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":90,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"77b04674-c3bf-40c7-92bc-52c067fb8e9d","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":90,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"d130c59c-68aa-48c6-968f-bcbe1414d100","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":90,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"47b01ead-6aa6-422f-adf9-9e83c275da10","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":90,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"04e1df64-eea5-46b7-a856-bbc9a81faf0a","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":90,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"aede5b66-e55b-4e07-b7b5-fa439ab5694f","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":90,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"7a28e5bf-015b-46dc-9dd9-ce53c6a54bbb","block_type":"box","text":"i.e.","page_number":90,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"d5002358-acd5-4b66-8848-c0156c374935","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":90,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"c9ccef7b-fee8-4e56-a02b-f99e063f1603","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":90,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"309d5fd9-7810-40b9-9d7f-9fcb0997e985","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":90,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"2f46e605-4f10-40bc-a327-f104726de0c4","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":90,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"19e057d6-1d1c-4080-9399-031ca1a11f5e","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":90,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"3f15bda7-0e10-49bf-8bd6-9892a6e54e1e","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":90,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"fb646170-05f8-4385-8589-89445cab4c5f","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":90,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"3e44e15d-aeb8-4c76-99bf-c34bf7262f4c","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":90,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"740bc829-5c27-4ecd-834f-7e5a736bf411","block_type":"box","text":"parties.","page_number":90,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"97a6e6b8-1773-4ac9-8bc0-aecf9238b3ce","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":90,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"3569be2d-b043-4e25-8996-f390773ff25b","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":90,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"e09428a8-c9a1-45b9-bcfb-09319a7b0a1f","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":90,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"7e373428-271f-46bc-a1b1-d1a5348203ce","block_type":"box","text":"II-45","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4713dba5-f435-4e6a-8130-3f85f8f0a9c1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ced7504-9a78-43c0-a2eb-e5b1057d6e6e","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":91,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"96466613-58d4-414a-8dc3-fe666b77a691","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":91,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"b263deb2-ad25-424c-971b-224e07441113","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":91,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"ffa7709c-a34d-4ab7-9534-763576f2c13d","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":91,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"6d26512a-598f-48db-9014-a79396baf0ec","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":91,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"f914a1e9-2601-42d1-89ca-592bae2e0d14","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":91,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"5cf41df7-b1ee-4013-8aaf-ed65e1e872c7","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":91,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"3665b8ed-f454-4f35-baa8-1474c86cbfe5","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":91,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"5cf710af-da9a-4ce4-9864-e48a241081df","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":91,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"2beb5c3a-2b67-4c0a-9741-0e53512f0065","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":91,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"e6680b27-f14f-4fe3-aacd-07b6f436f474","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":91,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"cdfb78f2-4b3a-4005-b955-fbf55a2815a1","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":91,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"cbcaec01-e1ef-4a66-8d3e-b7e05eab21f8","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":91,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"fa7299a4-4be2-4056-83ad-5114eed8b2a2","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":91,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"7ac9d228-2d79-412a-b830-7e0ee6dd85c5","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":91,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"6a57ded4-6fc6-482a-a99d-752479d7ea28","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":91,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"f10bb9ca-418a-43d0-9f75-c495f54ce7be","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":91,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"32b3c541-de09-4119-a639-3518a86374c6","block_type":"box","text":"performance.","page_number":91,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"2db61482-054d-4ac2-8b31-7979a8efe8ea","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":91,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"28bd13e5-3be2-4885-ace4-cd240e5e7f72","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":91,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"2352c170-6dac-4d10-974f-dd429eac3063","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":91,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"3245d346-5fbd-4dee-a782-b1bc76cb81c9","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":91,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"68197bd3-b4e7-487c-b1c2-6510ae41e970","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":91,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"4ebd1283-bf50-4178-ad29-f60eed05707d","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":91,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"01e95b9d-425a-4e98-bc9c-4390fd547965","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":91,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"d4bea92a-a8a8-4f4c-ba00-3b941b6b9005","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":91,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"d47abf20-5d43-4a10-a53a-294e07986dd5","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":91,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"dbd1c9dd-494a-42a1-810e-f2a68ac66f45","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":91,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"56524239-ac09-496d-9500-3a46dde41b95","block_type":"box","text":".","page_number":91,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"fa1b0356-777b-4cdf-8fdb-dc70a7878982","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":91,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"cd2748ba-788f-4fb8-a4d8-15e0f11be938","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":91,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"1a83b7e6-322c-4cb8-b1ac-56e966f8437f","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":91,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"ff20294d-674d-4da2-9c14-b7af536c4ac6","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":91,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"13ea1652-9d61-4949-8d86-99aa603508d4","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":91,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"29983727-532d-4a94-b612-d9c32337f4d9","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":91,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"58cf584c-857c-4c0b-8da7-0b1ee39fca78","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":91,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"1985be51-ee89-4e93-91f7-e8b325e2bf44","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":91,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"fa59e33b-4688-4c55-8a98-f39fac2b877d","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":91,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"03df9510-9c0c-4c55-80c5-32b84e11f357","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":91,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"d195ea2c-8f0c-48c8-b3a1-1659b375c148","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":91,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"86794013-0dc7-4339-abec-df6f926dc3d7","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":91,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"b6593dc3-1658-4d6d-a0da-31b00456912f","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":91,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"b23075f2-59b0-4f14-a50b-500525934970","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":91,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"85233d46-5ef2-459b-8376-1a54cd0bde9c","block_type":"box","text":"without notice.","page_number":91,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"36b331b2-d863-439f-9120-220b537930aa","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":91,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"1f9b6ecb-faaa-49f7-88e6-7a2382aeb370","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":91,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"c8b58739-dd2e-44fb-a7e5-970a2f6a1866","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":91,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"0092356c-87da-4ef2-969b-f63081e30b57","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":91,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"a297a269-ef14-462f-8bc9-09163fcb140d","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":91,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"1c4fade5-5faa-4878-ae26-10c426d59624","block_type":"box","text":"December 31, 2027.","page_number":91,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"d1c423a5-6887-4600-8a6c-8104612ebcc8","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":91,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"e3ece497-7341-4906-9ee6-1218331868f9","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":91,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"ddd6cd0c-124a-411d-8b9d-df89f169c0fa","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":91,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"383f07ae-807a-48dc-8567-c96adf881990","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":91,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"5d5c052e-afdd-4e7d-a82a-bb5c58b0a2eb","block_type":"box","text":"II-46","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"169ca007-75ad-491d-97cd-1d84080468b8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee998d43-3fe9-4e87-9e23-0cc93155f161","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":92,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"74685e34-24c4-4a72-943a-078227ad309c","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":92,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"8373d221-2d3e-4d70-bec2-d727cc6ca608","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":92,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"32dd4ee0-20d0-4343-8e06-471d113432a1","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":92,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"f2d987d7-8f28-4556-8375-49270504964b","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":92,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"cd5da73d-ed25-40bd-bded-ba1d13431f09","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":92,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"0de65398-11e3-44b8-b292-190df3f10480","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":92,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"3d1aad13-b24d-4125-b577-57399ba6e88f","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":92,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"ad374d6e-e367-47b2-87d8-1e26f7724eb7","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":92,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"29c7e42b-4855-4242-9f7a-597eba7b0971","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":92,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"d688c065-f1d5-478f-8fcb-0588d9b5016e","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":92,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"6cddfec5-7a5b-49e5-bbb5-c3522ef6dcc0","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":92,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"be40f337-f3ac-46a7-957d-32f21a9597f1","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":92,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"700847aa-7b85-407d-944d-95ca7bce2509","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":92,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"2ccd66bb-409e-496a-a7d0-d55384ac2055","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":92,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"a34d23b2-da70-4828-a5d7-37bff817f2d1","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":92,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"c40d3e3b-36d5-463c-9187-9e489de4c17d","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":92,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"20dea035-b93b-4951-9db6-b143f7973d88","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":92,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"0d73fbc4-f2b9-4e2f-a561-88220933071c","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":92,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"5954527f-b55a-44ab-b85b-fa4a08882161","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":92,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"e495adcc-ac06-4b58-bb8a-a20b878128f8","block_type":"box","text":"the PRC in notifications.","page_number":92,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"4c5739d1-9e85-455a-ab35-52384624220d","block_type":"box","text":"Investment in Other Investment Companies.","page_number":92,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"29692acb-27b4-4658-86ab-7c16f2612a78","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":92,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"36cd3e57-8aa0-49e3-984b-bd27e3afde3d","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":92,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"44d8bbad-5b41-4574-8150-b4e17b8df858","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":92,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"d5c9e878-a443-4a23-a16d-ebbe9ab1854f","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":92,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"d11c0429-011d-4992-951f-f8a072f465eb","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":92,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"2f1b882f-9326-433e-b897-837e7510ee94","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":92,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"21385c18-12ab-4f5f-b710-74f6c8944f89","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":92,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"3b504e42-0f9a-4fbb-baaf-7c6c4c088307","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":92,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"106db50f-3e93-4e68-a982-f6ca9eaf8083","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":92,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"eb56087d-ca0f-41ad-99d3-31229fccbf5a","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":92,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"fb5cf2fe-729b-48a1-9a20-478005c1faa3","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":92,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"52e0f24f-8062-4e4a-aa3a-0e3ff06af160","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":92,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"5a0f8df3-1f74-457c-b885-ee663312a690","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":92,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"4c3ab4ec-cb01-42b3-8e0f-fe686b5c3e2c","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":92,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"188db3d1-85a5-4a7f-9af3-e2d680318fab","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":92,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"4f245baa-18a8-45b0-8859-ec7657c50069","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":92,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"de2e1ebf-457e-4e92-89ae-44b8e5e4ceb9","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":92,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"2961643c-a5f4-4a26-8f49-220b3640b0b0","block_type":"box","text":"subject to certain conditions.","page_number":92,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"530e3055-a853-41c1-8e79-3bd7d157f368","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":92,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"aaa7224d-bf82-4f74-8527-bf5830eee06f","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":92,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"64929347-06af-4e92-a2b4-138453449c06","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":92,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"ec2f12c1-1efd-4b1b-afa2-906819b9a0c4","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":92,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"7eccf8a4-810f-41fe-846a-df0d39f563b5","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":92,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"99f1678c-8303-4928-861c-166106f7efb7","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":92,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"86ca2aa1-bf1f-423b-a368-7f5ebfe8481b","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":92,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"effed249-7fed-4c7c-9751-d09a989adef4","block_type":"box","text":"loss.","page_number":92,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"a4d61af1-9d33-4c34-ab8f-d9fd52157c61","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":92,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"7e3d2a3b-0f93-47fd-bc82-c83bd1329771","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":92,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"2d0865b7-b1c3-4ff9-8b03-0e66194ea1d4","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":92,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"c631648c-ee81-4326-bba0-4d3f410e3d67","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":92,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"9dea8e6c-bfd7-42e0-a644-ba935f80431c","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":92,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"928843db-28c5-4b8a-b8f4-9c201388f0f7","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":92,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"f2bef778-9bb4-4d51-a0f1-65e09a60837f","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":92,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"e58f895d-b555-48ab-87d2-820d62c9be62","block_type":"box","text":"II-47","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"294cd76e-2cde-40ef-8d5a-fe075aa241f3","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb9b8b2e-84b7-4b04-b3f7-53298affbb1e","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":93,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"5e782659-9c25-4e30-bd7f-cfc3ce98b262","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":93,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"997a00e0-2532-48e8-b261-a1783e92c944","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":93,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"395c5243-2450-4d73-a364-2d3c5f945ec6","block_type":"box","text":"assets.","page_number":93,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"7aa5232b-8ca6-4556-81ca-8d5742739b0e","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":93,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"5b44b07a-ebca-4445-9ffa-696bb1ee8311","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":93,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"2f704b4d-35a5-4af7-96c5-2987b7e9585d","block_type":"box","text":"e.g.","page_number":93,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"6831dbc6-d3d0-465c-aa63-7f812e4297cb","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":93,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"9de8c110-abbf-42c2-8b0c-3bc16f54a786","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":93,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"11ec2610-2541-40fd-8f88-fe007c0e1089","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":93,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"e01df764-ea0b-48a5-82a9-54aa37e8a554","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":93,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"e9571093-8d32-417c-8487-da960882ca75","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":93,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"edad4ff1-3644-4170-b396-981f8b3e70cf","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":93,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"05e91532-23be-4ec7-8768-690615e337e6","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":93,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"c6da03c4-bd01-42ff-ab87-a9deab124360","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":93,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"5140fd78-fb00-4658-bb91-0cb36079c2ed","block_type":"box","text":"countries.","page_number":93,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"ef2a5089-f7d9-4aa1-8c8a-5c65b881d33a","block_type":"box","text":"Issuer Insolvency Risk.","page_number":93,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"3f2ace5d-a0f8-4f80-b393-95fa265d2344","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":93,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"7f299504-2c31-443d-ab07-389b45fa4235","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":93,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"013dddd0-ffbc-4732-9bc4-80cd5358f68d","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":93,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"a7d3caac-1917-42ee-a9a5-671a468ffda6","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":93,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"20e223b9-d325-4284-a535-95962b1e333a","block_type":"box","text":"issuer uncertain.","page_number":93,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"872691fe-b0d6-4c10-be1b-9f012b5f0ce5","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":93,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"1ce3df75-ccf4-415f-a8c0-7cbf5a75074b","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":93,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"9c99fca7-a82a-4ba7-8770-f5ff7b2e3563","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":93,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"2282e90e-87e5-418e-8221-b7bf4b86d71b","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":93,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"e2098ee7-7331-458d-bcdd-91e0c1d32b1f","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":93,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"725b6ae1-e2db-4c2c-bba8-6ab23c20ed9a","block_type":"box","text":"eventually be satisfied.","page_number":93,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"7e23b234-6f60-4ceb-8124-0a1995b49e53","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":93,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"9773a044-1cf5-4588-9442-9423559cdeb5","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":93,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"084b407f-eb79-4685-96d8-0e023cd75efe","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":93,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"0a2228d1-dd02-4568-a17a-2f6fbb2f267f","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":93,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"2cafdd9b-5e74-4898-b0cf-309e03a70cf4","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":93,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"e09019e5-d8c9-4512-b5bf-2fb4f0dddd0e","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":93,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"fa2d08df-5da0-47e8-9f60-4038cbe35db0","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":93,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"14eb09dd-9adb-4ea3-aecf-13f3e492f708","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":93,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"b20805d1-8c09-4fba-ae22-c85d7e32aca1","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":93,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"142ad772-8fcd-4c9f-b21b-d868f66ce6f1","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":93,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"b4b15dcf-32d1-4a00-8b0f-869fccae5184","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":93,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"51c841eb-c126-4434-80f6-8e800fabd407","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":93,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"d359a06e-a07f-4013-92d5-0b1f0879c2bb","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":93,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"da05f732-0744-459e-8bef-5563cd27f41e","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":93,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"21af4d16-0cbe-4931-ad4b-0967b92f42f5","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":93,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"6fa35ccc-cf27-4167-b12d-ade43858da51","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":93,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"225e2d76-e062-4a89-aa27-4764bfbda9d0","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":93,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"8ea91172-ab79-4ebb-9a69-f1465525c0d4","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":93,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"9e131192-3a9c-47ff-a35e-4e1d610dca3b","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":93,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"f86c925d-9f7f-436f-adb3-0df49585b127","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":93,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"d7f84c5b-39fa-423f-bc89-d7a9b9202f55","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":93,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"93d202cf-20f2-4e9d-8dcc-ec2ce6c73f79","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":93,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"a1ecb8f6-c4d9-46ac-909a-b019b3d572b9","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":93,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"ebf80aeb-a04d-4be2-ba04-5b72097b41a0","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":93,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"e2ddb35e-2b47-4694-ac38-bce41bd11690","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":93,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"c70a263a-a8c8-432e-8d0a-e14bf7d8f36a","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":93,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"a7eb4394-8b05-4e8a-84df-4e8b27c33f11","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":93,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"ff6ec6be-5192-417a-a318-9b3ca357bbc6","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":93,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"fe9b588a-d290-4ba1-b387-558fb925c5c6","block_type":"box","text":"that assumed generally by an investor.","page_number":93,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"5047f88d-410c-44ff-b788-aa41cf98500e","block_type":"box","text":"II-48","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"565a317f-9b48-4e40-b03f-da9fca6c5ed1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"909768aa-33cf-4956-8926-3c1e006a69a6","block_type":"box","text":"Lease Obligations.","page_number":94,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"d92ddd53-bcbf-4066-ab8f-d07dbf91345a","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":94,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"6ef07205-1714-4fd4-9db7-f11629086ba7","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":94,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"ce5c6c56-12e1-4362-bf2d-0fb335eeec43","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":94,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"fe174cf7-a4d2-4920-92f7-b3f028cedcd1","block_type":"box","text":"Life Settlement Investments.","page_number":94,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"fa6a8044-1a4d-4fed-b3c6-06fcdaae9eab","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":94,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"4db86557-b9bb-4dc5-b855-ed7b125a2f13","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":94,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"02d66c90-0c74-42f4-82fc-94784a974800","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":94,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"f5673e63-9842-4818-b3d6-0f646534cb52","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":94,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"5ad9bd14-438c-4f2d-aec2-30d35e4f2992","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":94,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"00f6d4d5-6cad-4148-b696-f3dfc9b1595f","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":94,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"c0e5ebf1-140b-4360-9cf1-d3e58aebd535","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":94,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"3d57fc68-d036-4d60-aa8f-3ccac6ae1a57","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":94,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"e07ee9ef-62d5-422d-b597-4227696462b6","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":94,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"c0ab8edc-50a5-463c-97e0-91f340f25826","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":94,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"96875a92-7216-4ef5-bd14-5e2e072453cb","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":94,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"6cd77873-5e0a-45bf-a53f-e214177bc2ed","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":94,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"e7b537b7-b61f-4e27-9465-0722d04a2e79","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":94,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"cca161ae-6c31-4eac-8106-745248db43d8","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":94,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"7986f3dd-bab7-45a3-bcca-28b37dcfe67f","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":94,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"45e48ea6-ca4a-4d26-a623-7c5c280c0abb","block_type":"box","text":"Liquidity Risk Management.","page_number":94,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"751fa652-40ff-4bfb-b9ea-d2b5e92a638a","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":94,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"91b1a1e9-80dd-408f-866c-c80ad89b5693","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":94,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"2ef56299-16ab-474a-9a07-2619415c3bb1","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":94,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"df3d3f22-7ddd-4ad9-b173-1c4226018ab6","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":94,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"ee250506-06e7-47cb-915d-f8e3d24842cb","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":94,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"9d64d74a-2145-4062-abcb-267a42d5d1b1","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":94,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"a5fe68e2-d54c-4fae-a2ea-e1ed7cfbe3c5","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":94,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"3daadfbf-9774-4372-8618-62a605b6a107","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":94,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"89c77880-e3d0-4c63-a220-409d57962eaa","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":94,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"98251ba1-7e3b-4b9b-86b9-65101d0b184e","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":94,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"97884fda-fbc7-49be-941d-d8f58740edaa","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":94,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"87d037e2-6396-44c8-8a04-ce582029f90b","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":94,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"d02c5c33-575f-458d-b4dd-40b38884a018","block_type":"box","text":"Master Limited Partnerships.","page_number":94,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"c2bca75b-ba98-4792-af17-9af4ee89b383","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":94,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"088cbbc0-8b45-49d4-931e-cdd4fdf926d5","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":94,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"305c64cd-8764-47d7-b9db-bfe8de0b3b34","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":94,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"d9dcb1e8-5f8d-4b97-82ca-eeeb88db2162","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":94,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"6a15e39e-609d-4ba2-a98c-c5723c505add","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":94,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"04890058-e0da-4561-814e-d850586711dc","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":94,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"3b8f77e1-45d7-43ed-ab4f-9271e7451c87","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":94,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"1e583725-046b-471f-8b88-d4033652cc8f","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":94,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"41347229-d1f6-4b40-8498-c7ed4db870f2","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":94,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"b11901d0-ad39-4150-bfdf-60020ee5f4b0","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":94,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"46d102fb-838d-4c43-a2ef-fc5f3a0ef278","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":94,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"7863a088-4888-4b65-921e-1947e80aa46c","block_type":"box","text":"in the partnership’s operations and management.","page_number":94,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"c3930af5-e7d6-4b24-826d-5f16a82d9256","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":94,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"964d506b-9da9-4076-b53f-b3f87df12e7a","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":94,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"c79aaab6-d063-4098-b220-1dea1cf4906f","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":94,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"28d0f856-01cc-4034-8e9c-82e7d2ff9cde","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":94,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"9e11125f-7465-4fa9-a43e-767bc606102d","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":94,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"1822ba42-3e68-4532-a8a0-eabf8437bf9f","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":94,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"fdae675a-63cf-43ba-ae57-1d6dbeb8bd4f","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":94,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"f5249206-e597-4554-8d02-2e3eab172016","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":94,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"ed27f262-04bc-4c13-852e-e81bbe7c67c7","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":94,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e79cf836-f886-4fc1-ae69-ebdd14775db6","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":94,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"c428c44e-d5e0-4c7d-a908-f8b2dce41cd3","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":94,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"76136b42-da15-485e-ab03-d607b5eebd92","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":94,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"c52bea77-d572-40a5-918b-c70aea7b12b4","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":94,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"974f1666-e9ca-4f9d-b193-9adb9928005b","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":94,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"1aabf84f-879e-4d93-8393-e32647571583","block_type":"box","text":"II-49","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92f5ce9c-0f40-4dcf-97ca-52d051ce2b86","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"012619e7-fc2b-4050-83aa-13d815a948e4","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":95,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"8e7b3e29-dc97-4f55-827d-00ba24d93547","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":95,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"57023cbe-0600-4102-b556-33d025037c7a","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":95,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"2c125722-bb9e-4b77-ae0c-834ed2b3901f","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":95,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"f6116a6c-b52f-443b-8eb8-072dd9702e91","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":95,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"51e55cc3-4f06-4a18-ad2f-5cf9af5f2fbb","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":95,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"2ec44116-d2d5-4456-9719-bf9a27e958ed","block_type":"box","text":"Merger Transaction Risk.","page_number":95,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"fe1acf11-785a-47e7-8674-0616a09c4c21","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":95,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"58b99de5-7639-4512-b7b4-f71616c6e817","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":95,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"012a2e18-fc2d-40ac-83be-6997c55166b1","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":95,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"39746743-5e84-42df-9dce-413a8f1fe0da","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":95,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"1e0d768a-dc67-4685-91e2-669befa7dd48","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":95,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"03c170cb-8b98-44cf-9514-e2633020d6f0","block_type":"box","text":"the Fund and may lose significant value.","page_number":95,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"f53f6502-103f-4f69-84b7-404488d030cf","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":95,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"9b25ed52-d03a-4328-93d8-f7175653b374","block_type":"box","text":"Certain","page_number":95,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"4d6fb1dc-9c0d-46c9-b23d-9019b3bbbdcd","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":95,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"1a4319e3-211d-4a81-a8fa-1a3f191db3b9","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":95,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"ea60d848-ea2a-4cc6-b32d-a16159ea6ba4","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":95,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"093d67ec-1ed1-4cd7-95af-fb93181b914e","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":95,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"c4fb3e35-2e02-4273-a5a1-43ba05ce3c5e","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":95,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"51f72b57-65c8-48d6-be64-63ad0745d36f","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":95,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"181f1aa4-becb-49d4-a385-696318760cf3","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":95,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"51717ff3-d6b4-456d-9a69-ead7e11abe64","block_type":"box","text":"branches of domestic banks.","page_number":95,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"59934bf4-9095-46f8-84fd-9be0a3f0abac","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":95,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"acb25fdc-9c39-4038-8058-45afabd6d32c","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":95,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"241a6887-c5e0-4352-9f4d-87d318e8df5c","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":95,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"386c3fd9-4e6d-4263-8c3a-94d38457ec24","block_type":"box","text":"paper of a foreign issuer.","page_number":95,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"d139e36a-4354-42eb-a1e7-5d3a0b1aad51","block_type":"box","text":"Money Market Securities.","page_number":95,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"054cf2ce-02c3-4c9c-a72c-14243455edf7","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":95,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"0f603dbd-7c02-49c3-b959-70528868ce04","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":95,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"99b5a421-4fd2-4212-8e34-0bf1372304d3","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":95,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"18946524-99f1-4ce0-88e4-f308f934ed8f","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":95,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"aafce01e-71ed-4b6b-8b4c-64792e200e81","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":95,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"2f424aa0-addc-4678-9117-9f7a4c7012f7","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":95,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"6bc0400a-1276-4332-be2d-e54e0d0098f1","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":95,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"13c276a8-d6b8-4252-865e-8e0fa0e6e36d","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":95,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"3bb14645-a129-4445-b51e-6dbaa856049f","block_type":"box","text":"agencies;","page_number":95,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"b53c1ff2-888a-439b-94fd-7070108e775e","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":95,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"8402fca5-e01a-478b-bf2c-5b62b965a117","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":95,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"c6d6df15-efd1-4241-ba30-22126ddeddde","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":95,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"519b8f39-6081-4a9a-a0ca-db9b00a7b37b","block_type":"box","text":"obligations and credit card receivables);","page_number":95,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"43141241-65e1-4927-af9d-d22afcc75e42","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":95,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"05a040ce-9880-4cbe-b376-18d5f6f4253a","block_type":"box","text":"authorities and related custodial receipts;","page_number":95,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"23f553d1-7933-4ed3-a95c-a5013bd37af8","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":95,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"a603ccc3-bc2e-4a2b-98f5-5e8b9e7789f0","block_type":"box","text":"agencies or authorities;","page_number":95,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"bb5f66fe-4f2d-42bb-9faa-292958584a6f","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":95,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"c0950125-1f97-4176-a534-78e5acabd4d0","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":95,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"c46e45d3-bb5b-4d72-a9f1-38b59e9a1021","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":95,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"9545c46d-ced9-4f9b-93eb-ad7e05b2a9ac","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":95,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"f4a4d48c-80f1-4740-9946-f4d7b671c64e","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":95,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"2d6d6477-c133-478b-912a-39bcd79004eb","block_type":"box","text":"States;","page_number":95,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"2112218b-a991-41f2-ada6-dbbdb16bfd08","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":95,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"3d22962f-3eb4-4a1a-868a-b97f91472d42","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":95,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"5f441281-7d0f-44d0-a84c-26c7044af85d","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":95,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"a2b78b26-dd3e-4177-bcbe-97baf373bb02","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":95,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"475c7646-214b-410b-a66a-a57e111ef402","block_type":"box","text":"II-50","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"44f431a0-5041-4db2-acc0-bd5fe88d99b9","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29ed3c82-7a18-43d3-8199-27f47f017b2d","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":96,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"6d747d99-3cd9-4c5f-a859-c91826ca5a33","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":96,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"dac2d2c2-b445-41d6-b22b-6ed71dab8fa7","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":96,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"f1083f04-9359-4a34-a9a8-22c20153615f","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":96,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"40e5b71f-426f-43c6-867b-9c6046e11c4b","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":96,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"3cb629a3-178a-48ed-98bb-45861fb22668","block_type":"box","text":"States.","page_number":96,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"ffc6bdc7-6532-457b-a919-6e06d027148b","block_type":"box","text":"Mortgage-Related Securities.","page_number":96,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"4141cb48-0eaf-43c1-8280-9fd5a13201b2","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":96,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"8aecb0a8-e50e-44e4-9d5e-01a824c68350","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":96,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"4891faad-9451-4c6d-88ae-84c937737a7c","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":96,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"5099f2dc-15d7-4bb3-9bf1-93d670270201","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":96,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"ebc3fa25-144b-4e3e-ab62-ca151019c86b","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":96,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"25493263-06b9-42d8-b694-68f24c58ec69","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":96,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"bbf330d6-b614-4603-9eea-036a1ce1d91e","block_type":"box","text":"maturity or specified call dates.","page_number":96,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"2315b043-b975-4dab-aa82-cc506b08f161","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":96,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"161688a1-ef7c-4512-9cfd-ee078968d959","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":96,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"41f810f0-adb1-4105-9a51-8bf8cbbe4f2c","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":96,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"8cb4f1fa-f689-438c-b1cd-efb39b8e653e","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":96,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"cc609314-57b6-49eb-b583-6f3e84615275","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":96,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"a60a3654-e24d-4952-8092-4ac94e54d4a4","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":96,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"ca77d2c9-2136-49d5-b4a1-bf1622eab002","block_type":"box","text":"Accordingly, the value of mortgage-backed securities in which a Fund invests may be particularly sensitive to changes","page_number":96,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"0ead30a6-acd2-466c-b119-e1180139efc3","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":96,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"a042a1ed-afb6-47e7-8276-cf7d2ebee697","block_type":"box","text":"successfully may depend in part upon the ability of the Manager to forecast interest rates and other economic factors","page_number":96,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"0c88b5e9-61dd-4f82-ae5c-c95760b801fd","block_type":"box","text":"correctly. The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":96,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"91241a66-cc84-4d91-ba83-329cb23c0d7b","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from","page_number":96,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"cbaf796e-72b0-4300-abaf-141e5d3d798b","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":96,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"92cb8001-2f9f-410e-a2c5-4df2e825a7d7","block_type":"box","text":"for its mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":96,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"f843bfea-a8c0-4487-9540-bb2b1a92cecc","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":96,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"25f80cc2-bb99-4ec8-8a7b-61b2f19f63e8","block_type":"box","text":"underlying mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more","page_number":96,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"015b209f-ce8f-4742-8a8e-0f649ca8139c","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed","page_number":96,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"e2499ee1-0783-4bac-a659-a9005556276d","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":96,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"ee8371c7-1b22-4df8-9336-a013918836e2","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":96,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"6de170ae-908b-404c-af1e-8795f178ec8e","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":96,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"0fa0140c-0d93-41c4-b616-d8ae3907ae9a","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":96,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"01a1cab6-fc82-4ff3-8342-422b137508a2","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":96,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"e217a173-3a72-4472-82a7-5130a8368349","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":96,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"aaf6760d-4e34-47d2-8506-35dc40521db6","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":96,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"3b66b285-129a-48f0-b0fe-c70f61a043cf","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":96,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"18ca469c-d1f2-46a8-82f5-58c90d12a458","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":96,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"e3220486-cc69-464e-b64d-a7828f07909c","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":96,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"03a9d2bf-75ce-4797-92d7-0711558e2c54","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":96,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"328c602e-2612-4d13-8746-d98d3fa0b31c","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":96,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"ca0fa907-f10e-4d44-8519-91d307474bad","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":96,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"d51a1dc2-1289-48f6-a8a5-ebab92a721d4","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":96,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"2c898685-9922-40bf-988b-ae11ffa8197d","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":96,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"a5b0f7d1-2662-41eb-bd18-6301b820aac5","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":96,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"8cc303b4-b6a8-407c-9b82-60f7ab182877","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":96,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"2f00b469-e0c5-461d-a887-f5bea271460f","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":96,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"5396befe-b2b7-4380-afdf-ac4ac54cfbb0","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":96,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"80ccfe82-b29c-456c-9c21-db7b4e355fb7","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":96,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"a0b6f9ce-c41d-4f7d-921a-208b0a782c6d","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":96,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"c61eec36-e49e-4cfb-8293-981c89a731ac","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":96,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"1a0b95f6-346a-47e6-8750-a5002403a68b","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":96,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"646e4d97-4864-4e2d-9028-6bb04540dd90","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":96,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"ddf96b67-127d-4e29-8c97-d66746560c77","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":96,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"a65cbf7b-4cec-477f-a360-9c3721e23965","block_type":"box","text":"II-51","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33074f97-5172-4ef1-b608-3902d00c1e65","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71d86363-e76f-4517-816d-ca2e96b9791c","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":97,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"438ada09-744b-4225-b77e-ba5d4651eda8","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":97,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"927a7973-d52b-4610-b00c-383ad6f8f989","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":97,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"97e74f8b-ab50-4d2d-aa46-239a93903892","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":97,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"01469068-a266-464a-a9a8-cefe5fd27dcc","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":97,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"038275ee-5c83-4925-af70-c14645ede59d","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":97,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"369a07d1-5253-4b04-9e8e-23d9748eb519","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":97,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"4ab86658-9788-4c1e-9be5-86153005f087","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":97,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"6198faaa-6cbb-4108-b909-69e6ac595e39","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":97,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"b8240531-b1c4-4eb6-b9d4-e0f7c2352813","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":97,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"2043dbbf-2729-4f6f-ba59-ef48a5cb3a68","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":97,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"c2f66bc7-f85d-404c-8474-7bbb48d5c946","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":97,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"874cbf2e-b3c0-46b6-b04a-90c634b43431","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":97,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"84673919-468f-4170-bb31-c7b905f2bfa8","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":97,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"df58bf9e-fb0c-4e91-a517-a2b018704f9a","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":97,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"8152c15b-f9d7-4c3a-a994-aa2fe35a9a85","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":97,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"7e9cc361-af6f-4f87-9b71-34597baae751","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":97,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"46ced99e-1d46-4668-8d54-25fae606e520","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":97,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"962022c5-161c-4b9a-8802-5c7efba0ad03","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":97,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"24c28247-63f0-4175-8d72-ab685d694f0a","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":97,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"114b572a-cb46-409d-8f7b-40eb1578411f","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":97,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"809c80d0-5270-4d62-bbd0-874d4b4504ea","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":97,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"1ecd3daa-b325-4816-b3a6-5a44f832f74e","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":97,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"949f718c-4bfb-4c3a-abe6-8323346f659a","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":97,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"c585578f-3199-4bc0-b156-6909167e75b2","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":97,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"cac5754b-2b88-4c2c-aaf7-0b162fed6f83","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":97,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"048cef8d-d78b-466c-ae37-f72fec3d08e1","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":97,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"198dc321-9334-46b3-a85f-a16d9e5de5f2","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":97,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"6b106f9c-6389-4cab-8343-e4fc2ac70196","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":97,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"1e6c0056-bc4e-410f-b7ba-9dae5353fc3f","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":97,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"9904aaef-2654-4088-a6c1-b7ae5cc71a79","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":97,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"b1906731-3b6d-447b-ab4f-cc36f4bb223f","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":97,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"1b77b54e-d494-4d1c-a74a-0482b2cdc15e","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":97,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"e9c94705-1420-4452-bb1f-1538e930214d","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":97,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"cf2bd1e1-6acc-4d7b-84dc-d657bfb05ff2","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":97,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"de456334-59e3-4672-895f-702c47f1762f","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":97,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"04f3870a-0f3e-46f9-8fd1-1c288aad39bf","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":97,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"a992cadd-d361-4e9c-bb17-c9a6c046f622","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":97,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"b858ec8c-42db-43bf-bcf2-af54942a4208","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":97,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"7502c8f1-2ed0-432c-b800-5b1357c1722e","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":97,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"88ee87e7-99f2-4915-9982-ea7e4fb7f7ba","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":97,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"270473a1-b3c8-4596-a491-539e8184b262","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":97,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"9990ee88-0ae6-4a47-a58a-fa26b40ea93c","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":97,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"0a2db408-7db6-4aa6-addf-3a5aa608a423","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":97,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"a446fdaf-db28-46bd-a3fe-8a52803d0252","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":97,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"feb1963b-c457-4426-befa-3a90dc77cbd3","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":97,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"3d86cc9e-b847-47ee-bb24-301e4ea6f79d","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":97,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"71e459aa-960f-4bad-a60c-cb87fe49cc5f","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":97,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"1175cfab-6d9f-49b1-b766-da282fe5e8cb","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":97,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"86a5cf5c-02c3-43f8-982a-583b37046b43","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":97,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"0f8518da-2397-4de6-ab70-01181c627f46","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":97,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"d44ae992-006d-47f8-8bdc-09c2c05522a4","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a Fund’s portfolio may be particularly difficult to","page_number":97,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"1d9d70b6-3f1e-4bc2-82c9-991ebc0287e0","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":97,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"a13ab74c-6bb3-4089-ba82-8bf7eb502e5b","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":97,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"f4a3e73d-a44d-47e7-8856-0a2769be7bce","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":97,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"09f8dd09-6377-4b11-bce2-1531bc211e18","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":97,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"aa80eaba-d0dd-4305-80a7-90d241f57051","block_type":"box","text":"II-52","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7722d205-4278-40f6-931d-50e81966452c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e05ab208-a1e1-44b5-9481-f014189c9360","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":98,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"1c01b698-c1a7-4611-a860-f5499225bbec","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":98,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"fa6aed4a-4c4b-42d2-9f51-21eaeaa5d5c7","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":98,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"0423128f-37f4-4834-9c58-f2156a5f6595","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":98,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"182307ea-4cbb-446d-8449-defbe77382e4","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":98,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"cf1291f6-8904-47e2-87a4-dca6e1102d09","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":98,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"d9d6035b-3fa6-448e-bb5a-86df3e0f797e","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":98,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"a07b89bd-ff74-4eac-a6d5-4c64199601d0","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":98,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"77f9dd4d-deef-4296-a8c0-5af7e8cd30e1","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":98,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"b673a82a-ffeb-4951-9021-10a0907c0a62","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":98,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"abe00ce2-cad1-4411-8046-8d8ad8ca0f18","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":98,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"a83e8ea2-327e-4f39-a495-41a2a71601a2","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":98,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"ca341966-1311-4c1c-bcd8-0b1257607b56","block_type":"box","text":"of principal because of the sequential payments.","page_number":98,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"d0dfbb17-e7a0-4e03-8fe9-1a04f91e110e","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":98,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"065d89f6-3207-4507-b550-3cbf5d674d36","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":98,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"4dbc4924-d635-4b8a-86b4-1f15dfe34e87","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":98,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"2882e9f7-7e64-4c91-a4cb-5ea3d9c50658","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":98,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"5532a759-d163-4a3d-a6c6-a77e3a3dbb86","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":98,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"5ada79bd-3f02-45ad-8ea0-3f6dce4da780","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":98,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"b5f856ea-f0b4-465d-9a0b-d8ff111372d4","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":98,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"b15ee53a-6507-4806-98d1-9a0f76d513c6","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":98,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"0e3f00d2-eebb-4f1e-802e-2d5e2d1599f5","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":98,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"3696027d-a765-4efd-8ebf-ad6d519e08b8","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":98,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"acbbe665-5754-4b02-9436-ecb8a532c2cc","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":98,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"6a2420b9-ded8-450f-bea4-ecd309f0646b","block_type":"box","text":"securities of any single such entity.","page_number":98,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"e6f0ed30-a7b5-4826-9877-e7f6bc24c52c","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":98,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"53bf8a39-dbb7-4ce7-9af3-5ac780e2b896","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":98,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"9c004693-005d-44b0-a75d-1f60633f9e5c","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":98,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"041a8048-a19a-4142-91d8-58746ee3cbee","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":98,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"4e9e96dc-9a4a-4645-a43c-2a53b834be7d","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":98,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"e4f72fdd-f629-47e5-94bf-59e8916c0f41","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":98,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"5cd6d641-9842-4887-8513-7e20b7726269","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":98,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"fc81aa52-6c3b-479a-bf80-e5d8e88f432e","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":98,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"632aec89-1fe9-437a-892b-252f719d138e","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":98,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"f86b6589-c0aa-4c4f-a6ab-ce48b815d98b","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":98,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"5e469087-7d70-4b8b-98f5-cd17fe2a26a5","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":98,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"1fb6432e-d4b2-44d4-b430-5d0e2d5eb8d1","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":98,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"b3e5e8bd-50bf-49be-b6ef-4e47f3c8319a","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":98,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"df210e2b-68fa-4583-9a55-6f42cdb75ff7","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":98,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"cc61fe95-4667-4de9-bc82-06cf5c1c1dc3","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":98,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"840152c3-7337-47cf-8c3f-35b7ce3dd929","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":98,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"4049391f-d24d-4958-a2bf-1f0c15aea9b5","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":98,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"7bb4ad30-548d-4bd6-8187-9828f9f965fe","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":98,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"97655b60-e400-43d2-9f7f-7c7c3e1b35ef","block_type":"box","text":"classes.","page_number":98,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"1c11f841-3ce9-4f55-b61a-05987ff762d2","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":98,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"874096de-4f1f-4ec1-a75c-53098348d9c2","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":98,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"ff71b84c-09c4-4f0e-b702-dcd998a08dae","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":98,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"9c49ce33-7db9-4407-b803-899a689eab3c","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":98,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"d5b2e5f4-3ea7-4ec8-b013-a91ab42a7b8c","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":98,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"d764cae3-b43e-4a58-aad3-3d7ef562c6e8","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":98,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"bab94ba1-0cc4-45a6-820e-7ab9f498a153","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":98,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"0acca775-637e-459b-bea6-f4d8c7f2c0cf","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":98,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"37ba470f-4241-4799-9e5b-c765c25c564b","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":98,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"7c7d5788-7af3-454d-9860-a60f5694a9af","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":98,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"00938412-d095-40e1-a654-a3aa10d70568","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":98,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"73687162-2bab-4a8d-bb45-92060d24f801","block_type":"box","text":"to a designated benchmark index.","page_number":98,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"e24b4c9d-0f87-4f88-a076-d410172583a3","block_type":"box","text":"II-53","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"47514cd5-c3ac-4544-b90d-3f7f81b1ea30","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98253807-2f50-4316-ae66-82f59e1eff14","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":99,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"be69a407-564b-4e38-b78e-298e42766d86","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":99,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"e80c7cd0-2f48-4562-92ea-269c76a68077","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":99,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"610756fe-a725-438a-bb23-577ed22ebd3c","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":99,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"5767e2e4-0bd1-4979-9583-899cbe8b41bb","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":99,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"063255b6-7b34-4c28-9099-598a99d5cae4","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":99,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"c072a1df-b02b-4006-9923-b85b552c1121","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":99,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"ae7a7fa1-59ac-4077-aacb-ac6cbe93cb41","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":99,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"562d87ef-4965-4d20-bf9b-791183800f35","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":99,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"5bc9ba2a-4fb7-47e2-b007-b5b0fb3c47b1","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":99,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"be424416-a3c7-4b47-bffe-255bd46cafe5","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":99,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"79d4521d-f25e-46e0-89bd-430b9d7bb91f","block_type":"box","text":"CMO Residuals.","page_number":99,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"4cb32d13-c52e-4d39-8e52-6c18f461d518","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":99,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"0239e578-3f3f-43e2-bb23-4ffc11f971d1","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":99,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"2abf1a7c-a6c9-4e23-a136-606565f094ae","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":99,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"2da591ce-8e9d-47fd-a133-b6d6bdb46a07","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":99,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"fe1847c9-a39b-4a46-8520-205986f252d2","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":99,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"0b900711-dbb7-47c1-b0c4-78d6f3973922","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":99,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"848ba6a0-ca25-4110-8fd3-a673bc472bc3","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":99,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"266c9f12-3116-47eb-a62c-d4c3878d6715","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":99,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"f7b98f97-3683-40c5-8619-df2d66830cfd","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class","page_number":99,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"0fab0813-775a-4a69-9de8-bd2283241100","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":99,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"15fba0ee-1bc1-4c48-b908-ab781a6805cc","block_type":"box","text":"mortgage assets. In part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":99,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"e59e22e5-87b1-4950-8b37-c39e986e56bc","block_type":"box","text":"related underlying mortgage assets, in the same manner as an interest-only class of stripped mortgage-related","page_number":99,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"f46e037c-8e9d-4a03-a5a9-6ebea4b9c12d","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":99,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"7dfade29-d10d-470a-9ea0-3b133dc31214","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":99,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"e21e2be8-8535-4a28-8ae5-0161729f5a14","block_type":"box","text":"interest rate adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":99,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"c4256ee9-7c68-42eb-adca-2c77ff4a781e","block_type":"box","text":"a CMO residual.","page_number":99,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"26574945-cea3-4dfc-8110-ac9376c22cbc","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":99,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"4451d887-3d8f-44ca-be05-ce437e7afd10","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":99,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"4c9ac2b3-f13a-443e-ac38-ee1e70153ab8","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":99,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"7dd4e9ec-67d3-4fe8-ab8c-a17afaa855a0","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":99,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"9155a3d3-d28a-4095-95e1-a28de91ea66a","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":99,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"6867af21-50aa-47cc-9361-12ec6a84ab13","block_type":"box","text":"registered under the Securities Act, may be subject to certain restrictions on transferability.","page_number":99,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"9171eacc-0408-4036-821a-e2a6c53321a6","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":99,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"ff885d80-99fc-4709-b7cc-1a64d0d38e68","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":99,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"ca625204-4716-4a64-bde2-1dc7a33da3f8","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":99,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"61a19664-5945-4a88-b31a-6b3310339f9c","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":99,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"a2cf0e30-f9ac-4a0b-b033-050bd0c9f57a","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":99,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"c16020f6-9d41-47ba-b3ca-2d323aec2fd8","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":99,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"160bdea5-acea-4898-b590-4056891a2a1a","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":99,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"dd3ff858-f0eb-4214-a098-f6f937ab9650","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":99,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"6907ac9f-0fd7-47af-b980-bca0ae295aa1","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":99,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"51b8ea89-cfd6-4a6f-a46e-c31b747b0295","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":99,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"4e5dbe58-5ed2-4178-83ab-d94040d79587","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":99,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"11f95e39-183c-4e54-92f1-27c58b5c0833","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets","page_number":99,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"82565a9f-ed1c-4d12-9f71-b3f6e4452a92","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":99,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"5db880b7-fef7-4a86-8a99-1aae89acc540","block_type":"box","text":"In addition, there are certain types of IOs that represent the interest portion of a particular class as opposed to the","page_number":99,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"5b0a931d-1c27-4540-92ee-63aaa397d7f9","block_type":"box","text":"interest portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":99,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"6c417fcc-1625-479d-8566-fbb98df75352","block_type":"box","text":"because of the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund","page_number":99,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"6007402d-4979-45c0-b08a-34f52f145869","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":99,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"80adb8a5-95a2-4283-ae32-15cc73ade9e1","block_type":"box","text":"will be matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":99,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"ea95858a-2cac-4bd4-856f-fc97e478c669","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":99,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"c5ced6e3-e0e1-4fe3-ab2f-2b4df9e27a4e","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":99,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"ebeed498-f17e-41fb-b3e2-ad5a91d8566c","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":99,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"ed31fa83-43df-4215-9580-8448a7a13b76","block_type":"box","text":"Tiered Index Bonds.","page_number":99,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"042adc49-f37a-43dc-93fd-8a7d7174d17f","block_type":"box","text":"Tiered index bonds are forms of mortgage-related securities. The interest rate on a tiered","page_number":99,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"8d40fbfc-fd73-4740-b073-1ed4668ada65","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":99,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"4704b3db-6976-4a6d-984e-775b6b0db3a9","block_type":"box","text":"II-54","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"29e30290-bffd-4e47-92e1-0f6da16ddd0b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdc5eae5-5b48-4a05-9028-54f3e1abfe36","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":100,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"935f437a-da31-4cb0-8bff-36cc2a44c3f4","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":100,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"e7f65efe-b725-496e-8d74-8c14d1f98083","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":100,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"215bf08c-426f-4798-90c3-8948b116eb47","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":100,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"fd140e10-8add-46e8-957e-62aaf8498bab","block_type":"box","text":"that of a fixed-rate bond.","page_number":100,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"cf97663a-4b39-46b0-adab-4fddc6a63cb9","block_type":"box","text":"TBA Commitments.","page_number":100,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"9246999c-8172-4361-aed5-7ac9f2dfa102","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":100,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"01a10fdd-75dd-4045-bc38-8f8cb51287b8","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":100,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"419c00c0-c409-4df7-bf52-730a3e71a7b9","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":100,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"28937389-860c-402f-ad07-0d372b9f82e3","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":100,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"a381f839-4a67-4661-b98f-6feb3015c1e3","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":100,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"61e1eefd-00ca-4bf2-97ec-fd3f10c44a7d","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":100,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"7e775147-b2ea-4e52-960e-1ff72b29357c","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":100,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"c2af4dbc-cc1a-4da9-96d3-14fdc9021172","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":100,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"a744c7d5-d77b-42dd-95e7-3082e7c70fdb","block_type":"box","text":"below.","page_number":100,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"80879c10-f5ae-4b66-a414-fda0b57d15b6","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":100,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"0cd409dd-5585-4697-bce0-6aebfc3bf635","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":100,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"24a0673f-8f90-443d-970c-7c461ae48043","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":100,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"4fb65510-021e-42a0-990e-c0f8c4efb7e9","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":100,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"3e3a606c-3606-418b-98a3-c7ae85ce84dc","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":100,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"0baef079-81a9-41c2-ae29-b9a7ffe7f550","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":100,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"9eaa9274-085b-4bf0-a753-017364e9df96","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":100,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"b3e52b4f-aa0f-4e90-9763-20e8ca792ea6","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":100,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"768f4f21-362a-41a4-9f62-2a69d9baa403","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":100,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"d854d2b1-cf3a-4b49-9e80-fc982ba90dc0","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":100,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"fd4f3fdc-b82f-48b4-b3d8-a4bb3d9e43e9","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":100,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"46e0d736-a4f4-4c44-8639-877651c55d0f","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":100,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"259491fd-4bd0-4aff-b8c6-31d6a6baa669","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":100,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"dac26358-e029-4caf-9fca-5037290e993a","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":100,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"866a4ef5-4b0c-460b-b106-42a33fb463a1","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":100,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"b772cd8e-8b68-407b-aa89-7b31647424f3","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":100,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"68f1ca04-f329-4384-8b07-d793638ede5b","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":100,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"afc0b4ac-f7fb-48f3-916e-e4640b55a091","block_type":"box","text":"securities in the forward transaction.","page_number":100,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"b508d9cf-4ae0-4a97-a9c2-281ec235c6bb","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mortgage dollar rolls may","page_number":100,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"0cf298cd-bab9-4b1e-aee4-e4e57ffe2740","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":100,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"e34c8f24-7674-4b7b-9edd-aaf737945425","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":100,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"3a66040c-014c-49fc-9189-8df4c78c1d24","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":100,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"54405972-d76c-47b8-be05-98cc590ac90d","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":100,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"8c53b2c8-cb04-42f7-a264-0fe9d0b4ab74","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":100,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"c2b5bef9-e587-421d-8a55-de596f1c89dc","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":100,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"419e62d0-0b81-4e3b-842a-b3ede1679dc4","block_type":"box","text":"securities (","page_number":100,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"7a8bfbd3-3764-4a2f-b544-1d601e0e45c0","block_type":"box","text":"e.g.","page_number":100,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"37c72e48-878d-4a8b-ab16-fdb5ce77eddc","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":100,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"d214e743-2728-4b0d-9dc8-4f70778f0a4c","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":100,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"dab9cd48-efb3-4a04-aea0-d489188dfd2e","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":100,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"b3204f13-7200-47e5-a5a4-3585115e781a","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":100,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"48602506-d14a-4b0b-9722-324815014714","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":100,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"5ae97173-1985-4065-8e96-2182abecdc2b","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":100,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"57adc939-eb31-4b18-b497-03470ac5bb30","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":100,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"1670165e-6959-42ea-ab3e-060776e27cbb","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":100,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"d15a71d1-971d-48e5-a2a8-abc0a597db78","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":100,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"7702853c-afdb-4f76-b19c-df8683cd6816","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":100,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"ce5c60c2-6fe7-4067-b8b7-9a11f00b4034","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":100,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"86ddcd25-e290-4459-a608-8fe2d0d37222","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":100,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"33a7037d-5670-4273-b76f-b1e30ed76853","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":100,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"fbd70650-b665-4656-ac72-99fc6bb529e9","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":100,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"6a2fbadd-55f8-4c55-8a77-d27537061bfe","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":100,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"3606a94a-7e26-4a79-9f1c-c6f14e173cad","block_type":"box","text":"Municipal Investments.","page_number":100,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"c723d751-9b12-4723-acf3-ded2ff3963e9","block_type":"box","text":"II-55","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f0df2409-cb42-4e82-b535-40b4e1ecf4ab","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bc9d922-6e89-49e2-abe3-07b2698134a7","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":101,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"ba8f8a93-13ec-401f-a7cf-33c3ce91a018","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":101,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"eff6cd43-27a1-4697-845d-b316c50deede","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":101,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"984db8e6-da28-42f9-9223-cd1992c3890b","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":101,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"5813a114-8973-4929-8246-8ecdee793496","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":101,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"20fa6cdd-4325-4a1d-85e5-c00c5bf2ca5b","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":101,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"f3098472-68fb-40be-b08a-a185a14263a1","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":101,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"fb23b73c-d538-4604-8f92-e80968ee9c99","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":101,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"c47d7839-f5d4-4113-81fb-6cdd7fceee9c","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":101,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"366ef1e2-0fd6-419e-a0c4-b1749cfa1613","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":101,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"8a2005c6-dda0-4cf9-8a54-0c547c1aeea7","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":101,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"dd408753-51d8-4ec4-b6d8-ed6b1e8e2ebf","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":101,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"44080b4d-2018-43b4-aa75-e6b77d270529","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":101,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"0a66b75d-430c-401d-a72b-696eb2124760","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":101,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"2d4af39c-9092-4d72-8d53-d1ed80b29a45","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":101,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"77f25fcf-8d50-4721-b15b-4ab6d4c94903","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":101,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"bbdc9de6-f9c8-44e8-8301-21d9344ff7a1","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":101,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"242fe2fa-7e9c-4596-b7a1-c23b3ddd4d6f","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":101,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"c230c835-ea1f-42e7-b657-ccf73a993910","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":101,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"6fa7cb59-bc0d-4d6d-ba38-1d7088ad9bf8","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":101,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"9df187d6-f006-481f-8123-b69f58f97398","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":101,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"31387f60-f174-4b8e-9ae5-e6231aae421d","block_type":"box","text":"The risks and special considerations","page_number":101,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"e8ba17ff-4f19-476b-9b80-a7e1847402d1","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":101,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"4be55005-e96e-4ad0-bcaa-c58821e8967b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain municipal","page_number":101,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"d19153f9-447f-43fb-baff-f134a3b03ff4","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":101,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"24b6eb6a-8057-4e21-87f4-759e4c6be6ea","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":101,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"dda5913f-9426-4a9c-a55e-0b14528b29ed","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":101,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"b6b45129-648b-4944-b9f2-5e5718047736","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":101,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"46e27ab0-d153-4cb6-90cd-f24cd7055901","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":101,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"34c01831-8cbd-4687-8e09-331e81d23cd5","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":101,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"bc33d77d-9fce-4121-aaa1-e9a22160dd1e","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":101,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"feef3d93-7a30-4759-ba75-179321e249d4","block_type":"box","text":"II-56","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c31b34f-8829-4514-bb01-f36f83c0f13d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8148edd6-5d3e-436f-8497-d741d997ff88","block_type":"box","text":"Description of Municipal Bonds.","page_number":102,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"56728d3d-2a4e-4ceb-8c0a-78876f7025f3","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":102,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"c4c9b8f7-a1c5-4996-bf21-4203f1d1ca22","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":102,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"f2f45b1a-32c7-4ad7-a150-fc26089f6dbb","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":102,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"527dacf8-f957-450a-bbb9-822b15860b85","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":102,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"1dc3c37f-83c7-448c-90b7-bd6f97127cf0","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":102,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"bac45157-ffe8-4a5e-be87-cb284e9c60f6","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":102,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"5db652f7-979f-4936-8b69-a42cc305b499","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":102,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"663646ef-2954-4428-abb7-a8c2125b2d64","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":102,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"e39030f8-48b7-40ec-97b3-aea9ce9fb372","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":102,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"8d4eba5d-aa04-4046-8e88-a4d1d4ffe526","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":102,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"38a30aae-ee48-433d-8135-7382ffac9085","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":102,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"a2d493d5-7407-4deb-bd5f-0f4fe047322c","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":102,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"0ebbde01-05a5-45fb-a520-27324413b6ba","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":102,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"d4013427-b397-4e9f-8e8d-f72c6c17c7c7","block_type":"box","text":"General Obligation Bonds.","page_number":102,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"db63fbb6-dc11-47a0-b8a5-1f4fe30d2c73","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":102,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"d51dcf78-80a9-484b-9f5e-09cbb27d3d5b","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":102,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"51d2e1e3-b14e-4b52-90af-ce57bde6ece4","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":102,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"13e7b4ec-329d-4ee9-80cf-d036d53f2714","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":102,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"585ba680-e279-4ef2-a73b-af1793e27a10","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":102,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"a76e94e9-cba7-4926-b640-a20ec82acaa1","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":102,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"3360877c-4a96-4a46-828c-8fd529dbe66d","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":102,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"bc7b3383-e239-4a15-a25b-db2b6afa5057","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":102,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"4137a0f9-2b5d-4f4c-9167-6e13d18449a9","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":102,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"64b5e571-87c6-4cdb-a319-66781ed23ae2","block_type":"box","text":"Revenue Bonds.","page_number":102,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"3f217f76-9ca5-4660-b5ac-aacd8449e34f","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":102,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"7a92909e-7488-4264-8849-092998a35512","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":102,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"cbb67a07-7685-4777-b0ee-16efd8b4797f","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":102,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"6360f96e-9614-4d4b-a38e-3b4e76c31c36","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":102,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"b505c623-dd9c-4555-b21c-d52be86a3ce6","block_type":"box","text":"viability of such facility or such revenue source.","page_number":102,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"e670950b-cfa9-4131-939a-0dc068615205","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":102,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"44b24c1b-4dbc-428a-9fd6-eeb45b593951","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":102,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"4cc86cfa-1219-4948-93d2-ce78598d849c","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":102,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"3fb4b98b-5d45-4a65-b24d-8d284c49cb7b","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":102,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"44f14eab-8124-4e75-aaed-b88968815ba9","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":102,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"a339e912-94fb-42b5-942d-771def71ed92","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":102,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"1bb56ba1-71d9-478d-b510-8aaff8b054cc","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":102,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"d3f0d54e-1a2f-4d6d-8fd7-e88e5555f32d","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":102,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"49c945dd-86b2-4f8e-9545-d8208e50cea2","block_type":"box","text":"PABs.","page_number":102,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"d9ef4d57-865c-47bf-9cd8-0746b52ce8bb","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":102,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"b9663826-1153-42ba-a47e-576af8b46ebb","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":102,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"b45b1a05-e7f1-479c-82f4-9cc99b9bfb05","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":102,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"3f545daa-fa84-4a8f-901b-8916c77ef05e","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":102,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"388cc9bb-526b-48bb-8127-eb25522dff46","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":102,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"10fd4ab3-bb33-47d9-a244-6b5b5b1e45b0","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":102,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"d5a7a401-b5e2-43d4-86c3-1498e76c28cd","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":102,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"610663e9-5e18-4904-8dfa-d2b3ec6ffbff","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":102,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"46402844-7835-4631-8304-71a656054eee","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":102,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"fd820c6f-9483-4164-8e4e-48e1cd9a3100","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":102,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"ac2d1b34-3a6a-409c-8ef5-3665138c21b8","block_type":"box","text":"the particular facility being financed.","page_number":102,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"ccdf92fe-7c60-4fe8-a50b-9d5b175413e1","block_type":"box","text":"Moral Obligation Bonds.","page_number":102,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"077ffe60-e7a5-4b83-b30b-942fd193c99e","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":102,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"92349d90-1b06-4f98-a037-be95bf6b7ebd","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":102,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"e2994f9f-5715-4e9a-b274-377cbc990658","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":102,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"b62fd12e-19f1-4945-ad46-af5e18905f3c","block_type":"box","text":"that issued the bonds.","page_number":102,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"3db64694-238c-4f5f-962a-d5f3af874068","block_type":"box","text":"Municipal Notes.","page_number":102,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"a1d3ff8d-24d9-4d9e-8eaf-40c609a9fbd5","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":102,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"21a2e411-a335-4825-bb55-4bd57e01f8d6","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":102,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"37f7244a-5e07-4c15-b55a-e11da6ff9cab","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":102,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"20f81453-c60c-46bc-9db9-80d96dff811e","block_type":"box","text":"II-57","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd841590-0afb-4aeb-82c7-e953b68d9750","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6cb6c41b-bc90-4b31-b6b2-1c33ed71df71","block_type":"box","text":"Municipal Commercial Paper.","page_number":103,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"f811ffd7-1108-4643-84eb-0ee6681f2c33","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":103,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"2f7888b9-a8ca-4209-87c0-88035990aadc","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":103,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"d5aad00e-fc12-4e7c-86c6-2519b0035500","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":103,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"289f9b62-64d2-4fb4-b4ce-d48bead980ca","block_type":"box","text":"Municipal Lease Obligations.","page_number":103,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"56e7e3dc-1d4c-4258-88fa-544c9808940c","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":103,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"94b52115-9501-4e8c-99ce-8be79500d0aa","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":103,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"52293321-4098-42db-a5ce-0816293e9891","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":103,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"b2b877f8-c49d-4fbe-a062-fe3412714ff3","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":103,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"08cb6465-a99b-4116-bde2-6070929211a1","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":103,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"2350d4fd-65e2-4fe5-9e60-9943a5986f88","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":103,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"7991ee93-5291-4831-adc5-6af36b10f660","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":103,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"bbc083ce-dc79-4da1-b3dd-e90cbf877af4","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":103,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"bf9566c4-eaf0-4e95-a489-dc26102e93dd","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":103,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"8d28a973-3b06-4a74-b991-8ff9a38890e6","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":103,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"868dc9b6-42a5-479f-9910-36ebe5d58322","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":103,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"5dd66400-d5b6-4daa-b76d-a0a1b2556056","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":103,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"c88f5adc-3b38-4e4d-8d27-0c6eb7befab9","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":103,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"130c1719-8a95-4796-bbb5-5936be4e85be","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":103,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"229311dd-64bf-49fe-be4e-8297d31170fb","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":103,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"87ac331e-e315-4ca3-9263-fe7be57bdce9","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":103,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"0799353e-4b31-4737-8255-8439835fa089","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":103,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"6305d83a-63d9-4e17-b627-ffac59b134be","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":103,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c64fcd5a-b16a-4a0d-b3d1-f9eca2b98689","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":103,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"9596afc1-554d-4edd-aaa1-d216437355ca","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":103,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"087b9e90-7b18-40f1-b637-100a7322e2aa","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":103,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"21e85bf9-4d1e-497d-b705-d90c8a715954","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":103,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"5760149f-b942-4ded-b584-7b4f561ffba5","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":103,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"774cef32-6676-473d-af36-e9fcecae4401","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":103,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"820e97bf-bd94-4668-b806-0a1d7d51f996","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":103,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"5fdd0924-a8c6-4bf6-8bcf-ae9cd7736ff8","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":103,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"417f3efb-a4f5-4adb-91c3-d28771257a40","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":103,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"d55351ee-9827-4259-bf9e-73bf3aa68d0c","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":103,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"71f24744-1903-4119-aa37-78c843935a45","block_type":"box","text":"Tender Option Bonds.","page_number":103,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"fb958a26-f0e8-4f88-8ec2-5d4ea11ca623","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":103,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"0b897810-7428-454f-a225-71d2514e6606","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":103,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"f8d4b590-c8bf-49cb-8f76-dbae45bcc5e7","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":103,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"048059a6-46f4-4a40-aeb4-38f6d37e8abd","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":103,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"793321ad-bb8e-4bb2-823d-f88af7a600ea","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":103,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"b32273b3-3c65-45bd-b823-791746b38ffc","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":103,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"f1c749c6-4565-43cb-91ca-34961256ff4b","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":103,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"582bd7d0-9102-480f-9bf8-b0e8235dd8bb","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":103,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"f8a707cd-7396-40c5-b222-c1f25aa20a0c","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":103,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"ecb08c10-be8f-4174-a9e8-0a4b2451902f","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third-party investors, and","page_number":103,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"c6146ae4-4430-41ee-bf5b-8376b1887b4e","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":103,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"076af206-130b-44b3-863d-1e11ac00ea61","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":103,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"23d40d10-6799-4c4e-a17e-524de4213231","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third-party","page_number":103,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"5fa346dd-70e4-4851-af1a-cf990aa3d56c","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":103,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"f754d8db-37e4-4ded-87f2-6406e6d16c21","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":103,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"07f52701-ac90-4f4a-90de-8f0c73412117","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":103,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"75283dff-f898-4b7c-abf2-8ec3bd707d1d","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":103,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"745c9b9c-7c36-4774-bbd7-b5c8dd816f26","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":103,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"c06ef05f-a626-49be-bd9f-d2582b337af9","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":103,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"4b546f22-f3a7-41d8-a015-b0b300e89bdc","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":103,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"ca35e8a3-cfab-4241-a0f7-df01197a7e6f","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":103,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"97488399-93d0-4981-8916-b8242c4e18c2","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":103,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"cbe12671-6440-4352-a050-36cfadcc2a72","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":103,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"8a4d5009-ceb9-45ff-9f72-2eb714a7ca9b","block_type":"box","text":"participation in the TOB Trust.","page_number":103,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"9e9fa666-d23b-4c0d-af3d-243634344eca","block_type":"box","text":"II-58","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"72a8292d-992a-4af2-ba80-02bd56c812c3","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9848e2b8-8118-4a60-9a1b-a3493114af9b","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":104,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"9e9c8645-53a5-4acc-8f44-2f02cd77df39","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":104,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"00de5134-ec96-40a7-ab7e-554a92d9f6f6","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":104,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"7482585a-6415-4fad-a642-2a386bc728d5","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":104,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c3ae80c3-cfb9-44d5-a53e-d00b90273f64","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":104,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"1304a63d-6dab-4164-82be-f4d45b872dc4","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":104,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"dd9b778a-526c-4e43-bf2f-b6580bfddbcb","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":104,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"429563f6-c108-4bfb-ae91-4e1792f242cd","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":104,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"fb62e4b3-071b-4f0e-bc3e-82538ac5e99f","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":104,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"9db511a6-a3a6-461d-a4da-85d22e438ec5","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":104,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"dfe3c50b-84d6-4a1a-95bf-e2bf2c8bf5bf","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":104,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"a7f5652c-8313-4f61-b497-70df1a8e2923","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":104,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"e1d7921b-6e31-4e8d-89c3-6f8db5263f73","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":104,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"f5ce1707-f128-43f5-8eab-764da115edbc","block_type":"box","text":"issues.","page_number":104,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"43289c2e-fa6a-45bc-890e-7fc813ed538b","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":104,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"80dbb65b-0c2a-41ae-96c4-1e269ab1ec53","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":104,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"49a7eb43-9a55-413e-8774-609b394d3869","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":104,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"5ec63357-88bd-4478-9e7b-b0809373188a","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":104,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"feaa6b07-6ee6-437f-81cc-faac23ca1d8b","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":104,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"ffdb064b-5304-4bd5-ba3c-064a32f8a93f","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":104,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"42f4dd5c-1534-4acf-81a8-372cd03a8b40","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":104,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"aa986884-03bf-493a-9575-109710bb7150","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":104,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"3d291bb9-f0fd-4096-9bff-e5f452076e89","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":104,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"599f78e7-9b61-4746-8a04-140c756a6459","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":104,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"9aca49ac-a314-41e7-9036-3527aa7d041c","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":104,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"3d8b7023-a67a-46b6-9f8d-8f79bfcb6296","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":104,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"aa18edda-516d-4e15-a5aa-e1c46720d37d","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":104,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"5ce43844-ff65-4855-a8b6-3e6b6fbd1a28","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":104,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"9e2d2ded-622a-487d-9e1f-20a31aa7f20d","block_type":"box","text":"i.e.","page_number":104,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"eb222bf7-4369-4c5b-8cb8-534a22ff271f","block_type":"box","text":", the Fund). In contrast, in the","page_number":104,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"fb68ec7e-8446-48a4-9161-b1d706c3a972","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":104,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"cb5bdbe2-7b11-4f3c-9f4f-c4138023f52c","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":104,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"e2ae31a1-0dcd-48f4-9701-fe1dcd2d3615","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically supported","page_number":104,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"ed37e561-fea0-4024-a244-7ad5d2f745bd","block_type":"box","text":"by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows","page_number":104,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"6dcc90a2-8ef7-40b9-be5d-ddf4c6da825b","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":104,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"f9df10fa-f7d7-4689-a1ff-a6b3d3353145","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":104,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"33ead1b2-19ee-4bbe-b817-e077b25a07b7","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":104,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"3fed51c7-9ec4-41ce-99de-da88bcc4aaf3","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":104,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"2e845260-603e-440b-96eb-e61b2bd7b323","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":104,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"e8739f65-eda1-460e-b165-d7d452f39940","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":104,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"8a6c0625-d26c-4b0a-9593-3c557c716e84","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":104,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"46dda405-15a1-492b-b411-63218b23aa71","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":104,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"3db2f5eb-07bd-419f-8530-3a6e6ff41fe1","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":104,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"e81fc9a7-19b2-4596-94fe-21afebf4facd","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":104,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"10ecae1a-c53e-48f4-9852-db1ea38f02be","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":104,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"d79d7e08-b916-4106-aa3e-e1efa8b3e7e6","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":104,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"244da74c-a63d-40e7-bd4f-832380ad9c80","block_type":"box","text":"Trust.","page_number":104,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"acee4d5c-329b-4e43-89d4-b8ac4644cd16","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":104,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"1ab6a912-2a61-45f2-8604-72d69fa439d6","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":104,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"dab5337f-d421-4e79-bd9b-8a8872fb7cf8","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":104,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"41e0e003-35ea-4534-8269-05ebe1f148c1","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":104,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"3a1937c8-3aee-4ab2-b2d1-13051b9391d1","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":104,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"de107560-ca96-45b2-92b2-1b0a41ae1df1","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":104,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"2f0bcedf-6ceb-43c0-aa79-db680750c16f","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":104,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"c43a2766-2f7a-4019-836f-4e7e1c34ef8e","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":104,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"1ee65dbd-c5bd-4442-a32e-367c3ed3eb65","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":104,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"19c4b675-e768-4c41-98e7-e2e1767b1c33","block_type":"box","text":"II-59","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"071c2031-247c-401e-835d-78c875a0fc7e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"88ecc4b7-802d-486d-9984-d7c3fbc215d7","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":105,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c89faa45-853a-42d3-b9e5-8c62078ab3bb","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":105,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"322b42fe-bebd-4a84-a630-4d3fd39f2ee7","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":105,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"6303f868-e8cf-4b6b-bb99-c6aaf104e65e","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":105,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"47c6a679-7169-4c2b-b593-eff92011ae7d","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":105,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a6f68d5f-c319-47d1-9358-5d299d9430ed","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":105,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"655a5f7b-9cbb-42af-838d-c35055a5211a","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":105,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"89c2bef5-f24a-4b21-8a98-6cc34107c00f","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":105,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"d4250cfd-f394-4884-b17a-9a2532cf62a1","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":105,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"389f4214-f59d-475f-82e9-384ff855ef79","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":105,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"34b1e176-9216-4d80-944c-376f834497e2","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":105,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"5afd2422-29e6-4fee-a1ae-5bceb37d616a","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":105,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"27751e39-d56a-4be2-9b0f-3f493ba31e24","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"9cd79c86-70a6-49d8-95da-9f55e43e055f","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":105,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"098c357d-4b20-4c1e-882f-b3c75a8285e7","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":105,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"ef065dd8-b1d8-430a-a317-09bc3fcd2b44","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a structure for TOB Trusts designed to","page_number":105,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"65e45f69-cc7b-45c2-a333-b0a09f97d1e8","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":105,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"568ab58c-e63d-4921-befb-fdd9252d704c","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":105,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"8db147b1-e83b-484b-aee6-7c98bd56e098","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":105,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"e9ff1ec5-2823-4c4f-bf1a-6834fe87a7f3","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":105,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"8aabbc59-01ef-4c6b-9a64-1287c72a7fda","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":105,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"33b7e3e1-5038-4576-a1d2-5302b545367c","block_type":"box","text":"this TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":105,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"d1ae10b5-40ee-4c74-ae3f-dc382dbc3bcf","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":105,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"c03a08ba-dd5a-4e3d-8d36-f1797a4442dd","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":105,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"b372fe06-2d9e-46cd-b691-80e5e8d9bb69","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":105,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"f9884539-7d73-4404-bd55-88ef6574b395","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":105,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"6486c793-2385-41b7-9372-3e73ad3f5839","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-party investors, and the proceeds of the sale of","page_number":105,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"21bd53bb-244e-4ca3-bd4a-e51d13c00930","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":105,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"0b95888d-bb64-4468-b732-dc32a24d271a","block_type":"box","text":"i.e.","page_number":105,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"ca484daa-beac-4d92-9588-49328425ab0e","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":105,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"e640aac8-6868-497b-831c-0130b1021fad","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":105,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"d2f2adbf-07e7-4836-8a89-4f39a7c3e88f","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":105,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"528d9254-eeb0-4f27-b4f3-5f272824684b","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":105,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"6a2381d9-0858-4bcd-9bfd-2c7166597447","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":105,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"999a1fbf-d270-4e9c-9b28-b2439f8334f9","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":105,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"ea740e05-95ca-4822-97d1-f75a20cf42ba","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":105,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"3211575a-ec71-48ce-a010-8c87650da616","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":105,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"517c0632-c990-44a8-afb1-e3398896677a","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":105,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"24cb346d-55ef-42a8-a394-2efdb215208d","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":105,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"419dde6e-4848-482e-af51-c91209de9aa4","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":105,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"94c81823-03d9-4f26-88fa-27e50c934768","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":105,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3f982f74-f597-4c02-8937-6285b0be8146","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":105,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"aeac293d-34a0-4ff3-a5ed-d527cc1a3d47","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":105,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"fe700726-15ff-4e6d-9583-fccc1dc4c07e","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":105,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"dfa8edae-bb20-4fa8-a7cd-d2f598e5b614","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":105,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"d189e07c-7b6c-4537-a262-c8616070edb6","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":105,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"b6db5501-2dfd-4365-9cc4-69e344ac2e2b","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":105,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"0582ec32-1862-4ecf-a561-b08e3bc6a4f3","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":105,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"2221e41f-344c-4375-aef9-74e4c4a9ec81","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":105,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"00b22000-aa02-4fff-81b1-7f2a4c8a547b","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":105,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"e20ac5fd-c844-4452-abde-363c4ed4e750","block_type":"box","text":"market is not yet certain.","page_number":105,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"0c4dc439-c0fc-4cf8-b369-e6166a656433","block_type":"box","text":"Yields.","page_number":105,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"44246bfd-7511-4e92-80bf-980d9e820e8a","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":105,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"19a82d8d-2197-4b48-bca9-940a6f7c84b0","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":105,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"f26d04d6-dd2b-4411-9ec2-4dd75e11e0c4","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":105,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"a67e37a3-f27d-4ec5-b479-cebc6be0381a","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":105,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"6b51367b-8854-4c28-9bea-9dbe471aa5e9","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":105,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"f503c918-9000-4346-8521-aa2ace567bd0","block_type":"box","text":"II-60","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"007f0f44-c12a-4e24-8b83-d4d7a08e940b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0ef43bc-244a-4192-b2ca-dedd3df5d885","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":106,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"db1fe104-4202-473e-91d8-46dba9488177","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":106,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"16944404-d053-4f6e-b73f-d030c43be397","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":106,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"4b3fbbc2-3f1e-438d-ac74-35ded09547fc","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":106,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"bed84e68-ba3f-42e8-a20d-0c39d341fab3","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":106,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"10374d67-7480-4afd-9413-ae53fd724123","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":106,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"ecca90bb-8c53-41a0-9ca4-7f6701d89a3d","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":106,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"060f806b-344a-4a33-849c-c7929220f9bc","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":106,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"71d994c3-bd70-4f5c-bb85-716975bf04d8","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":106,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"22c4c8ae-3740-402f-be85-5cdccc255ecc","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":106,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"be3cd7d8-dbd3-4f28-b782-0d7b9ab97ef3","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":106,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"ca60a3de-ef42-4339-afd8-48eb923784c8","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":106,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"1a41c53b-8066-4a6d-8cfa-998f11d519ac","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":106,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"46deca52-41d4-4357-bc1d-6795c2a59d51","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":106,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"ee93dde2-0053-429d-a6ab-3dc67bb9548f","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":106,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"acf24919-55a6-4bc5-ba04-622f026a9a9b","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":106,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"aa967459-0dd1-4418-97b5-94ce1f887416","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":106,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"a4bb03a1-926b-41a3-9dbd-d2fe2b60d7e8","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":106,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"965e8925-ffec-48b9-8ca2-00bcf61c650b","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":106,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"c90897b7-ef04-4b32-b572-249b861fbb36","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":106,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"0ab0293a-ad85-4073-be3a-cc82097e91cf","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":106,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"f24a82ce-93f9-4436-b436-94efc4aaf21b","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":106,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"434b51f9-44bd-41c8-96b4-b59e981766b2","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":106,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"098fbe75-114f-40aa-b983-fab7da2d95f4","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":106,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"ad7b04c3-2576-457a-b492-c8f63efca6b3","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":106,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"e8274b3c-57e2-4c1b-ab6c-17f2d099243e","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":106,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"0f643197-96b7-48d7-a9e2-ca7a064476a9","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":106,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"2c8263f0-6c0f-4c6c-8a76-bcd85409f8c5","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":106,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"8d04dce4-eec3-4485-a259-ff8c52cc8d99","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":106,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"dbac4bec-2bc6-41c1-847d-6bae669f1314","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":106,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"f5109cb6-97b9-4ae6-8b7b-c256a0f35bbe","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":106,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"e2965d4e-44e7-4c71-9910-81d13b86eb2f","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":106,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"bbd0179e-770e-42ca-aede-dc5c267ee642","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":106,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"4f88367f-2e0e-4a49-b66c-622a0c3db533","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":106,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"171ca5c3-3771-4209-83ec-2fd3f536fda6","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":106,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"9e12f408-af81-45f1-b913-6b54489f2f8a","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":106,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"39c03541-bbe1-4ac9-8b13-44f62099df24","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":106,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"02609962-1b84-4c1d-bc64-ac24600e1044","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":106,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"753aee8d-0561-4ac7-8719-517aef88ac99","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":106,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"481164a4-e292-4609-85e8-d36ec4025a1d","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":106,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"84ec79de-281e-4dc2-bf58-5a8ea0c91754","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":106,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"67d38510-9b1c-4ed0-ac26-43109970bf3a","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":106,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"c30bdeff-65be-4ca2-ad01-48072b67af8e","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":106,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"fd84bb66-857e-4828-9daf-72da01a4ecf5","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":106,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"67781317-b2ea-48f5-a4a2-46f983f65e04","block_type":"box","text":"Call Rights.","page_number":106,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"3774124f-9a1d-4297-a06a-0d52db921898","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":106,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"209b79ce-4b19-4c19-b067-efae1a8d844c","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":106,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"3b2fd36d-eb27-4f67-bbb8-ce98733baa53","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":106,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"28621cdd-37aa-4024-94ff-4084f2fe77b8","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":106,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"ef93e5cf-6169-411c-9243-4408585b6f5e","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":106,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"fd806c6b-f9bb-4e7e-8ab2-f0857ff3ac12","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":106,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"0f346d14-086e-4427-97eb-775007a347e5","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":106,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"1856ed4b-e015-4b21-9b17-4c03dfd727dc","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":106,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"93741b52-b112-485c-9935-45aacdf71d14","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":106,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"6fc3d0ae-b4e2-484f-8509-d3d844876fe5","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":106,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"b2f8db69-d481-4f8d-a2f3-eb4be42a3c5b","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":106,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"71bc9658-fa57-4278-aa9a-4f9effbb269a","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":106,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"5fbcfac7-788a-4802-b223-b51d53af598b","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":106,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"f7733f98-07d2-41f1-9226-fefea5b874aa","block_type":"box","text":"II-61","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26a6c338-bc9e-4992-aa6b-d32038fe0103","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c26c3c5-89ab-4cce-9a6b-0b7437fa878f","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":107,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"f5b7cff6-6df8-41d7-b146-47ffe7e55c12","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":107,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"1d9c4f77-56a2-4778-aeab-93b3a747ee87","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":107,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"ed299ef1-924c-4f81-a050-a67c74295c11","block_type":"box","text":"i.e.","page_number":107,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"f554224c-9475-4f89-b90a-31e874e18837","block_type":"box","text":", wide differences between short-term and long-term interest","page_number":107,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"ea909351-7a3d-4e77-92d8-3c13ff954f5c","block_type":"box","text":"rates).","page_number":107,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"4fa6b0b1-235e-462f-b660-de7af46d6b26","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":107,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"ce463260-9e66-4954-9bc7-1045a128518b","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":107,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"a7d1f441-877c-447c-973b-138e3fe6311d","block_type":"box","text":"e.g.","page_number":107,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"debdbc7e-a36d-4e57-991a-76cfc4f33ffd","block_type":"box","text":", an exchange of fixed rate payments for","page_number":107,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"b047ad94-bd50-4b0f-82a4-2c5fe3f2194a","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":107,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"65b5900d-3b59-4ae9-8d93-89d39f01b1e3","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":107,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"a3019506-f893-45f6-9020-dfe32094f358","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":107,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"e72a2a80-0586-4972-83ad-544e8cdf55c7","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":107,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"8383eefd-4066-4b65-9f8e-f9d99ead5b6b","block_type":"box","text":"with the same attributes as the swap (","page_number":107,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"c101352d-81fe-4c57-8ee6-1eed8bc04d1d","block_type":"box","text":"e.g.","page_number":107,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"7831e67b-af09-4ec0-ba9b-221dfe8e8227","block_type":"box","text":", coupon, maturity, call feature).","page_number":107,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"f4a09c7f-8fba-4d41-9832-d63bbc542077","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":107,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"5ccce938-44fd-4daa-9954-dda3d39b6475","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":107,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"b7c554b1-a902-4bdb-a93c-2f9587d485f5","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":107,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"bb010774-61d5-485d-8e71-219436f794d9","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":107,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"5a18d150-64d6-4cf2-b094-f82078ac1021","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":107,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"be650cf0-09fb-4acf-9f7b-c241a535de78","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":107,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"52c05322-f797-4887-8fe2-eddbbe51fbe9","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":107,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"65531fae-ee7e-4ea0-b79a-8286fb398849","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":107,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"933d0d94-9a3b-4dd2-8700-0ffd621fdc66","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":107,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"96bf4f90-054a-47b2-aa37-786a5bfccd3e","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":107,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"43012a73-e95d-40f9-b1f0-b4433f372a02","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":107,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"f6796ff9-cc1c-4417-84dc-3fa5df55760b","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":107,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"c927be52-6031-45ef-9713-a21f7bd62cc9","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":107,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"012f0a95-4580-48eb-901e-a14ea968c9ae","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":107,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"f295678e-7b1a-4f3a-9535-2abe2c2e0ceb","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":107,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"55062b9f-b5b2-45e2-bcbd-08ca10ce4e74","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance.","page_number":107,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"6553730a-1da4-4d1d-9f92-bc336bcb9274","block_type":"box","text":"Insured Municipal Bonds.","page_number":107,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"fb7e3dae-e876-4e93-a57c-6bcd7ef0b340","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":107,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"588c56d0-789b-48d3-ab20-7a55c227654d","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":107,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"3e102d8a-12b8-49b9-9bd1-1ba1d2103037","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":107,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"07cf8242-5335-49c6-8e5a-4d4d978bc3ef","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":107,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"51f11776-61f3-448f-a649-303b578a955c","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":107,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"a525acfe-9104-4926-a39d-d8708f595c9c","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":107,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"5fd8c6c7-a9f1-45e3-b140-bcf8d0c3b8d0","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":107,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"0cb34f72-abb9-46d2-855e-e7538a35da2e","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":107,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"f4f6947d-9987-499b-9122-9b9544330890","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":107,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"1b27b276-19de-4a70-9301-74e13cfee799","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":107,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"71556e1d-6d43-4e92-b71a-78e042194e07","block_type":"box","text":"bond could drop.","page_number":107,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"29c3bb9b-81fe-44ac-b7b1-41803c7ceec0","block_type":"box","text":"Build America Bonds.","page_number":107,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"548b0da9-6dc1-4446-9e60-fcdc059da4e4","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":107,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"a4ac4dac-d2ef-4c28-93e7-bb3429fcba3a","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":107,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"922f855a-6580-47e3-911f-868b72572aee","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":107,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"2e775bf4-6b67-45c7-a0e6-7dba9673ba5b","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":107,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"d437c82d-785b-49a6-a9f7-56875b30bf5a","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":107,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"d751adce-42b3-47ae-92ec-a0e793c72301","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":107,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"6b4696d8-51c8-4fca-b9be-0d1106dd4845","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":107,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"c9af273f-af9a-45bb-9492-885ca8a8ce47","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":107,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"ba32fd74-c03f-4102-a315-437e380cdcfb","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":107,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"9714ed53-d71a-4be9-b353-f847317612ee","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":107,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"498d6aa4-837e-4dc9-b49b-317009f84179","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":107,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"31043650-342c-4cee-aac2-3a372ef173d8","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":107,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"083bc930-a74f-4f67-8521-22bff6c96fc5","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":107,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"e5f324b5-5fa0-495a-8c21-3f320e450170","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":107,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"9eb78eb8-49f2-4a11-9958-2c666935a407","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":107,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"49ba139c-c6bf-42fe-bb50-926c993f278c","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":107,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"3149fa37-ca24-44f4-89e4-05120bf8b5ac","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":107,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"c8b2845f-d5b7-4706-949d-d0127e5f4409","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":107,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"512e4eb5-c552-406d-9c43-2530da17e06d","block_type":"box","text":"II-62","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"275137d7-8a2f-4f6d-aa20-1ad36504d085","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd2f23f9-1b83-4eb7-aa1b-e40c8a962db6","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":108,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"a184ffd4-618e-42bf-b23a-16f9667adb41","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":108,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"ebe9d2c9-9211-47bc-bd86-26deb4231c04","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":108,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"531017c5-5ddd-456e-b65a-791921b46e52","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":108,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"67176fe8-e750-42a2-97f7-5a382403c3f1","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":108,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"a1b52cff-93d9-4fcd-a249-5b7a2c62e53a","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":108,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"cd6946dc-b7f0-4cd5-a91e-dcc94a34f272","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":108,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"cdbafba0-cf66-4f41-808e-19ce5234440d","block_type":"box","text":"their face value to the sponsor (","page_number":108,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"752e8f88-1d11-4e34-b39a-ae74916b0b70","block_type":"box","text":"e.g.","page_number":108,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"fbf91cfb-d015-4983-b553-6430b2e957f6","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":108,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"1520d69b-8297-4d40-9281-75dda70e7fcd","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":108,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"bb0e667c-bb46-46cc-886c-4d91ad552b03","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":108,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"5d47a6af-ce30-47aa-bdd6-adde8e8cd15a","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":108,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"82aba208-c84c-4085-8129-b8d1b4554fd5","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":108,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"6ca1a973-47da-47d9-b632-3425e38b1125","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":108,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"b3e8b1b3-f6c7-4e64-9c45-37c285692ef9","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":108,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"e0e5e680-3864-487d-8620-dca2351a0624","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":108,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"b6bc5968-cce8-46ac-8119-c2d134d319cc","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":108,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"cae40427-7b7f-44a5-a048-2c4bb36d8c92","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":108,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"d437b515-706a-4e53-8810-955e915d04d3","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":108,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"4749fec1-df1f-4120-8f27-231cfe851423","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":108,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"91d7d907-0d05-40d9-b3a6-cc49ebbbe670","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":108,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"4a6d017b-e11d-4137-b684-a3f39478f99f","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":108,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"64b4fcb0-d0b4-4898-8078-faa18fa3ba97","block_type":"box","text":"such opinions.","page_number":108,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"5cbbc103-718f-47e3-9876-44bb453bc1c2","block_type":"box","text":"Operational and Technology Risks.","page_number":108,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"947c9bb0-3b3b-481b-b9d6-7e261060078d","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":108,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"76a8221f-19ea-4856-85b8-678bb799ccfb","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":108,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"4e941513-9f31-48bf-898e-c2b5f9cead7a","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":108,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"71847c9c-e538-496a-895f-4f55c1fa7bcc","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":108,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"18fc1c7d-01d6-494f-9ab8-1e418001f8ac","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":108,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"7babec65-ac7b-4e3f-90ca-4c50c9bb5701","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":108,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"33f39ab8-cacf-4e18-bb50-4131f22aa534","block_type":"box","text":"counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and","page_number":108,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"4f3edd5d-3da7-4bfd-9b0e-2eeb754dc2a7","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":108,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"5ad1551f-6fa0-4f6c-b862-444b3b8f598a","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":108,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"3da7d9a5-8659-46e7-8837-acd3ea4f6d4a","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":108,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"dae4fe5c-f2c9-4af4-919d-cb542ab2d706","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":108,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"df6e220b-a8eb-40fd-82ef-efc5797909ad","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":108,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"ef72c438-2464-4258-9786-edbb1c162d0f","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":108,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"eb0bce90-bedc-44dc-a551-26758aff68f6","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":108,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"3dae8223-359d-4551-9df1-a8046327c280","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":108,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"f78d7981-e320-43b9-a40b-e6d2f4e8342e","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":108,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"d42586de-810a-4065-a401-377c35ec554f","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":108,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"893e653b-abfa-407f-81c0-0056f72e0c25","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":108,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"389ee7d0-2d77-4e88-9186-6e1435285f48","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":108,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"4436ddc1-28b3-4c09-9f91-4e0f39b0642f","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":108,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"bb52941e-17cf-4063-ad43-39228f33222e","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":108,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"9f2e02e1-fef8-4b6f-bcc5-f4deb16907f1","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":108,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"61952788-042b-4673-879c-431948dd0ba9","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":108,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"29593bfa-7caa-4167-9aef-071546b0a08c","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":108,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"7b37e37c-65a8-4d8e-97a3-c37a76edd738","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":108,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"76f5da32-9ab0-40b2-be0d-f76cbb5367cf","block_type":"box","text":"to the Fund and its portfolio investments. These advancements could harm the Fund and its portfolio investments by","page_number":108,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"274d4674-7f5e-4556-a3d2-e79fc317c674","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s portfolio investments. Additionally,","page_number":108,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"a6d9db86-fafa-43cf-9370-8ca048bdc7ea","block_type":"box","text":"these advancements could significantly disrupt the Fund’s portfolio investments and subject them to increased","page_number":108,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"6aea995e-5b68-4b05-8309-d7e7f910563d","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":108,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"2f82794c-04c0-4d07-bc66-79dda4d00df2","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":108,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"bdc51fde-27af-4911-8c24-2870f428cd4f","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":108,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"65692676-5ca0-4e75-aa2b-7b5b9d84018b","block_type":"box","text":"infrastructure assets.","page_number":108,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"cc68fa17-68fa-4937-9409-ab9edce710ff","block_type":"box","text":"II-63","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee4004fd-bb84-48e1-9edf-341d89062f7f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98a0bcd8-fdf4-4930-a6dc-f5595d5c9946","block_type":"box","text":"The Fund and its portfolio investments could be exposed to the risks of AI technology if third-party service","page_number":109,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"13b9417d-0468-4fd8-9612-c734547d18e6","block_type":"box","text":"providers or any counterparties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":109,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"ec21c708-3a6a-4030-bf79-0d5fcd0d1307","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-party products","page_number":109,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"28a7b02c-e27a-4424-a717-e0b7b68c2a6b","block_type":"box","text":"or services.","page_number":109,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"3ec78b26-ea23-4636-add1-ca50f724303e","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":109,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"3691eb65-c6d6-4901-af1f-b2d5a64a628d","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":109,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"fb55dea7-e79a-45fe-8e61-0523198e8ac1","block_type":"box","text":"other third-party AI technology applications and users.","page_number":109,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"6f61b92b-c21d-4790-8db7-7bd894284345","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":109,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"af4a4192-38d4-4b24-a649-775141fc8c34","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":109,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"8526c54f-0a4e-4fc9-9a54-29e3320968d5","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Certain data in such models will inevitably","page_number":109,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"8b836fc4-6f42-4ac1-9f1c-09a53e6a9ca2","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":109,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"c46b2783-b32d-4823-97a6-5f2af75807e7","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":109,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"3845d2b0-fa93-4b94-89dc-977f810c76ed","block_type":"box","text":"incomplete, erroneous, distorted, or misleading. Further, AI tools may lack transparency as to how data is utilized","page_number":109,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"d3a66d10-b93b-450d-8b93-0fdaca170c53","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":109,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"32be0a0a-9353-4f7c-9ba6-1d61c4e1f541","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its portfolio investments are exposed to the risks of","page_number":109,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"06d771cd-5cdf-4957-919a-f34a348bf810","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":109,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"c2782305-0f96-4a00-a40d-7dcc20c583ed","block_type":"box","text":"Regulations related to AI technology could also impose certain obligations and costs related to monitoring and","page_number":109,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"c8c9956a-ad56-40d6-bab7-254611f4889f","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer","page_number":109,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"eb3cd63d-7273-4abb-8ed6-8e71d96a9963","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on","page_number":109,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"eaad1519-c76d-4e9a-aa07-b34e7922d397","block_type":"box","text":"artificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":109,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"7be99a67-dc29-4b38-b2dd-598629518ed0","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":109,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"befdb934-a27d-4c09-91e7-ce247523c4ca","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Artificial","page_number":109,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"95194e27-4ebf-4f94-8f11-a91f62162f60","block_type":"box","text":"Intelligence Act, which applies to certain AI technology and the data used to train, test, and deploy them, which may","page_number":109,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"572a1e30-9e4c-419b-b7ba-8ee1e2b2ea00","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":109,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"82bca765-3138-421e-bac1-e6e9d56a103d","block_type":"box","text":"adviser, or the Fund’s portfolio investments fail to comply.","page_number":109,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"d63e8f47-d28a-478f-8688-b8dbbc34ab92","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":109,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"0c0e9009-cd5f-466d-be55-f1a382f2b668","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":109,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"a6021f88-6444-417c-83e8-d310fb776ea7","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":109,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"099a753f-c78e-4d54-9fcd-77f322ea0e72","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":109,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"d66f33d5-568d-4bf1-8152-5cd304c5cb9b","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":109,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"6a4f24e1-64fd-45ad-a812-381ac983d742","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":109,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"5fc30bf2-5d3f-4696-8345-2db87f813f39","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":109,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"e3241f44-033a-4b19-a757-74226a5297dd","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":109,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"7fa90b49-a3e2-48e6-80d2-b5be50f7762f","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":109,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"95e2f6d7-3bcd-4e7a-b08c-09ad948872bf","block_type":"box","text":"plans and systems, including the possibility that certain risks that may affect the Fund have not been identified or","page_number":109,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"3464e076-f38e-430c-b3bf-6e6c50bb3521","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":109,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"85a26520-1eca-4d72-9215-ed08808e0067","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":109,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"cfb85784-ba0f-4f5c-8be3-fe77516bb7e9","block_type":"box","text":"and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":109,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"0b8e795d-34d4-4364-ae13-05890543afa4","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":109,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"aabbc2fc-f8e5-4105-b048-6221658fb4fa","block_type":"box","text":"counterparties, and other third parties whose activities affect the Fund.","page_number":109,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"ee3653fa-bebc-49e5-aa07-02d57f98442f","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":109,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"fa151854-287b-45a3-a70a-938fb0d53aea","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":109,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"3a52d1c7-e99c-4e10-860c-bcff3a3e04ad","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":109,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"75b1f076-8511-4425-bd13-412db6aec391","block_type":"box","text":"resources to monitor and implement required changes.","page_number":109,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"9388c963-b049-4f8a-aa98-5fef7ae66406","block_type":"box","text":"Participation Notes.","page_number":109,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"fe0017b5-d11a-4a12-84e8-da11ee2c9b22","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":109,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"4e8a6c47-64f8-4d19-b708-225bcaaa2aa4","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":109,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"22ee2379-2fd1-4f58-820f-9cd94007c055","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":109,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"eb5dc032-2b22-4edf-b969-98e4f6aa0c25","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":109,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"dd935382-1b6f-427d-ab40-86d53765ae46","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":109,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"4a6b7823-f74d-4163-bcd8-3aa4eafec487","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":109,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"90594510-85e6-4af6-97b7-7b284bf66ac0","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":109,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"ffdaf558-2e9a-4e9b-a9a6-2ff65d8625cb","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":109,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"e0d34bc5-37c8-45ec-874d-67bd2addd56e","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":109,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"7eb27c78-4769-4917-9849-27419fc1f6b9","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":109,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"e9502d64-1b79-4110-b7b1-901ecea18b69","block_type":"box","text":"II-64","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d41e25b5-f4cf-42c4-8a25-026a45d9f12e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a595417c-b50f-4aa5-ae8d-4a819bdf4925","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":110,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"1209cf15-d3da-438f-8b46-1ed3f2a36ee0","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":110,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"26ace933-9ff0-45ef-b52f-d297f35f430d","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditworthy.","page_number":110,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"8790e3d3-9c57-488b-9464-77cdb8dfba02","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":110,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"633a4abb-1339-4dea-87f3-69e8c0283caf","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":110,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"311ec087-2406-4980-879f-19735777976d","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, the Fund receives a","page_number":110,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"2e6b67d9-06bd-410d-9047-7e55b75a70da","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":110,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"22486ba8-7f35-404b-8c54-ac6b0b917eb1","block_type":"box","text":"transaction costs). The price, performance and liquidity of a participation note are all linked directly to the underlying","page_number":110,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"4bc2ca76-b075-4e32-83f8-96fe9a693901","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity in the local","page_number":110,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"c1758e6e-97d7-4a3e-912e-c00729eb8f97","block_type":"box","text":"trading market for the security underlying the participation note.","page_number":110,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"c6e594f9-2c11-46e0-b6ac-ad12abc0b9f3","block_type":"box","text":"Portfolio Turnover Rates.","page_number":110,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"6b34476b-6ae7-4fae-b09b-d4d66cf011c5","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":110,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"7132f7a8-7d95-4167-b3c5-12ec0d2e0d83","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":110,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"c20d5ac6-7212-420e-8ab9-c98fe1631139","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":110,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"a4170ae6-d0ea-47b5-aba6-aa8261af274b","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":110,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"bd21ace2-bc9f-4f8d-9b92-c47162cbb731","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":110,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"7585f7fa-4c93-46dc-b37b-ae9130e98eb0","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":110,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"c0bd972b-4234-4f58-b953-b3d39f58a390","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":110,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"c4c64974-a6cc-47c5-9159-e24d8b4b6731","block_type":"box","text":"i.e.","page_number":110,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"5cb153e6-4e19-470e-84c3-24d75e69e270","block_type":"box","text":", 100% or more) may result in","page_number":110,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"549afa86-89ed-4374-b3ad-35ee8786f798","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":110,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"296ead59-4e3f-4595-a7fd-15770ba1ec39","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":110,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"0347e242-55d6-4f57-8781-97a9371563e3","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":110,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"4b38dd88-19f7-4742-a3e1-9444ce0b87b6","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":110,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"60def310-e02a-49a5-bd7e-326ff8e426c4","block_type":"box","text":"Preferred Stock.","page_number":110,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"3fc12670-2815-42d7-8e51-b8282e8c219c","block_type":"box","text":"Certain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":110,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"521e57d5-3c72-45ba-804d-f99105c83956","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":110,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"f30bba8e-564b-4a5a-ae1d-b0ba673cfd70","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":110,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"0727f7e3-f77b-41d7-bb8e-25b927529bf1","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":110,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"6ef24388-52f9-42ad-9e89-9ced2db4b918","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":110,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"29873533-1ea7-4c2a-b4c2-e55c61fde60f","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":110,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"9cdf9d35-4386-4b7e-ba30-129eb8080404","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":110,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"3b41809d-222f-442c-918a-888a19fe4eac","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":110,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"5893f449-a488-4304-8b7a-e17687df868d","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":110,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"a25d5173-6532-4776-b984-a9d106e4bfb5","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":110,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"668de21a-6dac-4008-bf77-975a3a88cf4c","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":110,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"763b0273-44a3-4706-84c0-e92c428d5c0e","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":110,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"5f9fd857-5a14-4cf8-8bc9-6ee6e834b178","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":110,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"2b25df6e-e2d0-4739-a5a3-136b632926be","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":110,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"6758920c-5f2d-4a7f-936b-6e30eef61285","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":110,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"7c174cae-bd71-43c6-8b0c-f3f29ab3cf26","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":110,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"0b5adbb1-d338-44a3-afb3-ba7e3669ab14","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":110,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"8e47d37a-4082-48db-9cc3-7b82e6c989bf","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":110,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"4ace9d8b-80e4-42a3-9e5a-4759a41c6941","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":110,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"ad7a492b-640c-425f-b86f-81631b13edcf","block_type":"box","text":"Trust Preferred Securities.","page_number":110,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"5e6923fc-e6e9-4750-9445-624131ca7185","block_type":"box","text":"Certain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":110,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"9131ccf2-6f91-4647-8dd2-944bbb9aa050","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":110,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"ae2a4d1e-95d1-460d-b488-0b6042740326","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":110,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"900abd38-707c-493a-9981-c6a028629ab3","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":110,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"5712f841-d2f9-48d8-8840-fb83a603be8e","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":110,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"e61b4cf6-57c0-4c31-93de-7362c3ed830c","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":110,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"3f746900-5ebe-4e42-b5db-7d0bf14d3d91","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":110,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"1b5b8b36-1ab9-4f8d-b587-dbb845d96cf4","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":110,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"49b14859-5bbe-4c2c-aa27-2aa4be621761","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":110,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"e1fcf553-6fbd-4128-97af-36d6efcd4cd7","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":110,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"87b1d15d-3ae9-4ebf-b1b7-e4af8b901d75","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":110,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"26b9b86f-b132-40ba-9075-5947c481700f","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":110,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"7edfb4b6-c731-4bc8-9a46-03d0a469dc37","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":110,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"98e29659-af8a-4ed7-9db8-1a70b83e5dcc","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":110,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"639948d2-887b-429f-b736-c0ba80725962","block_type":"box","text":"®","page_number":110,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"9dab6d7b-536d-4214-8540-059980744ae6","block_type":"box","text":"”); monthly","page_number":110,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"087d3c0f-093f-46e1-b9bd-abeb0246ff3a","block_type":"box","text":"income preferred securities (“MIPS","page_number":110,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"e954a480-3c2f-4924-90ba-620b17f353c6","block_type":"box","text":"®","page_number":110,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"4629ee4b-17f4-43a8-8dcf-88178f2e4117","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":110,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"233a4528-a620-4bd3-9cf1-b16779625042","block_type":"box","text":"®","page_number":110,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"75f69a17-a9a7-4df7-ba28-bff25b11ff56","block_type":"box","text":"” ); quarterly income debt securities","page_number":110,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"101a36fb-f658-4056-a8b1-49dcb7a4f549","block_type":"box","text":"II-65","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9219c7c-6205-45b4-ae0f-3f1d1d4a4b9d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1fc8164-582e-453d-8631-6a07d36d2f94","block_type":"box","text":"(“QUIDS","page_number":111,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"fdfdf864-3e66-4da5-b371-c9df709f615f","block_type":"box","text":"®","page_number":111,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"32ad032d-5bb0-42d9-9dae-3cbaf9bfdf6e","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":111,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"b5068079-5f4f-419c-97a0-b57926a411d0","block_type":"box","text":"SM","page_number":111,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"a8a66421-9252-4ad4-9917-40d0d327b3b4","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":111,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"1588345d-36b1-47f1-a3bc-2b9ad0199586","block_type":"box","text":"®","page_number":111,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"5fe3008a-cc14-4e6b-bc52-9f42c60e0c8e","block_type":"box","text":"”); public income","page_number":111,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"b1b4f309-4a8f-4619-bd43-d1f78a7ec589","block_type":"box","text":"notes (“PINES","page_number":111,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"9c0a663c-120d-407c-86eb-6de3960559a4","block_type":"box","text":"®","page_number":111,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"f593f99f-6224-4793-937e-e15acf96966c","block_type":"box","text":"”); and other trust preferred securities.","page_number":111,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"ba3d0128-b78a-408f-9bf9-036b49c862c9","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":111,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"f48a6103-9bb4-485f-8422-a098d0e85a49","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":111,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"3f5657ac-526a-4190-aa9a-3e946e7f43ab","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":111,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"f30925f3-dcb6-4fc8-8b1e-1b370f0d7e0d","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":111,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"0459383c-4363-462b-a4a9-be0ebdb0f7cc","block_type":"box","text":"regard to whether all payments have been paid.","page_number":111,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"ea3d9b2e-f139-49fd-bff0-2900008b1d91","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":111,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"e2f812bd-afca-4f32-b877-5217cfeb06fb","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":111,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"66a07a7b-b69d-489f-bfb1-5b25dc6a8992","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":111,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"ea13b377-ffd5-4306-a62d-d446837fc5c0","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":111,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"5af64e48-70a2-4834-be15-5853cccf25d7","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":111,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"ab8a596e-b7fd-43b1-a4bc-35d6b3ed09aa","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":111,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"c94ceb18-f364-49cd-96c0-16304ffccab4","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":111,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"d585d393-82dc-40a7-b336-b9304c2207a9","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":111,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"5053f188-4219-4891-a931-2f316bd1539d","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":111,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"3b361551-8156-4b9f-9f31-52f30cbe37f9","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":111,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"c5b33dff-9e8e-4062-b4ae-4320a0ef2451","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":111,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"7bcf9894-26c9-4b83-81ba-4261d9109899","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":111,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"e451f124-ac32-4184-bfaa-c002b2df244e","block_type":"box","text":"debt securities.","page_number":111,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"ec004631-8546-4e61-995a-194b6f03b594","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":111,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"f367024e-7c64-4d92-b207-51a3dff42279","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":111,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"132dacae-7eba-4889-ac7a-01e1d6e1a953","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":111,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"ae9979b1-e67c-4156-ab7f-23ed379c71f5","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":111,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"45687546-6816-4d4e-b14b-8d048184cd52","block_type":"box","text":"geographic areas or in specific property types,","page_number":111,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"f921c833-f32a-4962-a838-41e838ed9963","block_type":"box","text":"i.e.","page_number":111,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"d956de99-0709-44df-906e-650fd8073279","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":111,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"756279f7-a141-4161-b547-1e1af4468345","block_type":"box","text":"buildings.","page_number":111,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"90121605-4ff4-4079-a281-869ca3e561d7","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":111,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"81588dca-8da0-432b-ae39-678877cdb796","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":111,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"d827eab6-198a-4ee5-a7eb-2a79547ca29d","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":111,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"13f7ec8d-590e-42d5-b2fd-563005256dcb","block_type":"box","text":"property, which derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":111,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"29fc1179-b0bb-4247-9997-991085a93ccc","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":111,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"3f67117b-4f48-4167-b752-1ceccb689840","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":111,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"2140fcbe-8732-4865-9091-98e455d40166","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":111,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"3a4339aa-69c4-4527-bc7a-2b12a11dccf7","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":111,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"ad5e3041-b105-4f62-9c7b-b7605238a9dc","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":111,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"695d7df7-c5f8-415f-97f1-ff8eaf420219","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":111,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"5000eba4-f7ac-43a5-a2cf-cab430a50a0f","block_type":"box","text":"safety, convenience and attractiveness of the properties, the ability of the owners to provide adequate management,","page_number":111,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"a5c0e769-3ca5-4280-ae48-ce41cf2833a2","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":111,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"06f658a8-8085-434f-b24f-6df4bd9684b0","block_type":"box","text":"from new properties, the impact of present or future environmental legislation and compliance with environmental","page_number":111,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"60a19dbd-7d63-4c21-b301-be22f2b8375e","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":111,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"8e8ce375-3ad8-43ea-8129-d793a0adec02","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":111,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"fa8f7beb-baaa-44eb-abd4-bad91451b871","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":111,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"abfc06e9-a23f-43b7-b37c-fc022f614752","block_type":"box","text":"REIT are concentrated geographically, by property type, or in certain other respects, these risks may be heightened.","page_number":111,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"f68a2c4c-7d9c-44d1-8c14-bb701c46eb56","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":111,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"97c9fb79-03d1-406a-b99d-8a0d7eda7c49","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":111,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"5bcc1430-713c-429e-8f78-5fff1255a43b","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":111,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"81a9332e-6aee-44c3-9e5a-17ebf82af172","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s portfolio which is","page_number":111,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"9ad32546-104c-4c2d-a650-308b2092f7db","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":111,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"95a80662-976b-49e8-a155-004db3d28778","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":111,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"ad719cb4-86fc-4acd-9897-138102070adf","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":111,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"6b73be39-7ed6-4325-9140-b76e3a56dad5","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may report dividends as eligible for this deduction to","page_number":111,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"9fd8e154-a7e9-4840-b863-b43a52eb1985","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":111,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"11a817c1-2a4d-48d7-9157-7230116198cc","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":111,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"4f94d43f-4d5f-4b9d-a993-0df5c195263d","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":111,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"26f5d139-4d49-40a9-a301-8ecb97afde77","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":111,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"f5a4cb2b-3979-4282-8042-254be32dd106","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":111,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"b15b79ae-044b-4186-9ae4-84c4d7995d4f","block_type":"box","text":"II-66","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05a0b26e-bedb-456c-a6e3-4c1a736dd598","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f32df8d1-1348-4853-95d8-77a3cfb03f66","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":112,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"36840f36-e8c6-4feb-98b0-75e95e4e270a","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":112,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"579c8d83-8d29-42bc-a1b2-74245caca128","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":112,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"2affc2d4-cd55-426f-a4c2-8bd520a5f124","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":112,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"6829c19e-890e-4c57-82d9-0ed93c21269d","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":112,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"a3c4a397-3887-46cd-bf81-f69eff423359","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":112,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"df5144fb-53da-42a2-93d6-bfe08857b6cf","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":112,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"38d4c984-9284-46c1-9599-0ac340c8abf0","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":112,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"e262b416-963c-4940-81e6-14e2ca903aa3","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":112,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"313e6486-ce5a-43c8-8fe4-4ad2eab4e0c7","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":112,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"590d779d-3cf0-486c-8663-5ae5133d305a","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":112,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"345183c0-cd14-46e0-9515-11ffa67e7e40","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":112,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"8eb0a45e-8b5f-40c8-9783-266121ae2b9d","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":112,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"be1e6699-93e2-4dea-90d9-9ed5ec1f37f5","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":112,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"43e24765-7aee-444f-9089-599b5beb0cbd","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":112,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"2a5ae076-e2af-4015-b4ad-151d56ca7492","block_type":"box","text":"markets generally or particular industries represented in the markets. The value of a security may decline due to","page_number":112,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"be06c79d-859b-4fcc-a70f-208918ddfc05","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":112,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"f2687873-e649-40fc-8b28-ba054c7a1c0c","block_type":"box","text":"affect a particular industry or industries, or factors that affect a particular issuer or issuers, exchange, country,","page_number":112,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"930eb763-1ca4-4906-8e30-b6f013eefee8","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":112,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"68adaabd-81d3-4876-89f2-1bfbd7b11379","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncertainty, changes in","page_number":112,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"3a18754c-0cff-4b94-a778-deaa07d679ae","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":112,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"7292317e-5d4f-481f-b2aa-f1ac0557a5cb","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":112,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"431411cc-6049-4143-84f4-a31222fb55fd","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":112,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"747e593b-9639-44ed-b25a-6e351ce25a6f","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":112,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"3aa51d94-f414-4c7f-b891-a11de63d13fe","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":112,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"aada159c-00d7-402c-98d3-0eeebde043d0","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":112,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"0a9325e1-5c08-446d-b5e4-85776085c7b1","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":112,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"33318be6-ae82-4743-a686-29cd1bb9c782","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to","page_number":112,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"79c20ad5-f1db-4687-9821-007ede688853","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is important to","page_number":112,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"a5d48501-f0c0-4242-9afe-43ad4d34970d","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":112,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"707c2f9d-a033-429b-9b44-41bd057a43f7","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":112,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"340c4c5d-4510-4531-8d8c-5a682775ef9d","block_type":"box","text":"conditions.","page_number":112,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"6b5fa9ae-b071-4283-950b-6c9e2195f7f8","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":112,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"a9518ebc-8d9e-41be-a2ae-34569d8d27a7","block_type":"box","text":"a particular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":112,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"7640c860-c6da-40df-8336-cd724f9f2396","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":112,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"626c140c-4c3d-4acb-87c8-628d49c40bd0","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":112,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"e341b657-0160-4677-b506-f522fb9a6912","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":112,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"ac84e817-a396-4cad-bc59-0c039317b046","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":112,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"eda60df0-9b2c-451c-b021-5938d9c5578d","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":112,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"6fdabd02-b378-4548-8de8-b521ebad31c8","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":112,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"9e75989e-7306-4629-b6eb-e39f5ea638b1","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":112,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"49f86982-695e-476c-8a97-014449c9ca79","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":112,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"c3632ffc-252c-4e77-b15a-16a8b591feb0","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":112,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"b8745891-d40d-4aff-8928-7786689a1bdc","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":112,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"383065ca-6a52-4d7e-aaa3-0a271743c31c","block_type":"box","text":"affected by such events.","page_number":112,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"5f95b6f6-36ad-41b9-877c-ee6be2e7a4d2","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":112,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"cfb54221-4d0f-43ae-845c-4b27730a861e","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":112,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"e13aa76c-5786-4a23-9451-32d51b7bcfe8","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":112,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"2aabc394-f42b-421f-a490-c4543d3c7930","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":112,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"ecf64bbe-91a6-4c26-aad9-8f35f06b8c7b","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":112,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"a43f9746-7131-4ecb-a188-cd55c0321aa3","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets and could adversely affect the","page_number":112,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"668fb05a-e6a1-4b40-ac44-df1f66ca9bbb","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":112,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"9d179f02-848d-4fb1-a05c-f55e04a1897b","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":112,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"a6031a69-ddc6-4236-85cc-de34046899a0","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":112,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"8a0557a3-7075-4d6a-914a-4febb2a3577e","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":112,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"28a45a32-bf75-4817-afa2-b6a78607da79","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":112,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"7eae3441-3004-429d-9bfc-e6be178b087b","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":112,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"00ae0903-548f-47c9-b0f1-07dabe566d3e","block_type":"box","text":"II-67","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97ba65e3-6588-4c02-8213-19b98fe11c48","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e6b30ec-73ea-4ecd-8bf3-6c0a23855ce2","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":113,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"23c9c87a-1679-4cda-8115-3f7427b38b67","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":113,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"9e8998cb-8a8c-4789-89fb-d8a13f64dd1a","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":113,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"4f4561dc-ddc6-486e-9c68-85c142504ffd","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":113,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"80bca5cf-ffd2-4a30-b242-d4faf36497f8","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":113,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"3494fa0d-836b-4df9-84e8-2ffddd2d85a7","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":113,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"d17aa6ae-f60c-4aa0-a610-bd5120cb06cf","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":113,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"cd0d3fc2-5740-44d7-861d-bc0a896b3b88","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":113,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"e78e1be7-47c1-4b17-8868-d1bad0d86952","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":113,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"f12fd979-1e3f-42a5-b492-898131e32167","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":113,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"9a15150a-dd23-4928-8f05-12425b98e5ac","block_type":"box","text":"investments.","page_number":113,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"a3227a39-efe4-4829-8992-5ed5b8463993","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":113,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"2d151d46-7660-413c-a4fb-ce7636c81ccc","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":113,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"24c4bb97-4c02-48c2-b48f-ebfa80cf223f","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":113,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"7b812f0a-8d0c-481d-b4e1-4cf7b753687b","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":113,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"7a724b07-e60e-4535-a53b-3d3d87fd4d31","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be short term or long term, and","page_number":113,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"304fb8d7-7b92-46ca-8183-542136399bc6","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":113,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"f492d6bd-9876-4090-9e9d-2c48462581f6","block_type":"box","text":"operations, and negatively impact performance. In addition, the impact of infectious diseases in emerging developing","page_number":113,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"8b7a9257-ca6a-443b-bd45-d7021af93dbc","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":113,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"474a9a9c-1cd4-48a1-a255-2a94e89d78ed","block_type":"box","text":"Legal and Regulatory Risks.","page_number":113,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"890e3292-513c-4a0a-86b1-70ddbd57656f","block_type":"box","text":"The Manager is part of a larger firm with multiple business lines active in multiple","page_number":113,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"1be00f25-2f9d-4643-be26-058b862c839e","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":113,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"59781006-3cb3-4e7d-82d0-11b9320e1ef2","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":113,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"996d2aa7-ef29-401d-9651-5c0a527dfe27","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":113,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"0f1a5a7f-a296-4cc3-b0b3-75eaead955c2","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":113,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"61d46e5a-909f-4cb9-965e-f80ae0f70be3","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":113,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"5291932b-a5cf-459f-a1c7-b1dde77eb193","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":113,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"3698ab5a-090a-440b-8342-768173a66124","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":113,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"4939ff8d-00b0-48db-b463-45227329b091","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":113,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"16088692-75d5-4bcd-bd56-30b943f04c7b","block_type":"box","text":"reducing investment opportunities or by otherwise restricting the Funds and/or the Manager).","page_number":113,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"b3990b33-fd94-4854-b2d8-c9487ba65f98","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":113,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"358e5809-75f5-412e-8ab4-1d5f279a976f","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":113,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"3c8ff87e-010a-4a0d-869b-8b1f0c0b7982","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":113,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"25743340-b965-4dfe-a826-a16a11eaabb8","block_type":"box","text":"international trade relations, certain tax and immigration policies, and other aspects of the national and international","page_number":113,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"0c3bac8d-0cc0-493c-906d-d2608fea5b10","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":113,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"93976c26-705d-42fe-baa8-a1cc3c31d057","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":113,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"8d406b7f-13fa-438d-93de-82f60d0328a7","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":113,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"45dc7946-3249-4026-b77d-174e9fa878fa","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":113,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"83d97fbd-8eb4-41ff-80e7-91b4391b45ee","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":113,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"18e35569-333e-44ff-b652-0f33ec1ca90c","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial performance of a","page_number":113,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"f2c7cbef-f2e4-4b6a-a9e7-e47ff7de6971","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":113,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"5baf9dfb-4ea9-4d47-930d-584df4b74f40","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":113,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"ae102fc1-289e-493a-a552-3edf847712fd","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":113,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"3edc84be-2705-41b6-a6f4-62b6a32b5cec","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":113,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"38c5220b-50a5-4480-9286-e45bbefb8240","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall performance.","page_number":113,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"cb08a0a0-d687-4ba4-99c0-8eea51b068a5","block_type":"box","text":"Geographic Risks","page_number":113,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"9f189ca5-2dde-485a-ac7e-a3c4f2f9a2cc","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":113,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"0d96cfb0-201c-4508-8c45-269db2b70216","block_type":"box","text":"to, parts of the world affected by natural disasters such as severe heat, earthquakes, tornadoes, volcanic eruptions,","page_number":113,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"a2ec42fb-604c-4863-be54-686aed2ec916","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":113,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"2cd7d10a-c2b3-453b-95bf-4c0e894c14ee","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":113,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"a40b9580-3c14-4901-a5aa-7815025bc466","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":113,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"d172028c-7362-48e5-b44d-4c91ea75ff4d","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":113,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"26da6110-7e75-4c02-a804-a87505e2108c","block_type":"box","text":"Fund.","page_number":113,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"b2eb8482-0a3a-4bab-9583-f2a7eb840f4b","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":113,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"91f1b837-8b5d-41fb-bd78-986a27feaeee","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":113,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"33356533-dc56-447f-b6db-c7bee0a5b59b","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":113,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"d32c78ef-2596-4e38-a166-89e7c3a723d8","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities,","page_number":113,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"219ff2d5-2eff-4ded-a9b0-2151d2526d94","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":113,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"34b5212d-eba6-4a9b-8351-d5e058dfcaea","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":113,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"fd6a1c4a-d84b-4758-98b9-2a4af774e8dc","block_type":"box","text":"II-68","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6db0e46b-d8a9-4adf-8407-e87dde05009e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"127ba49e-1100-4395-920c-1a3a04cac817","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":114,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"6cd8a79c-a048-4bf7-81b9-d4d7a5f1c850","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market participants as a result of","page_number":114,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"6119eb10-1783-4d9d-846b-bb8ad5c95943","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":114,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"8e5c35fa-bbc2-4111-a216-e299095974f9","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":114,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"d9dad1d4-e4ef-46d5-8cd4-24559f1c91e8","block_type":"box","text":"continuing to develop (","page_number":114,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"609fa3b5-ddeb-4cb1-afe2-729849ad3db2","block_type":"box","text":"e.g.","page_number":114,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"1c088d67-7e25-44c7-9d55-ffead6684c61","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":114,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"be66194d-5abe-4a43-8f90-8854059dc905","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":114,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"ba9b6ad6-6896-4a2c-a68c-be8bd19ac08d","block_type":"box","text":"markets or particular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":114,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"56b0b708-59cf-4785-9e91-a12933ed30e8","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":114,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"6403bff9-1915-4e15-afe8-0806035179f5","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":114,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"0991a316-bcfd-4677-bc4e-fa0d70bf89c7","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":114,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"cf763249-57d7-4080-89df-4b51e24180ba","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":114,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"71fc04a1-8b78-44cb-9d7e-4c2ebb230b14","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":114,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"8c45e1b1-2045-4d3f-9f2a-5f308ffbaa19","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term","page_number":114,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"668eb597-8a94-468c-bc92-7c2e0c985a2b","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":114,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"48c75375-4d44-401b-bc52-4e58d02fedae","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk.","page_number":114,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"0f60246b-2d34-4599-8f62-ea1f260d2b97","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":114,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"dfefeeab-deff-4363-b01a-8b669e4d6d73","block_type":"box","text":"largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate,","page_number":114,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"572b5270-bf14-477e-9a48-7c8f28f61078","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain","page_number":114,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"24a9a715-d521-4c32-8f20-1c6ac16bebde","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform","page_number":114,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"04453d9d-3917-4c9d-abf4-09375d5727ef","block_type":"box","text":"in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based","page_number":114,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"d3ae16f3-e1cc-4ea8-ad67-af802e2cb4f0","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":114,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"609279a7-4810-4b91-9e48-df66fa736835","block_type":"box","text":"2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":114,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"8928edea-c5f3-469c-9de6-4eea6ab1e324","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":114,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"fce6cf29-af04-4bbe-b295-aae14d194f25","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":114,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"7bb72634-3e69-46fa-be0e-4f34c62977ad","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":114,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"ceaa5b8f-59e9-45c5-87b4-12f37333a0c1","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":114,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"2cb4aaf8-d02e-4990-8c82-e8fda9e82386","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":114,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"b8a4056c-33f1-4ceb-a0df-370007c5e894","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":114,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"0ffe9c4c-4a56-4e67-a791-3a0c0e0a52e9","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":114,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"d8c6203b-4e30-41f5-ab59-d1edd704cd0f","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":114,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"dea957bf-f7e1-476c-aabe-aef3fd50e591","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":114,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"91bf10fd-ff0c-4205-97bb-677082fe60db","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further change","page_number":114,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"c301cc6d-eed4-4197-b5a4-bb1f53b5876c","block_type":"box","text":"in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":114,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"df77f2bd-4fda-41a0-bfb1-9ff980db4182","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":114,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"f680bacd-cf15-4e20-b9fd-5db1cb102d24","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":114,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"fae89305-c5f8-48e5-9ed9-494e5b271a50","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":114,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"ea5454bd-e0ed-467c-87f2-3abd088fd286","block_type":"box","text":"consequences which cannot be predicted.","page_number":114,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"e93b927d-fc1e-4c55-8a92-b7efafde8a09","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":114,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"e06c327a-739e-4211-ae86-2bf070945bfc","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":114,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"5d4d3f96-6795-4b70-a6dc-46b6ae8a5ebb","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":114,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"cbee55cd-0187-4e4b-bcb5-1a6c37a19ce0","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":114,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"9994d7a5-d6ab-4ead-baad-b5390ba312ac","block_type":"box","text":"term of the agreement.","page_number":114,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"d0f52dc5-a0bf-4486-9d92-1857d2fa6575","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":114,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"171dd6a1-c7e9-4c78-8edc-1a62b2d1471b","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":114,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"37bc48c6-c51b-42d0-8ca6-27683d588cdf","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":114,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"6fca98e4-05df-4976-a41a-1a772d2a1017","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":114,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"88351b6d-8e0c-4e15-815e-e8e516514e4d","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":114,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"0543e12a-ec6c-47f8-9a6c-5c95b6c9275e","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":114,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"e11f0ddf-8775-4efb-aec5-7430284b3fc5","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":114,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"4a968b28-14a5-4880-b29b-32e57323beec","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":114,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"aa18ab8b-19dc-4e17-ac79-f305b2a8b0fd","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":114,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"8a6a8156-78cc-4c12-bdeb-86466856a3a4","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":114,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"a6fd781f-6682-44ef-9d81-2d8cc219127e","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":114,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"a320891e-df07-4f69-bde6-ba011a4a4d01","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":114,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"5c7af243-34ca-4449-8ac1-2db24257e3be","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":114,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"3aaa987e-e5ae-4577-9263-8a537eda353a","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":114,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"1c1c6d7a-6f7c-472a-9d44-6c1af0a8043d","block_type":"box","text":"II-69","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc40645d-885a-4a46-b783-3294c6476feb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a14370c1-9d2c-4085-b174-bdc2d64ba51b","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":115,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"b21f3465-10fa-4812-8655-5a4d4d2f41e4","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":115,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"579f8907-054a-4035-a9a9-0c85603cc532","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":115,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"99aa2a1f-ea41-466d-b6d1-d8ff5cf28bea","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":115,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"3f954850-fe7f-4ac9-8564-e8d55110593e","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":115,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"7b92a48e-c003-43fa-aeb4-b523d6b8b0a9","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":115,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"1b35b40f-0334-4a56-a516-e5fbfc5c5cb0","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":115,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"8d456f5f-70f6-43cc-ba27-83f9abc75bbe","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":115,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"8b685b81-9317-4e32-8bfc-fab9d62a76fc","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":115,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"22945697-c683-414b-8cd7-249668b4aef2","block_type":"box","text":"or by another authorized securities depository.","page_number":115,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"c5b02984-571b-4cc8-88bc-92cd851fb09b","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":115,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"4a70f67f-eb95-4052-b177-cc1571a84ba1","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":115,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"b8c6aa27-5684-4edf-8b3f-ceaab35d562e","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":115,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"e75e36c7-7ec1-404c-a6ac-d11a8d8c5fff","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":115,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"6d2731e5-1468-4c23-bb58-cf8db28f6f66","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":115,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"e7076dcf-e3cd-4fbb-bd92-e83480aebcf3","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":115,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"b7dec0c0-e951-41d5-92c1-b7f604ffaff3","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":115,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"44e9d124-9a2d-4c5c-8aed-c8b179f095dd","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":115,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"eafdd3ea-da4a-49e1-9e65-0483fc3b0862","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":115,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"907a153c-78fc-4b18-b5d5-05b7adc1573e","block_type":"box","text":"the repurchase price.","page_number":115,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"f0ef0440-1497-41bd-84f2-1f5cd3b179fd","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":115,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"bf7e38c8-b98b-48d0-91af-352fb4f58d9b","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":115,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"44f1fccd-7ced-4532-b5cb-2934dc14e165","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":115,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"f83b9bdd-f612-4ac6-8943-e05f07b3cc64","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":115,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"f347e1dc-5c7f-4ff6-8b6e-9eef87fa4368","block_type":"box","text":"strategies without the repurchase obligation.","page_number":115,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"28a6d611-3304-4c37-aed4-2f86489d95bc","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":115,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"d9fdb554-a0f9-4c9c-b716-37e0a144f40f","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":115,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"ce2c99ac-4f9b-4c79-a7ac-c8354dfec8be","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":115,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"8b22571b-fdf4-4ce0-9eaf-89f2c6a82adb","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":115,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"a4e468c6-e6e0-4d6b-8b79-25ecd501fc72","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":115,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"551dc228-95b2-4047-9c36-5c8306fdb880","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":115,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"47363bdd-3908-4fd3-a3d7-df912f233e27","block_type":"box","text":"i.e.","page_number":115,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"4dd49b1e-c5ef-4a67-ae87-debb0691d113","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":115,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"ee9b5343-e733-4614-9b6c-439ff20bbace","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":115,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"c9c9a3df-194b-46f1-a14b-c2e613d447a3","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":115,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"616250a4-8b69-454f-954d-cc5f258d20a0","block_type":"box","text":"and income involved in the transaction.","page_number":115,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"256ecd31-313b-4a33-bf12-df10638609da","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":115,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"b61b01cf-e6ff-4c41-9aea-b49fa7a4301e","block_type":"box","text":"their affiliates to include in certain financial contracts, including many repurchase agreements and purchase and sale","page_number":115,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"a2796570-33c4-4b6f-a3ab-85b1e374ad10","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements,","page_number":115,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"a79a7bdc-7367-4e9e-b554-b74bed7b1072","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":115,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"f2e9e92d-494c-4475-be30-afabe7228b90","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":115,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"cbc13e70-3d24-4e39-ab10-c9d079c3d9ad","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":115,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"0728c162-60cf-47c2-8383-f2c219ac4a64","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":115,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"19864f8c-227a-40de-884c-470947aba21c","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":115,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"5a5e47d6-cc57-4a1b-8387-1caa90ca6217","block_type":"box","text":"require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":115,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"e123f080-c29c-4d9d-b4f7-a3dfd38f2fab","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":115,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"75a208c6-78a2-48d0-93ac-1abd02930a0c","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":115,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"44fe020a-eb1b-4ad9-a60e-79eae1ac5c31","block_type":"box","text":"adversely affect a Fund’s performance.","page_number":115,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"27e1096f-7163-4441-a06e-edb22de6ddd5","block_type":"box","text":"Restricted Securities.","page_number":115,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"a2ee60c3-8542-4a0b-b610-ed397b9cc630","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":115,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"d1d82a1a-6393-445e-b3c7-f7002e330a5e","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":115,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"d610c77f-7c68-4f51-9a19-9742d4bf11d0","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":115,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"f8dba160-3221-4a79-a4e7-c89790adef00","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":115,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"73c2f632-9539-4df3-b99d-b1fd76ff1d39","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":115,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"35b9d59b-b045-4af7-a2eb-38de6d947ef8","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":115,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"0be8022d-3b24-4576-be66-76f3a3e79663","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":115,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"e1ca6f36-e477-4d2c-b448-e96cb4355b8b","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":115,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"99553b9d-bf20-438b-bda9-bce7b550962c","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":115,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"54fafd15-5dc0-47a6-b784-a1d93f8a5354","block_type":"box","text":"II-70","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7dd44160-88e4-48fe-a22c-fd5d64f7a43c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21060ab3-548f-48b5-822b-0e88ad3fad52","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":116,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"ba3c30b2-82b6-45a7-9441-8e0bf00777a6","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":116,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"4e6c6b34-b2e6-49fa-830e-1258a883aa73","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on certain transactions,","page_number":116,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"1b29919d-c5a7-41da-a354-1a5b05ae4497","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":116,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"c9e9ff37-ff81-4292-8748-b63075433b3e","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":116,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"81e20bc5-85fd-47d9-8a26-66976fd361a9","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":116,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"b14b1cc6-f68a-490d-a84f-3901bcf9e0be","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":116,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"fdabb23b-a762-442f-ae9b-b5e902748d77","block_type":"box","text":"character of the issuer, which party (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":116,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"5cdd926d-6998-413a-8780-337445144702","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":116,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"821c17d4-fad1-46b4-aef1-ddae1b6986d8","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":116,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"7e81bb3c-6026-4cc4-878c-dad32ec0b9f0","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":116,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"e1565a42-3f99-4663-a89d-64d1fbbfe783","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":116,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"ef1b2d42-16c8-4cd0-9e22-d2bbaeae131c","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":116,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"b34d20a8-12d0-4684-a969-49304dcab482","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":116,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"eb015dee-7cbd-4b2c-80d6-0dc9dcaa4565","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":116,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"c6b4a6db-3a67-4120-b081-7e3cfa3b8fd5","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":116,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"19f32ec2-10c7-4b0e-a99e-ccad9549c1f4","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":116,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"f0496bb1-2753-449b-9bfd-9075102ddcad","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":116,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"dd46430d-3e5f-4b8e-85d0-432d92dfeec0","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":116,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"7d7ca6f2-b5e6-4eb8-8e34-42c2e60a9a73","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Certain of the Fund’s investments in","page_number":116,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"5db3b52f-a0bd-44cf-a377-be56622e9128","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":116,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"cf429ebf-c5e8-4b56-9e5d-7b6aa1f39758","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC reporting","page_number":116,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"b89590e1-d6bc-4029-bc73-8a84a250f3dc","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":116,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"d292b6f9-f883-4ef2-81f0-cebfe3e2a444","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial reporting. As a","page_number":116,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"e4abd9b9-1b43-4b3d-8169-c0b6d0c776b9","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":116,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"c3082154-ef2e-4c8f-a536-996ae96b74f4","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":116,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"1051f665-5885-4f3c-b620-f2b582bafb29","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":116,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"8f79e1ba-ebd5-4df3-aac7-de0e28348892","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":116,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"636aec91-c4e2-4343-a7e7-75a1b8b71b0e","block_type":"box","text":"Certain restricted securities may represent limited investment opportunities and each shareholder’s","page_number":116,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"f92bad83-f9d5-444b-b3eb-b1aab96dd775","block_type":"box","text":"proportionate investment exposure to such limited investment opportunities may be reduced proportionately as the","page_number":116,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"1125144e-faad-49a9-aa77-fe18be5b2e3f","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":116,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"3fc17e56-1eb3-4dd3-a642-ff10ce639747","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":116,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"9f370d6a-450a-4982-bb70-d91747e14764","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":116,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"de706fa7-a901-4afe-82e5-3ada5345e76d","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":116,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"791228ed-67c6-4097-8e61-25bb433afaa5","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":116,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"76075b80-f00d-4237-90ff-90c93108f67b","block_type":"box","text":"offer other liquidity opportunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":116,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"3bcbe19b-43db-4a1a-a794-42c6d5254879","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":116,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"8912269d-e235-4fdb-a969-a14443c77911","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":116,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"6f876281-0816-40b8-817d-c7e7154f2639","block_type":"box","text":"conduct portfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":116,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"bf1e0f64-1a40-44fb-b673-b9b63fa4a15d","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncertainty. A Fund will be","page_number":116,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"7bfe0045-5429-4ff3-aa23-0897b1ffb75d","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":116,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"522baaee-11e8-40f1-bd18-aa335aaf340b","block_type":"box","text":"investment opportunities may increase, thus potentially reducing the number of investment opportunities available to","page_number":116,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"87b119cf-f38b-4a09-8b05-945c3ad8d6b0","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":116,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"f9ae0850-8567-4d53-8c0d-dc1badcbb3cc","block_type":"box","text":"investment opportunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":116,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"50272809-06ac-4d2c-83b6-c5bf5f6892e9","block_type":"box","text":"especially as that Fund grows in size.","page_number":116,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"94c5e0ad-a65f-4f4c-ad39-471e2246c09a","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":116,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"2e920a98-7dd0-4fb0-b39e-969870dc0139","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":116,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"0f9bf4cd-b4dd-498e-9482-b6c83b0a44d4","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":116,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"5c5a42cc-5eb7-4a08-a221-c9fd9c19a94b","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncertainty and subjectivity of","page_number":116,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"0764cd47-6491-4a8a-a1aa-7ed26d20057e","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":116,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"be61f753-35db-4221-839f-9b94e0e9a407","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":116,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"1124920a-3cc5-4ead-a99f-65606aceaa16","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":116,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"bd761a68-b77c-47ba-bb63-2d592ba74bc6","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":116,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"5409ff83-fc03-449c-b111-065292381e55","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":116,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"b0aee4f4-a5aa-4cdf-a341-a43e543f9cab","block_type":"box","text":"Fund’s portfolio, potentially resulting in the dilution of shareholder interests and increasing opportunities for","page_number":116,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"2f0799ba-dcc8-4d1e-aeb5-f28dde92d359","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":116,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"558f32c1-1946-402c-bc5c-b19eb0f11fe7","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":116,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"bb3ec55d-644e-43bb-aec9-a1cd0e221d52","block_type":"box","text":"II-71","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"87f02136-f199-439d-9c65-4876c1b9029a","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b744b76e-a593-44d3-b0aa-3d0384a26227","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":117,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"bfcde9c7-9b70-4991-9eca-05bbb61f091a","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":117,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"1035ee2e-0c22-4c82-b852-a24a60533007","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":117,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"ad33ad62-aeaf-4eb4-8414-7b4c47eb7511","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":117,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"32d97767-a0ef-4626-8f47-fd16522ef45a","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":117,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"e27c78ae-dd92-4f6c-a656-d1d60de735cc","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":117,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"011e8ef9-c6a5-4eaf-921a-76863a98da13","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":117,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"d6c6e4ff-62c7-47f1-9142-6b9b4c26d0d4","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":117,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"22c9cfc8-9d07-4746-81ea-aa80659ee951","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":117,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"cbded81b-a5b7-4de9-b203-dc7b2681de3d","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":117,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"353293ea-c879-4b58-a396-b64d433827df","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":117,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"94f306bd-d970-4e01-8ad6-dace240ab715","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":117,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"bc7b2c8c-a363-4603-8866-d439d511cebc","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":117,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"bc4ee2f2-a027-4c90-9fae-b93f2723ec46","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":117,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"1ac0ed3f-d5e6-46e6-abd8-27b0014b59c3","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":117,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"7bc49e24-71cb-4543-8e08-7f84062c2243","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":117,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"891d0c12-aeba-41d6-aef2-0bcfa35e10b4","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":117,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"017c08c3-4053-4465-ac6a-62477c223aa1","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":117,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"0500736d-171d-4131-aae5-ec26d04ed421","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":117,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"c48ca18a-08ab-415a-a4bc-1efd17acdb78","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":117,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"bea810d3-96c1-40cd-a9db-078099cc49e3","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":117,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"9c84859a-b766-453c-8295-2f367c17a640","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":117,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"bffa58eb-c3fe-47c2-b7dc-23031268a26d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":117,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"5cd4ef49-a6b8-49b4-966f-5657c55891b7","block_type":"box","text":"similar financing transactions (","page_number":117,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"58da673a-25ea-4cf2-894f-710253c7cbd3","block_type":"box","text":"e.g.","page_number":117,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"e384cbbf-6c4b-4111-92aa-d8ab2ec16c00","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":117,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"886b64aa-7f62-4fe4-bb78-dfef7cbc9d5a","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":117,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"6c9c96f5-d4ab-48cb-a340-a70c0fb307a3","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":117,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"33410b5e-093f-4695-912b-409e825eb201","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":117,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"8d9906e5-d357-4a19-bc07-b8f5af5738af","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":117,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"732e55e9-f5e1-49b3-9346-0f85c6e4e0f4","block_type":"box","text":"finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase","page_number":117,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"4164134b-e545-4eda-8b0c-59aceb757b03","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":117,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"f02b9899-cd05-432b-8946-cb90146b6b35","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":117,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"ea97af48-96a7-4565-a936-c1af3dc07e2f","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s performance.","page_number":117,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"a006bf21-ec1f-47c7-b55b-1105f0ef8165","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require certain bank-regulated counterparties","page_number":117,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"c036a418-4ff5-40f8-be78-07970919bd1e","block_type":"box","text":"and certain of their affiliates to include in certain financial contracts, including many reverse repurchase agreements,","page_number":117,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"47681716-c0e0-4147-8bac-efeb83f9acd5","block_type":"box","text":"terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such agreements, take","page_number":117,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"dfbcbc4f-7522-4395-a0fe-a948555630d4","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit support in the event that the","page_number":117,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"979d1109-89b0-485f-989d-66538adbb26f","block_type":"box","text":"counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible","page_number":117,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"5897f30d-959a-495a-98f2-a9cf222d1f39","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":117,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"c25f03e2-8da0-4820-9efe-d96235087c88","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":117,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"5f5e04db-5035-4383-9209-6bc4b3267091","block_type":"box","text":"amounts to be received under such agreements.","page_number":117,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"b01535dd-bbe5-4d6b-9de8-3977d5085832","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":117,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"37aa6ad9-5309-424a-b68e-182d88ad4547","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":117,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"99265e04-985d-43cd-84b8-1bce12f19348","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":117,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"b82f26f3-e249-4f17-a4d9-92d87bd7f61e","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":117,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"d644de5c-e49f-4938-bf2f-0e64677ed8d9","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":117,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"2163ffe4-7dbb-45a4-ad1c-2dc52c40f3c4","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":117,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"39f2f97d-99c8-4b35-87be-c2a60c5f8367","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":117,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"2f783eb2-6f4e-4a13-9b3b-053cfb6efcc1","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":117,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"3fbb71e1-af51-41b2-bfa1-1a55f1a92fd6","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":117,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"41793722-899a-4d60-b7eb-7be13045f474","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":117,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"ce283a73-f1c1-4969-81ad-e6fcd650e7eb","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":117,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"fbb850ed-23c0-4f63-ae83-65520cc604d4","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":117,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"3191400a-5149-488f-ac49-8d538655c245","block_type":"box","text":"Rule 144A Securities.","page_number":117,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"bbe1c6dd-d066-485c-a53f-c346be7290d0","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":117,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"08306aef-4242-4539-a89f-04ae1255c486","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":117,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"7fe648c7-0d7b-42d8-85c7-74dcfda9110a","block_type":"box","text":"II-72","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"247c8f04-2436-4cc0-ad90-25b981336013","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77c5bed2-5fd0-464e-9181-bc61a4dc8283","block_type":"box","text":"Securities Lending.","page_number":118,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"f3aabdab-5a9c-44e4-ab69-d46b0a6ced15","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":118,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"d1ccfaed-d204-4138-ba4a-9b97267ae097","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":118,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"e4c18dea-f9e0-430c-82e3-a3b11ba1f60f","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":118,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"2b1104b6-dbc4-4b96-9d6b-5178b71c0db8","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":118,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"36af2640-b051-4d51-9945-2f74cae2aca6","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":118,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"7b23e6b3-a878-408d-b1cf-3f07a6fb3bd8","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":118,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"5b7d0d41-2995-4d90-88e9-55cdf5568922","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":118,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"2d510826-f6a9-4559-a14d-08055e2fb8dd","block_type":"box","text":"the securities were not on loan.","page_number":118,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"9810bb95-ad7c-407a-9488-132fc5509720","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":118,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"fec8f2cc-4071-4a40-acda-3b1a39117d10","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":118,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"8b55074a-9aac-410e-95b6-7615822d4ad3","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":118,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"9fb61d84-2121-43b9-8d02-1a1027d90a88","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":118,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"5f4768f0-7b4c-41d5-b49c-e907b317e2c5","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":118,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"d6d5b483-3ab2-482f-a737-769eb62a479a","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":118,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"65853bf2-31e5-4de1-aef9-69cefe4c0178","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":118,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"cab1fa72-a6ab-4b3b-aa30-ea57a23a024e","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":118,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"a6755e11-b666-4354-8195-5a8b8d8e0e1d","block_type":"box","text":"i.e.","page_number":118,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"760d9a5c-3b84-415d-853e-f2e0bdadea08","block_type":"box","text":", the risk of losses resulting","page_number":118,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"db216efe-b607-4bdc-af0a-8d3d670418ae","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":118,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"3fbe2cb6-7bbc-4429-a73a-52f083523936","block_type":"box","text":"i.e.","page_number":118,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"8d665094-3f42-4fff-b3c5-8e53398169a8","block_type":"box","text":", the risk of a mismatch between the return","page_number":118,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"bdfd4c9a-ef6d-4807-b365-0494b4c5d93b","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":118,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"18f639e5-cc44-4ff0-a918-05f00ceb7fae","block_type":"box","text":"i.e.","page_number":118,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"7bd6fbe1-cffa-4d08-ad51-bb6cd74111c4","block_type":"box","text":",","page_number":118,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"b4cce206-7127-40c1-ab6f-235734c1538d","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":118,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"fed18ea5-0554-4947-94ce-c7c98a4e465a","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":118,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"a26b58b1-47d6-4817-a982-f3000a0147f9","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":118,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"ad7f9481-0f80-403a-a8d7-2a21ec8eccd0","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":118,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"0936028b-1a38-4571-91e5-3e04b9d3c507","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":118,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"ddc72096-adb6-4dc2-88f7-d713906e9641","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":118,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"4964da4e-e184-498f-9b23-8aebf1c70082","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":118,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"7d8cb59e-317f-4300-8c02-878e7c3e13ea","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":118,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"78a7b1aa-589e-49d0-bd3c-82ce8616d6cb","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":118,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"b8666bdb-3f6f-4e57-a36b-c0ec1a51e2d6","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":118,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"f5037774-cf3e-4b53-b108-a1b1a571972e","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":118,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"17955031-31c7-4e65-b34d-635ed0fec6f0","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":118,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"c04e2043-a018-4d87-8fff-18f0aab192b2","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":118,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"e47d2cd8-d827-43ed-8483-0dea6f09fc99","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":118,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"e4dd1ef0-0e45-4dc4-a7f9-6b1e01845ba9","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":118,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"c68bbc45-164d-4664-aed2-71fc0de73af9","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":118,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"46cc38e0-f6a8-4fd5-a0c9-d32e8a445f9c","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":118,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"e8e0d21f-a4aa-4419-902c-c553bd85147a","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":118,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"ea727541-d1cd-47c6-ae10-9f3bd41c5d3c","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":118,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"763aba3d-33f8-4e01-aaa7-2741aa2f8512","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":118,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"c5f8ffe2-6a76-4da1-a2f0-76eb9e52e99a","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":118,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"0644f06a-17d4-420d-8be0-c46c0039613c","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":118,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"b1a4adb4-b378-4e8e-b67d-af8bd417268d","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":118,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"3123a515-b7bb-4e2d-a352-908ac09ecdf3","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":118,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"c87be600-527b-41e8-b420-cdbab0249952","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":118,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"d7ba970f-e620-49db-81f8-11a0e8b875b6","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":118,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"33a36e56-4de5-41aa-a41a-b837077aa0c4","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":118,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"04da3117-e203-4991-a3a9-1c44756b1125","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":118,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"06f3f30f-b5e5-4778-9048-ff68e523defd","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":118,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"5b89f000-7f45-47b1-8769-9f285df24adf","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":118,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"5341cb85-9831-4bcb-862b-55b84b675327","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":118,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"8a5c21b0-ad0a-4fcb-bd7b-be7d99c98410","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":118,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"1db7cf4f-d4ae-4c28-b986-95f81729c573","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":118,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"e4bca9af-5c3d-45fb-9468-c54f346b84ef","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":118,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"bc201c0e-a295-4bc8-8a37-68664123dcd2","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":118,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"a68a5d50-4b8d-4946-a491-022f29f559e8","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":118,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"f4ae4a88-a784-4752-991a-7793f376f769","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":118,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"8636eb69-0418-4dae-a887-e16980615526","block_type":"box","text":"II-73","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8805f408-31c2-4cb0-871a-a0171e957ac8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"812e1b13-9d41-4716-8696-27d54e310332","block_type":"box","text":"The SEC has adopted a rule that will require reporting and public disclosure of securities loan transaction","page_number":119,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"7e595df7-981a-4149-88ac-e9ef58744399","block_type":"box","text":"information (not including party names); this may include, but is not limited to, information about securities loans","page_number":119,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"1b87b1a6-c9f6-493b-97ae-6a51b5b2cf2d","block_type":"box","text":"entered into in connection with short sales. Compliance with this rule is expected to be required in late 2028,","page_number":119,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"3234381e-f384-45a8-95bf-22327282ca8f","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":119,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"6ae81426-f574-4bdc-9dcc-cee5dc378268","block_type":"box","text":"the current expected compliance date.","page_number":119,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"90780792-f6c2-4953-a5a7-886dd8b3f094","block_type":"box","text":"Short Sales.","page_number":119,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"bd9d4914-c541-41eb-84fa-2b6174626646","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":119,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"28715dcd-a702-46b0-bb25-70704298db48","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":119,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"0e558df0-eaa5-4af0-bda7-802435011f51","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":119,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"7d19ab11-0953-4140-bee1-916719bc51c0","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":119,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"7c4002bd-94e1-41d5-b0d8-b1ee179c43c4","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":119,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ad265ea2-8c6a-4ec7-a207-fafd49d74c18","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":119,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"e9f62611-b702-4f44-a88e-9b9dc910624a","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":119,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"0fd4c110-d50c-44f2-ae03-ba86b6de6a4e","block_type":"box","text":"securities to the lender of the securities.","page_number":119,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"504f6055-1978-41c9-9114-d4bd37aaf58b","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":119,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"47ea6c65-bc1e-4307-b6ad-bb3cad763183","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":119,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"7e0e6369-8b7b-468a-ab7f-a6c2822c9497","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":119,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"b168271a-ca9a-471c-98a9-cdfbc1f570ee","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":119,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"b8f39ce3-b086-4d81-aad5-4124f34fc9ef","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":119,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"7a8b3151-8f13-46aa-a1fe-0b3f34151b53","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":119,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"d5f3065b-d8fa-422a-b9b2-519c6a431591","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":119,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"9556e307-353b-4553-ab32-9fa8316c8e03","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":119,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"561829ee-ef00-4003-8e3a-4544e0869448","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":119,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"e3f5e352-1352-47c9-b810-f991bade3f6c","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":119,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"b9719ea4-2c56-464f-ad8d-bdfb2ef1df78","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":119,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"33ed923d-71dc-445c-ac09-c93056f6f23c","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":119,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"8b200bb4-5896-4328-98bb-5681fabf2a99","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":119,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"15302bb5-b471-49ff-a999-b74dcedc6faf","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":119,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"365fb8eb-56f9-4299-b7b5-24b9150a3db1","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":119,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"014b3bba-b783-4e8d-b9ea-8aa905a1baa7","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":119,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"bd4fb1fe-a5c6-41e4-b514-f697c8a9071c","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":119,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"f33dce2d-0d9e-4ef1-878b-4f10df0e3060","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":119,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"8c1e5209-8592-4548-9a6a-bfeddcbd09cb","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":119,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"0905fd3d-2d51-45d3-8d01-84654f3b5bb1","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":119,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"d8885ef1-9a56-4d83-89b7-4268752a483c","block_type":"box","text":"Short sales are also subject to certain SEC regulations and certain European Union and United Kingdom","page_number":119,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"d084adfa-6e0b-4440-813f-b95890509839","block_type":"box","text":"regulations (under which there are restrictions on net short sales in certain securities). If the SEC or regulatory","page_number":119,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"6e2a7151-4bea-4d77-99ed-30c9bf4b21c3","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding short sales, they could restrict a","page_number":119,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"9c23b045-f8bb-4be8-8fb9-fafd02c223bf","block_type":"box","text":"Fund’s ability to engage in short sales in certain circumstances, and the Fund may be unable to execute its","page_number":119,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"d2927146-d393-4dc3-bc4a-1fb05880cfb6","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":119,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"b290d74f-3513-4265-b5e7-e41f4349e38f","block_type":"box","text":"jurisdictions may adopt (and in certain cases, have adopted) bans or other restrictions on short sales of certain","page_number":119,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"c5f2ff81-baef-4fe5-aa14-c66c1dcffb68","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":119,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"a0e47db8-b27b-4e27-9b61-1bb403dd863e","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute certain investment strategies and may have a","page_number":119,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"17ba0a5f-480c-4c88-8f27-46757d590a65","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":119,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"24b028a5-8cbe-44cb-beee-b261ad62bb95","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":119,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"b0e70690-60bb-4843-bcb5-4a2b32b2da5c","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":119,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"cde2a14d-45d2-4a90-a65a-455bfdf7c7d2","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":119,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"88653afd-240f-420a-bf47-9c427e9c3905","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":119,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"6c72222f-e544-4f6a-b5c3-858afc2afaf6","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":119,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"5a945cb1-e9de-434b-bfe4-ed823847fb09","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":119,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a3c5e20b-3320-4b2f-b033-9320c29b6330","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":119,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"96aed883-4ed7-4dac-b0ee-6425bb4df701","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":119,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"952ccb6f-2158-4830-9c5c-7f624830b1ae","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":119,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"7bf5ae53-1285-43f2-90b3-6da252961f43","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":119,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"2539e2ae-c8b0-462a-9b6b-5e27e1ac33a3","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":119,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"a658fda4-50aa-4ba8-a4a2-e06f655099c1","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":119,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"9aa7d37b-4bf0-4617-8da2-efed7eded526","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":119,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"27dbdc24-77f9-496c-9417-bee1ba542c24","block_type":"box","text":"II-74","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac04baec-ea18-4efc-af80-d0570b2957f2","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55f47663-0078-449f-8598-9d6ecbfbcc20","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":120,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"a3bb00fc-9de8-45c0-a681-fd4e095f8aad","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":120,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"1d7789db-3aa8-4465-9dbe-9bb06682401b","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":120,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"ef678e1f-ccb9-48c2-9b26-426e1128e39d","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":120,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"2ee01d07-4cdb-4822-bc50-71e8e01b3f91","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":120,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"61a0da57-4fb3-4cba-9f9b-49f5cfc76669","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":120,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"220f1311-c742-4054-8f17-a703ad12c884","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":120,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"b85e41c9-675d-4f0c-ac4b-2d803e997d48","block_type":"box","text":"Standby Commitment Agreements.","page_number":120,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"042cf211-1c01-4182-99f7-ebfccbf5c763","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":120,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"e44ddc0f-94c3-4b7a-b57d-d586231725e3","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":120,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"db9deda8-3e66-4fc1-9274-8bb4395ceb47","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":120,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"96bc2ab3-1dc2-4c1e-a112-26b625d67638","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":120,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"ca635550-5f5b-4939-a97f-6e38933710ba","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":120,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"c316840e-09da-4c67-b620-aed71402cd12","block_type":"box","text":"advantageous to the Fund.","page_number":120,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"620cd21c-c9c1-4261-a050-20f090619fe0","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":120,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"6899df3c-71e9-4094-a16f-6bf098ddfc46","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":120,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"ce294e97-b0c7-4456-adfb-4b44e0874e97","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":120,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"9219d918-8efc-489d-be3a-834688c3aeca","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":120,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"7042a8a0-cf47-41b0-b36a-b3ed905d7f3a","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":120,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"856b3759-c046-4d0c-8f69-18fa45f08bc0","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":120,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"213a214e-ef53-445b-8323-9c1d091f72b9","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":120,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"7e77c3e3-753e-4edd-a450-6496a304f312","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":120,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"a044cee4-7716-4e99-bcde-0b48d2fb6287","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":120,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"190d0684-c073-478e-a66a-9ab981606c81","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":120,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"67b0e677-6c4b-44ae-a819-785772950582","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":120,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"4e76ee49-7a73-4c4f-a8f5-0fa881b68dcd","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":120,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"6c41d0f4-6ada-4f2d-a1a2-316619e5af11","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":120,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"252b2638-b63a-4108-a6f7-32a0289a1cb6","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":120,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"d1a9722f-d109-4312-867e-242a5a7bea74","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":120,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"8b8d25ec-e1dc-45b4-bddb-51c9e007fd7f","block_type":"box","text":"Stripped Securities.","page_number":120,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"9d70ebd4-673e-4c76-8aea-c4ac40c0a298","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":120,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"ca29d01d-77f2-4ba3-9fe2-5b38af380270","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":120,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"baf11472-6552-4569-8919-c989924035b4","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":120,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"20069681-2f16-4b9d-a6ab-eab3348cd2c3","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":120,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"79aa5053-7bfc-4125-9375-4859685019ec","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":120,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"4a8c9e95-2fb0-48e3-9233-0850d9d9efd5","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":120,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"44555c96-f83a-4b96-bfa9-ec570ad582b5","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":120,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"ac412dfa-a607-43e3-bb74-eb9383c1686d","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":120,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"7bf12938-2c28-4b47-be64-606493a9e72e","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":120,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"9933ec3d-d320-4091-a332-dceb78b07398","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":120,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"b1dcd97a-0054-44d8-b894-214bc1f1fe3e","block_type":"box","text":"Structured Notes.","page_number":120,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"cd7c5f39-f722-4469-9a2c-4172a23b2e18","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":120,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"b9c305bd-e01a-4333-8c6f-91380841108b","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":120,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"f0ce9779-7525-42c1-92ff-98aaaacbda1a","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":120,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"5bf33e55-87aa-4121-8b9f-bdbf094252d1","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":120,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"dace6c50-3e80-4c06-87cb-b85029073f60","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":120,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"ccfa3f0f-ebb3-4d57-ab63-8eaf7551d800","block_type":"box","text":"may provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":120,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"824243ef-f58d-4975-a9bf-f8a6729f2ff0","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":120,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"b227920d-b102-4e32-b36a-233e9af41f96","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":120,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"d15a13f7-6251-42a3-af15-46c2848c79db","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":120,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"1b5935ec-fc21-4632-9525-636f959f2df4","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":120,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"018688e8-6e6d-4fd0-8047-48b87e767846","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":120,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"d5dd7b70-127a-4c37-9eda-e5819c1cb7e5","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":120,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"f20a54bf-b7eb-40bb-a28d-a40d13eda922","block_type":"box","text":"the risk of loss.","page_number":120,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"deae211a-2b2b-4857-8d64-327f9ef8618c","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":120,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"787cb59e-950d-4c58-911c-796abd7a3c77","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":120,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"80682c8e-09cb-4f46-af49-569212db131a","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":120,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"62680c5e-441b-4ad3-acc1-a5ff1b9b246b","block_type":"box","text":"II-75","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1d13892-0caa-4870-9ecd-efa3c6dd933c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96d9847a-27c4-4b41-bcd1-cf1607967b51","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":121,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"adab1edc-d31e-4b6d-bf2d-947ec4e263d3","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":121,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"94d1cacd-2a02-4459-906f-2e150bf2665e","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":121,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"8e4ebf50-e987-4b99-8cc5-40beb00d3fe5","block_type":"box","text":"Taxability Risk.","page_number":121,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"9254f673-eccd-4474-a1c6-13aeb9715eeb","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":121,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"cd0ff0a0-bdfd-4343-90e8-557ffab0c2d5","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":121,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"0fe17ed7-5590-4a7a-809b-048405cf77ef","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":121,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"e128443a-0502-4600-a547-66fb59551146","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":121,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"ba9b1986-008b-4f2c-8129-5de28508d546","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":121,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"1beb199a-8cc9-4285-97f3-9c4512227eff","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":121,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"3f7740e6-eb5e-4b83-aa6c-7419dc75a524","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":121,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"56caa589-7bc7-4a1b-9612-4922547307b2","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":121,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"29fef615-76af-4743-9a64-6243a40fde95","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":121,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"077d7588-fb69-46a0-941e-364454a7ca87","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":121,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"16c7a33f-e05b-4457-ba18-7a0804bab0ac","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":121,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"26d52e36-4bfa-4991-be90-c038e3133422","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":121,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"7e25d6fa-4cd5-468c-8d80-ba41b49c5717","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":121,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"9a06cc58-14e0-4099-9eea-44a4ebbd3576","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":121,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"7eaddea9-97ee-4c6a-9ebb-c62e12e31bac","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":121,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"672efd1d-4b0e-4a1a-b2f0-956cb57fb466","block_type":"box","text":"the value of an investment in the Fund.","page_number":121,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"4ec72011-f195-4380-b24f-68acf6f090ce","block_type":"box","text":"Temporary Defensive Measures.","page_number":121,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"899734f7-cfea-46db-9d26-6c55c281256d","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":121,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"66b0bf15-99ed-423e-81a9-a5d12d34aeb2","block_type":"box","text":"economic, political or other conditions, a Fund may depart from its principal investment strategies and may invest","page_number":121,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"d550fb2f-90b2-4db9-96d0-e4d7a2c4643c","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other short term investments. Certain Funds","page_number":121,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"c8d5ec29-819d-4002-907a-e7b7ac472a02","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":121,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"4ff3c41c-ab9f-4171-b036-f84cc94dc4c3","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":121,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"3d3bc023-b9df-4d54-ae83-af81a13902cd","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":121,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"28143de6-7005-4ed2-8ab2-d4b733109a99","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":121,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"cf82288c-e4c3-4bf5-b23d-53bb2fce80fb","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":121,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"10fd3208-524a-4029-8c3d-e201123e6f42","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":121,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"341fcb3b-5f99-4bdc-8a34-ffb8ea808bcd","block_type":"box","text":"its investment objective.","page_number":121,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"58b3abbf-6d37-4df3-9d4a-2680ce3f05a5","block_type":"box","text":"U.S. Government Obligations.","page_number":121,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"372e9925-ff08-415c-83ca-c292feada4f6","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":121,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"6b539fd0-8cce-4674-ab91-e1a22110c0e2","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":121,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"663a39e0-f55f-4112-bf5d-871740da55fe","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":121,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"243f3fbb-fa8b-4170-8a40-17c6d6734869","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":121,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"f81686db-1cda-4663-99d6-aaea0c2d1d08","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":121,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"0b3b3c38-9f36-42c0-8d96-c1e6cfc1aabf","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":121,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"9223ff4b-3ced-4f93-b2dd-8c1e575d2bba","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":121,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"3ffbe340-b5fb-490a-8ddd-b36f5527d078","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":121,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"6368151f-3b86-4c37-a000-8d500b1e9b1d","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":121,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"be8987eb-7095-416e-9ad3-ab024bec7348","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":121,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"a118b62a-49d3-404c-898c-24763dc18892","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":121,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"97c1b054-b7a7-4c68-ab76-f716dc631ed3","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":121,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"6fb4314b-666a-45bb-b3a1-3aac277712f1","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":121,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"bcf1fd5c-a8ec-4858-a314-3908572857b1","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":121,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"952af01f-6e1b-4355-801c-ce55216207ea","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":121,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"3f70d7cd-b458-4574-9b3d-2b42b5cbdc2a","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":121,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"4280e7f5-272b-41c1-b6c2-2d7a53bc1910","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":121,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"028a10b3-d283-4b25-b3a6-2753c6e7f082","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":121,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"3c7eac0c-d4c2-46ad-ad9c-d40d2394c847","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":121,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"f57bbee4-5b3f-4dec-b7b0-183c13401c32","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":121,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"0aa9c72e-ebdd-42c9-b8c6-1a2abfd3c1ed","block_type":"box","text":"U.S. Treasury Obligations.","page_number":121,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"2dce0e17-7606-4853-b0ee-b8a22e188be4","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":121,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"cfdb03a4-7456-4312-a175-71b5600a73ec","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":121,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"39ed14d1-fffa-45d0-ae49-0a97abe1694b","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":121,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"3defa46d-2dae-4285-a14a-c0112cf3a9b5","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":121,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"e01e0607-001b-4e86-aa5f-f72e03cdbb9f","block_type":"box","text":"do so.","page_number":121,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"e60b7275-472c-4aa7-9866-67c89d3fbe47","block_type":"box","text":"II-76","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9418c0e-b502-40d3-a4a2-edd01b2a88a3","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d95a6c8a-754c-4616-a3e0-850c40220341","block_type":"box","text":"U.S. Treasury Rolls","page_number":122,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"cec729ca-67f4-4767-b033-f51164ba6107","block_type":"box","text":".","page_number":122,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"d8731ac8-7f92-4c28-88d8-20581ef07908","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":122,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"62d2d909-95d2-4efc-bdac-912fc12920ef","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":122,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"548bc907-85e0-42ba-b37b-7090f9acdcfe","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":122,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"995c1312-a8ae-41d3-8c27-c5a33461c85b","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":122,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"f6888be7-6238-4e41-a535-9db5ff705fb7","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":122,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"87b7cf4f-229e-4ceb-a819-fe357f7eab24","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":122,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"ce2f612b-020a-4794-a9ce-fedfd79118cc","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":122,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"8e69cace-ae53-4eb6-8cd9-d0b2a2acb2b2","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":122,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"ad1e90f2-d40b-4b88-8bf1-51fbc3e71528","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":122,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"63efeced-b33e-4485-846a-66327ff77eb8","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":122,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"ec935414-2e22-480c-8a19-6621e199acde","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":122,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"96005950-3dd4-4e4d-aecb-1b9f68a9e2c7","block_type":"box","text":"Utility Industries.","page_number":122,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"a4b011d8-d5a5-4b7b-bc32-82626fa85a0f","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":122,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"8821d63f-1a37-4b06-b81e-c4a30a88e954","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":122,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"0bb01c63-6df7-43ea-b976-25693dc14fde","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":122,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"4bc63d3e-ad2d-41e2-a24c-7e8f38cfffa3","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":122,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"24b56dda-e4db-46c2-bbc9-f61391674f09","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":122,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"aa8b0b38-f319-488c-8917-1cd5e64df198","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":122,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"d7cbaa64-2c44-42ba-b539-7ea72765c2f3","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":122,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"c3bedf65-911c-4f61-8b9a-66bf449157fd","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":122,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"8ac92f5a-a00e-4256-bed7-91818e1fac40","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":122,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"99664ba2-2079-4b7d-b648-d1f1b3f96dba","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":122,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"018275bb-dc64-4be9-9c72-e164d57e6b4d","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":122,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"209172f3-eee6-49e5-bb3e-388f95e07446","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":122,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"31b72eaf-6876-45b0-b367-5bd5666dc139","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":122,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"ab6ad6fa-79a9-4f51-80c1-6ffd80988f8e","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":122,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"06e88e2f-80f6-4fb4-8c4d-d3929a256297","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":122,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"6186e3f4-c6a9-4d99-8f41-04490f81eeb4","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":122,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"ab900595-378d-4e53-8951-f24020f43b04","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":122,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"8c05e63c-70b8-4ff7-b91d-7ea834ec4108","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":122,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"a7306d7e-3c14-4ca3-ba12-4ea9960cc768","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":122,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"c86018e9-5a99-4328-b415-a29781bb67f8","block_type":"box","text":"utility.","page_number":122,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"984841da-4e07-4dbc-b344-005680f67ead","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":122,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"1366c4c3-6e07-48f3-8670-da39e535899f","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":122,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"5ae9ca33-73c5-4f6a-abcd-aecfec89a80d","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":122,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"2d3667c2-d93d-4258-a16c-4a9d3b9c39c6","block_type":"box","text":"interest rates and therefore may lead to volatility in performance.","page_number":122,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"c9200053-cb63-434f-87a3-351d9151fc82","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":122,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"978fd470-2fe5-4459-851b-f345743afe84","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":122,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"08cfb649-2a3d-464e-a551-6fdb2c03157b","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":122,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"9f87375d-fd6a-47bf-b9ee-e2b2f5ff29bd","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":122,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"08834f1d-c02d-4a5e-b0ec-25d8c4895aaa","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":122,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"950cb35f-1983-440a-9cdf-443f105050f4","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":122,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"1d604da6-dcd6-4534-acb3-e1403ca70a58","block_type":"box","text":"continue in the future.","page_number":122,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"35a076b3-80b0-496a-a2d7-1682bfd21f05","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":122,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"255d0422-1e18-490f-9bd2-5c8f0d8bf25e","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":122,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"5a192c85-9d45-4627-aed2-3ee941d01319","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":122,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"4bd92e02-4112-414a-bf64-99494c078563","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":122,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"47e52973-ec27-4315-b0b6-ae80c89714f0","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":122,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"fbb50df0-0f47-446b-9407-0812068123e2","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":122,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"81126682-d311-47b0-a2c1-3d2424fa8f19","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":122,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"d11fcc08-4f48-44e3-afc8-0c5d3cdd3f99","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":122,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"47f7b181-6e36-436a-9618-5156ee55c8de","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":122,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"40a71c42-ce2f-4093-a52a-f3acfbd0ef8b","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":122,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"1508ec4a-a8c7-4524-ba60-d115f892a9d9","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":122,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"7b0a6c89-7a82-409c-8c00-e5db07046284","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":122,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"b3be5c98-5e70-4047-bcaa-6c0be4e883c3","block_type":"box","text":"restrictions on the maximum level of profits of certain utility companies, but may also subject these companies to","page_number":122,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"ae614816-e666-4a87-a427-6a1f67360102","block_type":"box","text":"II-77","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"36cb9b1f-0b91-45db-839d-cb6940ec1d38","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"70f283b8-92dd-417e-b1b2-fca93bbbb1a8","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment opportunities that may arise from","page_number":123,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"b63747c1-2bfd-4a6d-99e3-4b5b30445b13","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":123,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"0134a1d8-e09a-446d-81c1-f0dda93d8fbd","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":123,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"9dfcff68-ff53-45e1-b859-0abd99fd1231","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":123,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"6b9c3ab7-aaee-49f9-8725-5d25fb2d8bf0","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":123,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"0b16dea6-f8ae-444b-a0ba-94d5247b1504","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":123,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"ab01dfe0-7e8a-43de-9153-20c476b33861","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":123,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"17cbcc6d-4fdc-4c03-bf79-46afeee1faa2","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":123,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"f4e9f35a-7ecb-4b39-87e2-171db49f3bd3","block_type":"box","text":"ways different from regulation in the United States.","page_number":123,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"d64750cb-b309-4082-9a07-61f19d30ebee","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":123,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"27bcf181-2b25-4779-8d95-a4c8f6fa3ccb","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":123,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"9eae1315-4079-421e-bc60-a2257feb632a","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":123,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"4a97aad8-aa17-4e63-8cc8-bd55a306e0de","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":123,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"da610987-6532-406d-a1d2-b4c5275c497b","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":123,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"7aa1d3ab-0e1c-495d-b027-c59a46841866","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":123,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"95013bf1-db3a-4b7f-ada8-ee1b6ba202de","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":123,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"e1148dc8-b8cd-4729-8d5f-c466defd24ee","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":123,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"5df86e9b-71a0-4c71-ab2b-3cd585f0c3c1","block_type":"box","text":"increase.","page_number":123,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"5dac41ea-a368-4f2b-880a-e01c95f95be3","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":123,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"be88c4e1-f381-453b-93dd-a29945c4b7d2","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":123,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"8d952a32-7c0d-48ec-9306-96ad76802b07","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":123,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"b579a83a-020f-4469-b6eb-ab609fff837b","block_type":"box","text":"Electric.","page_number":123,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"95b36453-2ce9-4596-ad27-74da6d36b548","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":123,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"0aa0602f-e066-4e6b-a9de-5e6a566b3f6a","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":123,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"052001b7-4c02-41cb-a6c6-54be446e97e5","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":123,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"6b1b915f-405a-4bb1-af6f-7ad6ea1d6b87","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":123,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"f64ed40b-71a4-4b5a-876d-fa4673c24ba0","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":123,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"30d6d9e7-b321-4623-8aa5-c55b23d7bf3f","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":123,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"4ee6783c-899b-4683-ba6e-d962e8d6f4eb","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":123,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"87510b7b-6f26-4709-b733-fab2a7d399e8","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":123,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"94ead1b7-78f5-40c6-835e-a050d8a2fb94","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":123,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"44a73108-ae64-445e-af91-62a257710ee7","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":123,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"3418d0f4-e292-4428-9a3c-a65f5739a342","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":123,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"d42dd9c4-ac0e-4591-b8ab-ad88b9ac28cd","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":123,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"03a1a813-5043-4bf0-925b-d4a537a69947","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":123,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"2a18e079-758c-46a6-86e6-dd90a5835e7b","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":123,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"ba92c1da-d322-4217-9a3f-df5173aa368e","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":123,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"1123a55f-4c4e-4a42-a6d3-034a854b1470","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":123,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"d7dddad8-161e-40af-a7a3-04a327e3d3bc","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":123,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"5b8d477e-9635-4f78-af46-46cd75aca271","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":123,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"465b2c28-d847-47d9-89ad-17b3e438892e","block_type":"box","text":"and for decommissioning such plants.","page_number":123,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"0756df4e-7c66-4d1f-aae7-dfb0360dc250","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":123,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"d0af2b0b-617c-4ef1-8e76-a8af23b11fea","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":123,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"6301e8ef-8f27-4ac9-b984-451827a1a13d","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":123,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"13fce5fe-e24c-479c-a403-195025423936","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":123,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"152427cf-dd3b-4eb6-952f-16d247a76146","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":123,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"3bfe8c86-72ba-4e7d-8dd3-5fa680bd504c","block_type":"box","text":"greater predictability of cash flow.","page_number":123,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"3606c6f2-4a61-4541-a1cc-26f1372e92a8","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":123,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"3cb99d48-dffe-4c09-8f5d-b460781e965b","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":123,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"5c6ffd29-0dd2-4055-83cd-d6790f2a593f","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":123,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"3f34a4ec-0bc0-435a-8d24-4d17964d18e0","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":123,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"a65cb75a-695f-4807-b9ee-3175a968196c","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":123,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"95ebfbfe-518e-4d48-a6c2-fe475f6f5775","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":123,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"fc63c509-5446-4f14-8b52-e5b35eac709a","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":123,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"5db27103-9b05-4bdc-ac06-ee5e2a30a256","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":123,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"c2fa1ed1-c614-4e79-baa9-d5e222279354","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":123,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"7cb7d6ea-ff47-4265-9214-2a9d823e9985","block_type":"box","text":"II-78","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d98fc201-220b-4270-b23d-9f1ca0ebbd5d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65079ce0-f9e3-421b-ae6f-e39d68ea236a","block_type":"box","text":"Telecommunications.","page_number":124,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"25506321-929d-410e-b809-f7112a3696af","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":124,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"af83c8c2-6b48-419d-a7a4-50e7d38860b3","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":124,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"1c82ef14-7a0f-4f66-9c04-5f152a719232","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":124,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"478135ed-11cf-4bca-a621-7954438e8f96","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":124,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"cdf1a3a1-d6be-482b-84c7-f159044ce108","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":124,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"548f73c2-8cf9-4b47-8a00-0defc231d62d","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":124,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"25c0d97c-b38f-4edf-a5e9-c922c409016b","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":124,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"e558f025-23b8-4276-9edc-deea9eb53f79","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":124,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"cc0b89a9-7e94-4eb8-8c45-74a52b83085e","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":124,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"07c88171-c592-4fbb-9cf8-244fad0068e1","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":124,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"3b6db9ff-1f44-4244-a98c-01a669e376bd","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":124,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"4d920e8a-9c6b-4846-9b76-e4d4d64dee4a","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":124,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"2522d415-552c-484a-b1a4-90c09cef01d1","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":124,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"1293f56a-70e9-4a81-809f-dda4ae8d96db","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":124,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"b5df3411-baf6-41b2-9314-4eef61e916a4","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":124,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"709814f1-cab1-44b4-a04f-33e914ea071d","block_type":"box","text":"residential, corporate and governmental customers.","page_number":124,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"4c53c5f2-9ffd-4532-a21c-863a73b68036","block_type":"box","text":"Gas.","page_number":124,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"3f3217e9-0b8f-4a7d-85cc-42918d065045","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":124,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"cd82b4eb-dea0-4b07-8b9b-1a0107f4a696","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":124,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"adddec0b-7420-4f3b-9919-45806c34fe8f","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":124,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"d5a3dde1-ad77-4fe7-84a1-6849a37d096b","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":124,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"89da57b2-1811-4ddb-a169-d5a958426027","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":124,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"268e0020-93d8-4f75-966a-b24d2e3040b8","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":124,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"a20e2be1-2e9b-4509-99b8-5862bb653d69","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":124,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"cc06e200-52e7-4dc0-8489-eaab76efe4de","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":124,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"f25262df-72b8-4487-b090-9f2c810ef60a","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":124,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"a58dab8a-7217-44f1-913c-ecdc7e8730d7","block_type":"box","text":"Water.","page_number":124,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"d2a161a2-51ce-4685-b04f-b5336069d06a","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":124,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"c129baa7-f57a-4d00-b519-0f71920e111e","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":124,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"08b52dd5-6b70-4172-aa8c-41a46dda473e","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":124,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"8b18088e-19af-4005-95fb-02f67419978a","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":124,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"ce23df85-3596-4099-b801-393362cc91f0","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":124,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"2f15756c-73c1-4a4c-b6b6-c81cf8cdd907","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":124,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"be16e165-9f52-499e-b37e-1bf7c403bb90","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":124,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"816c2bd6-3bc8-4b9e-8049-38b8ab5f08cc","block_type":"box","text":"Utility Industries Generally.","page_number":124,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"0a45716c-7785-429f-91eb-4828ba279acc","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":124,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"c02fc192-4e6d-421d-a5e3-b6429dca3869","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":124,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"1d57febe-a2d9-459a-8ba1-6786d52cef1d","block_type":"box","text":"not develop in the future.","page_number":124,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"c8551113-d337-4a48-9782-33238a5280bb","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":124,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"b784042f-589e-4e05-b89a-6bd3b9d20485","block_type":"box","text":"A Fund may purchase or sell","page_number":124,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"2ddf7850-9fcd-4de8-b984-c9ba3dc50cba","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":124,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"76aced7e-b0ec-4f96-a36c-c3e8fb9d5b20","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":124,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"ed6ec467-63b7-4d08-afaa-705e7374f8b5","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":124,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"59b63085-49b5-4d15-983e-b9c8d4e2e63c","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":124,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"a4617340-ff38-4ed7-8280-e304c87f5936","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":124,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"6b05e5f6-f336-40cf-8c87-887c63995797","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":124,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"c61ce231-7577-45a9-b342-a22714e0cf41","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":124,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"a927cead-1982-4925-b9d7-be13b455370b","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":124,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"3927570e-a6e3-47c8-8a18-1ef4c5e9f817","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":124,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"29277e96-c6ec-4936-aacd-ba3a94557670","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but","page_number":124,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"a9f65ba2-2c71-4db3-827b-4ab602ff42fe","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":124,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"9d0201cd-d765-4304-a1d1-78ac6b0556d3","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":124,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"e3cd2ee7-9e0e-4ec5-83f0-1d0349f76532","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":124,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"1aab8fe3-eb54-43ea-80fd-39a6ad6166bf","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":124,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"5e2b574b-4b32-4f4a-a96e-3d6804316746","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":124,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"c94583aa-1d33-49d8-bc7c-4dcf2f3cc056","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":124,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"98d09bcd-2288-4b9f-a063-98fcac5d95f3","block_type":"box","text":"II-79","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b9c1e10-2023-48e4-997f-cab0fa1119bb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d29b2c5e-9956-4623-bdbb-05f062f401c4","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":125,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"59a1a0f6-3d91-45da-ac03-75603db5ce05","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":125,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"f146de62-9939-4f3c-8852-6e673e211b82","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":125,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"307b1b27-d800-45fa-a7c7-791c709d9e73","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":125,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"80896649-5fa8-47d3-934a-77400487b4e4","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":125,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"a5475022-1232-4cd3-9b3e-657ddb9e2dd0","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":125,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"f6d8f7c7-aa7c-49d3-8e43-cc5b3b8f56bd","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":125,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"3f492698-4499-4392-8657-30d863780071","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":125,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"60fc71b3-88ae-473b-a753-5589f1bedd8c","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":125,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"bb0fe189-61c8-4f2b-99b2-cfe0294bde58","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":125,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"d975d602-0cea-4c8c-a53c-0bfa829d45c9","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":125,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"fb3e53f5-1d3d-466e-b23d-82eee2679c72","block_type":"box","text":"securities (","page_number":125,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"dc80cd4f-d309-4a00-ba62-0dbbb1065381","block_type":"box","text":"e.g.","page_number":125,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"95c0bdca-813a-4b9f-97f8-e02c59e07e07","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":125,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"768cc9e2-f0ac-4be6-b799-5794e288f189","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":125,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"262e68ee-7005-4ebd-b803-27d66601dcb4","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":125,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"0c3f237a-9814-4658-926c-642f7f6703d7","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":125,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"8ed31df4-dd88-452e-b3e9-d2285092ad18","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":125,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"c07a720c-3b56-4016-b4bc-7b786901fe26","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":125,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"3247dc5f-1dd9-4925-bca8-1f0e1421898f","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":125,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"3fda176a-af73-454d-9a9f-695dc505b03c","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":125,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"d01edd41-4649-4e70-9ba9-3b37e0f64517","block_type":"box","text":"their affiliates to include in certain financial contracts, including many agreements with respect to when-issued, TBA","page_number":125,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"51d4c98d-7ed9-4bca-acdc-d007f56f01fa","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterparties, such as a Fund, to","page_number":125,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"54f19588-bf60-4bb4-974a-e40cb186b58b","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":125,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"a6687fb8-66ac-4263-bfbe-5877453931af","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency","page_number":125,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"2b097a15-738b-4193-afbb-9e35743a69e9","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":125,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"443115e9-965c-4ab6-98af-2f7433b583f6","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":125,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"6839c016-9cca-47f7-bb20-9fdb51a9b582","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":125,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"47e0897e-ca41-4bc2-ab1d-5726ec52470a","block_type":"box","text":"Yields and Ratings.","page_number":125,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"bce13da1-0b25-48e9-93b1-c4750a76c7fe","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":125,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"20415329-0fcf-4408-be27-acb98e336b6d","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":125,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"e1ac4d01-2755-4136-baab-95787f74682c","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":125,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"e7635bd8-3718-41d2-8556-9421cbb3ff16","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":125,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"fb93e7cc-7e08-4ce7-9d60-e61970f9c7ba","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":125,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"f7a84bbd-d164-4f18-b6b0-a9b59a67452b","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":125,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"362e7937-902f-4391-b74d-9eacf3700b0a","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":125,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"68b694e5-8bfc-4451-86fa-ff9ae76195ec","block_type":"box","text":"continue to hold the security.","page_number":125,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"08a02164-e1dd-4628-81cc-dc308e72ef6e","block_type":"box","text":"Zero Coupon Securities.","page_number":125,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"fcab7b51-e1f0-480c-8327-bee7afba8a5c","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":125,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"dea16e2c-6d89-4cd5-97c2-f2f869c64376","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":125,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"ea69f197-c715-4941-b3c6-e03647569341","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":125,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"3cd79e56-b6fe-4def-8509-9292e6d52fc1","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":125,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"bb94088f-1504-4255-9355-ffd1d379687e","block_type":"box","text":"security.","page_number":125,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"cfa16e6e-7e32-4126-b83f-c73b096c6e0c","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":125,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"8758f1f4-427b-4071-8edf-d048b6af28c1","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":125,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"04a0abe2-778c-4eb1-8f94-2e1f592972de","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":125,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"6ac0b060-00fd-4ab9-b1a5-0159e1ce6d40","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":125,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"c7fe8d7f-634c-4cdc-a019-ff7e32c590a0","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":125,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"19b11211-0c55-4358-80c0-d7060b4741c1","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":125,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"3c6fbb87-6cc5-4621-90a7-8b7509068117","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":125,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"e1586d3a-b8c3-4770-8659-0935537a88bf","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":125,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"63ab7235-8da0-4629-9c24-4abee5250b00","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":125,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"bf260606-fee6-475c-9d1a-10d4d48ae722","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":125,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"132562e1-076d-4c94-938f-d7a99da64b1b","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":125,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"7deb2141-7d12-4870-88b2-90fcafe201aa","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":125,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"e5c3cb00-6c43-4d95-b956-043bc8a5d2a6","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":125,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"bcd1e4b0-bcf7-4e22-abfb-797251404997","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":125,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"1ca5b3a2-b25c-49ac-b34b-7d1fb90a910b","block_type":"box","text":"intervals.","page_number":125,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"9a48b7c6-d1b4-4d2c-bcb4-027305e67599","block_type":"box","text":"II-80","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b137832-d29c-450b-a603-5a2da58f6655","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3e8d63b-6f55-4bf7-9b6e-9ac1549c8589","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":126,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"6e0ff1f9-014e-4f2b-a2f2-46451c40fb54","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":126,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"ef94fa63-0784-4335-9e2a-ae1cb8524ac0","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":126,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"9bbaf6bb-046a-4317-8cf7-a0e4199cf3bd","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":126,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"0fce1885-1d8b-4184-824f-50cb0fafeb1d","block_type":"box","text":"exposure to zero coupon securities.","page_number":126,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"6e23c08e-58a3-43d2-93b2-dc9f0e22b66f","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":126,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"dac3a507-8627-4208-a95b-0aa9459091dc","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":126,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"178e0680-b83e-4846-b04e-72f8dbc6217f","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":126,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"77cd5945-f170-4ee6-9086-777e0f93b0b9","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":126,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"7fe42687-369c-4fd3-af20-09944f521349","block_type":"box","text":"Suitability. (All Funds)","page_number":126,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"91282cde-69de-4da2-9e7b-d5e1c08042d4","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":126,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"95e0396d-a0b7-47be-938b-d6ab0805d208","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":126,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"ec9d5ce3-1a5f-40dd-a329-b9c5f351687e","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":126,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"2f1e4587-6296-4b0a-a4a1-d6520ef683db","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":126,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"c711ebf3-1c90-4b02-a120-4f498c5fa730","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":126,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"ce9836bb-546f-4e37-8845-42c66fbdf95d","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":126,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"b540412d-742a-4444-bfb5-9259f20c4798","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":126,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"daf8c395-682b-4c96-90cc-07c28789af9f","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":126,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"24a5c6b7-fa81-4059-89e7-4f57c5e7a55d","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":126,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"fe4c79c6-1901-4963-9899-2b0708e16451","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":126,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"ccfbfdc3-fc70-40b3-82ab-98e7bb138544","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":126,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"38326f9d-bf75-472d-b378-c67bc759cab2","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":126,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"9e79c146-7848-41f2-ad8d-cf8a0a8a210e","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":126,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"e52c5fef-6453-47f6-8e77-85da25fb04f0","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":126,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"db9b2d2f-680f-4e75-95fa-a1c631711092","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":126,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"b1d8a586-79a5-4cce-80a0-713456f12f52","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":126,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"00729f7a-b973-4e98-992d-b75fdc1966c6","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":126,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"e7ccb5df-5248-4819-a9e4-a55ad8af61e9","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":126,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"e27e2d2a-8458-47fd-b4ec-265a6e478665","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":126,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"1c211ca9-297c-4c8d-95f7-44e607bfcd83","block_type":"box","text":"(","page_number":126,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"c13fe740-9ef8-4916-9eb2-1d6de7d99f21","block_type":"box","text":"i.e.","page_number":126,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"a4ce2fd1-60bd-47bf-a029-350e5e471152","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":126,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"bccc7739-ec9c-4c10-a863-3c5742465df6","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":126,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"6549a4f2-2fc5-40ca-9dc8-8589d4ee7d15","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":126,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"263676cb-0111-4504-b096-1ea2f5ec79ea","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":126,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"da5635fa-8d32-4ce6-96d7-cf623c6763b8","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":126,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"639dd948-4d2f-4599-8285-9ce7c3260fec","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":126,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"f04d86b2-9b98-4392-aca9-e928d737841f","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":126,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"ec28e193-3ef0-4203-bdab-c617e495dcdc","block_type":"box","text":"regarded as the sole issuer.","page_number":126,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"8d4d4c88-06b1-4e83-be05-0fa8e0bc54af","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":126,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"50c689cd-5f9d-4098-a2ce-23427d9dde01","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":126,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"33a5a2bf-03b6-4bc5-894d-e722215047c3","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":126,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"0b00b607-855b-4711-8e73-11188b9356f8","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":136,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"bb91fd2d-15fc-49cb-9535-7562955f6cfb","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":136,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"06182ee2-e4b6-4954-9320-6b61026dc203","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":136,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"1f3dc80c-e7b5-4cc6-a4b5-216dc5d18818","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":136,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"f235014e-f34b-484c-87a3-9baaa34d45cf","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":136,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"3c61b54f-153b-4200-9644-0074601cf910","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":136,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"68794343-7925-4279-b5b4-904a88814e60","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":136,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"c1acc8c1-0334-481a-881d-c5c038e998a7","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":136,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"dae99b94-8732-451f-8942-2ff1d58cd649","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":136,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"608f5660-9a58-4388-ba78-22976416955b","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":136,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"39ac0081-0bf6-4449-ae23-800d9019b876","block_type":"box","text":"case.","page_number":136,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"77c0300f-0181-44b7-b030-85317ba9ae07","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":136,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"36721359-5a74-4805-88ce-34a2d1b563a6","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":136,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"5d821d3a-b5b5-493c-955c-84e09369a97a","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":136,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"27d73d04-a7c1-45c4-b001-e4cbc67695a8","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":136,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"defa3af2-2574-42a8-9ea7-7e346282b6ea","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":136,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"b21ffe8e-dc1a-49f8-b8d0-6ab86e7f6283","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":136,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"e8401063-3b5b-4b0c-9f54-4d18b7065d6e","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":136,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"d18b108d-8126-4b0b-bf3c-79dc62d1ed8a","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":136,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"f423b347-06df-4b1d-9ea5-346266c16f46","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":136,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"25836375-f9cc-425b-b46c-5c5295f6459a","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":136,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"b602d5f6-0242-4c84-baea-7e58b177b4ec","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":136,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"eb35cc18-c8df-4a53-af76-e98d5263ed96","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":136,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"3191b90f-4b63-42f8-ae6d-d795e2f49921","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":136,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"edd26866-a910-440f-9706-43324dfbc3b2","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":136,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"a3d612a3-2035-4b90-81e2-f5fd0f97b1e3","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":136,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"97fb4d6d-cdef-40de-9313-b9cade4c474b","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":136,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"2958579e-7c7b-4d79-a869-74e016fbfd54","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":136,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"247dc619-d298-4f18-8213-ac03a4fd0436","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":136,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"d0d7aebc-c865-4e50-b510-f9dc02c3e1a3","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":136,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"bc1ee2e7-ff08-4a3d-8602-59c9cdfe93e5","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":136,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"f3c75fc1-3050-4e33-90f7-dd640bf485cc","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":136,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"3cd20e0a-4dc0-4893-b064-2f0f90f5e83d","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":136,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"ec026494-505c-4d53-8248-2592526cd0ec","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":136,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"b8cd72fa-935b-4c73-b3ef-daaeeb3024a7","block_type":"box","text":"managing a Fund.","page_number":136,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"1420c21d-98d0-4b41-95c4-51add5275bdd","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":136,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"d38db2cc-cecd-438c-a107-c8f69656dc88","block_type":"box","text":"advisors. 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The net asset","page_number":136,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"10a0f8f9-f876-4cc1-925d-d7abd606f5a7","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":136,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"f365508f-4acb-481d-bf75-61627c7c6cc0","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":136,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"b2e0009b-edb0-4509-8640-d473fab3d43c","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":136,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"6edcf1c9-338f-472f-97c8-1890832e1896","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":136,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"662c8152-7925-4fac-bf61-fb1a959b64f6","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":136,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"aaf62c39-d59f-4110-af13-ca2ffedd0383","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":136,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"81748d37-5fb0-409e-a012-bac204cf7c59","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":136,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"78ce634b-475b-4c6d-8257-f166a9273675","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":136,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"84bcb78e-95a5-4149-bd42-6dd65007adbd","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":136,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"e6e7724f-6729-4662-98e7-a33587c46e80","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":136,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"a9267855-1237-4670-9cc2-5b2808756c18","block_type":"box","text":"II-91","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fe217ba6-7873-400e-b8a6-5f6ba863be13","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fbe3e4b-71aa-4570-b90e-5aea4a713dd8","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":137,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"b848d324-b2b6-484f-a1f9-431e1c09b850","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":137,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"7d9d72c6-1d16-4019-8406-843a75735517","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":137,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"cd19f4fe-94a3-4029-b801-1e5efb963760","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":137,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"1d6edc94-d3ac-4a15-9e36-aa9695628e64","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":137,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"8e54332a-5338-4f9c-b1a8-831caff2559c","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":137,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"6c364312-c695-4e7d-b80b-245b3d365a97","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":137,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"eb721efc-16c2-48b6-8012-65b68d9db6ee","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":137,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"e032403c-6b6d-44b3-85ec-12899604666c","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":137,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"d83ba313-257d-447d-ac5c-8805062de264","block_type":"box","text":"under management for BlackRock.","page_number":137,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"e927b5df-121c-41ed-a43b-c948bc98435d","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":137,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"49f1dc8e-94de-4564-bf32-8fd77c258d79","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":137,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"1c5458a0-d056-47dc-b2c5-d0934d4c6c1a","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":137,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b2bb423d-ea18-4efb-b6a9-cd1e6949997c","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":137,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"f603e2ab-d6ec-4754-ad39-fd48b6ddde0a","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":137,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"e7c8cb6c-773d-4a84-a997-6ff97acd4215","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":137,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"004cf709-aa3f-44c4-8d1b-afda7e8916dc","block_type":"box","text":"other commercial capacities for a Fund. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":137,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"c210c959-7dc4-456b-a27f-86cb402e43c6","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":137,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"7d42a150-67a7-4c62-a590-5c5423c57061","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":137,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"aa0a8af5-d4e2-415b-bb1c-6e7a7d01bfb8","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":137,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"eb8ef4b6-0140-49d6-ae20-e7c29dc0d798","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":137,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"5fce1e61-3992-4b41-b09c-d4a44a3b4579","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":137,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"195c5010-5cbf-4a71-acfa-ab695a35e9df","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. 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As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":137,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"067a1a8c-2648-4191-bea7-600e96e60d97","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":137,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"62f22334-3afe-41e3-a887-b6c7fccecd5b","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":137,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"421903ff-7f45-44df-997a-d39e681fb957","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":137,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"9e979f23-ec57-47ae-b059-886d99c63a98","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":137,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"61fa8918-a865-4dd2-91b4-5506dc9e4dd9","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":137,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"86ac37e7-ef3a-4f98-b332-54729a38670f","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":137,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"5d85812b-9a62-4bd7-8c48-ef6e083d9f06","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":137,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"3f89cb62-8199-4bdd-848f-98ff710430c6","block_type":"box","text":"II-92","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f17f70dd-e38c-4d14-a1ae-12ecae9a59a1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab881ad1-e3de-4e22-b8d2-5e5aa4ad6b8f","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":138,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"8948ec9a-988a-4842-8516-d0cee981aff9","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":138,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"9fb825b0-27c5-474b-b463-a1869ba267e5","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":138,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"7561abd0-1f2a-424b-aa72-c70fd99ff723","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":138,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"93b4ba42-428f-43b7-a8cf-858bf854dcdf","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":138,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"0c3d584a-3158-4a12-80f9-b0ca00b00436","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":138,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"21762f5c-ef6b-4fd7-a978-91795a255025","block_type":"box","text":"particular securities or types of securities, or for loans overall. 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In","page_number":138,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"0b6acf64-e1da-4480-98d1-29b42b163c1d","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":138,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"6079c4aa-7fd9-4339-9f2b-d92fd83dd187","block_type":"box","text":"various program limits (","page_number":138,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"cf195c2c-374a-4edb-931f-fd8c6888b567","block_type":"box","text":"i.e.","page_number":138,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"768a38d2-7606-4a0c-9f73-8467668b29b8","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":138,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"e8304ee1-28c0-4233-94a1-db4da86015ca","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":138,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"17eff1ba-88f5-4ad6-9fce-4898008515b0","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":138,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"8cc136d4-1660-4b6a-9d90-a385ca647356","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":138,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"af08d84d-2ff8-4dad-af8b-9ae993ea0a19","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":138,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"9c6cdfad-6b87-4806-8e84-945e869be976","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":138,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"f556bd1c-b57f-4ae6-8096-c878191e903d","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":138,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"db7fc502-c728-494b-8ac1-0a4a0bfe9c9b","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":138,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"733b9e43-0047-43b4-9fe3-c90e8820abd5","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":138,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"96cacebb-89f3-40d2-b7e5-e111615330c2","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":138,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"3ffa82c2-a27e-4e6b-91e6-0433370e2931","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":138,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"6738937b-3d07-4ac1-85d7-2ae69f582a73","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":138,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"78f5034c-aa27-4139-b56c-b745c02015aa","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":138,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"3149d2f0-ca56-4850-aad2-56358865b4e5","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":138,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"fdbf1250-9e1c-4229-a527-ea88b84df4e3","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":138,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"9eeb1855-0ff8-4e17-9e8d-6298f9c44ce1","block_type":"box","text":"occasions to the disadvantage of the Funds. 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Such products and services may","page_number":138,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"12a15bbf-d61f-47fe-a435-0e79b48c7a36","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":138,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"38e3748b-8aa1-4644-85d1-5e18db8ef5bb","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":138,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"1f49a819-9a4c-4e42-bf1c-85154ec53309","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":138,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"9a995b51-ee6a-48eb-bb0b-9dc96b07a7b1","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":138,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"806b3d24-8bd3-47f7-a0de-da14cc4725fb","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":138,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"559a8d13-b411-40a7-96c6-da84eb9a4f33","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":138,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"15ebab1f-5564-40e0-8a50-db6273c4cef2","block_type":"box","text":"and services itself.","page_number":138,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"91712920-6196-4418-9a26-fd3736787502","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":138,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"7de11a3e-9d6c-473c-95c4-99e683599757","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":138,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"bbbb6a60-74b7-441e-a96e-8ad4baa28e0e","block_type":"box","text":"II-93","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0dbe2757-8ef5-4d2f-b59e-688995427ddb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7560bb22-d220-417a-8766-a5446a0dca70","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":139,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"e37007a1-36ba-4af2-8c09-681d314b5f8e","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":139,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"55836dc9-9c10-43ab-99c4-87e7b0edf8a5","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":139,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"31691299-5b67-4002-9fd0-e6ce119045e9","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":139,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"9a659ae0-8532-404f-bf16-74a8a23543ab","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":139,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"d1a03839-b6f8-4b5a-b593-3fdaabf4357a","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":139,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"2abf08f5-7bcf-4535-af81-fc809efd2d24","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":139,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"1f1bb93e-16c9-45ec-9ea0-ecd4e6b8cf12","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":139,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"179e65c3-0888-43d1-ae84-c44912831455","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":139,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"f4798a05-267f-4f8f-ba6c-17ec8ba6a676","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":139,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"28faaf96-6e11-475b-ae6d-dfd9ca556cf5","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":139,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"fae4de29-6345-46d7-9f99-fb0ad313883a","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":139,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"e2f904ce-fa36-4407-a49b-b4b01de61435","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":139,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"76bd8238-1557-4b35-b1cc-975b8165d15a","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":139,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"461622a5-9b5d-40d8-9e12-3a11c023c5e8","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":139,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"316274ee-7497-47e3-865d-381d0922aa95","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":139,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"509af49c-246a-4e9f-beaa-dbd2bde21199","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":139,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"37f7bf94-4b6c-4306-927b-2d8c580c5a90","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":139,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"420a083b-b5b1-4197-b00b-e19a6a13b93c","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":139,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"4f7cf50a-44c4-4815-ad0c-53f0fc58042f","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":139,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"51556298-b4df-49ab-8bb1-f59ab4dc941f","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":139,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"e1afa33a-d471-4f0a-94f8-7206146a25c7","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":139,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"8b7e6ec7-6317-4cb4-af45-d87b8d0ccc69","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":139,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"c7e41eda-3e49-4380-9c17-f136f089430b","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":139,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"54078028-9be7-4952-9a2e-5ff2fb16d9ac","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":139,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"841d7ba6-c65b-4afc-952a-d3116be3e860","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":139,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"15b234a6-d735-4e48-bd29-b5ca63a9ffdd","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":139,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"48189d55-0475-4113-bcaf-69eb183b6872","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":139,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"4994fa8b-487d-4f9a-b03f-91c0c7cd3898","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":139,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"33628c23-1005-4357-a8e1-3eb078e47ae0","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":139,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"d001efd8-e8b1-4adb-88df-f2f5db0a7d6f","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":139,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"93819283-6e05-4230-bccf-336afeba8460","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to","page_number":139,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"caa76be1-f5d8-446f-b019-c5f29d05ad20","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":139,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"b6858442-ff73-4663-9911-ab79945caa64","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":139,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"963bcce5-4590-4f25-af99-19445d09466f","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":139,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"a29a7d9b-7130-4923-a660-697e4d99d6f0","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":139,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"f6f14969-f68f-4c01-9c6a-5939c4603147","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":139,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"84b6cfc7-1b04-48d3-b49b-880d47b3eed2","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":139,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"d1154523-0005-4396-8dcd-81ae8c7771d4","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":139,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"9ae10456-8d83-4fa1-a345-649bb7a630e4","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":139,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"f5fe3a33-6e8c-406a-8750-00d092850281","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":139,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"a3087e65-9799-431d-985b-f57beb8e7639","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":139,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"5955a1d6-e11c-4d89-b91f-c20e5db3ad67","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":139,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"f8f54e15-30e4-4f3e-9478-881d9fb2f265","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":139,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"8b839572-f879-44ea-86ea-f8843e7b45f2","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":139,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"964af7b7-213d-4c6c-8560-1d966cdaed6e","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":139,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"06db442a-404c-4c6b-8f06-53397d34c6fe","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":139,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"7a3c3268-fc63-4d38-993d-6fda566215bb","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":139,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"6626a14a-5cb7-4a56-ac0a-574a0c1fb081","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":139,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"42cc8d57-915c-42ce-8f8e-7f7ac469a2e6","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":139,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"ad9969e0-540a-4343-90d0-aeb7bee9fa78","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":139,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"97a41a73-e6f9-4f7a-832f-868bfe39a4a7","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":139,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"e4f0e20e-c2d5-4072-9924-8771095d34be","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":139,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"13642935-3d88-4cfd-a95b-d34b97394b72","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":139,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"dd0d1036-ef7a-4b23-820d-2a69c45afba8","block_type":"box","text":"II-94","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1e903c3-3580-42cf-bb07-05fac944a654","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19d5f118-d4e4-4d58-949c-2936701c1a12","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":140,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"cabab05b-a2b1-43f9-8a88-7e7508037700","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":140,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"408599e4-6f97-4841-b58c-fae50a64d0a5","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":140,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"276899f9-9920-4846-86c6-0c98e5452d95","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":140,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"99928685-b5d2-4add-bdc6-2e4ce4b965f0","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":140,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"e4bac186-84b3-4b6e-9f13-16933f10c82d","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":140,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"37c6924f-1da4-4549-99d5-27e6dc8fe252","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":140,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"36832796-82a4-4a8c-ae08-e9b6ffc16c70","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":140,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"6b2bc120-a0e4-466d-8f6a-1aa8f74ad325","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":140,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"f3d4da97-e260-436a-863f-2691c780b23d","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":140,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"da6fcba6-3749-4e69-b043-9ac84218ee59","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":140,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"7c6f2a3d-1c31-46c1-b204-ed494086bb56","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":140,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"43b6069d-60af-41c9-a72b-e4b29194376f","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":140,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"c76e7d22-555e-4829-b6e1-c13620ee5994","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":140,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"221cdf2e-e5ce-411a-8e42-dbb33e74f389","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":140,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"2356c988-048b-4bfa-80ab-b4d742f64418","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":140,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"1da4534b-568a-415b-a296-7339e7f7e6db","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":140,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"8baa0d35-945e-40d1-86bc-f4cd57ba430a","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":140,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"f7455afa-50fd-47a8-bb8e-c3a458a7470d","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":140,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"dc5bf107-7c80-4260-9cf7-dfdf8ea0a009","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":140,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"379525c7-80ae-4296-a9ff-3777073fd6ee","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":140,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"7a46a7ad-0053-4989-909b-4c99cc3f971c","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":140,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"e38008e4-86c2-4d27-a6b0-66ddc41117b3","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":140,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"f425c9d7-5256-46e3-8a69-6bb2bab0b654","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":140,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"d67b1999-b545-4e00-aeb8-a352dd34a6cb","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":140,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"fdcdfe23-94b8-450f-aef5-9027ca19e8c9","block_type":"box","text":"some additional expenses.","page_number":140,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"8f3192e0-735b-4ba0-a15a-810f4fbfae75","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":140,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"f298a51c-223e-4905-bd75-816eb60791d9","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":140,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"09ff9099-c8a2-45ad-84e2-80c4439f6d5e","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":140,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"b65fa906-8fba-4f7c-b5e9-92828bb94773","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":140,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"0c301e1f-7c08-44c2-b477-28cdf146e367","block_type":"box","text":"possession of information regarding the Fund’s portfolio transactions. Each Code of Ethics is also available on the","page_number":140,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"399a2022-d330-4b47-ba50-cb32f49bb8d4","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":140,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"857e298f-152b-4980-8eef-2a09620e1371","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":140,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"d64d1643-7d9f-4a45-82e9-08ce25090959","block_type":"box","text":"BlackRock will not purchase securities or other property from, or sell securities or other property to, a Fund,","page_number":140,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"0c160ed3-4436-41a6-ae08-59210d6460d3","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":140,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"b207adec-92d9-4059-98ed-9727583ac869","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":140,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"8fcd4a47-0de7-44ee-ae11-b66053d1ffd0","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":140,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"2891c2cb-8299-4c8d-b7e4-7c9ad9c4f61b","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":140,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"1871e4e8-17f6-4bd1-96e7-8946c77603da","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":140,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"84948b7e-73d8-4be5-adbd-96a1402ad635","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":140,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"3f2bb001-08cb-4f7c-b150-f529ed9b7936","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":140,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"fe885616-ec2f-467c-833a-23cde72369e2","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":140,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"d90a6f83-b9b3-4bf5-a21d-c540c516369d","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":140,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"b3cc042a-85dd-4a80-afac-05211112f71c","block_type":"box","text":"initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice regarding certain","page_number":140,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"90035f28-d6a3-45c3-84e7-317987f4f885","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":140,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"d1555b22-1ffc-46aa-9d77-378d25811c65","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":140,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"6a39c99d-ad1f-41d2-ad8d-493c6f10ca69","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":140,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"e1b97e70-dd67-49b2-b893-dbacdf262e10","block_type":"box","text":"of that company on behalf of a Fund, particularly where such services result in BlackRock obtaining material non","page_number":140,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"06bb56b0-f774-4495-a7a4-5e7119bd9eae","block_type":"box","text":"public information about the company (","page_number":140,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"e7a9c62c-64cd-49f0-8c2f-cd2f49881755","block_type":"box","text":"e.g.","page_number":140,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"d98303f6-beef-4dad-91c4-f53ec62d010f","block_type":"box","text":", in connection with participation in a creditors’ committee). Moreover,","page_number":140,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"ce08136d-2698-4e86-9c79-940c6a0137c1","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":140,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"821de287-5a27-46af-8924-55eed50d3ee2","block_type":"box","text":"BlackRock from effecting certain portfolio transactions or taking other actions in respect of an investment on behalf","page_number":140,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"9b83f046-8c26-4fa7-90d9-cfa002c0d635","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":140,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"0d44fb36-803c-438c-a2ee-6fa0e8b83eac","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":140,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"156c01dc-a38e-42f9-b781-5c19666f2d20","block_type":"box","text":"II-95","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"527aa251-224a-465a-bb18-2f200978d14c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b7b2c64-7c2f-4cc9-b7df-0b1a32ebaf08","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":141,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"05088842-860d-4097-968b-1bd4075576e8","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":141,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"6752f8d8-f582-4a3a-b5b4-a31b4827ccb8","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":141,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"f73a7a4a-d0dd-4d9f-8ced-256199c00448","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":141,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"cbd51a42-83c0-4172-b141-e5cd69f7d6e3","block_type":"box","text":"of the issuer.","page_number":141,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"e51eb222-a09c-42c7-8dec-5c397ace56fc","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":141,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"1772960d-3200-4c0a-aaed-d05eaa756a0b","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":141,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"e434c1ef-a539-4bbf-bf6e-58e85fe9252a","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":141,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"d3387a75-2663-4ffa-b883-1b67e86359f8","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":141,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"a181fff8-bb84-4953-819f-53d25d17b31b","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":141,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"5ed011f7-57b1-4bcc-99c7-d6c8498d9d8f","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":141,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"e5fbee53-864b-4e1e-b922-41815c19ec30","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":141,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"3adf4265-5dc2-42d3-a9a0-5bb63c297e4f","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":141,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"716b7270-6dd5-45a7-b2b5-68e4baa0bcb4","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":141,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"184cf3b7-e91d-4c4f-9500-d7140b44fd2f","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":141,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"15134793-0456-4104-a92a-f48554d1eb5b","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":141,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"331ff1b7-28fc-40af-a84b-d0242d6e8143","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":141,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"b5647f0e-57cf-4821-8eec-9a9292205d02","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":141,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"890f4d0d-11b1-4448-9a25-84c4e3741c34","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":141,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"219aff22-37a1-4462-b0b7-4473b282d1c4","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":141,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"1bc87074-2b9f-4bbc-bc50-e98da43565de","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":141,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"f37ab17e-6092-4b50-8b9e-9e02c0727496","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":141,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"b533aa6d-6f5e-46b4-bf96-0ea1b27077c9","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":141,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"411d425f-b467-4b10-ba47-0cb19bc7f3d4","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":141,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"251f13e3-d7f2-4aad-aa41-9905be73e1cc","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":141,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"bf9964c6-b709-40f9-adb7-2c604f2b83db","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":141,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"5fd4eac0-8622-4883-85d9-4efa61376575","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":141,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"918193e4-7106-44ab-bdc3-a5c647a05e8d","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":141,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"d647a03e-173a-4986-a4af-a511a3312e35","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":141,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"a01c6019-477c-4999-9650-bcedc42b88bd","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":141,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"014e037a-22fa-4d21-9d0e-af8b34575f97","block_type":"box","text":"a barrier.","page_number":141,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"f96263a2-6d1b-4856-bb1c-4d8215fb5154","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":141,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"ff2a31ac-83e4-48e2-ad82-78ef22ca6bbe","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":141,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"ec1bc34b-999e-4847-9d6e-154cf5ffc1eb","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":141,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"24f664d5-8bfe-412f-b18b-f0f8ac0d896c","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":141,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"a07a0d62-3e32-4e6f-bc0d-130ba82ae708","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":141,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"3c6e26a5-456d-463d-918f-acef59231c64","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":141,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"2447f887-4b98-4ab3-b0b2-3baa3cf792be","block_type":"box","text":"that operate in certain industries (","page_number":141,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"3925fc88-8fde-489f-8c53-a145f5a85a0d","block_type":"box","text":"e.g.","page_number":141,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"1d909cdd-3c07-438d-9af7-d1bf652c1fc1","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":141,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"75ba0d79-54b5-4250-9b72-d3de04248d28","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":141,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"eb99363d-aaf8-481c-b9a0-814690b926df","block_type":"box","text":"e.g.","page_number":141,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"8c186097-752b-4507-bc36-a408f5251368","block_type":"box","text":", with mechanisms such as poison pills","page_number":141,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"70b2efee-9800-4df1-8f0f-5478fc2197b7","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":141,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"7dbc85bb-8ddb-4be8-901d-35536c463cb8","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":141,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"74b4550c-bbce-4c85-972e-c10c6d58e130","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":141,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"c4ca395b-acaf-4af0-8960-ca1437cd430a","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":141,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"1aa0222c-813d-4a35-8acb-e7000c4d332b","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":141,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"72b107f5-51fa-426f-b991-48446a923d90","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":141,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"4cb60e17-9507-4e52-b1b2-8c4d1f040dde","block_type":"box","text":"seek to make indirect investments (","page_number":141,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"759cace9-df20-4e7f-a3c9-e96fc7f7e47a","block_type":"box","text":"e.g.","page_number":141,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"91889f9c-825d-4d7e-ac31-809b20af12ed","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":141,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"d9a2f1fb-df81-434a-aa10-cbe69bba28df","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":141,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"5ff6e654-4fe5-4ba9-88b9-4058c869fbf7","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":141,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"b9750f85-1ae7-4f83-9cba-c83c32e0fb33","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":141,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"c395bfdf-4bb9-421d-ba4d-35ebe4011ecc","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":141,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"b4d63bac-bf77-441d-9ecd-9c6370b6fb68","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":141,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"cfb522b2-4ed9-408b-8a47-78780c581441","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":141,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"e8fd01cb-e8ed-4404-8024-8b737ce6b3ef","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":141,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"7ce7402a-c097-47fb-9730-569d69398964","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":141,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"3c63eeb2-a4a9-4ec5-b99d-8441d474eaa7","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":141,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"a516ad72-d1d1-48df-b79c-3f60ce8ca25b","block_type":"box","text":"II-96","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c597003-78e1-4a14-8f50-9fd527c6f60f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53e982d8-2009-4ad5-9030-8810c8b51dda","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":142,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"e23a3f1a-d127-4967-acdd-beffba95d1cc","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":142,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"4a2f915e-40e9-4360-8641-e050bb97c177","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":142,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"02456281-91b7-400a-8bd7-b56e735f56d9","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":142,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"d3cad719-8c4a-4e6f-914e-69a22f622df3","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":142,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"b1215081-3408-4a48-a930-fba86d557b76","block_type":"box","text":"amount of the impacted security included in its index. 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In those circumstances where ownership thresholds or limitations must be observed,","page_number":142,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"59be40a1-e894-4c68-b75f-d4952322ac19","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":142,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"b785af31-dc0a-4d1a-ab81-06ce9c77e3a8","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":142,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"97ea65a4-c66f-4fa3-b495-fb46d10b950b","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":142,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"0596ad1d-488e-4826-b804-18ad6ade97fc","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":142,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"ee0be601-c9ac-448b-b210-25f2ac6db7d3","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":142,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"1d155bf6-2ec0-4367-b46d-ae262aee06ce","block_type":"box","text":"with purchases of Creation Units of such Fund. 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In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":142,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"95a81198-118e-4528-8826-d5618e0797c2","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":142,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"40ad44fe-fd94-4129-b75f-2d173786a42e","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":142,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"9fb2a988-df3c-4087-bf3b-1cc551f64f8b","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":142,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"c2c8d85c-9279-42f5-8fe2-8e6119d6b20c","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":142,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"058740b1-798b-40d4-8a57-0a8e470558cf","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":142,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"7bb19a74-ab5c-4705-9e07-8763fc9b950a","block_type":"box","text":"strategy with respect to such security or asset.","page_number":142,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"2ac932f5-5d8f-4517-aac3-c2ce4f692527","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":142,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"cafe06ee-cf11-45b0-9bce-814a913f4540","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":142,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"ea537f06-4f0e-4dd0-a4fa-445ec06855aa","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":142,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2c312b05-bd4c-4cf7-b558-21ce7293d291","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":142,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"48b5b388-17c0-48c8-840f-80bb72c4b174","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":142,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"8f973db3-1d02-4eb5-8eb4-eea563563332","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":142,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"653e0b91-4b87-4221-94db-9daf84e2e74a","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":142,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"ef2a5e6a-386e-47cf-90db-9fb7a1abcc6e","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":142,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"20013f4a-05d6-4d6f-b093-557d2556115c","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":142,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"00d35b97-1b14-4b65-a24d-ed0088fc1ec6","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":142,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"b9ed8233-835f-4318-a050-cc1d9cc14e2d","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":142,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"a47da1cf-04cb-4ed9-8cda-b64f9484cffc","block_type":"box","text":"e.g.","page_number":142,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"c4e9e31a-c8f3-4214-ba16-acd65353a87a","block_type":"box","text":", custodians,","page_number":142,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"4de13160-d412-4a19-b171-d821bf375680","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":142,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"2031d3be-3d6e-42da-af84-8c64f3dda715","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":142,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"e79cd213-bf48-467b-9f26-5c992df5964c","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":142,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"74bd50c1-e395-4b4c-9af7-074c46b71c21","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":142,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"e700337e-bbe1-44ce-9c1e-be0354b28c32","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":142,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"85c3e866-365d-4223-8dd9-30f5dad31d16","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":142,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"21cf21bc-a46e-4b95-95bf-b398fa26930e","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":142,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"72c3d644-08ed-40f6-9830-611fac3de35f","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":142,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"7e47e0fb-980d-4edf-a7e9-f670ade50eef","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":142,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"3fe5efbc-ddfe-437a-9948-c62df0ca9d71","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":142,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"1e227112-bb27-4a0d-8e5c-c4b2da9f3342","block_type":"box","text":"II-97","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d5d95bb8-c413-4450-bd0f-d144a8ee00cd","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a01a983-d6ce-4fd1-9d77-318215ba4c4a","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":143,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"01882aad-cbe4-4330-8dc1-455b545adc4f","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":143,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"73a95052-fd04-49c0-bddc-b6d90bcffe97","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":143,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"fc8b0448-23a4-4b5f-9c4b-a39c6b43898e","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":143,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"f857b63c-3972-4752-8f60-4a7672161db0","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":143,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"be9a8f8b-4187-434e-999a-d3911ca85ea5","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":143,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"d7dab3cb-6fe2-43f6-804a-f34c91e9b4be","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":143,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"7bd2dc8a-3c9d-4603-84e3-caaf3d6e653c","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":143,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"6c54cc8e-028a-4ffd-b634-b40b6349da62","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":143,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"b173f796-73ee-4fd1-bafa-4d192930f508","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":143,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"26c4b109-7694-4925-8a24-05f1d5e7d1da","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":143,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"38f33e67-0f51-4abd-81a6-46f5b30311e0","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":143,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"24f85f2e-6416-4c45-92b7-09a59f809d2f","block_type":"box","text":"provider.","page_number":143,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"35ffde69-d7f2-4130-9fd0-750bc908d268","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":143,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"1cbcfcf7-9a27-4098-b669-31ce4ee09e8d","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":143,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"49d666cc-e4df-4ab0-8c6f-a06724ed5302","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":143,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"9d98373a-8bdf-4b2e-82ba-e6eff9c40962","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":143,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"6a7ec259-48c0-49a6-9cc4-be8e3c29415e","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":143,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"12eacd71-20c1-4c13-8eb7-5bfe0a1a5162","block_type":"box","text":"PURCHASE OF SHARES","page_number":143,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"9c64d130-ade4-4a67-aaf0-b2dd02b6945b","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":143,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"78c63c78-316f-42a9-995f-363d87617a2b","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":143,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"6ecff97c-fa1d-436f-a79f-f88887144742","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":143,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"c0491934-5ad9-41b7-b935-5dc832f2d642","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":143,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"50174e3a-5838-45fa-8e10-c6bec4ff5f4d","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":143,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"62c47909-c9f6-49ad-b49a-df5b9c67e77a","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":143,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"a4a8e4b7-b41f-4c33-8806-e6102cfab9c1","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":143,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"4ddfa835-065c-4ea9-be12-938c395e17cb","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":143,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"d3fc2d50-2ae6-4f3c-9d72-78c777804d32","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":143,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"36e1dbd5-e959-4b2f-812f-a7151fd66476","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":143,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"a987484e-647d-4604-84ee-d1ebe43378da","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":143,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"e5320830-8ea1-42a9-a26f-dbf4feec1bd8","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":143,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"b99fc13f-9fda-4669-8ae6-54c6b7950485","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":143,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"338e54ad-d4cb-4701-af9d-b3313b6e7e27","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":143,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"ac371ad0-4bc4-4721-ac0d-1a38afb31ee4","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":143,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"da3051ea-95e3-4826-966c-b265b4f3f36c","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":143,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"708f279d-c254-495e-8e90-6259692e2279","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":143,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"e6935bfe-a68a-49ac-8d66-f1571aa35c66","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":143,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"72771753-fee9-49dd-a153-245fd4dc4473","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":143,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"568737d5-de8b-4962-bbb1-89f9628571cc","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":143,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"dad432b0-512c-4f56-be14-48ed0d41091c","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":143,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"e3dec4eb-d400-4410-ac60-4a495cfbdb29","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":143,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"3230301c-67ad-4553-9812-81052d5ba2b4","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":143,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"d703fd74-6174-48ce-a26f-e8dd6dc1f933","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":143,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"b70ec8bb-2a4e-43d9-a0fc-976dadd68b6c","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":143,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"2a0a2404-a55f-49e2-ac24-c0005bb70d98","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":143,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"19b55032-5140-4974-bc73-068709a8e079","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":143,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"496d6304-a913-45b5-8dc1-f939842f100d","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":143,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"37b3bc45-9f1b-497e-97d5-6c0d9aa88c19","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":143,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"bd2a18e7-2f49-432d-aa3d-4bf71b52edc1","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":143,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"fb588944-6acb-45d3-a665-82250b215bb2","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":143,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"ff5fc420-2a0c-43ff-a702-19778ad98204","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":143,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"6f92fbad-1d9e-470e-9e68-61ef3e2b7b10","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":143,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"f191af35-4e81-40f1-8ea4-ec167e58926b","block_type":"box","text":"investment is $25.","page_number":143,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"f83c318c-b664-4a26-9964-e98348fb5161","block_type":"box","text":"II-98","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8903158-2d26-4588-a3d4-67e954ada23f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"389c1e33-93c3-47d4-990f-d8be67b8f765","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":144,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"86a13a1b-87e1-4db0-88ed-fb2ae15977bc","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":144,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"70649077-3b17-4f90-86c9-9985ad192024","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":144,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"cfe7bedc-ed6a-4a86-8689-cc8b1d53eba6","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":144,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"00e1bb16-a3ab-4acf-be77-18afeb0e6240","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":144,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"3647cb51-3e30-4ea6-93cf-b2f9e7557f3e","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":144,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"59f9bb8e-afa2-4a0c-8fe9-75df3e1dcb85","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":144,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"19df0a5e-b727-4fe6-8a8a-f0218475f4b3","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":144,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"b319c123-fb5d-4563-9d7d-d10438e6b866","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":144,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"7308c371-5d0c-4ddc-98d9-1c6183689f1a","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":144,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"5e79554e-d988-4d68-baa7-28c4607a5953","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":144,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"40973951-f383-48de-bd22-94f47a2db1fb","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":144,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"d15116d4-507a-4f31-aa58-f592543189fb","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":144,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"c42756d2-3425-4635-a51a-39e3906fd9f9","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":144,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"99c5acb4-9201-4a55-98e7-9d7cf54dd499","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":144,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"3d56e658-fc2f-41ee-a68f-2b4fb866c7db","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":144,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"4c4424f7-61a9-4220-afe5-be2b22879351","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":144,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"9f6704d4-b660-4784-8f84-8cd38d01a680","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":144,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"24136cd6-fff5-40a4-ade4-bb1c36429b67","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":144,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"47f339b8-0f01-4980-9a1d-c45ea7c44da5","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":144,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"959b6fc2-2244-461d-a707-2fa38434467e","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":144,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"1e1e3d8e-1f55-4aa1-8c7e-47411990d437","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":144,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"babbfaad-5064-4730-8a97-04806a48c800","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":144,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"7cb9383a-700a-44cd-96a2-25ce30ae7c35","block_type":"box","text":"adviser.","page_number":144,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"1f788812-652e-4f39-ba72-f42e14e9c189","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":144,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"ad90ccc1-d6fe-426b-a473-94b323b425c8","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":144,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"8a0fb673-efb0-4fa3-abdb-2e8059ff9c2b","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":144,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"ca5bc873-7fe0-4cdb-8bf3-6c21efa4b093","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":144,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"08af765a-52c4-46b4-bed8-c9ea655b670c","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":144,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"e504148c-d3b6-42e1-8956-ca90043535d7","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":144,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"426af614-cf34-4a81-9cc2-94f04aa3dce3","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":144,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"714fed56-2958-4a16-998e-48375fccf6ad","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":144,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"631ae3a1-b731-4176-863c-4d574fdde512","block_type":"box","text":"also be restricted from making additional investments.","page_number":144,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"bfb54664-92ca-47a2-9e99-a51ae1f3da0f","block_type":"box","text":"In-Kind Purchases","page_number":144,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"9462be9b-4010-4d8a-b091-6d7bda718bd8","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":144,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"1cae7743-c875-487f-96b8-96461db893ee","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":144,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"c9f535d0-d06c-4f78-97b7-ce94034b69b4","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":144,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"9167e590-fbe8-4c9d-93fd-8422bf90b565","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":144,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"5f246494-ce03-42be-af3d-79418235765c","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":144,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"8c45d951-9284-4b9e-90c7-d69c961ed4eb","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":144,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"84d2e781-3643-4c74-b067-d3558812e019","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":144,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"de55a9b8-619c-4fb9-b1f8-5cc7047d4fcd","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":144,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"97a4169a-6428-4be1-a128-6b7a81e1d43f","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":144,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"28bbfa03-2f1a-4dff-b873-084605eb84e5","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":144,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"32764edd-5121-4b28-b1c9-849209f575cb","block_type":"box","text":"has settled.","page_number":144,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"37229685-9285-4699-a093-3c2e3a9c16c6","block_type":"box","text":"Institutional Shares","page_number":144,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"6b9f12dd-e212-46af-a9b9-77a5cf559fc7","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":144,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"8c31bb69-6aba-43d5-a5cd-2a672b28de7b","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":144,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"6d6fb52e-8689-45af-a828-ba375c2de5c9","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":144,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"450f103f-a1cb-49ea-a426-d4bf5992f965","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":144,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"08037c8f-233a-4654-9544-551c1057c222","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":144,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"18b13428-7523-4541-933f-3e86bb97e30c","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":144,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"02251d25-e7fa-4d22-8c14-cf5bcfbff337","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":144,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"08de8dd5-1b6e-48ed-8670-c3c78dfa9910","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":144,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"09ef1922-dbe8-40a6-bf04-658852268139","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":144,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"5aedd5b9-bcbd-4aed-8ff5-4eef04d47bf5","block_type":"box","text":"II-99","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8d182277-33d1-4fe0-a364-a24c3ea6046b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a9ce05c-2dca-411b-bd75-da1c6974d871","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":145,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"11b34c98-847e-4175-a8e9-dac96281b945","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":145,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"98319f50-0bf0-4c75-ab5e-700a18d9075a","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":145,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"97cc1aea-f1f4-430c-a734-4ce80e0ac698","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":145,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"fed450d0-8e9a-4dd8-b8fa-d29d7c40b63b","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":145,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"ee92165f-18d0-4909-aa42-dad97cf18279","block_type":"box","text":"these fees and conditions.","page_number":145,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"0776d041-acdd-4177-8894-f880659e8661","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":145,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"0ba57a9f-91ff-4abf-9636-99194346596d","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":145,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"e35ba16e-6435-4023-8313-4d2ee771b01b","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":145,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"5a25ade0-9f23-4d29-85e3-3f7e837a444b","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":145,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"cd6a1e2a-acab-4975-874c-e738d37c10a8","block_type":"box","text":"incurred by the Fund.","page_number":145,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"ab7b4993-3270-4835-9e6c-8d142f1ca93b","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":145,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"8a29f123-3ddf-436e-a587-a837c5a60def","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":145,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"43413af5-de27-4806-8d23-16447dde8ab1","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":145,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"0fbd65d1-b060-412e-aa2f-9bcad938e0b5","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":145,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"69f6f9e0-602b-4632-8a2f-1dcecf0d23a2","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":145,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"ff9fcb16-d811-4c10-b3ef-5693a1c5ef2f","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":145,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"8f2d305e-8866-4e76-b27d-f3869933aee5","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":145,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"d6adfe59-1dc0-4142-a1c4-6eb26aa636ed","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":145,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"a316c3e0-f5b2-4609-9ad3-84cce75dfd2a","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":145,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"6e1859a5-04a7-46da-bae0-30d240aac8c2","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":145,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"df96312d-b1fd-47e1-82fa-e626421f8162","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":145,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"0cf3ca08-e376-42d4-9d64-620f424f81c6","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":145,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"d90a64ff-ff9e-42a6-b494-2279583142ad","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":145,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"46f29e48-bfd5-4f9f-8d12-6f17d519275b","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":145,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"fc16e45c-a813-43ae-aae4-bcb502c62148","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":145,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"54029a92-e7e9-4da0-b60c-1a896a1bdc5e","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":145,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"36994c34-290a-4718-8f75-1ccffcfc73c6","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":145,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"a7043b42-795b-4511-a1f7-aecd1a24128d","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":145,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"ece5c1e0-7e05-4dc9-a640-f0222757b1e1","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":145,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"f5744d24-ee7c-402f-b756-c6ece78f28a2","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":145,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"90d76f03-4416-48cc-bc55-8725b29074a3","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":145,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"3bb74d10-45d2-4675-82a6-43b18dd52500","block_type":"box","text":"minimum initial investment of $1,000; trust department clients of Bank of America, N.A. and its affiliates for whom","page_number":145,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"7db7b7ef-00fa-405c-9726-c126e06083d5","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding participant directed employee benefit plans), (ii) otherwise have","page_number":145,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"34b3a218-7f4d-4ac1-a5d9-bd6ab676194a","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of certain BofA Corp.","page_number":145,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"85957a28-0572-4f2f-a04b-792ae243fe96","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":145,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"4dd7ecb9-adfd-4bb2-b905-6ade7f12bd6c","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":145,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"11c28e17-6021-4e8f-986e-a9e64333969c","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":145,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"15c6b455-8878-4469-82cc-80fe81ace397","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":145,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"f70a04ab-20cf-4397-8156-ade46de70914","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":145,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"beea16f1-a170-4a36-a4d2-8de728edb6af","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":145,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"ed7b1296-da46-434f-8357-7282eafb9fac","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":145,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"7031b465-c788-4d62-a8f0-3ef16a2284de","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":145,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"abbebf85-4f41-47b5-9b36-67620b07dfa0","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":145,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"aa8d05b9-aa68-4f98-99d3-955275e7363f","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":145,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"1ec54e09-a2a9-419a-866c-0d0462378d26","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":145,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"ecccd633-e2a2-4100-b158-f82c17e97032","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":145,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"32a5aaa1-3b61-4195-8164-ffeccd007b60","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":145,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"40eba5e1-7947-4138-a544-0bd7b5373404","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":145,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"db848ea3-6cc3-4a16-8455-5e949b28d00f","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":145,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"7a880f13-3c76-4e07-ba0f-614fd45487d9","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":145,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"10e6ced6-72aa-4d7f-8c82-b6192434175b","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":145,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"6b2bdf98-952d-40b1-803f-9b6dd05dd00e","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":145,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"81d63852-ccb8-445c-afc1-292f2f94d55e","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":145,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"d15b4590-e614-437d-863c-e84b647e1b79","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":145,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"8ff23db6-8bfd-4089-94d1-c696cd085604","block_type":"box","text":"II-100","page_number":145,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d7e18027-cec2-45c4-a43c-4f3aaab1c7e9","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2be3fa0c-61c7-4ac6-847f-d603e416982f","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":146,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"3d124dd7-373f-43a2-b820-7813cd1c1fd5","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":146,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7fd2036c-7cd4-4e93-8f92-fb129f100483","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":146,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"a549b6ce-654f-434a-ae89-a41b82f5b5af","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":146,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"ca577d20-f597-4653-83af-2717494e4e67","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":146,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"7ebe7ff8-931e-48ed-b5bc-d354a2160982","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":146,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"21839345-82c7-4dbf-a78d-a6b1c44eaaee","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":146,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"dce6ca08-6a42-4270-a3fb-549294000bd2","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":146,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"44fe4680-b5ad-4c97-8b7e-6883bd372238","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":146,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"6ad539bc-77a0-4617-8ac0-3686c5d0e402","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":146,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"5adefe85-cefb-4de2-b9c8-ce6f9b2ec7b9","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":146,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"d3a2e8ec-c7c0-4fb2-821c-618b47b03b29","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":146,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"76043a9a-ade3-469e-9451-abcc97ffff35","block_type":"box","text":"periods indicated.","page_number":146,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"bc96499b-effb-46f4-b0b0-38e53d27a641","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":146,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"5462f269-e471-4462-b09d-2c950a4edb09","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":146,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"289f3ed5-cffd-45b1-bf3e-0d95b323d76f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":146,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"f4c51f33-590d-4814-b9ec-e13f3cbfaad7","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":146,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"b15285c3-641c-4b5b-b7dc-0ccabfc4fd86","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":146,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"7c39aad2-037c-4dd4-87aa-7df1d4bbb10c","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":146,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"e3e4d7e7-13c3-4a5e-87fa-c327844422f0","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":146,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"7dfea09a-5482-46e2-bc7e-290d3d00c89c","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":146,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"59b60101-50c6-4ae4-bdee-b49e4fc321db","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":146,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"ac342cbc-ca12-43e4-8033-208feed305a8","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":146,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"9e04b5ae-a3c2-443d-a32c-6d15ef93b0cd","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":146,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"05da00f9-f5ee-415e-8e5e-7103441ab3d0","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":146,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"8104735a-fc6d-457b-8965-f9b072fd064a","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":146,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"8955040f-fce0-4ffa-8763-5338661d70b7","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":146,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"b283c8d7-73e0-4595-8af2-35f19330cd68","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":146,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"63781983-a083-4de4-bede-8e3f581e2627","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":146,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"5587087d-7140-480d-a8a3-268fa1079ecc","block_type":"box","text":"Reduced Initial Sales Charges","page_number":146,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"09d1c3fc-c167-45d8-9dfb-73cf9d248480","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":146,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"38d8935a-9365-4d2e-b29d-034ade738f9a","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":146,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"0d1abe59-8a20-4a91-9cce-577fa514461e","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":146,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"242ae1e2-3516-4155-8b23-39e9d723bdd2","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":146,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"f2ca5248-2e8e-40bc-a9a4-3bf13dfff0ab","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":146,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"57a23050-66f8-4921-a459-4fc70928bc0a","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":146,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"6e0a06aa-a6ee-4d3f-866c-77c0c627a09a","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":146,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"225e2aa0-e85f-464d-a6af-6cdbb8623099","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":146,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"66116f6b-54c9-432e-9ec2-4158d6d41b0c","block_type":"box","text":"Reinvested Dividends.","page_number":146,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"b2c3483d-5625-4d58-9af5-050c9d794029","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":146,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"d9d7ae76-ddf8-472d-afff-34f4bcbe4897","block_type":"box","text":"reinvestment of dividends.","page_number":146,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"d81f47d9-ed72-4d07-93fe-d4e25d29dac6","block_type":"box","text":"Right of Accumulation.","page_number":146,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"eb5eec8b-3b09-44fd-8cb0-58d600eaf760","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":146,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"6d2546a6-b241-4b72-818e-08060b340f9c","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":146,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"61a68c88-3af0-43c4-9a80-fb2f7aee472e","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":146,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"ce24e9cf-132e-4d68-b082-7debb00e999a","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":146,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"659b5571-9db4-4f6f-8a80-0d8b7f3f6602","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":146,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"af6e9431-6843-4701-bf6c-317f049dcbe4","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":146,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"d0c7dc0f-8fd7-4935-a73a-24cf3af5bef4","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":146,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"64a00c5b-6582-4c0e-8a4b-327cf6e4f5f4","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":146,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"460ef1bb-d2f2-456b-b621-f612d1579dec","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":146,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"2ccd03f7-f504-45a3-ab81-87358e5b7124","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":146,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"20060e7a-2fce-486f-9d87-00dd5061006a","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":146,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"414118c8-5881-473d-a302-1df6fd83960d","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":146,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"08c35482-1aa6-4f0f-9812-055568315b04","block_type":"box","text":"II-101","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"07b3e054-675c-4bf1-ab78-d92945e95ba4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be05ce7b-14db-4e36-9fa9-1304b8cef845","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":147,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"eaa2462a-0980-4856-af41-1bdadd539f17","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":147,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"9f62629b-ff70-4c19-a32b-df6d9bc39d9a","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":147,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"1d60eb0c-3a86-46d5-b668-ccf2048925b9","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":147,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"290e8053-d3a0-450b-8404-2baf71a1b45c","block_type":"box","text":"Letter of Intent.","page_number":147,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"75461071-806d-415e-9fa3-ea31356bea84","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":147,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"a38111dd-5ebd-43d2-bde8-76982a51a251","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":147,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"87179192-879b-402a-b25b-ffdd0f60cc6c","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":147,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"2921a8cc-781f-45ff-a431-0ddc3dd6c75b","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":147,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"8da1b21c-8982-4695-a4cb-7afa22e22806","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":147,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"af1c5e42-d096-44ff-a471-e1b7e25a0d58","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":147,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"a20b9c70-d59a-41fd-9992-bf2bb916a346","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":147,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"fd0a8805-01a8-46d3-916a-3cd1e69d134c","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":147,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"ee643a03-a23e-4c66-a3f1-5bd452ef2da1","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":147,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"4a0d4f70-3c42-4160-9fc7-304056919441","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":147,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"16f92181-3718-4cdf-ba49-9dceb77592de","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":147,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"6efcaca2-32c9-465f-9e74-26a820c7651a","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":147,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"d079e433-51f5-4627-9831-f6a3a1a3ca22","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":147,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"1437241c-ae82-4dc5-9018-7340ecf995f3","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":147,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"ec8148af-4130-4b9c-a389-22625537339d","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":147,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"e9f3e4df-db79-4a23-b76c-23a099102823","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":147,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"560efd68-45a7-45e4-bd8c-36321f85f373","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":147,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"fb48e801-f825-4106-92f4-661795136c70","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":147,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"4723a53f-2a2d-4912-bfd8-9998cd8a4ba5","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":147,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"fe03645b-32cf-4588-9acc-a6c03f27c7a3","block_type":"box","text":"Placement Fees.","page_number":147,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"e7472ad8-d763-4148-b29c-8186c757ec80","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":147,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"1b21aafa-a190-4d73-aee3-508a101e9c52","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":147,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"03178e67-121e-4a26-ab20-9b6de8bce290","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":147,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"58a36601-21b0-48cb-9286-d3059f5432fd","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"c77c5be7-8f01-4391-8e01-d0004c3fdadf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"16d3ddfc-18e3-41e9-93d8-a3d220521644","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"abd0ba71-1728-45fd-ab19-57c9bbf25397","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"5fa87d3c-99e8-4d99-bc6a-756ad0d912d2","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"e6fe961b-0a3b-4748-a81e-63f8266f9625","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"dbaabefa-13b8-42ad-a6c2-aa305f2ef679","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":147,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"78648a21-5112-4d33-82dd-7e5353da3475","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":147,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"76ad557c-ed2f-4e3b-847b-4d36220c8b47","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":147,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"7b659b28-29a5-4d56-acf9-114b8f858c79","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":147,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"99841d59-a97e-4fae-b3c5-d1cca8a8da1f","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"5f8954c8-85fe-4aae-9fed-ab04c7ec68c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":147,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"f8b027e1-7694-488f-83e1-b11055d7bad5","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"c056d97a-ddcb-4ac1-b0e9-a438b072a049","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"329595c8-6087-4cc7-9a2e-7c1619cd4f5b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"e797bb9a-41e1-48f0-a346-8c7a1614085f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"5f02e8c2-f1ed-4273-9ab1-a44cf4b5b310","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":147,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"a7c40b89-90de-4dca-9905-d12357a83ede","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":147,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"5cb6b0b6-f993-4284-a774-255968cba1f3","block_type":"box","text":"SM","page_number":147,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"805762f6-7770-4168-9b87-dabfb891c538","block_type":"box","text":",","page_number":147,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"55c62f88-d59d-49d7-b35f-478ed7454b6a","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond 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0.75%","page_number":147,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"379fb98a-6aa2-40d1-878f-fc85c9c64599","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"66c8a774-42bc-4fd3-9d90-30781048c896","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"5a972af0-da42-49dd-9900-b7475ebbda43","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"268c83a7-23f5-4cdd-84da-34fde09e83f7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"c3d8aee0-dc0b-4410-878f-8bc5202ae54c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":147,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"076c1af5-6315-4f37-8d8c-1ed588e3f1fb","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":147,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"63959921-8bd3-47a1-bcd3-156a234d7881","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"91479f7f-4386-4790-9725-7a6ab46d6896","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":147,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"f06302af-59b9-410c-8f39-6c1ac3d4814c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"148e3cbc-8562-4236-8182-683cf930cea5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":147,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"05f439df-b9aa-46c1-82c6-58f5abc41838","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":147,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"17e8a57a-3696-4550-a372-ef57d2d5d28f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":147,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"194684c6-2cde-4e58-b672-7490e437cb4b","block_type":"box","text":"II-102","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"10d666a4-003f-451f-ade7-3b8718019b77","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f20aa72-0ab9-46b0-af45-747de83d67a5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":148,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"18b39b9d-ead7-454b-a238-46ba023f12d1","block_type":"box","text":"may be up to the following amounts:","page_number":148,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"39d93876-61cd-4148-8d85-aa386908ec9d","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"ebc17876-28ca-4950-9d79-9b6cc97bf032","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"05964efd-3de6-457c-93ff-218d02489097","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"e2bb268e-3bd6-4afc-b4f2-970e8e4d8746","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"459f4cf7-ea1a-4874-b552-ffad7c6b3567","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"d2b7c437-3512-4955-811a-8b55ca9d3c16","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"e1b0673e-92e3-45da-8f89-370051844f1e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":148,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"1c1b7ec1-3153-4fc3-9548-bb66635f0d12","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"2afb3c3e-bab7-42bb-9616-4f3af9f19dff","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"a12091ef-53bb-48e1-88e8-8e3f675f7ce1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"2f957401-ab93-4fcf-b8d3-310c94eb9ed9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"14e301d9-3558-4b80-a92b-6528da766215","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":148,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"fbac8145-ca99-4405-bd30-17435c95206d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"6fe81286-b296-4ace-b81b-7d629c0e4df6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":148,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"5b3e7c5e-a1d8-408a-94fc-cf10c4379de6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":148,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"04e1d846-5908-4f21-a649-fcd6edbd8458","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":148,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"4f9b81ee-71de-4228-a923-8a6876b59961","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"58368187-6710-43a4-959d-2c6523b6c961","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"33565a84-681a-4530-a0e5-b4019b72e422","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"32d1d9a5-2717-4870-afb8-a145f32db08b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"352d87d1-9b5d-46b4-8c7b-364b93d45783","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"1da9e6f8-2636-48dc-b249-e419546356af","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"be879609-db44-46c9-8b98-e729b7065687","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"db2c2196-e48d-47d0-839a-5facbccafc20","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"d2c1560d-e256-426e-b0a5-b34eb9818288","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"dce13b75-e1f9-4962-bba9-b72ed5f49258","block_type":"box","text":"$250,000 and above . . . .","page_number":148,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"1b908da8-fe9e-4f4b-9f14-e20a8d8275a1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"f06e3464-ced9-46d8-b516-e3a3fc105e98","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"5c04df13-92f3-481f-b2eb-97e3b56b1788","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":148,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"bf31e1c8-49ae-419a-8308-f4dd51b9f53d","block_type":"box","text":"the following amounts:","page_number":148,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"7dca2b3c-08f8-4280-9b74-297e53da9e24","block_type":"box","text":"$100,000 and above . . . .","page_number":148,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"ad60cb73-ca8a-4fc4-9605-3ca84928c80a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"f156dce3-c629-4275-ba26-b8752f520d6b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":148,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"6ee4cde0-cdb0-43e8-8e85-ee8a74f7f94f","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"2a8f20e4-e11a-4a46-a34f-d3a7f833b068","block_type":"box","text":"$250,000 and above . . . .","page_number":148,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"7019d8cc-ee63-41cc-9ab4-c28df9820c16","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"983efdf8-d16a-4bde-977c-d79d968e2652","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":148,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"e70db183-d508-45c8-81f4-7c1a210b8822","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":148,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"e2fc2466-b737-4258-92fd-ab594e9ef488","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":148,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"52f4f0f6-20ba-48a7-bd6c-cda985de8297","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":148,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"57dfdb23-840b-43ab-9de5-446482221897","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"d71b2394-e203-4751-988d-6bad3673cc8b","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"ceceffd8-834c-4f8d-9b52-2dc08ba51438","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"bf2f00da-27f2-46af-8eb5-3439a56a7585","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"03ab105c-b892-42d9-ae69-336cb6f8148e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"60652c2b-9301-4d74-ad0a-d47de10542ff","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"54809729-a2cb-4c33-9b29-27f5b31b2d15","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"8e4ea04b-ac08-405d-8551-8020d6bcc629","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":148,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"2237e3a7-00b4-437c-bbd4-33fee75e136b","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":148,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"d11367f3-4148-47f1-8517-fe837eafbfb1","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":148,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"9ce6e47f-cf9a-4b90-8411-a14b0c5f9a43","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":148,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"9856694d-001f-44a2-8a8e-8d082fd7017a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"991a0179-e7a0-4b69-b79f-e8b409fc63d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"348a37c3-1288-469f-91eb-3eaa8bf18266","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"32619089-23a7-462b-9d3b-99387f8962b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"1ed44767-c373-4421-909e-579083f5992f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"02ea64a7-a963-4340-b601-59513a7311d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"01fb3758-3cdf-49e4-b051-2d8a33f3c2fc","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":148,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"a628472d-9d83-4625-a95a-d4ec38759613","block_type":"box","text":"®","page_number":148,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"27d4e3c3-f811-47d3-8cc2-40c6c373968b","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":148,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"b2ffd7b5-c58c-4c2b-9442-7e96e3436116","block_type":"box","text":"®","page_number":148,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"da37b3a2-f18b-4fb2-b6cc-b256f231be2e","block_type":"box","text":"Index 2035","page_number":148,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"e2ac36e0-6a15-4ac9-a8ab-f4eb2b53af4c","block_type":"box","text":"Fund, BlackRock LifePath","page_number":148,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"6ed3d924-eccc-4edf-813c-8a98805be17c","block_type":"box","text":"®","page_number":148,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"e55e93b1-dd6e-4075-9b3d-fd4fd46e3872","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":148,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"9fccbe92-a194-4f06-b045-f5a2c6a9b1d8","block_type":"box","text":"®","page_number":148,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"79bff017-d047-4196-af2c-ff12549f42a4","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":148,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"97abc360-0f6e-40ae-af25-543655469ebd","block_type":"box","text":"®","page_number":148,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"b2378e0f-cf06-4da5-ae83-d6174758e455","block_type":"box","text":"Index 2050","page_number":148,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"7abdab91-19be-4145-a493-0e1386c6c561","block_type":"box","text":"Fund, BlackRock LifePath","page_number":148,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"55da0e00-5aa5-4b74-820b-79a17594724d","block_type":"box","text":"®","page_number":148,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"4aa72dfb-af3d-4f6b-b4ff-28ae856d370f","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":148,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"be75f46b-3361-4422-903d-e3b5abb0ed1f","block_type":"box","text":"®","page_number":148,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"0543e0b9-6e7f-4785-b7a6-e654d41a7ea3","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":148,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"dbc0d9f9-f08d-4f37-a311-a5de5e6e29b0","block_type":"box","text":"®","page_number":148,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"a705d793-e104-404a-88dd-418274122226","block_type":"box","text":"Index 2065","page_number":148,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"c362b95f-3c75-4a96-9d27-9db958731359","block_type":"box","text":"II-103","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9fe568cf-55c1-4407-9305-719d1204018d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e2cbd37-6c89-4175-819e-7662737f80b9","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"8ff4c2c4-a277-48b3-84d1-18706691baf6","block_type":"box","text":"®","page_number":149,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"b3e8f7c2-4634-415d-8137-5051cbcf1fbf","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":149,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"45558fba-70d4-4ffd-a702-36d96da41f90","block_type":"box","text":"®","page_number":149,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"403651c0-1b4a-443b-9e71-613eb6fbceb0","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":149,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"0786c699-6c34-4453-a88a-ea3119a5da62","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"48ce4eb5-94ed-48bf-a772-b80ba6252ff1","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":149,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"c2ca45e8-d431-48b0-847a-862ca0c61f85","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"03d1a82b-466f-4218-86e3-f0e8a52b75dd","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":149,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"a02ec3bc-93d1-4726-a04d-e2b6a9f62463","block_type":"box","text":"SM","page_number":149,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"b97a199a-e121-4c09-8549-f63d9849ae9e","block_type":"box","text":", the placement","page_number":149,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"6501b548-08c7-49cc-9f85-1ad061db071b","block_type":"box","text":"fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"788b172b-52a8-49c2-891c-80dcbd87ae33","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":149,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"6a9d9eab-45e4-4637-9f39-1ba5b8ef667b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"dcbd48a4-596a-41e3-a19d-230365049a59","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":149,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"27e32256-937e-462c-9c43-056e787b51ee","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":149,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"2d802bb6-b97b-4d1f-a9c9-a9449dfb447b","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":149,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"ca09e4d6-f499-4450-8d1f-cc99699cbefe","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":149,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"9f7e042e-8927-47ff-a6c0-8cf866ac32a7","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":149,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"67e85d09-e417-4ef3-a404-0797dbf0243e","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":149,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"d0d5fb6e-62db-4c0a-923d-0bb1474d7ffa","block_type":"box","text":"$1 million).","page_number":149,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"a01db3f0-cec1-490d-83f0-fe5f1e933331","block_type":"box","text":"Other.","page_number":149,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"1eba3c47-092e-4371-9690-e18ba2e902be","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":149,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b49ef8b2-52d7-4de1-8eb6-7492a92ed016","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":149,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"98392e5f-12b4-4df8-9c5c-08bcdae26667","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":149,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"b7e3284a-fb64-4ee1-962d-dc980f545c7c","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":149,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"a7b5435c-ed4a-4363-8e94-1d29e9ecb0eb","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":149,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"318bd41a-b42d-495c-ba07-db6e7551d129","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":149,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"51a2d43b-e6e3-4158-b8ba-d2523092eae3","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":149,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"d55b850d-11b2-4703-b863-93be5171158c","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":149,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"643a3116-910c-417f-a1a0-77bcb4b13841","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":149,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"64788826-68a4-4355-8580-0aa5d5b861bb","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":149,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"01b5f6b0-51bf-4737-9313-821cb497d4f6","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":149,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"6211ece5-0460-400f-80e1-fa7f75d33ac5","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":149,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"226cd272-eca5-4d81-bf26-d2e7473932aa","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":149,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"ec6abcec-44e7-46cc-9788-82ca9e71852d","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":149,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"aefc786e-ac7e-4cd9-9a29-4584b9add915","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":149,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"aaa705ec-8ad1-4ecc-8a36-5336d8463d42","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":149,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"f93270cb-4165-4696-9cd3-637b591c77f5","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":149,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"f507c339-c954-43f9-92b7-e44444b4dabf","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":149,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"d269c397-10cb-4288-9137-2f0238e8870a","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":149,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"f8a9c0a6-5da3-4c35-8b65-f1df91a67000","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":149,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"aaf37e8e-eac3-49d5-af4c-71eb1d7b6de7","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":149,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"5bf781da-3ffb-4d4c-8444-8f79cd7920af","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":149,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"5744b375-ceec-4bf7-8dc7-a5349db2473d","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":149,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"29319112-a55c-45c2-87da-b73ac1b9d7b9","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":149,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"2f438228-8cc1-4dae-90cd-903ca8d060e9","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":149,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"9d586567-4968-4d06-9b6a-2e2086396d00","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":149,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"47ffc5df-6cf8-44f1-8c11-48a40dba258d","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":149,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"a62aa34a-2392-427d-b1a9-874dbd6fdc6c","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":149,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"23c24425-2f6b-409b-ae02-d5027d9fffab","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":149,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"c2d7bef4-167a-4ae2-aa96-7de2ab34eb2c","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":149,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"bfa4cf9f-e9db-436d-9bd6-1743a50955cf","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":149,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"879d9afd-34fc-46a2-b859-fc7d4e26904c","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":149,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"7a053c84-58dc-4d9f-b195-a6f060d371d9","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":149,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"c87b9833-7dd8-4344-9751-ff628cad10c5","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":149,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"f517e0bd-4567-43f2-b305-bd026327dc7a","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":149,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"aa662b3e-da62-4e81-8d86-6fb6281e8af7","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":149,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"115bfaa7-d4df-4653-aff4-14bf2a896710","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":149,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"e97c5c42-888e-4080-a914-96e858b88466","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":149,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"6fbe5555-bd27-47da-846d-6fef2c8068bd","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":149,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"b449e179-22ce-412e-a1ab-480d8dd61fc9","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":149,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"f9ecf0a0-d027-4566-b62b-0ea6ffc0992c","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":149,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"f1bee52b-d291-40cf-879a-dd41c6272c77","block_type":"box","text":"II-104","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"522042d8-bb14-4a6f-ae91-516dbc5c76bb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ac73059-fb56-40d7-a6d6-7d7d5248a72d","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":150,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"b6e3a2f5-79fc-48ab-af2a-a3f2481040c9","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":150,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"22e37484-9098-4b03-aebf-e81d994e1485","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":150,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"ce2f1643-58d9-43a9-a117-97ad1a6a290d","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":150,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"c4a17009-04e6-4966-a3a9-518917647308","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":150,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"5e393c0b-b5f0-452c-906a-8d0c15534634","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":150,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"59e7e64e-5682-4838-b3ec-ad503f7453a4","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":150,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"d686bad4-0d1d-4615-a60b-1eee2061aacc","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":150,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"ee50394a-f05a-4122-bdb6-e0da217b0947","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":150,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"0e7ea208-78de-4775-85be-07df50c55889","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":150,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"a07d44cb-f258-41cd-83ef-0c0d757c0ecf","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":150,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"01d5231e-a844-4f25-b815-73a76ec1f1e0","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":150,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"9d88c0ea-7b04-4455-85ca-9bfe6e14b507","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":150,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"e6c4a6ff-822a-4f72-8f34-8030b560afc5","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":150,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"ac32f7bf-5a4c-4498-aa54-a338cb86931b","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":150,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"3706137f-7083-4448-b2ba-82abe069bdee","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":150,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"f23faff0-1224-47a1-8dfa-268fb6c04c03","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":150,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"660c6c15-69bf-4b79-85b3-d4d930c2e9c4","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":150,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"dd217c11-4570-41df-89cd-57d8d1150b50","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":150,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"9ad36220-3e02-49de-a78a-be8eb4576866","block_type":"box","text":"certain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":150,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"6fd804e0-51f0-4c30-abe9-c3b1246a40d3","block_type":"box","text":"shareholder’s death or, if later, the receipt of a certified probate settlement (including in connection with the","page_number":150,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"2117fc71-f415-460f-b382-222129c18c0e","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":150,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"6a39822a-d48c-45fd-b459-d407bc59e08d","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":150,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"5efae72e-e95c-45cb-b501-85f407abe077","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) certain redemptions made pursuant to the","page_number":150,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"d8a1768c-1354-4f31-bd11-ea5e1f98e61d","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":150,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"2f94eabe-f96c-4f97-8f70-b62bf255ba63","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":150,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"a654c19b-e3b2-4c5f-8f3e-fa05fca60225","block_type":"box","text":"the absolute discretion of a Fund.","page_number":150,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"10250257-8fba-43f6-9eb8-befaf2846d71","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":150,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"87a68e0f-8e85-4120-a108-ca31e0457fd7","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":150,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"e4da2e28-9143-4630-b809-40c00f97dc0a","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":150,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"0ed77cf7-2d9a-43c7-b3d1-3ca03665cf26","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":150,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"6e1302d5-8fb5-4f64-9f74-c5274b09abac","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":150,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"b636f0d2-80ea-42b3-b99f-71a22525333a","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":150,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"f736f32b-26a8-45e7-ae32-999958680295","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":150,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"eb57a5c7-b9d8-41ed-bcb2-b997b8310c80","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":150,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"177abcd3-99f9-475d-9bfd-6cee43f0a3e9","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":150,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"812bc835-71eb-4fff-bd69-d7155b353568","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":150,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"ad1d6722-100d-48f9-b244-12f424dca918","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":150,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"059b9d5a-4a66-4c23-9f42-28975b533ef3","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":150,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"8d65fb8d-4ed8-4c69-95f4-3d06e3370eca","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":150,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"b05f3f6c-0166-4979-a5f2-11713f47344e","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":150,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"0937aa11-2f7e-4266-9fd3-7e18eaa6aaf4","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":150,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"4ce37bc5-7972-4160-97fa-4a4f67954204","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":150,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"c8aa2cb4-0b29-4453-8c21-87f6f4ec10f5","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":150,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"8f2f1e84-66e8-49b9-bed3-96568020efff","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":150,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"3c527910-01a4-4fd0-983e-08ba256bdca1","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":150,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"2ccdfd59-3fb8-40d2-a330-71ab4d97a839","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":150,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"1ac3fe21-5ff2-479d-9233-2f832cc64653","block_type":"box","text":"public or private investment company.","page_number":150,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"145aea6b-d949-4d1d-829e-c87e76df414b","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":150,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"0f3f19aa-9276-4e7e-bdd1-1e8ce43092ec","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":150,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"c5affb55-6171-4156-a548-63dbbc82549e","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":150,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"f3df062f-1ed5-4f02-bbc7-04a96cabfbf6","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":150,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"f899c08a-f559-4e6d-b616-751696e56e8b","block_type":"box","text":"II-105","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9c85dc01-912e-4dac-87f0-3ce17d7d71a4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"caa550df-4d40-46db-823f-9c12b9ec6023","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":151,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"58c6bb25-057c-41e9-bc81-266b839d3cfa","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":151,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"dae681e5-9b53-43ec-a6e7-6d457f9f27ba","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":151,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"b42f7536-5e70-4ef1-902d-237858348610","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":151,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"bbe30e37-f1a4-468e-a459-30536b21f076","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":151,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"a5f51b9c-dd02-4b8a-b9fb-a069f6672bc8","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":151,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"1eb237fb-31ff-4021-9270-47349c24bd47","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":151,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"1949794e-a369-47f5-b3d0-733615a1252e","block_type":"box","text":"intermediary associated with the account.","page_number":151,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"8da0e300-577f-48cd-8736-430aa3858264","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":151,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"a00864a7-c093-4e2d-8a19-4e9bfe04d41f","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":151,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"5585a7f1-0d10-4ec4-8039-b87f2774d0c5","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":151,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"b67875a4-5b9e-4f38-b545-c1fe9c076bb3","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":151,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"4104e0d7-a907-4dd6-adc1-6eec5fa1cbdb","block_type":"box","text":"CDSC shares.","page_number":151,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"9bc7c6c9-1484-4a7a-9d48-2eda12ff99c6","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":151,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"85e0d32e-1078-4e66-887a-8a9f1c46a136","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":151,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"d471e815-e926-4c6f-a489-1dbe747c19d4","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":151,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"20e0b87e-a3e3-42b0-8985-c97a2e8c7c04","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":151,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"9b870770-b4e4-4743-8306-bf3624f682a7","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":151,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"a7309133-aab2-4552-8d8c-0a38d250fd48","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":151,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"a389dd46-3956-4aa6-9eb3-0e8daa95b135","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":151,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"4dd8da2f-957a-4ec7-b78d-e1f4e75916ad","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":151,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"992c8b1a-1034-44f9-a140-01b93199a07f","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":151,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"8bfdaf2d-615d-4a25-a6f4-18b276806e4e","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":151,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"843af100-867d-4bc3-9c58-dc8d5f30ae51","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":151,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"bfa9e0f5-a4ad-4de6-ae74-0bd2bcf91cbc","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":151,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"8b752ae9-ca67-40bf-bf5a-8f3cae3562e9","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":151,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"8966ddd8-ff04-4288-b372-8bec4412e408","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":151,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"3550079b-9ef6-437e-bdfb-4dfdf8b004d9","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":151,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"6fd85bb6-364b-427c-8bd8-14e8a171ddee","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":151,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"bf2f6ecb-35b5-4c83-9bb4-75f8c9e2d30e","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":151,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"65b081d5-78b3-4022-8c79-79923b3f314b","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":151,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"63a4e407-c510-4f47-81d7-7a05b530c57b","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":151,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"fcef3e07-1761-42ce-9361-3a81546bbd6b","block_type":"box","text":"Investor A Shares.","page_number":151,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"e2e3335d-ea5c-4173-af2b-9184e0580091","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":151,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"1895e0e2-6a38-4e70-a199-95f23624d924","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":151,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"047e66b4-051b-4bb3-a324-8cbdf89b1527","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":151,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"09eefeac-ff49-43e3-9fbf-4d37e29dea19","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":151,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"b94e615a-3aed-499a-883c-d343aab206d1","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":151,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"9d9055e5-327b-4d73-83f0-10cc8fe16e03","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":151,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"15a7cfd3-176e-4ea5-bc11-a6175e2d9104","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":151,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"7077cd01-32ea-4499-ad03-6c42ed12d3c1","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":151,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"87af6c3c-c530-4581-9fb1-ec9bb360271c","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":151,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"e3ebab6f-85cf-496f-98f8-1419496dba77","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":151,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"d4537b2e-de8b-4710-a20d-727aa52f8a25","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":151,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"84ebe897-3b93-4429-abf3-ef29a7b808b2","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":151,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"ea94d53c-ed06-4c62-ab2e-21a8f73ba6c8","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":151,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"71912799-bbc3-4a8a-a500-e6e0ec2f3acc","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":151,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"1edaa2b9-4f6b-431f-b9ce-292f949c7096","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":151,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"d7e153b8-961c-4da7-aaf5-276b0a34fe6e","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":151,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"0c7112a7-10c7-436a-ba47-9251d9597c14","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":151,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"4103453c-2eb1-44fd-94db-3e0274e2b68b","block_type":"box","text":"“Investor C Conversions”).","page_number":151,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"1d41a3c8-44b1-4316-8327-f681c5c87cf5","block_type":"box","text":"II-106","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"98c44c2f-e1ce-476d-bcfb-eb68a053981a","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5009b64f-4b28-493a-8a5a-f85ad3b5cb75","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":152,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"6152dd8c-71b4-43de-9317-1c9805853714","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":152,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"679edd78-a96b-40b3-8809-d27f44e06c4f","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":152,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"138cc242-62d3-4b20-8b0e-e90aa61324d6","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":152,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"95579592-6441-4202-b962-d99862ab11df","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":152,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"adc1d8ce-86bb-4d64-873f-df0caf36396d","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":152,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"60867e45-0dd9-4ad4-a5de-27318565af95","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":152,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"635a79d5-c32d-4465-a824-9545e1e852de","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":152,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"a540c36d-5f55-45be-ac0c-a2ee01000f36","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":152,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"8c9c3477-2b55-4383-8d0b-dd2632324141","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":152,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"320d2380-7583-4245-ba4d-fd24e45e6a95","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":152,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"ed05a91b-4231-430e-a955-a95efc5b767b","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":152,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"badcf6c8-119a-4529-8be6-985c72817cab","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":152,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"1400ce7e-6e2d-4aae-a47f-95880851db1b","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":152,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"d84221ab-2427-4737-b379-a9c317514859","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":152,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"48315040-4bc2-4c00-8503-5bcc87c6c8cd","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":152,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"9b456a60-5d94-4774-95df-d0cca66912f4","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":152,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"79ffcb01-571d-48a0-a67a-32b4fe075280","block_type":"box","text":"redemption.","page_number":152,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"c97ded20-2093-43c7-bd6a-20224f7f3ae8","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":152,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"13b1f94b-a7ef-4626-85d6-f4920b545fec","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":152,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"bf7ceffd-c690-486a-8f4c-96b6ac923f3d","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":152,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"0ec65223-40e5-45d1-8bcd-af5c9504e34d","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":152,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"cd173bd3-ae37-43b8-8f96-6ed386632f9a","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":152,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"6681619a-4b61-42c5-bcd6-e2f9f642aa46","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":152,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"4333529c-6564-44c5-9653-fb43197e8ef4","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":152,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"e047e370-cc5c-452d-8630-2c3a9304481b","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":152,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"1242c6c4-a61b-4795-91ef-e05d7d76a5aa","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":152,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"3a48f885-c34b-4132-94b6-7d8a23a4f8d5","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":152,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"6336a399-8fcb-451d-a7f1-0b69293f4624","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":152,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"e7bb4b40-7a1a-4a71-801b-bc23221ab599","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":152,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"c2c5e347-3fa7-4a5c-99a3-f600240714da","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":152,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"3342eb26-b4ce-4088-a41d-b1593e78c3f4","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":152,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"00b6dcb8-11b2-4d4e-9a0c-e9b9a234ae75","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":152,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"b2b24636-b6ff-4497-9f2a-d196218f336f","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":152,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"a9aabadc-e761-4587-a5a3-361613a1b291","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":152,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"39b5e590-66e6-479c-8445-5e8348b0c05c","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":152,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"b64ad9f9-7d2e-4f6f-846c-8dcd34445caf","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":152,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"d2dbaed7-bf2f-4271-ad31-e2e43f40d99e","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":152,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"11b153da-c4b0-4d24-924f-01c0e7365f29","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":152,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"fce88be8-265f-4e93-9861-1f736e6bc6ea","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":152,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"8894a215-e789-4328-b69b-6ed0a6a1834e","block_type":"box","text":"Class R Shares","page_number":152,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"d4ed5cc4-ed0d-427c-9958-5411371aebb4","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":152,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"f36eb851-fe48-4955-820d-c38033de792e","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":152,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"1f1507da-1357-46fc-a8bd-0591171cf892","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":152,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"46967020-dd9e-4d69-976a-58893917c057","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":152,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"30af0c05-d116-4487-8e42-cfa1978b74b5","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":152,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"a3414968-5df9-4946-8e23-f2cf572d0560","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":152,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"0c086512-3bf3-4ac4-8f02-736cef0a061a","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":152,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"5c0c9c84-857d-4b1b-b49f-091c1476017b","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":152,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"1e26fc17-b65e-47ed-9970-c859555d24ce","block_type":"box","text":"II-107","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5c1c476f-0e0f-40b5-8e0d-419ebf8afe7d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"774a89c7-50f6-4255-8ce5-f8989ee8346b","block_type":"box","text":"Class K Shares","page_number":153,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"38f95a2e-a42e-46b6-8e64-3c561ffffd78","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":153,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"0f9a1bc7-1556-4b8a-8589-e3e9b39a72e2","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":153,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"f68517f4-37bb-439a-9fbb-e9811002f31b","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":153,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"b824f353-2b9b-4b2a-9b1e-5309876cadd9","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":153,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"c320db0c-a9ce-4e84-8fc9-8d72ee1bcf63","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":153,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"2d4598ab-508a-48e4-90f7-65d594546f16","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":153,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"059681b5-d75b-4e21-9ccd-da50a989d20e","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":153,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"0c8b23b8-0d07-4c91-a710-2107bd5809af","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":153,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"0e70d51f-9a6d-453d-ac5b-790433e7f91d","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":153,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"a61de3b0-e4f7-4a1c-9faa-9a72a18dcbaa","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":153,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"f59d558a-2945-455f-8ac0-66bcbe998e37","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":153,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"7285b5c3-f18b-4ea4-8e9a-a957a4fc17a7","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":153,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"942e29b5-c226-494d-ac76-10aeb5bc8df8","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":153,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"bbc3eaf6-79b6-4f94-9411-0debdb8fb3fd","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":153,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"75841248-dcff-4f5b-9c2c-091af9fed9fa","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":153,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"bd2ce169-a3af-4027-94fe-64de633ffc12","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":153,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"632da44f-7078-420d-818a-f854ae4978e0","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":153,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"6a28fb05-7432-4a47-983c-7a70abc92ee7","block_type":"box","text":"distribution and marketing agreement.","page_number":153,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"60b04d1e-e874-4609-85e5-e80106622658","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":153,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"d74c93d2-de34-4905-bfb2-a010abf2d6d6","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":153,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"5aa887cf-83af-443d-b97a-11c7ec3d5b7c","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":153,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"9674d2af-3059-4b1e-8dc9-0211b68c605b","block_type":"box","text":"Class G Shares","page_number":153,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"db83399a-9247-4bf7-9853-1b6ad2633f1a","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":153,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"5f7f4cb9-74f4-4152-a4b0-26f4d4d9fa82","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":153,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"b205b794-0ce6-4ef8-986a-17f3f770d82f","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":153,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"dc3d87ff-3e1d-4876-91b0-79edcdc8093d","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":153,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"4ad2e916-126c-423c-9ebe-413aa06c9634","block_type":"box","text":"eligibility requirements.","page_number":153,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"bd5b33f6-fcab-4543-b00c-7c1db5806597","block_type":"box","text":"Service Shares","page_number":153,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"7f055443-6d92-4d77-a052-73920bf23f90","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":153,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"c6a021e9-8aea-4da6-bd63-cdfd6614b6b7","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":153,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"290a6151-9a5d-4042-95bd-25a3092a5db8","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":153,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"e75f6089-2cb1-4881-b632-4163fd0e3d1b","block_type":"box","text":"®","page_number":153,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"32c3979d-ca19-4298-9c43-98deb5e82712","block_type":"box","text":"Fund in 1996; and","page_number":153,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"17fc8f92-01a5-417e-9edd-a7d8869a3437","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":153,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"f28d37dd-eec3-43e2-9eb6-aec19c6a94b8","block_type":"box","text":"SM","page_number":153,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"5a4350c9-ac38-446a-8868-4abe45be95eb","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":153,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"87aadd9a-4496-46d8-a350-1f821689f646","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":153,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"b3ec9b14-5717-49b1-89b9-a070b978b82d","block_type":"box","text":"BlackRock Shares","page_number":153,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"bba9c3ff-086a-452f-80d4-3d7f780555b3","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":153,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"a2bee4e6-e049-4652-bf9a-0b9276dfd9cc","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":153,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"00bd02a9-78ba-4a4e-a4ef-44ea04b17e5f","block_type":"box","text":"fee-based programs.","page_number":153,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"5f7ef5e5-8864-4612-a74e-44ed7ad2621a","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":153,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"80d37f60-3481-405d-bf88-7013d05ab87a","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":153,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"f9bf681b-5e88-4c3c-9f02-5b4edfe1a943","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":153,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"d4a5b8ca-67c8-49d6-ae44-f43739b80d42","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":153,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"59280fbb-ecd4-4fb3-979b-2bd1fcc42791","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":153,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"878e26de-4a91-486a-b1f9-978750057bad","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":153,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"7ba759d3-ab61-4b0f-a5ce-5fa1c5d25cba","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":153,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"31f79b7c-4092-41ad-a113-2ec3c375ef37","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":153,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"2d4d855d-52fa-4885-8da1-f9ae6b7664e4","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":153,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"7b575633-248b-4c66-af94-db9905164c78","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":153,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"0dc7e355-286e-4bc1-b7b2-f2eaf15f3194","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":153,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"ce12d347-82c8-480f-82e9-40afb57ddac0","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":153,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"95963256-c242-4940-bbf8-2223d1b126d2","block_type":"box","text":"II-108","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6163a0b8-a5ce-4b8b-9ee5-1def4579240f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5721c4c-f810-4811-b8ca-309cdb65afbd","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":154,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"311e031e-0a3e-4b71-9986-698da7d39bd7","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":154,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"72a3016d-9e62-4e4f-8d5c-20f5c8bde743","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":154,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c72b30a8-1a9b-47ca-bf5b-2df3847c9fb2","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":154,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"e3918aa5-2538-45a6-a901-394ede58fc49","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":154,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"6a584500-f90d-4f07-a511-7bd5433ea7ad","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":154,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"6fdc884d-b550-4ba4-b83c-e183e1eb6fb6","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":154,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"bff7bbde-be94-41d3-bfd2-57e1074fd62b","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":154,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"97e574a6-c7d4-4d9e-9c3c-95830530b905","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":154,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"9853ff05-0cb2-475d-812c-b48b14a463b6","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":154,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"63167c61-e455-4e30-bb45-103ccf3af98d","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":154,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"5444714e-e400-4a9a-ba6c-996aab3c3b5b","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":154,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"3df74bb8-7e85-46db-ab6d-2f74f82d9ccc","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":154,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"18e887dd-72f0-4e6b-a0bf-994b4c307dd4","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":154,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"33299261-0eae-4bbd-ae68-ab132af5b3d2","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":154,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"998f960d-3b06-4fe5-a38c-3ca8669238e5","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":154,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"11479256-18fa-4865-93a1-800b83313db5","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":154,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"e573ba55-fb31-4811-99a1-bd9e198233ca","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":154,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"9397171e-c617-40f1-9f03-b4b23ce21028","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":154,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"246362b3-9132-4699-be4b-0b2d91967614","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":154,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"f4b6231a-0ebe-473d-89c2-a585f941b7c1","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":154,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"bd92dba7-b079-488c-8362-d1c6df7fede7","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":154,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"1528dc31-b536-41e2-b7ce-4d7a06cf314b","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":154,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"33337c4f-2a97-4daa-92a5-6cfaf2502353","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":154,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"1ed1cd0f-0204-4159-a1f3-2f87d68c758f","block_type":"box","text":"compensation for selling different classes of shares.","page_number":154,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"53a6a60d-30ed-4e05-ad48-8670ff1175ad","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":154,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"5ed43ff6-f69a-49ec-a2c6-3e6dfa4f28cc","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":154,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"7ff91f8c-f927-4677-b3d1-069d6cb810c5","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":154,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"41d9948c-3507-4a94-b497-3fba0368779a","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":154,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"6c272ebf-3cca-4228-b760-1b5f49c5918c","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":154,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"027a340e-48b1-41af-b158-40850693ed46","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":154,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"3cc1decf-b561-4f29-8795-6d850d705fe3","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":154,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"3bf3316b-38bc-4182-a4d6-7173bde1e12e","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":154,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"f39a2ef3-3058-4800-a15a-b89408f43049","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":154,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"098ab572-0c5a-4d99-9d2c-a35b56873139","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":154,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"db69b1b0-196d-40c5-b42c-c55ac82afc4f","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":154,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"3e3144dc-e4c2-4073-ad1f-0ab30c5ddf30","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":154,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"e1de2f67-942e-4499-bedb-a1cc0ae60be4","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":154,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"9027ea26-ad69-452e-8519-96d4091df2a6","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":154,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"0f2047d8-0f1a-415d-88da-922ce349a5ba","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":154,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"a233229d-dcd7-41eb-8492-4da4fe9a1ccc","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":154,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"784517d7-f698-49ff-968f-75c013f26d03","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":154,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"0e92f409-0f2d-47c6-8688-2b1ea599936d","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":154,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"5324f602-f0c7-4cd6-a65c-2b7562ff1bc8","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":154,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"a2ffa05d-bf5d-4d28-962b-48be6a84bc7b","block_type":"box","text":"easily accessible place.","page_number":154,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"0b311f81-4240-48b0-8a8d-8322a5cf7db8","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":154,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"34e69796-1303-4cac-90d9-2daddb95adeb","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":154,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"20a91ba0-f092-49e8-b0db-615f821d9658","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":154,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"f7d5c3bc-67a9-4f55-a011-0bb0b619340e","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":154,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"fab4a693-0629-46be-9c01-372538342df7","block_type":"box","text":"fiscal year.","page_number":154,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"10ae936c-7367-44c1-962b-a90c062694b3","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":154,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"2d0d271d-13c6-4a44-b2f3-ad7b9e5662d2","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":154,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"bd1f790b-eb03-4cab-9390-6d38a876f4db","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":154,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"b72bb2ea-45cd-4e5f-92a5-891d2912cff1","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":154,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"dba97ba5-af1b-4fd3-b01e-cc95584eb57a","block_type":"box","text":"II-109","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"033db8f6-f54a-42bb-9262-5ef29ddbb9a5","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a333e203-806e-4696-b9c3-f5030ed6266d","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":155,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"c172f95f-1705-4525-85f2-869ec96318ce","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":155,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"322eadb1-e4c8-481a-a757-d96bceb43e21","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":155,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"13eb76bd-3648-4911-b666-d703be11530b","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":155,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"e22e3dba-c9e5-477d-b5fc-d6d62b7704b4","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":155,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"8784ff9a-4c02-4a1e-8d5a-019d76ecdf2e","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":155,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"9353e5bd-84ce-4b9d-858c-c1d0521dd122","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":155,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"be237d9d-6dce-4549-8df2-e187efb15e80","block_type":"box","text":"and Class R Shares of your Fund.","page_number":155,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"eda5e89a-3e54-4717-b21a-6f0567278fbb","block_type":"box","text":"Other Payments by the Fund","page_number":155,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"23315593-6b60-4db2-a27a-0f9e61478127","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":155,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"6b0dda07-16f3-44c4-be38-bb7d7c44e29e","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":155,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"712c376a-f457-4aad-aaca-e66cbeb03245","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":155,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"90de6406-eef6-4f66-b37e-fe6a083d4491","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":155,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"f9530309-bc9a-4125-93b8-977a01694c9e","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":155,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"1aa79360-6875-4782-a984-03ba21a34715","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":155,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"b123d4e0-e57a-4bb8-914c-c05c2321668e","block_type":"box","text":"of these payments may be substantial.","page_number":155,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"a0a676c6-1775-43c8-ba3e-1c2a213f54d7","block_type":"box","text":"Additional Payments by BlackRock","page_number":155,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"15e53ff2-bb9b-4ef6-bb38-6ad826b63f33","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":155,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"337549f7-da7a-4088-ac93-ff3ea2eca69b","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":155,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"a24479f8-8006-41c9-b754-14ab5b63b38d","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":155,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"cc6657ca-843e-4aeb-8daf-061639010e4a","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":155,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"5e152785-a87e-4a17-a093-998317c28577","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":155,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"ee379124-d4eb-4370-8f70-2b51cb9f80c6","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":155,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"36e57a12-dcf9-4235-8e41-d5cc8b3802ca","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":155,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"47a3a9d8-6830-4b73-8fbe-7a80dcf6d10c","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":155,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"0d5edff5-559a-43f7-8647-154dd4df62a0","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":155,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"266f4c63-b1d3-43d8-aa77-a916a85b77af","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":155,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"c451290a-ea1c-4817-8a74-3a76b13337fa","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":155,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"eb82c0b5-3f51-48ba-a897-43819740b2f7","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":155,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"26693b38-bceb-468a-a306-d088796d6968","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":155,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"4a212111-fafa-4491-bbb3-e4f199d4260e","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":155,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"cd513c99-5dff-4c9d-8089-d962bca57476","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":155,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"da2771c3-a9bb-4af4-888c-21921c93bbed","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":155,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"9a30e78a-6fdb-46b2-98c8-215cba777035","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":155,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"614240bf-6183-4605-94a4-dbae75d9f863","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":155,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"4c58adee-d2be-4ed9-8600-66e9891d1eeb","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":155,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"89d6278c-a7c1-4591-9378-75690b038f56","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":155,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"9b3aedfe-5bc7-49a3-963b-35abc0349ada","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":155,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"606034dd-8d5f-4b50-8ac9-01fd63f76240","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":155,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"40869bcd-0727-480c-aacb-e2ffac5b7962","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":155,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"f9faed40-ec64-4055-92ad-58f76c4b27c6","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":155,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"240f42c3-46c2-4aa2-8c33-b3a26df24d2f","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":155,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"235e936c-a8c1-46cc-b52b-8bc14f59bcf6","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":155,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"69903fd0-43a8-4e3c-92b2-944a4ada9e94","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":155,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"a532e972-9de1-432a-83ae-92ad33816cc6","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":155,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"fac9fd5f-5345-4982-9f63-68c0169107ca","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":155,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"af64051e-a72e-4f9b-a854-6959c27f03be","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":155,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"e815b999-6850-4c43-a1cf-035cecf28f66","block_type":"box","text":"Funds.","page_number":155,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"3778f6d6-55b3-41d6-bac1-a2132fa1e322","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":155,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"a96bd3f0-41a6-40b3-a823-dfe990eb3d8d","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":155,"box":{"x":101,"y":876,"width":740,"height":11}},{"id":"432ea301-8a75-48ee-af43-5e75f5710731","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":155,"box":{"x":70,"y":891,"width":764,"height":12}},{"id":"050f3220-57d1-4313-9917-7d1fe4c53333","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":155,"box":{"x":69,"y":906,"width":811,"height":12}},{"id":"0cd908eb-e7cb-4296-95a4-c1fbaa418d82","block_type":"box","text":"II-110","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4a09a01c-27e8-4678-a21b-8b936891841e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff952499-2299-434c-828d-785004249046","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":156,"box":{"x":69,"y":45,"width":742,"height":11}},{"id":"0557c315-d302-49ff-9abd-eb0a718f2a9a","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":156,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"da2de077-cb9c-4340-b5f5-3f20673c0b74","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":156,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"91a5134b-b8b3-42f9-828c-f65591db676a","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":156,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"df92bc81-b5a6-46c8-b743-3ea5f2258f34","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":156,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"73ff3833-d8c0-4dc5-9f1a-50076d189cba","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":156,"box":{"x":70,"y":120,"width":783,"height":12}},{"id":"d1d4e87f-ba83-4ad4-b578-596699423209","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":156,"box":{"x":69,"y":135,"width":823,"height":11}},{"id":"1a87965e-c982-44bd-8027-f81040918d77","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":156,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"605e7f3a-ae0e-4917-b12b-8c6987140f6b","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":156,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"1d320b5a-a74e-4a2d-b525-f54b87268141","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":156,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"09b13d53-69fe-4bb4-be42-e125b441c4a5","block_type":"box","text":"B. Shareholder Services","page_number":156,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"bed223c0-aba4-4063-9eda-4b3be5626dc8","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":156,"box":{"x":102,"y":226,"width":754,"height":11}},{"id":"1d4d445f-bf52-421d-a4f0-e892e87a54ae","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":156,"box":{"x":69,"y":241,"width":830,"height":11}},{"id":"1555f727-0b4c-4023-b098-d2715b1b8bec","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":156,"box":{"x":69,"y":256,"width":823,"height":12}},{"id":"ca3ba3a3-22f2-4f58-b1ac-7947a1a167a9","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":156,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"5780faeb-eafd-4540-bd15-adefb0082b61","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":156,"box":{"x":69,"y":286,"width":796,"height":12}},{"id":"d2c1026e-2147-4c68-af5a-7e6f5fb9f143","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":156,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"c21dc6d7-821a-4caf-aee3-09febff34d12","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":156,"box":{"x":68,"y":317,"width":828,"height":11}},{"id":"09ce75cb-ccfa-4487-bed6-1dcc344075aa","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":156,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"042af931-68eb-4a4f-b031-59a095ee2dbe","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":156,"box":{"x":70,"y":347,"width":328,"height":11}},{"id":"3e1e7577-b9b1-4ee3-8611-6c615a4f19e5","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":156,"box":{"x":102,"y":370,"width":299,"height":11}},{"id":"64b03ebe-9bf8-4618-8abb-d0a82223e742","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":156,"box":{"x":102,"y":392,"width":805,"height":12}},{"id":"3901be2c-c144-4b20-8a6b-a9ce5e714b51","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":156,"box":{"x":69,"y":407,"width":788,"height":12}},{"id":"86634f01-8ce3-4327-9446-c54438acede3","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":156,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"834c3b0b-6a08-4e8a-a205-f70051c0f0e0","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":156,"box":{"x":102,"y":445,"width":397,"height":12}},{"id":"9a37737a-34b3-4a49-9ecf-4b8c7a691a32","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":156,"box":{"x":101,"y":468,"width":774,"height":11}},{"id":"08ddd1be-7904-460b-b9bd-0309fbb7e20b","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":156,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"bd2e37dd-829a-454b-a842-222c623f718a","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":156,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"bb0c8d66-9b0c-4709-9834-7c157618934f","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":156,"box":{"x":69,"y":513,"width":791,"height":12}},{"id":"ffb2934a-8f9a-4dec-b4ca-57fcafeb9246","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":156,"box":{"x":70,"y":528,"width":523,"height":12}},{"id":"7b9ee973-b113-441a-a33e-faeb53b6b1f4","block_type":"box","text":"&Partners","page_number":156,"box":{"x":69,"y":560,"width":71,"height":9}},{"id":"02b51dd7-d1ad-43f5-997d-d40b8d4923ef","block_type":"box","text":"AccuTech Systems Corporation","page_number":156,"box":{"x":68,"y":580,"width":219,"height":11}},{"id":"b85e38b4-bf9d-4fba-a939-776de6744c23","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":156,"box":{"x":68,"y":600,"width":164,"height":11}},{"id":"f91c1240-6ad4-4564-9b29-e181f102c1a3","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":156,"box":{"x":68,"y":620,"width":207,"height":12}},{"id":"75cdafbd-8bd4-487e-8dfe-7a0248f34d2a","block_type":"box","text":"Advisor Group, Inc.","page_number":156,"box":{"x":68,"y":641,"width":133,"height":11}},{"id":"b9a4f9d4-892b-4cab-9e53-94e04e9608ef","block_type":"box","text":"AE Wealth Management, 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The","page_number":160,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"5cb1bdc3-3d18-4727-8c73-f30360692a9b","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":160,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"f763ce38-a811-453b-b3dd-cd081bb9fba7","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":160,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"64787830-d8a2-40c8-b01e-76421115994a","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":160,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"c412ef65-f3a0-40cb-ba5e-e9077301fd2f","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":160,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"f8eb8746-75b2-48be-b46d-c1a9060d9900","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":160,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"2e160dd8-2ba5-4cdc-b82b-032e6ea3ce19","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":160,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"f95a2156-e8de-4951-bb24-72f758bc05a1","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":160,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"389162c0-8f3c-45b0-9f0d-26990e00bf25","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":160,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"5317766d-bdd4-4086-b0e1-1716a7970bb6","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":160,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"face73bf-ba15-4c8d-b6c2-d8f073370050","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":160,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"ac5040c1-c818-4489-b075-917bec8b3bd0","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":160,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"11424fba-00bb-408e-bf66-547f9c2d6b41","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":160,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"536dc275-df47-475f-b495-6fd9ed91cd92","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":160,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"20c69b1b-3c0f-4258-9eea-e9f06a1253a7","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":160,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"85fa9259-2a5e-4fc8-bd98-b35956100636","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":160,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"8a39890f-fd1e-4de5-8fbe-160a62bdf9c5","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":160,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"5ff62bba-89b2-4407-86cd-2d7488c4faf2","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":160,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"890758a0-153e-4673-a28b-20403c0b5fa8","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":160,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"980c4036-59a2-4d02-bd40-13c51cc98718","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":160,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"0d00f0ce-d0d0-4c7e-aa80-ee6e22793059","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":160,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"69b6fff9-2c61-40fa-bfbc-f473e3c40c31","block_type":"box","text":"II-115","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2ab986c9-6616-43d3-9953-371368cc6917","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39d95f98-e670-4484-a248-2193ff3ea95c","block_type":"box","text":"Redemption","page_number":161,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"d9a977b2-a674-4395-a43c-b32ed61f5161","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":161,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"26387b1e-cd51-4886-bbf3-39495617d213","block_type":"box","text":"Redeem by Telephone:","page_number":161,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"73ffef1c-5218-4235-a33b-5ef99fee7cde","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":161,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"7547bc17-37ed-4f8d-a535-34286ebf4051","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":161,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"928d2832-582a-478c-971f-0cdf7c7ebbd7","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":161,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"31597c43-8dea-4e55-a92b-4792a784fa88","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":161,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"8975bca9-289e-4bf4-95ce-8727e9a87976","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":161,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"58600279-7aad-4b58-950b-bfad338c0f40","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":161,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"f9f7c91e-94dc-41d5-8ff7-3208df39f66a","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":161,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"93201a22-5cf4-4e71-baec-39a4a8977371","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":161,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"2a115d2f-af43-4668-9304-19bbf04104fc","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":161,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"b126665a-42ff-4087-8ad2-dda342574d0b","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":161,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"a1752ce0-e8cb-4c99-92c1-3862950b3e15","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":161,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"7b73b2f8-f40a-41d6-a190-5536dc2892a5","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":161,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"791a5b57-0372-4295-9585-38b22da4a48c","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":161,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"b7a9222d-e261-4344-ab96-cd8ffd355771","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":161,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"6fea1744-479f-408c-82c8-891292faf940","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":161,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"2ee3a31b-e84f-47d8-9233-6b5d14775fba","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":161,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"6301d34a-cdd0-4496-9775-6ffc1e39a0ed","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":161,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"d1b17e71-5186-44d6-9b3e-4f84f94039ed","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":161,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"9e027f61-8738-43e6-9475-c5cfcd1066db","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":161,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"012bdb55-c503-41fd-b7e8-a3159845df59","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":161,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"ae495762-8631-4963-80e1-17722af1b0c4","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":161,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"6d2fc022-5880-4868-b8b7-fc20e7183da8","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":161,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"310fe767-cf9d-4d27-8768-b1ebafb82c4f","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":161,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"763668f2-bc85-442e-bc61-37cc9b88aa55","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":161,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"53c085a5-0864-49cd-a392-de00a4aab24a","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":161,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"d31db354-7fa6-4fea-b22c-98a12fd4c8b9","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":161,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"a1ea1719-7201-4641-a58d-5442b09e0a96","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":161,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"ecf77e38-c7d4-4013-b863-1bee0c133b33","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":161,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"7e586354-8816-4239-ac36-b1e15aebdc37","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":161,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"585a2946-6ea4-42e9-a656-3d9e66686897","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":161,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"f6232fd0-8e77-4404-982d-51491e4d3946","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":161,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"a621e0ac-82c0-47d3-9154-9d4de9021356","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":161,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"1a272cb1-841f-4cbe-bfc7-a99084ed840f","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":161,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"a1d60c2d-22d3-4dda-8203-9e6d30b3c5c8","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":161,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"8b829322-91b5-4189-9290-72ab8397438d","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":161,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"1247ad45-48b7-4525-a193-5d5f0bc48349","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":161,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"4be826f6-b5a6-4d69-b70b-dc552f071644","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":161,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"38a5628c-5103-4b05-aafb-8868624be35f","block_type":"box","text":"Redeem by VRU:","page_number":161,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"d6341213-9f39-4b82-8de5-e3606b840e38","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":161,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"020ab79d-4a07-49ce-8575-9b1fceb16e72","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":161,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"f35b9fd1-438b-4206-a73b-e2171c279ce1","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":161,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"3d1c4bd5-6f32-4806-8167-56ab7aa88e7d","block_type":"box","text":"Redeem by Internet:","page_number":161,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"fc898815-710b-467d-b8bf-8a0e15b3c11d","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":161,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"07324fbf-d7f8-4fc1-b524-3c12ccbcd13b","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":161,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"2bb172f2-726b-42f4-85d3-8195eed5b91a","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":161,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"d964ba1f-6c05-45c8-95ac-b21fa9cb9715","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":161,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"079f409c-ec22-4287-969e-7658053d8ef2","block_type":"box","text":"institutional investors.","page_number":161,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"44ae5d66-90ed-4189-a8e7-f8d84c76bb7b","block_type":"box","text":"Redeem in Writing:","page_number":161,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"f19f0e9d-e98f-42d6-90aa-ebdfa0e674ef","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":161,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"aaf039af-8e94-4ce7-ad6f-7a09503a8f16","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":161,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"798628d8-f93c-4b90-b5ea-7c916da26145","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":161,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"4b9033cf-a517-4b24-b246-a686f3199f5d","block_type":"box","text":"Pennsylvania 15222. If you hold share certificates issued by your Fund, the letter must be accompanied by","page_number":161,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"cdcb27f6-0b90-4633-9859-840c8b144d4c","block_type":"box","text":"certificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":161,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"41c44e7b-773f-4bfe-966f-99176c9231de","block_type":"box","text":"generally be required but may be waived in certain limited circumstances. You can obtain a medallion signature","page_number":161,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"487edceb-207e-49bb-a267-a19e8bc7f5f0","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":161,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"d16e9838-5a7f-436a-bf00-9a9497d89ded","block_type":"box","text":"II-116","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"47e09122-810f-4e5e-ab62-e5ecd74ab464","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fed29bba-6f36-4fd6-9672-4e7d64f9de14","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":162,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"6b4fbd2e-279f-4677-8477-f5931c39a507","block_type":"box","text":"hold stock certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":162,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"9882a69c-3f2c-45ef-87fd-a4eaf4f5146e","block_type":"box","text":"or wire to the bank account of record.","page_number":162,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"c52b5c33-a5e5-4883-ad19-0604c91d451c","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":162,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"c033124c-0af6-4a9f-adc0-0943121a8e26","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":162,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"21ccfcec-f0ab-4290-b5c4-ed3846ecb72d","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":162,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"83891707-c2de-440f-8422-27c059f45000","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":162,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"c8cd6681-c9ab-478e-be1c-951daf292441","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":162,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"034832ab-3e94-4070-8c3f-32b48f0cfd48","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":162,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"219375d6-a714-4a46-ba69-8ab2f828ba8c","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":162,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"7c517982-c546-481b-a280-be1d5378697e","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":162,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"fb2cac64-3872-452a-9629-db6b44b527e6","block_type":"box","text":"redeemed by the Fund.","page_number":162,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"86dcb225-c0e4-4684-9673-2202a1ca9fb3","block_type":"box","text":"Note on Low Balance Accounts.","page_number":162,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"aca6849f-286f-4d5c-9fff-8dfb29f11d3c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":162,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"d80e600b-a694-45b6-a648-516ab6661352","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":162,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"4165e603-f6ad-4d76-b4f9-0e71135ff93a","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":162,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"65875279-feac-4471-b30f-4b8a07cb00be","block_type":"box","text":"for any reason, including market fluctuation.","page_number":162,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"09ae5bc4-48a5-4574-8288-9e531b461009","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":162,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"ed57f480-089e-4131-b3ab-37a600800273","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":162,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"68eb6d98-e842-4fa0-b0dc-ba3c28648697","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":162,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"46a060a4-af0d-41b1-aeca-f1c89bfa21a1","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":162,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"3469b4aa-864f-4ec5-99e4-7c437099ee43","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":162,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"49ef2d4c-fb7e-45a6-aa0a-46bd3414a175","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":162,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"dcc0cf91-0c70-40a9-b611-dad7eea8d77f","block_type":"box","text":"Repurchase","page_number":162,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"849d1f40-2e1f-4e70-b55b-d6b2f3fc53a2","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":162,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"56a08fd8-85da-4195-bac6-f1f8eb4399f6","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":162,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"92165e68-8c49-494d-b981-cfdb4ffff7eb","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":162,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"4810393e-2428-4ffb-9ffd-d6195c0320b9","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":162,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"47fad120-aa8d-4ee3-933a-3a3fe9ceaed7","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":162,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"3a7912d9-51ba-4370-aa18-190d706539f6","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":162,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"e9806653-3f7c-46f1-94c2-9983ebc4862d","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":162,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"05ff345f-5504-40e4-8c78-883c07e05b11","block_type":"box","text":"next business day.","page_number":162,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"c9cdf6ed-fecd-4249-b8a0-dff1e38ede68","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":162,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"7c6c5d8f-f598-4ce7-aba0-e985da0bf9e8","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":162,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"11a8deb3-ce3c-4be5-b9aa-5bb0712fbd1b","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":162,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"fcede4f3-864d-40c4-be58-8860c73e4f0b","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":162,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"d0b9ab1c-6f76-4a66-a5c8-e98d3999ede5","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":162,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"5dfb1e86-ce6a-4f93-a3e7-aefb60e34784","block_type":"box","text":"redeem shares as set out above.","page_number":162,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"8ac50f4d-2b8f-46c9-97b4-cdfddbe4aabc","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":162,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"09526651-2cc8-413e-87e9-02fd171d4f4a","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":162,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"09e41ecd-aadb-4932-b209-2753d1c1e2a0","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":162,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"a9f5dd47-2b97-4838-8918-378321ef79c9","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":162,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"944eba3b-e9dd-422e-aa99-7c1f745acc1a","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":162,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"5666b412-6b36-43ef-bfc7-8e09ba0d3abf","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":162,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"55973306-ab75-46c2-a6d5-476968593733","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":162,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"a068fecf-a470-44b0-814d-7732e1bef07b","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":162,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"56f71011-e4e9-4ac0-841d-b2674ca30675","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":162,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"94e270fa-0061-446f-a947-6b5ba6a7a498","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":162,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"0dbea4ea-bc3d-47cd-a415-f01e5dd6b9fb","block_type":"box","text":"II-117","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2d12acaf-2b34-4f8d-96da-cb9784fe01b8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b308237-c03a-4e89-87d0-0b21b2f7c5ba","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":163,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"a157453a-8f8e-4c8d-92cc-f6a245553e19","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":163,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"403a43fc-75db-4da3-b119-df582fbbe3e3","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":163,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"a5ed6bad-5a6f-4493-93de-81e3a59e5b0d","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":163,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"19f90c08-0a58-4d29-91a6-2a18b0ec23c0","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":163,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"d369ae5c-864b-47aa-87cf-6f5aa4df55f6","block_type":"box","text":"Investment Account","page_number":163,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"491bc7bd-4547-4afc-99cc-266072b5d4a8","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":163,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"32efa913-116d-4d11-995f-8b95dccd7962","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":163,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"9c635abb-a0e4-48be-a0bf-d98e6663241e","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":163,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"434004c5-e068-4295-9d03-a0803802f550","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":163,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"140b320a-1cbc-4c3a-9183-01a93715cdfa","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":163,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"b65ef054-971e-4b82-a81b-9a1dc392f5da","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":163,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"d523f3c7-d309-4ba8-be4b-093eb3365445","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":163,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"8e7a068a-37a1-468d-a6a3-bf5881f22a69","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":163,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"84a5ece8-ed94-4f85-96d3-e6339c280fb8","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":163,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"38fd5c55-64d6-4362-af41-b537c23d7681","block_type":"box","text":"automatically at the Transfer Agent.","page_number":163,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"de473ae6-8f2b-45ff-ad7a-a660fa940d9f","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":163,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"1aa1cc2b-1abc-4d46-a6b0-a5a6697bdc87","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":163,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"80d384bb-3e14-487f-b19c-92c13cb494e3","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":163,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"bb50b540-2ea9-4806-993e-ad2c05d18592","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":163,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"df7a74c9-0c65-4975-85d6-cfc1b6bdf0fb","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":163,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"f50c5077-e685-4251-bc32-06c6b6d515c7","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":163,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"8e1a9414-245d-4c11-8a61-4f055911d7c0","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":163,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"3133767e-48f8-4ab2-b719-d918b034ee51","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":163,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"d8cc9799-87b2-40b6-bcda-25fe981b0862","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":163,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"3c5a20e0-8078-47e1-b054-bcd3f2b0d109","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":163,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"4e9cd34a-960e-43e4-9e88-03369ba0087a","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":163,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"5f55014b-3dd3-4a26-9e8b-d39e5941f1e3","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":163,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"cd561b5b-a684-44c0-bd44-b0ef83e8cb9a","block_type":"box","text":"issued.","page_number":163,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"5f890ea5-ed06-4df6-a9de-f4f0d8258398","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":163,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"f81a223e-33b2-49b3-8363-fba6d617c6c3","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":163,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"40d80385-14ff-42b2-af8b-67b77ee82db6","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":163,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"4baf0034-1ca3-408b-995f-99789057a56d","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":163,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"20578b6a-daf1-440a-b9f6-0ddc253138e2","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":163,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"60af63af-6cdc-493a-ba26-80142c34c818","block_type":"box","text":"Exchange Privilege","page_number":163,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"dd8c52bb-6479-4099-ac68-30ed903508a8","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":163,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"cc8afb4f-c40f-4a22-8fda-d75a8b5d5e44","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":163,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"b7887ce4-8d5b-48d2-a5d8-04d5373c00fe","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":163,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"cf558852-a187-49b9-8633-572fa285fce6","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":163,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"99715dc2-7a4c-458a-8b24-ca86e13f81d0","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":163,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"843f38e2-44b8-4b79-a4f9-e97d63e4a03e","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":163,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"29a89107-0af2-4f77-9a2a-9f65eec4dee4","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":163,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"b94edbdd-9135-41e0-8464-8fc28ba45dab","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":163,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"2c4194ef-a198-492f-b4b8-1894bb324661","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":163,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"da8b5118-1601-417e-9437-2acdfdf62c38","block_type":"box","text":"Institutional Shares","page_number":163,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"a70d2d09-93ec-4920-a401-1fcb2b0dd592","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":163,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"1a13fd4d-a975-441f-931d-c06318135aba","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":163,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"84433e51-7df9-4cea-91b6-118cf7f0a3eb","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":163,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"f8d4e8e2-ff10-4ca0-b14e-935ddf0fd86f","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":163,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"0c408947-d122-47d0-a865-a1c505f5b24c","block_type":"box","text":"for Class G Shares of other Funds.","page_number":163,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"a592ac46-dbe0-497f-a544-49d34b30642a","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":163,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"adc850ae-a332-4039-82a5-34aebb1c3cd4","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":163,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"5ba29ca3-80e5-4289-a5c1-d7a315cc38d2","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":163,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"ed128a17-ba15-4805-8ad6-74d0b9faa54e","block_type":"box","text":"II-118","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1477f567-daee-42ee-acde-0264cedf95c1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59ee0e9b-6109-455e-a288-527654983045","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":164,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"84d4a80b-d057-4329-8100-0d9e03a928cd","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":164,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"95871129-449a-469b-9fd7-0025e25d47f1","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":164,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"d691d0f6-17b0-48a1-a248-da117eba489a","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":164,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"6a4dcc94-b0d9-4bd3-96c1-62333e896573","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":164,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"383b3879-e1f0-4a86-b100-588d340146c9","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":164,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"4c8c1a73-b8d2-422a-8386-fa4c6f25d56d","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":164,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"e91f7a25-2c6e-42d9-ae3f-9124df2236c8","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":164,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"8a34af1b-37f3-481c-8336-78c2a92e797f","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":164,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"f2825147-7cfc-4905-bd4e-34918a3a5863","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":164,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"63c54a75-1f38-42c5-8648-0ccd4a7e31c7","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":164,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"a0c1ad86-2671-4778-a53d-67620ae3df3c","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":164,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"3a816b4e-e7df-4feb-8dd6-2af85d63a5f8","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":164,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"18d02f0e-5306-451d-806a-4f78897e9bc6","block_type":"box","text":"Exchanges of Service Shares.","page_number":164,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"c58d960b-8cd9-43f4-ace1-3becdfa6e08f","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":164,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"ae2b30c0-77fc-472e-a3e7-fc25ae6c405b","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":164,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"eea8c7b0-a09b-45a5-9d47-7c3c2fcb8cf6","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":164,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"7b5585f5-37cb-4175-8595-a308cd1b3d48","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":164,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"9638cafe-ae6c-4b97-95f1-a483abf4ceaa","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":164,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"3bb3055e-48cb-40fc-b322-f3dac587396b","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":164,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"772bbabc-b32d-4d54-9935-eba250ddccce","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":164,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"9269cfcc-e99e-4ed0-bced-0d28434feeca","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":164,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"b38e7ef2-29ab-4ead-88d9-8b1db95b1f65","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":164,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"5f716617-6677-4ca9-81f1-c67b37648228","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":164,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"f865c67b-c600-492b-b3a5-79d3fcd20a64","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":164,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"eaca14d5-cdd1-4d92-8980-8240246461ad","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":164,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"d74d759b-c330-42c5-8d53-19774fae9494","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":164,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"672b73ed-6b21-4e54-9f05-adf43f2857b3","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":164,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"6f9ff5b7-a8b7-4b3b-b524-237adfa46167","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":164,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"d1a6b74a-49d7-40df-9c6a-6fca6473ddc0","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":164,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"9e997224-10fa-427c-8df5-a9e859720b82","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":164,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"38715162-fbe2-4804-9f66-01e673d13449","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":164,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"8d95b1df-2573-4561-9485-f32c73c5c3f8","block_type":"box","text":"exchange.","page_number":164,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"10381499-d6c7-48d9-8bdb-972e4bf2aaa0","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":164,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"77f3a124-d3d8-4bfd-a871-0361517e5398","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":164,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"12b07a9c-b7e9-4a40-938e-0b38c9a9a89a","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":164,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"042d768c-8046-4eba-a624-e6b09c7ec737","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":164,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"1a424261-1f2f-44a9-a9ec-a6194a25f718","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":164,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"a7359cfa-39ec-409b-98a7-1b3e0dfe3ec1","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":164,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"db33ee8c-c9bb-4b12-9ed6-8cd958e07708","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":164,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"827e858c-ead3-4470-a8e2-022ee7698043","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":164,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"de94250e-4789-40fc-b11d-592cb8a5c1e6","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":164,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"2957a517-500f-4db1-89ae-bda774483ab2","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":164,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"478bb8d9-58d7-4b1b-9795-74a9405c6696","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":164,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"d025438b-7743-4068-bc99-c117d8c02bb3","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":164,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"f63eddac-06f9-4e04-9e53-1f2b4f7965ff","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":164,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"f3635606-4a5e-4d05-9bf0-b3769a4c875d","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":164,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"ffb6405e-26cd-4151-aba9-2e324ce0bc0f","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":164,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"d66bc2b2-418f-4979-a995-aba1ac912b55","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":164,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"5a36fcf3-45ee-4644-95a9-9c5bc09fb788","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":164,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"d851f1f3-aee5-418e-a84c-0467a712d4ae","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":164,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"01d81afc-e16e-436b-81f6-6ea639f63d0b","block_type":"box","text":"Transfer Agent in writing.","page_number":164,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"d629b307-b822-401e-96ed-60ea6e4a90ac","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":164,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"fa9557d2-4bf5-43f9-b99c-5e903cecdd7d","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":164,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"196937ec-5284-42d0-9de7-0f806d9b0033","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":164,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"cb8d7cb9-beb0-4a58-b3f6-2bc23f00fb2f","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":164,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"c41687e0-980e-43fd-b716-b116f48df988","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":164,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"448479bb-0fd3-4547-8c2d-f1550a8f44f4","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":164,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"0a345cdb-c00d-4fb5-b329-e6f61de4dd6d","block_type":"box","text":"II-119","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc4f22f9-bcd5-4e41-a4ad-132f09bc1f59","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de54b6d6-25e1-40f1-995b-31e13a906e43","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":165,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"76d31bb5-cd92-4603-9708-0d1e4bd04c3e","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":165,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"f00c02cd-c4ee-4e2c-9b0b-4aefc6a3f89f","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":165,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"73f829c2-0feb-4c86-910c-b617f66bee31","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":165,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"ebf0e726-1a88-47ea-b0a8-87ccb3265367","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":165,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"dea9f67d-6cc4-4389-8419-2cce9f1384d0","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":165,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"6377e180-da47-482e-9e0b-a0633e2bb7e5","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":165,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"091d3e7c-f029-478d-a14f-d57254c82ae9","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":165,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"ba308d60-7d23-4bff-a2ac-4199371fff28","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":165,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"33bda21b-f6a7-461d-a119-743df829a792","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":165,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"91d937aa-cb85-4451-b642-b12feaf40101","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":165,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"42496ba3-1b5d-4b11-a1c8-1cf9b825352d","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":165,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"8847bc58-0db9-483a-8eca-987a289cd55d","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":165,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"67768a3c-a00a-4a81-a26f-aba4cea7aa2d","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":165,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"1bb15ca3-18d9-4b1d-afbe-a6516a1c60b5","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":165,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"3409b643-79d5-43f1-9d35-67584eed5399","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":165,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"b9653f25-6d99-4bf5-9921-7a8acc8aabb8","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":165,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"e4a20c99-c1fe-473e-9dbc-b7bf39a32e3a","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":165,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"bd203046-1de9-40b4-9f85-8621b4253719","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":165,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"3ce1c46f-043b-430f-97d7-53bf6ac57a2a","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":165,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"84318c94-23db-4c80-8da9-48e714ebb077","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":165,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"db1f343f-9412-424d-b544-e64a7908dade","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":165,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"55588d89-c374-4176-b125-82deff667458","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":165,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"8ae56265-a73b-46da-b738-ea310edfef4b","block_type":"box","text":"may be distributed by the Distributor.","page_number":165,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"92b16886-e420-4f5e-b118-8a3531399197","block_type":"box","text":"Participation in Fee-Based Programs","page_number":165,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"517759f9-2b55-4285-81e1-c77201c40f96","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":165,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"d871a035-146e-4a26-a0d1-7cba07ec0c19","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":165,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"953e0257-5c80-47ae-b2f8-5b5d9bb6e709","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":165,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"ccb2ffb5-8598-46e6-9834-cd10d89c17d2","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":165,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"1edb15d9-cadd-442d-989b-e98803b8f9a1","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":165,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"507c9283-a385-4af3-b1fc-d1bec7a774f5","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":165,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"6fe836e7-8430-42a6-8281-3ef0689c781b","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":165,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"f0255aa3-dfe9-44ff-9cbe-dea423b6df44","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":165,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"9a12070f-334e-4f1d-8832-a7e612d361a3","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":165,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"6fa0f1d6-9e87-4d07-9af1-b5a4f4c886bf","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":165,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"606aefb7-6d49-4bac-8894-5694e999b30b","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":165,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"855a958b-8ea8-4efa-aa72-135d3d4c5302","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":165,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"b7675634-f7a5-41a8-83a7-2ba057ed7416","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":165,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"57eaa9c5-146d-4b14-9d1d-5100ce1526b5","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":165,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"400dd2af-71e3-4587-9774-ee46e9b9644a","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":165,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"eccd5aea-a973-4cf0-a46e-da1842143113","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":165,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"92add96b-ec19-4aec-8781-2b8b8a623bfb","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":165,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"b90ce24d-192b-4b03-bdd9-b078a4f0d5c3","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":165,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"9cb39db5-ee03-4002-9e69-1eb60ec641c4","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":165,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"cf2d87d1-a8d4-499d-83e8-01f6b754e128","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":165,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"617b0655-64dd-448e-b84c-f67527b5b288","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":165,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"df16e5b8-d499-4ed7-b00b-a20109d2cc1e","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":165,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"5bd67487-796f-4788-8ed8-0b8fc3fc51a5","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":165,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"5675b8d5-ca98-40d8-b8d3-d24f4d63b62b","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":165,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"33b3e955-a209-4616-b0e7-0e1f1a4d866e","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":165,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"dca25e3d-a458-4526-a9dd-a9106aed01ab","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":165,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"f4c31e47-fee2-43ae-b816-6c68bb347b9e","block_type":"box","text":"information.","page_number":165,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"46530d07-e4a9-43b7-a9eb-0cbc77e031fb","block_type":"box","text":"II-120","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4133eab4-1339-4295-bd3c-4219a37c8256","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26085d70-aa65-48ca-a66d-2c6bd2ab23bc","block_type":"box","text":"Retirement and Education Savings Plans","page_number":166,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"52732bce-a69e-46b6-8922-473d532ef9eb","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":166,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"ee9e68e1-0dc9-4f0f-82cb-973561d09a0a","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":166,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"5eee36b0-0241-42a3-b0e3-ddc061ae94b6","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":166,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"a5d4168f-069e-4f26-a6e4-0a296ef16c24","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":166,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"d3d7d5a3-eaa2-47da-942f-8baa44f161b5","block_type":"box","text":"your financial intermediary.","page_number":166,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"65ee8fcd-d168-4e0a-9cea-e7e8fdb3e97d","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":166,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"31b8d6cb-7ee2-49f9-a396-afe6c4aa3869","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":166,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"b0161492-99fc-4e57-b70e-8168ed7754d0","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":166,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"66c9801a-846c-49a7-a826-24e4f23debbb","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":166,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"b7ae7e8d-20d8-4aba-bfd4-fbcfe8a552ae","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":166,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"81959582-9146-4f41-aedd-af180bb9f1f0","block_type":"box","text":"Automatic Investment Plans","page_number":166,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"6062a4c0-1568-4952-905e-256f3d5fcf91","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":166,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"af43555b-867b-49c0-b4e4-b5d70d3d06c8","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":166,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"f67762a1-a88e-4bf1-baa0-0aa72f80fb44","block_type":"box","text":"®","page_number":166,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"09557d70-300c-4377-a534-7662ffe19bb9","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":166,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"f7878be0-59b8-4103-b765-fbc74b280d72","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":166,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"e09d8b54-e518-4adf-a1dc-e1b79a8e3e63","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":166,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"a3f88021-adae-4a80-a510-e9e5d039b65d","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":166,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"6f12d92f-929c-4bad-b85c-f0df2ff14d86","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":166,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"e0eb12c6-23db-4110-99da-f9033500686a","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":166,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"5b541a00-1535-44af-8040-201a6478dac4","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":166,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"33ea9b38-7a67-4624-8523-3f0e412bfbc6","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":166,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"e8724b54-5e6e-41ce-9174-845ec93b061c","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":166,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"8304898e-314e-4d76-af76-c6109aa89bd4","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":166,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"e1a5c901-f71f-4ddf-9781-16bf8b1c1732","block_type":"box","text":"Systematic Withdrawal Plans","page_number":166,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"c6979740-2b5a-49cd-8971-b050fcc7089a","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":166,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"0acc1561-d927-42d3-b02f-32a4cb28f0fc","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":166,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"7738bd56-1efe-4bc5-9113-7bede6280ec3","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":166,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"cc867e62-71b9-424e-801c-1f33859ccdd2","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":166,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"6ba08340-ca31-4da6-af71-0b5fbaac0b95","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":166,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"992f0554-a7cc-4335-827c-4ebf641b81bf","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":166,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"5bac09ca-86aa-4779-a750-b5ecd02f8d45","block_type":"box","text":"www.blackrock.com.","page_number":166,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"2a4da97f-de79-4f4b-a078-43a47401ac70","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":166,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"2e9bc5c2-9f95-48d9-b127-277eeaa835d9","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":166,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"3308ed64-16aa-4efd-881e-268cf5378a4c","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":166,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"2ed1e506-1313-4bf0-8063-b51cf07b5cb0","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":166,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"92dd253a-d08a-4422-8edb-dc1d1fdca4e1","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":166,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"b3c378b6-9280-412d-84a1-09ce79a093cf","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":166,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"2a74f7d1-6860-473b-a961-dce4111180d3","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":166,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"7afe8f73-e26a-440c-bcc0-a20c74197e5a","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":166,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"a871f434-d30a-46d2-bf11-3c997938e67c","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":166,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"53d3b49b-9ef6-43d0-aa2c-c29243997929","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":166,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"25423c42-3b70-401b-ac39-cdd4e94ed509","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":166,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"328de258-76fc-4639-bd7a-398b5962469e","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":166,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"bb605e46-f7be-4432-848d-23245ee4ca9c","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":166,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"08bb801b-f20e-4ad5-bd48-10988270958f","block_type":"box","text":"Dividend Allocation Plan","page_number":166,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"87270423-d752-4cf9-b9cb-0172ce48150d","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":166,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"61a062ea-9040-469a-8695-e969bcff22ed","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":166,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"36319a1c-ad1e-48fb-bbd1-e1c6d7218c71","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":166,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"7189c28f-e113-4a0e-bdc0-0ff88916f14a","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":166,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"49d3e314-7257-4f3e-acfd-409bef93f26c","block_type":"box","text":"II-121","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e40a7c14-28bf-4a0e-8ffc-dfbea728f296","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8b98e21-d50d-4474-91fb-176e92561f2e","block_type":"box","text":"PRICING OF SHARES","page_number":167,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"22b37cae-06f4-4511-9a5e-ce49762f5c5c","block_type":"box","text":"Determination of Net Asset Value","page_number":167,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"47e59f83-319c-41fe-8009-2396b9677ae5","block_type":"box","text":"Valuation of Shares.","page_number":167,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"e90b5799-c4aa-4214-bcf8-ecc96fbdd437","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":167,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"6f3f0345-4220-4a71-8900-43aea91aaf9d","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":167,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"be25a92e-b331-46a8-8205-8993f59c3b35","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":167,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"558dafbb-e192-44be-9ae4-58d6dc4c1438","block_type":"box","text":"Equity Investments.","page_number":167,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"acc5640e-75dd-4d1f-a5a8-152feb694f04","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":167,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"c8c254c5-1909-4cc4-923e-05c0d18e8977","block_type":"box","text":"e.g.","page_number":167,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"f7edc1fb-734d-41f1-b451-293750a5a5cf","block_type":"box","text":", NYSE), on separate","page_number":167,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"b0952260-6720-4d53-bf28-aee54078ecdc","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":167,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"2e57b216-042e-4f3d-af21-7721c79f3ec9","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":167,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"f4f97364-8cfa-4608-842b-6dd19b8e233c","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":167,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"744388e8-958e-4fe6-8857-716494bf8367","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":167,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"8c6e22fa-0924-4eee-a4e8-cfd1a963ad26","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":167,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"1e71bf16-c181-409a-b636-e17407e9caef","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":167,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"fda3f9bb-995a-44b2-bfa7-f4328d0ad192","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":167,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"003ef542-5215-4c8e-832e-20e6a97df865","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":167,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"86294137-ac20-4308-a6d0-d6883cec9865","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":167,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"753b5049-7920-481e-8be3-27fdc2b6d9af","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":167,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"58d718c2-9422-4764-bcfd-abd33a2c763d","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":167,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"6cb1dbbd-f216-4b86-8855-cae84de08564","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":167,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"09069ff9-a2e7-4910-9ee4-3819a82eb127","block_type":"box","text":"defined below).","page_number":167,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"1183c7ef-2e9a-4a11-857b-31ddcff430bf","block_type":"box","text":"Fixed-Income Investments.","page_number":167,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"c0e058f0-1127-4595-8627-5197f7fb8376","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":167,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"b61c1276-a489-40e3-9809-dcc8d9fd9d18","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":167,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"8cdfcf44-d7a6-413a-98dd-ccae46ba471f","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":167,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"d6bd9318-6848-4254-848f-57e5227a0410","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":167,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"a8816e71-1f02-4fa9-ac98-e9e4c656c808","block_type":"box","text":"e.g.","page_number":167,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"c4d3b215-e9d7-4c3d-b60c-d73f4c17b032","block_type":"box","text":", recent representative bids and offers), credit","page_number":167,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"ac650c05-81f8-490a-abc8-19f974b71851","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":167,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"266c9272-543d-433c-b7ca-e26a9b74982e","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":167,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"119ed664-8e84-497c-a5fd-e9cafb361e25","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":167,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"08da7b7d-9aee-4af5-b1d0-03bca1c5d71b","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":167,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"5932300e-d696-44fd-bad7-0be97c0189b2","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":167,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"5a10d591-380e-44f4-8948-618ea08cc85c","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":167,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"5d2ccb14-deca-4c24-bf4c-07d1df3747fb","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":167,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"9528c21e-ca30-4ad9-9afd-018f75a936f3","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":167,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"9067682b-c5d7-4b27-a8c1-65c15c7a13c0","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":167,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"6ac0963d-0937-4f7b-a552-7dc058cd0a7d","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":167,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"10d2c16b-02d6-4ee2-8d02-0243750075e0","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":167,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"014f4bc8-1db9-4d6b-b613-de59c2a49405","block_type":"box","text":"attributes of the tranche.","page_number":167,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"e6b1f7c6-6605-4f9c-b20c-487d9a2bbd53","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":167,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"d688420d-2f57-4283-a8cc-b26795b00c11","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":167,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"845cfab9-3cb8-4084-a55e-e0114c56e725","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":167,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"7401dbb9-c583-46a1-a844-dfc6d9e1e5d0","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":167,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"9d34e28e-32e3-437d-8f4e-e05b97dfba72","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":167,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"a0275146-6a6b-4876-8171-0aedf11aae26","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as","page_number":167,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"1b8ae5ef-d7d4-4254-a78a-2ff3b73156bf","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":167,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"79a09dcb-696c-4dc2-b02e-4d9117086662","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":167,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"ada578e5-caac-435d-b209-9766950f863c","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":167,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"d04b81a5-35c7-449e-9f09-b9535aa9b54f","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":167,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"4627104e-3c12-41dd-ad30-2dfab66ee400","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":167,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"bbdc9102-ad2d-4609-9e04-9deedd0a1d73","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":167,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"42278ff2-07c3-4c53-810c-455dbc83ef22","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":167,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"3f15918c-90cf-4c29-883f-929ed163bc66","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":167,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"fa010bdc-1885-4a41-a21d-1c57d3b91345","block_type":"box","text":"Underlying Funds.","page_number":167,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"a7e01543-7b90-498f-8134-468b02b2c9e2","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":167,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"84da5036-7bde-4e51-8f94-f1b6113c92b6","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":167,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"1647160d-6375-4bbf-9e53-7119391034e2","block_type":"box","text":"General Valuation Information.","page_number":167,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"366b6094-f927-4787-ae26-63c4d38ed8d3","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or","page_number":167,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"7c74c178-33bb-4ac3-a2ab-3831dd0ae496","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":167,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"05d234ff-3c72-46f5-9fe1-ffcaeaf13ac8","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":167,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"af4edcdc-852a-4731-bc5f-f1c32ce5d002","block_type":"box","text":"II-122","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"78a8f00e-a6b5-4baf-9192-a91f07c8d02f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4eabb460-6340-4c4a-91de-cb25a1de0900","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":168,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"71bbb8d3-9d9d-460d-8472-75c099d8dfe0","block_type":"box","text":"applied prospectively. Such determination will be made considering pertinent facts and circumstances surrounding","page_number":168,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"58c8dd41-126c-48b8-bad1-828f1b127c2e","block_type":"box","text":"the revision.","page_number":168,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"9cf8b889-4872-47a1-903b-9a50250c0e98","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":168,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"0ef6dd3f-0e9f-4df0-9545-563e9aecab1f","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":168,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"8faafbf2-65a3-46dc-bb06-83220aea0dc8","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":168,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"9f990d65-30d7-4a61-9854-8a97d876e0ad","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":168,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"6455ee63-9587-4042-ba8c-b00bbd1e5033","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":168,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"f4ab8c21-d153-419a-b2da-b17e3ba9ac79","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":168,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"ab4ee6c4-7987-432c-a61b-ee38ae5b9ff3","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":168,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"aa6aa9b6-bbeb-429f-a9c4-9666a2a88669","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":168,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"73d4130a-f893-40a8-a7fc-3268b05295bc","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":168,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"1b9c281f-628e-49a4-8288-d109e9c30890","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":168,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"433d70aa-28ca-4619-96bc-414205d91216","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":168,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"f4014c1a-bf82-4568-9f93-fcd099213382","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":168,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"a9260a8b-a44b-4c2b-903e-ca9f24ce8f31","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":168,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"256f61b8-c4d2-484e-8864-62b8d0df2e96","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":168,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"8c4d9779-a045-4951-adff-e7e7c606c0ca","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":168,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"84ada854-8a4e-421f-b8c6-680b57a397e4","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":168,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"bac9f2da-19ee-4508-96e6-5b7132d5de1c","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":168,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"3c055654-77ff-40ff-b819-5675cba1afe2","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":168,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"9682bade-79fb-4779-a6d5-95d9c693453a","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":168,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"e134592e-1e46-4e1e-873d-9037ad8b17c8","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":168,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"45059490-a391-4692-bae2-fbd8792f27bc","block_type":"box","text":"Fair Value.","page_number":168,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"af86efce-c04a-409c-99f7-29026ce80b0a","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":168,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"0d4943df-6681-4f91-aee6-b6cb2128cba4","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":168,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"5a301675-749d-4e97-ac15-f3182bbb746b","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":168,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"6253feed-5e37-4dd7-8732-090e37f255eb","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":168,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"e401bc5b-7fc0-4a91-a617-7b78d0bca795","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":168,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"56162356-9d1c-4dd0-980b-22ca8f9726ff","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":168,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"41cd220c-d183-42b9-b1b2-c3faf36a6fa1","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":168,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"e8a9d68c-0026-4715-aebc-bad2c6abea68","block_type":"box","text":"(","page_number":168,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"e8702c9c-3864-4553-afd2-4e8178cc9099","block_type":"box","text":"e.g.","page_number":168,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"03c105da-916c-479c-bd20-0a99781a447c","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":168,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"d1ac0d6b-b136-4f54-b977-4dbb55e7cb9a","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":168,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"a0abe4dc-4e7e-496f-ad43-d7a3445c9902","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":168,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"e6ed7f73-cd0a-48c8-8ae0-56adb5737d20","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":168,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"e0bdf88b-4ea2-44ef-9115-23a40226730c","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":168,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"e9671507-c53e-4c69-96e2-89b656c53a72","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":168,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"fcf6ddf7-55cb-4f81-8f92-f7f451f9ec4f","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":168,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"0f06f69f-ec58-4365-8053-b9e59d24cf80","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":168,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"d362010f-2182-43cc-a377-31111886b9a7","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":168,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"51a0e113-e424-4ecf-a013-3fdde6b53fcc","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":168,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"923ccf20-fec4-4898-8871-317f2f83563f","block_type":"box","text":"be treated as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair","page_number":168,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"cac931fc-fc58-4915-92ca-4d4de09eaba3","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":168,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"f420b431-6d65-48f4-8f32-21a22fd70475","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":168,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"133b0682-5eb0-4b47-a7bd-4166d506b53d","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":168,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"c315ac15-40f8-42f3-a79b-c4a382d04bb6","block_type":"box","text":"pricing time.","page_number":168,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"316de9fd-0223-4212-a341-46bd428d6f28","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":168,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"dd176f6c-8b9a-4607-8c94-449ab0d8773d","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":168,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"c5018528-b952-4b85-b9ea-f26c1759f5d8","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":168,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"cbaa793a-069b-4594-a5d6-1d2e1bf7cefe","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":168,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"bade6358-96ad-4635-aaa3-353eafc9b40c","block_type":"box","text":"assets and liabilities of the Funds.","page_number":168,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"7388edc8-2645-4697-b3de-b974bced1393","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":168,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"004b93ae-b665-4049-a1d0-2c6e822c9df6","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":168,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"6ef94f48-5c3b-4454-ad25-e8cdadfef542","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":168,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"f6c4b0c6-da7a-4022-bdb9-816f42e8b6a1","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":168,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"dbacec24-9526-45d7-a27a-8cc0190c7b04","block_type":"box","text":"II-123","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1d38f37d-b07f-4208-9857-a3844613f58e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f69d3ff-05ed-4500-b074-2144e7530ee7","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":169,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"04368afb-7df8-424b-a88d-50b16a7a9d83","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":169,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"14734e49-dfdd-4f29-b011-3477f08ffc1d","block_type":"box","text":"valuation models.","page_number":169,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"6f505e02-a3a5-4162-953d-a39efaaa1468","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":169,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"bb557335-2299-40e4-8d08-b8e86e1e3844","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":169,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"7486d9bd-0276-44cd-91c3-a712a0157b58","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":169,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"1a4ab839-d0f5-4ff1-acdc-cec17f3db284","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":169,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"b856d926-178c-49f7-a376-ce9df0823ed6","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":169,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"0fa65dd3-145d-45c5-b109-d7b0dfbeb93d","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":169,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"7ab20717-23bc-429f-a28b-ccf6f9167fd6","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":169,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"ca84ebe7-cda0-468d-b3e9-ade2477a40ed","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":169,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"1f162a11-7756-4c6a-980f-79f76447d6ae","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":169,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"345eddeb-cffd-462c-8e49-51375da007ff","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":169,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"6f1abcc7-cac6-4e40-b427-2fa07a01de67","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":169,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"860b8ab1-470d-405a-8e71-8a521737f695","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":169,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"2505a730-1cff-4eed-86b2-8dd500401d0c","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":169,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"8c79840b-5adf-4e8c-b237-1af4e5e0e8a5","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":169,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"35c19701-872e-493a-b801-acd4b0cefda7","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":169,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"f098e4c7-8c7e-4fb7-8088-209c337ab996","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":169,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"247ac252-3eee-4af7-822d-03083a2deef0","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":169,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"dc651672-c2f5-483f-91a9-63129f0a6a5e","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":169,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"b33325f5-899a-4e53-83ff-588bd2425235","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":169,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"dad4ac8a-10f8-4e8d-9f5d-3a3cd791a28b","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":169,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"a2576121-b820-4698-b7ea-3683a8f14ab7","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":169,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"2441cbab-fa3d-4a55-99c5-04bae0950eb3","block_type":"box","text":"party determination of fair market value.","page_number":169,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"c9fc3e11-03be-411b-8172-186af2278c51","block_type":"box","text":"Computation of Offering Price Per Share","page_number":169,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"b68dc6c6-5b07-4c86-8bda-0c5029b67561","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":169,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"b1104eb0-8543-4f5d-b291-d2480fb10fa6","block_type":"box","text":"the offering price for shares of your Fund.","page_number":169,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"8716bf37-fe25-41ae-83cf-28a1cbc4a6ee","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":169,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"aa033ac2-380b-4dc7-b3ae-80297beca7d0","block_type":"box","text":"Transactions in Portfolio Securities","page_number":169,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"711e64bd-c59c-4d3e-b4a4-df8347d99f09","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":169,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"40ed2eeb-2b05-40ec-9a4b-e4e141d671a2","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":169,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"4b4b8aa9-2f52-4315-97a8-a9c3a8f01e23","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":169,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"83a7fd56-f018-48ec-8335-9ad5fc964d24","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":169,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"b16e4adc-acbf-4cef-abe0-39380549e039","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":169,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"583c3853-05f7-486e-8f55-107ebb369482","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":169,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"e15c2168-92c6-432d-975d-39cd5376b40c","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":169,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"a8562092-4220-4a29-b5a9-830be76efc65","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":169,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"b5918beb-746f-4598-9cf3-c8372a9b38da","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":169,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"3528f1d0-0b77-4637-bd8e-1a04c3bc8ea0","block_type":"box","text":"reasonable in relation to the services provided.","page_number":169,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"70005189-c50e-4169-8da4-fc3d01eb7454","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":169,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"505ad348-0284-415c-88cb-8f864f994ca0","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":169,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"3cbed160-789c-4ca4-9be7-3b142adfeaf3","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":169,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"8ca77fb3-81b4-48cb-b8c4-75e465bbd84b","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":169,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"4d72346e-1a71-4ede-9874-272360df31af","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":169,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"9af9db0b-4ed4-42c5-b2d2-5e5ca7602355","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":169,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"7539d0d6-ff32-4df3-931a-6bfd0fe064d0","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":169,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"6b07bfad-b02b-406c-bddd-9aa2d55e55d6","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":169,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"6c89e9c8-e2a1-4ce8-9429-9dc89e522899","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":169,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"ed496efd-f19c-4281-bb5b-7572b2a52011","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":169,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"ac385041-f51b-466b-b8e9-08d3a4b8e94f","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":169,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"c73741ca-d965-4c21-906d-9405ebdd1431","block_type":"box","text":"II-124","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0cbc5d51-533e-4121-aa8a-b70b326a2238","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1964cbf2-7ed7-4fcc-93ac-08d137461eca","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":170,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"ceca2e93-4b81-4cbb-9239-8e4125feb928","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":170,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"e081bf38-e2cf-427f-96d5-9e1439eba83d","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":170,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"47fb0f4b-8c24-4598-b03b-b7d800e56e57","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":170,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e19c81c1-4335-4422-87fc-123ca5cd2d55","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":170,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"3836efa9-7615-4207-9925-203afafcac2e","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":170,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"4cde1d2a-11e9-4871-97e9-0e79000de3d5","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":170,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"f77448ff-4e13-4592-9832-7e8cae479526","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":170,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"65239b77-0754-4880-abb4-8af6f5698660","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":170,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"e6ea066b-5b83-4fef-9f44-340e107b21f3","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":170,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"0619ea73-9400-4f30-be69-b3c8068d26fe","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":170,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"16f873e8-3ac8-4f47-8039-d508f54b572b","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":170,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"b8f62443-f488-4219-8a70-96a2237134ce","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":170,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"b77c6acb-7e01-472e-91be-d22eccf88dae","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":170,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"c0a6759a-3e5d-42ec-aaf7-2e41946ca9aa","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":170,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"1f69884a-02ec-4339-af85-90acec3e39d4","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":170,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"fb992c02-20bb-4405-9632-ac9c75f2fdea","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":170,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"895065bc-c5f9-49aa-ac7c-ac72045b689a","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":170,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"4897fbb7-d3e8-45cf-bb59-24e21d02f05a","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":170,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"e7159cdb-c338-49d4-afdf-ba4d38a3d8cf","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":170,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"d41dc1cd-759f-4efa-b4bf-3735744c1767","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":170,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"78d7f190-3d85-455b-b5eb-260393ba76ab","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":170,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"7319ac8a-5e29-46d2-b716-1564ec3dd6b6","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":170,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"48ed2c03-2a19-405a-ae2c-e26cdb0b0220","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":170,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"75d5cab6-b061-4831-8da3-a2f25299e5ed","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":170,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"4b29ba8a-320f-4d4b-8211-1227a6fccc71","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":170,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"a491612a-ec58-4d53-9287-e973fc971366","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":170,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"eaa53574-79cc-4ece-b6de-6dc474d9f72f","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":170,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"9a0eab0d-7efb-4885-9452-f3aa77469f20","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":170,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"8bf2d8e2-3236-4660-8a5e-ccd31f6c231f","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":170,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"fc39189d-08ed-4843-b90f-cbab4b6e4754","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":170,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"6e4f5198-9c15-49b8-91f7-363a43a006af","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":170,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"25f890d9-dc8a-4b01-b659-f7ce6e1947c4","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":170,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"074e2cca-d053-409d-8ead-8f8046177248","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":170,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"36fe3120-4354-4fbf-bdbb-a961d76ed596","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":170,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"d5849309-7df5-48f6-93b2-d78e78632df8","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":170,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"0ad04d39-5c0f-401a-a253-d7ce25e2c551","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":170,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"e01fafc8-c2e8-41dc-ae10-3e4c7283a49b","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":170,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"cb577f1d-25c9-499f-89cb-98f6ef48d28d","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":170,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"b05420e1-1309-4fbe-819d-1d3db62849e2","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":170,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"5443b725-b73d-4b3e-9007-37718abbed1d","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":170,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"79e294b4-eaf7-4794-9395-073435638320","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":170,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"1bed9f2a-ff68-440a-8ba8-f68d59479afa","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":170,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"defd4499-c39c-48c4-b25c-e70ac74105c7","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":170,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"2e8202b8-67bd-4af4-8cf4-3101e32920f9","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":170,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"6f983b62-fe15-48a7-8dfe-c84758b6e9d8","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":170,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"fe3632e4-1954-4e95-80d8-e2c11d23f271","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":170,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"3f2337f9-cd56-4d4e-9d11-931ff0348063","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":170,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"8cd03415-ecad-4257-add1-436d2d662cc8","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":170,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"31015442-0c6e-4966-93d9-249bb15e16d2","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":170,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"53a7775b-7e4c-4736-a9fd-28186c546f9c","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":170,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"26f5b87d-ad9a-4393-a9c9-287ca3d675cb","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":170,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"a3245473-7ff0-4584-a50d-cb40aad718d7","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":170,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"c8e3649f-a453-44b8-9585-0fd9f563cc95","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":170,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"f64cfa56-8e16-423e-9820-323a7234e68f","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":170,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"300cf0b6-81ef-41f2-9241-fc33221bfb6f","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":170,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"6e90bb90-f465-44fc-a7fb-6ce7950785ce","block_type":"box","text":"II-125","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"59cb6f78-a2ce-4f93-8853-635b4f9357d7","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31ded262-24f1-4d9c-85aa-340c7f84e331","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":171,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"4f706fb0-6ba4-4761-b410-0ae5e9069c11","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"77daac77-92b6-40e5-81a4-6c935f861dc9","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":171,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"fb418c27-6e38-4d1f-8773-7b2e230cb05c","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":171,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"5bce7e3f-3945-471a-9ef2-2435f1106efb","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":171,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"2054cd2a-3cad-4eb0-a18d-1c487f93efca","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":171,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"304e6a39-6282-44a9-bf2e-c0650cf3e433","block_type":"box","text":"brokerage.","page_number":171,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"80fbc7ca-9416-4290-b232-14999852e909","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":171,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"538e312f-113a-48c2-acdb-3304edbac483","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":171,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"7f323a9c-89cf-430a-8429-2efe7e24330e","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":171,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"2b36db80-276c-4370-8bc5-dada414e5146","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":171,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"2d939b29-313f-4de3-a932-d5cd46aa6f82","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":171,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"91aa3158-8d28-4849-9749-8420a151003e","block_type":"box","text":"Section 28(e).","page_number":171,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"d120707e-fa44-4008-8789-4f80401a2463","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":171,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"72b5291d-2e56-419a-8833-2cd11765fcea","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":171,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"5719692e-c27d-40c8-8fe7-46fd4a240e58","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":171,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"3cea7008-21ce-4c7d-81be-ad0a26bcb444","block_type":"box","text":"execute transactions for those mutual funds.","page_number":171,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"c22a7f25-e5e3-49e1-bbd4-c8c3eb251d19","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":171,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"83ad6096-1e2a-4e8e-83d8-e4ce22e76a6f","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":171,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"ada7cdc9-e136-48ea-b4c4-73ac61aa5058","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":171,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"51bc64d1-fd79-447c-815f-9e43eb1005b8","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":171,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"aadace24-45a0-4fed-b4aa-bbfd7e6e7690","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":171,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"6f46a864-d7c6-445a-81d0-f0daaec057e5","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":171,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"7abec4cf-b93a-421a-ba6a-e04ff5df222e","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":171,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"8918e1a4-a47e-4394-bee1-1cbbb4a8f831","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":171,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"b4433e27-f761-4e81-a089-1284c3e7a132","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":171,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"dfb74d05-34a3-4790-873a-a7cca1cca7d2","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":171,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"66700161-90c3-40c3-86cd-7d9fe1ed27af","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":171,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"a80b3724-3ce9-4746-98e0-1494548c1b25","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":171,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"f7fe63f2-8f67-4466-a69c-e21c291e9691","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":171,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"eb39356c-577f-4b2f-b2f1-fc6bc241fecb","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":171,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"751524c9-1cba-4f30-a5ff-2916729abf5e","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":171,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"575f6b0f-0d58-4a89-afb8-015dfb141c10","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":171,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"fb11c496-31e4-4152-aa83-091807c17e03","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":171,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"0e090686-dfd9-496f-897b-f387090b1e28","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":171,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"91adc777-b9d7-4d97-9c31-fbc276e0f0f5","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":171,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"ff119c9f-4400-4b18-97b9-fc812fe2ad6b","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":171,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"6ca41673-48be-4bb0-9897-c1344e3eba0e","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":171,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"f732d678-bcd0-4330-9ba3-be53523ba2ef","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":171,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"a94e9f82-41fd-4f30-9bbb-d6b84dc5049a","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":171,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"68fa6999-e521-4ed4-880b-3c3328c70b98","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":171,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"eb8b7e81-880b-42b6-acba-361d5e867bbb","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":171,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"4e0149bf-415a-43e7-812e-40536bd84a12","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":171,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"4bf66081-8a31-4e50-bee6-3e010c7dc69f","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":171,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"2b760f65-03e5-4b5c-a5e4-9a90ee291498","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":171,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"45516ae4-7144-4067-99a1-da209637840b","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":171,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"37da05ca-15f7-428a-ba7f-b1d7808af2fe","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":171,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"6a1cee42-0f12-4707-a374-6dbe29c2951c","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":171,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"5aea0fea-83af-44b0-b1d4-fff283a22db5","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":171,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"d6925693-ef63-4015-8d20-84f99db61c11","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":171,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"435b57b0-2427-4f67-8c74-e3aad745ff51","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":171,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"45732bca-b58a-4c2c-9956-f9253addf18f","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":171,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"2d8da40c-256f-484d-881b-05c212d25e4a","block_type":"box","text":"II-126","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a1cab426-2b6e-478c-b8cc-e3c1ba01ec02","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22f0c0c5-d32b-4843-a29e-797c4a8c3fdb","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":172,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"a44bb8b0-0022-44ea-a54a-f9888c0615a1","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":172,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"cb1d7269-eeb7-4ce0-bc91-f36909b8dc07","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":172,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"2ba32b28-301b-4705-aaa2-25993fb04fbc","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":172,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"f8faf747-121a-486c-a16e-ddbf2281b33e","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":172,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"66483a17-2aa9-4e99-af27-7cbb3cea9a41","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":172,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"a8a18f51-88ee-4734-b812-77ac4a5e4f2c","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":172,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"65af3025-fbbf-4c5d-80d9-5588f45097f5","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":172,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"9027dabc-72e8-4597-a74c-eb207fd6145f","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":172,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"4073130d-f564-492f-9a33-423d8f8c6f27","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":172,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"344b3839-ab28-4d3a-a72a-d4d5add5f440","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":172,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"87572eec-8ce5-47b7-babe-981068be7b78","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":172,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"6356dfaa-5c15-41a7-afc5-84a0346e4b8f","block_type":"box","text":"These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":172,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"ea994f24-3c7a-427f-b781-12e55dcc7729","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":172,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"d8f99021-73ce-4ac7-8257-e05c9cb050d8","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":172,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"914a003e-7145-40ab-a64d-4b0a0ddfa62f","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":172,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"6e499194-eb79-472e-94c1-3b9f73e36ac7","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":172,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"ccf8d2ea-7647-429c-adbb-8e0d18811bb4","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":172,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"6786e998-b7de-4776-a423-3fdb33669bd7","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":172,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"edf7ea31-5704-4a0d-8389-02b277bf86fa","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater performance compensation to","page_number":172,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"e7ce1837-9f1f-45fe-ba3e-6f8a0c4d22b3","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":172,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"309b2332-c778-40d4-80df-db7747bb8971","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":172,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"816b339f-35ee-46df-8c38-529a9a1b49c1","block_type":"box","text":"or (v) to manage or equalize investment performance among different client accounts.","page_number":172,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"32d88615-64fb-456c-9183-924e0e189c75","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":172,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"c6279b61-c669-4f62-b9ee-c4247a93a03b","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":172,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"d6ed6adf-1554-4d63-984e-a2231a9e3d90","block_type":"box","text":"accounts and compliance constraints.","page_number":172,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"ef33c5cf-f068-4ba1-956d-8efe0f32825e","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":172,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"5a69d6bd-acd8-47de-967b-9a9d4747575a","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":172,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"301cc45d-3dc6-4e7c-8353-17c6e44e4e6e","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":172,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"fa5b3c41-b6d0-48bd-bd39-20836ad57194","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":172,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"72a216e6-e53d-4e01-af04-39fd5e39669b","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":172,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"d4bdcfb1-88e1-44dd-a31f-56eb36d05db2","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":172,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"5359fdd3-ef70-4c9a-a60f-cf95e6fdfb65","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":172,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"9aa18735-70ba-4c88-bc21-0d1840eef7a5","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":172,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"017392c6-beab-4933-b240-f0b9015dc53b","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":172,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"d7f88e9d-aaa2-4c93-abf1-cf8f5e8e2cb1","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":172,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"470612d8-5346-4c0c-a3f8-fa129e79a13a","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":172,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"b0a601d9-dd69-4128-a2e6-a2e13c439da1","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":172,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"451d6f8b-06e8-45f2-8a75-d1f0f96b1567","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":172,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"d704f868-04c7-4da1-a2d4-190973744fa7","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":172,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"cc0859a6-4bb8-424f-a2b9-6f7993e78ef6","block_type":"box","text":"clients may be used as well.","page_number":172,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"f85add6a-a167-490f-a218-5a9edc023993","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":172,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"ac5f1537-e8a4-4ae5-809b-c5b2ae2d270a","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":172,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"995b83be-fe37-486d-a7bb-e6d56cf111f5","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":172,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"270936d9-98e6-4d0e-a158-2e8b31c7ffd8","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":172,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"a873c511-9ebb-4dcf-8c2b-e6058d1a5e9a","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":172,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"db7f2f02-6026-46ad-82fb-6341d7998e0c","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":172,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"0d05e0e2-c57b-460b-bba4-1e87de65442d","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":172,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"7b15ec88-686b-4157-b641-326c5af05048","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":172,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"9ec36b21-fdf2-4002-946d-c3d78397755d","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":172,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"90bbd0fa-5cfa-4ff6-9c1f-781dcc1ef728","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":172,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"7a95827a-a0b0-49b2-8972-95a757d0eb6e","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":172,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"bc639144-bf1d-4b1e-805a-0a6e2558da3a","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":172,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"81b8fba3-ac15-4d2e-ba1e-57431e14cf66","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":172,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"69b7e7b2-6dd4-4f42-871b-06757b092919","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":172,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"b68ef2c4-90db-4786-ac25-4ed628debb15","block_type":"box","text":"II-127","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d780d18b-7fab-49d2-b3bb-e147b2515c55","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28dedc48-b274-45b3-b1a6-f906e3a36442","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":173,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"208edb11-93e3-4aa0-ad35-24a515e0ec69","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":173,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"33f5c7e9-88ea-4f49-9b07-24ed31bcea90","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":173,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"524012bd-abee-4d75-b69b-8422f3745dca","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":173,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"4372cb5d-9bcc-4052-bdab-aec862ff7240","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":173,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"05b8e207-9a92-497d-a77c-a1c650ed8ea8","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":173,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"647be34e-bb61-4c71-a1b3-faedb2d8afb4","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":173,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"ee343c6f-878e-45cc-b266-7b1d2ef1517a","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":173,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"62b7fec7-f367-4a49-9bad-f3e6f26e2630","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":173,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"dfa865f6-de95-41e5-aac2-44791b63cfae","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":173,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"4b9b6a40-5abd-47da-94b4-84edf789b048","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":173,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"62cf2ce6-6de3-4b65-bc2e-2ed7c28aeee7","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":173,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"cae7ca67-5c0a-432e-b863-f176cbdc9d22","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":173,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"330582a7-ca08-48df-9db3-4610130fc083","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":173,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"e008d10e-7f92-409c-a296-7b6b25985ed1","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":173,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"233144dd-b53d-4f2b-bd00-b7c6d4e3c751","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":173,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"abc84d07-df20-416c-833a-13e127db5854","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":173,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"173b8c49-468d-4cb7-abf3-0070eaea5c4b","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":173,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"314df06b-b0a5-44a9-9654-49ee09233a65","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of a Fund and","page_number":173,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"580d4c9b-0ed4-4016-ba43-49a9e542dc57","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":173,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"4c560437-b0b0-4ec3-a6cb-c02a3fc12681","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":173,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"ac18098a-36f0-4690-b550-95633d10299b","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":173,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"21d5dab3-e5f4-409a-bdf7-dce9f6ccb73b","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to participate in volume","page_number":173,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"8f58a00f-538f-49c6-ab35-46e4248b9906","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":173,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"e27cbc5d-0d3e-4a1a-964b-225481fdd383","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":173,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"0cf12f2f-a565-4046-a57e-b36dd8730903","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":173,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"ca842619-78e6-4cb2-9791-36a38bf9237c","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":173,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"47fc5c61-8e1c-41a9-881f-32c5dfeca412","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":173,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"49613529-1926-4efa-85fa-ba8a98d261fd","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":173,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"31ebd578-6d39-4016-aa0f-85801882d8a2","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":173,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"7a993e8b-d1ca-4839-ac7f-d4e25b7bae37","block_type":"box","text":"Portfolio Turnover","page_number":173,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"e90b402d-9668-48f7-a3d0-6de33a15e859","block_type":"box","text":"The portfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of portfolio","page_number":173,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"44bd1acc-5222-4dbb-8116-8c07fe2e1a12","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":173,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"0e5bd66e-fa82-4442-b1c2-e38869d9d4fb","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during","page_number":173,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"a6fd919b-8333-45d6-8497-50d563f1be04","block_type":"box","text":"the year. A high rate of portfolio turnover results in certain tax consequences, such as increased capital gain","page_number":173,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"972e329b-46d4-4ec4-8440-532650b01fac","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":173,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"4fc2d39e-1e2b-44fe-9e6c-f53093502831","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":173,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"8452bc0d-ba8d-4719-8369-afd26ee07252","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":173,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"d0167805-f7fe-4c70-a625-2a9f1d69b992","block_type":"box","text":"Dividends","page_number":173,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"bddb86fa-1003-4c9b-9b60-35f978c31eaf","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":173,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"a44af2a7-3f46-4129-8100-01f25dcd68a1","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":173,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"7b86fc23-bec9-4e1e-bae8-4222f38b12be","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":173,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"ba403fce-e048-446c-8589-b0f1110ffeb8","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":173,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"d6ef18c6-2401-482c-8f03-f3985d362c59","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":173,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"5444c9d0-e073-4f79-9331-256e830f9446","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":173,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"262147fe-e80a-4703-8511-d3eb27f63045","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":173,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"756f515a-c714-4351-9f11-7c347288acf4","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":173,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"32b2def6-40fa-4289-b2c1-7353af4cb16d","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":173,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"5ac96be4-b6c3-4b68-bd92-07db8a0f7674","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":173,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"224be38b-4cd8-43d3-a221-6ef87d567a9b","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":173,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"e1e91acd-c188-4919-be16-fecfe24d0840","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":173,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"facb8771-4a09-4c74-abe5-20be354efd7d","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":173,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"a2bbf75c-4a5f-41ef-ab1e-22cb04f2bc0f","block_type":"box","text":"II-128","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e7b51615-fe71-4c0b-9bd0-cdc7ce8bf341","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f963fa87-6e02-4386-b8c7-08314046c992","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":174,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"fbb4c81d-5f6c-4925-b953-b76fa127a611","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":174,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"8123af9b-5779-41e1-8bea-33cb3393d45a","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":174,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"4550ca23-0da9-472b-801f-00b8b5d2534d","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":174,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"fcc31633-2695-4c04-9be9-d7095bd1c138","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":174,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"bbf68691-0f93-4d63-a263-dfad1fe68848","block_type":"box","text":"Taxes","page_number":174,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"693604e4-0706-48e8-8eac-a0356e53456c","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":174,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"695f9b45-8fda-4e78-acd0-b8dbcbf7e745","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":174,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"38c12ddd-544c-498a-856e-cf0f0e4e1e1a","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":174,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"b8262c66-7c2f-4b8c-b984-e62f3e77cad5","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":174,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"3354de78-46f9-490e-8bcd-76b18e15dc33","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":174,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"ec10a4f8-6211-458c-bda6-4fad785b63f3","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":174,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"a15a2698-0c84-41a3-a967-261345155648","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":174,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"9de4cdbc-a01a-456a-8015-20e45ee23bc6","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":174,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"96bed960-b350-4b01-b33f-ffc5ab1af51b","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":174,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"dad6c529-e4d6-49e0-89e1-f4fa6a25e3fc","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":174,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"a4268f9e-8158-4c98-b33f-d03e7f579b09","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":174,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"e6132b97-6f5a-490c-a23e-cb0345eeb8e6","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":174,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"4344cb5e-dc2d-415e-b0da-fae96a037d90","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":174,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"35eae1f2-b880-43f9-bd49-8c4b6b01d0d2","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":174,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"774c86bc-d2c7-4da1-abc0-68bf76b187a6","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":174,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"c65a3cae-c295-4461-a0a9-61ff38a0559d","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":174,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"284b4d69-a51b-474f-90d2-0ba380095730","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":174,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"0237b15b-5637-4f8a-b5d0-d0f64fe7b51a","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":174,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"eb066132-a3be-4065-99be-4f03ee8dcc85","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":174,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"3e38d46a-e537-48b3-9d8b-62e1f1b0d5a2","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":174,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"39e8efaa-bc82-4ffa-86c1-6e2711cf2efc","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":174,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"c2d7893a-410b-42bb-87bc-88448ab982c1","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":174,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"cbde9d0c-4d0b-4301-9211-c3b4fe64fbba","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":174,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"5ff04f5c-7d24-422c-aa6d-ec0899bb1ce4","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":174,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"263e4db0-e301-42c0-8339-634d9baf1d00","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":174,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"0e70dace-a08b-4102-8a85-eca22ad26fb2","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":174,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"55a1e4c9-33ca-4805-9506-6878c1cca678","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":174,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"f3a68cbd-917e-4027-b7cb-8a5ae6e7e3f2","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":174,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"d434a466-fbb4-4449-91fe-238a5be6afa1","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":174,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"787e74bb-c8bd-4457-bcd8-fac3006de95d","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":174,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"9575165e-6d85-4ee9-b8c2-ea315bb54d36","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":174,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"6e2aacef-bb75-447e-a11a-3dff37fad5f7","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":174,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"32867f1e-5542-4074-9997-e98bf0636829","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":174,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"31ae7fff-1fdc-4b5f-bc15-8353a90ae9cf","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":174,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"7d861153-b646-4003-af74-1a11b145630f","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":174,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"93e0125a-f1df-40ae-9d75-d0f50a8bc792","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":174,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"df28d850-74bb-4621-a426-397a0a7a306f","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":174,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"0c46d85f-8249-44bd-9c99-e1adaa97aa66","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":174,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"74699bbe-30a1-43f9-a9e1-823c6c3e4f02","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":174,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"3d460fff-402e-47ec-becd-e1f6365544a8","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":174,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"da5b73c5-9aa2-4a82-9c9b-cd7f77de0125","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":174,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"9b12caef-f3c4-4064-ba5d-311321072f7a","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":174,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"3111999c-3b91-4da5-a958-a3620ea964aa","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":174,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"dc770cc5-b9ec-4369-9721-c9455fe18eb5","block_type":"box","text":"limitation.","page_number":174,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"369990d0-f922-4132-b352-d8e31ccf2f57","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":174,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"229fba35-99c4-40e3-a805-96a8a098a9f4","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":174,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"dd4ed7da-b518-48d8-83eb-79f1aaeefa50","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":174,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"1cc79f4d-51cc-4580-b6e2-53aac2b0f2f5","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":174,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"0ddf39a0-39c3-4952-9712-79d9f9a57ad1","block_type":"box","text":"II-129","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"24165eee-93a7-450c-82ca-86a6378abe01","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0581119e-160e-4cb2-b312-d811ac90ac04","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":175,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"1440c16d-91f7-4932-a2dc-9ae6de0a11af","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":175,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"db6d2542-a3a7-4a28-8429-d0d4ffa4879c","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":175,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"13a8d875-5fb0-4eaa-b89c-5899584b5990","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":175,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"367765e6-b700-4bc3-afa4-7a2d00e5a347","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":175,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"8bf22608-0e96-44e7-b833-248de732b05e","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":175,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"de91514f-629a-47a9-9ae8-d4f0d66f7d0a","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":175,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"89d4db92-dc80-4afc-9b06-6386c9669ce4","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":175,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"bffb1220-64d4-4f59-9804-ceec27d2dc74","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":175,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"6d5b4df8-6545-404f-b520-c6bc0763da62","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":175,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"1b06a892-9018-44fb-b732-f587d933a14a","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":175,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"68e84e69-1a7c-4936-b2d1-4ab9acdf95b3","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":175,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"97b9a791-5950-48e4-b6ab-50fa85cbcf83","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":175,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"6a64a7b6-63ce-40eb-ba76-70f589f84e4b","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":175,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"f6291f4f-4ca0-4b36-a1a4-c5c4b4516058","block_type":"box","text":"constitute “qualified dividend income.”","page_number":175,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"c2eb93d1-6de7-4b0b-80c7-920813526277","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":175,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"f030532a-78b3-4677-ac00-1c0b35a317b8","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":175,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"7c571565-cda5-4c80-a729-06c515c12894","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":175,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"91888d62-fe94-4b36-9498-eb1347fb9c7f","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":175,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"d89d69bb-9d74-434c-a76a-6e71bbb42821","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":175,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"d985a279-8100-4b34-981d-e9c0518e54c1","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":175,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"f1e616a2-161f-490e-95f4-86b39235d39b","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":175,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"29d03e6a-b8ff-45bd-b221-507e2baffa1f","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":175,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"eb6784d2-3389-4e9a-802e-787d3b75b431","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":175,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"e6b3015a-43b8-483c-8c92-2ebf8b2a421a","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":175,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"09e861f1-9ebb-467d-9d2a-129de0ebebe1","block_type":"box","text":"against their taxes.","page_number":175,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"88a2a000-7666-48ff-af30-99c90756ba10","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":175,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"5f99e4ef-d25f-42b4-90ed-ad2f287253f8","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":175,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"a99a6eeb-09ce-425e-9781-e6a293e3736f","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":175,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"2068ea16-7f57-43a9-a994-5fa1b31d1b24","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":175,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"29b6a2e3-fe73-4a0d-a6a3-b02932e2854a","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":175,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"c262e3a8-5fc4-46b0-8f96-904c5658d6af","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":175,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"016a2f18-0ccb-4dc2-922d-1321844666e5","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":175,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"1b8ce510-4208-4332-a9f0-339e400778e4","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":175,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"3050d68f-17f8-496e-af49-f7394d658380","block_type":"box","text":"dividends received by the shareholder.","page_number":175,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"74cadcf1-3245-4268-b364-0cf893679c00","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":175,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"11a2026d-05b0-4edf-bb3b-0c711a07a859","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":175,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"56486ced-bfc5-4b87-bb78-60f1ad6106a1","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":175,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"fc7e664c-a8f3-4106-b41a-bd313628df8a","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":175,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"5cfc560d-6456-4966-ad92-404cbeb9c101","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":175,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"e372ea84-7931-47ae-88a6-605191c5a1fd","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":175,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"423a24fe-1068-40d8-b713-eb2322134edc","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":175,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"d1c12db9-7974-4610-aee1-e79382bb277d","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":175,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"fea45815-dbf7-4947-9976-4401803ad93e","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":175,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"01eaf7eb-7c55-4c8f-bafc-f51292c2e8bf","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":175,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"21321b76-4267-443e-a3d7-7f98cd2380a0","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":175,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"a243c298-c9ce-40c2-b752-71b1e3cba841","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":175,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"20c0145c-ca63-4ab0-9809-dfd73354a19d","block_type":"box","text":"taxable year.","page_number":175,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"9d3f3843-dbbc-44d4-a861-737d0e28effe","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":175,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"ae3dec0f-d625-41a9-b71d-bbb16352d10a","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":175,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"03261043-305d-401b-965b-4f36ee3eed75","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":175,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"30afa395-e9a9-4169-9598-1c8d95478686","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":175,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"07c93e48-98a0-49b2-be97-420e1cd35c68","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":175,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"500ef371-145e-48e7-8d31-3a209933a2eb","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":175,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"fa2edbd3-dab5-4cf5-a944-8909ac3f3d56","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":175,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"5285f17a-0299-4913-b21d-9bddc1df4102","block_type":"box","text":"II-130","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e9395ff1-187a-4181-b5bb-d1af1e73faa5","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa476041-4a17-4f4d-93a3-0583b41c110a","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":176,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"3e0fbae7-9cd5-4482-b3e1-6b95d50d38c1","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":176,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"1ca5724e-621b-436e-8a64-99b48b723df2","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":176,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"22ff5b21-6a39-46a8-a566-2326e7c232b0","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":176,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"5b8bada1-5711-4d67-a66f-0f13ba09bb2c","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":176,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"8001aa1d-d9c5-40ea-99f5-750d139d80b8","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":176,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"46955f12-2204-451a-bf31-1451973324fd","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":176,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"05875075-93e2-46fc-bb8e-1158f07b8042","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":176,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"8e26c06b-4669-4c1d-83fc-d39f51da0793","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":176,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"ef1d6059-70ef-43b4-8f38-4c278660f5c2","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":176,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"5b578d68-8b62-41bf-8ed8-c7e8e7fef4cb","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":176,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"6752abb5-a279-46df-8317-a8e9d382a13e","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":176,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"5595f4ff-eee3-4acb-a684-67eb52ffb568","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":176,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"c6793075-315c-4453-90be-88b73b4f8f5e","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis reporting","page_number":176,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"dfe23932-3c38-4980-9fe4-1581456e7541","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":176,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"4df62c74-4c20-47a6-85bb-c5b4a35d6587","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":176,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"90450a0c-334c-47b7-97da-96e46440b347","block_type":"box","text":"redemption of such shares.","page_number":176,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"da82b45b-e730-4245-bec4-1ef205f35070","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":176,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"dc80d935-56ea-4d86-8df0-3e8d7c5af673","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":176,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"fb9df063-818f-48a5-a82f-3d105b716813","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":176,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"64f9d21d-8f6a-4965-a249-ce27935c7bef","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":176,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"d425e5f8-91fd-4413-a687-c7f8203c332e","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":176,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"1088e677-9245-4c6d-ba8f-ceb511953af0","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":176,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"965b335f-6842-4ee4-85d5-60845d50bc6e","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":176,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"d4ad3810-640f-46b6-9c46-c362556cde2d","block_type":"box","text":"considered 60% long-term and 40% short-term capital gain or loss), which may increase the amount that must be","page_number":176,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"a62e68e2-dbc5-4c8a-b6c7-83e9d742fd15","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of certain","page_number":176,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"b49f6636-a173-42cf-956b-f06b9f9b8ac8","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":176,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"5c4d9ce7-b0bb-431c-9b2d-0f2675bb7cb4","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":176,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"2d7072a3-4a1b-46d7-bbf6-d3c899559672","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":176,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"4efa5024-d297-4b6f-ad31-0d282ea5f071","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":176,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"1643d2e5-3c78-42d6-b5f0-41259bcf46db","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":176,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"2607481b-ff75-4824-812c-24f78b6887f8","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":176,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"18aa31c0-7e09-4eb5-9a28-f40abbc43e8b","block_type":"box","text":"on a section 1256 contract is treated as short-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":176,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"37f22d53-89d9-4cd0-a135-5a8b87772df5","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":176,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"93f9c0ae-b95f-421a-9c34-ec0bfcdb93a0","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":176,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"332adcee-c751-455e-a076-5a5ad5a91350","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":176,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"a6520962-e9b6-4872-8222-839165c3cb4f","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":176,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"fc690255-4961-4f6b-9763-b945eefb5f90","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":176,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"ecf17e49-9776-48c7-9606-275baf7de0ff","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":176,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"4041283e-8c7b-4972-8fca-68918db565a8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":176,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"e9a21d2f-917e-4709-bdfd-5f2764417770","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":176,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"db8b201f-8557-4003-b0cb-dd2b788eb7ac","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":176,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"11c0a540-a32b-44df-91b2-c0972b20aba9","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":176,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"5482b132-aa5f-4ef4-99ff-3f5b059f02e8","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":176,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"1cede89c-5b9f-49b0-9b4e-97a1784e1edf","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":176,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"830646e8-4a08-4e12-8273-0e73cf71c476","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":176,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"cc781088-8038-4ab2-ad3f-e4f0c197342b","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":176,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"f004ec0b-62d6-43ba-aa82-f0ed59fc1ab4","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":176,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"b25c750e-ea05-45af-b12f-6a034a517547","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures","page_number":176,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"e63dc3f8-2098-4a6e-9a21-a8fee598976e","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":176,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"e633afec-7535-4f83-9014-0993d0995de4","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":176,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"cc811bc3-aeac-4e4b-8a8c-d208e22ce00c","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":176,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"e41ef23c-0e2b-47b4-97e2-aa316ba809b4","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":176,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"0806c05e-141b-4be4-ba8f-5bbd27f16332","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":176,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"3edc7703-62d6-4d89-849c-16e7c53c1c69","block_type":"box","text":"II-131","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3337dac8-c226-4af2-8502-c50c151beb57","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff735563-8a07-4894-b66a-e7ed3ff3b7bc","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":177,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"cdf32947-659c-485a-a83f-3efaac922e7d","block_type":"box","text":"in subsequent taxable years.","page_number":177,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"5c690655-8338-4809-8355-eccff75ff7d2","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":177,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"2be90892-b1ca-4f70-acae-a040694aca36","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":177,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"5e3b4842-8242-4fc1-bbad-5a86a390afd6","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":177,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"cb87939f-3e38-4587-b7d3-feeb1cd81f54","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":177,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"7135094c-0217-4b69-899b-0e7c3fa8873c","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":177,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"2eab472d-68df-49c9-83e0-68e44223143b","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":177,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"a0eddbc1-1b0a-463d-8f6f-3db1ad2ae028","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":177,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"8d5248c5-7b15-4131-a035-a9359ce4f4ba","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":177,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"5d70710a-68fa-491a-92e7-b03b31b9175a","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":177,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"bec1b01f-8439-4d7b-9df7-a7dee5f8a298","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":177,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"6e3a59db-2d9a-462e-8248-ee2a1e4521eb","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":177,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"b84636ff-dc5a-4e5b-b93c-c97af83eacf6","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":177,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"9474f58f-73e3-4616-83fb-813b42f50325","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":177,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"8bd1bae4-8c99-4c39-b33d-ded4f1497e90","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":177,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"7e33cf70-8956-474f-8ca4-0257a1923928","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":177,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"61bba63d-a6eb-4fe7-98d9-487ea999604e","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":177,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"e27b78ff-dd2e-47e5-964e-02b5c7aae410","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":177,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"32d8fe6c-b41a-437c-be10-b41a61029af4","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":177,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"2e25f5fa-d0cf-4276-ae92-2bbfdae653b3","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":177,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"baf86359-a61e-4ac4-a468-a46697cc57bd","block_type":"box","text":"dividends under these rules.","page_number":177,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"0e066e11-3b90-4502-9f34-f7db955621d1","block_type":"box","text":"Distributions to certain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":177,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"f312fb3c-e6e3-4332-8d1a-169a98d067ce","block_type":"box","text":"property interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":177,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"58595d7c-4903-4bf5-850b-68fd662c9115","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":177,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"45925c25-2c33-4b10-b316-c7ffd15ff773","block_type":"box","text":"real property interests (including shares in certain “U.S. real property holding corporations” such as certain REITs,","page_number":177,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"00e3d29e-409a-48ce-9fdf-92783f26d6a2","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":177,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"26ffbd52-b6ea-48cf-8d0e-c032660dc98b","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":177,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"874fe7fd-8909-47e4-9fe5-e47508e5f436","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":177,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"49b3dfdc-0f73-4cc9-8483-31124a0913a9","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":177,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"2a3541a5-c6c7-40ed-b41b-f9a6582346a8","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":177,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"eeff5999-2cf0-443e-9e4b-2e0b88aa5a2f","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":177,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"237350bd-ed70-47f6-b9a3-dc5fc511d6a5","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":177,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"0571aa76-3645-486e-a5f3-071a7b221eef","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":177,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"3595cdda-d06b-492d-a74e-f35b700bf2db","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":177,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"7f155e91-eead-4a1b-a5a7-244407d0aec8","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":177,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"4213a593-a61f-464d-afd7-65d7717d385e","block_type":"box","text":"sales or redemptions of shares held by certain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":177,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"3d2eea85-6927-49af-893e-6ebeca8bea86","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":177,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"37fce381-1806-4297-b78c-6b31497a0e4c","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":177,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"0f9374a2-305e-43d7-bfb4-1381056054f8","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":177,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"88cf29a5-3679-4e82-84e4-ed9902b400dd","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":177,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"ff74728a-25dd-4f84-9429-3ea4c5f3b4ab","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":177,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"74f2a0dc-62fb-47d7-9944-77ed7848bb04","block_type":"box","text":"distributions made in the form of U.S. real property interests (including shares in certain “U.S. real property holding","page_number":177,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"d18fed90-3809-4fe9-988f-9fdb61297725","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":177,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"fdcb9074-df5f-403e-851e-42329b21bcde","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":177,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"424d3fff-8c29-41db-914c-18569dc06c47","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a portion of any","page_number":177,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"50616c2b-9645-49c5-ac4c-03cdce720f77","block_type":"box","text":"unrecognized gain in the U.S. real property interests equal to the product of (i) the excess of fair market value of","page_number":177,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"1406033a-95b1-4742-8e40-a2abf2796fdd","block_type":"box","text":"such U.S. real property interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":177,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"be73837e-42a3-47ee-8f42-2be047c8779e","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":177,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"095d0187-d233-45ea-9365-ac1c8f92c92f","block_type":"box","text":"A foreign shareholder may also be subject to certain “wash sale” rules to prevent the avoidance of the tax filing","page_number":177,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"c2f494a2-5617-457b-a685-344eeebf97e6","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":177,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"30c20e86-985c-4e01-8cde-2c945c6e3830","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":177,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"2968aa4e-d3a2-4c30-8a60-ab09770b2152","block_type":"box","text":"concerning the particular tax consequences to them of an investment in a Fund.","page_number":177,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"030b350d-e821-4d86-a98b-fbcc4062c773","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":177,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"c6f6225d-b604-422c-b5b7-0f6906dc5535","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":177,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"a1246857-2a09-4bc5-9c58-c12e428104a4","block_type":"box","text":"II-132","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d92abd87-69f2-4193-82aa-2b4b705d6b2b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1663f8cf-1a0e-4167-bcdd-7e63a3bf2c5c","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":178,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"f530aa33-490c-4717-8bc3-df0615143f25","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":178,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"7ce6be81-0ac8-4b61-b629-c339fce06415","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":178,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"27809f5c-4156-4ee0-a7f5-7d39e00c6dc1","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":178,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"a99e01e2-047c-4f82-967d-f7537178e30f","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":178,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"84ba8b53-9b88-4d78-ba45-f4e82ff45019","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":178,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"f4ba170e-374f-4590-9899-a726850d8814","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":178,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"c499d33a-8db3-4b27-91e5-2bb44a307812","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":178,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"3a85bd7d-708d-4381-ab3b-5cb365351d65","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":178,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"2f9032df-9df5-4416-981f-714f8c32f6c6","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":178,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"31dce2cc-db7f-469a-b0d8-dafc28c09d28","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":178,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"e12c3a99-1188-436e-9b29-073194de624b","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":178,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"b45047c3-c483-4dce-bf7f-7f55fac659d5","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":178,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"99ae7aa1-cf97-4a54-a447-8dce79add628","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":178,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"449556c1-600b-409b-a297-5c70d052ae74","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":178,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"cf9e22c2-f6e6-40cc-aada-e3ce2d36a0df","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":178,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"8669f0c9-c1fe-4b50-a243-e38060d53861","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":178,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"e58a949b-a1e4-479e-adcf-f85df82a4acf","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of portfolio","page_number":178,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"83a51216-a7c1-4b1f-9a2c-03bc67c51961","block_type":"box","text":"securities are in many cases exempted. That a loss is reportable under these regulations does not affect the legal","page_number":178,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"52a1ee2c-5267-4925-814b-8e4487b72f1d","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":178,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"6d02cb6b-f5e0-40c1-a1e9-1286600d6842","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":178,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"b6af6856-fc3d-41ea-a915-2a8660bdc387","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"e6fbe0e9-7d34-4c34-932a-36ac46d4a93f","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":178,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"604e59eb-567f-4da4-a4fe-8265737794f5","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"a70f4626-30ff-4d43-b228-b7f06dc531e1","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"0a603693-7d00-4870-9db7-c59afc681e64","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"39f9d993-f819-4be5-a534-4c2e10014fc5","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":178,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"fbeb57ab-6d20-4c38-8dac-efe1b346e90e","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":178,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"c06f2460-e3ff-44ca-b1fa-602ea0c3b1cf","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":178,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"621bf868-17d6-40eb-8541-3ab0c80a8abe","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"b4a3b0b4-de6e-43f8-87aa-58a3dc9fc16e","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"b02369aa-d8fe-47a6-82ad-b984287ebc80","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"61ae4a3c-1985-47cc-af44-77aee75117c1","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"cd889dbc-fc96-4cf5-a5dd-d7330332dd0b","block_type":"box","text":"investment opportunities.","page_number":178,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"232d14b6-38f6-4463-9258-6b8daeb48fa2","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":178,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"07a4a341-1beb-494c-8315-8423b0e793ec","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"9eef1c86-3891-4c8d-ba09-5315cfaa07cc","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":178,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"22733c2c-394b-479d-a2b5-d539529881ef","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":178,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"a771533a-66e3-43b6-9595-066ff2fa7207","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":178,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"7064d779-7c21-446f-a85d-b94f45b04f73","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":178,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"ab5da710-40e5-4001-aaeb-23fd9d13f8a9","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":178,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"555587e9-de59-4d13-9d2b-3ca50a4478ab","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":178,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"52833232-4cd4-423b-a5d7-ebdb330a6253","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":178,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"76988dd7-3d7f-49c5-81ab-2e7abd58110e","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":178,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"b2937325-a241-4d50-84eb-985afa7c7f7f","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":178,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"b96a9104-4be1-4015-a0b3-b4de53369600","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":178,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"a709033a-4926-4d25-bb39-eeb2fc779785","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":178,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"0269c9c9-75f3-4f5d-8e7f-371d97f70ee2","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":178,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"480ee167-34b0-4a89-ba42-99ceba03ba55","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":178,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"228708a8-9979-471e-af9d-2c2cb2882202","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":178,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"dfbc748e-e2b5-4fbe-bc97-e62a1af32045","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":178,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"dd7a4c09-b9c5-47f3-918d-9a67b39ab6a9","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":178,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"f3524adf-bfb3-45ae-b37f-c2925fc5c230","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":178,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"9d5d1006-e9f6-4d6a-86c7-4adb56a17e68","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":178,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"283b3e77-4326-4fd5-abb4-4f6a5c5f2c99","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":178,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"ce467761-8b18-450d-9135-1f1d474c0fd6","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":178,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"20d907c2-9692-4c28-875e-5cd455c5a465","block_type":"box","text":"II-133","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"beada804-9b4e-4033-ad7a-33902326ddb3","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53e8f45a-89fa-401d-ac61-52514fa7a54c","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":179,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"a8cf412f-ae39-45b4-8a2f-3e978919bb89","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":179,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"7afb5dd1-3885-4e8f-9738-4ba6352e5964","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":179,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"c2ce7a63-afe1-4a73-93b1-448149be2452","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":179,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"31792153-139a-4fcb-9256-577caec13ef7","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":179,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"52361410-e771-4d5b-87a7-586b4fac1794","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":179,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"5f8a8432-dcdf-426e-a715-e12f57b77cb7","block_type":"box","text":"positions in its portfolio (","page_number":179,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"68490dac-dfa0-49e2-88a7-7e63a8f7b734","block_type":"box","text":"i.e.","page_number":179,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"e87befc5-3913-4bf9-a9b2-b2d5912efb08","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":179,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"279b7d7b-67a5-452d-a152-a56d1d42c466","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":179,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"ef1b5e03-5ac2-40f5-92a0-1875898d66e7","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":179,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"33cc6fed-fed4-4e22-a364-4d822d24908f","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":179,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"f7da9377-456c-407b-b420-25a84680f468","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":179,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"ed7fd75f-6b36-4f78-8361-ecc599427a87","block_type":"box","text":"Certain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":179,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"bd9866e6-28b4-425b-baf3-beeeac1c372e","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":179,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"853867b0-d8ef-4245-8b32-50b56063d32d","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":179,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"e94a09b3-0a3b-40f6-ae21-dda3a80147e2","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":179,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"36fc7bd2-d391-4766-87bb-cdc8688cb986","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":179,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"4d756b13-1475-4cec-b105-192bb4bad5e2","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":179,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"13af2317-2665-4bf7-8e95-0cdb51d3d6be","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":179,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"095d1787-7915-4771-987e-3035cac11507","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":179,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"5a12d4f9-d259-4965-b8a9-b1c66760bc50","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":179,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"98f8d4d0-9572-4989-8f66-f7375dd7d319","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":179,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"aa75dff2-072a-4963-8f8d-4f05a1bc6303","block_type":"box","text":"capital asset.","page_number":179,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"0cda9ca2-1bc8-4981-bd14-0cd57d2157a6","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":179,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"b49f87e0-c77f-4692-a980-fc3963556808","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"2271827d-90f3-4c24-9130-6632e9bf2c10","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":179,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"70fd3f21-f499-4948-8b90-84c0151a3f90","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":179,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"2e4e492b-ef4d-4bc0-8fa2-028917915de0","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":179,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"0adf9476-ae96-49cb-8b23-46027410907d","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":179,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"df334d1d-b80f-4245-82e4-da0ad4ef3fd7","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"cbb1047f-f164-4d31-87e0-7b2838cb72fd","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"71867ecf-227f-4020-9589-6507980d0dba","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":179,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"16cc4369-c76d-4b62-992e-6bc970f01cdb","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":179,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"dd3ca2d3-7659-4a92-9efa-fe99ab0136aa","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":179,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"27645c4a-78d2-4b2d-ab55-b38c719ae776","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"5acb61df-3116-4c0d-9e83-1f98fdff6956","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":179,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"bbbd19d1-baaf-4b47-8b55-84249751577a","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":179,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"bcecf405-068b-4a2d-b704-7c0ef21998c0","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"426b58f3-5ece-4da6-bbb6-b07fc5eac5be","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"55dc5f04-aea8-468e-b7d8-0e89b1843a27","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":179,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"09c9ae2d-440f-4185-a993-2fc695ed981a","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":179,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"5b6f52cb-68de-4817-a187-3c661004fb3e","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":179,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"73c15e6d-3ac0-4d34-9e8d-228e9661aa2b","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":179,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"015829e3-4745-4234-b9b5-640089da6fb1","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":179,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"e3272cc0-7242-43aa-af05-336e3f440bdb","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":179,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"43b0cdec-c75a-4680-9895-4305c500b188","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"ca223403-4aba-47ba-ad9a-4d873f51c50b","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":179,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"1cf4f688-baa3-41e3-bc0c-9d45fc1117e8","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":179,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"3f4b1996-170c-4ef2-b350-315eed266f77","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":179,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"da0169b9-29f8-40a3-8d5b-8c67f1d6263f","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":179,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"28e378c8-1c95-42d2-a2f4-a2333402532d","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":179,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"2c01f98d-a355-477f-a488-99540a90556d","block_type":"box","text":"PFICs.","page_number":179,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"e1bf7ae0-99b8-4445-ab20-236d36e1d2b0","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":179,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"fe153bb9-13cd-4bff-8bb7-0191464339da","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":179,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"70e806a7-1234-4c87-85e3-8eafbd56a1db","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":179,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"64666df3-f85f-4115-a791-d13b24900996","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":179,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"cd919fe2-6072-416c-b87c-111fc45bf056","block_type":"box","text":"II-134","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f3bb235b-a3d2-446a-9496-37587e3eb25b","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5482b47-3642-47ee-bf53-658aeac592d8","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":180,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"5cc31a8f-5d93-404a-8c96-2b757fa372dc","block_type":"box","text":"difficult or impossible to obtain.","page_number":180,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"1171ceed-dc13-42b0-bc6c-ab24a323a736","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":180,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"3be6a192-484c-4fea-8346-1655b17e692c","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":180,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"05d0978d-9fba-41cd-b1f7-e408ba20b17e","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":180,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"42d579c4-fc13-41f6-8ab0-6a3c8b674a74","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":180,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"bd4e9cb9-24a5-46cf-9a1b-199c28433740","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":180,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"cc37df38-dea8-47e7-aab9-9f493ed294d8","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":180,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"4c4666ff-accb-4873-9f04-3c79e1243f2a","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":180,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"14a4add8-9ddd-4a29-9cd3-17993a5a7e5e","block_type":"box","text":"Municipal Funds","page_number":180,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"c87c181e-a9af-46fb-82c3-c7edcc4b7365","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":180,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"7aeb067b-ecc7-4157-8dfe-6d3084f5941f","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":180,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"431d6fea-031f-4562-8510-bff74c02d2b5","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":180,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"f23cf694-8a43-4a64-a1df-4888580cc712","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":180,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"553c1068-7735-41fa-a66a-fbd9d8effed5","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":180,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"4c5c5b5e-b491-4296-8e00-f2c587cdf2a7","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":180,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"1d4395de-061d-4282-a8d4-0b2abf5cea50","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":180,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"d608fe4d-d2f4-4603-bf03-72a6e1fdc6d1","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":180,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"d477010a-427c-448d-be4f-c4d19769e1c3","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":180,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"a5e58b1c-0fa0-43cc-84e6-83a70603eb5f","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":180,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"6dba14d1-2cbb-49ca-8850-1da046325a5e","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"1cab0ffa-c1b3-4886-9730-943d769e6917","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"6cc174b0-1fa5-4764-b30a-ae695a510dee","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":180,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"21c3bc05-765c-4dd2-acdf-67822cb5a94e","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"00b93b42-dd59-401a-8fb4-21cc2ea6a491","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"a3f32c52-67eb-4daa-828c-fb10ad6ea93e","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":180,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"4619bb1e-0637-4af6-a9a2-d0bacf56d836","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"d479fb73-df2d-4ec0-9fc1-8e289678eeb7","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":180,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"64f33fdb-744f-4d30-b734-1fd0bf5f479d","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":180,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"d3322e9a-0c18-4499-83da-379db2ecf149","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"1ce4bf5e-def1-4757-af5b-0523f021bb23","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"15ea995c-c05a-4823-a2db-67f2c5f62c1c","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"82f84a67-9c49-480b-9058-a6b438a83b31","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"a37d083e-37a0-43ed-8df0-92bde03a7af1","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":180,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"a12e3749-dca7-42e3-9198-d8cb576d54ec","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":180,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"48c04da0-044a-405b-9929-a327aaffb619","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":180,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"71368c63-8159-47bf-a177-44e5cd5d767f","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":180,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"fa755365-a2c9-497d-8b67-bbf2341251cd","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":180,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"0109c8cd-5747-442a-a956-63ea6b1ce3b1","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"53a56bee-e82b-4f9e-93e1-0bc927329911","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":180,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"bcc19bea-ad08-4471-8b82-eb044bd2c82d","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":180,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"33beae85-f10e-4158-894a-0643612c6682","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"2ee75546-181e-42cb-9f44-0c392c10018a","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":180,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"91f5a481-3d52-402a-895c-76f6fbbc99b5","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":180,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"d524f568-a873-436a-9506-2e3c05f21f38","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":180,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"4d77a4c4-0779-48ab-aa7f-bbd1a9602ad0","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":180,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"64f468e0-3143-4820-b6e0-be9495a9de2e","block_type":"box","text":"the accrued market discount.","page_number":180,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"4fa497c7-56dd-4199-98e7-27e203c3a2ce","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":180,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"efc13092-c3ae-4ac5-abec-ab64451ec8c2","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":180,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"b9c63a68-4069-41b9-8454-d14dab0a7236","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":180,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"43d5780b-8e7f-4ec8-a27f-11ce20529e1c","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":180,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"f5ff293a-209b-4b3e-940b-9937981e9500","block_type":"box","text":"e.g.","page_number":180,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"3beaf72f-808c-4021-9ddc-96d33456e585","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":180,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"9bf34a7a-9f0f-4330-91b3-38286608d573","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":180,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"3173644c-f12b-4a34-9fa8-0dd42b7465c3","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":180,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"a0d77451-5c5d-4dfa-8415-d54e8705283a","block_type":"box","text":"II-135","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a0bc31ad-0174-43cc-81bc-9a7407446ca8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d37f8741-5ff8-4b73-94ae-3b9a7b87eb27","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year the portion of the Fund’s dividends","page_number":181,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"46c639bd-76a5-4ebf-92c9-8916bc0f1dc5","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":181,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"f5b7ab7b-e2e6-447b-a214-10ad688810b4","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":181,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"edf5514f-9e3e-44d3-97c7-78b26baea65f","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":181,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"9d5acd1f-30e3-4092-af26-829235b9b2dc","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":181,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"2c21db82-da20-4793-83b3-87f46ae57696","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":181,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"90155a14-d209-4766-8b7f-756f1b9a1c30","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income proportionately, they","page_number":181,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"99dbfd25-7d43-4572-ace0-2368c0defe29","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":181,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"40ff12e2-6024-46d4-ac38-6b886a342679","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":181,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"75a76f7f-f933-4608-8293-20d43f34a898","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":181,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"75a869a1-1f98-40d5-abc9-429343dc274d","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":181,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"37d1d467-0b7f-4e4e-9995-c6dff9a1d230","block_type":"box","text":"within each applicable state.","page_number":181,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"7236b1c5-c117-4cb3-b37a-052046ceb8ff","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":181,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"e4cf798c-1481-42ca-9b9e-8fe36d544326","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":181,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"3362de26-ebe6-44e3-ac99-099fa89af9dd","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":181,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"2877931d-f369-4c4c-a435-455b522e2597","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":181,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"c74b2264-c8bd-46af-9c64-83b1b0514f69","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":181,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"ede833be-7023-4473-9849-d8aea2ade70e","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":181,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"a5c95517-5254-4769-8252-ba10086b3fdf","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":181,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"89ea3ee8-5196-4bed-8864-fb9afbfa8576","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"fc3e5f7e-66c7-408e-bc0d-bdff25080007","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":181,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"b4c733d8-a050-4d59-b687-92926f5935f0","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"dbbee9da-53da-4d21-817f-fb1d0fba88cf","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"0a75a551-0048-4af0-8023-959f705036d0","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"3f9cc30f-f9e2-4853-ad87-70e6360e4a28","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"736ee660-dc48-4d7c-ad6b-0cbe4f08f799","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"57c194cf-ca75-4f4a-a1ab-1877edf11124","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"74904f5a-2d2d-4da3-aa69-29db8027df0e","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"3fccb6b5-f84b-4774-a4b1-1465de9f7fa7","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"73f1e235-6d2d-4164-b8a4-3bbd6693a5cd","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"2e2d4502-8c2d-4776-9c9b-2872cbbaab0a","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"fadc823e-989b-41eb-8665-5663360b9fd1","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"1f85fecc-818a-4313-9b77-3bcf9cdd39b0","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":181,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"18961871-a8c4-415e-b88a-b050999ed800","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"1775f810-36e4-4f11-8698-8ed2d14185b1","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":181,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"7c1c4c29-9c4c-474a-9307-34021c4fac06","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"8284497b-0450-4509-8afb-5f376e9f15ba","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"94576ed4-deed-43a9-9d97-5e8f9396afaa","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"1dc172a3-2079-46d9-90b7-9d6a0a3d1570","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"9f83c729-558a-4851-b96d-730cef8382d1","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":181,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"fdfa5031-429b-410b-838e-d9ff8ee2d7b4","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"986c68e5-4c06-4c84-a61c-a1011b82a7a4","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"320520e7-31af-48a9-abce-febbee2dd116","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":181,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"c9026312-ccc6-4e31-88f5-bcff199076d2","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":181,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"b3a78b49-e8d7-440f-88d4-add7c551e1b6","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":181,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"8368bb4a-c5d3-40da-8b45-21a26cd491d3","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":181,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"8dca70f1-f4be-40f4-92e1-5c9a9f4b62f7","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":181,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"5b29fbe7-c8b4-4d0f-b349-67d3e4b0c004","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":181,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"66bb0f38-dbd9-4c5b-ad48-f5d9d2dc7aca","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":181,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"e9dc16e1-0096-4d88-a63e-60092584461d","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":181,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"7af0ee2e-2b87-4dc6-9ba3-9e7b9837e7c9","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":181,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"dc266b54-c95c-4f4c-b555-1ddd05fac3df","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":181,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"722f1e2e-732f-45ed-bb8c-c8be78686a62","block_type":"box","text":"II-136","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"55023029-50da-48fd-a160-6aca6e671d3c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"721615f5-e9b6-449a-a18d-f442e2c85ec6","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":182,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"4ffb94c0-5c7f-459c-8956-4ba0234088f0","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":182,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"7ff1f322-8ed1-41ee-b36d-aaca21bc7d07","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":182,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"cd60f967-beaf-4865-aa45-40fcc38ca476","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":182,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"f94d2b1b-d089-4358-9038-43c261781cd0","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"a98e48c8-6021-4651-9caf-bbedb18b2e23","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"eb98333e-7832-414d-9ac7-d04aed222b1f","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":182,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"dc4c6769-ca57-45aa-9415-37dd5b7d784d","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":182,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"cddd4bd8-99af-4e88-a4a1-3787befb5c5d","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":182,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"adc53a72-918b-4477-bd14-1afed3c808ef","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":182,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"af4b0910-8b85-4d07-9827-371be5362b12","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":182,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"901f6e9f-5f73-4c8f-8104-333f01649f89","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":182,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"33532862-dbc7-489d-b64c-4803bd8fee94","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":182,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"67c3c4cc-5f15-4f48-9c4f-017649313882","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":182,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"c53d403b-64e5-4e0d-91c2-be7f502473ed","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":182,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"8ed6f0bc-b4cb-42d6-9604-4123a646e048","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":182,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"e62aadc3-b14c-4284-b2ed-29a266ef0d7b","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":182,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"d7386da3-66ce-444e-ac6f-811673134211","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":182,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"e49246cb-38d6-402c-94db-2892d501b28e","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":182,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"69c40c45-1af2-45f6-9289-255e0bbb940c","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"fdfda1a9-0221-4a57-a95f-4f032ae80d21","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":182,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"c1e3de38-bdd3-4582-b17f-87f0837c06ea","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"b1dbd810-247f-4c60-8b5d-246c958bc95d","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"068fc58c-a85b-4c46-97ce-57b2b1951268","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"69936cea-c450-42c8-a80c-a3f39596130d","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"dbf9e750-58a1-458b-97c3-eaec4af29694","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"c77720ad-6bf7-4b75-93eb-9a6e2c358b99","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":182,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"c76de14e-c23c-41e4-8355-a871f9127c8d","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":182,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"c4457698-e010-4470-920a-f0e250724c2c","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"d50663ed-cc2c-48ca-9ef1-61f5b186a438","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"0045e4d3-1a94-4d05-b056-0631f0c4caea","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":182,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"d25fe9f0-47e6-4e2e-bf57-365b8b4a67b2","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"401cabc0-9c45-41d7-b8ee-049c52be4dda","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":182,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"c085e41a-0e0c-4a6a-a4d0-b5ed4176500a","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"db466792-b054-4fba-a90c-c6d2c6905cf9","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"716527a9-5383-454a-a2fc-b8d5a86a002d","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":182,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"503cbd26-a7e2-4436-b16d-1232f4612fdb","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":182,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"067078e7-78e2-498b-b795-2ade8a03d7a6","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":182,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"cea9b7b1-46ea-4774-9166-416d470ba4f4","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":182,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"b912c918-7713-422c-a0b8-8ec177036913","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":182,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"8794e7ca-119f-40e0-af2d-62e896b40831","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":182,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"ea1babd1-7d4c-45f5-b9c7-41a1946e8ca4","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":182,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"db149105-791e-427d-bc0e-86b02d1f53d2","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":182,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"d86011b2-ecd2-4b4c-814f-2e489066253b","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"1a9c641e-f9d6-4327-8212-eb0b45bdcdda","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":182,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"74731a43-833e-4085-bcfd-da1c95f34c41","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"91613890-1de4-46c8-886f-81b20040f658","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":182,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"57510105-7e90-4eab-8d45-2f1ce13cd753","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":182,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"a90cdc95-2ea3-4798-a41a-e9a47272edf1","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":182,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"08072520-dd1c-4f4c-bb1f-4c121a80956a","block_type":"box","text":"lower amount of expenses is deducted.","page_number":182,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"fab59118-1b01-476c-991d-3785bbd81262","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":182,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"54e1b4d8-a7c1-4f6e-91ce-b0d02a11531a","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":182,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"ec4d1e91-cabe-4ea5-8445-c963aab4836e","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":182,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"9ba5c891-7a11-472e-b938-63c584318077","block_type":"box","text":"Money Magazine, U.S.","page_number":182,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"1792868a-b45e-4952-8878-558c8e3ffff3","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":182,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"cd88542c-e172-4b4d-a436-bfa271ab1cb4","block_type":"box","text":"or other industry publications. When","page_number":182,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"55f54948-72a1-43df-b22e-9ad80e68ec8c","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":182,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"b1f2ec19-f9b9-46a0-b0e4-6fe05364a74d","block_type":"box","text":"II-137","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"50e0a6fd-2e4d-40b2-b6d5-22d8c9756c81","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50777f97-159f-4994-8fc5-0db4c0cd389a","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":183,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"9283fb07-0f05-4b98-9523-942fde6224d0","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":183,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"cc26cd76-ea89-45af-bbe9-eccd9ac66dd1","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":183,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"a999c5c0-a08a-462c-a795-1f354d3f15ef","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":183,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"4bf99e87-0426-49e1-af71-53d4501c8f01","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":183,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"8fb2d847-69d8-4038-98c2-d50481c1a468","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":183,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"f63298da-3011-49f7-a19c-1c4bf0e8e223","block_type":"box","text":"developed by Fund management.","page_number":183,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"22736ad7-6586-421f-af60-7f5f9df03f37","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":183,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"1dd8a729-9cfb-49b2-b65b-07bc92c7478d","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":183,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"971ad0df-cb40-4aab-8003-14ccbec580aa","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":183,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"cf080aca-6099-4115-94ca-1b40fdf20e93","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":183,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"8ec617b3-4c74-48da-8911-7b1031a4142a","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":183,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"9ab6a537-d34a-4c45-bc56-d3f28185b648","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":183,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"46d68414-817f-4a32-8109-78a5eb1eaaf7","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":183,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"eb7a0a8f-7b05-4477-8081-527ae69118d6","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":183,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"9fbe7ec1-9e5d-4f99-b3ca-647da8498097","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"5914fed0-de52-439b-bdc9-0f3c60e53962","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":183,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"77c38a03-c58f-4e99-aa3e-0b0709b2a22a","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":183,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"c6f30463-6aed-4bf9-9ee1-51b210c5fe2b","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":183,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"9e74870f-345b-43d0-894e-62c9adb9ec5d","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":183,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"ac69d96e-8daf-4fc8-99f8-a9463eafc257","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"8009a9c0-009e-406c-b59e-1d4bb5b2dabb","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":183,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"4b9eb6d8-f718-41d2-86ac-f18c77b71442","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":183,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"82a46a94-b682-40fd-9266-cac30d1ca611","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"9358f75d-7b3e-4fae-9cee-89c4befb248e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"49b6c83f-265a-446e-8fd8-80d1d1cd5268","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"f052f60c-d51d-4c13-bec1-0b35c34c8926","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"a573cbfa-d2c8-45fe-8933-36232053909e","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"5e7f903b-801d-4e22-afe5-01f182739233","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":183,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"5b01ed04-8f70-4f65-bb47-b21297b5e291","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"8e4e6088-433e-4b1d-8363-b6bedb6d9328","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"792e6c62-e421-4873-b313-00794e195d1f","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":183,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"463edf58-a04c-47df-87b4-88a5a3d81133","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":183,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"a1d99a4b-acb8-42dd-b046-1dea4f4443ed","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":183,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"e1969b18-4c88-4759-901d-4f4b5c43c243","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"32dd040f-1a6a-49ec-ab80-d4a6d036d902","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"df08184c-cf7a-4d2c-a11f-2dbb11b0bebc","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"cd79225c-51bc-4b74-8655-0c5426c5b4b7","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":183,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"40767d4c-bc60-4483-91cf-ef3c79a9e69f","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":183,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"40033109-2648-4faf-88c3-d30f2dcbd5bd","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":183,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"083bd45f-a282-4ce6-954e-6776676b8a14","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":183,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"d1681c21-7ab4-48ae-9a3a-59d0747afbfa","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":183,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"e1e6f4d4-98e6-4b97-a7ae-e035f178b42b","block_type":"box","text":"GENERAL INFORMATION","page_number":183,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"dc080891-2018-40c2-85d6-ac164876ea62","block_type":"box","text":"Description of Shares","page_number":183,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"3d18da72-fb8e-424c-82e4-6e5ba724e68a","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":183,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"c2eee36b-311a-46d7-b441-c05d5481dab6","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":183,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"245b471f-bca8-4d20-b6ce-c64d8ba9d04d","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":183,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"1a8e567c-c26c-40e7-bd38-3047b4861d4b","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":183,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"5bbabf30-b7c9-4858-8c73-0eee0d784d05","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":183,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"af46284a-8308-45cf-9f89-00849d9629be","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":183,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"7351eb10-f9e0-4fc6-be5f-5b584abf3e30","block_type":"box","text":"II-138","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"473d6239-6530-4c77-bec4-a22e84e400bb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6f05cc9-0612-4149-9441-74313c87f42a","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":184,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"ee3cc4f1-1500-4775-b478-ce43647d7804","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":184,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"5c8a4b15-2ff1-4f08-9275-a0239a4baac4","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":184,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"dfd341eb-4c43-4fc8-a69c-f3abc0a71f56","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":184,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"341c981b-4094-4b63-8664-247ba02595f7","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":184,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"9bbb5ea1-a31c-4e1a-9b4b-9d41b835ce5d","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":184,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"de49e26e-27b1-4131-b4d2-def46c2db8f0","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":184,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"f2251b33-e753-42de-9ccf-1bad88efcd04","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":184,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"a0771cc2-a73f-4c7d-9d93-f59efe183788","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":184,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"86b9566f-4a36-4076-abdb-9b4d7df66e7f","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":184,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"3e41d5a1-2308-4f69-8ae2-94582f61f78a","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":184,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"51880430-8582-449e-9da1-bad03774d24a","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":184,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"e3469e68-81e4-4067-8fcf-493b38e2f210","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":184,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"826a4689-023e-42cc-b3f9-2085a1f6396c","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":184,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"8d26ec80-e106-40b6-898f-da42082744f0","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":184,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"8eeb6044-caad-48fd-b5d8-e283db7dcd3b","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":184,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"99594dc3-a713-425b-9ab6-0178cc57a87d","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":184,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"6e87414e-ba30-4f22-afcc-5c2f6efec84d","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"bf44fb93-63bc-40c8-a370-4676eb31e3dd","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":184,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"0bc131ce-58a0-46e4-b8c0-5dc3f33ef5bc","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"db7da4ec-ea54-4094-a28b-753ec167a85c","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"b0c9251d-d6ee-4e25-8085-de0adb3ed011","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"b2d85d6f-f4d5-48d2-9e3f-4ecb854291ac","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"3f72fc7b-e36b-4dd1-bfc5-3a22307f4c12","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"eab224da-884c-4a73-bd80-3fb3ddf940f6","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":184,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"3c73961c-9fad-4636-abaf-736fefc640f1","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":184,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"828bb58e-8cce-40b0-8d6c-e236ec164369","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"abc1966d-d833-4a73-8310-4de4d059e3dd","block_type":"box","text":"II-139","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aad76b12-fe56-4b2d-bb8b-7ae787a6dc97","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"885e9b8c-bc99-4baa-9034-39484536b6e6","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"aaa46e5b-c809-44ee-8022-b91d6b774e03","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"688a4ef3-c1f4-43c4-b08e-547c2db5c37b","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"dae8154c-6944-475a-9640-ea1e33343b53","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":185,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"bbf5d664-dafb-489f-b294-1b2589879445","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":185,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"5e9856b7-3114-4d41-af81-b31c1f38aa68","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":185,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"8e4993f5-943d-4ace-9046-320c4a2f4de7","block_type":"box","text":"date.","page_number":185,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"a12494e6-21a3-4298-8650-564c46c3a8fb","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"81a98855-615c-4871-aed4-abef68abd806","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3fda2f9d-4e9b-4902-926e-e485e8606964","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"71d8805d-4629-47f5-83b8-99ebc439efb2","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"9d06016d-0806-404d-b2ee-9c96fa81a938","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"f14c67ea-2c82-4baf-89c0-2f1f70bc0537","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"e6975c35-acb2-4a5c-9792-e081dcb703ed","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"64fef2a6-c14c-4625-bbfd-d3ba6a5bf0ad","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"b23b8936-a743-49af-9188-1f263d2ef9a2","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"7398873e-bec5-4949-b3a9-c6c3f805a2fd","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":185,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"d8d5dc03-ad7d-4e74-862f-9e4c34968b89","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":185,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"547a6b64-c510-4b91-8da8-fcbdc0f1dbad","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"a549fadd-dff2-4a44-a1dc-77aab4be6709","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":185,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"92a985b0-518e-4e6e-9c98-66d6857513c4","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"25a8fc0d-a9d5-4c7c-99c0-aba850d39b16","block_type":"box","text":"asset, as applicable. 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If applicable, when","page_number":185,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"b7631b1b-46a1-4d2d-8158-362e7b7acc29","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":185,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"5363fc47-16a1-4926-a516-096a5608d8b6","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":185,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"c76e1e5a-a493-43aa-a70f-70f99f13a2cc","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":185,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"fd93d0cd-e080-4ead-b2e3-e4167f630329","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":185,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"5dd0f3f4-80ce-4c3e-a8ea-f5e6f068b721","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":185,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"356f4e38-6554-46e4-b592-42ecfadfe4f6","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":185,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"b307b83a-449b-4df5-b124-e213ec9ae575","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":185,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"dc881005-2dfe-404e-a46b-a344fa76eb13","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":185,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"5f5d9ecd-2686-4157-b263-70d9c1ae56f2","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"26b24085-5e43-4967-a6b4-892a93b08e9f","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"35f5c93f-88c4-4fc5-be7e-a70d742a85e0","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"b01ceaf0-92a5-4df3-b778-ee3e318b9395","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"daaeb015-6944-44ab-b70d-78ed02addcec","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"c772eb58-f554-407b-b6ac-ac5f41cac8f3","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"9c893724-5b8e-48dd-8282-c0ded3037f8e","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":185,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"2c615a9f-0b59-4dbd-8578-fbc7ec4bd255","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"2ba2c2e3-66fe-463f-86a8-90e78109ece7","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":185,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"54df223d-564f-491f-95de-f022f613b630","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":185,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"185db46a-7e6c-485c-bc6a-a898c284c32d","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":185,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"880cc064-de52-4d4c-82df-adaf2fe55b43","block_type":"box","text":"Fitch.","page_number":185,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"6a434dc9-93e3-45e0-9685-a6b0b11be534","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"5ad1bf85-1609-4d67-ad94-b4eefb1bda76","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"80a4be8c-6abc-4260-8ea5-5f7c28e4d27d","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":185,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"0ef9a2ca-75cb-4f52-b6d4-3ff6f0779c55","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":185,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"9b98ee6f-65d7-4622-9806-59a0e3f347dc","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":185,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"b53e6ef0-2f47-4073-8bc3-72f157dfa894","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":185,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"4fbff24b-9dad-40ef-96d8-d1d01b0aa430","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":185,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"897cf1cf-2e11-4442-ab4a-81fd68564c52","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":185,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"c1f13d7a-ac35-48e5-818e-d54640a7019f","block_type":"box","text":"sources of variation (","page_number":185,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"69d64794-781c-4457-b74c-a9010fb627c1","block_type":"box","text":"e.g.","page_number":185,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"910bbb0e-930e-4942-b0a4-89b3d7cb014a","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":185,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"83d6ce13-7f9e-46a8-b658-0d257a5d3eef","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":185,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"e3085d79-9263-431b-8f0d-e504f98f4f95","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"026814c5-46d0-405b-bab8-55f7d16dab90","block_type":"box","text":"e.g.","page_number":185,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"3db9820e-a638-4aab-b9fb-76338e155010","block_type":"box","text":", equity indexed), absent an express","page_number":185,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"1044a402-758d-479e-a54a-3885fc9076c0","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a55205d9-f957-4a00-b769-688387fdb5c0","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d079cbf0-af86-4603-b785-df677f7fd6d4","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":186,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"f803e9d0-0fc8-41c7-84b8-14da24bf1bd8","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":186,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"032794bf-2e6f-4610-9d5f-39ca413f5e41","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":186,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"35b04cef-26a1-45b4-b0da-d38d4ae5dbef","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":186,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"2ce70cd2-3633-449f-b110-7734ef940a9b","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":186,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"5becc013-e443-410c-bde7-31c66f0f086a","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":186,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"b99268c6-0d65-46e1-8b80-00909696b43e","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":186,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"1318579c-6a51-477d-bf58-727474a3d8c7","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"b88163a9-ee45-4fae-855c-ddaa156de725","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"1aef3cb3-19e1-4e05-b3ef-828e56e480d3","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"5e33fb2a-32ea-4544-a2e8-d802cc3a53fe","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"9fc7b586-98dd-4e6b-a80d-5ec9d2b6dc98","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":186,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"f4a82c40-29d6-40bf-94d3-1a2ca53f3b20","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"8e4e8ece-1508-43ca-891a-b2ea51014adf","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":186,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"bbd5d84c-d20a-49c3-8404-55ebd79549b4","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"3ca994de-a060-4e49-8637-55f3a44988da","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"e2101e26-5263-46da-8272-3d9abc563a1c","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":186,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"227e8eee-ee56-4f4c-9d35-048a58f9ab5d","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"3f0abc35-79ad-4b0b-9de5-a357ff7b9699","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"aeb23894-7c5b-447c-8875-d9fa80afc8a3","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":186,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"44097bc3-9f4b-4058-86ec-7f68edd2ad50","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"12a7f31a-b4df-4765-b092-1be87c6ef5ab","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":186,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"8570a641-d35f-44df-9241-a3334ad7995f","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"336132ee-f8e8-4c4d-81e6-87d786987541","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"c8c41683-08e9-4aae-97ab-54ebb8d3f324","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":186,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"07aa741a-efeb-4047-8be3-e762a396ced1","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"2614e4e7-5381-4d2c-8f27-74bbf7171ba0","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"59883369-1702-4b24-bb64-31ba4f18069b","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"7ed3686f-b32e-49bf-9f4b-30f967005729","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"c23a225b-9d98-4e5e-a18f-a762c5ae5bf1","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"1f6d91f8-502e-4063-8fa2-436d5893da2d","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"f5701b41-1bab-4675-be6b-29962c599cbb","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"d8a795de-8ade-4712-85bd-b16637f7b121","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"87a18d2d-b753-4407-a7a1-ebd3766315ab","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"596967b5-0a1e-4885-a499-0ffa70f44355","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"f8052852-fefe-4a62-887c-674c8ca96936","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":186,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"9af799b4-0663-42a3-9374-2f5819e82bac","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":186,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"191f0308-aa36-478b-b5f9-b7925f03ae87","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"e382c3a2-c036-4f49-b00d-818357ec64db","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"79b2d113-1a81-4686-9f5f-0b5f538ca874","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"d0f24fda-73b9-41c2-bad6-e35ee7f30300","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"d66c7734-2621-4da4-a45e-d206e22d58a7","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"9083ab28-15d9-4cf8-a1c0-835029b78ca2","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":186,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"9efb4940-7b7b-48e7-8b88-f04a0e4992c6","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"03c5c940-c2ff-4b51-bf7c-a2f73ee5f876","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"91389e97-1bcf-4299-b499-ac43abe5529c","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"aba75c94-4a53-45b7-86c1-7a5be86aac3c","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"45d5afea-57d0-4534-ba83-1f77ffbd9b0a","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":186,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"25a1510f-eba1-45c5-9aa0-a01038664a4e","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"6fb3e198-7a7c-4a66-aeed-b5e68066d960","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"65243ed8-049d-433e-964a-6ffc9a00c103","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1ff10af9-550a-489b-9132-44a0a3dd24ce","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"094120e1-29d8-4ff9-bfe2-5feb8c9dc345","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"a1aad59e-90ed-42d8-9d68-45e5399b3129","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":187,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"95e92bb7-a1db-4f8b-8c9b-db7bd320d5be","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":187,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"18efd669-3009-40d3-8a44-051ad6e0c9af","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"93ad0330-c441-4171-9fcc-696b22ee94b6","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"7ae4cd86-8108-495c-9420-e77f3d92cd6b","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":187,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"6a4b5073-c5b3-4858-9b86-c88fb378096a","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"09a09e61-1718-4ed6-9ab4-574074ba72c1","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":187,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"3c15ee8f-e6a6-4092-9bac-e50839840923","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":187,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"ff0f666a-553b-451c-a648-0a1d07e4eadd","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"8a0789ad-0916-4dd6-bfb5-01cd88d5ca85","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"8531f586-4581-40b2-aefd-429c2eac3188","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"0e96223e-5322-495d-902d-58f934b18f9d","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"16e9102b-99e0-4290-90d5-44f2d398b649","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"8b59c6c5-903d-423c-8dc3-d025f141421d","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"10191c2a-e6c4-485e-ba14-50a6fc9d0fc3","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"a4f732e2-f6a5-4c06-963f-e2f42030cf11","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"4503a945-cb20-4b35-a611-df8edc25a577","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"52009488-f005-44c6-9cd0-5aeba8635b57","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"019edc1d-cf3a-43e4-9f6c-9f044d5b1ea9","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"06499df8-6df7-4d13-bc54-2e395dc748b6","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"7ef4166d-b616-44b6-9d4f-405f2aea7c9e","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"e2c21a12-d541-4c6d-a5ec-a14e68b3ad2e","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":187,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"8638a816-315b-491d-8782-7e6063614c4f","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"70b528ad-85e4-48bd-abe7-4565ad3c8081","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":187,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"e6f0e53c-a7a6-47ac-8d66-326d00db96c5","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":187,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"d7d065a8-cdf7-494d-bea4-354d24ec2d39","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":187,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"344a72e5-63fc-4922-9919-7595b45e9da8","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":187,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"79d166b8-aa48-4d06-ba28-758f5b6db65e","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":187,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"a9ebe3df-2d3f-4457-8ed7-255a25940e37","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":187,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"0cd5ad82-c4d0-4a46-8db3-a392d496dfe1","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":187,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"91aa5cb2-4402-428e-b691-fa61f4aa8864","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":187,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"0b6f6147-3e6b-4ac6-8fe8-199cdcf742fc","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"8278dc99-d6dd-4d2c-994d-b0dc5517927f","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"605e1041-5e9c-43d1-9364-863d755fc25a","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"8fbc126f-214d-4295-a1ff-8c3bde8648e6","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":187,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"55965091-c53c-4034-929a-cffb9b78f3ff","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"9afb43fd-6f66-41ac-b24d-2ad5f51dad89","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":187,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"af6a24c3-8fd8-48d3-9405-4d2d3f8afe58","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":187,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"e505a736-6edc-49f3-b11f-5fe639c4b24c","block_type":"box","text":"payment of purchase price upon demand.","page_number":187,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"e3e0fc0b-68e5-4c72-b22f-16b6b1406c09","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"9c477c33-9601-4c01-8216-8c10ca92b42f","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":187,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"667b06cd-5ed6-4222-9e67-64bb5b5f2fbe","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"87239d31-ffa9-465c-8c54-2c64fe7cc900","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"2f9ce082-8f83-48ca-b054-647e4d715f67","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":187,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"adbc5743-89a6-4f8a-acb5-b4bd2904702e","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":187,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"f98ceafc-8ce1-45d6-b40a-ae17927f75ca","block_type":"box","text":"price upon demand.","page_number":187,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"8b497c87-a49d-4dbf-b88b-9f4bfc7b19f7","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"32120157-0fe0-4f7d-9dfa-401cac8df478","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efb12fc9-4e94-497c-afa6-0818f6543b74","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"2f9ee41a-a20c-4b45-846d-b371874cb085","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"66e0b3a2-2418-43cf-952b-0b76e4caae39","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"b9a9e5cd-cdbd-4589-a496-b04a9dd9494d","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"77688699-7bd1-4a9b-a975-c163444389a3","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"e7508409-c578-4915-a811-e2f8e03eaeb2","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"73fe0943-137e-40c3-b085-c66f97c30c10","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"e43719ee-1ab7-420b-a389-9bf1a190b18f","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"ac22b41d-39f9-4a7f-aac4-5e572ec9140d","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d5d7756a-233e-4299-8475-315703c282ee","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"c2ce1c5a-6857-4925-8523-0893521ed44e","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"27312034-30ac-4f40-b2aa-6d30a8a8d1cb","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"bc30572d-2ee6-4923-a329-c1cc757d7ff5","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"ec5938d9-df45-4479-ad97-276f0102bbb7","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":188,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"abced8fa-e633-4a81-9974-b4c33e6c4526","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"78038a66-cfa0-49d6-8d3d-80f6b3120c02","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"7b7c7f3a-aa0f-423a-9a37-2b9b93a3797c","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"b2646530-f560-4d22-bb41-32ddc6eaa90f","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"ce16551a-8657-4240-873f-f95dd5670f65","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"bd18e4b6-991e-4215-990e-b19452262c24","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"daca8a19-c8df-4415-aba3-617eba3d8e0f","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"5f863775-22eb-4083-bf05-a1008ca73186","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"9d60ccb5-25ec-4fc8-ac06-0fce5e72b4d1","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"9c1a331d-501b-4590-8549-f4355312c4e8","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"748bbc50-e984-41c9-a4f3-ed4b958cce5f","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"451d49d1-af46-4a71-99cd-a7eba75ba533","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"c3512775-c30b-4feb-89fa-fe655051e3dd","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"b90f50de-fc1a-4ba3-a1c1-0c9e207d0f4d","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"787cedeb-5487-41a8-97a3-94f961d28c51","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"98be88e0-c562-4b5a-a9f2-07cf50af7f2b","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"bb2adcb4-22bc-4fa9-bba0-fc1f375a24c4","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"8eda7baf-62cb-4534-9144-006cbc25e262","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"e885fc8b-68ba-47c9-85f7-c961dcb66f78","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"d73736fe-98b4-43e3-b878-5c01ad345ab3","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"53501b14-4e35-4865-a178-2e3d4644cc22","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"b185b3f9-7c52-462a-956e-006eec901965","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"75f9deb7-0b79-4f2a-bfe5-051ae4da42c1","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"09b82f64-f1ac-4259-a74d-397c6f165f14","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"c5248064-58c8-4264-a675-16efe3705572","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"a18ec264-d605-427d-bd12-44f70c3e4387","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"0172a956-99ee-4416-997f-c5c432871aa9","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"b194800c-5b82-44ee-b3cd-07d446bf8aeb","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"a1d67128-23b3-4dab-855a-f95838d50425","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"077b7b28-e445-41a8-aad5-d2ae705ea52e","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"f41b68a8-e510-464e-a200-867a85b4ea2d","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"e39ea754-5242-4f19-8dc5-c99762464231","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"117710ef-981d-4b3a-961b-e5b05a1d7cb8","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"8c03e0e0-08ec-4d25-a29f-3b018b927e86","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"34234f9e-88e6-4837-af0d-f5caa81ae226","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"e415db17-5241-41d1-bb1f-a0c5b56803fa","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"2eeb9c95-7745-406e-8df3-0853b9ad5ffc","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"875c783d-5f72-41f3-a80d-39e3b3fc23af","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"07ff3557-5870-4825-9397-8ade49d8585a","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"0fa907d1-5aa2-4b4f-8e53-1c26b6db13b1","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"2b1af020-550f-4bbc-871a-0265dd7b7a0e","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"a42f12e7-80ff-443a-b486-d77e5dcd7631","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"df28ece3-0886-4f57-a3c0-c6dbae443e8f","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"74fbbfdb-65a1-4a53-bb62-ef3efc9edd74","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d27fb984-8d38-4399-ac29-945853f090bb","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"fde690ad-4826-4f1e-aa82-3476f8f45615","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"b29cb972-bad2-4796-aa34-c9359ecf19ba","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"c348bb12-3f07-4b0e-85c9-6038f89619c1","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"cbe1bdee-7e34-4430-ae07-ded5ce1f6487","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"8694a5ee-5d24-4b74-953c-a944b816df36","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"a3f32c5e-fcda-4ed5-9838-4b2ea26d308f","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"53e09c3e-e7a6-493f-ab5b-a6d77a7e78fb","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"171b5ba1-b6c7-4afb-907d-0c8851f181b8","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"ea49c170-96d7-4a63-b2de-f5abc5e6c50e","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"a338e122-ed62-46f0-8d37-342ed32efbb6","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"5401a4bf-3ff5-4dfa-a01e-8ae65b46c7b7","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"f0129d53-336f-4ae3-8a45-294b093132f3","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"9b30f792-127a-48bb-b093-e66d63de5fee","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"31c12f30-ea09-4516-8d23-5a3244f8a08f","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"7522d352-963c-4ff8-beb7-67b8d5bb716a","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"af027d4c-7d1d-4d7b-a5b7-a43178e64493","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"54429d77-e0fc-42de-8f88-b20221e8bef2","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"791fd8ce-2b4f-4295-a177-cc93abed7406","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"f931bdb6-dc16-4805-8dc2-b7cd0e59029a","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"35548432-5cc3-483b-8b0e-94cee4574b96","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"125a7299-7f7d-4dfd-9e7f-184bb1b6eb04","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"981e2970-9b82-4ba5-8c51-c05873736ef3","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"5c09c1d9-5b5a-49c4-9385-e4992e1f65f8","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"d0b24810-c611-41a6-b946-0d6b36de761b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"cd58dcb8-3aef-411d-a3ec-ae943b697fcb","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"c58c0290-ccdf-4cd6-968b-118e280d4421","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"6ce185be-2a26-40f4-959b-de316d097357","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"6ab2100b-6a3d-4f14-b91b-d0ab598bf78d","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"f2a89fe8-7f75-429b-beae-141443428e8c","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"55fbdede-12c6-41b4-9bd2-a9a86ed4b25e","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"8bc2b5d1-6556-44ae-b65e-3cdc1d05e37d","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"89fceb22-f150-41f6-bb61-7be487c16867","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"49982e2a-8245-42d0-9025-f1d32da10cf0","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"a4727029-7cfc-4144-ad15-b59bd692b0fe","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"eaa5bed2-90f5-4339-8cce-27bbf42ba397","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"76a4b04a-8c30-4c3e-8430-ad84fafbf1c8","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"25ce5f9d-01d1-4f87-8f66-929e96d9703a","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"ad697dd5-f04a-4993-8f1b-a2d141f990e6","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"6fb39849-7e67-497c-b0da-f7dc9dbcc09a","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"88a32a19-00a1-433c-bc12-62f4ac59e660","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"688f1670-825b-4f6e-904d-2c0a372c72ef","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"609a158b-bc3f-4d25-9107-027d47495d09","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"30a04408-822e-4cb0-8efb-9db11776f551","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"52f1b427-fa2b-404f-acc2-588047dd0ce8","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"7f564957-e587-4f77-8571-32d6b7d230fa","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"793018f5-17d5-451d-9fd8-fd5cd66899e4","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"10f0f2f8-4536-4637-94ed-58e8a1936b35","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"21e84dfe-9cff-432c-91e8-983f61cdcc5f","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"bddd65f1-4f85-460d-a738-d2c68ba92a3f","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"cecc71e3-d5da-4870-8af2-deba2e1d09c6","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"93544024-e192-40d2-ba4d-02a4501c6371","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"fe7bcb9c-59b7-4848-beab-1f48a34eaa0c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d438c5f-d90c-4a55-af1e-02e543560ce8","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"612dffaf-3deb-4ed8-acd5-68637267df70","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"66e55e4b-e265-416c-a33a-97d9be825be2","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"ca454275-927f-4d63-9474-e9e3664be7dc","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"5ce7dfa7-454c-4600-9ddb-7b2153afb5e9","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"0b234bd8-3147-44de-b73c-7e2e6dc31c7a","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"06420a49-c20e-403e-a49b-2544db0965c7","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"3823c1ed-fcb2-443d-8a4a-9fbb00121a7a","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"f1d06969-a41b-41ca-9331-0125bef48037","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"764b2863-18bc-4c54-bcff-07af0723d9cf","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"13a1bf8f-ff41-4f4d-911e-abb5d2b0da79","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"10845449-20cb-4da8-8fb3-d37b6dfbd793","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"a80ce662-0bdc-4d2d-a426-da21ef6af183","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"6428cd7c-74c7-4f04-b7b5-bae18b48fd50","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"1448a917-4fb6-4ec1-9503-4ccbd5ab1ee9","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"a08a4e58-dc10-4b8d-aa75-752cd0a0f1a1","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"843bd2f5-2856-4a77-a81a-05f1648d9e1e","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":190,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"702cf5b7-b750-4a6f-97ca-142bd8b6e799","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":190,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"9f006784-fb91-4b55-b854-522fd44f50af","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":190,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"c6664327-fbf5-45bf-afd2-28c37ff8b086","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":190,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"60cc5deb-9de9-4d61-a4aa-4323b033605e","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":190,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"07a0f1da-74fa-47ad-b88c-a0fba3fed11b","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":190,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"e718b3cb-d2bf-4096-9888-0b77e826f2ee","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":190,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"b3ce5728-56f0-479d-890d-c60f8e7c363e","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"ad830af6-bca4-44d3-9aa0-0c698a7a0ffd","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":190,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"d50badd5-9f18-4690-8225-8b55d07b9554","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"4691ca76-dddb-478f-8560-7cb62f734d8d","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"35242c96-9af0-4a44-89af-6a521df70779","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"5aa5b003-1773-48ba-83d3-a7c235ba4df9","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"d711d186-7106-4eda-ab9f-88163f6f75d4","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":190,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"4bd6473e-b220-4ea4-848f-3d411630884c","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"adc5597b-056c-4af3-a8ea-54859852462e","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"175c84b8-e099-4e97-8e1f-95e8e2c33f08","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"4dba812c-0dde-4056-b573-f308ce8dad72","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":190,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"1fbd1cfd-0a64-40ab-bbc5-0494803ff143","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"fef59791-eb98-4021-8173-3f3dab7a53d4","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":190,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"b7f2df83-779a-4770-a94f-3ca7fdd04ba5","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"11db44c7-37a2-44e6-abe3-542ce7185bf5","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":190,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"f46d21db-145f-4317-a78a-88fd187f0e21","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":190,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"019de72e-c462-4f93-9098-015391889cbb","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":190,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"b280f0bd-ab7c-4255-99b7-dac5eea9afbd","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":190,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"b3ebaaa6-8f40-4d18-9df3-b4a258c7a84f","block_type":"box","text":"rates.","page_number":190,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"1af8e4bc-5994-4b02-9c63-d9f48a151b13","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":190,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"28b1268e-9efb-4c2d-80bd-c4dfbcf4d554","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":190,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"a8d53aec-9951-4058-a05e-be8d2628a5fa","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"09cb22cb-70ee-47c6-877c-19459738150f","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"61cf6bc3-6583-40e6-8234-24f7ea743f87","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":190,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"1ca74b27-dfea-4117-96b3-0f68a4a87657","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"6317b605-8a9c-46c3-aaa2-64e60e8f6d1e","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"b1dfad11-2bb0-4ed9-8de0-167557fb76ba","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":190,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"a762f8bb-ba8e-461b-8dbd-8c6dd7580ea1","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"08841371-b7d7-4da7-8448-2c19c7115cb0","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"9c625f87-9f39-4e98-90f6-83319b0f8e9f","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"160c3073-3e9d-4e13-9f17-2320362ddb03","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"a34a5bb1-7123-464a-a4f7-77e559ccaddd","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"426cee6d-38dd-4c0b-9ed2-22be2e277d8d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0093a02f-5358-4077-a200-2e62ede1b192","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"97325e14-b1af-45ca-806c-9e2637b97cfa","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"0db1af26-f2c6-49c8-87d5-44c69b4f9f6d","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"63858e1f-8f82-437d-b8fa-064f7a23cbd7","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"199c96fa-4e26-4b4d-a3a5-a6158f5d5f1f","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"51e3b1f0-1ebf-42d6-8c2b-ddef304f7933","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"706efa3f-12cc-4abc-b15d-237897491168","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"56f95bb9-fbfc-4279-9a02-626da4435b67","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"d5cacc3b-44bc-4f45-8534-ad35ee21b7f2","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"a2f33738-1262-4b5d-96ab-86f9d315ac46","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"a8259fcb-d9d3-4fca-b533-8345658627ce","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"efbb72fb-f1b9-4240-a3af-b84c567c8361","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"04ab45d4-648f-43e9-81f7-3aff47809fcc","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"0f6b2a79-84d4-4123-bf04-a021f8c3b73f","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"871fa114-ad33-425e-9608-01396fadcc17","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"926636b8-2d78-458d-9976-c9f5dcace56e","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"bc9f81ea-157a-4962-a953-899431f5c2f5","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"1157bffe-6191-4182-8323-d8bc98c17b99","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"58909705-317d-4bcc-a061-0e515808ef7c","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"f28e27c0-0a74-4337-aa00-2c793f3239a9","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"368cee8f-5e85-404a-a3f6-cc4239457f11","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"270358b9-2e50-42ea-a718-998e5ab3b575","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"b0f9e4bd-ca73-4911-9db9-4e79b5469c31","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"49ad47b3-f9d5-4b05-b12f-39f559a90287","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"33c5d31d-4c11-4599-a11f-3d5ae19a6fd1","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"d8be0433-24d0-47a6-9868-3d1a27a22ba3","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"30ffb9e7-b4f6-46c6-88d0-3eea9a3dcbc6","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"c2ca7571-ad9b-4190-9e83-c6c9e0f31726","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"d023a09a-5549-40a6-9af4-88a997134b76","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"ded2b836-40b5-4b79-852e-c89258277ec7","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"e90848fd-3aca-40ae-b4c4-cace18b7efbc","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":191,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"3371d23c-4fc3-4bfa-886c-903f7a5122c7","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":191,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"78582942-05cb-418f-b030-60dd126217db","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"f77a47c0-8ab3-4640-99eb-d9b1d14ee657","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"83c79b90-6e17-49a3-ad5a-712d0d6c3a5a","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"0e3f3cfa-a97e-4a66-abef-05fcc691323b","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"2b7bacb0-9887-4ba8-81ec-929de31c22a4","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"744a8295-e27c-4eec-b877-112ad1089700","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"0898070c-1281-46ae-93b3-0f3708c8a341","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"f3cf75e4-90e0-485d-957a-b9ac069e7cb0","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"b8a27775-bde4-4cd9-beea-375b8e7f95fc","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"e5c3a6ac-f60a-43d3-9785-10ee54372f67","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"ecb283b3-d6c4-4e19-aed2-5aa879d161dd","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"d0b8039d-b681-4221-92b5-01fe16f13f91","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"55ee0ebd-e32c-4d22-a08c-637fcc075e98","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":191,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"732bbede-c0aa-4b7f-817c-5e7777fee4dc","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":191,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"0557c53a-a64f-4b6d-b1a7-60ce43c7e9de","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":191,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"f7a966e0-0cb5-4c3f-bfd7-31e270257dbd","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":191,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"0bc56791-7a23-4db2-b160-405462d88cb1","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":191,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"09a7d417-47c5-41ba-a1a8-a680d84daf78","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"efb958b4-180a-4dce-b009-772ce0f5ea7e","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"0631bbd1-7f20-4297-a238-ebb94e67b808","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"89523f42-9671-4317-a129-30160a9fc4c4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0019169-165b-4125-bd4e-bf7730e92ad2","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"71049248-726f-41d7-b1c5-d5bff00cbf0a","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":192,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"4f1c67c0-debe-4933-a3d9-962cce0da12f","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"27765171-28c5-458f-8d42-5bacfdf3b71d","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"46b2bd4b-c01c-4631-8631-fa8c3cf873d6","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":192,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"fb6e524a-48c9-42ae-83a9-4b83bca30cb2","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"d6882649-9e4d-4e6b-859a-848e1fb450d2","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":192,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"722d48c0-03d0-48fa-8dd0-16ecad75afd0","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":192,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"9a39af9e-ab45-4add-a5d6-7e38e2a80747","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":192,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"c95dda08-d2d7-4105-97f7-9a8268e90e3d","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"d74f6fc5-c8cd-449d-87f9-e46bdef829a3","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":192,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"3705f625-7a8f-40c3-a193-3c770d595a2a","block_type":"box","text":"F1 Highest Short-Term Credit Quality. 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to the","page_number":193,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"64a51814-8dac-4737-9709-75fc03b7f308","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":193,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"4051e2ba-abed-4ac4-8e5c-08ee4e57858f","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":193,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"90aef7bb-93d5-4772-af53-e075db659fc7","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":193,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"ee4ea0a5-0967-4a4f-aca8-fa26f07b0476","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":193,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"e3ddf88c-69c3-4706-ac74-d2d8f9c5a6ed","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":193,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"e373c50d-86f1-4f13-bac5-f65e2b794e80","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":193,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"5ada2b83-72e3-471d-ae2e-b551493d8389","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":193,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"239931dd-33c5-4cd5-b6ee-aa204d40c76e","block_type":"box","text":"Conflicts Management","page_number":193,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"c7962c5e-4de3-4fea-bc1c-6d60dfe4e938","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":193,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"022b393f-9334-47a5-ad87-79672606f7fb","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":193,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"670dcbe0-bb1b-4e74-bae9-a275d4673206","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":193,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"fc734061-3e2b-480a-8d8c-4471186009d3","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":193,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"09d04be2-ff6d-4e68-84f9-f92d8a158489","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":193,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"fa7f438e-3cff-4d70-9e5f-54bb0c55898d","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":193,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"dd70ece7-357e-45b4-a10f-c609eeff9c0b","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":193,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"7e40c932-2197-4e8b-8dd4-844b446dce8e","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":193,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"e7e18294-1313-496c-bae8-4a3979d7fe07","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":193,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"57a7470a-bdf1-4156-83b7-842760abd6dd","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":193,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"60b3d39f-82e0-4320-8476-ab0f03a0a004","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":193,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"fc2fe9b6-08c7-435a-b6a4-813fadb070b7","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":193,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"3cb0100b-caf7-48d9-a644-be3370957173","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":193,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"1289a1af-709a-43a6-bdce-bb36254b27c4","block_type":"box","text":"connection with proxy voting.","page_number":193,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"d1c4cded-c621-4579-90fa-967e26cc6b50","block_type":"box","text":"Reports to the Board","page_number":193,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"1ce06108-7388-4c0a-bb6e-9c9342473efc","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":193,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"27fa2bfd-a95e-4237-8b3a-f26d70bf3296","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":193,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"eaf0ce78-5190-4f4f-b390-47cb212fd1cc","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":193,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"5965659c-3005-4f47-bf89-2cdd2d8d860e","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":193,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"3384a15d-5d18-49bb-823c-44c5e882bba7","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":193,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"6eb37b7a-51bc-448f-acdb-39dbcf479d37","block_type":"box","text":"BlackRock","page_number":193,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"a3a01f06-8d81-431e-a049-656cd5dee517","block_type":"box","text":"Public Page 1 of 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BLACKROCK","page_number":196,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"3a531101-cd0b-450c-bd3b-b0228f2c47e1","block_type":"box","text":".................................................................... 4","page_number":196,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"0f5eabfa-55fe-47e8-8607-f77fdf7167a0","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":196,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"1bc4981d-586d-454c-bdb9-1f8daed7a047","block_type":"box","text":"............................................. 4","page_number":196,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"c339cb8a-0a01-461f-89d8-c2dc965ffdbe","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":196,"box":{"x":74,"y":134,"width":451,"height":10}},{"id":"16ab3106-ccd7-47c2-bed3-fbdb23c10f3e","block_type":"box","text":".......................................... 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BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":198,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"cdb992c7-52ec-4209-a1ce-0b4975817d68","block_type":"box","text":"this work with research, data and analytics.","page_number":198,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"c5723bc9-6f8c-41ff-b8c8-e3d535526234","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. 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We aim to be constructive investors and are generally","page_number":198,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"064cc967-fcda-48f8-8be2-1d3623ad33c6","block_type":"box","text":"supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":198,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"95b481b0-e843-4b69-bbfe-060210a34ce0","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"3b02e902-1c9b-480e-a356-51842cae13ee","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"03852adb-f4c4-4a89-8a3f-cefcd3eb914e","block_type":"box","text":"each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":198,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"b28848ae-6a98-4171-9fb6-c7b361e67656","block_type":"box","text":"vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting","page_number":198,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"2eff7d46-6759-4bbf-ba69-273d15c3957f","block_type":"box","text":"recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each","page_number":198,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"d643c259-fda3-4376-b174-0738628b63ad","block_type":"box","text":"portfolio’s investment objectives and strategy.","page_number":198,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"7bb510b6-f429-495a-a747-06fd03969f8e","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":198,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"636b2c00-39f9-4945-99bd-edff5731501f","block_type":"box","text":"management teams and board directors","page_number":198,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"30458ffb-9f9e-4db8-8aac-55a5214db463","block_type":"box","text":"4","page_number":198,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"e4695cf0-f924-4bf5-9de4-f598a214746b","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":198,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"dbc6b51b-ff42-4c5c-9341-5cf00d9e53bf","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":198,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"983d9dd3-ba3c-41a0-b5a0-d1c3b955cf06","block_type":"box","text":"applicable elements of governance that support a company’s ability to manage material risks and opportunities and","page_number":198,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"317658b5-0e79-4d73-ae64-41507aa4d6ba","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":198,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"031e3272-b3f6-4138-9afc-6d3f216dd642","block_type":"box","text":"norms within their local markets or, particularly in markets without well-established norms, aspire to widely","page_number":198,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"af026700-115e-4906-814b-a3e04a2eb828","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":198,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"04f83314-2f00-4b05-9b92-8eec71504807","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":198,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"c4e481ae-28ab-4959-8a0d-de2db8026eb4","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"b281e2f2-2c08-441b-b9cd-13d32d3de970","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"ce26853f-8740-4791-92c7-77fa0b1640be","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":198,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"7811b0b1-b164-480b-9c7d-404ab2e962ae","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an important mechanism for investors to express","page_number":198,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"03cf56e5-1555-42ed-90a8-270e417dfd14","block_type":"box","text":"support for, or concern about, a company’s performance. As a fiduciary, BlackRock is legally required to make proxy","page_number":198,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"d6de2aeb-3055-4984-baf1-a764f25f4222","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":198,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"2055d317-33c0-4769-b19c-ce029092b486","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":198,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"34f6652e-c60d-4729-aa90-1da957e93312","block_type":"box","text":"3","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"1249c3ef-5b9c-4371-8ef8-33b1abdb281c","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":198,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"53437c60-4853-4b5d-96c7-44b420615197","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":198,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"73604c1e-6b6a-4e1e-8d23-6ea220b27cc5","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":198,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"c6b5eb5c-8bc4-4b90-a287-8bbfd7e4e6a3","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":198,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"fc46fb88-f9cb-4996-b4f8-6a8cee471f4e","block_type":"box","text":"4","page_number":198,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"be6870b5-ca9a-4d0f-aeb2-f42a1fe2e61c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"d31ffd0b-da4d-4356-aa79-03764f52c0c9","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"bc592e85-baf5-4eb1-8410-8028da58f223","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f5ed681b-6cf9-4c8a-adf9-49014299ad14","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f3a6a157-4212-4ff3-8939-c720abbdf48e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a01da54e-037f-477c-b173-e7f7658046c6","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":199,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"74db39a3-f2c6-42d9-b53d-e266b5a08f46","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":199,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"32c48ed9-7e2f-4c8d-909f-14f8c6bb7ac0","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":199,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"8cd03289-c61f-45d0-86ff-1162f6e7dfa9","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":199,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"ccc3ed69-75bb-4d45-9def-cd00062d444c","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":199,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"9e288c0a-cd30-494d-bad8-29cd05c165e2","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":199,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"2efc0095-92b9-4df9-bc76-d38769086f5d","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":199,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"117c4017-9569-4ebc-bb3f-7061c46e745f","block_type":"box","text":"5","page_number":199,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"be37e467-35a6-4866-9a15-cffeb65f1250","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"ea674857-40dc-43f7-bd74-5cce6ebe0c8f","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"e124482e-5656-4972-aeff-bfdd2cf24132","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in","page_number":199,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"efc49edc-fada-44a8-bdf8-e5a754fad507","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":199,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"512961d7-af0c-42ac-9794-ef4337c63ced","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"fc8eadb7-83a0-4f2a-a71d-7c0bd739ae13","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"3b71d03f-10a8-466c-863c-3fd48cb1c4ef","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"66df5326-8147-47b7-a444-ac4f7c00116c","block_type":"box","text":"5","page_number":199,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"0d33d46e-01d0-4186-8496-a2ac41db77d0","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":199,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"0eb9e45a-20d5-4759-a380-af1aa30fafd1","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":199,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"be8b5078-e334-4907-a169-0da542fe478b","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":199,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"93772de7-474d-4aaa-bd34-cbf9867fc677","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"47042ca0-4428-4e24-89c3-6aebe5a5f37a","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"b2206e6f-5c17-4b46-8d77-ccf161880e5e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ba055e6-8f79-441d-8821-a8a4c304b0fd","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"dbe6e129-5b38-429c-a31c-112612998337","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"6c3955d8-ec89-404b-8f15-3bf5a0e81d9f","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"f2cd1e49-f84e-49f2-8c05-d3570cf419ec","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"32da3565-7fc1-4954-8b41-65fa109751fd","block_type":"box","text":"6","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"5a51fbac-6ed7-4fa2-9a59-71915f19af83","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":200,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"977012b9-87a1-4411-8cb7-e42bb3327657","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"63834a34-92eb-4d1f-8ea1-33a4fdd8ac0e","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"3846b860-579e-4ea9-be14-c24577e3664d","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"5ac8d592-e9c0-483f-9319-0e965b7c6874","block_type":"box","text":"performance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"d79c8b33-58d7-444e-893d-8fea51865064","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":200,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"676c674d-2779-47b4-98d2-09554b998533","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"894c5896-d2e1-4e4c-94d4-9e0aea07c48e","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"a893e0f1-07ba-4a39-9197-0035d9a22876","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the performance of the CEO","page_number":200,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"c0a9c0f2-2998-4f03-a2d4-cceecafe867e","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":200,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"802cb603-28c5-4b19-b2c9-eee827ecb124","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"8d14d826-b005-4f70-b3c7-988e5eaec140","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"3f48757f-2787-4fda-859e-59a94eba53d0","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"4556a569-bf3d-4c7f-a03d-f08f5d328c94","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"7076ba1a-0f53-4542-98d5-ff0d56091a5a","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":200,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"2f609bfe-f921-4b04-999c-9fe0b79d9ee1","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"c7ae08c4-99f9-4be0-a044-6f278da38596","block_type":"box","text":"e.g.","page_number":200,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"55057161-e624-4500-8c52-08b63a216d42","block_type":"box","text":", sector, maturity, geographic","page_number":200,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"29efebed-df94-4e33-b1a8-38d497c1eb69","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"fac08e64-0cc4-4cfa-b5fb-5d5c753af474","block_type":"box","text":"e.g.","page_number":200,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"f8a1705e-0993-4d92-8254-de593f94d6bb","block_type":"box","text":", financial expertise, industry track record). To","page_number":200,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"8496c4de-1bb1-4445-8da3-90c2fa741b49","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":200,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"2272f9a2-be0e-48e9-a0d1-862b000b2c9f","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":200,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"474dd4a2-abd1-42d2-a3ff-bcea5859a766","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":200,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"c8bb66c3-16b1-4e8b-8e20-b266dfe1b7df","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":200,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"adbcb370-8d54-48eb-a471-d2334a604a1e","block_type":"box","text":"and local market requirements.","page_number":200,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"00fd31f9-e1a7-42f6-9fe0-6eba9a25152f","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board","page_number":200,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"2613e8af-7042-42f7-b6f5-4eb4a095b99c","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":200,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"0807a3c4-a353-4194-8c63-552079762b21","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":200,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"0c82f0ce-167d-4ae4-aa53-4d80cfa8ff45","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":200,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"7baf8be5-aebe-4df2-b76d-77227f83ced4","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to support strong financial","page_number":200,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"1fed0b4e-d6ef-4a9b-941e-96251c9304ce","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":200,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"28f78e37-0814-4ae8-b858-9b7ba926d3c0","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"1bb38eba-0e92-4096-95e3-2c3f1f589e15","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"92e7d1f5-629c-40b0-bd53-7329b3557437","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"8417b361-6498-4e63-aef1-5ddb876634d3","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"32ffc2bc-7ecf-4fe2-929d-a91225c13f2c","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"22f7b497-753a-4b9b-babb-b9cac011ace6","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"e3448525-5dfb-476c-9dfc-d35af0ac97be","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":200,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"bcf82f15-8fcd-44a1-8582-b86f29b0f0fc","block_type":"box","text":"conflicts of interest or undue influence.","page_number":200,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"9d6ac400-1e1a-4882-b0cc-82b728848a44","block_type":"box","text":"7","page_number":200,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"c984d953-7ebe-44f8-b75f-af68b7db65ff","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":200,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"55b7e945-5e3f-4fe2-9a29-b4df9a893044","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":200,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"bc2f89c4-a4ce-4b8f-99e8-6fba2421bfa6","block_type":"box","text":"independence should meet those local requirements.","page_number":200,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"6eb7513a-1ddf-4adb-a810-3bae997fa5b9","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":200,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"6049be2f-50d0-4b6c-8304-7f75b801412a","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"060beb29-ff45-4e19-8e18-0f5ca243c8a2","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"df3ab03f-c906-415f-a1aa-8bd5979f4995","block_type":"box","text":"6","page_number":200,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"0f880fa7-bdd4-45fb-b32f-bb0b00cb57a9","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"6c9b8891-9cbc-47b0-b669-869e0612eaed","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"0703302f-6163-409e-b9ca-28c444aa9da9","block_type":"box","text":"7","page_number":200,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"02ceb927-e878-422c-88d2-2a46a78ee304","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"267361aa-2f02-4e9c-8125-192bbafacf6b","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"3da6fe74-b41e-49c7-9db1-2fd3d3d2530d","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":200,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"af8066b9-a551-46b0-b584-99c4d2a2a2d1","block_type":"box","text":"could, or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests","page_number":200,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"4ce1724e-e717-44eb-9459-94948d6dbb6b","block_type":"box","text":"of the company and shareholders.","page_number":200,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"087ba864-abb4-4f36-afb3-e3736bc689a6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1753c2d3-1a4f-448e-97e6-66fe56e4e64a","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"eb2e239d-dfe0-435f-853f-c7f3272b147d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76783b6f-d66f-4549-ab94-0f351b5e9ea7","block_type":"box","text":"Independent board leadership","page_number":201,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"16662486-5dcc-4fb8-a577-7755f58ea26c","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":201,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"971c0a0d-700d-44c2-9fe7-f101ed07a4f9","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":201,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"5b23cddf-3735-461a-b1f6-15ff457b9108","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":201,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"cc3558b8-91e6-4297-9a7f-78bba940c16c","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":201,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"d7a0c026-d2d2-437c-b864-968deb03a31a","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"c87e47f1-45b1-41f8-a51f-6e9fffcb30a6","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":201,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"11df3385-9e9c-452b-9444-53bf3aba6f0d","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":201,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"47fd5eb8-b9fc-48b0-b2b8-36b433fc2519","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their board leadership model and","page_number":201,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"5330f886-0b66-4343-a507-44892e856ed8","block_type":"box","text":"how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"9d75f4d9-4105-43ce-8b26-8d0b3bc394ad","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":201,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"790415af-0531-401b-8c13-f9ee709e977f","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":201,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"3acf9c18-fa99-4ef3-9dc9-7ff0a75a1a9a","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"15bfff54-ed36-4044-b892-444abc60f813","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"990def37-11af-41c2-ae66-93ba5e78aa04","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":201,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"7b9d628f-3a3f-4ef5-97d3-3fd0845d1a35","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":201,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"9629ba43-9dfc-4da5-9210-328c4898cc99","block_type":"box","text":"director tenure particularly around the contributions of directors who have served for longer periods than typically","page_number":201,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"45b2b5fc-3b02-4fd5-ad7f-9be3efa19717","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":201,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"67944179-699e-4b3e-b460-5497eb8f2cd3","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":201,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"92c0ca79-e3f5-4ee4-b1b0-1f789998ca74","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"a036343f-634c-4164-bf41-203ad5cf7da0","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":201,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"ca4e7e9d-7552-4c9c-89cb-a3fc37818f93","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"9456d96e-cdae-49bd-9f30-b77fcedeb367","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":201,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"a21eb2f6-010c-4076-afc6-d4d7f8d9c5ef","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":201,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"8de2493a-afdb-4e04-bf8b-d4f728edfe0c","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":201,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"10fe4b18-4342-4d00-ace5-9121acbec045","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":201,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"3399a27f-c631-400b-991d-7c9a74816523","block_type":"box","text":"for their continued service is not evident.","page_number":201,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"23d51b1f-9828-465f-b30a-0091dc00c90c","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"917e267f-040c-47b2-b9cd-86edc1e664be","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":201,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"d0c062f0-9b52-4491-831a-f7c8216db098","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":201,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"42a7a156-389e-4e1b-95de-6ac833808c3e","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":201,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"ea696200-8cad-407e-814a-59e878781d1f","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":201,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"aa3819f8-f723-4155-8225-af301d50a3f1","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":201,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"1e6c97e0-0bf1-4ca7-affc-361e2ceddeef","block_type":"box","text":"determinations across markets.","page_number":201,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"4dd4d04c-da39-4abe-b458-2aaa71d08927","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":201,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"2dff6f69-0869-4b75-ab13-4fa7bbce054c","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"54d5661d-3e7d-4e2b-95ac-eb06950731f4","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"1a2e16ce-3706-4c5c-aa5f-4913cdcec170","block_type":"box","text":"Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board","page_number":201,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"a73487fd-1049-4794-83bd-0edaf989a809","block_type":"box","text":"structure","page_number":201,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"0ad397d5-3534-4dc5-961d-5a1a5524c4fc","block_type":"box","text":"8","page_number":201,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"3d0be248-dd01-4b69-9bc3-8de41247a7ab","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":201,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"485a5c5b-36b2-41f0-8850-08e2cdb01206","block_type":"box","text":"basis of its business model (","page_number":201,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"45932aa6-e2a0-40bf-83ad-f192190c88cc","block_type":"box","text":"e.g.","page_number":201,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"f6550198-05cd-42e6-8561-19a6a010641e","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":201,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"60182448-336b-4a3d-a10c-bf8e558f53d2","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"383f4bf8-44a8-48b3-8a6b-13a747dc8664","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"a9afe504-f341-420d-8587-0d56c689154b","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not support the election of directors","page_number":201,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"e23b714a-4a90-48ea-8b1e-dfb4d2023e82","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"403830ad-ba58-48b0-9499-9298fa5a78d3","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"890bf794-bf77-452a-a09e-d4b710c23c47","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":201,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"8edf34be-abe7-4c77-9f55-d58bd13388ed","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"a995b76a-f065-4dc7-8d2e-36d2f5748608","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"effa217e-2463-4ed6-b8a7-5d1d037f0bc4","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":201,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"0f5b1098-5d22-456f-8cbb-1f02144f20f4","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":201,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"7309a3d0-1bac-491d-8df9-af8573bab89e","block_type":"box","text":"8","page_number":201,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"e29e0df9-7e34-4692-ab78-e9e66576218b","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":201,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"96f5da34-60b5-4a22-9d59-c8e42db291df","block_type":"box","text":"directors stands for election in any one year.","page_number":201,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"1b0bac0d-b8fd-4641-820f-3454f5a6a405","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"703991a0-a608-4c0d-bacb-39132951e3fb","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4df5e21f-3e45-4ff3-b4a0-229a5c8ae74c","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9813c39e-da83-4f69-a8a8-3c6fd1069d20","block_type":"box","text":"Committees","page_number":202,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"dfba9df1-83ad-4744-8391-a73a7309ba42","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":202,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"aa8a6e1a-8a34-419e-b7f0-e38c0f744445","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":202,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"822b4b0f-9483-451b-a90f-3905c84dee47","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":202,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"07de4af1-ba59-44bd-859d-6f2537076a33","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":202,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"8f11f7fd-943a-4dc8-bd1c-5d1ef185b1b8","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":202,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"e1815618-e650-4c3c-a87d-f82e6a11502b","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":202,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"66bc9b8d-db0f-458c-8b6d-a9a2ac9e6c59","block_type":"box","text":"the board discloses the structure, membership, proportion of independent directors, and responsibilities of each","page_number":202,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"8161191d-0ee4-430c-9a0a-8c725469c742","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":202,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"7fa97793-98d3-4f8e-9cd9-a4a33281ef93","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"6c6b2a8d-0955-4928-a804-ee5a3d232bb9","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":202,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"483f175f-1840-43da-bc2e-fda498fa41b1","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"859a9ad8-014e-4267-9c19-e89c42b73b52","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"ae542f6d-fb8c-45ca-8105-434e22639acb","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"d64f0db2-8ba8-4fc8-b4f6-f8b689e44513","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":202,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"c5aa76ab-9d96-4c13-8dd5-c0d47aef5d35","block_type":"box","text":"practices of the company, including the periodic review of board performance; responsibility for succession","page_number":202,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"5d0b7ca2-0cfd-4726-8cb1-d44e3ef97aa7","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":202,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"3bf634db-fc72-41a1-aa41-bb1f1f921aa2","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"e518061b-51fe-4a0c-908d-760c38cec92f","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"c65f92ce-4ed4-4233-9fc5-15724767872b","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"46ae0dc6-d65c-4528-b28a-c301d3128b66","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"93933762-3ec8-4084-8ee4-ae177514781c","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"52e25290-4a3d-493b-8090-5585c97de7ed","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":202,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"de4f5019-b9a5-400a-831c-208dc3674b8b","block_type":"box","text":"to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of","page_number":202,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"def24e32-c036-4914-a111-90b43e8e8c52","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":202,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"58dd456f-21be-41ef-84c7-59b319201f61","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"d08b9697-9b45-4c2c-8df8-3e540d5aa656","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":202,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"722853e7-f173-4e0e-860d-925f80c5f995","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":202,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"34945f27-a0de-44d3-aa70-dd601532c592","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":202,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"a8b373ea-8198-4716-a3c1-51752c6ea06f","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":202,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"1ac81370-7914-4b13-aad2-5568f50f79d8","block_type":"box","text":"a result.","page_number":202,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"27067f09-387c-46c9-8fc5-b0d041e98681","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"d0f9dbb7-da03-43dd-85f1-fdb1fbb08542","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"448df456-b642-47f7-bebd-2f9d75ce0f8e","block_type":"box","text":"access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third","page_number":202,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"9d0b7fd3-cc2d-4d17-a64b-73e9031f4aab","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"e096b686-b86a-4da6-8869-628837a84acc","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"bf5303d9-6318-4422-972f-6f8e1fbfca8b","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":202,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"7951d906-1bb6-4697-8511-f1b0659ea7cd","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"680e4db8-1d28-4ee4-95d5-b702a648acb5","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"a9845942-c2fa-45aa-acef-e998b1449319","block_type":"box","text":"Boards play an important role in establishing compensation arrangements that enable the company to recruit,","page_number":202,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"868f852a-aa24-48fc-8bed-438da271ffb7","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":202,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"b096a82e-5e37-491d-a165-df3ea7765ad9","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":202,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"111ddd7f-850c-4f95-a82e-d2b02d0eab16","block_type":"box","text":"performance.","page_number":202,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"9aec8fd3-3c61-40a8-930f-6e8c06ca4d15","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"4fbabd99-a1a1-46b1-b288-f3919ee8e9ed","block_type":"box","text":"performance against short-term metrics, incentives – most often share-based that reward performance against long","page_number":202,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"aa9aad44-b020-4020-bf06-ccebfb2331e2","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":202,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"ce863e1d-8c51-497d-9810-1c4fa39b8c56","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":202,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"b0acb77b-d0e7-4383-95e0-d372cdf0fea9","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":202,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"eed352e5-82c1-4314-9ae2-d046756d435e","block_type":"box","text":"recruit and motivate.","page_number":202,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"c8b0763a-7eec-4f30-aa8f-3723aafafd62","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":202,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"e9bae4f7-f0f2-435c-8ee8-f6b6a3dbd998","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"d81ed7d2-c92f-40bd-95f7-6047196401f3","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"4e883da1-ae00-43f6-bf23-356455d56329","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"0a00c879-778d-4ecb-ac70-e87f0331ca28","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"9ca13e3d-148b-49ee-8b84-40b8e122bce5","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"5c372b16-d896-4172-b8c4-aa8700bbda58","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"05e5b6a5-409f-452b-8109-4ce2b60f45a0","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"ddcd880b-13af-4424-a2ea-95061d1ca993","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fee78121-cbfb-4a13-b36c-5028a120e18f","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"dc6ba03a-5f49-4be2-bc13-3eff2743d024","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c0dcab9-8363-4afd-ba1d-f9c5824bac9c","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"b07bdce3-53fb-4c2e-a97e-ea3a9dd2e585","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":203,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"49ee4fd8-f5ea-4544-b0e0-893ab6301ab7","block_type":"box","text":"strategic objectives.","page_number":203,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"9ebe84ef-3d4d-43d5-81c6-578b79443be4","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"76c471a7-5cdd-40d3-a3f5-f990c56aa50e","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":203,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"1cf2cc7a-94c3-4a8f-9497-9be6fbd224ef","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"3c0792d6-d447-47f3-9da6-19a70b0f4057","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":203,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"dcff34c2-c242-4e38-87ad-82f05f224914","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":203,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"2d1bc26a-9fb9-44ae-ad7f-a740719ac8a3","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"9539f61d-5a60-4b44-ad6c-fbd6ac7c7628","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":203,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"d85b2102-6f67-4498-9a44-fae79317f046","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"5b6bfa5e-cbde-4c64-abdf-ea712a63004a","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":203,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"cd12646c-a263-4210-9714-a06267d2b4db","block_type":"box","text":"transparently.","page_number":203,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"a24dab86-33e1-4016-8419-74110f881e2b","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"5d3e967b-81de-4a01-bdcf-68ee537904ec","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":203,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"c33f8613-11ea-4cfb-a52a-2fd617c53b11","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":203,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"b123f5b6-1c84-48b0-b8c8-b255e86ef489","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"32355317-b9cd-40fd-a562-34f4c93fac9a","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"830cd398-058c-4b04-902f-c4ed15bcbe30","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"00c85fcf-a91b-43a6-9195-45102cd5e0b4","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"8a61eab3-1686-4cba-86ba-f708261c0dde","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":203,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"5c338a1e-5431-4d8b-b8f9-5bda1ccde24d","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"89e2d743-54ba-460e-a0d9-be302ada4baa","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"852b89a3-f13a-4cb0-9bde-773fa8d91ece","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"483ae637-5408-4815-8664-acde2a1d2896","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"cf2669fa-8dcc-45e2-8c24-e7b0df166f31","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"197915c8-be7d-4948-bad5-c19c7cb10436","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":203,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"65bebf0a-ed7b-4bbb-9d86-d5eb9ec4654f","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"9847913c-afd8-40a3-ba26-792524c8e5df","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"125bfb46-b076-4292-b9aa-793e2d68efc4","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"4bacccf1-dc6b-42fe-bf05-4315699a3774","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"dfd3315f-eff1-4b13-b61a-107d52459c14","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":203,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"b491f233-1288-4d89-ad59-fb3d47fa3416","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":203,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"6d64d3ef-34e0-497b-b68b-fe3c6a70fa8b","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"d2e63070-c623-4001-96d7-cf016cb50d49","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"ca697920-0fa8-4af7-a467-c2ad3ff2a41b","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"da00814d-46c8-4a77-b0fc-f8e2330d7759","block_type":"box","text":"appropriate capital allocation in support of long-term financial resilience.","page_number":203,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"25b901ac-ffd2-47eb-abad-54197cdc56a3","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"718ec0af-08ab-4769-8fde-a287986ffe8d","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"62158337-90d2-49e5-b38d-192bd501df25","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":203,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"472989d2-4915-4fe8-806c-c2dabbc2b9eb","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"df22d3ad-00cb-47ad-8703-52150a6d59fe","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"5659fced-a112-4c55-a8f3-937027e76de5","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"6655763d-4ba9-4f65-bb76-1eaeb777d158","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":203,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"13d28888-bc6a-45b6-a8b8-ba5a6dd7caed","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":203,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"60ded34b-78fd-4704-90bb-407ba3fcb90d","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"ca95db5e-d1b0-4768-831e-097ce1dc2e9c","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"08823542-f5d4-4982-9daf-842cc29af154","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"a15ea30a-df9a-4560-9737-283b50e093d7","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"8e5bac30-f8f6-427f-bde3-754e73b814c5","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"0b010fbf-f5a5-4765-af4f-1361610f2741","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":203,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"8f525fb8-7d9e-4f8f-9428-cc3d3ba37ca9","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":203,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"f93655df-bc57-4273-9a1c-facc14644e91","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"6294dab6-fdf6-4c8a-a061-b71d566764bd","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":203,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"3a3979b7-ed0b-45b7-96a3-402fa7886ffc","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":203,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"c5697260-d63c-4b63-93d5-4e7c0a91cfce","block_type":"box","text":"of the company and the market environment.","page_number":203,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"52a4d1a4-663a-4c75-a53e-9e598e2f35f3","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"7434173d-9386-415e-9136-38c78525058f","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":203,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"67cdc2c5-ac88-4343-b536-e69ddd431128","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"8c4f5f6e-9dd6-41df-b60c-639cbd21eeee","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"8071e0e2-4e4a-41e4-95d5-48323ffc37fa","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1d087016-d064-42f4-b620-8ba1d5b4cae3","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af82204f-d238-4853-bb4e-6ca072d82127","block_type":"box","text":"Differentiated voting rights","page_number":204,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"28b05614-793b-4625-be79-56aa1bf698ee","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":204,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"ad7717d8-b356-494f-9f11-219417a6424e","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":204,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"fbb0b8aa-7c2d-4a6a-8a82-97c72df70afa","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"b3e5aff9-f166-4b7b-8925-38165569c756","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":204,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"482fb722-b2ee-47dc-b72f-afa7c4927d7d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":204,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"a5365f79-8bf9-45b9-be19-b7501ebf1396","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":204,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"fd19424e-888f-46c4-84a2-cd7299d51591","block_type":"box","text":"analyses of proposals.","page_number":204,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"c4047cba-8ed2-4906-826e-eb8ec022997f","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"b0ebf281-9b1d-489f-bb32-e8d8d1519731","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"6bf20cc3-9aad-456d-8790-2c03f6330ddc","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"18cac157-081a-4232-bdbf-a3455784f7d6","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"a9a191cc-0467-405d-bf6c-10b6b26f6d01","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":204,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"f05d98dd-02ec-4ea8-98b3-14765d1751e2","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"a9c36688-0896-4ab4-809a-9a03ba8bf33d","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"9e5ccea7-5cbe-45a3-96b2-db7366139933","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"ced5fd7a-9151-4bc7-b8d5-8ea38bbd4907","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"f36e7203-d201-41ed-afa8-c13337fcd248","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"bb96b2d8-3c11-4a4f-a4f9-c48c7bb57a76","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"0809279a-c126-4590-91f0-382ea23d7ec8","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":204,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"59da3d47-ff17-466b-b209-17aa4f40f893","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"80af7b52-ee33-4f64-8efc-b69e0da7b7be","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":204,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"8b0a2e95-e9de-41f1-9a0f-2c39ed99d4b1","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"95a5233b-a3fd-4864-bb95-62b7e117b83e","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":204,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"60ed7f8c-39ab-4970-8eb6-a38a83871813","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"1293467f-ca46-4a57-a1b1-57d17d58007f","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"ea988630-f04f-4e88-a15e-8c8c08b48558","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":204,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"9bc143de-243b-4355-b444-02d9103c39df","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":204,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"52ae01d0-0c6d-4aab-8275-5f6be549be68","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":204,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"9e5b0838-042f-432e-9705-81b61cb46c1b","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":204,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"fa7dfc84-2e26-4045-8124-046b753304bd","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each party’s candidates. We evaluate","page_number":204,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"07333da9-82dd-4323-9448-ea926f2709cb","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"e2fc1aad-5bab-4d24-86e8-c0301d185ef5","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":204,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"ac55518e-e91c-48ff-884d-36106916d2f9","block_type":"box","text":"the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":204,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"ff6ae67b-2e1d-4a5c-a9f6-6bbd8463997e","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of","page_number":204,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"caa5e520-51da-411b-90cd-5f3fa619cc9b","block_type":"box","text":"protecting shareholders’ interests.","page_number":204,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"287ae32c-f33f-4cd9-955b-b6b0d166f112","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"600fae45-33d0-40a4-a19c-10972abeacbc","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":204,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"bb03dd1d-6f58-4b8a-b9b2-8b1c8e465347","block_type":"box","text":"interests of all shareholders when evaluating related party transactions.","page_number":204,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"5e5473a3-64ca-40e6-9744-070c705e817f","block_type":"box","text":"We consider it good practice for transactions with related parties, such as significant shareholders or companies","page_number":204,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"4febe37e-e764-4e09-895d-ce288c53898d","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":204,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"f86760ea-0092-4eef-ac72-2e5c9eb14131","block_type":"box","text":"have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the","page_number":204,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"ea431b16-5063-41ab-967c-c5e4ea44f419","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"4d680067-efba-4920-8325-0121ea5cb1bb","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"22ff8b48-762c-4a26-bd78-dd89e8d1a736","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"25fe1c38-eab5-49fc-8a42-8b4031a18775","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"3bca8dac-6e3e-423f-b13f-1d1864b2252c","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":204,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"931806f8-296f-4a5e-9045-40dd34dc1baf","block_type":"box","text":"oversee corporate reporting and the policies and procedures underpinning the internal audit function and external","page_number":204,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"706877d0-4170-4f5e-b08c-e6a80d8ad821","block_type":"box","text":"audit.","page_number":204,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"2b84ffdc-e304-410b-bb71-ba118439294f","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors, and other stakeholders,","page_number":204,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"e79d399d-936d-468f-b408-3beb2888ea01","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":204,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"3cc2c27b-4acd-4533-8974-a02ad9a83659","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"035bb644-5073-446f-b205-50f6d76eacb6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"89e6f0ff-805e-4e1a-938a-23808ec44b24","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1af95c96-dfa3-419c-919d-6dacd6485b84","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a31f9ae7-9b92-4839-9441-b42ce86b4c14","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":205,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"96c758f8-31bf-4353-b6c3-e81cbb6b5487","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":205,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"5bc74129-6da0-4483-9ad2-4cf1bb80c799","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":205,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"c4df6851-7b9b-4461-9b72-8ea48da91609","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":205,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"b5c0e746-c040-4588-8979-3b8f719044f8","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":205,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"a16bd0d0-eb3e-4eba-aab4-1f3922103a91","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":205,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"3300f35a-11ff-4b70-a331-f8b8d2b581ba","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":205,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"9d5fd047-55ee-4668-87b6-9974bda7e2b3","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":205,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"23190dda-dc13-414f-b935-9459158f5ae0","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":205,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"d841356d-9d00-4bb0-bd64-275a98388a36","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":205,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"60394ea6-2089-4406-b391-85a684bb5488","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":205,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"6b8d2153-01d8-408b-a635-9e4ec7dc26e0","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":205,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"b423f242-4efa-4edc-bb49-cedf644a2965","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and opportunities. The International","page_number":205,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"d923204e-7324-4e55-ab7a-79197472e780","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards,","page_number":205,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"a66ff1fe-170c-4ed9-a091-914abd0f7ea0","block_type":"box","text":"which may be helpful to companies in preparing such reports.","page_number":205,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"de014d67-2320-47cb-9e3b-6a8e7711bbd2","block_type":"box","text":"9","page_number":205,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"efa11be6-2d37-4dbf-a8c9-4a9bb7fc67a6","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":205,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"004f8325-fdeb-4251-ac0d-2dd31aaeb7a6","block_type":"box","text":"framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under","page_number":205,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"a7191323-0201-44ef-9594-224598aaf9e2","block_type":"box","text":"standards specified by policy makers.","page_number":205,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"7755d2e6-eccc-4721-a7ba-734fd088e645","block_type":"box","text":"10","page_number":205,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"d4a0a3b6-4156-4a77-bc6e-722c3ceb0e20","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"fedb2b92-d4ca-49fa-8f1f-41cc3819d9b8","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"668cb021-21bf-402e-bcf2-80d3cec4d133","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"5645985c-cdcc-435d-8148-6badf546f82d","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"1db92ed4-cfba-4ec9-b5ad-aebb35228c11","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"4d26e455-f3f5-4f54-bd4b-3b08e53c1055","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":205,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"9d0203f5-09ed-4575-936d-56417be1817d","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":205,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"9ff3eb0e-4738-4e0f-a561-e94810342eae","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":205,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"1e470a57-58fb-4043-8c31-d9410c1e77ba","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":205,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"bed2acc2-7818-4d83-ae88-a85cfec3c279","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"4f5f1f39-a8bb-42d8-87ca-04168b51735d","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"1e627128-d8e6-4b3a-9505-8bda14b63572","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":205,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"7614e477-06cb-4e27-be23-884d9eec63c2","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"c3575f8e-69b1-4246-9f1f-fb4d3aa232cd","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":205,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"6df819a4-b374-4f69-a63d-cb0e745c3a4e","block_type":"box","text":"reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the","page_number":205,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"2c52bc77-11df-45bd-89f8-c7b1dc0250f6","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":205,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"929cfcd9-e674-424a-b657-8ab556e79afe","block_type":"box","text":"misstatements in financial reports and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"aca96304-2990-4ac2-8a86-73ea29293d81","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"7b23de46-95c3-467d-92f5-3edb59595b60","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"029c31ff-4264-4d7b-a5b5-5999dddb4a5d","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"56163ddc-b9bf-4eb2-a22e-f37b3768afdf","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"80824815-0d9d-4fef-976f-ee6de06e4c50","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"2b89ebbd-021a-4540-97be-aec3228c536b","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":205,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"7fe24dc6-bac4-4f39-a397-a350becabd7c","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":205,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"41ed4c8f-63ef-4c95-8956-cd62dcf64082","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"6ca51520-f42b-4106-bbe2-f8154406cd03","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"ba677fc4-ab16-48c0-b54a-4d6c818ae1ad","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":205,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"9f3619da-4a17-495f-9f8d-915068ea4363","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"5c067557-5b31-4ab5-a94a-6c060ab67e58","block_type":"box","text":"participation.","page_number":205,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"11f95bc3-e45d-4969-b93b-74a353737700","block_type":"box","text":"9","page_number":205,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"82ea3928-0365-4485-bbe7-471fdd739159","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":205,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"6759b6d1-b578-4777-b6c9-960fbb4a7e38","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":205,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"070973fd-5932-4d61-8360-91ee1110c7de","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":205,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"40fa64a9-1f64-4fe6-a184-917b3225070a","block_type":"box","text":"Disclosures.”","page_number":205,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"cf8863e8-be01-4186-822f-f00c6298d617","block_type":"box","text":"10","page_number":205,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"89e094a8-79f4-4252-893f-ae736594678f","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":205,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"504d2e20-06e1-450b-a5c3-73cd8dd2b075","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyreporting\r\nandaditing/companreporting/corporatesstainabilitreportingen","page_number":205,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"bde2b77c-a04e-43a8-93c1-dce4dcae6805","block_type":"box","text":"p/ p//p/p\r\nreporting-and-auditing/company-reporting/corporate-sustainability-reporting_en.","page_number":205,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"43aca6f5-0c0d-4d5b-942c-03d0872cfde1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"95465424-5723-495c-b0b0-bbe6ed504ff2","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"d104e703-253e-4fac-8cf0-9be55d0fb8f1","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed64d564-37e1-41e0-8d8c-087ecdf1cd93","block_type":"box","text":"Bylaw amendments","page_number":206,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"c90c0b57-5e1b-43dc-81c8-442891fa8899","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":206,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"8472b289-8ebe-4a55-bf72-7c17abbdc567","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":206,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"f3773f24-01da-48cf-b712-a92fb4894cbb","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":206,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"066f9612-68a4-4022-8a7b-3ff4d291b12a","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":206,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"31da93e6-d413-415c-ad70-6b485c4cc651","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":206,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"f68667d4-adeb-4af8-94e9-fa7cc7cd05a5","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"a7de8b51-c204-42e0-b267-294472a27265","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":206,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"ee46f97c-1435-4497-8f3c-f77b4ed83e03","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":206,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"83d77651-8d76-4eca-9f9f-7c91894df973","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":206,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"7be335a8-c07b-42d1-9258-7734be5162d4","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":206,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"ba493fb1-0eee-44f7-adac-8ae85da981c2","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":206,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"23212662-774d-472b-acf5-6495c74f0972","block_type":"box","text":"nomination process.","page_number":206,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"4cab51b5-2423-4585-8ee1-0f4ec2ab1b02","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":206,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"c44adce6-bc17-468b-b498-87768ffa6c61","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":206,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"40225d60-118e-4d3f-a09b-f50157d6058f","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"e70e943d-9c7d-460b-824d-d8fcc7171555","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":206,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"4888605e-c814-4cfd-9f33-932b8a0acd94","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":206,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"ee42223d-d1e7-4787-9ca2-b9bab379c8c2","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"35045583-ac02-4bae-a60b-57b2bb5357ab","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":206,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"dc8c0756-7ee1-48a7-9885-1f1977b60d7a","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"3cd00cb9-af31-42f4-8bc6-b57653c1b6ba","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"cada6952-8772-48b3-b1b7-aa83785f21ce","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":206,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"3fc1e0fd-05c7-4068-96db-062718814d21","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":206,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"28d2a33c-f9b1-4d0a-9187-a1fcae10de5f","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":206,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"c54f47d9-9a26-4b4f-b3cf-6cb439d52206","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":206,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"f3f7150c-9018-442f-9477-ac3085571b10","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"9806010b-13fe-42f4-b8fb-3ff30275660a","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"e621354a-f01e-4939-b579-152b4458e458","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"7d0c0e33-2e75-40aa-8281-1e3927e98958","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":206,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"cd914b24-8642-491f-9ea2-94b160e7228a","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":206,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"08de41b7-7158-4647-b69e-cb89ba0d288b","block_type":"box","text":"relevant to a company’s business.","page_number":206,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"d95f09ed-4cf5-49af-9b3e-d85cb532a005","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":206,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"0b1d21c6-3785-40ff-9437-890da32d9b4d","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"17f1a422-a295-4bb5-ae35-33849b76ced0","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":206,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"ab66ade1-d90e-435c-adc1-c11ac431dc6d","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":206,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"bb8c3087-e82f-44b2-8450-7db330760227","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":206,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"55b7f364-81a3-4d9f-a93c-8e3fbae1a8ee","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":206,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"093c2d04-6e99-48d1-8584-d81e0b6f05a2","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not support","page_number":206,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"37c3e98d-b77b-498a-a1dc-669455671d0c","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":206,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"f65694e9-b98d-496b-9475-290a35879958","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":206,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"acd29c7f-6a4f-4901-a29b-bfda64a0705a","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":206,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"240e2b9d-71ee-4cc9-bc17-23e7641a5ac4","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":206,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"2d0091b2-a119-4797-800a-418ef2971f5b","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":206,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"95e60d1e-8690-4538-b353-0cd6f7ad68a2","block_type":"box","text":"who authorize us to do so, on proposals put forth by others.","page_number":206,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"ce25e1a5-6af8-4f5d-9fb4-0344427a4098","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"7942df2f-98a9-46c1-ab93-1c779e0a638c","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":206,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"a331fd6c-39f3-42d9-888f-9140dabf6d4b","block_type":"box","text":"in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes,","page_number":206,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"f1117014-c3b9-4b8d-98a0-7225eefb913d","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":206,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"40eb714d-bc4a-4b02-84ec-c46c23772792","block_type":"box","text":"companies engage in corporate political activities and ensure that their participation is consistent with their public","page_number":206,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"2d6300aa-744e-473a-b294-e731a4fdd119","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":206,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"9273834f-c657-4f25-9636-ea3bedf35d90","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":206,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"3c7fde25-c95d-49fa-99f5-3ca61946c20c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"46bdcf16-8aa4-4b88-aab6-ea1c65e08688","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"7c1c7db4-6c6d-4174-8dc4-8c0c2dd12d1f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a23d2605-11dd-478d-ad8b-3004809aa631","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":207,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"cb282d92-5837-40e1-8c28-51eda932a5ed","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":207,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"29766e6c-587d-48af-8001-bbb92f1a4b81","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":207,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"e91d934b-c8b6-4f8e-a489-36d9de7246d9","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":207,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"238a9f55-90e4-4144-8762-749e93a64ab4","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":207,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"c6d1f49d-eb06-4ae1-a680-e797b75e0e7a","block_type":"box","text":"undertaken by trade associations on behalf of members.","page_number":207,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"2043a764-cece-4355-b3bf-018eb419e8bf","block_type":"box","text":"We may support a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":207,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"aeedfff7-e2c9-4d10-a35d-d03d28c3294d","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":207,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"4b0f1303-4765-4315-b3ec-db131bd3d98f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5b95fbf0-258a-4d58-a393-bd8dd9145280","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0d355ee3-dd82-4dd0-b6f9-2f04e35fb27d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6401b7d9-5482-4c67-bbdf-7938301663bb","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":208,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"2f0691d0-b96e-4522-aced-6e62cacf7c01","block_type":"box","text":"We seek to understand how companies manage the material risks and opportunities inherent in their business","page_number":208,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"2de8b047-6db0-4ab8-be60-c07bf26f800e","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":208,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"f93ee3af-4fc2-4a85-9b8e-89858d0a5deb","block_type":"box","text":"11","page_number":208,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"206e958a-5aed-415d-8e99-e9be8729ff87","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":208,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"1337d0e1-c06e-40ce-b03f-024c4547f7e9","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":208,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"2939350f-48ca-41cf-8bea-ce28d8c8af67","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":208,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"060d9fad-949c-40a8-a571-e49942d48fad","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":208,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"a7cf550b-b345-4bf3-8135-61809a900777","block_type":"box","text":"regulatory requirements.","page_number":208,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"92effbee-aa95-43f5-a746-8f52e97aefff","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":208,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"3d8a4ccc-c34f-4396-af98-b2773e20f93a","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":208,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"543c3e87-2bd8-4fad-9cf3-6b5175a6beae","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":208,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"b462c93e-0b2b-44c8-8fb4-950a7e6ca9d3","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":208,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"f203f8c6-3f52-4402-b485-f2bab7a7f5a3","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":208,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"929a95ea-490a-4d67-9af4-a95123c0774a","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":208,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"a6ee66af-9052-48f0-aec5-08dd48b337a4","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":208,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"d6322b15-b3fa-4319-bbdb-51427588acec","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":208,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"13de2dcc-07bd-4101-b042-0c5a81b3ea4d","block_type":"box","text":"returns.","page_number":208,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"0cb5ac55-20f3-425a-b54d-1a9c993d429d","block_type":"box","text":"KEY STAKEHOLDERS","page_number":208,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"fdf80301-84a9-4578-934a-9b9c8f60690a","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":208,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"350f884d-f667-4495-b69e-a615ec3d8455","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":208,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"e42c7d27-edf4-42d4-827c-bbc0097c8704","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":208,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"0ca613f2-4716-4925-8d4b-7fa68eb4a0f1","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":208,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"fcfed9da-dcd6-41d5-8f92-39d1af3828cb","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":208,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"f64f0e99-62f7-474d-a57b-0511d580f45c","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":208,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"c8b1ea73-80f3-4015-816b-133f084caacb","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":208,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"a8456ab8-df4b-40a9-83c9-9466be12cad2","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":208,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"9d780da3-7fcb-46de-b59c-2c2a4f335398","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":208,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"6e77ae1c-87bc-4250-8387-b761de682269","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":208,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"f0972047-e2c1-4bd8-88b3-cb2d50f5e28e","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":208,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"cdebeaab-1a31-446f-894f-36d7ea5e76fa","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":208,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"c1b0e38e-8703-4e09-b6a3-b55b6e0d3670","block_type":"box","text":"i.e.","page_number":208,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"7dac870b-133f-4bbf-947d-672d814349ce","block_type":"box","text":", one in which global","page_number":208,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"6f8a61ad-ee18-4726-bc47-e417463a8b85","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":208,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"0b525484-4b5a-49c3-b330-31452f52fa79","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":208,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"2bf6a869-04a6-4cd4-94ab-a33f29eb7fb5","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":208,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"24685e2f-6a16-4f46-8d15-e4556b1b306f","block_type":"box","text":"client.","page_number":208,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"3d79d29d-b9be-49a1-ac2b-ba7db503c13c","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":208,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"ee400de9-2e8f-4395-a5f1-460be0058311","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":208,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"ec1818c5-4dad-4929-ab7b-1908f1f4f450","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":208,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"d574eb90-6836-4868-bc92-b9c4fb52708a","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":208,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"d486f846-0d93-4f00-94a9-2f2c1449067f","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":208,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"2dfcf9c1-af61-4902-9666-e0e68fedfada","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":208,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"d2c04db1-13b5-4cc6-b027-7aae05f2757d","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":208,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"bca81ba0-4965-4a41-b45d-6c881ef870ba","block_type":"box","text":"1 and 2 emissions.","page_number":208,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"9cd5e9bc-de69-4264-a88d-f9e5dff531ed","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":208,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"e87b3a93-3076-45aa-afc6-68cd5d0c7308","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":208,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"b298d63d-c3ac-4467-aab4-5a60342ba7c7","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":208,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"9b2c4a03-c471-4adc-924b-6f61b5270b0f","block_type":"box","text":"specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a","page_number":208,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"c39156f7-66d1-417c-8868-c3d6ae45b47f","block_type":"box","text":"11","page_number":208,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"f7eb55c6-ae68-4fb4-a039-c8be5773cb06","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":208,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"1d9ffad8-2327-42f2-818d-df672980c65e","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":208,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"9b29ed55-92d7-49fe-8966-cd05aa5e75a3","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":208,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"0e382386-e29b-4bc8-b4c9-23af0031650d","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":208,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"61936c14-8610-4bfc-be6d-a4fa6ab558c5","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":208,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"1ce408c9-78d3-4a0f-b713-5b1b336fc858","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":208,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"3e48fdd5-d76b-4d98-a61e-7d432d005383","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":208,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"d3dfe6ee-5e20-4902-b8c1-c063cdd124e9","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":208,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"b0ebcbd1-bdb3-4489-8ad9-26d7bbc6b72b","block_type":"box","text":"sound governance framework.","page_number":208,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"718691db-97cb-4a79-adbe-68ca291c833c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4532e8a3-b8ca-4d1a-8cd6-9a98e4e0f3f5","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fcbb8b26-c025-4221-9fff-7d609672f4da","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1fe8839-b657-4d51-a256-a21a9aa24e4e","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":209,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"e489f316-ddc5-43bf-979c-54844c1b507d","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend support for shareholder proposals that","page_number":209,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"e73f3b0b-304d-4a6b-8d4e-2ea9e1fcb018","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":209,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"647bf84c-ca1c-4c78-9f53-78d131b16dee","block_type":"box","text":"the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with","page_number":209,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"b5a0ea3a-cb50-40be-8763-79e7a2a7a7ba","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":209,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"d64e24e8-df99-4d65-bb38-2629c80eee44","block_type":"box","text":"climate risk and the energy transition is undertaken in line with BAIS’ benchmark guidelines.","page_number":209,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"7ba2a9e6-1f13-45a4-89ec-d5ebb9cb23a7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9a3a6aed-6fc6-4744-b043-c119b25fe1b0","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"65e89738-aa50-4a40-8fe9-5faa2dca8fe5","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"569079b2-762d-4311-9659-56eae68b4e83","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":210,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"f72e6f61-8315-4bb6-988a-d2d758c07bb6","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":210,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"f30e3af0-968e-46f5-b2f4-f053515cbfda","block_type":"box","text":"Oversight","page_number":210,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"e9b03188-82b8-4c97-bde9-d36a51a70b83","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":210,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"b1fc9544-52f3-45ab-b4d1-63c6043d0d35","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":210,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"232ac112-d446-4cb5-9e16-44bdcd91070b","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":210,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"6adbf9de-ad0e-4c19-bb79-2d2b33c5b151","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":210,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"103dcb44-b210-493a-b608-b39abc1ac17b","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":210,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"8ac68aae-8657-4975-91f9-97c261ba77bd","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":210,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"f9f18c3b-de7c-4364-86c1-17508168d659","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":210,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"679b329b-96df-42fc-8023-a9f157cce594","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":210,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"81ea9b62-69dc-4999-8732-71c55b732424","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":210,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"5075f79a-83df-475e-b54f-68d67cfdf50d","block_type":"box","text":"relevant active equity investors.","page_number":210,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"4c1810d0-d0c3-4c6b-8888-c992f6772252","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":210,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"2bd60a92-f4b9-439b-be7d-5e0f5987ec12","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"54d3b289-bbbf-44a6-923c-48ef040f98e9","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":210,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"6f3c2db1-ed2a-4723-bed8-7d3766a4ac31","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":210,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"b3c0856b-da6c-4b1d-86e6-5e1b0d87ab95","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":210,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"6d7d74ac-752c-4803-bec2-e9ebdc014483","block_type":"box","text":"third-party vote services providers” below).","page_number":210,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"19234a6f-4faf-4686-9c8a-ea1895bf0337","block_type":"box","text":"Voting guidelines and vote execution","page_number":210,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"3ae99364-db02-4111-9929-47556005aec2","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":210,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"c79fe2e8-39f3-46c4-ad7e-5e02a8101877","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":210,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"f2389427-d784-4eb5-b93a-9467fd17e65b","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":210,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"f114b60a-0952-46d4-b7be-d3fc5fabf633","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":210,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"1524c047-0c13-4ba3-ba7a-2dd4417ca89e","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":210,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"38617b80-b9d2-425a-92fa-4b913e456321","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":210,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"76802385-10ef-4336-9e48-24b138130aff","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":210,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"af569e9b-adb8-4a74-b98c-3db674c26a16","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":210,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"8ff9881f-4135-49bc-b5f2-e2988e53b5ab","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":210,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"61fde792-472d-43ab-8b2d-153b7f66db55","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":210,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"f12d70e1-96e3-499d-a2c0-5d7269774277","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":210,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"dc6e3d83-e7fa-459e-a654-d9e82b61392d","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":210,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"8f95ca40-ed1c-46af-ac60-7558e6e9f7f5","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":210,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"0d686f8e-6186-456f-af30-e38eb8c002fb","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":210,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"cb3060d3-1f6a-48cd-836d-5f39af8f0247","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":210,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"15dab222-0e05-43e4-94c2-bbd4b76b1cf8","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":210,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"55b8aaae-c383-49a4-a6f9-5028530d8bc5","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":210,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"df43525c-87c3-4514-b7ca-4e14b2bd56d4","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":210,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"701cb26f-a251-467f-b06f-eb0d5f463880","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":210,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"cba62d7a-3658-4fb4-8310-2442158e3989","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":210,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"d4ff5811-5e2f-42f8-bcb1-8733a5462a06","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":210,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"cbfa171a-8235-4a66-aa06-0cd79f8ddd80","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":210,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"96d04265-2d89-4458-a23f-4b86f7b8977a","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":210,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"fdf61feb-a5ee-4f96-8091-efcbfb287bfc","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the","page_number":210,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"09751cd7-fb17-4fb4-be9a-5324b2e7e6cd","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":210,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"e7906ac3-524d-44e7-8609-378a4a67c8ef","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":210,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"1d08d941-792a-486e-a3d8-66a48f1aee15","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":210,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"032b7041-94e8-45dd-98e9-8fe8439fde23","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":210,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"3eb88fbc-4a6b-4b8a-ab42-3f0869c14193","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":210,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"27bd02ca-5cd7-42eb-9348-a646d8893d82","block_type":"box","text":"Voting Choice","page_number":210,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"8eb75e4c-d279-4b18-a521-69c80622a972","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":210,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"07b06088-d3d2-4b41-a6d2-0c1b3e2c8203","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":210,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"6f918bc7-b68d-4e4b-b9d5-d6026dc3d8e8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"481241f0-9baf-4ddb-8290-e444c4ab2c02","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c63d48ee-48a6-430a-aa40-b11267d5f939","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39f461a8-b006-4798-a645-481f677e7658","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":211,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"67ded9c8-69f4-47f5-af2c-d0f322f67709","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":211,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"c2a3fc21-0faa-4e4c-a92b-a5c100a147f1","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":211,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"b43cb21b-3708-4d3b-843a-bebb81e13e98","block_type":"box","text":"strategies.","page_number":211,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"7521747f-6992-418e-a863-1ee3f391b44e","block_type":"box","text":"12","page_number":211,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"8e9c4d91-0412-45e2-8a7a-aebf7c6e4a5c","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":211,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"11a5cebc-dd91-4755-81e3-0ac29d0c6064","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":211,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"942ea53f-e238-431f-a9b3-6e6a3459e8af","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":211,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"26b9c71a-8fbb-4293-9091-fd005d9be346","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":211,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"69b87227-3eb3-4321-aeeb-fde4b83b4ca0","block_type":"box","text":"13","page_number":211,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"289d079d-51d2-421a-a69a-a8cacaf89e9a","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":211,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"d6a80bac-b9a1-46c4-b78c-2d41388681ad","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":211,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"64180f0e-3386-4a07-946b-ecc57f6588df","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":211,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"c3dd6b78-f27c-4976-945b-3cbfc7795a4b","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We","page_number":211,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"c9cbe117-6301-4982-9097-41fc1a45f225","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although","page_number":211,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"c23b52d1-9e0d-4052-9efa-e7163cd84647","block_type":"box","text":"proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their","page_number":211,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"af4bb2f6-6293-47f9-8431-d0dd33f94dd5","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":211,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"7d8bd00f-c252-4909-a3a8-255759c45d08","block_type":"box","text":"our Guidelines are important inputs into our voting decisions on behalf of clients.","page_number":211,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"afc56fd3-6c17-4a70-bebc-3e7f2143cd15","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":211,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"aba75134-88ab-4c0c-9db1-2fe51ac45c2c","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":211,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"f5377f47-8566-46f0-902b-b507b4d1bc10","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":211,"box":{"x":69,"y":331,"width":799,"height":11}},{"id":"23da8acd-f991-4bba-8990-4134311e169d","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":211,"box":{"x":69,"y":346,"width":819,"height":11}},{"id":"2fb20db1-efe5-4c8d-8790-1ce179d93800","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":211,"box":{"x":68,"y":361,"width":785,"height":11}},{"id":"ffe3db4a-d939-4440-b378-d97a4cbd4472","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":211,"box":{"x":69,"y":376,"width":837,"height":11}},{"id":"1e5466ee-e06c-4e88-905a-1ab5cacb3f0c","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":211,"box":{"x":69,"y":390,"width":775,"height":12}},{"id":"22f3a903-c9d6-4d2b-831e-06664ebb8ed1","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":211,"box":{"x":102,"y":409,"width":807,"height":11}},{"id":"ce8c5324-0870-492f-a986-2ca00c9d0096","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":211,"box":{"x":69,"y":424,"width":788,"height":11}},{"id":"441b4d7c-30e6-49ca-bb3e-1f3a08d85c7f","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":211,"box":{"x":70,"y":439,"width":760,"height":11}},{"id":"d9739873-cdb2-41ad-b7e2-e76f48398cba","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":211,"box":{"x":69,"y":454,"width":824,"height":11}},{"id":"d03fc441-a1a1-415c-8cb0-f4dccf4b5c38","block_type":"box","text":"policies.","page_number":211,"box":{"x":70,"y":469,"width":56,"height":11}},{"id":"194d9014-6b1c-473d-a7b5-ed41df693498","block_type":"box","text":"Conflicts management policies and procedures","page_number":211,"box":{"x":69,"y":491,"width":342,"height":11}},{"id":"e96a26db-a0c9-4353-9137-a11370802149","block_type":"box","text":"BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS’ proxy voting activity.","page_number":211,"box":{"x":102,"y":510,"width":801,"height":11}},{"id":"6f6b68b2-4ae9-47af-84d3-1de801b67d33","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":211,"box":{"x":69,"y":525,"width":809,"height":11}},{"id":"507368d0-9178-481a-ab00-0fd506f6f72c","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":211,"box":{"x":69,"y":539,"width":831,"height":12}},{"id":"85b42943-701d-429d-8689-b752a48aa133","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of 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outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":214,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"a8fc2fd1-32ad-446f-b159-11851b131fa2","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":214,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"58ffe12f-dddc-4c3d-886f-7fb8c570918d","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":214,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"d0472a6e-80b3-4b5e-b287-3aac1b2e9f6f","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":214,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"1e9fc449-caf9-40d2-bd90-c53d1d5110a9","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":214,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"6102be0b-c051-40af-a1eb-6afc6976afc1","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":214,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"eb3730b0-138c-43a4-aab4-921d527e50f9","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":214,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"7ee7584b-de96-4883-a8ba-dc8bb2569b95","block_type":"box","text":"Appendix A.","page_number":214,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"516d8b7b-240d-495e-83ab-be7845ddd0f2","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":214,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"c0508b4c-1c08-4d88-9b00-cc5816cff801","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":214,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"af704b7d-fe6f-49c4-8139-1da5d659bcd5","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":214,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"fdb6b4f0-f92f-4f1c-be25-7f943c2dc165","block_type":"box","text":"Conflicts Management","page_number":214,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"cf44269e-63ee-4d19-a8c2-c85e91deeace","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":214,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"95ced552-dd34-4e97-ab88-a40b2db7ea1a","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":214,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"d6fd9444-4096-498c-b1f9-d0d6f0a9d414","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":214,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"5b64531d-8819-4e1e-af3a-243f4150c2ac","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":214,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"1c5e4e35-51a7-4cd7-8363-23482beb6def","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":214,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"81733f75-a4a1-4c51-b026-b8c74623bcf0","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":214,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"ab3782cc-a1fb-475d-8c5b-20fc4db99c03","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":214,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"54cca4a6-3699-47cb-8afa-38aa737bf0bc","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":214,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"a0b49574-1591-4e9c-9490-8b520c8c1725","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":214,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"f8e1b6c0-de82-4fe9-95dc-15872210c0ac","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":214,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"09f2b63a-c523-4ba5-a304-c701b491a27d","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":214,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"c16c579c-5280-403e-a2aa-8fc57d4ef908","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":214,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"a1f196b5-0842-42ca-9194-2b1aa0953f34","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":214,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"4f0d5cfa-24bf-436c-ac94-07d33282ba1e","block_type":"box","text":"connection with proxy voting.","page_number":214,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"afecc975-3f8e-4c1a-a766-23a912536db8","block_type":"box","text":"Reports to the Board","page_number":214,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"c121c49a-84ef-4a6d-8094-25da39f120ed","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":214,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"f972ef36-a2cf-46c6-b4bf-2e125e152181","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":214,"box":{"x":102,"y":822,"width":794,"height":11}},{"id":"f37c1ff9-103f-44e6-ab8a-db902410b004","block_type":"box","text":"were in accordance with the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines,","page_number":214,"box":{"x":101,"y":837,"width":802,"height":11}},{"id":"3aa81a4e-ad05-4cdb-9658-2bd003a3b348","block_type":"box","text":"as applicable (2) any material changes to the Guidelines and the BlackRock Climate and Decarbonization","page_number":214,"box":{"x":102,"y":852,"width":747,"height":11}},{"id":"d9f31655-67c4-45a2-97b4-558f15b41b3a","block_type":"box","text":"Stewardship Guidelines, including material changes to conflicts management practices, that have not previously","page_number":214,"box":{"x":102,"y":866,"width":798,"height":12}},{"id":"7e6f8ec1-95fe-4077-a2d4-1795f1caa0af","block_type":"box","text":"been 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Through stewardship, we assess how companies are creating long-term financial","page_number":218,"box":{"x":70,"y":639,"width":831,"height":12}},{"id":"62b95cec-a491-4b69-a836-7aa8384d6df0","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement. Our stewardship","page_number":218,"box":{"x":68,"y":654,"width":780,"height":12}},{"id":"61d99054-edc5-4ea5-b1ce-d7f46398bad7","block_type":"box","text":"program - including when engaging with companies and voting at shareholder meetings on behalf of clients - is","page_number":218,"box":{"x":70,"y":669,"width":784,"height":12}},{"id":"245ccd19-37e2-4c15-8975-954d8c1a77d6","block_type":"box","text":"conducted from a long-term investor perspective and takes a financial materiality-based approach, focused solely on","page_number":218,"box":{"x":69,"y":685,"width":828,"height":11}},{"id":"e125918d-e0f1-47f3-8c25-5f5d4d21a96a","block_type":"box","text":"advancing clients’ long-term financial interests.","page_number":218,"box":{"x":69,"y":700,"width":334,"height":11}},{"id":"ca6c3eec-91df-4b49-977c-cb1986037db8","block_type":"box","text":"BIS engages with the boards and management of companies in which clients are invested to deepen our","page_number":218,"box":{"x":102,"y":722,"width":745,"height":12}},{"id":"03cd229e-4ff6-4657-b393-aaf3cb6ad534","block_type":"box","text":"understanding of a company’s business model, including how they are overseeing material business risks and","page_number":218,"box":{"x":69,"y":738,"width":785,"height":11}},{"id":"9a6aa568-ab67-4818-98bd-ec185ac5ef4c","block_type":"box","text":"opportunities over time, and to help inform our voting on behalf of clients. Engagements provide companies with the","page_number":218,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"cccf94b1-db42-41c2-9a6a-8218fe182e91","block_type":"box","text":"opportunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":218,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"bfa30ec8-e209-45a1-810f-1708eaedad9d","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":218,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"4f310bf2-5a09-496c-99de-cefc93842a43","block_type":"box","text":"1","page_number":218,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"9715f841-b8e1-4b23-a259-e6aa10762df7","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":218,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"1eff8314-850f-46c4-ba3f-14c75e548604","block_type":"box","text":"shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":218,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"ce032e20-682d-4014-8143-7a819e99948c","block_type":"box","text":"We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the","page_number":218,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"bb0f951f-1bb2-4173-a025-65983e8d0c13","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":218,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"36c59c23-4a54-48dc-b47f-84f4f36d1021","block_type":"box","text":"2","page_number":218,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"3bc76d86-7d91-4a95-9d91-ccc28d694fa0","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":218,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"b0cef508-9e52-4048-af9e-d94fe92e15f7","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":218,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"0c8812ae-fd1d-4494-b3bf-f5bc5edb052b","block_type":"box","text":"material business risk or opportunity.","page_number":218,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"3f5b40bb-9a92-4fb9-88c7-f0373897c14a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f06e0909-8310-45ae-9e20-fb00a34c1569","block_type":"box","text":"Global Principles | 3","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"87feeec7-a132-4ac4-bbb2-c8d4c4b1b4bc","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"761feb19-87a8-4039-b1e1-7c620fd49368","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":219,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"02925c83-d81f-4103-b9b4-04d6780dd8e6","block_type":"box","text":"governance. As a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is","page_number":219,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"81bc0927-db77-476c-8d5a-001158e78490","block_type":"box","text":"consistent with the investment objectives of clients who have delegated voting authority to us. BIS’ Benchmark","page_number":219,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"5f91dd46-d86e-4d2f-9762-41d5854a2025","block_type":"box","text":"Policies, and the vote decisions made consistent with those policies, reflect our reasonable and independent","page_number":219,"box":{"x":69,"y":90,"width":779,"height":11}},{"id":"d2127104-66f7-4650-8bd6-0bd53af519f6","block_type":"box","text":"judgment of what is in the long-term financial interests of clients. Our vote decisions are often informed by several","page_number":219,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"a40b5236-62b8-4a09-b683-18688206a8c3","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-party research,","page_number":219,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"ebaf0aff-31b2-4429-ab2b-af7ff37fa2b3","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":219,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"9b0eeae7-e99f-4586-9a46-ffed6e6ea502","block_type":"box","text":"Generally, BIS supports the vote recommendations of the board of directors and management at companies","page_number":219,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"867a5421-b8f5-45d0-be52-d9b9386fb5a6","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":219,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"49fff562-b24c-45ee-b52c-f17e0687450a","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":219,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"36ec2cc4-1add-4dfa-8bf6-8dbc2b3a95ce","block_type":"box","text":"support the election of directors or other management proposals, or we might not support management’s voting","page_number":219,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"765707eb-1417-4848-ad32-e92bbb7efa1e","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":219,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"a7f0a10b-0734-4adc-b161-68b0637bc2f9","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":219,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"b95dcb66-0850-4a93-bdd7-f87cd4986e9b","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by certain rights attached","page_number":219,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"6bc4049b-8a67-4715-a56b-7d05d225a199","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":219,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"138377cd-df85-49a1-b3b6-7040239cf564","block_type":"box","text":"3","page_number":219,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"2d13ee0c-2224-4dbd-831d-376e849c65bc","block_type":"box","text":"For example, in","page_number":219,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"190e3afd-5df8-4b0d-89b0-4516f135ab91","block_type":"box","text":"most markets, shareholders have the right to:","page_number":219,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"7c4f740f-395d-4c0a-b4b8-9380e9f6e966","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"a35ba5d3-8a12-48a8-9eaf-ac80ad81a2d6","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":219,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"037d7f2f-2082-47a8-a315-b0fb8887cf8c","block_type":"box","text":"charter or bylaws.","page_number":219,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"e4eca58c-4d13-434c-a53b-f66fde2c0be9","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"d0c7b63f-43d9-4941-869b-80ce7c0be022","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":219,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"08e8995e-a6ab-46ce-8749-8d4b8a89b506","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":219,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"33728ab8-c169-4d24-8b84-2098f4ab4b40","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"0433fbd2-cb01-4c93-a15c-24ed623d2799","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":219,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"f9934a48-780e-42d8-97ce-61020ae31286","block_type":"box","text":"are material — to make informed decisions.","page_number":219,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"0f2e50c4-deb4-4f71-9aad-bbe12014ecd8","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":219,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"2361ce82-51ca-4f44-8d33-0a2b5863e079","block_type":"box","text":"In our experience, there are certain globally applicable elements of corporate governance that contribute to a","page_number":219,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"b536e786-4d6e-4cc8-a4a5-774ca9995986","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":219,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"ea4106a6-0fcf-4314-9cd2-cb69c1cfc29d","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":219,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"791e3bf4-07c1-42c2-95ac-bde1f1e98d7f","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"d86c64e4-600f-4668-ab21-aca3c7e7f209","block_type":"box","text":"Boards and directors","page_number":219,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"ec4f94ba-d084-49c8-8da7-c7480d24a6b8","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"63b13a66-9658-4582-8fc8-654802bae068","block_type":"box","text":"Auditors and audit-related issues","page_number":219,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"24df5f7a-7e4d-434e-8998-e16640155572","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"b9120eeb-a4d3-449e-8284-2b3230eb5b03","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":219,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"5d797ce6-b8ba-4244-8a3d-c64ad46be957","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"c8779af8-785c-4ae7-b40c-3943610ad8df","block_type":"box","text":"Executive compensation","page_number":219,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"e86f7865-3d57-4fdf-9ebc-bed36e299e4c","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"e6363e27-452e-4cbf-879c-fb3d69d5b244","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":219,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"79d80dab-38a3-4477-9fd4-a642cba1fa3d","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"4238e945-a752-49fa-9eec-7b273df34803","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"e9979574-d19c-4783-b02c-67a4803d6abb","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":219,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"96d9e189-b014-438c-be0d-cab5030c8244","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":219,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"276fe17e-a9ea-4e51-978a-2e51e68b0f55","block_type":"box","text":"which companies operate.","page_number":219,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"53547ba5-8e4a-472f-8f85-5aa6b12db1c4","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":219,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"09416546-e1cc-48b1-8481-afd712a38ead","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":219,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"9d31e3b6-9d5b-485b-b8b4-d20a17de270b","block_type":"box","text":"supports durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":219,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"233ac888-72fa-4b19-8654-b987193f1bc8","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":219,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"80bb8e36-dfcc-4c12-afa7-73b368ff9cab","block_type":"box","text":"4","page_number":219,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"2c063204-8ca3-4d10-9dd8-bcda98fc2232","block_type":"box","text":"3","page_number":219,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"494aebf3-c2e4-4f18-b10e-c2ed18ca7d0e","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":219,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"9b784910-7809-40a6-a9ef-cd58c8159ded","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":219,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"b29593d4-92af-4c83-9243-b63e6a19c071","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":219,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"91311ce8-03d8-473e-8b8a-f9c45c55638f","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"2775eb01-4cfd-44ea-8e76-fdc3f150da7c","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":219,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"300281eb-2e1e-45e3-bf2a-d6d2b93b85e5","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":219,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"fa34e431-7ae8-4d75-b29d-12a4c274e679","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":219,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"9ea92ed8-a481-4a02-83b7-d202d3efca05","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":219,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"a72708c3-d000-44fd-8536-af87e87a428d","block_type":"box","text":"guidelines.","page_number":219,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"30bcb7e9-a97d-47d0-868c-dba0343580ad","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"17c8361c-998d-45ef-bf4d-ee745cd58d2c","block_type":"box","text":"Global Principles | 4","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e26aa452-e384-48a1-8d49-703a7dc034f8","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"122629d8-98bf-49e7-a861-971d5930bc6e","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":220,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"38b4475c-5183-4b95-ae57-36e04a8ab15a","block_type":"box","text":"Oversight role of the board","page_number":220,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"d852c770-1f82-48ce-9123-1201b1bbe1ac","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":220,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"a9462bd1-07a6-446a-8ce5-e3ecb193ef85","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":220,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"4f47c95b-d7bb-4955-9477-ef810c972810","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":220,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"e431e0ee-8233-4753-a913-0b03c47827a4","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most important management decisions that support","page_number":220,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"7ebbae38-9abd-4ed4-8b59-c0fa68594deb","block_type":"box","text":"long-term financial performance.","page_number":220,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"cc10b406-cd8a-472f-8054-5f365f89dc18","block_type":"box","text":"For this reason, our investment stewardship efforts focus on the effectiveness of the board of directors. We","page_number":220,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"7a813505-8b69-4d09-b8ab-b79bf481dca5","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":220,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"60a13393-1fd8-4354-8b38-702c464020dc","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":220,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"6cca5acc-a2ab-42cc-9df6-a063ddf0bd0e","block_type":"box","text":"the business environment in which a company is operating.","page_number":220,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"e7876810-fd33-4756-af72-ffae8289fc1d","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":220,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"5bb8154a-b927-421b-b833-1f573ab1c8ce","block_type":"box","text":"governance mechanisms that supports its oversight of the company’s strategy and operations, consistent with the","page_number":220,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"fcb5dea4-bead-4441-9583-b960182df825","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":220,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"e53e41b5-f7aa-4bf8-9d6b-4641f13ae899","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":220,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"de1d5b04-caeb-4890-923c-76098001b489","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":220,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"d5dec4af-6c83-4c01-bb01-ac3b4e7589d1","block_type":"box","text":"mitigating such risks.","page_number":220,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"8575ed34-36f0-4756-a0d7-0591e358cae0","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":220,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"4c19d13e-c4d9-494b-bf6b-46f67cc17f99","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":220,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"16ed6007-fe38-4675-a45f-9232a1a11ac6","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":220,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"49c186c6-549c-4ce5-be58-04c879ab81b6","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to articulate the effectiveness of these","page_number":220,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"05b03190-25ec-4c68-ab43-3231b164b774","block_type":"box","text":"mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company’s","page_number":220,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"7c30f710-fe05-408f-bd60-42aeeb64b4aa","block_type":"box","text":"strategy.","page_number":220,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"a559eaa9-7841-4cdd-82c1-05e29e8e7350","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":220,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"983d5f5e-faf6-4dde-ac03-b96a982bfd1d","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not supporting the election of directors who, in our","page_number":220,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"c3061a0b-fb57-43b5-81ad-2017808dc9ca","block_type":"box","text":"assessment, have particular responsibility for the issues.","page_number":220,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"8a73d93a-a13f-405a-b7fc-4fb09ece9638","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":220,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"bf953ed8-eb94-4575-810d-f435e0d78f55","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":220,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"77566211-00c9-4d73-acb6-a38c448cfc55","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":220,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"b953b9d1-bb45-4891-87b6-ca55198b96d5","block_type":"box","text":"performance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":220,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"f13a58ae-0205-425c-89e2-9f0ff18a676a","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":220,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"1fc4e8c3-557b-4461-87d7-1423eb06f2bf","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":220,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"fe284810-7008-4fe9-ad06-be032571a3c3","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":220,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"eed1eec3-e5e5-4972-8f7a-3586aa2c1e4d","block_type":"box","text":"Regular accountability through director elections","page_number":220,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"b68f7c24-8176-4d9e-993c-581c7815e5d3","block_type":"box","text":"The election of directors to the board is a right of shareholders and an important signal of support for, or","page_number":220,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"f49f62f2-ec28-4243-92d3-ef0b2050f53a","block_type":"box","text":"concern about, the performance of the board in overseeing and advising management. To ensure accountability for","page_number":220,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"95a1ae83-46dd-4f68-bd87-ca5523ce9460","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":220,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"7851208a-ea43-4cc2-ad09-fc0a34351a20","block_type":"box","text":"5","page_number":220,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"72469571-33a7-49f8-834a-cb957b7abdd7","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for, or concerns about, board members’","page_number":220,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"915f77da-b1bd-4638-ad9f-4b4ce9760a69","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":220,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"8cbd9abc-bfff-445a-a635-da34938d1667","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":220,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"0e63106d-ef5e-4be5-886f-cbbd21aaa882","block_type":"box","text":"with a proportion of directors being put forward for election at each shareholder meeting.","page_number":220,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"599a794f-47fd-4c96-ae40-9676c38deb31","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":220,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"7e303856-9186-496b-b014-32be6c568638","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":220,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"ff324779-4aff-40a3-9077-54bfe0c5908d","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":220,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"c0d5adba-8a23-4378-931f-a6c3680fc694","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":220,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"7a231744-9dc4-4037-b050-209fbba815bc","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"64a13374-f97c-4cc4-9a15-054561593385","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":220,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"0752a9ac-6ff8-4052-a8c0-99703bdae1bb","block_type":"box","text":"market regulation or voluntary best practice.","page_number":220,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"4ead4905-c4d9-441b-8433-88ffc9653763","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2f054b01-6856-4588-81fa-6e4d61e260af","block_type":"box","text":"Global Principles | 5","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4332a604-7401-49fb-9e73-3ad421fa45bf","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"853f2f6e-0ea3-4ddb-8e0a-0afeab1fc759","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":221,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"630944a5-01ef-4aae-9384-4a1203758b0b","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":221,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"8a9c72ef-6af8-46f9-9ab6-0388ae2d792c","block_type":"box","text":"recently.","page_number":221,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"4d84f1bc-222b-46e1-ba73-dac2b1b1acc6","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":221,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"c9965587-553c-4c73-87c8-4f9f1b2525a4","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":221,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"f79dcb04-cb5a-48f0-b37b-8bf4c2eb6f3b","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":221,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"acd756f8-cb99-4fd9-adfb-dc77a63da2a4","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":221,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"eb231e48-0339-4e90-967e-0fdf0fd732e6","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":221,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"56f79b6e-d241-465a-bbec-6dba1d8365b1","block_type":"box","text":"Director independence","page_number":221,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"e86fde0a-b25d-4c41-8477-1555f08db9f9","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties — is a central","page_number":221,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"d0c58494-adb8-4195-bf83-6dea10cb62ed","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":221,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"80bbcb25-0360-44b7-9a7e-8515e9c52023","block_type":"box","text":"6","page_number":221,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"b3eea378-e85d-469b-aa1b-5c6a0f8b6488","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":221,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"cf0ddc20-3f44-47d6-9d34-832f119ca748","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":221,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"e88bee43-9409-4c68-a346-c320971f98a3","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":221,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"10b25305-b2cd-4a11-bfec-264555fecbbd","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":221,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"c455aade-f150-40e6-a756-634e87ad6725","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":221,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"5b989cf4-9965-455b-89fe-c75ae38b99fc","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"37874f40-8ee8-405a-ab3b-752943f68470","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":221,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"e85051fb-0afd-4b8a-bb29-024182b0f5bb","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"6714b76d-1077-412a-ac4c-2b0315de2090","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":221,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"785e7160-7c43-4906-a07b-9ed7fa53ea17","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"590bdcb3-f522-4720-a062-a1e6fb2fdd44","block_type":"box","text":"Interlocking directorates","page_number":221,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"357552fa-0ed4-4a72-a5a2-cec0eb28678c","block_type":"box","text":"•","page_number":221,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"c36f9a63-8584-41c0-9719-1f14f8ba0af6","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":221,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"c3c04e73-0f08-4477-a4be-ba85d1c7cc24","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":221,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"8854d2ab-fb41-47dc-968c-5e8c577d3cba","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":221,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"e30cf4c7-e04b-485b-9c29-a20c6477785c","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":221,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"85a07952-4856-4ea8-a052-e309e6a60b9a","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to support independent board","page_number":221,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"f7ccb503-c706-4fd8-92fb-f9994331cf88","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":221,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"a71dee60-4e2a-4273-8391-91349408af91","block_type":"box","text":"is provided to the board, and encouraging independent director participation in board deliberations. We appreciate","page_number":221,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"869ddd85-7d1b-4f97-8ee0-d41f6ce1fe51","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":221,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"6fa2f750-1590-4a2e-9e3c-2c9de331b788","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":221,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"96513a44-a00f-46c0-93ae-a0ca80047186","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":221,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"433f185e-7afc-421f-8afb-5ac5ff253e03","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":221,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"f6fb6f05-f632-4118-bc9e-0e85f246f157","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":221,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"7ed6846c-b178-48a8-a5d7-efb636141320","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":221,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"60bcb175-73ce-4cf9-acb9-a3b920207d65","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":221,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"e63655fb-f29d-4544-a23c-7cb869ae1741","block_type":"box","text":"particularly one involving a related party, or to investigate a significant adverse event.","page_number":221,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"575b327e-381e-4623-986f-bccffb9a9c03","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"e26a58e3-a217-4a9d-ad9e-a2584cc476ad","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"2805329f-ea85-452a-ad90-82b55fdc6fe7","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":221,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"38c51f71-0d2e-4950-aa7b-40725bd68f7e","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":221,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"6e36f23a-8c04-4ab4-b00a-6e2d80b37fef","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":221,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"361131df-376b-4c0a-bfd1-89a43fc3b0b6","block_type":"box","text":"Board composition","page_number":221,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"b2e0e364-2b2b-4945-bd9e-ec639a611bfb","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":221,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"88363af4-93d0-43ae-b2e2-0c99d0ab6303","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":221,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"069ff18a-795e-45ed-abe6-c9df29d3de2d","block_type":"box","text":"companies explain how their approach to board composition supports the company’s governance practices.","page_number":221,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"5f92376d-b166-4450-a018-5387d9913165","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":221,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"093efc10-31f4-4a4f-a0e3-00f1456ecd92","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":221,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"69d7f127-70ea-4631-9a41-9a2efc0b2845","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and expertise of the","page_number":221,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"b0d01f31-5714-4f1f-80e1-9bf370e611d0","block_type":"box","text":"board, as well as the particular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":221,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"8c1183f8-8b99-4bad-837d-fe36adaf036d","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"744de507-9819-4a6b-94fd-27c8517b3c44","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":221,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"f454c550-0836-4cb5-a750-fc6aee276ece","block_type":"box","text":"Reporting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":221,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"309e0dfc-a5b9-4088-8c01-a82e0f556693","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aeade2c8-b73c-46ae-af87-f111f609f457","block_type":"box","text":"Global Principles | 6","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f9aa2f94-7eec-46f6-8440-037c0e76e27e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a02e1866-785f-4fb4-ae5b-fbaafebb285b","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":222,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"57bee9c6-27d7-4656-baa3-fb0631805112","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":222,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"f9bd2838-6f26-4493-adb2-7565814cd566","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":222,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"46c5bc55-f092-4d8e-890a-0273c4842172","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":222,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"d9de2268-e5fc-4ce0-a4b1-b28637bac273","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":222,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"f42c204b-c445-473e-9203-2001395b5f58","block_type":"box","text":"may discuss with companies, particularly if there is a risk their board composition may be misaligned.","page_number":222,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"c0bc04a5-f445-4c96-b426-8bd86ea24abb","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":222,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"9b726de5-0536-4f73-a91f-229f4e2e2a19","block_type":"box","text":"BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a","page_number":222,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"6bdd10da-985d-4436-a5d0-462d3847e9aa","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":222,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"550dd1c8-8294-42a4-a8e1-639727085673","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":222,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"12b6672e-b824-472c-9b10-3dd5f81ecaa0","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":222,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"95176a4d-ef42-4872-9e4b-c4adf99328ee","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an important role in a","page_number":222,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"ebe70cb3-007b-4d34-a39b-03377160446d","block_type":"box","text":"company’s financial reporting system by providing independent oversight of the accounts, material financial, and,","page_number":222,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"70511967-2d8f-44e7-b6b9-a8c6d5699a88","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":222,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"803c024f-2857-4572-a214-b901b28fb6aa","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":222,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"5d35f661-7618-47fd-b29a-02f1cdb3ebe3","block_type":"box","text":"systems.","page_number":222,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"dad1b103-fe87-4304-bbdf-4e6f78e3b27d","block_type":"box","text":"7","page_number":222,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"c40638b7-4bd5-4228-b2a8-47748c72e9d5","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":222,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"32bcf0f5-89d7-43f5-8f13-236c1871ea00","block_type":"box","text":"financial statements and provides an important level of reassurance to shareholders.","page_number":222,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"1fe5e1fa-42f0-4c49-b83e-8296364f0aab","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly articulated charters that set out their","page_number":222,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"e338d74b-b74a-4f9c-9ff2-1131f367162e","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":222,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"0cb8a63b-0ffb-471e-a139-eb6f1f109846","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":222,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"3d46275e-51a0-4d56-b357-ff717f17e4e2","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":222,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"d0040e59-4cf0-4012-a2fa-62a100fac809","block_type":"box","text":"expertise to monitor and oversee the audit process and related activities.","page_number":222,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"2cb6ca1f-827e-4c73-af29-104fa979fa6b","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":222,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"90be9f03-2e7a-42e3-a4fa-24ce57d06f8e","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":222,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"7a2efa2b-a3bc-47a7-9ff8-18b737135e7a","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":222,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"6efa355d-9363-4940-a7be-b8807e4697bf","block_type":"box","text":"or internal audit function.","page_number":222,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"d0189ef4-86bd-4cbe-be9c-c90b7a1a1890","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":222,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"5d76bf82-b614-4b6e-8e6a-e13ab2ca7743","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is important that auditors are,","page_number":222,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"3c21264b-d1cd-49d8-b166-812259a625a2","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":222,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"26533397-f831-49bd-bfce-dad4fb1ba8ac","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":222,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"eea964ba-c317-4448-9c63-b767aa02ecc5","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":222,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"0bcd5411-0d6f-47bf-b673-2f00f13a2f1c","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"7f8504ea-5c3d-404c-8068-dc345b0bf5f5","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":222,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"f1ab3e23-23a1-40dc-a770-b2a6f106fe0a","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"2235c7d4-c11d-4c7a-a0d0-25bfc4089a40","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":222,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"838e5edd-7281-4a59-bfea-20ec39112766","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":222,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"249f19bc-d79c-4708-80fe-e53a31f9310d","block_type":"box","text":"risk.","page_number":222,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"39d1af78-3580-422a-b668-3373b530a123","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":222,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"99741b4c-3757-4ba8-9378-b719bd68411a","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":222,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"ffc23975-2f74-4386-85ee-e6543fba5f91","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":222,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"0c9bf794-7cbf-409e-a437-3da7aa86282f","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"f1119b39-5292-449b-ae67-7d9cd5a1b663","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":222,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"afeb6dc4-5907-4e04-8851-9a0584691209","block_type":"box","text":"differentiated voting rights. As a result, BIS generally supports bylaw amendments that introduce the adoption of","page_number":222,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"632d9ba0-e432-43d5-aa34-9c28661b6e13","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":222,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"4919c2c8-78bd-4824-9773-da016e1eb51f","block_type":"box","text":"7","page_number":222,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"cac31d60-e822-4615-a71d-8542fd672f83","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":222,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"3d4f5d3a-2762-48cb-9aa1-c2099feedc48","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":222,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"b8f7684c-92f2-4f95-a682-652e8fff3fe1","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":222,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"2c6b42b5-9a9d-4e4e-ab4c-4fa179a69d4b","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":222,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"876d7eac-bfbc-42be-8563-cb0cd0916d52","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":222,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"5b10a002-8559-4ab3-88d1-82085e029d5e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"33ec3d55-6ff2-442a-91ad-e1a666c7f1f2","block_type":"box","text":"Global Principles | 7","page_number":222,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"249f4c12-0776-4d53-9248-24fa7e4ef946","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8bb95631-f87d-4ae7-92ac-76158b63e532","block_type":"box","text":"However, we recognize that in certain markets, at least for a period of time, companies may have a valid reason","page_number":223,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"b0346e76-ef06-4d85-8a76-17030dfeae55","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":223,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"bb1ca64e-61bc-438e-9fb1-c76f7c276bc3","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":223,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"682289af-1f4e-4582-9841-d106a5433a32","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":223,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"133263d8-ee3a-4108-a7ba-c09d575860d8","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":223,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"4d9d304d-84ca-4e39-8217-393fcbc16190","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":223,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"66abba37-c47c-4fef-b939-d8accda9b695","block_type":"box","text":"minimizing costs to shareholders.","page_number":223,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"2d6e1579-9f39-4f80-b25c-e13d5ac36277","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":223,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"a3426cd4-dd82-4578-a9e5-8de20317cc64","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":223,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"946faddd-cf32-449d-9a4b-724fee845c99","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous support of the","page_number":223,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"0307e249-8027-4ff0-8d89-b8526ef30148","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":223,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"ee4ce919-4682-4164-a882-af79c3f77989","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":223,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"7c9f987c-01a1-4083-a992-ea65dd8af4ab","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":223,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"7cafef0e-f7d2-412c-aa58-d80100933cdc","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":223,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"bb6c8a05-4249-4543-a9fa-78dc8c05e4ae","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":223,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"25227709-c224-4a7a-a72a-71c7075f255c","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":223,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"a08aa0fb-2514-469c-b23e-556949049a04","block_type":"box","text":"a separate vote of the non-conflicted parties.","page_number":223,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"be2fe1c9-77d7-4342-98fa-14582e450148","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":223,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"9c359378-f821-4ed7-9023-f4364404f5b5","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":223,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"1fded715-a172-439a-9579-e705c23ba3b7","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":223,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"50962600-3559-40f4-88d9-7d3019ce5547","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"7c96a983-310d-44b0-8341-1195c1112c3a","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":223,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"b13cfc82-851e-4149-8730-a36847958486","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":223,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"d11450e6-e8dd-4988-88f8-680f94905627","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":223,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"9448e899-06c9-4799-b88f-e105e00163e2","block_type":"box","text":"Executive compensation is an important tool used by companies to support long-term financial value creation. A","page_number":223,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"e545fb15-cdd8-4a1a-9ad0-a212a176b3ae","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":223,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"428e3186-6606-4f12-bcd0-f6c1885aceeb","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":223,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"71cc9e50-cb0f-4716-ab11-22d6f53097e1","block_type":"box","text":"ownership.","page_number":223,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"236b390a-2476-4be4-bc0a-daaf292ca9a6","block_type":"box","text":"8","page_number":223,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"2bde7300-3407-4c8b-bb6e-9fe6032b592f","block_type":"box","text":"We look for a clear link between variable pay and operational and financial performance that support sustained","page_number":223,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"942846d3-eae6-466d-99ea-a99498b2ab88","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when performance targets incorporate","page_number":223,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"9c2f7be2-fc66-405d-9fc5-d8d172be26f9","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":223,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"bb242fc6-d520-4d53-aa10-68b42947c622","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":223,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"084b3381-4652-4029-856a-a84ea7c6a976","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":223,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"b50bf1c7-dc2f-4ed1-8736-eb489575b918","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":223,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"5e2e54fb-3f1f-48b1-97ce-61e7a30e7480","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":223,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"5bfb559e-4d45-45ab-bca0-c68a6df7c27a","block_type":"box","text":"results over a period of years.","page_number":223,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"5913651a-9f34-408f-a127-b0ea22e843e4","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":223,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"117474c3-9324-4418-9aac-ba7e0628502d","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":223,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"c4933b45-61a2-426e-9ebf-7de65204c113","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":223,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"ea406122-d610-416b-8f23-59af8f5694d6","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":223,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"cfec3ce1-2624-4677-855a-8542e57be107","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":223,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"a0ecb996-91d0-4d57-898e-79f3b155926e","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":223,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"e72c3c3b-fe3a-463b-8b03-7a2cd800ba13","block_type":"box","text":"executive compensation strategies.","page_number":223,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"3de19bf9-c0b1-470a-97fc-e788f0d02cf6","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":223,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"f2a3500d-af87-41f8-918e-096a286374be","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"daf2989b-8538-4a0c-a5e9-c025d262ebbe","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":223,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"96897787-99e3-4ade-9fe9-6eb43f0682c1","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":223,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"4574988f-3e6a-4f4a-8018-d8b9976bc857","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":223,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"6f606e86-fb93-4553-bfe2-4515e8c09500","block_type":"box","text":"performance rather than solely base increases in total compensation on peer benchmarking.","page_number":223,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"7fb16344-ea28-4301-b09f-c8f6fdd97d01","block_type":"box","text":"8","page_number":223,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"f473994d-f6c3-469e-a3b2-4c9c43b09f43","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":223,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"8c40fd43-716b-4308-b7fc-a83f45a8d549","block_type":"box","text":"different markets.","page_number":223,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"d5a7d0d7-6ae8-47e5-9dc7-b0b0446201f0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ea089de1-da50-49d8-a2bf-e5c8b8a4bdd5","block_type":"box","text":"Global Principles | 8","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"b03a8e0a-fed0-4278-a667-cb0836fcd30a","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"532b1a9d-5ee7-4675-b480-075a99434e2e","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":224,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"e0c1533b-9ec0-4ab2-b452-d96d3972f114","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":224,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"032c34e4-3cd3-4215-9b9c-97eb6eb40c7b","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":224,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"5ba30a5d-e920-434d-b6be-ea7a62f55d28","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":224,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"3e974b6f-b93e-4e19-b54a-e9502344e125","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":224,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"001d9cd5-f49a-48ff-b889-2e0d1338f679","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":224,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"30bccf13-9511-4450-be60-d46d82d4a483","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"cc0afefd-d95e-40a7-9e64-7c6abb01857b","block_type":"box","text":"whom they are charged with overseeing.","page_number":224,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"7fa03957-8f2c-4c31-8e06-084517ec5b02","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":224,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"725bf9d8-dada-45e1-ad61-adc0a7695d3b","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":224,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"d8c39dfc-ff8f-4f38-98c5-640c051cada9","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":224,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"80ae64b9-b75e-4d16-988d-99cc1401a902","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company performance, BIS may not","page_number":224,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"7ac231d8-0392-4ebe-bd99-052a75d567a2","block_type":"box","text":"support management’s proposals to approve compensation, where they are on the agenda. We may also not support","page_number":224,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"b2a8362b-6ddb-4d89-9b87-959da94e5009","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":224,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"fe4e6a20-0230-42a1-896a-10cd69324f83","block_type":"box","text":"structures.","page_number":224,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"28e6f627-a91f-4f15-93c8-7e5bbeec446b","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":224,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"b88b649c-632f-428f-b7af-b398334f3a7b","block_type":"box","text":"Corporate form","page_number":224,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"f0243c13-a5bb-4fa0-8d2e-bb4f51ef5d39","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":224,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"cabe76c4-8917-4115-995c-b7a50df03483","block_type":"box","text":"the company’s purpose and business model.","page_number":224,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"38f2e050-0e85-4f51-a90f-5c9c5d59e93a","block_type":"box","text":"9","page_number":224,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"3e6770ad-4c3a-49f0-8381-f45a5cfbfe84","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":224,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"9ff2505b-54b7-49ea-9650-9a7e9a5749a2","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":224,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"15ce128c-34ac-4061-9bc1-90a8dc56744f","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholders proposing to alter the","page_number":224,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"30a64959-8531-4489-8d69-929b3aaf0363","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":224,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"520efcd9-1acb-4a69-8db2-a4a231dcd0b9","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally support","page_number":224,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"fa6e9d98-e449-427a-9147-1b4b432126cf","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":224,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"7f790136-24ed-4b5e-a222-769a471efbd8","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":224,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"0016b36e-8eac-41e3-be82-a30a1a349f3b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":224,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"17e048e6-6a43-45e4-8a3e-decc3b9a5e81","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":224,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"1a4e9993-e82d-4b97-8c63-3add3d0c9e78","block_type":"box","text":"long as certain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":224,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"213a065d-7080-4382-a0b1-d8d91c6d7cb1","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":224,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"374a1c72-1cd4-4bb4-8477-ef5a7c4b6fbc","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":224,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"da12e9d4-5349-45c2-8a39-64896804d0da","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":224,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"28743545-b462-48e0-8427-7fe483496968","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":224,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"4e934a9f-cb5c-44c4-861e-5b63428e67b5","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial performance. BIS","page_number":224,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"1e9c484a-5bc0-46d2-ab74-8bfc50c50041","block_type":"box","text":"may support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":224,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"b0d90efe-6fb6-4ccf-805a-32e624927432","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them,","page_number":224,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"6fc3a2e1-bb35-4f85-acaf-4b0e59f4fd16","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":224,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"4bf465dd-3c01-438e-8f59-0fb7c245aff6","block_type":"box","text":"between the specific request formally made in the proposal, the supporting documentation, and the proponents’","page_number":224,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"5205cd59-222c-4476-ad47-8f92e8139daa","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":224,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"4ab0f4ba-6937-4cda-9349-31cbe5d0f216","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":224,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"99a81eb6-e7b6-4026-a01d-0c0f1880f18e","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":224,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"3ada4f2c-1458-429d-a5c4-b832ffef75be","block_type":"box","text":"BIS does not support shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":224,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"17564e81-f83c-49e2-97ff-f71bdee6fae9","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":224,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"e8cb5a4c-97ab-4c3e-8b9a-12d1a4f769fe","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":224,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"9d0ca59c-6859-4580-9c83-8ef9e4c6d7bb","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":224,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"6b4f1162-6ced-4f71-8c4f-2c651e23a1d0","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":224,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"058d11da-62a5-433d-bcb9-f70b3017154d","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":224,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"2a310a26-b754-469d-b9e9-92b29d20a09a","block_type":"box","text":"requests. Further, the proponent’s supporting statement may refer to topics that are not directly related to the","page_number":224,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"19331c41-0840-438d-8b3f-c78e6be941fc","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":224,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"e782d140-1871-4407-9908-e1bf444d14bf","block_type":"box","text":"the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of","page_number":224,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"07fa8f7c-acf4-4b50-acbd-ca99beeb85c9","block_type":"box","text":"9","page_number":224,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"033cbc0a-f264-48c8-91c1-ef3d4bc56fef","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":224,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"b269898a-ebf2-47b4-a9bb-43a8143de1d2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6c87f391-0094-46d9-a47f-e1e13f476e13","block_type":"box","text":"Global Principles | 9","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e194c009-a4aa-4478-81e8-e1b208444bcb","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16c9cb9f-eb9b-43a9-82eb-292005c96e47","block_type":"box","text":"the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for","page_number":225,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"21d3d852-7415-499d-b5a6-6683cf269b73","block_type":"box","text":"different reasons than those put forth by the proponent, when we believe that overall it may advance our clients’","page_number":225,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"cba50a26-31eb-4bc8-bc22-81d529be9980","block_type":"box","text":"long-term financial interests.","page_number":225,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"a6c69e16-0c7e-46f2-a952-b2ff48828208","block_type":"box","text":"BlackRock is subject to certain rules, regulations, agency guidance, and contractual agreements that place","page_number":225,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"15a562ff-19ed-47cf-a5a9-74f81b4af2bc","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":225,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"f652e919-258e-4ed6-9964-ffaf6001f0d7","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":225,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"0638d681-dffb-4f53-aa4d-31c3c2a4d80e","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":225,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"24ac2efc-d1e1-4658-b3d4-2768bd3c8f6c","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":225,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"d0d0517b-7ae8-481b-86b5-d21c89e5df02","block_type":"box","text":"Appropriate oversight of material risks and opportunities, including material sustainability-related risks and","page_number":225,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"3869e39d-9675-4ead-8c42-050e5408ada5","block_type":"box","text":"opportunities, is an important component of having an effective governance framework that supports durable, long","page_number":225,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"99953238-6c50-4a3e-9659-deea8f42d001","block_type":"box","text":"term financial value creation.","page_number":225,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"b3086bb4-238a-4fe5-9d63-8ada02508437","block_type":"box","text":"10","page_number":225,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"809aadc4-d728-44b4-b9b5-1a2db5eacf01","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":225,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"61b4fa44-89b1-4c3b-b407-c8b2d1823d02","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful","page_number":225,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"daef276c-7626-472f-8c43-6ef33bce933f","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":225,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"226e85d5-5d02-48a0-a6dc-293509f97de8","block_type":"box","text":"sustainability-related risks and opportunities into their strategy, risk management, and metrics and targets, including","page_number":225,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"b7a9e741-f871-454c-a6a4-a6c2f702cf2e","block_type":"box","text":"industry-specific metrics.","page_number":225,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"b94f39c3-6f88-4717-8c5e-9219cc5f4f9a","block_type":"box","text":"Standardized disclosure of sustainability-related data supports investors in making informed decisions. The","page_number":225,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"21599907-cb1d-4a2e-ba85-a53c19ec1f87","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":225,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"cb624f55-c903-442d-825b-68ea28b68b01","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":225,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"7878d23e-e001-4ad4-a0da-01f59884cc1a","block_type":"box","text":"11","page_number":225,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"f122fe7a-7cc9-4953-83a8-59e93104631a","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":225,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"42034e2f-c265-4e72-bd84-1971fb9f865b","block_type":"box","text":"companies should use, and recognize that companies may report using different standards, some of which may be","page_number":225,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"22150e84-66b4-439c-9ccf-23f86a5a0273","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":225,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"ed0fcd78-e3b1-4793-9b45-d2e2717300a9","block_type":"box","text":"specific.","page_number":225,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"313ef13d-4cd7-4c09-be80-5243c5c99c04","block_type":"box","text":"We also recognize that companies may be phasing in reporting over several years. We do not prescribe timelines","page_number":225,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"7697ca4e-085c-4bb4-a4ac-0c9ce386f7af","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":225,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"eed4bc3d-cf5e-4f08-921b-79e69d1d2a71","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":225,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"1d881ec0-bb29-489d-8f89-3b834976e005","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":225,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"4e6e0e9c-fb78-4995-84c6-299bc077af27","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":225,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"c0b0ef8c-0d58-4d80-9b79-fcb467b7fa89","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":225,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"2c439de0-7068-4306-977a-142ebf4a0429","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":225,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"a68a6f09-6ea4-4fbf-bbb3-62b501e7c877","block_type":"box","text":"which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors","page_number":225,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"a62f4dc1-fad8-43b2-a110-55c5a397f06a","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":225,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"c6e129d2-216a-4785-a1b4-5cbb1caff8a4","block_type":"box","text":"10","page_number":225,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"23513fce-685b-4445-bdd8-a4e9387697dd","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":225,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"60d16062-7794-47a2-8cfe-36c9dd8cb74a","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":225,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"91fb39a4-f1f6-4953-9132-d8e7ed18f201","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":225,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"c17841ee-d585-4452-bf44-4f71a6dbd523","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":225,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"5e35b5b7-9e42-48b4-8b5e-58421b761113","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":225,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"31163d4e-8f51-42f1-9883-5989b2759acb","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"5671fc24-0fbd-45fc-a901-0c18b4ba0157","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Reporting Standards","page_number":225,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"72007c2a-89d4-4168-9b38-a0f453dc7f9d","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":225,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"cac9f360-a839-4c23-9dce-5de06b63c9e9","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":225,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"713e4acc-be99-4a63-a557-eef842cdf713","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":225,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"e35a7cbe-5d73-479b-8139-242fa6eb578c","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":225,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"1f772871-a942-4aa7-8041-6ef24d0e074a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":225,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"cb9aa32a-2a3d-40bb-ac05-3529b0def029","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8955c838-5a74-4ebd-ad3d-77e20b28036a","block_type":"box","text":"Global Principles | 10","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"63563612-e25d-4134-830b-6a908395b942","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57bf7465-b9d4-4d34-86dd-c07da1c9f655","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":226,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"be047350-271b-429d-a3d1-4efa6dcc6f6b","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":226,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"98fc0008-8f70-43a9-867c-b340efe63dab","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":226,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"7227e07c-c6de-495f-9fb7-bb8e75b525b8","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial performance through","page_number":226,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"751720da-d66c-453e-bcba-d09822d799b4","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":226,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"7f52850e-bf24-420d-af17-cd983d717796","block_type":"box","text":"12, 13","page_number":226,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"479f49c0-85b2-438d-b0b9-d3312f5dd491","block_type":"box","text":"From company disclosures and","page_number":226,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"33e4e492-2f69-49c1-a031-5636c12fec2d","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":226,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"5306845e-44d5-414d-ad1c-1e62a426af24","block_type":"box","text":"opportunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":226,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"4f20dd45-0997-4880-ad88-8b7abdb3dd0f","block_type":"box","text":"Recognizing the value of these disclosures, certain markets such as the European Union mandate large","page_number":226,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"be4fc3f0-aa43-4a22-92c5-39dad9f50813","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":226,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"60fcdf94-1198-4c82-9dd9-7c97d884badc","block_type":"box","text":"viewed as best practice in the market.","page_number":226,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"9579ce4d-74e9-4961-901d-5023eb538b9a","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":226,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"9d8f46fb-09e4-4908-a1d4-1bdf4135eb11","block_type":"box","text":"climate-related risks and opportunities, and informing investment decisions. Such disclosures also provide investors","page_number":226,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"f2134fdd-6583-4a5f-b40b-b74d4de9d00a","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":226,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"6cb6775a-1851-4ed8-9579-1141c23ec0be","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":226,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"9812b521-a538-4f4d-9e31-bb6f82dbfbe1","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting short-, medium- and","page_number":226,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"71e2133e-a3dc-444b-849c-5906bdbc1a63","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":226,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"316ac019-a640-498d-a331-92463249c29d","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":226,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"18a7fa37-f22c-48f9-930a-28648d910eeb","block_type":"box","text":"interests of their investors.","page_number":226,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"b3894211-d00b-4793-9c42-ce196da2eceb","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":226,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"e836f816-a910-4417-b30e-1e97899fa09a","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":226,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"104e1578-386e-48ce-95c6-4ab4d985c061","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"0f2e1434-8ddc-4df6-9e9f-16f66bcef87b","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":226,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"2e1bd0c4-da48-447b-b298-9be3ec6bfdd7","block_type":"box","text":"good-faith basis as methodology develops.","page_number":226,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"a4a91954-248e-412f-a065-e6a64aeb3197","block_type":"box","text":"In addition to climate-related risks and opportunities, for companies whose strategies, operations or supply","page_number":226,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"3415dea0-98c9-41e7-9372-5fdb63630990","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and opportunities may affect their ability to","page_number":226,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"cd71d05d-729f-4221-97ec-ae05c6571241","block_type":"box","text":"generate long-term financial returns.","page_number":226,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"7a681c41-1cd1-44bc-ba96-8645508a4c0d","block_type":"box","text":"14","page_number":226,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"a9c500be-25d2-4ac2-b711-5bf0868f9b41","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":226,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"db376a6f-de61-41df-97c1-386dc5785411","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":226,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"7b2e6db3-ef1e-49cf-b3f3-e2b1e89e2545","block_type":"box","text":"15","page_number":226,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"9d15b84d-aa7d-4102-aafc-659c84aec039","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":226,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"3ce051dd-ad05-4e16-827d-8b9f349ff806","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":226,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"b8cd0dc8-529f-423a-be20-8a31e1e2f91f","block_type":"box","text":"performance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":226,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"137fe839-fdfd-44d2-9341-047df8bd5bde","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"d61ffd30-fc4b-4b55-a9cf-c05c5641aa86","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":226,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"3a82bc26-6e24-4d79-bae8-2b2cad9aca9d","block_type":"box","text":"more likely to deliver durable, long-term financial performance. By contrast, we have found that poor relationships","page_number":226,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"2e35c58d-a882-4dd2-87fa-4369e4305ce3","block_type":"box","text":"12","page_number":226,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"d5533eca-7fbd-45ae-8f96-bfa183b9f101","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in certain markets are","page_number":226,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"3be7f024-26e0-43a8-9704-e3692639af6b","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":226,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"e016c5d2-9474-462d-ba3c-ac82cac568b1","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":226,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"74f40fcc-baa3-40ea-a724-fcdbce49c39a","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":226,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"33c640fb-bd83-4e81-8381-d2dea5db4fa6","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":226,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"120b7211-91f7-4499-8f60-5f7f9da7d09a","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":226,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"69a0b7ea-f0dc-49e8-a846-70cd3ffb9e91","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":226,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"12dd814a-963e-48c8-b8b0-d5140682e5d6","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":226,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"ce7fa3c1-c3e7-4ba0-8f48-0728abb796ba","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"a853b4e7-2b55-479d-b14c-5eed2dbc6678","block_type":"box","text":"13","page_number":226,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"3c876867-8663-45d6-b864-82f0e82c3698","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":226,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"5f0b1d43-86fe-4ac9-b5af-57196a3866ce","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"6d56c9de-c46c-4f76-9d42-36cae8a31bab","block_type":"box","text":"14","page_number":226,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"4b9421b8-90c5-445f-b9a4-7115b925b9e1","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":226,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"a1d79560-8ff7-4ea0-a6fc-7d94ac00ddeb","block_type":"box","text":"2025.","page_number":226,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"6882104e-a601-4e4d-8915-13f1821ebef4","block_type":"box","text":"15","page_number":226,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"edb9b93d-df0c-47ae-a48c-a88abe54dc66","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":226,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"0592efe9-53f5-4197-996c-149a29a003ba","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":226,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"2e46154f-c463-4b24-b781-c910689318b0","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":226,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"c4342ae3-fba0-4031-a27e-59d9b8cf6c36","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":226,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"e96cbfcc-c3b4-4542-a652-f03e096a2011","block_type":"box","text":"other private sector standards. TNFD-aligned reporting is not a voting issue. Website accessed in December 2025.","page_number":226,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"cb27f6c6-99d4-405e-895c-74184b38ec14","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ac0d5711-56b2-486e-a48f-d2f1ebf3f4e3","block_type":"box","text":"Global Principles | 11","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"ba3aa020-900b-4499-a8ec-6dafa0ed0021","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ca46f14-26b1-4c36-9ff6-e142ed501508","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":227,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"3c0fd352-a9dc-43c9-ae1b-eabbcb5a4dc9","block_type":"box","text":"This is particularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":227,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"aab909c0-f94c-4575-a697-46d55bd4a8c7","block_type":"box","text":"16","page_number":227,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"daeb4941-2ccc-4ca2-8e73-3ce097a25365","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":227,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"0e03e337-662f-4e87-bc85-9f8ff759f794","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":227,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"0cfc15f3-439f-4b85-aa57-ba74047f8d67","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":227,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"f1e9c077-2bf2-4893-bf45-0e731cd4c3f4","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":227,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"e9e7eab2-4b65-4955-9bf9-dd610f45fda8","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":227,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"96c3bb9a-a4b4-49ea-b02c-6a85847c546f","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":227,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"f1739ccc-d7ba-40c5-85c8-1d94e8951cc7","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":227,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"3a04c79e-d149-4031-9318-b089d6f2783b","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":227,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"ba7120b8-f129-4eae-88f1-c8483ee2d60b","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":227,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"103a3b85-14b3-4735-a8a3-f57a4804abf0","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":227,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"b40386f2-7bc3-4cec-b3a6-88eef43dc6f1","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":227,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"ba305cc0-2ecd-439c-b315-8ae6fd266aad","block_type":"box","text":"impacts.","page_number":227,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"8143f5e0-bd01-4ef0-87b4-76325a38508b","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":227,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"e82c937e-a58d-444a-b9c3-65c35c5c7d97","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or supporting a business relevant","page_number":227,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"e0c3a18c-cdda-4cbe-bea0-36b0a811fe10","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":227,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"39decbdc-f0b2-420a-bc61-f8aa081cf425","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":227,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"89cc3feb-b736-4caf-a45e-8864ee75d309","block_type":"box","text":"BIS’ governance structure supports oversight and accountability of stewardship-related activities on behalf of","page_number":227,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"ab096861-67b6-4c62-bc43-dab2e33f2bc0","block_type":"box","text":"clients at the global and regional level.","page_number":227,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"41014eb1-a022-4f88-8ca1-e0f74615cb6b","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":227,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"c9b4a07d-6374-41f9-accd-4c880986f295","block_type":"box","text":"supports BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":227,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"c482d0f2-c707-4873-8fa8-f9b64a2c6f09","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":227,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"efcd8926-0e36-4c07-b449-76f04957d43d","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic reports regarding the votes cast by","page_number":227,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"ba917877-9287-4f6c-bbec-395ff9d354de","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":227,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"eecc8b2a-fd43-44c3-bfd3-149fbdeeacc2","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":227,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"3e569ccc-af7b-405b-ae7e-b42193c464af","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":227,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"cfee7c02-cf4e-4a67-a8eb-7f9b9cba2def","block_type":"box","text":"are independent from the investment stewardship function.","page_number":227,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"857d6150-765f-480f-9b3b-54ff31a7765a","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":227,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"a03bebd2-f751-462a-980e-3d8d99511791","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":227,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"fce242c8-e1b1-480c-85de-4bbff8b0ab73","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":227,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"2b8f58ba-53c7-4dd4-9155-1d80889594c2","block_type":"box","text":"VOTE EXECUTION","page_number":227,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"b8e0ea45-4bf7-4c74-bb75-4bf5daac3691","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":227,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"2b9898dc-49d2-4280-af37-20f20f93f43f","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":227,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"e78d528f-3dfc-43a9-92de-bcca0b2e7c35","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":227,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"4816b164-b9bb-46b2-be1d-2ed4bc918bd7","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":227,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"adb09a5b-9dd9-4e55-9a7a-c7c1df6c6036","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":227,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"dbbcde2e-ae61-464b-9be6-aeed2101fabc","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":227,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"81f278a7-a832-4651-8755-707dc5a8b5d9","block_type":"box","text":"management policies and procedures,” below).","page_number":227,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"362825cd-172f-4710-a2f5-3613a69d10bb","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":227,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"557b1ffa-a624-4fac-9597-7c7bdddb047f","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":227,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"0ab42b69-3211-46bc-877b-364aa128f64e","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":227,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"a3908da3-82b2-4cf2-afa0-eccd88a400eb","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":227,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"225abc4c-348b-46f1-8de5-35278faa367d","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":227,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"106ee943-44c0-45f4-abfd-527dc60dca80","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":227,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"7d287503-f613-4815-b8de-4b63d1b7513d","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to","page_number":227,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"a11ec6ac-d856-4bb6-a7bf-c116de9c18ae","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":227,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"78608033-4d35-4bd4-92be-a387167a783f","block_type":"box","text":"16","page_number":227,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"43f91376-db48-403a-a477-fc6bce6996f7","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":227,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"6ffbcad4-228e-429a-86cd-0e58a4ecd299","block_type":"box","text":"December 2025.","page_number":227,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"f7136ee0-746b-401a-a8be-116f6c2ca1f7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b46fcffc-277d-4427-9c70-68a7a932ef50","block_type":"box","text":"Global Principles | 12","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"b5d97db9-fa85-48f3-ac41-99da8fb8fbd4","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba416a8b-c846-40bf-9bc8-94d16e234b9c","block_type":"box","text":"BIS votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally","page_number":228,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"23b712f0-593b-46cf-9ceb-9a46ca85c176","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":228,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"1ad6bf9d-68a9-48ef-aa13-9bb4ec0bed27","block_type":"box","text":"not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":228,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"6786af02-c1ac-4d39-b0cf-e83803660706","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":228,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"9d321744-61b1-4a74-9bc1-4590911aafcc","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":228,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"e7396b2f-d0d6-4cf8-b6cb-51c5ea56644b","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business partnership or","page_number":228,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"397d4eb6-20e2-49f2-bcf6-7b2d39d46a4b","block_type":"box","text":"enterprise-level vendor management activities.","page_number":228,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"8f35b65e-1573-49db-86a8-4a29131fa2af","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":228,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"5ae07606-d466-4341-b3b9-eeb566af0125","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":228,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"761039ef-91b5-4ec3-b1c1-e494cda2179a","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":228,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"437cb0cf-e0d4-44cc-b747-46d5ef16324f","block_type":"box","text":"BlackRock employees.","page_number":228,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"3941ac26-a75e-45f0-86d6-9fb2acef5517","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":228,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"ecf6122f-f569-44c8-b70d-1a657bf3c99d","block_type":"box","text":"SECURITIES LENDING","page_number":228,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"e11f8c44-5b4f-492f-9c96-7fb68b35c5ec","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":228,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"0aa42a46-dd8f-4fce-bb48-1906becb25bf","block_type":"box","text":"enables BlackRock to increase the returns in clients’ portfolios, and BlackRock’s lending agreements allow it to","page_number":228,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"670a96bd-738f-476b-bce1-9de8306f427a","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":228,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"6dce964c-f6d4-4e0f-84e0-e36705d37d34","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":228,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"99d2bb7c-b4e5-46ae-a174-9428bc624740","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":228,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"0cd800f9-31ea-45e1-9182-a878809211b6","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":228,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"cd7aca1c-c2db-4fdc-8eda-0754a886d251","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":228,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"fdec3c3a-353d-4193-b201-3ecbb41b5c15","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":228,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"74c8c814-b2e3-4c7b-8882-e714ea35071e","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":228,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"04060060-94e0-4f70-8d08-25eb5554d7a1","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":228,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"28ec091a-2759-4a4e-86c3-b720cc8bf8ef","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":228,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"e9588314-331e-40a6-a6d3-3d68e3ddfdfd","block_type":"box","text":"of recall consideration).","page_number":228,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"741a31c9-5ad6-439b-b3af-84cf23ae1bdb","block_type":"box","text":"17","page_number":228,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"882bbd1f-875d-4c50-b5e1-39b26b704da0","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":228,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"9e3ab437-3223-4c83-b6d1-cb1274b1eb70","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":228,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"31371f25-6198-47b4-bdac-4e895afb53a3","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":228,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"0462c894-ae1f-441d-87bd-e597da7ba4d0","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in certain instances,","page_number":228,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"49b16c08-f4e4-4da8-ba44-2c563534776d","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":228,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"1d100229-948d-4289-989d-7bc36f361baa","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. It is","page_number":228,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"dfb165ee-f1fa-4d5d-af8e-e7fbe2d22e78","block_type":"box","text":"important to note that the majority of lendable assets in the market at any given time are not out on loan.","page_number":228,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"1b66239d-fe1c-4908-9343-11d43f553655","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":228,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"f4ce229e-72d1-4f0f-837e-b0944a39ab15","block_type":"box","text":"and may modify it as necessary.","page_number":228,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"f18ff347-4176-42c5-adaf-77578afcc42e","block_type":"box","text":"VOTING CHOICE","page_number":228,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"a87da97d-535f-47eb-9933-81e54cdcccee","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":228,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"5606c248-0b1d-47d5-852d-2e1c01a1fac7","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":228,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"4e5503cc-144c-4d00-b813-d7c10721ce9a","block_type":"box","text":"18","page_number":228,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"83610c03-4e03-41e0-a7b8-4463d5aa6757","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":228,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"f70557cf-771a-4baa-b90e-0b550d3e460f","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":228,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"69f49a55-825a-44cf-a1c4-6cc0494069ce","block_type":"box","text":"17","page_number":228,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"cf3ecaf2-f5c9-442e-bac2-e5aea3a2ade0","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. 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As a result, managers must weigh independent","page_number":228,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"88e2bd2e-5981-4e4b-963a-4d4dc6532e70","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":228,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"fe6ed291-1409-4212-81ad-7d82bd05508b","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":228,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"cb752f09-07d3-4721-861b-eda7d171cb57","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":228,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"9e4a8867-9096-441d-b4ed-232fd0988dcc","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":228,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"cea2b666-03e7-41a9-af93-2b8d4b7e4a8e","block_type":"box","text":"18","page_number":228,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"ef0906ad-59d7-44cb-86d4-52e8b97649ad","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":228,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"e1a0893e-d74f-423f-8c99-7cf263040b92","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":228,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"ec744d25-d66e-427b-9a3f-04e10f19fb08","block_type":"box","text":"including the decision to lend securities.","page_number":228,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"899c5c15-28ca-445d-939f-7e0bf93bb49f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"734ac314-1b42-46f7-bfb9-7653673bb745","block_type":"box","text":"Global Principles | 13","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"9fe5e22e-4d5f-44e9-816c-4aceaaa62b96","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"038e0922-eda6-472c-be33-a25b50e148e8","block_type":"box","text":"certain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":229,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"58b916ed-5a92-477a-923d-96fdf8a4da85","block_type":"box","text":"(SAE) strategies. 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Net zero commitments are sourced from respective","page_number":233,"box":{"x":79,"y":850,"width":782,"height":11}},{"id":"859a8cca-39b2-4738-8c41-279a426a2029","block_type":"box","text":"company websites, as of January 2025.","page_number":233,"box":{"x":69,"y":865,"width":284,"height":11}},{"id":"e360dff8-26c5-4175-8855-ad45408b7e5b","block_type":"box","text":"5","page_number":233,"box":{"x":69,"y":883,"width":4,"height":5}},{"id":"2ae149bd-fb9a-4d48-8f19-e0cd2c049fcc","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":233,"box":{"x":78,"y":883,"width":401,"height":11}},{"id":"4ec337c8-5e93-4375-932a-b12f7c2d65b2","block_type":"box","text":"6","page_number":233,"box":{"x":69,"y":901,"width":4,"height":4}},{"id":"37e02023-a768-420b-9143-a09d3ad10b89","block_type":"box","text":"United Nations Climate Change, “The Paris Agreement,” accessed in December 2025.","page_number":233,"box":{"x":79,"y":900,"width":614,"height":12}},{"id":"8c8c1437-db22-4e48-84b7-3e1f80fc22b0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"93174974-fde2-4797-8eff-10ae5b4fc0f9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 3","page_number":233,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"7c5ad9f6-446b-4cc9-ab30-79494e4f2543","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffd5a959-f832-4dd6-9e3d-b0280c96fa80","block_type":"box","text":"particularly those representing the major sources of scopes 1, 2, and 3 greenhouse gas (GHG) emissions across","page_number":234,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"b0f3c7f4-f640-42ba-bc1f-31c9c92ba565","block_type":"box","text":"companies held by in-scope funds and accounts that have selected the Guidelines.","page_number":234,"box":{"x":69,"y":60,"width":590,"height":11}},{"id":"b03db57e-94e2-4434-8126-5665307677a2","block_type":"box","text":"7","page_number":234,"box":{"x":661,"y":60,"width":4,"height":5}},{"id":"afc794f7-1d4a-4c69-b699-8efe6cee58dc","block_type":"box","text":"For companies and matters not related to climate and transition risks, the dedicated team follows BIS’","page_number":234,"box":{"x":102,"y":82,"width":731,"height":11}},{"id":"565269ea-8669-415e-af34-3632b324ecc0","block_type":"box","text":"Benchmark Policies.","page_number":234,"box":{"x":70,"y":98,"width":141,"height":9}},{"id":"267100b5-2e4d-4c5d-a820-36acefa427ac","block_type":"box","text":"8","page_number":234,"box":{"x":213,"y":98,"width":4,"height":4}},{"id":"dd572824-9d56-4f42-ad25-edaa935180d8","block_type":"box","text":"In addition, for clients who do not direct BlackRock to prioritize climate risks and","page_number":234,"box":{"x":224,"y":98,"width":572,"height":11}},{"id":"797da0fa-c5ed-4e05-a3b3-d1ebf7917f00","block_type":"box","text":"decarbonization as an investment objective, BIS undertakes our stewardship responsibilities in line with our","page_number":234,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"8c6479ba-af28-4479-a721-a94f43daab4f","block_type":"box","text":"Benchmark Policies, with a sole focus on advancing those clients’ long-term financial interests. 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Please refer to the IFRS website to learn more about the framework and standards S1","page_number":235,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"fda03d1c-ddc5-4748-9553-b086091951ed","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":235,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"8ba36aaf-6e5a-47ac-9bc4-ff5cc88acfc4","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":235,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"73eae81c-aeab-4aa0-9b6d-3bb7ba294db7","block_type":"box","text":"15","page_number":235,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"11939ed5-c193-40c3-a6da-0167d61eb77c","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":235,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"67db0be4-62d8-494b-86eb-22c336978761","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":235,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"54598474-31e5-4818-b596-f0233e2ab783","block_type":"box","text":"companies may report using different standards, some of which may be required by regulation. In such cases, we","page_number":235,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"8f2ca1e8-0a70-4a9e-a621-fe008f81c327","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":235,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"bf4ba20e-d1a1-4971-a80b-517733974eac","block_type":"box","text":"may be phasing in reporting over several years. We do not prescribe timelines regarding when companies should","page_number":235,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"c738dbdd-d025-48aa-81f2-a9e360463661","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"68c32e11-c8b1-4fac-94fb-4fb6e7c34490","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"4caf5c0e-6284-48c3-a33d-94d30a38fc4f","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5782933b-acb9-48cc-abec-029824e5ec0b","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":236,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"aa759e00-d9cd-466f-849e-8d4d08ac845b","block_type":"box","text":"16, 17","page_number":236,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"b3bccac7-4133-42b0-acf6-e3147f828044","block_type":"box","text":"In addition, the dedicated team looks to","page_number":236,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"fcdb6bd6-fabf-4374-a642-f04185b85094","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":236,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"8dbb8538-f680-4b39-80e9-9699e5db1ab4","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":236,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"075a253a-47b5-4106-a20a-88fafac8179b","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":236,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"00c78c77-2a91-41ae-a4d0-2ad899ebb7b6","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":236,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"034b520c-8a02-433f-b408-42db617147ef","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":236,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"81f34609-573c-4bb2-b42e-95508ba082e9","block_type":"box","text":"18","page_number":236,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"a5e81498-c563-4d81-9e49-4cfb0c0ced99","block_type":"box","text":"However,","page_number":236,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"f72e4991-e979-4530-8f04-be2f109ac0e9","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different parts of","page_number":236,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"bb756318-cecf-421c-816c-866888da93f2","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":236,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"62c432e7-f3ab-45f1-9f70-4adf424bfdba","block_type":"box","text":"their decarbonization targets. For some companies that play an important role in the low-carbon transition, scope","page_number":236,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"2389d00e-6aca-41d4-91b3-441fa0230c26","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":236,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"74afe114-b829-4328-a8e8-7a8a7afd36cc","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":236,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"77f60ec5-f12e-43fc-919b-7edf422491ac","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":236,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"e261472e-6901-4418-953a-5f5cf018fa31","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":236,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"d795cbaf-70f4-4f66-b2a5-4f6260aa309c","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":236,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"7e3fbe29-dcc5-41f0-ba1b-b65c743f91df","block_type":"box","text":"transition risks.","page_number":236,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"7054bc84-f021-46f5-81d8-5eef70f660df","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":236,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"862abbce-7745-4ca1-b7a7-06cc67740ca5","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":236,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"af58a916-9892-4dfa-b5ed-6455dfef5ba5","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":236,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"79d86cb5-dd0a-4f55-b659-ed2bbc2a8a3a","block_type":"box","text":"Transition plans","page_number":236,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"af858987-0d7a-41d0-9388-03fb7e45f64b","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":236,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"0ef9c3c8-a92a-4b92-b82d-d511fea3ecf7","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":236,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"1fd4ee5f-a6e3-4be7-b294-729a9e62f870","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":236,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"0bf8d464-3923-47cd-8262-deaf485c5acb","block_type":"box","text":"(see Appendix 1).","page_number":236,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"faa66165-7a2f-49a8-98b7-ff8da830e93e","block_type":"box","text":"19","page_number":236,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"b675aad2-b63c-4a91-988d-4a6962a6dd14","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":236,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"61386a8c-c1a9-4ef2-966f-c73981003dd9","block_type":"box","text":"transition plans.","page_number":236,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"ae7dc25c-e0a0-4d4b-b598-f9289f7e1ccd","block_type":"box","text":"20","page_number":236,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"11b73648-f451-47ca-95ec-8e65bb8732ba","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":236,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"c395b14c-93fe-4c41-9397-d56a2b85bf18","block_type":"box","text":"reporting approaches.","page_number":236,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"2c8f7d48-b085-492c-95d7-4665fdfff4d8","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":236,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"3733033c-088f-447e-8b28-4400aba26742","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":236,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"ed146a67-4df8-434a-a934-90dead075da3","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":236,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"37552d91-972a-48c8-90eb-a3fd3b04f990","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":236,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"a5ed7874-1fec-44a0-b44b-1f0bad0402e0","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":236,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"67b9c0a5-5c72-4a49-a040-0844b6a42e0c","block_type":"box","text":"informed voting decisions.","page_number":236,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"5f7a082f-df0e-48c8-85b8-30175f081a23","block_type":"box","text":"16","page_number":236,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"0f011588-a0c6-4751-8553-de7d6aa58a58","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":236,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"97a739ee-4d87-4047-b355-5c3bd9314341","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":236,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"b4afac2c-5c92-4adc-bf5e-83897c284ea7","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"c4b2e6c3-4b88-4e5d-ae84-c6ef25192168","block_type":"box","text":"17","page_number":236,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"f3911309-8f4e-4e91-a4ad-24b32ef34a2e","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":236,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"11c725ce-27e7-46fb-8291-4fe2adcf0a93","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":236,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"609cb6ab-4408-4814-8276-4d2a95fa9320","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":236,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"f8c244bf-d330-414c-b060-ca5b1c0ab0b1","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":236,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"64f87d6a-93df-456e-b9a3-eb1038b43cde","block_type":"box","text":"18","page_number":236,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"ea1fa8e8-74e6-4698-bab1-8b00641ebf1d","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":236,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"b74fb0c8-c56f-4682-a05d-107fde141b1b","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":236,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"e6834607-7aac-463c-a425-97bae54d9162","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":236,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"fe22dfba-2fa0-4a23-8bde-9f787bb941a2","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":236,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"c7df7297-e31f-4aeb-9ddd-30dbcb5bbf65","block_type":"box","text":"material to their business models.","page_number":236,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"77b5c9af-6f64-4b61-9e2f-f0b2e1ea9945","block_type":"box","text":"19","page_number":236,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"73288ff1-6ac4-4714-b292-d6c2c86a63d3","block_type":"box","text":"International Financial Reporting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":236,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"9c28f48d-8e7c-476c-81ef-eb2b3055623e","block_type":"box","text":"December 2025.","page_number":236,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"d2cf568f-b336-4be9-acaa-f3c75e68f461","block_type":"box","text":"20","page_number":236,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"f65b1807-4971-4f86-ac19-0347ae414b49","block_type":"box","text":"More companies are developing such plans, and public policymakers in certain markets are signaling their","page_number":236,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"b01b9d5f-914a-4b16-9ea7-f2c01a87411f","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":236,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"7d7ea68b-9119-4f32-a63d-397f4598401a","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":236,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"37c03b73-c88f-43a7-99f5-92ddef48c569","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":236,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"301cf136-6888-4fda-932d-555c34720861","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":236,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"77778efc-c6ed-4916-9b00-16af08cb589f","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Under the Guidelines, the team may support","page_number":238,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"28048df3-c609-4dd9-a509-923a2e72e64d","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":238,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"eea9486b-c7d6-4a4e-9122-f5988611ba90","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"0d8de379-bf69-4d6a-a4d6-4437cddb93f8","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":238,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"a6fe2456-1d35-4a51-9f74-6527139a4e97","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":238,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"d5c1a124-caad-4548-bbf4-d6d68830bc15","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"6a16cbda-4683-4596-9092-67269578981f","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":238,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"809b882d-173a-442d-847b-48b1162ad1dc","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":238,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"b06b765e-7429-4e81-9696-f595df8a9aab","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"d6e630e9-5125-4335-9600-e5a4a66d8538","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":238,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"44938e9a-61fb-4cf4-9d94-cb8d83177660","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"99f805cd-bd46-43c4-9864-b46c10ef9e94","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":238,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"832a5312-b16e-49dc-bf77-f5ac34d47fc6","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":238,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"978d4939-5172-4f67-81fc-a975731bb59d","block_type":"box","text":"25","page_number":238,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"84339b15-307e-4e89-9ec8-dbb10a0b591b","block_type":"box","text":"The dedicated team does not support shareholder proposals that seek to constrain board or management","page_number":238,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"e654c761-ba99-41f6-ada9-aad5823c4702","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":238,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"b2b442e1-58c4-4d1f-ac83-4fc7b0de5830","block_type":"box","text":"RELATED MATTERS","page_number":238,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"4681ff46-8911-44a8-9ca7-e54321669eae","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":238,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"f7df8d07-d974-483a-8222-517b930703d5","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":238,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"e361324c-52e1-4beb-a25b-a546117d773b","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":238,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"5e6bf89d-f746-4de3-ba16-a131b8da60c5","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":238,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"5dec1377-fdda-477d-885f-af48a2c1ea4e","block_type":"box","text":"Executive compensation","page_number":238,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"8faa5779-cac7-440d-82f0-27de52a606df","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":238,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"b55c3dce-24ff-48c4-9e00-688c7d9d58a3","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":238,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"48202425-8618-4c52-8923-6f4213ba06d0","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":238,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"20b2be16-2d10-455b-bfcd-18f7564d32c5","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":238,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"36c91c15-623d-4764-a01b-0fe26f87c47c","block_type":"box","text":"24","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"a053029c-9847-431b-a23f-9cc674368835","block_type":"box","text":"While the dedicated team may escalate voting by not supporting additional management proposals, principally","page_number":238,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"3a56cd3d-5d36-4512-b8df-31051fe1f371","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":238,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"98e5d09f-c187-46b3-ad84-beb97cd7e846","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":238,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"12470974-756a-4fee-a211-b7f8b6bb0adf","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":238,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"c785881a-e613-41cb-b604-0b913f75393c","block_type":"box","text":"25","page_number":238,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"675bd086-c916-41bd-8555-a5ece661f4b3","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":238,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"4ec418e2-18c7-4b8a-8e50-88a1bfc28f5a","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":238,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"c548dae0-f1d3-4cec-b1e5-56e03f9e1c94","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c0050747-f9a9-4fb9-b722-3672ecfa5897","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"db9e9ea8-2a89-4d79-aa01-f55acbc88b7d","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c3a69e35-25a7-4b74-a95c-9a1f26588c1a","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":239,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"59326375-9836-4ddb-b308-1584d4332c22","block_type":"box","text":"strategy and risk management.","page_number":239,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"8adac025-456d-4414-9a35-b9e2d740a3ef","block_type":"box","text":"Auditors and audit-related issues","page_number":239,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"a7aee757-e4af-4543-bba4-42dd9c07040e","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, the dedicated","page_number":239,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"c9681f53-6bb2-42a5-a796-9f038452a23e","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":239,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"f3b0ab9f-94a0-464c-9703-b7ff9bfc137c","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":239,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"e019b52b-bde1-434a-b208-7985cb360641","block_type":"box","text":"context of its audit report. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":239,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"dc400c4f-7554-4352-8d14-23e926d51742","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":239,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"6b445631-62eb-4337-9fc5-24eea420b714","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":239,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"b212142d-6c30-48b7-84dd-149b5d288df1","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":239,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"3f1f4cae-13ce-4194-aff8-97ee2e1c156f","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":239,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"c2865c57-888e-4355-b131-2b4d421b714a","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":239,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"da830574-4237-47a7-baf2-caa6f1359737","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":239,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"431df74f-77d4-4c37-b79d-b00a552f6d50","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":239,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"c2663fe8-e6be-4caa-a4df-2faaa09f9614","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":239,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"28a24361-9613-48e5-8304-7edfb9b05129","block_type":"box","text":"sustainability-related risks and opportunities that may be relevant to a company’s business model and long-term","page_number":239,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"22654c84-3875-4f16-8d12-d5c9d62f5b86","block_type":"box","text":"financial performance. These include a company’s impacts or dependencies on natural capital and key","page_number":239,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"28b34e23-bf4f-4aa7-967c-26ae0c774f19","block_type":"box","text":"stakeholders.","page_number":239,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"495bf594-3604-4b4f-87ec-42b64af21b1b","block_type":"box","text":"26","page_number":239,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"78d027b5-5d40-4e04-b7b3-dbcd23561789","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":239,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"84b7c177-0195-411c-91ad-ab8c60076177","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":239,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"6ca0f224-0ed2-4145-95d6-a25406d4c6d9","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":239,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"d8d9a89c-a9f5-4b0d-8593-a4f9f9e29322","block_type":"box","text":"team may engage companies that face risks and opportunities related to land use and deforestation, access to fresh","page_number":239,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"c3159fbc-c4ca-4df9-ac30-847aea79305b","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":239,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"51572ac9-7be4-48fc-9b78-c251cd5471d3","block_type":"box","text":"26","page_number":239,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"a2c49489-1b90-4eec-b967-91642d7259f8","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":239,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"6384db78-6af6-4f7f-8221-921b3c42ea65","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":239,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"2b2de186-e29f-42c5-8dbd-861d20195150","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b72a52b4-e3eb-4ca0-b196-1b445e8020f2","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":239,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"1a5ddce5-2239-41c7-bdaa-ae72a5405b1e","block_type":"box","text":"BNM1026U-6033397-19205806","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a2aff34-cb7d-43fd-8518-502fef69c0da","block_type":"box","text":"Appendix 1","page_number":240,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"5c204a22-bdac-4b73-85f3-c5d63a02e5a7","block_type":"box","text":"Terminology","page_number":240,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"5a8b24e7-ffa4-4c37-b008-635b6fa39ba3","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":240,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"cfdf2330-c942-4f65-b6d0-cf85c290256d","block_type":"box","text":"Climate risk:","page_number":240,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"3b9cd3d5-40f5-4f8d-9c58-f25bbd04dde6","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":240,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"d4d0eac4-07be-4e11-b84e-35a1d78b2a54","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":240,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"f0655ca2-51da-4712-9d21-0ee9e65592ec","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":240,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"869c675b-8c31-452e-88d9-06e00ff54725","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":240,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"13a89a96-27b7-49c1-89e9-18f21ea2da73","block_type":"box","text":"The global economic shift toward lower","page_number":240,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"1e23f2fa-a7f2-4ad7-adb7-52294a67c41d","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":240,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"4fa7f9f2-9863-418e-888e-8c096483a6eb","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":240,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"e847615a-e553-472a-8fcd-6d20181995ca","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":240,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"8ba5ddaa-5aba-4341-98e2-e7454568760e","block_type":"box","text":"Decarbonization:","page_number":240,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"a627fc6e-2e30-47e7-ac4f-4218968f379f","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":240,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"763e6959-968a-47fd-b336-bb6138829ca5","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":240,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"2c1a1ee8-8fd8-4cce-bd5e-5853c606b4d7","block_type":"box","text":"individual consumers. 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