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Part I of this Statement of Additional Information and the portions of Part II of","page_number":21,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"e687e3e7-6250-4094-9c88-730af9ce2239","block_type":"box","text":"this Statement of Additional Information that relate to the Fund have been incorporated by reference into the","page_number":21,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"6ecf8108-4e33-4dc0-84f9-7693f79825f4","block_type":"box","text":"Fund’s Prospectus. The portions of Part II of this Statement of Additional Information that do not relate to the","page_number":21,"box":{"x":70,"y":339,"width":830,"height":12}},{"id":"3d5ff9be-0d98-4295-b924-d5ab174de4d8","block_type":"box","text":"Fund do not form a part of the Fund’s Statement of Additional Information, have not been incorporated by","page_number":21,"box":{"x":70,"y":354,"width":806,"height":12}},{"id":"bd5cfde6-e562-49cc-81e4-0c17a26c32a9","block_type":"box","text":"reference into the Fund’s Prospectus and should not be relied upon by investors in the Fund. 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You may","page_number":21,"box":{"x":70,"y":415,"width":818,"height":12}},{"id":"93426ec0-3f5e-43e0-907a-9be9038e4f70","block_type":"box","text":"request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 441-7762 between","page_number":21,"box":{"x":70,"y":430,"width":802,"height":12}},{"id":"0430708f-bc1b-4f08-ba0d-faac759590a0","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":21,"box":{"x":69,"y":445,"width":441,"height":12}},{"id":"9478cce8-dff7-4db2-b1fc-c104abef9e3c","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"272bc43e-c940-432b-82c2-671060bbb928","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"320dcb6a-b261-469b-b17e-7ad048c69608","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"e9c1ecf5-f220-4071-9c74-be1d27984016","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"e0a92ebc-9ab6-4f60-bff4-5de277c42085","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"13241ab6-2013-457f-ada6-18d38be7eac6","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"fd83f9c1-3ad9-44e1-85e9-ac0403813dd3","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"8a733895-6812-49df-84b0-9f12cc30f537","block_type":"box","text":"Institutional Shares","page_number":21,"box":{"x":70,"y":575,"width":137,"height":8}},{"id":"7dcdb5f9-7f04-4daa-992c-7ab89d94c532","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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BDVFX","page_number":21,"box":{"x":183,"y":590,"width":709,"height":8}},{"id":"3ebdcee9-adf3-4c85-8fcc-4ee0653140bb","block_type":"box","text":"BlackRock Fund Advisors — Manager","page_number":21,"box":{"x":256,"y":644,"width":468,"height":19}},{"id":"dfda569e-e539-432b-a256-e246f581b8f8","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":21,"box":{"x":222,"y":667,"width":536,"height":18}},{"id":"1d3dde1d-d824-439d-af29-34782cd020be","block_type":"box","text":"The date of this Statement of Additional Information is February 27, 2026.","page_number":21,"box":{"x":206,"y":727,"width":565,"height":11}},{"id":"eca8230d-c4ce-4e99-9cbe-bbad7aecfbd7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":21,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21747a1c-14ba-4294-ba23-e7e7da1752b9","block_type":"box","text":"TABLE OF CONTENTS","page_number":22,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"b075718e-4221-482e-99bd-f69c7b740589","block_type":"box","text":"Page","page_number":22,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"c8311eef-8605-4202-ad6b-b0eae1fbbee4","block_type":"box","text":"PART I","page_number":22,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"93fa3e2f-42b5-4c1c-b938-9b93bb2b8311","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":22,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"960a2d41-09db-42e0-8cd7-0632bd8c9145","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":22,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"e4baf5a8-4d6d-47a0-86c3-e0b3c1092352","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":22,"box":{"x":195,"y":369,"width":676,"height":9}},{"id":"a016dbc8-c12b-4a7d-aacb-d59ea90e0f3f","block_type":"box","text":"I-121","page_number":22,"box":{"x":874,"y":369,"width":35,"height":9}},{"id":"8bced967-433d-4aad-b54b-2c2f0499a4ff","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":22,"box":{"x":69,"y":385,"width":283,"height":12}},{"id":"317cca1b-be27-4ee4-9d81-3d6bd3f69399","block_type":"box","text":".............................................................. 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A-1","page_number":22,"box":{"x":407,"y":468,"width":502,"height":8}},{"id":"c6088aa9-6e8a-4897-893b-6cfe7642da58","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":22,"box":{"x":68,"y":484,"width":300,"height":11}},{"id":"9f59fd6c-f15b-4d78-b47f-22750b45a9e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Due to the Fund’s exposure to CFTC Derivatives above the prescribed levels, however, the Fund will be","page_number":27,"box":{"x":70,"y":758,"width":823,"height":11}},{"id":"0e8cdc5f-3dac-4a95-a8df-92031c927b54","block_type":"box","text":"considered a “commodity pool” under the Commodity Exchange Act. Accordingly, BlackRock, the Fund’s investment","page_number":27,"box":{"x":69,"y":773,"width":820,"height":11}},{"id":"e5a9e85a-188b-40ff-b9cf-4e8b5b53a6f2","block_type":"box","text":"adviser, has registered as a “commodity pool operator” and is subject to CFTC regulation in respect of the Fund.","page_number":27,"box":{"x":69,"y":788,"width":800,"height":11}},{"id":"19d97cd8-452f-48ce-9018-7b634c92e349","block_type":"box","text":"II. 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Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by","page_number":28,"box":{"x":167,"y":218,"width":719,"height":12}},{"id":"b2e5bdcc-75d0-49fc-967f-d69ab4f1b22b","block_type":"box","text":"the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":28,"box":{"x":134,"y":234,"width":655,"height":11}},{"id":"857f9e5b-cfd3-4c1d-999b-fc1559318e38","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment","page_number":28,"box":{"x":167,"y":256,"width":686,"height":11}},{"id":"6176a6af-2385-4095-b330-e5b66bf76d09","block_type":"box","text":"Company Act.","page_number":28,"box":{"x":134,"y":272,"width":96,"height":11}},{"id":"362ea5ad-5092-4680-822a-957840ea508b","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":28,"box":{"x":167,"y":294,"width":506,"height":11}},{"id":"4943aea4-1176-43b0-b0d8-9e81bf259129","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":28,"box":{"x":167,"y":317,"width":729,"height":11}},{"id":"9441100a-0d0b-44a5-970f-e7b230193545","block_type":"box","text":"Investment Company Act.","page_number":28,"box":{"x":135,"y":332,"width":178,"height":11}},{"id":"b208f665-dc9e-4f61-849d-f93444ad3bdf","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":355,"width":494,"height":11}},{"id":"6023da27-9a94-43ed-9ecc-a693fe475ec3","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":28,"box":{"x":101,"y":377,"width":799,"height":12}},{"id":"2d00a46e-4290-4232-8b49-8705f98af770","block_type":"box","text":"subject to change without shareholder approval.","page_number":28,"box":{"x":69,"y":393,"width":341,"height":11}},{"id":"55cccd61-a1b4-43cc-aadf-5c97d079284b","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":28,"box":{"x":101,"y":415,"width":796,"height":11}},{"id":"a84d4dcf-b553-4a2c-af2a-98c3512d1dfe","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":430,"width":811,"height":11}},{"id":"fdd3aa89-d52b-4180-9bc5-8044dc561046","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":28,"box":{"x":68,"y":445,"width":833,"height":12}},{"id":"d1a68d8a-99fe-41da-84bd-f7362d04d543","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":28,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"32119a41-636f-4e80-bc23-b0e4879bcc5f","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":28,"box":{"x":69,"y":475,"width":815,"height":12}},{"id":"eaded337-e215-4e71-8c37-e548584f11b4","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":28,"box":{"x":70,"y":491,"width":813,"height":11}},{"id":"a7f6fe6e-d83c-4a03-a33e-708a69d0d978","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":28,"box":{"x":69,"y":506,"width":823,"height":11}},{"id":"0b3e0d82-ca28-4a11-a4a5-633d0e1e29c9","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":28,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"8df6da0b-7bbd-4a4f-9c2c-c07b6657cf6a","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":28,"box":{"x":69,"y":536,"width":772,"height":11}},{"id":"eaaa6fb0-839f-475c-8534-cec73c47a944","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":28,"box":{"x":69,"y":551,"width":824,"height":11}},{"id":"66572752-da6f-4129-a128-19e10eb6e967","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":28,"box":{"x":67,"y":566,"width":829,"height":11}},{"id":"96ac7368-66a8-483c-9e73-fbcfc4708a24","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":28,"box":{"x":69,"y":581,"width":805,"height":12}},{"id":"b48d1a40-83d3-4a5f-83be-07e7afd828a8","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":28,"box":{"x":69,"y":596,"width":840,"height":12}},{"id":"ef989deb-9f82-4140-b9aa-91a0ea9eb71a","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":28,"box":{"x":69,"y":612,"width":803,"height":11}},{"id":"a7de955c-2143-4c6a-9b6c-3be788495165","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":28,"box":{"x":70,"y":627,"width":807,"height":11}},{"id":"19ab84e3-33bd-4aa4-ad6e-eaf05e57e558","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":70,"y":642,"width":438,"height":11}},{"id":"6348b5e3-fdbe-4b61-a848-358e2b487bda","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":28,"box":{"x":101,"y":664,"width":750,"height":12}},{"id":"250ae412-b76b-4d42-98e5-f28750e3b502","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":28,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"14dd9c2f-7cae-420f-885d-fab140052e32","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":28,"box":{"x":68,"y":695,"width":781,"height":11}},{"id":"a2d5bebd-5b40-4b10-915f-b2294aed6191","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":28,"box":{"x":70,"y":710,"width":815,"height":11}},{"id":"8fe1078b-d701-4521-8fe8-b0cd3cd45cdb","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":28,"box":{"x":68,"y":725,"width":825,"height":11}},{"id":"0fc6de31-97f3-40db-b69e-bb89b32358ad","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":28,"box":{"x":69,"y":740,"width":777,"height":11}},{"id":"545c71f5-c760-4878-a606-12f6621306c4","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":28,"box":{"x":69,"y":755,"width":776,"height":11}},{"id":"0eb5fd5a-0386-46c9-ab41-8b8119120f6a","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":28,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"570cdfbb-528f-4dd1-8084-c554cabc341f","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":28,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"9c7682a1-2b99-4b6d-8954-ff8dc50c5e84","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":28,"box":{"x":69,"y":801,"width":813,"height":11}},{"id":"4d7bf04a-81fa-473c-91ca-8e84fa5fdac2","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":28,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"2acfa6b5-f341-4ca4-baed-0237182530f9","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":28,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"b6ed229b-340c-495b-9a43-67a89d6d96c9","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":28,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"82e919bc-bf48-42e5-945b-65a75230b154","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":28,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"00aebcf2-a587-4946-a8f7-9287a68070c4","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":28,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"1fa8d848-faf0-4564-bcbc-acb40c800e6a","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":28,"box":{"x":69,"y":891,"width":643,"height":12}},{"id":"71be9d51-d0af-43c1-97d9-cfc5ea30cf5d","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"2b18861c-1f1f-4226-91db-1401bcc77e0d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d14c9bb-b41f-4a3e-93d8-9d448128e44a","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":29,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"3adf4ce6-3e7e-42e5-aad1-1c16288bcfef","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":29,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"02dd785f-86fe-4b28-94ce-823bfa34bb66","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Fund to have underwriting","page_number":29,"box":{"x":70,"y":75,"width":825,"height":11}},{"id":"0ad6c91d-4802-4e68-84ae-f4c09baca422","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":29,"box":{"x":69,"y":90,"width":811,"height":11}},{"id":"8c927b8d-fad6-4ef6-a5cf-bf41aabdc749","block_type":"box","text":"amount of the Fund’s underwriting commitments, when added to the value of the Fund’s investments in issuers","page_number":29,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"3d36e47e-64ab-4b75-adbd-e7f65708f6ac","block_type":"box","text":"where the Fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25%","page_number":29,"box":{"x":68,"y":120,"width":818,"height":12}},{"id":"99bf4b99-6455-4777-a551-0c650b83c5b2","block_type":"box","text":"cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered","page_number":29,"box":{"x":69,"y":135,"width":833,"height":12}},{"id":"2e86fdf5-8938-4ea3-8083-bd5994621b7c","block_type":"box","text":"to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed","page_number":29,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"e22e7522-5983-411d-b216-d0b2d41dd256","block_type":"box","text":"that the application of the Securities Act provisions described above would cause the Fund to be engaged in the","page_number":29,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"fedbe697-0b14-46db-adb9-9561020c2de3","block_type":"box","text":"business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":29,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"010a9994-75c4-43de-b561-14b15ca4d3fa","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":29,"box":{"x":68,"y":196,"width":811,"height":11}},{"id":"b0a60a95-2b3b-4d49-bb36-36e1e3ab9f1b","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":29,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"cc81bd50-8d39-4f22-8e30-792f732ff590","block_type":"box","text":"extent permitted by applicable law.","page_number":29,"box":{"x":69,"y":226,"width":245,"height":11}},{"id":"c77d298a-0dc4-4f6f-bea9-4b79b598d90d","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":29,"box":{"x":101,"y":249,"width":778,"height":11}},{"id":"aaf6543b-5615-4c0f-b7d3-9de05d26f016","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":29,"box":{"x":69,"y":264,"width":756,"height":11}},{"id":"f31db8ea-6d26-45b5-8b1c-88978813afc4","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":29,"box":{"x":70,"y":279,"width":807,"height":11}},{"id":"5fa4e2c4-a8d3-4efb-ad86-4fe47d5ebd8b","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":29,"box":{"x":69,"y":294,"width":784,"height":11}},{"id":"523242f6-117a-43d7-93e0-04ac8f416af6","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":29,"box":{"x":69,"y":309,"width":791,"height":11}},{"id":"1755e9f6-eaa9-4b6f-bbe0-77795a6a8ce7","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":29,"box":{"x":70,"y":324,"width":803,"height":11}},{"id":"35bb88ef-09cc-4554-957e-34363594c17d","block_type":"box","text":"loans.","page_number":29,"box":{"x":70,"y":340,"width":40,"height":8}},{"id":"edc6bf2b-c261-46f9-8c56-b89f4083c63d","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":29,"box":{"x":101,"y":362,"width":777,"height":11}},{"id":"b516458d-8c48-455c-9ad9-9fe8fa7ffccb","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":29,"box":{"x":70,"y":377,"width":751,"height":12}},{"id":"e8760b64-e32b-4662-85be-88d70fb3a7d7","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":29,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"efadecb4-c58e-45bc-a91d-45eb9e5eebb8","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":29,"box":{"x":69,"y":407,"width":827,"height":11}},{"id":"6d933ddc-722a-4de8-a6e2-39fd4bdce6b0","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":29,"box":{"x":69,"y":423,"width":781,"height":11}},{"id":"13f73960-3804-4392-a596-54875c21da80","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":29,"box":{"x":69,"y":438,"width":759,"height":11}},{"id":"fa80901b-9618-41b7-83b7-ad5e9d60dacd","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":29,"box":{"x":70,"y":453,"width":774,"height":11}},{"id":"72e28f43-8083-4594-b5d7-e70684acbce5","block_type":"box","text":"shareholder approval.","page_number":29,"box":{"x":69,"y":468,"width":153,"height":11}},{"id":"f4ef91b8-a122-4699-afb3-501904cf0a0b","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"9f720c36-fc5d-4cfc-9dbd-e45ac83f948f","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":506,"width":197,"height":11}},{"id":"20e0c449-2bc6-4e63-8088-88402d81a0f6","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":134,"y":528,"width":742,"height":12}},{"id":"c59b1cf6-7c24-4826-9589-0ebd72487c15","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":29,"box":{"x":102,"y":543,"width":759,"height":12}},{"id":"d4e411bb-e815-4289-8ad3-905282e13d57","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":29,"box":{"x":102,"y":559,"width":779,"height":11}},{"id":"cdfbe100-6092-4860-b915-99c4e649564f","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":29,"box":{"x":101,"y":574,"width":761,"height":11}},{"id":"c82c0bbe-d81d-47aa-813f-c28da63eae3e","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":29,"box":{"x":102,"y":589,"width":795,"height":11}},{"id":"dcae6310-ab0d-4a3a-bd83-510f1b635bc3","block_type":"box","text":"12(d)(1) .","page_number":29,"box":{"x":102,"y":604,"width":65,"height":11}},{"id":"62277565-0c33-41ea-a2a4-f841bbbd1d5d","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":134,"y":627,"width":765,"height":11}},{"id":"06c8a29b-25cf-4208-a3f4-2afd1c188194","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":102,"y":642,"width":509,"height":11}},{"id":"4679101b-9310-471f-a770-5b05f99517c9","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":29,"box":{"x":102,"y":664,"width":744,"height":11}},{"id":"33ac6902-793e-4a98-a35d-ca9ba4a1c12d","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":29,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"ddc74326-814e-442d-be23-8247d1cc4e85","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":29,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"90622248-021a-4c17-84f8-1dcc22093e74","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BFA determines that it is practicable to","page_number":29,"box":{"x":70,"y":710,"width":835,"height":11}},{"id":"12cbff83-bf1e-496f-91bb-5e5d7e71cf48","block_type":"box","text":"sell or close out the investment without undue market or tax consequences.","page_number":29,"box":{"x":69,"y":725,"width":541,"height":11}},{"id":"5f7ece5e-c0ae-4c8e-af52-f9d71c35d998","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":755,"width":290,"height":9}},{"id":"11e1ae0f-6a36-4392-9e37-d95d9b962694","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":29,"box":{"x":101,"y":778,"width":789,"height":11}},{"id":"03be8564-843a-45bf-bd31-95198770009b","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":29,"box":{"x":68,"y":793,"width":779,"height":11}},{"id":"9d7f3ae3-23a0-4e8d-811e-b05a2b8f72fb","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":29,"box":{"x":69,"y":808,"width":837,"height":11}},{"id":"c2344cbc-67bb-44e5-9e06-b5b112de7073","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":29,"box":{"x":70,"y":823,"width":793,"height":11}},{"id":"ff7a8aa6-3637-4220-94a7-0958b0bf9b8d","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"d422024a-b2f8-4038-a2f5-f1a1069f8153","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":29,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"f3e0629e-9ecb-4171-bd25-fa545ab00af0","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":869,"width":335,"height":11}},{"id":"5b310996-8fe8-40c2-853d-91c38ce01b9e","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":29,"box":{"x":101,"y":891,"width":769,"height":12}},{"id":"2c9df6b6-2857-4119-b058-d501ed3abe11","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":29,"box":{"x":70,"y":906,"width":827,"height":11}},{"id":"0cd632a5-2a62-4b60-a34b-39caae8bee90","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"754e09ac-bbf0-4740-81d5-ab15cb1cde05","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ddf42d7-9d6d-4e5b-be54-698a71beed30","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":30,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"810c43a6-f43d-4a4e-8f91-17baa9832c6d","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":30,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"07626763-3127-4725-924a-b3118c204624","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":30,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"5e9af0c5-0b8b-4fbc-b5bf-e0061342bedb","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":30,"box":{"x":68,"y":90,"width":789,"height":11}},{"id":"f64e210e-d36a-4e64-ae85-f7ec05ef0b7e","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":30,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"d0fd783f-3590-42f9-8ebd-c7c6fb50fe0d","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":120,"width":809,"height":12}},{"id":"6fd73b23-6871-469f-9a58-54e27cfe579b","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":135,"width":794,"height":12}},{"id":"6e55d703-edcd-4ade-b81f-77e4916aac92","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":30,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"22d0e8e8-ba0f-48b2-8230-ab5812a85f88","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":30,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"3a630bde-9d52-4cb2-ad9a-d1337d18741d","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":181,"width":811,"height":11}},{"id":"bd06bde9-3fd6-4d6c-88e3-20b25cc92451","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":196,"width":809,"height":11}},{"id":"293d23ae-78bc-4c3f-9978-fb0a71e90cd6","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"0a828df8-3885-4051-9ed7-166618414e2d","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":226,"width":441,"height":11}},{"id":"7783348f-428e-4df2-8d62-a365bb2cbc0a","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":30,"box":{"x":101,"y":249,"width":777,"height":11}},{"id":"0c69ca55-0eaf-4c5b-831b-903d7b1a746c","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"1465ed40-cf62-4434-9957-7465ef2a6349","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":30,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"dbf1ee5a-3ba4-4c6f-ab5b-054057d9a958","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":30,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"1c581428-f597-4e08-a562-541a7b694520","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"ec5bb6ae-5aa7-4a89-ab92-6d304ca19419","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":324,"width":192,"height":11}},{"id":"f89126ab-427e-4b1d-bad5-400a12f6b470","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":30,"box":{"x":102,"y":347,"width":785,"height":11}},{"id":"ecb53703-cf44-4858-9a59-b76ed2a6e562","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":30,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"4d2f5436-ff55-4992-ab3f-3d6e4f0078c3","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"2b81a40a-ff33-436e-8030-e63a242e18a3","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":392,"width":820,"height":12}},{"id":"90bd53e3-df8f-4a04-88de-45cb00d53a29","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":30,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"1e02125a-d94e-4904-86ac-5c461336999f","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":30,"box":{"x":70,"y":423,"width":767,"height":11}},{"id":"41fac25b-c39a-4253-8b15-c878c329adfd","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":30,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"9b139f6d-a52a-4bfb-a8f7-b5d6881e8d47","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":453,"width":803,"height":11}},{"id":"335aab12-a97d-428f-844c-9f52adf63a67","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":30,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"74b68b59-ba3e-4b5e-b3e9-072083575d98","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":483,"width":812,"height":11}},{"id":"82d70dce-973b-4bf5-b4c9-04dda83af976","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"4c4906a3-d5db-48b0-9a60-b714ba3e16a1","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":513,"width":812,"height":11}},{"id":"0135a05a-6349-4069-b7f6-3d6b84536c3b","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":528,"width":818,"height":12}},{"id":"833b181c-4a38-4cdb-a9e5-4fb7bae54c06","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":544,"width":759,"height":11}},{"id":"0c735d99-588f-4f5d-b9e5-c284d2b541f0","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":559,"width":299,"height":11}},{"id":"6da70bf7-a477-4a40-8006-d65f622f7f16","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":581,"width":122,"height":9}},{"id":"b46cc827-b0c4-42b1-99a3-628f529352e4","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":581,"width":673,"height":11}},{"id":"6286620c-e50d-4966-b51f-cfedb2706ad1","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":30,"box":{"x":68,"y":596,"width":814,"height":12}},{"id":"5ec03d2c-95bf-40b9-8382-36f76a1a4782","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":30,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"d6b12244-be81-4de1-af4c-0c2277f9d61b","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":30,"box":{"x":69,"y":627,"width":753,"height":11}},{"id":"48d26aa7-4476-442d-a226-6f885581315f","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":642,"width":797,"height":11}},{"id":"855632d0-5f66-4704-b488-4498a3e8d802","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":30,"box":{"x":70,"y":657,"width":825,"height":11}},{"id":"c943365c-4b78-4ca3-b8e0-3096fb5a9917","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":30,"box":{"x":70,"y":672,"width":807,"height":11}},{"id":"93fe08f6-2906-4f85-aad0-30ec53bd62ec","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":30,"box":{"x":68,"y":687,"width":781,"height":11}},{"id":"19835f46-e95e-4799-8abd-37a57886d103","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":30,"box":{"x":69,"y":703,"width":834,"height":11}},{"id":"8f369895-9b4f-4834-8e98-3e3f22522f7d","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":30,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"9c566409-2826-4ca2-a6ec-4c84f3d98922","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":30,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"563128bf-10d7-4a98-9212-56ab720e0991","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":30,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"e71451fb-6fdf-44b7-b11b-e54227b178b8","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":30,"box":{"x":70,"y":763,"width":815,"height":11}},{"id":"0a58e887-bd4a-4746-b362-78bb370e059b","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":30,"box":{"x":69,"y":778,"width":774,"height":11}},{"id":"24c70749-e095-46b6-90c3-cecd8e237827","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":30,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"c7c9a9c2-aec5-4caa-b7f6-31f4c350eeb7","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":30,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"06a87807-5da0-4c44-a572-e908fda0c4ae","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":30,"box":{"x":69,"y":823,"width":812,"height":12}},{"id":"dd62eede-9880-4f24-b7ab-08c82c519a08","block_type":"box","text":"During the fiscal year ended October 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":838,"width":600,"height":12}},{"id":"f131f489-032e-41f5-9c54-6985e6899fa7","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":861,"width":286,"height":11}},{"id":"89e563c9-1606-4f49-84f9-99e62b0e5b89","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":861,"width":464,"height":11}},{"id":"d4d46bcf-7bd6-4c17-8349-a12549d90477","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":30,"box":{"x":70,"y":876,"width":833,"height":11}},{"id":"fcb8170e-930f-4fc2-835a-39eb12c7466f","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":30,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"762d2581-da49-4e29-b8b3-81a7778c4dc4","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":30,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"293a9900-c2d9-4c9a-9f3f-3c6c0753e172","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e66694ec-d1dd-4d95-8826-af95be46de15","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34668280-e9bd-492a-a4f2-41e3fbbddf6f","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":31,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"61eb810e-9635-41de-abf5-ac72239e3bfb","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":31,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"03abca44-ef63-463f-868b-895d859f33b2","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":31,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"8e9b0d54-60ee-46f1-a5d1-cd52b9bc3a44","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"1a3e0c70-efd6-4497-beee-39ce6f0fdda8","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"7c74e429-60db-41f2-af69-f1373775111c","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":120,"width":835,"height":11}},{"id":"fac2deaa-8d9d-47fc-be6c-eb8c9b9ba18b","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":135,"width":815,"height":11}},{"id":"2159a21b-d8a7-4964-b576-e2b3c6f916da","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":151,"width":841,"height":11}},{"id":"46f241dd-987e-42c2-aaba-86aa2401c42e","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Fund shareholders who wish to recommend a","page_number":31,"box":{"x":68,"y":166,"width":838,"height":11}},{"id":"682f5337-3dcc-417d-be45-e2c051a53174","block_type":"box","text":"nominee should send nominations to the Secretary of the Trust that include biographical information and set for th","page_number":31,"box":{"x":69,"y":181,"width":815,"height":11}},{"id":"5c09e2b2-4664-485e-b82c-949c73771a3f","block_type":"box","text":"the qualifications of the proposed nominee. The Board has adopted a written char ter for the Governance Committee.","page_number":31,"box":{"x":68,"y":196,"width":833,"height":11}},{"id":"d4f36e14-270a-4d02-b973-de9308eb7026","block_type":"box","text":"During the fiscal year ended October 31, 2025, the Governance Committee met ten times.","page_number":31,"box":{"x":70,"y":211,"width":644,"height":11}},{"id":"f21475f4-5b00-46a7-9db5-5f4295461a82","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":234,"width":168,"height":11}},{"id":"e6c893dc-619d-4e59-af7e-ac5814d83fc5","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":234,"width":629,"height":11}},{"id":"4d7e965b-0ae3-479e-a712-bc61b59dab5a","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":249,"width":789,"height":11}},{"id":"175cb51c-5878-4f33-ab4a-2c08f6089a0d","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"c886ce27-c2b8-4e42-b976-49d5e7688700","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BFA and any","page_number":31,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"c77e0caf-51d3-48c0-b7d2-9fbdd92f9cef","block_type":"box","text":"sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"c434ed51-0cea-4eba-adef-bb866ff7b950","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":309,"width":819,"height":11}},{"id":"88a97028-b4c0-4715-80ef-2e936b566115","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"799a357f-f671-4f11-b990-aa6405e4c0df","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":31,"box":{"x":69,"y":339,"width":798,"height":12}},{"id":"f38665b9-8739-4cc1-b7f3-25ed36163020","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"f54becea-3092-42ea-a1b6-4cbb9e727527","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"cb3457b2-66b5-4e44-ae37-fdd739500098","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":31,"box":{"x":69,"y":385,"width":799,"height":11}},{"id":"729b3e57-ae2c-4ebc-9712-0cd81227e371","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":31,"box":{"x":69,"y":400,"width":828,"height":11}},{"id":"4ab103b3-6dc8-48d1-b928-d81f871962d8","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":31,"box":{"x":68,"y":415,"width":720,"height":11}},{"id":"21481a40-376a-49ad-b9c9-d10b849e9abf","block_type":"box","text":"October 31, 2025, the Compliance Committee met four times.","page_number":31,"box":{"x":69,"y":430,"width":444,"height":11}},{"id":"36d913c3-3ab3-4bdc-bc11-f522e3f084fc","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":453,"width":248,"height":11}},{"id":"23542b6d-a805-401c-b824-3f1d11c0446f","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":453,"width":531,"height":11}},{"id":"bdacb9bb-607b-46be-90b6-7e6cf1673a49","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"5193ae9e-79a6-4ba5-bd68-41de02fdfa3f","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":483,"width":808,"height":11}},{"id":"3f7093a4-3099-4d8c-9e3c-b56fd56740ef","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":31,"box":{"x":70,"y":498,"width":769,"height":11}},{"id":"522ea671-f945-4eda-bd48-6c00d4c6bb9e","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":31,"box":{"x":70,"y":513,"width":775,"height":11}},{"id":"0d897e90-edae-44c3-898b-67f5e8f74592","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":31,"box":{"x":69,"y":528,"width":782,"height":12}},{"id":"416c679c-f3f2-45ca-b1c3-7ec6c024b6f8","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":31,"box":{"x":70,"y":543,"width":829,"height":12}},{"id":"bcbfbb6c-8bc4-490d-a389-772e6107ff2d","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":31,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"ed579029-a16e-4018-abad-0f695f5cdd7d","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":31,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"571e6359-38b7-4d9b-b4cb-4fc61e463f22","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":31,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"2092ab90-4c9c-479f-8fbf-d589cabd1152","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":31,"box":{"x":68,"y":604,"width":811,"height":11}},{"id":"1d25aeb9-a4b0-4b7d-886a-e0a3e2b6511d","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":31,"box":{"x":69,"y":619,"width":757,"height":11}},{"id":"b0c1a051-9965-48b3-985e-30db89f2337c","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":31,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"e32425e5-da03-40bc-892f-e3c2ab1ec6d2","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":31,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"9d92128c-4e66-4a53-abdd-3dc899635d8f","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":31,"box":{"x":69,"y":664,"width":780,"height":12}},{"id":"06002d2d-af82-4f89-9d9c-a00273bb82f2","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":31,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"1327ab48-25e3-4167-bb01-4684e8dc3693","block_type":"box","text":"ended October 31, 2025, the Per formance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":695,"width":570,"height":11}},{"id":"b22b24af-1d87-4219-be85-fe156aeaf9ef","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":718,"width":186,"height":10}},{"id":"b7b381ed-b40b-46d5-ba9a-4b1025d12dd2","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":31,"box":{"x":293,"y":717,"width":598,"height":11}},{"id":"24856b2b-4140-4b27-9253-def66d9c8aca","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":31,"box":{"x":70,"y":732,"width":817,"height":12}},{"id":"e3fc89b6-41a3-4596-afbc-f6622ad70552","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":31,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"b072c378-d64a-4d77-b880-d3fd97fe513b","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":31,"box":{"x":69,"y":763,"width":788,"height":11}},{"id":"9b21ac65-0779-4e86-8d36-bb063b222f3c","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":31,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"380b5bec-e5df-44f5-9cfd-396ba6852c5e","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":31,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"1790ffe5-3221-4f94-8a2d-b36a2145941a","block_type":"box","text":"the fiscal year ended October 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":31,"box":{"x":68,"y":808,"width":601,"height":11}},{"id":"6824f509-ac78-45bc-84b3-58f55f915d02","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":31,"box":{"x":101,"y":831,"width":771,"height":11}},{"id":"4657363b-7df8-42f3-a366-37718a555c7e","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":31,"box":{"x":69,"y":846,"width":827,"height":11}},{"id":"f18ee317-0771-4c1d-97af-e905bcd174ca","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":31,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"8a5a4116-4e3b-414e-b69f-e04ba0b621a0","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":31,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"cb97b648-5276-4852-9957-c6fc0d6f8434","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":31,"box":{"x":70,"y":891,"width":807,"height":12}},{"id":"e63e3f61-2155-43fb-ba77-19c82d230a5d","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":31,"box":{"x":70,"y":906,"width":787,"height":12}},{"id":"2b8faf0b-f742-4e04-96c2-2353558c6ab8","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"caf2418e-418c-465d-9aaa-feeb99bc3d02","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb91014a-e9b3-474f-a49c-b387239f548e","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"21c5f97a-92db-40e6-b369-85bd3c57f1e6","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":60,"width":794,"height":11}},{"id":"461832f7-adf8-4f79-8181-ffe892a1517b","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"c94ba2b4-b696-4131-8672-bd87e6e26692","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":90,"width":823,"height":11}},{"id":"e0af86a8-9c63-41d9-bcba-087c3dfbb5d3","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"acf40d2f-1037-4ab9-b301-8168788f4b4b","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":120,"width":473,"height":12}},{"id":"642556c3-818a-40f7-ae0d-2bdbec294654","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":143,"width":792,"height":11}},{"id":"0f52d1aa-0b1c-4668-8bf4-86c03f35f3d1","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"3d0d983a-5380-42e9-bfb6-d834a3537ebc","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":32,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"519b9579-c255-43b8-865f-2cc3c1d97008","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":188,"width":759,"height":12}},{"id":"b60c05a9-cb18-4339-870a-e71a4eb8ac47","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":203,"width":685,"height":12}},{"id":"42d08a70-1fb3-4efc-9f78-3643ffa6d3fe","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":204,"width":47,"height":8}},{"id":"6e7ed9e9-a921-4d27-8d3a-ede274f90ef6","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":204,"width":82,"height":8}},{"id":"b828d0bb-162a-4a5a-8645-69bddbfaa523","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":218,"width":395,"height":12}},{"id":"062452ee-7837-40ca-aa04-7a1988a51ffa","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":241,"width":751,"height":11}},{"id":"97b1570b-4807-448c-8655-276355cb7a09","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":257,"width":492,"height":10}},{"id":"cb670d2a-0c99-4238-a310-7e2da66a119a","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":285,"width":409,"height":8}},{"id":"6b04a9a6-281f-46d2-89d9-71364f7a121f","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":301,"width":154,"height":11}},{"id":"abc64eba-0bf0-4fa4-86e9-3faac7ad1ce1","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":316,"width":781,"height":11}},{"id":"5bffb0b6-8626-43af-a4e9-1134350381ee","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":331,"width":604,"height":12}},{"id":"da2e3491-ae09-4f8d-aabc-fd5cb7112a51","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":346,"width":623,"height":12}},{"id":"cf03bc24-d74c-4177-b77a-879e99e22400","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":362,"width":637,"height":11}},{"id":"a0ea2f71-f095-4ab6-bdf6-9fcbfb89987b","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":377,"width":631,"height":11}},{"id":"4f0ef90d-1e94-4db1-bee2-461f0f5d0ff4","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":32,"box":{"x":264,"y":392,"width":626,"height":10}},{"id":"a6ac3db8-e306-49bd-b234-80477b7aae02","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":407,"width":639,"height":11}},{"id":"119fd115-5245-4d49-84be-0fc8009d449a","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":422,"width":637,"height":11}},{"id":"8b644e8d-d917-4e53-923b-e857234f869f","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":437,"width":586,"height":11}},{"id":"5ddd5a42-f392-47c5-a4a0-aa69a14a77ab","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":452,"width":640,"height":11}},{"id":"c008a45c-4349-45f4-bdd5-21a06c144a8d","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":467,"width":389,"height":12}},{"id":"30fe437e-3c8a-40ac-974d-ad0b53581ae4","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":32,"box":{"x":69,"y":490,"width":806,"height":11}},{"id":"52f2145d-6f38-4345-b57c-009c3a369b5b","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":505,"width":604,"height":11}},{"id":"e16d6437-c731-4896-a402-6fe11f6563f3","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":520,"width":632,"height":12}},{"id":"11bdc50a-95b5-4c18-9536-5cd745b8f270","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":32,"box":{"x":265,"y":535,"width":562,"height":9}},{"id":"efbb43e2-3558-4d0f-aed5-c6cbacbe1ff5","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":32,"box":{"x":265,"y":550,"width":616,"height":11}},{"id":"5944b624-e41e-40d3-b658-f14fabde64fb","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":566,"width":591,"height":11}},{"id":"0a1b1ec4-e2d8-4a0a-afb7-5afe040ed9bd","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":32,"box":{"x":265,"y":581,"width":641,"height":11}},{"id":"64f49865-92b1-4e95-9e17-01f4d7305bf3","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":32,"box":{"x":264,"y":596,"width":638,"height":11}},{"id":"5e3922bf-2ad0-40c3-bdbf-48621b9f5213","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":32,"box":{"x":265,"y":611,"width":584,"height":11}},{"id":"6e25a6b5-aac9-46a0-a72c-0c68cba96ed2","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":626,"width":630,"height":11}},{"id":"81a408fb-d664-460b-bd33-d7a055cc2109","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":32,"box":{"x":265,"y":641,"width":634,"height":11}},{"id":"fa20e28c-d161-4a12-b65f-7eeaecc8bc8b","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":32,"box":{"x":265,"y":656,"width":599,"height":11}},{"id":"101f0e0f-331d-43c2-8661-7007a3c5c97f","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":672,"width":407,"height":11}},{"id":"81857aaf-1c6f-4ae0-b2c0-bfdd49132ed7","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":32,"box":{"x":69,"y":694,"width":837,"height":11}},{"id":"246ea7a5-5a79-4367-8b66-f745dcee2298","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":32,"box":{"x":265,"y":709,"width":638,"height":11}},{"id":"c3febf47-8463-47f6-9fcf-3911e89d3cab","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":32,"box":{"x":265,"y":724,"width":642,"height":12}},{"id":"89bb66f2-0991-40d2-86ab-dfd6308e6122","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":32,"box":{"x":265,"y":739,"width":601,"height":12}},{"id":"39bb88fa-887f-475e-8e1b-8f77504d7174","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":32,"box":{"x":265,"y":755,"width":595,"height":11}},{"id":"ce70d235-fcf5-424d-8f55-2f70524c1eaf","block_type":"box","text":"perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":770,"width":323,"height":11}},{"id":"4bb73c9d-46b4-43b1-b07f-dd84d13ca046","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":32,"box":{"x":70,"y":792,"width":798,"height":12}},{"id":"8b7af645-acc8-4349-9000-666bb29559a5","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":32,"box":{"x":265,"y":807,"width":631,"height":12}},{"id":"32ac53e3-a24f-444c-8f91-c527002c54e1","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":32,"box":{"x":265,"y":823,"width":633,"height":11}},{"id":"8accec74-9051-4f64-aed5-c7a7b5ae9df8","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":32,"box":{"x":265,"y":838,"width":628,"height":11}},{"id":"afaeb075-1dfd-4db9-9129-8fb926227ef2","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":32,"box":{"x":265,"y":853,"width":596,"height":11}},{"id":"1c92ad03-b967-40dc-bbf4-237b482824ee","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":32,"box":{"x":265,"y":868,"width":616,"height":11}},{"id":"826f05d3-9edc-470c-8323-c0f9cea187f1","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":32,"box":{"x":264,"y":883,"width":368,"height":11}},{"id":"4889b374-3498-4080-869f-84d53c5d8e8f","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"721f502b-b270-4649-9cf1-c3c66a96bf46","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5817f2b7-156c-43fb-9aa3-44c0ada9bd4d","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"ce0610df-ef47-4b2d-b887-fc0f8139bc12","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":33,"box":{"x":70,"y":65,"width":806,"height":12}},{"id":"03c707fa-84bd-4d59-8df3-710bb6650467","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":33,"box":{"x":264,"y":81,"width":584,"height":11}},{"id":"efcfd3ee-ecd2-472f-adad-83de65e6001c","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":33,"box":{"x":265,"y":96,"width":622,"height":11}},{"id":"e1650457-3d30-4fd9-8c95-ad11e8c6a8e5","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":33,"box":{"x":265,"y":111,"width":638,"height":11}},{"id":"cd54252d-05af-426a-95b5-c35e5d909748","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":33,"box":{"x":265,"y":126,"width":570,"height":11}},{"id":"65bebb43-443a-4f4a-aef7-f3fd8f038b68","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":141,"width":642,"height":11}},{"id":"dad9bada-dbdf-4f7a-b8ae-1a71aaf6a450","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":156,"width":626,"height":11}},{"id":"20ae96b5-5bfa-4a93-b762-e6b95b6f42a1","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":171,"width":630,"height":12}},{"id":"03f8c5c8-1789-468f-b419-24face7b8e2c","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":186,"width":602,"height":12}},{"id":"c1deb846-8c75-40bd-bb0a-37b3989231b3","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":201,"width":643,"height":12}},{"id":"eac82007-3e69-4c45-822b-4198e1d7bb97","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":217,"width":639,"height":11}},{"id":"9ac425f2-8a0e-4866-be52-a47b66dd231c","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":232,"width":641,"height":11}},{"id":"4889a038-c8ed-40b6-951e-eb07e437ee90","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":247,"width":208,"height":11}},{"id":"d278f619-e20f-459c-923e-e6573d63a2e8","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":269,"width":769,"height":12}},{"id":"709ad05e-f2c3-4454-b9ad-5e37971f8c81","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":285,"width":621,"height":11}},{"id":"9e0dfb87-aab1-4347-99ba-a58a41e92c94","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":300,"width":599,"height":11}},{"id":"dc0d57cb-7770-4206-97df-289189e34350","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":315,"width":641,"height":11}},{"id":"fef41717-c45d-4276-928b-85f8113217b9","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":330,"width":602,"height":11}},{"id":"93d87d7d-fb34-40a4-98d4-8c673125a405","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":345,"width":617,"height":11}},{"id":"0eb43ead-4ad6-4746-97a8-a3aff0d59b4e","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":360,"width":629,"height":12}},{"id":"8554726f-a39d-41f3-9029-11532148e2a4","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":375,"width":628,"height":11}},{"id":"22feefca-4914-4042-bfcf-aa483c854043","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":391,"width":251,"height":10}},{"id":"537262da-fef6-4f0e-89e5-46cdce00faf6","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":33,"box":{"x":70,"y":413,"width":764,"height":11}},{"id":"57b23b35-f69f-41aa-a0fa-07b37e3e7f68","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":33,"box":{"x":265,"y":428,"width":642,"height":12}},{"id":"28cb63b3-28c6-472e-ba5f-dfda9b68ad31","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":33,"box":{"x":264,"y":443,"width":593,"height":12}},{"id":"bd964a68-febc-4500-ac31-037e91f977bf","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":33,"box":{"x":265,"y":458,"width":603,"height":12}},{"id":"35b7a7a0-3869-47f1-8b4c-5dd561c66f9b","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"06c9daab-8ca4-4011-9a1b-8e324882b6dc","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":33,"box":{"x":70,"y":496,"width":804,"height":11}},{"id":"04cb7646-fab7-4b81-9254-018db0bab906","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":33,"box":{"x":265,"y":511,"width":552,"height":12}},{"id":"776dae43-38b8-45fe-8416-bc410e50c456","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":33,"box":{"x":265,"y":526,"width":636,"height":12}},{"id":"4c0802fd-2901-45d9-935b-e5f767e2e9f2","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":33,"box":{"x":265,"y":542,"width":639,"height":11}},{"id":"15268eaa-c3e7-4964-894d-ef7cc928d5dd","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":33,"box":{"x":265,"y":557,"width":576,"height":11}},{"id":"21f3624a-a3fa-4f15-b220-e46d7ad14bb7","block_type":"box","text":"exchanges, and other industry firms. 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Management, Advisory and Other Service Arrangements","page_number":40,"box":{"x":69,"y":45,"width":432,"height":11}},{"id":"d8f6ae14-c894-472e-88ef-675c08428603","block_type":"box","text":"Management Agreement","page_number":40,"box":{"x":69,"y":75,"width":180,"height":11}},{"id":"1e602c6a-d171-42ae-9646-1e4f6c332183","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into an investment advisory agreement with BFA pursuant to which","page_number":40,"box":{"x":101,"y":98,"width":803,"height":11}},{"id":"c712b8ea-31ec-49a3-826d-5f31cbb00e56","block_type":"box","text":"BFA is entitled to receive fees for the services it provides (the “Management Agreement”) Pursuant to the","page_number":40,"box":{"x":70,"y":113,"width":753,"height":11}},{"id":"2e735355-948b-4063-957b-5919aefbc946","block_type":"box","text":"Management Agreement, BFA furnishes the Trust’s Board with periodic repor ts on the investment strategy and","page_number":40,"box":{"x":70,"y":128,"width":787,"height":11}},{"id":"746c0398-e0e1-4523-8461-f1daf608f67b","block_type":"box","text":"per formance of the Fund.","page_number":40,"box":{"x":70,"y":143,"width":179,"height":11}},{"id":"32686f19-dbdb-42d8-8376-706cf2e95095","block_type":"box","text":"BFA is an indirect majority-owned subsidiary of BlackRock, Inc.","page_number":40,"box":{"x":102,"y":166,"width":443,"height":11}},{"id":"34bd1c0e-90a8-4953-9424-96953bb53ee0","block_type":"box","text":"The Management Agreement is subject to annual approval by (i) the Trust’s Board or (ii) the vote of a majority (as","page_number":40,"box":{"x":101,"y":188,"width":807,"height":12}},{"id":"4c5ac0c2-0e82-4888-8234-c4034d84e651","block_type":"box","text":"defined in the Investment Company Act) of the outstanding voting securities of the Fund, provided that in either event","page_number":40,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"6578d279-7cbb-41ba-8e9d-4cd552029258","block_type":"box","text":"the continuance also is approved by a majority of the Trust’s Independent Trustees, by a vote cast in person at a","page_number":40,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"2e13eb49-bf0e-4242-9333-10d19e231576","block_type":"box","text":"meeting called for the purpose of voting on such approval. The Management Agreement is terminable without penalty,","page_number":40,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"053e2081-f67a-4af6-b3d6-d2cebccf06b4","block_type":"box","text":"on 60 days’ written notice, by either par ty. The Management Agreement will terminate automatically, as to the Fund,","page_number":40,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"dfa96ec9-f437-4d6c-93e3-454f94309d8b","block_type":"box","text":"in the event of its assignment (as defined in the Investment Company Act).","page_number":40,"box":{"x":70,"y":264,"width":531,"height":11}},{"id":"d47ced48-5019-4bb6-be19-726985859187","block_type":"box","text":"BFA has contractually agreed to waive 0.10% of its management fees payable by the Fund through","page_number":40,"box":{"x":102,"y":286,"width":699,"height":12}},{"id":"de155043-d0b9-4239-a50f-29bc1aa2e642","block_type":"box","text":"June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":40,"box":{"x":69,"y":302,"width":777,"height":11}},{"id":"233506c7-97a0-4807-80f6-608c78887f2d","block_type":"box","text":"interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":70,"y":317,"width":748,"height":11}},{"id":"d1a42c99-b2e0-40e6-90d5-fd4336c53168","block_type":"box","text":"BFA has contractually agreed to waive the management fee with respect to any por tion of the Fund’s assets","page_number":40,"box":{"x":102,"y":339,"width":769,"height":12}},{"id":"7b01b797-830e-49e9-b87a-2570b576679d","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":40,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"63f3a7be-8dc9-4d16-9b7e-1a83f434d11a","block_type":"box","text":"managed by BFA or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BFA","page_number":40,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"b8e8f2ee-8ca7-4301-b745-88bfa474b8cf","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":40,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"685bcaac-8b22-4064-8a6d-79c59bd72424","block_type":"box","text":"BFA indirectly through its investment in money market funds managed by BFA or its affiliates (the “affiliated money","page_number":40,"box":{"x":70,"y":400,"width":818,"height":11}},{"id":"76186132-32c6-4e76-a976-10574d96d963","block_type":"box","text":"market fund waiver”), through June 30, 2027. The contractual agreements may be terminated upon 90 days’ notice","page_number":40,"box":{"x":69,"y":415,"width":825,"height":11}},{"id":"2c16d8b3-c9a7-4c90-b49e-f44e0ef850ce","block_type":"box","text":"by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities","page_number":40,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"101abc9f-7b9f-4b8b-af4f-89f448ec2bd4","block_type":"box","text":"of the Fund.","page_number":40,"box":{"x":69,"y":445,"width":83,"height":9}},{"id":"c97930a9-5590-4c92-b25e-0444b46fdee1","block_type":"box","text":"The fees and expenses of the Independent Trustees, counsel to the Independent Trustees and the independent","page_number":40,"box":{"x":101,"y":468,"width":797,"height":11}},{"id":"d3e64d81-2852-4d8a-aec5-76b021df1c34","block_type":"box","text":"registered public accounting firm that provides audit services in connection with the Fund (collectively referred to as","page_number":40,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"d7ab21dd-10a3-4819-83b0-a62a84bdff76","block_type":"box","text":"the “Independent Expenses”) are paid directly by the Fund. BFA and BAL have contractually under taken, through","page_number":40,"box":{"x":68,"y":498,"width":799,"height":11}},{"id":"86e9288b-c19b-469d-afd9-b344369b82be","block_type":"box","text":"June 30, 2036, to reimburse or provide an offsetting credit to the Fund for such Independent Expenses. On July 1 of","page_number":40,"box":{"x":69,"y":513,"width":831,"height":12}},{"id":"c9953a98-c06e-4f70-b826-e1771a3b55ab","block_type":"box","text":"each year, the waiver agreement will renew automatically for an additional one year so that the agreement will have a","page_number":40,"box":{"x":69,"y":528,"width":834,"height":12}},{"id":"e9ac3aa2-7248-451f-8e8a-70d3c01374e7","block_type":"box","text":"perpetual ten-year term. After giving effect to such contractual arrangements, Independent Expenses will be 0.00%.","page_number":40,"box":{"x":70,"y":543,"width":820,"height":12}},{"id":"b7d0868e-cf70-45c4-96cf-8a6c8a882e21","block_type":"box","text":"Such contractual arrangements may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":40,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"73624c4b-0459-41cd-9cb9-96f548a43e8a","block_type":"box","text":"of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":574,"width":607,"height":11}},{"id":"e1af828b-d408-4fcb-8866-eefb1cbf0696","block_type":"box","text":"Pursuant to the Management Agreement, BFA may from time to time, in its sole discretion to the extent","page_number":40,"box":{"x":102,"y":596,"width":737,"height":12}},{"id":"5d545c20-3460-4f51-a89e-f83ff884ea39","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":40,"box":{"x":70,"y":612,"width":834,"height":11}},{"id":"22df5889-c133-4a83-b24d-5a001ce3d32d","block_type":"box","text":"to per form investment advisory services with respect to the Fund. In addition, the Manager may delegate cer tain of","page_number":40,"box":{"x":68,"y":627,"width":825,"height":11}},{"id":"62eb4b15-2648-43df-bc36-dcdc712f5e6b","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":40,"box":{"x":70,"y":642,"width":801,"height":11}},{"id":"88e81faa-f77b-4bc4-ba93-444a98751a08","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":40,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"b1ba3ef2-b65a-4c45-afd6-428b23502d63","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":40,"box":{"x":69,"y":672,"width":486,"height":11}},{"id":"6c772086-f78c-42d7-abc5-7cc69e437892","block_type":"box","text":"BFA entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and BlackRock","page_number":40,"box":{"x":102,"y":695,"width":794,"height":11}},{"id":"9d72105e-fbc3-4f2f-b79a-224fd1eb7663","block_type":"box","text":"(Singapore) Limited (“BSL,” and together with BIL, the “Sub-Advisers”), pursuant to which BFA pays each Sub-Adviser","page_number":40,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"3c3f27c7-914d-4a67-897c-8f6c19540973","block_type":"box","text":"for providing services to BFA with respect to that por tion of the Fund for which it acts as sub-adviser a monthly fee at","page_number":40,"box":{"x":68,"y":725,"width":835,"height":11}},{"id":"9418dd82-7ce3-48f4-a743-849b21f33169","block_type":"box","text":"an annual rate equal to a percentage of the management fee paid to BFA under the Management Agreement.","page_number":40,"box":{"x":69,"y":740,"width":777,"height":11}},{"id":"8c067d43-8bc7-4313-b3b5-89ce8963b62d","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":40,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"218a3346-fb34-4a67-8ba0-172958bfb4bd","block_type":"box","text":"to the Manager (which includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or","page_number":40,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"3927e3c6-9461-4f8b-87c9-5c42c54a3048","block_type":"box","text":"reimbursed, for the periods shown:","page_number":40,"box":{"x":69,"y":793,"width":248,"height":11}},{"id":"c4ecc42c-6427-4344-8365-efd9b3dc4581","block_type":"box","text":"Fees Paid to","page_number":40,"box":{"x":710,"y":821,"width":72,"height":7}},{"id":"07f19737-6bd9-4aef-8582-1fd477308412","block_type":"box","text":"the Manager","page_number":40,"box":{"x":708,"y":831,"width":74,"height":9}},{"id":"3cbff107-498f-408a-bf0c-03379c5dd9e4","block_type":"box","text":"Fees Waived by","page_number":40,"box":{"x":820,"y":821,"width":89,"height":9}},{"id":"edf2351d-5ccc-49bc-835a-ff8d860f0f21","block_type":"box","text":"the Manager","page_number":40,"box":{"x":827,"y":831,"width":74,"height":9}},{"id":"66fc3f6e-f737-48ba-b6ec-19fce776f700","block_type":"box","text":"Fiscal Year Ended October 31, 2025 . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":849,"width":446,"height":11}},{"id":"06dfe8ab-a5f0-4e9c-8ec4-c2fd2907f596","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $2,","page_number":40,"box":{"x":522,"y":848,"width":202,"height":12}},{"id":"f2b6b4bc-68d1-41ba-8f86-f3cf2c23cff9","block_type":"box","text":"862,183 $1,350,358","page_number":40,"box":{"x":726,"y":848,"width":182,"height":12}},{"id":"8b321149-0c97-45e8-9654-e6cc9ad7f6b6","block_type":"box","text":"Fiscal Year Ended October 31, 2024 . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":70,"y":864,"width":446,"height":11}},{"id":"9bfec693-0173-440f-a02b-66259b6ea120","block_type":"box","text":". . . . . . . . . . . . . . . . . . . $2,","page_number":40,"box":{"x":522,"y":864,"width":202,"height":11}},{"id":"f48580d0-d740-4f32-bab3-ee51c7aab34e","block_type":"box","text":"008,729 $ 923,172","page_number":40,"box":{"x":726,"y":864,"width":181,"height":11}},{"id":"131b08d9-186f-4e6c-90d9-debc8f508381","block_type":"box","text":"Fiscal Period January 18, 2023","page_number":40,"box":{"x":70,"y":879,"width":221,"height":11}},{"id":"f2b4d54e-2192-4a89-aa68-aedaa061b500","block_type":"box","text":"1","page_number":40,"box":{"x":293,"y":880,"width":4,"height":4}},{"id":"8b4fc8a3-6237-4d67-b940-d5bd61086c0b","block_type":"box","text":"to October 31, 2023 . . . . . . .","page_number":40,"box":{"x":302,"y":879,"width":206,"height":11}},{"id":"6cf351d8-5d57-49fb-9286-a1dca3c1bd84","block_type":"box","text":".................... $","page_number":40,"box":{"x":514,"y":879,"width":196,"height":10}},{"id":"b5138083-821a-4340-aa11-527e943d28e7","block_type":"box","text":"429,063 $ 234,103","page_number":40,"box":{"x":726,"y":879,"width":182,"height":11}},{"id":"76014a42-7086-4cf4-b4e3-9a83ac6d5dc3","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":904,"width":3,"height":3}},{"id":"0746ff10-a223-498d-b99b-b8e2a89d7cdb","block_type":"box","text":"Commencement of operations.","page_number":40,"box":{"x":76,"y":904,"width":173,"height":9}},{"id":"6abcf043-c040-4f2a-8a3b-641a8c8c2a84","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fdb37ea9-2f76-4dc8-83af-380a95bd9d20","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5f825b0-3d9e-47a1-9e05-55b12f847027","block_type":"box","text":"Administration Agreements","page_number":41,"box":{"x":68,"y":45,"width":200,"height":11}},{"id":"0408b6bb-9c96-4b6d-addc-cfa3d83cf346","block_type":"box","text":"The Trust has engaged BlackRock Advisors, LLC (“BAL”) to provide cer tain administration services to the Fund.","page_number":41,"box":{"x":101,"y":67,"width":791,"height":12}},{"id":"2bf645a7-8988-4751-90b6-b5555782a391","block_type":"box","text":"Pursuant to an Administration Agreement with the Trust, BAL and its affiliates provide as administration services,","page_number":41,"box":{"x":69,"y":82,"width":808,"height":12}},{"id":"ab909a7e-2966-4bc7-a75e-2c884acee340","block_type":"box","text":"among other things: supervision of the administrative operation of the Trust and the Fund, provision of management","page_number":41,"box":{"x":69,"y":98,"width":829,"height":11}},{"id":"c2a23830-446f-4a3d-8c5f-eba89cb73eb3","block_type":"box","text":"repor ting and treasury administration services, financial repor ting, legal and tax services, and preparation of proxy","page_number":41,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"5b701c43-7ca8-4dd7-a234-6e314d76a698","block_type":"box","text":"statements and shareholder repor ts for the Fund. BAL and its affiliates also furnish office space and cer tain facilities","page_number":41,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"b5389014-1e6f-4333-a119-b796f00445ab","block_type":"box","text":"required for conducting the business of the Trust together with all other administrative services that are not being","page_number":41,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"c8255109-67e8-48e0-bbf5-6045d8ae8dc7","block_type":"box","text":"furnished by BFA. BAL and its affiliates also pay the compensation of the Trust’s Trustees who are not Independent","page_number":41,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"abcd57cd-8ca0-43c5-bafb-46081142f635","block_type":"box","text":"Trustees and of officers and employees who are affiliated with the Trust. For providing such services, BAL is entitled","page_number":41,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"069cac49-6240-4470-af5d-5114eb6cb94c","block_type":"box","text":"to a monthly fee at an annual rate of 0.10% of the average daily net assets of Class K Shares of the Fund and a","page_number":41,"box":{"x":68,"y":188,"width":801,"height":12}},{"id":"48c96a69-59d8-4e28-81eb-01187485997b","block_type":"box","text":"monthly fee at an annual rate of 0.20% of the average daily net assets of Institutional Shares of the Fund. BAL has","page_number":41,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"0b008b7a-6448-48d8-9f4e-39860ab81b42","block_type":"box","text":"contractually agreed to waive 0.10% of its administration fees for each of Class K Shares and Institutional Shares","page_number":41,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"adfbaca3-3330-41aa-9518-4c8da2c7f459","block_type":"box","text":"through June 30, 2027.","page_number":41,"box":{"x":68,"y":234,"width":169,"height":11}},{"id":"57a8f21c-00a3-4276-bc43-efe2cf9f7dc7","block_type":"box","text":"In addition, BAL has agreed to bear all costs of the Fund’s and the Trust’s operations, but not including","page_number":41,"box":{"x":102,"y":256,"width":737,"height":12}},{"id":"767fa71c-cf49-4679-9c5b-04ee49deb6c5","block_type":"box","text":"brokerage expenses, management fees, cer tain fees and expenses related to the Trust’s Independent Trustees and","page_number":41,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"bdf80a14-8a31-4cf3-8ce3-2d0945caf3f0","block_type":"box","text":"their counsel, auditing fees, litigation expenses, taxes or other extraordinary expenses.","page_number":41,"box":{"x":68,"y":286,"width":622,"height":12}},{"id":"b0c6e901-b43e-4e5b-9c9e-be6e908633a2","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Fund, to","page_number":41,"box":{"x":101,"y":309,"width":798,"height":11}},{"id":"0331c5e6-65dd-4ff7-9fb4-a61284af48cd","block_type":"box","text":"BAL and the amounts waived and/or reimbursed, for the periods shown:","page_number":41,"box":{"x":70,"y":324,"width":512,"height":11}},{"id":"34cb888d-7bcf-4f69-a311-0451f6cacb20","block_type":"box","text":"Fees Paid to the","page_number":41,"box":{"x":671,"y":353,"width":95,"height":7}},{"id":"a51bf3d9-ae75-4bd4-8253-7500a466f817","block_type":"box","text":"Administrator","page_number":41,"box":{"x":679,"y":363,"width":79,"height":7}},{"id":"f7f48f82-f36c-4b43-8d6b-b565c74ceacb","block_type":"box","text":"Fees Waived by the","page_number":41,"box":{"x":797,"y":353,"width":112,"height":8}},{"id":"a1a2769d-e077-4172-994b-adf6c599b847","block_type":"box","text":"Administrator","page_number":41,"box":{"x":813,"y":363,"width":79,"height":7}},{"id":"79fd81a5-8e5d-4ac7-a8ca-dd4ed7e019b4","block_type":"box","text":"Fiscal Year Ended October 31, 2025","page_number":41,"box":{"x":70,"y":380,"width":256,"height":11}},{"id":"8ac8031f-36db-4eb2-a7e1-90d82bec6bdb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":41,"box":{"x":336,"y":380,"width":361,"height":11}},{"id":"0737d9be-7e25-4063-b8a4-68ab566da51a","block_type":"box","text":"835,549 $1,151,305","page_number":41,"box":{"x":699,"y":380,"width":197,"height":11}},{"id":"be651d01-536c-4863-b362-ceb9745fce3d","block_type":"box","text":"Fiscal Year Ended October 31, 2024","page_number":41,"box":{"x":70,"y":396,"width":257,"height":10}},{"id":"2df6ae03-5cfb-40d9-9d3d-d2e64e4db1e8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":41,"box":{"x":336,"y":395,"width":361,"height":11}},{"id":"f2c1a01f-e9c9-40b1-9039-3b9bd6971d56","block_type":"box","text":"337,112 $ 803,492","page_number":41,"box":{"x":700,"y":395,"width":196,"height":11}},{"id":"354f1c1c-f927-4a38-a074-796cf5083f1b","block_type":"box","text":"Fiscal Period January 18, 2023","page_number":41,"box":{"x":70,"y":411,"width":222,"height":11}},{"id":"546f76f2-acd6-4cb3-9157-5095245ec48b","block_type":"box","text":"1","page_number":41,"box":{"x":293,"y":411,"width":4,"height":4}},{"id":"95e957e3-752d-4eb8-bb2d-b8a563b9aa77","block_type":"box","text":"to October 31, 2023 . . . . . . . . .","page_number":41,"box":{"x":302,"y":411,"width":224,"height":10}},{"id":"cbaa8786-8ce8-4949-a43f-8c360d3c7cd0","block_type":"box","text":".............. $","page_number":41,"box":{"x":532,"y":410,"width":151,"height":10}},{"id":"197bfceb-1994-41e6-8acf-9e92a76dea27","block_type":"box","text":"180,851 $ 171,625","page_number":41,"box":{"x":700,"y":410,"width":196,"height":11}},{"id":"2af95389-aff2-4a91-bd67-9ecb0f5326a9","block_type":"box","text":"1","page_number":41,"box":{"x":69,"y":435,"width":3,"height":4}},{"id":"1625c451-0263-4dda-ac45-893988c6b970","block_type":"box","text":"Commencement of operations.","page_number":41,"box":{"x":76,"y":435,"width":173,"height":9}},{"id":"2c5aa574-89b2-4185-a516-2b0b47f9b2e2","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":41,"box":{"x":69,"y":464,"width":335,"height":11}},{"id":"0086e330-bd9d-405f-8545-6975ee8559a3","block_type":"box","text":"Philip Green, Michael Pensky, CFA, Thomas Becker and Daniel Felder, CFA are the por tfolio managers and are","page_number":41,"box":{"x":102,"y":486,"width":780,"height":11}},{"id":"3c0883d4-af22-4132-bb60-f93060860162","block_type":"box","text":"jointly and primarily responsible for the day-to-day management of the Fund.","page_number":41,"box":{"x":67,"y":501,"width":540,"height":12}},{"id":"5f75908d-bafe-40e7-867b-e1528550e3f2","block_type":"box","text":"Other Funds and Accounts Managed","page_number":41,"box":{"x":70,"y":532,"width":257,"height":11}},{"id":"3b65ea95-c45c-45a3-ad91-216ff2328d7b","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Fund for which the Fund’s","page_number":41,"box":{"x":101,"y":554,"width":806,"height":12}},{"id":"e447ba27-3265-48ce-b2ba-2dcbdb3e7022","block_type":"box","text":"por tfolio managers are jointly and primarily responsible for the day-to-day por tfolio management as of","page_number":41,"box":{"x":70,"y":569,"width":722,"height":12}},{"id":"e0608dd4-b5c1-411c-91f6-51e2bb54d725","block_type":"box","text":"October 31, 2025.","page_number":41,"box":{"x":69,"y":585,"width":131,"height":10}},{"id":"7d2b0dd8-268d-43d8-a0f3-5c7e7cbe4b3d","block_type":"box","text":"Number of Other Accounts Managed","page_number":41,"box":{"x":362,"y":613,"width":211,"height":9}},{"id":"5900eb96-68d2-46fb-a055-d4cd2aac3237","block_type":"box","text":"and Assets by Account Type","page_number":41,"box":{"x":385,"y":623,"width":165,"height":9}},{"id":"9d04db6a-9810-43c5-bd9e-72fab95a6842","block_type":"box","text":"Number of Other Accounts and Assets","page_number":41,"box":{"x":656,"y":613,"width":222,"height":7}},{"id":"dead583b-68b8-427f-862c-7ad58f129313","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":41,"box":{"x":634,"y":623,"width":265,"height":9}},{"id":"fb0be860-846d-4766-a407-e87aa02633df","block_type":"box","text":"Name of Portfolio Manager","page_number":41,"box":{"x":74,"y":666,"width":157,"height":9}},{"id":"95e928d6-f466-4a8e-9999-153029ec9483","block_type":"box","text":"Other","page_number":41,"box":{"x":345,"y":635,"width":32,"height":8}},{"id":"87c9a176-55c6-4693-bfec-9eb892a118cd","block_type":"box","text":"Registered","page_number":41,"box":{"x":330,"y":646,"width":62,"height":8}},{"id":"20e75d73-ea9f-4ec2-ac92-4fef334dad85","block_type":"box","text":"Investment","page_number":41,"box":{"x":329,"y":656,"width":64,"height":7}},{"id":"eeae072a-a983-4eec-baa0-5f7e436d96b9","block_type":"box","text":"Companies","page_number":41,"box":{"x":329,"y":666,"width":64,"height":8}},{"id":"edb801b7-449d-4c96-940c-03e297d1903e","block_type":"box","text":"Other 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Pooled","page_number":41,"box":{"x":725,"y":646,"width":75,"height":7}},{"id":"dc915b29-39cc-4990-adff-b602ad97c78e","block_type":"box","text":"Investment","page_number":41,"box":{"x":731,"y":656,"width":64,"height":7}},{"id":"4f37c861-0288-4f31-826f-45dbcf3033a7","block_type":"box","text":"Vehicles","page_number":41,"box":{"x":738,"y":666,"width":49,"height":7}},{"id":"cba19a65-e572-4e48-bf38-b0ba2dca59cf","block_type":"box","text":"Other","page_number":41,"box":{"x":845,"y":656,"width":32,"height":7}},{"id":"bfa0c0f6-4826-470c-92ca-7794ec0c3a48","block_type":"box","text":"Accounts","page_number":41,"box":{"x":833,"y":666,"width":55,"height":7}},{"id":"c6f53dc5-4e9f-4572-af71-5c848e2784f2","block_type":"box","text":"Thomas Becker 12 32 2 0 5 0","page_number":41,"box":{"x":73,"y":680,"width":791,"height":7}},{"id":"76b52a39-4b65-458e-84a1-9f232528a413","block_type":"box","text":"$7.06 Billion $9.38 Billion $894.18 Million $0 $2.23 Billion $0","page_number":41,"box":{"x":325,"y":692,"width":543,"height":8}},{"id":"cff8d010-41b7-4021-8df6-50f09d1ffc43","block_type":"box","text":"Daniel Felder, CFA 22 14 14 0 0 4","page_number":41,"box":{"x":74,"y":705,"width":790,"height":8}},{"id":"6795bb49-a7ee-4dd9-9b93-eb9a6819e74b","block_type":"box","text":"$11.48 Billion $8.54 Billion $11.41 Billion $0 $0 $4.05 Billion","page_number":41,"box":{"x":321,"y":717,"width":576,"height":8}},{"id":"e01a2327-ff5a-4247-9a40-a135c9be056c","block_type":"box","text":"Philip Green 27 53 16 0 6 6","page_number":41,"box":{"x":74,"y":730,"width":790,"height":9}},{"id":"db9e580d-340a-4fc2-a82d-61475f12e290","block_type":"box","text":"$19.60 Billion $26.31 Billion $12.73 Billion $0 $2.42 Billion $5.88 Billion","page_number":41,"box":{"x":321,"y":742,"width":576,"height":8}},{"id":"718b52f7-b06a-42d3-b883-22fa6ff5fe06","block_type":"box","text":"Michael Pensky, CFA 27 60 6 0 7 0","page_number":41,"box":{"x":74,"y":755,"width":790,"height":9}},{"id":"8d785b5c-9091-46db-8d60-cc8ce8e94932","block_type":"box","text":"$19.49 Billion $19.27 Billion $983.91 Million $0 $2.59 Billion $0","page_number":41,"box":{"x":321,"y":767,"width":547,"height":9}},{"id":"20d1ac26-2e3b-4048-8726-4413cb6d1402","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":41,"box":{"x":69,"y":802,"width":304,"height":11}},{"id":"ecab0246-e76c-4415-b8eb-7924be8c1ff7","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of October 31, 2025.","page_number":41,"box":{"x":101,"y":824,"width":683,"height":12}},{"id":"5d19defc-f825-44a4-ac3f-638164c0d343","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":41,"box":{"x":102,"y":847,"width":774,"height":11}},{"id":"aa02c1b2-7b04-4932-a051-8c4b2b4adf97","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":41,"box":{"x":70,"y":862,"width":837,"height":12}},{"id":"fb502968-9d10-4489-8a50-3532dfae5a0a","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":41,"box":{"x":69,"y":877,"width":823,"height":12}},{"id":"16248c82-e1b3-4814-b064-a10031e79caf","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":41,"box":{"x":69,"y":892,"width":799,"height":12}},{"id":"84557607-d0db-4cd4-a935-9ea407b5a8ac","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":41,"box":{"x":70,"y":908,"width":670,"height":11}},{"id":"841dd0b7-510e-42ff-bbdd-afde3c0eaa17","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"76ea2b19-e797-4d77-8708-2f24021f5bec","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36dd6061-2f11-4e3f-8b4f-fe16e23f4633","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":45,"width":148,"height":11}},{"id":"40fd546a-6447-4da4-8d60-a4261d945b08","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":45,"width":640,"height":11}},{"id":"4a3af04d-8e8a-45d4-85fe-9df41a2200b5","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":60,"width":32,"height":9}},{"id":"19a9b1e1-a634-4cf8-8203-8605a9e34f32","block_type":"box","text":"Discretionary Incentive Compensation","page_number":42,"box":{"x":69,"y":90,"width":277,"height":11}},{"id":"9b247976-5277-4937-903f-1fb3c8c6169b","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":113,"width":281,"height":11}},{"id":"1ebaa08c-9953-4a0b-9e81-0a8840f1a960","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":42,"box":{"x":391,"y":113,"width":432,"height":11}},{"id":"c4fbbb20-db98-4d56-93c5-f696935c1e18","block_type":"box","text":"components: the commercial per formance of BlackRock, Inc., the commercial per formance of the por tfolio","page_number":42,"box":{"x":69,"y":128,"width":762,"height":11}},{"id":"aabfab28-8b1a-4449-a6c7-f724fa11d4c4","block_type":"box","text":"manager’s group, client investment per formance relative to predetermined benchmarks for which the por tfolio","page_number":42,"box":{"x":69,"y":143,"width":785,"height":11}},{"id":"f5439e1e-09ac-495f-bbae-168b65d8c7a3","block_type":"box","text":"manager’s group is responsible, and the individual’s contribution to the overall per formance of these por tfolios and","page_number":42,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"60ef4ada-7409-46f8-9a39-c9b935965b81","block_type":"box","text":"BlackRock. Commercial and investment per formance is generally assessed over trailing 1-,3-, and 5-year periods. The","page_number":42,"box":{"x":70,"y":173,"width":838,"height":11}},{"id":"09ec4ad9-a96e-48f3-8aa9-12d9d4438f64","block_type":"box","text":"relative benchmarks for these por tfolio managers are:","page_number":42,"box":{"x":69,"y":188,"width":383,"height":12}},{"id":"5519ebfd-c37f-47c7-8b9d-658130b69e0a","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":42,"box":{"x":69,"y":217,"width":267,"height":8}},{"id":"9b77f846-ecda-4491-86ce-fe31d3dd88ee","block_type":"box","text":"Philip Green","page_number":42,"box":{"x":69,"y":233,"width":84,"height":11}},{"id":"8cd8fa3c-d916-43c9-b231-1235be8c426a","block_type":"box","text":"Daniel Felder, CFA","page_number":42,"box":{"x":70,"y":248,"width":127,"height":11}},{"id":"134ba0de-6300-4bb2-b8e9-6a64f277b82f","block_type":"box","text":"A combination of market-based indices (Russell 1000, MSCI All Country World Index, ICE","page_number":42,"box":{"x":264,"y":233,"width":633,"height":11}},{"id":"a3590270-1803-4476-ab06-ef0e230c8961","block_type":"box","text":"BofA 3-Month US T Bill), cer tain custom indices and cer tain fund industry peer groups.","page_number":42,"box":{"x":265,"y":248,"width":616,"height":11}},{"id":"8eb3acbe-ae13-434a-90e1-03b1579745a3","block_type":"box","text":"Thomas Becker A combination of market-based indices (MSCI EAFE, ICE BofA 3-Month U.S. Treasury Bill","page_number":42,"box":{"x":68,"y":271,"width":822,"height":11}},{"id":"2e1c11e7-bd49-4d37-8e20-ae06ae60d67e","block_type":"box","text":"Index), cer tain customized indices and cer tain fund industry peer groups.","page_number":42,"box":{"x":265,"y":286,"width":521,"height":11}},{"id":"afab65ec-b0a4-4bd7-bd16-fec865e429c0","block_type":"box","text":"Michael Pensky, CFA A combination of market-based indices (MSCI EAFE, Russell 3000, Bloomberg U.S.","page_number":42,"box":{"x":70,"y":309,"width":785,"height":11}},{"id":"c49bcee8-80cc-4122-abb0-8dae7718e4bb","block_type":"box","text":"Aggregate Bond Index, ICE BofA 3-Month US T Bill), cer tain customized indices and","page_number":42,"box":{"x":264,"y":324,"width":590,"height":11}},{"id":"bca3f375-bd2e-4bc9-a226-65ce4db4b35c","block_type":"box","text":"cer tain fund industry peer groups.","page_number":42,"box":{"x":264,"y":339,"width":242,"height":11}},{"id":"aada6a9c-087b-44cc-a5f1-8ec325d69ef6","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":363,"width":389,"height":11}},{"id":"0d4b4676-76fa-4a3c-a000-ca58acdcb193","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":363,"width":383,"height":11}},{"id":"b5aa2efb-8108-401e-8785-adf4ac577057","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":378,"width":815,"height":11}},{"id":"f136324f-049f-46db-9711-2f998c94be1c","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":42,"box":{"x":68,"y":393,"width":522,"height":11}},{"id":"f892a895-9ce6-4294-896e-a900af7c3859","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":42,"box":{"x":102,"y":416,"width":760,"height":11}},{"id":"8acd34f5-6237-4f91-be67-815ea56f09a8","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":431,"width":795,"height":11}},{"id":"9f4f97af-a393-4c8c-96e4-4e832c1854db","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":42,"box":{"x":69,"y":446,"width":805,"height":11}},{"id":"253e5f9a-ae9e-4af4-ae22-2bf789c82035","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":42,"box":{"x":69,"y":461,"width":822,"height":11}},{"id":"7317e21c-c897-46d2-97c0-da699ec7e562","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":42,"box":{"x":68,"y":476,"width":839,"height":11}},{"id":"89bbfd46-a84f-417c-b40a-bb05bf271956","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":42,"box":{"x":69,"y":491,"width":802,"height":12}},{"id":"9cee4fd3-1b4f-4ee2-880a-99fb1ce18bd3","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":42,"box":{"x":70,"y":506,"width":820,"height":12}},{"id":"5977f513-ce26-4fd3-84d6-469875eaeefe","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":42,"box":{"x":70,"y":521,"width":801,"height":12}},{"id":"4956a6b0-d0f5-4381-87eb-012fbc35fea2","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":42,"box":{"x":70,"y":537,"width":831,"height":11}},{"id":"0719131c-9bd4-4228-8543-45d6690e618e","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":552,"width":479,"height":11}},{"id":"024d1886-804e-4f0d-b8d0-0b1e0c10a444","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":42,"box":{"x":102,"y":574,"width":785,"height":12}},{"id":"932e5a92-f56d-4a9c-ad8d-9dc684fdd58f","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":42,"box":{"x":68,"y":589,"width":836,"height":12}},{"id":"5d1eb5e5-f413-4a9c-95ce-ca27fa5be222","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":42,"box":{"x":68,"y":605,"width":821,"height":11}},{"id":"c62e5438-d6c9-4f4c-9c88-3d8cd8bfa0ac","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":42,"box":{"x":69,"y":620,"width":829,"height":11}},{"id":"d23125b2-935c-409f-8ef7-047935aed54e","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":42,"box":{"x":70,"y":635,"width":835,"height":11}},{"id":"16462087-9693-49b8-8ba5-1bc8e98cc7f3","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":650,"width":414,"height":11}},{"id":"65d798e7-070b-40eb-b07e-1ae8abfefaa2","block_type":"box","text":"Other Compensation Benefits.","page_number":42,"box":{"x":101,"y":673,"width":218,"height":11}},{"id":"9de90b66-3731-4051-870f-40cc148b40be","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":42,"box":{"x":327,"y":673,"width":552,"height":11}},{"id":"ee1f8c06-a158-4457-bc21-55bf354a076b","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":42,"box":{"x":69,"y":688,"width":582,"height":11}},{"id":"ce5174d2-4227-4766-af66-502be5190350","block_type":"box","text":"Incentive Savings Plans","page_number":42,"box":{"x":102,"y":711,"width":167,"height":11}},{"id":"cb45abd7-d22a-4593-8960-26e6c51f9969","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":42,"box":{"x":274,"y":710,"width":614,"height":12}},{"id":"155efa9d-9482-4d21-9044-b73b7f535f79","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":42,"box":{"x":69,"y":726,"width":831,"height":11}},{"id":"a3488dcf-7080-44f7-a22a-cd07426dc505","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":42,"box":{"x":70,"y":741,"width":785,"height":11}},{"id":"cf7d23b5-0ae1-4719-9745-b6ba97be1d59","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":42,"box":{"x":69,"y":755,"width":830,"height":12}},{"id":"b74301b1-8661-4a9d-bfea-f4b6df6c6318","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":42,"box":{"x":69,"y":771,"width":799,"height":11}},{"id":"f5d8d5bd-afd6-4d25-aa97-6bcd58bd86e5","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":42,"box":{"x":69,"y":785,"width":831,"height":12}},{"id":"fe6db01d-356d-4785-8c82-3424c5e5c568","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":42,"box":{"x":69,"y":801,"width":798,"height":11}},{"id":"b288533e-8f1e-48a5-8577-cd6ec38e8896","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":42,"box":{"x":70,"y":816,"width":809,"height":12}},{"id":"6062e88f-f049-446d-8274-815cc70e235d","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":42,"box":{"x":68,"y":831,"width":793,"height":12}},{"id":"d36b15bb-c3be-4571-8e88-eb99a1495029","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":42,"box":{"x":70,"y":846,"width":832,"height":11}},{"id":"d38807b5-128b-487d-adfd-539688bfd079","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":42,"box":{"x":68,"y":862,"width":805,"height":11}},{"id":"1b0d5a0b-2922-459b-9180-83ace952fd0b","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":42,"box":{"x":69,"y":876,"width":808,"height":12}},{"id":"96da0d44-2f59-4acc-b144-6d8756acd235","block_type":"box","text":"par ticipate in these plans.","page_number":42,"box":{"x":70,"y":892,"width":185,"height":11}},{"id":"af22ec82-87b2-4ae8-8348-1e80a75db9c9","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"3a7bfe88-800d-4868-803d-3d17b328dd75","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b13a846-d977-4b27-9f19-c86ab5831447","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"aa0a3681-e078-43da-b3f9-6de120b72075","block_type":"box","text":"As of October 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":67,"width":758,"height":12}},{"id":"be062608-eb6e-464f-97dd-3053d1c865b4","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":43,"box":{"x":69,"y":82,"width":519,"height":12}},{"id":"0b38ec4f-6bee-4bd8-973a-49df97e11d15","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"11076d70-5ab7-4805-8eae-5f0e82f4dfc7","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":111,"width":129,"height":9}},{"id":"115c3b21-d28f-4136-8bfd-8aac01e8247a","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":121,"width":173,"height":9}},{"id":"ee776cba-1ca4-4f78-907b-6b8ebc9b4d0e","block_type":"box","text":"Philip Green","page_number":43,"box":{"x":69,"y":139,"width":84,"height":10}},{"id":"67c72ee7-f169-4221-80d9-7922c739292c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":157,"y":139,"width":684,"height":8}},{"id":"822d5b47-3d6c-4c0c-b735-0117ecc4e18f","block_type":"box","text":"Daniel Felder, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":70,"y":154,"width":771,"height":10}},{"id":"152f99d8-80ab-45f1-b91a-5dbf5cd3af71","block_type":"box","text":"Thomas Becker . . .","page_number":43,"box":{"x":68,"y":169,"width":132,"height":9}},{"id":"cd63ed1f-c8f2-46ca-9e02-76592cdc0186","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":206,"y":169,"width":635,"height":9}},{"id":"4aa02941-0f8a-4e02-85c3-06b93d6141ef","block_type":"box","text":"Michael Pensky, CFA","page_number":43,"box":{"x":70,"y":184,"width":144,"height":11}},{"id":"a4c78422-ab26-40f6-b8ad-7050a1d26932","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":223,"y":184,"width":618,"height":9}},{"id":"52081532-bbd2-4f3d-82ba-0d4d9f8a8ade","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":224,"width":403,"height":11}},{"id":"d1746c1f-d50c-4b4c-9fd0-cd97b93b26a0","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":247,"width":727,"height":11}},{"id":"0d22ea3f-15f4-4656-9f99-049d334e8d6a","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":262,"width":814,"height":11}},{"id":"a1d67407-1934-43e8-b4d7-ea23f68fea3a","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":43,"box":{"x":70,"y":277,"width":837,"height":11}},{"id":"083325ca-859d-4d48-9ae0-0d472aca9eff","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":292,"width":810,"height":11}},{"id":"a8635bfe-e709-4bf0-a6b9-7bbd11b1bcee","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":307,"width":782,"height":11}},{"id":"7ff4be91-729d-4219-af2d-a8fcf94277ff","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":323,"width":830,"height":11}},{"id":"ac7a20af-77db-497f-8910-6d1b393227b7","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":338,"width":828,"height":11}},{"id":"78ce1ac8-2520-4f68-9264-353930bd18a9","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":353,"width":834,"height":11}},{"id":"1dc68f7f-04ab-4fbf-b660-5fb34a0ebdb2","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":43,"box":{"x":70,"y":368,"width":777,"height":11}},{"id":"d52413be-0359-4869-bc9d-4570f6c589cf","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":383,"width":821,"height":11}},{"id":"e2013179-6f94-44b4-ae25-fc99836efe7a","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":398,"width":819,"height":11}},{"id":"1b37ebe9-1bcb-41ad-bc01-de6e72f32c2b","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":413,"width":832,"height":11}},{"id":"f3a0393e-3d2b-43d8-b14f-e866654fab6a","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":428,"width":804,"height":11}},{"id":"7519bdbd-9f08-4e4f-9295-7766ffb6cee9","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":43,"box":{"x":69,"y":443,"width":760,"height":12}},{"id":"34337457-f6df-41f7-8ec1-c7fe3152706a","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":43,"box":{"x":69,"y":458,"width":834,"height":12}},{"id":"c35ed28c-98d8-4d10-88b0-7e56e360aad7","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":43,"box":{"x":69,"y":474,"width":836,"height":11}},{"id":"29c3e4f2-0a2a-4a5b-8051-2199236b778c","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":43,"box":{"x":69,"y":489,"width":822,"height":11}},{"id":"f7b6945e-5311-4653-abb3-621d60c6cd62","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":43,"box":{"x":70,"y":504,"width":835,"height":11}},{"id":"3189b4ee-dacf-4497-a2e6-6540335d9642","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Mr. Green may be managing hedge fund","page_number":43,"box":{"x":69,"y":519,"width":833,"height":11}},{"id":"588a79f2-44e0-4d71-921f-a2c85df296e2","block_type":"box","text":"and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts, subject to","page_number":43,"box":{"x":69,"y":534,"width":802,"height":11}},{"id":"2c53243a-fbd4-4eed-8d5d-2eaf0c4db95d","block_type":"box","text":"incentive fees. Mr. Green may therefore be entitled to receive a por tion of any incentive fees earned on such","page_number":43,"box":{"x":70,"y":549,"width":773,"height":11}},{"id":"dfda9120-6ce1-4c39-a7ff-abc432092567","block_type":"box","text":"accounts.","page_number":43,"box":{"x":69,"y":565,"width":67,"height":8}},{"id":"b42302ae-8f09-4bad-ba86-95a425b92c37","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":43,"box":{"x":101,"y":587,"width":788,"height":11}},{"id":"083c79ea-90a2-4748-960b-8839a1ba4ae1","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":43,"box":{"x":70,"y":602,"width":839,"height":11}},{"id":"2a4cc955-9d0d-47fc-b1f0-60aec9a65a5d","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":43,"box":{"x":68,"y":617,"width":823,"height":12}},{"id":"5b745814-c0c9-4bab-adbe-547ebad8dc88","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":43,"box":{"x":68,"y":632,"width":812,"height":12}},{"id":"735b5d38-ee93-4b5b-bec8-53d25a92cee7","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":43,"box":{"x":69,"y":647,"width":777,"height":12}},{"id":"a17cfba5-3944-4961-9766-95b45ee2b0be","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":43,"box":{"x":70,"y":663,"width":826,"height":11}},{"id":"bdc56a2c-e184-4c6a-90de-ab2e2fcc5ee3","block_type":"box","text":"Accounting Services","page_number":43,"box":{"x":68,"y":693,"width":150,"height":11}},{"id":"a9bd9cd2-51f1-4fb9-a0b2-9a0ef65e68e8","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as the accounting services provider for the Fund.","page_number":43,"box":{"x":102,"y":715,"width":791,"height":12}},{"id":"66268aca-9393-411b-85f7-195a08ffdfb6","block_type":"box","text":"State Street maintains the books of account and other financial records; records general ledger entries; calculates","page_number":43,"box":{"x":69,"y":731,"width":817,"height":11}},{"id":"78dd2b38-9775-4683-b709-a3fc06f7120f","block_type":"box","text":"daily net income; reconciles activity to the trial balance; calculates and publishes daily net asset value; prepares","page_number":43,"box":{"x":69,"y":746,"width":803,"height":11}},{"id":"4965c55b-196e-467a-a267-c02faa47ae51","block_type":"box","text":"account balances; and provides such other accounting services as may be required. In connection with its accounting","page_number":43,"box":{"x":69,"y":761,"width":839,"height":11}},{"id":"9452f5a9-5ef9-4e6e-b209-38097f534c0b","block_type":"box","text":"services, State Street also provides cer tain administration services.","page_number":43,"box":{"x":69,"y":776,"width":486,"height":11}},{"id":"dc0145c6-5b76-4dd1-8e02-26674ae3e916","block_type":"box","text":"Custodian","page_number":43,"box":{"x":69,"y":806,"width":72,"height":9}},{"id":"c40f94c0-d61a-47ef-a6fc-f3de870c0842","block_type":"box","text":"State Street, which has its principal place of business at One Congress Street, Suite 1, Boston, Massachusetts","page_number":43,"box":{"x":102,"y":829,"width":797,"height":11}},{"id":"b676204f-1f6f-4528-b014-ccd24d945c61","block_type":"box","text":"02114-2016, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":43,"box":{"x":69,"y":844,"width":822,"height":11}},{"id":"757e3a3b-8317-40fd-9e0f-84413ff962f1","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":43,"box":{"x":69,"y":859,"width":832,"height":11}},{"id":"df8805d3-7c7c-4dd0-acb5-a619bcec374c","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":43,"box":{"x":70,"y":874,"width":813,"height":11}},{"id":"74ddfda2-f2bf-43bf-b7ad-4dc26b25ed00","block_type":"box","text":"account of the assets of the Fund.","page_number":43,"box":{"x":69,"y":889,"width":244,"height":9}},{"id":"2c57f9e8-317d-4849-86ad-e3eb29e632fe","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d2327a25-3bba-436c-b4b5-b397b8660255","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f51727f0-8e47-4e5a-b72d-3287da2ee64c","block_type":"box","text":"Transfer Agent","page_number":44,"box":{"x":68,"y":45,"width":107,"height":11}},{"id":"ff818827-af4f-448c-925a-433da22857d2","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":44,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"eda714bf-885e-48dd-b1ba-39012f3b49ae","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the Fund.","page_number":44,"box":{"x":68,"y":82,"width":734,"height":12}},{"id":"1ee2d38d-6165-40a4-b4e8-531f4ffbebea","block_type":"box","text":"Credit Agreement","page_number":44,"box":{"x":69,"y":113,"width":129,"height":11}},{"id":"d752244c-04d0-42b0-a18f-b2ddb3a5805b","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":44,"box":{"x":101,"y":135,"width":757,"height":12}},{"id":"cf54912f-fe95-40a8-b935-e00856eb97a7","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":44,"box":{"x":69,"y":150,"width":817,"height":12}},{"id":"5330ec4e-f2c2-46d0-a4ce-581192b3080a","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":44,"box":{"x":68,"y":166,"width":743,"height":11}},{"id":"c534f8db-791f-4a3c-8343-824c8d1c278c","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":44,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"322b8462-4114-47f5-9e90-a89a26e4ec23","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":44,"box":{"x":68,"y":195,"width":818,"height":12}},{"id":"a1f38035-773c-484a-affe-afe5e004f7eb","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":44,"box":{"x":70,"y":211,"width":761,"height":11}},{"id":"e0aa8b2a-7e4d-4874-9055-8e84b66c6bcf","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":44,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"6c707b01-5510-45f9-a460-4bdd388663e8","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":44,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"1b4093e9-ea3e-43a7-a013-884eb41d318f","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":44,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"c5632ddd-b36a-4011-a341-9ffe115db0fb","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":44,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"513f0f08-c246-4de1-ae09-23512eaff79a","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":44,"box":{"x":68,"y":286,"width":801,"height":12}},{"id":"119e8aff-9415-49e9-9d02-17578056d373","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":44,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"3433743d-9e29-4e77-82e2-c760600fc26d","block_type":"box","text":"charged interest at a variable rate.","page_number":44,"box":{"x":69,"y":317,"width":245,"height":11}},{"id":"82c1793d-cc2d-4b60-948f-e7d19fbb6250","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":44,"box":{"x":68,"y":347,"width":491,"height":11}},{"id":"a17e12a2-9aee-41f3-bdf5-dd657634d0b5","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) is the distributor for the Fund’s shares. BRIL is a","page_number":44,"box":{"x":102,"y":370,"width":757,"height":11}},{"id":"7561d755-ea73-4c47-990d-300096950f4a","block_type":"box","text":"registered broker-dealer located at 50 Hudson Yards, New York, New York 10001.","page_number":44,"box":{"x":69,"y":385,"width":579,"height":11}},{"id":"c4ef6349-2117-4d9c-ab0d-84b9e4240616","block_type":"box","text":"The Trust has entered into a distribution agreement with BRIL in connection with the continuous offering of","page_number":44,"box":{"x":101,"y":407,"width":762,"height":12}},{"id":"d3d5d60a-b93d-4da0-9204-3b8b422cd446","block_type":"box","text":"shares of the Fund.","page_number":44,"box":{"x":69,"y":423,"width":137,"height":9}},{"id":"331cf018-19f9-4821-be73-32551d810d3c","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":44,"box":{"x":71,"y":453,"width":306,"height":11}},{"id":"0fddb6ea-40c5-46a2-8dae-9941fee4fb44","block_type":"box","text":"An illustration of the computation of the offering price of the Class K Shares of the Fund based on the value of","page_number":44,"box":{"x":101,"y":475,"width":789,"height":12}},{"id":"70a158a4-05a4-4e97-ae6a-1209cd45dede","block_type":"box","text":"the Fund’s Class K Shares net assets and the number of Class K Shares outstanding on October 31, 2025, is set","page_number":44,"box":{"x":68,"y":491,"width":817,"height":11}},{"id":"f7297529-831c-430c-9ab8-481af80a6add","block_type":"box","text":"for th below.","page_number":44,"box":{"x":68,"y":506,"width":83,"height":9}},{"id":"5a323cd1-048c-480a-8d5a-3934f7b64dc1","block_type":"box","text":"Class","page_number":44,"box":{"x":840,"y":534,"width":31,"height":7}},{"id":"4d848920-b57a-4a7a-8414-b60ef8ea731f","block_type":"box","text":"K Shares","page_number":44,"box":{"x":830,"y":544,"width":52,"height":7}},{"id":"fa4c0322-083c-422d-a4c8-da5aa1f0380e","block_type":"box","text":"Net Assets","page_number":44,"box":{"x":70,"y":562,"width":76,"height":9}},{"id":"ffc5c441-7257-40b1-bdcc-1341f12b6391","block_type":"box","text":".............................................................................","page_number":44,"box":{"x":150,"y":569,"width":621,"height":2}},{"id":"3af73a47-a7ea-40ac-b645-d2e56024c05d","block_type":"box","text":"$568,699,672","page_number":44,"box":{"x":803,"y":561,"width":106,"height":11}},{"id":"535f2e74-008f-4099-bd54-cc6533f7887e","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":44,"box":{"x":70,"y":577,"width":245,"height":11}},{"id":"79fe59ef-6d24-4685-893d-9ad969ad7d8c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,","page_number":44,"box":{"x":321,"y":577,"width":524,"height":10}},{"id":"abff9b9c-2cd8-4a16-aeb4-c42bbd448a42","block_type":"box","text":"428,175","page_number":44,"box":{"x":847,"y":577,"width":62,"height":10}},{"id":"4412a855-b8eb-4c88-8cc4-4ab56b8f6632","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":44,"box":{"x":70,"y":592,"width":571,"height":11}},{"id":"5d5a2901-ce43-4621-b68b-4de70cf7b927","block_type":"box","text":". . . . . . . . . . . . . . . . $9.57","page_number":44,"box":{"x":647,"y":591,"width":261,"height":11}},{"id":"bcbfbd2b-1fb5-4cd4-91e5-f8ea7d74c8c3","block_type":"box","text":"Sales Charge (0.00% of offering price; 0.00% of net asset value per share)","page_number":44,"box":{"x":69,"y":607,"width":534,"height":11}},{"id":"a15ed24c-9e96-4b42-a186-fb6cebdefdd1","block_type":"box","text":"1","page_number":44,"box":{"x":604,"y":608,"width":4,"height":4}},{"id":"0ae5b4a3-876b-4748-b838-69772ebd76bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.00","page_number":44,"box":{"x":615,"y":606,"width":294,"height":11}},{"id":"1b6632e5-b50f-40be-8f01-05ea2e3ef251","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.57","page_number":44,"box":{"x":69,"y":622,"width":839,"height":12}},{"id":"2912db08-c197-4afa-9102-8852711bd6ef","block_type":"box","text":"1","page_number":44,"box":{"x":69,"y":647,"width":3,"height":3}},{"id":"fe3313c1-13b3-46fc-82e4-5176d708f8c6","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":44,"box":{"x":77,"y":647,"width":539,"height":9}},{"id":"b350ab8f-5e66-4efa-ae38-f4273b09e02a","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class net asset value computed as","page_number":44,"box":{"x":101,"y":668,"width":782,"height":11}},{"id":"83cd09f1-bc47-4d9b-8f10-f00e39a610eb","block_type":"box","text":"set for th above for Class K Shares. For more information on the purchasing and valuation of shares, please see","page_number":44,"box":{"x":69,"y":683,"width":799,"height":11}},{"id":"32c3e97f-d154-47b7-ba98-d3dab4fed986","block_type":"box","text":"“Purchase of Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":44,"box":{"x":70,"y":698,"width":473,"height":11}},{"id":"5d0faed0-f650-47b9-a87b-f431d9d3b39f","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":44,"box":{"x":68,"y":728,"width":302,"height":11}},{"id":"ca1a873a-ec0d-4b37-a146-70e07eb2b937","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":44,"box":{"x":102,"y":751,"width":609,"height":11}},{"id":"bb86bcc5-d132-465f-ad49-3d1f7a43793d","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":44,"box":{"x":102,"y":773,"width":794,"height":12}},{"id":"bb330113-1cdb-4bd6-9c2f-a4314f705e24","block_type":"box","text":"for th in the following table:","page_number":44,"box":{"x":68,"y":789,"width":191,"height":11}},{"id":"01609bc5-9ea8-4464-acfa-635f0db04d8a","block_type":"box","text":"Aggregate Brokerage","page_number":44,"box":{"x":613,"y":817,"width":125,"height":9}},{"id":"67513267-4ef8-4d52-817c-42e1040708fc","block_type":"box","text":"Commissions Paid","page_number":44,"box":{"x":623,"y":827,"width":106,"height":7}},{"id":"2e773751-b5fd-4032-8c4d-c9592f43571c","block_type":"box","text":"Brokerage Commissions","page_number":44,"box":{"x":769,"y":817,"width":140,"height":9}},{"id":"1e789843-7df9-426a-bb3b-850c2e61134b","block_type":"box","text":"Paid to Affiliates","page_number":44,"box":{"x":791,"y":827,"width":96,"height":7}},{"id":"09973c4a-5b86-42f1-b51b-2c1880479efc","block_type":"box","text":"Fiscal Year Ended October 31, 2025 . . . . . . .","page_number":44,"box":{"x":70,"y":845,"width":317,"height":10}},{"id":"a3b50b8b-0cbb-4c44-b715-81200917901c","block_type":"box","text":"........................","page_number":44,"box":{"x":393,"y":852,"width":189,"height":2}},{"id":"195b109f-fabc-4b59-9b9f-9558fefede08","block_type":"box","text":"$196,658 $0","page_number":44,"box":{"x":640,"y":844,"width":208,"height":11}},{"id":"c875c904-6f7f-4111-b80a-efc6d0a118cf","block_type":"box","text":"Fiscal Year Ended October 31, 2024","page_number":44,"box":{"x":70,"y":860,"width":257,"height":10}},{"id":"00670cb8-3926-4ae0-bde3-a74b01d9aa3d","block_type":"box","text":"1","page_number":44,"box":{"x":328,"y":860,"width":4,"height":5}},{"id":"733d70f5-fad0-45c7-ba08-0cd78fc0a2c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,020 $0","page_number":44,"box":{"x":336,"y":859,"width":512,"height":11}},{"id":"a90edd36-2803-46e7-988b-9bd24b212c72","block_type":"box","text":"Fiscal Period January 18, 2023","page_number":44,"box":{"x":70,"y":875,"width":221,"height":11}},{"id":"b342972a-7eb5-4d66-9019-addb1df73d0f","block_type":"box","text":"2","page_number":44,"box":{"x":293,"y":875,"width":4,"height":5}},{"id":"0e7e1531-c7ff-4f85-85b6-3d15a7d110c6","block_type":"box","text":"to October 31, 2023 . . . . . . . . . .","page_number":44,"box":{"x":302,"y":875,"width":231,"height":10}},{"id":"4c273736-1e13-4958-9a6b-edd3862d63d7","block_type":"box","text":". . . . . . $ 32,400 $0","page_number":44,"box":{"x":540,"y":874,"width":308,"height":11}},{"id":"fee37960-5dda-412d-9f54-929e0e7e12a6","block_type":"box","text":"1","page_number":44,"box":{"x":69,"y":900,"width":3,"height":3}},{"id":"5514beaf-ca58-4c13-aa5d-b079398791a0","block_type":"box","text":"The increase in brokerage commissions paid during the fiscal year ended October 31, 2024 as compared to the prior fiscal period was due to","page_number":44,"box":{"x":76,"y":899,"width":809,"height":9}},{"id":"38be3b92-9b05-447c-bcae-30a9cbb5b574","block_type":"box","text":"increase in assets under management.","page_number":44,"box":{"x":69,"y":910,"width":222,"height":8}},{"id":"71779f32-0ab3-4532-8097-9c2ebff3f328","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f75ae0a0-1b37-433f-a24a-07ec4ea64593","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe5ccff7-bc67-49ec-b2d9-71ae35972c73","block_type":"box","text":"2","page_number":45,"box":{"x":69,"y":45,"width":3,"height":4}},{"id":"1c8d2f25-5e37-4253-a581-754c62052545","block_type":"box","text":"Commencement of operations.","page_number":45,"box":{"x":77,"y":45,"width":174,"height":9}},{"id":"d61ce77c-d6e9-454d-86ed-8f5c9be3fb18","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":45,"box":{"x":101,"y":66,"width":770,"height":11}},{"id":"9fe1b90b-7871-4d74-990d-a2f69d00e287","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":45,"box":{"x":69,"y":81,"width":814,"height":11}},{"id":"efb06618-93fc-42fd-b6b4-eb221a58e4ad","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended October 31, 2025. The provision","page_number":45,"box":{"x":68,"y":96,"width":836,"height":11}},{"id":"737789fc-fca3-41b6-929a-c74c38d77017","block_type":"box","text":"of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":45,"box":{"x":69,"y":111,"width":771,"height":12}},{"id":"70b3754d-ed93-4c25-8475-3596e9da7720","block_type":"box","text":"business with such brokers.","page_number":45,"box":{"x":69,"y":127,"width":198,"height":9}},{"id":"65177e25-7120-42b5-948f-eca81d7e7dd5","block_type":"box","text":"Amount of Commissions","page_number":45,"box":{"x":355,"y":155,"width":141,"height":7}},{"id":"76faa65f-4d0b-4b9c-a021-0f9a5042f572","block_type":"box","text":"Paid to Brokers for Providing","page_number":45,"box":{"x":342,"y":165,"width":168,"height":9}},{"id":"aadc0776-668d-482a-aaf9-9f43d6f73cf8","block_type":"box","text":"28(e) Eligible Research Services","page_number":45,"box":{"x":330,"y":175,"width":191,"height":9}},{"id":"31797cc3-1c55-4e40-a47c-45118f1f1434","block_type":"box","text":"Amount of Brokerage","page_number":45,"box":{"x":588,"y":165,"width":124,"height":9}},{"id":"e577b32f-427a-4a8c-ba92-fb5487ce6c21","block_type":"box","text":"Transactions Involved","page_number":45,"box":{"x":587,"y":175,"width":126,"height":7}},{"id":"0b535175-0603-43eb-b288-e665e8ffe833","block_type":"box","text":"$2,347 $7,215,591","page_number":45,"box":{"x":400,"y":192,"width":294,"height":11}},{"id":"9160813c-b322-4745-9d2a-bb574718b6e7","block_type":"box","text":"As of October 31, 2025, the value of the Fund’s aggregate holdings of the securities of its regular brokers or","page_number":45,"box":{"x":101,"y":217,"width":777,"height":11}},{"id":"2ce6bb15-cc4e-4179-84c2-7e69f89ffc86","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings","page_number":45,"box":{"x":69,"y":232,"width":837,"height":11}},{"id":"5b0cead3-d43d-4441-a234-645452c69135","block_type":"box","text":"were purchased during the fiscal year ended October 31, 2025, are as follows:","page_number":45,"box":{"x":68,"y":247,"width":563,"height":11}},{"id":"68e33b7f-a383-4f8e-8642-d099431d17e4","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":45,"box":{"x":69,"y":275,"width":840,"height":9}},{"id":"aa1cef32-bd1c-454a-9a71-1acf8abe503b","block_type":"box","text":"JPMorgan Chase & Co.","page_number":45,"box":{"x":69,"y":293,"width":162,"height":11}},{"id":"5815ebe5-50fb-48d3-bcc3-679fd4444a48","block_type":"box","text":"......................................... D","page_number":45,"box":{"x":243,"y":293,"width":421,"height":9}},{"id":"b7105d95-1b5f-429f-821b-9e995020390c","block_type":"box","text":"$13,771","page_number":45,"box":{"x":797,"y":292,"width":62,"height":11}},{"id":"28e7abcf-1234-4cb9-b12d-83f2f7a34e46","block_type":"box","text":"Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D","page_number":45,"box":{"x":70,"y":308,"width":594,"height":11}},{"id":"9c6e32ed-a9e1-4757-8394-e8ff3c8a2cd2","block_type":"box","text":"$13,053","page_number":45,"box":{"x":797,"y":307,"width":62,"height":11}},{"id":"25b84d12-cd84-43f1-85eb-efa73ef1968a","block_type":"box","text":"Bank of America . . .","page_number":45,"box":{"x":70,"y":323,"width":142,"height":9}},{"id":"dfdbeaeb-7c17-40ee-8d55-82c05bff596a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 7,722","page_number":45,"box":{"x":219,"y":322,"width":640,"height":12}},{"id":"b53703b0-71fd-4bb5-836e-c1124cca8cb5","block_type":"box","text":"Wells Fargo & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":45,"box":{"x":68,"y":338,"width":470,"height":11}},{"id":"a14a5519-6034-419d-8f2d-a0d88a3ed530","block_type":"box","text":". . . . D $ 6,391","page_number":45,"box":{"x":545,"y":338,"width":314,"height":11}},{"id":"893fb2e7-5281-476f-abf9-9a4c670642a8","block_type":"box","text":"Citigroup Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 5,860","page_number":45,"box":{"x":69,"y":353,"width":790,"height":12}},{"id":"4256ee75-6a11-49a8-9a85-e67f939d85cc","block_type":"box","text":"Barclays PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 3,411","page_number":45,"box":{"x":70,"y":368,"width":789,"height":12}},{"id":"d3af2b69-d238-4a12-8833-3d0e239951a1","block_type":"box","text":"UBS Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 745","page_number":45,"box":{"x":70,"y":383,"width":789,"height":11}},{"id":"09c70eae-b239-4d5b-9ff2-0aa37dd46d66","block_type":"box","text":"Securities Lending","page_number":45,"box":{"x":68,"y":415,"width":135,"height":11}},{"id":"fb51316d-35ec-46ff-86ab-5c78431e9eb7","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":45,"box":{"x":101,"y":438,"width":807,"height":11}},{"id":"62bcd329-162d-4f7b-beaa-cd042e419d1a","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":45,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"f6569458-0ef5-4c8c-9673-67563e6d1e63","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":45,"box":{"x":69,"y":468,"width":813,"height":11}},{"id":"2be16e1a-0462-4f43-90b7-37b0c31ce963","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”), acts as securities lending agent for the Fund, subject to","page_number":45,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"b8ca71b0-715e-4318-b660-19c899b215e2","block_type":"box","text":"the overall supervision of BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”). BTC","page_number":45,"box":{"x":68,"y":498,"width":814,"height":11}},{"id":"2c558117-0fea-4acd-8ae1-5ebbf71173d3","block_type":"box","text":"administers the lending program in accordance with guidelines approved by the Board.","page_number":45,"box":{"x":69,"y":514,"width":614,"height":11}},{"id":"985a2303-335f-4fdb-b9da-da864964f9ca","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":45,"box":{"x":101,"y":536,"width":800,"height":11}},{"id":"daeb187f-6031-4fcf-9c27-c46567b202c0","block_type":"box","text":"and remits the remaining por tion to BTC as compensation for its services as securities lending agent. Securities","page_number":45,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"a9ac5051-92dd-468a-a4d4-3bdea23b3d89","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":45,"box":{"x":70,"y":566,"width":774,"height":11}},{"id":"7d57c825-9e65-4abb-b2f2-8adfc5c4ad1c","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":45,"box":{"x":69,"y":581,"width":801,"height":11}},{"id":"44be3eb8-0b80-49b0-a3a3-df6ba12d7469","block_type":"box","text":"securities. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund","page_number":45,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"1bc5cc81-d9e2-4eea-a660-1458d09a42bc","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in funds","page_number":45,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"2d951b50-500b-4711-8684-74719c4a84dc","block_type":"box","text":"advised by BFA or its affiliates, and such fees will not be subject to any waivers (the “collateral investment fees”);","page_number":45,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"41685ba6-463d-4555-a9c7-adf6b527e303","block_type":"box","text":"however, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the","page_number":45,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"98149265-607c-4a30-a885-ee5c6696b8ee","block_type":"box","text":"collateral investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be","page_number":45,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"23dc213e-15ed-42ac-8ed3-fc6ccb1993d2","block_type":"box","text":"subject to a sales load, distribution fee or service fee.","page_number":45,"box":{"x":69,"y":672,"width":385,"height":11}},{"id":"cd840082-95a4-4895-bf1b-a1571c54112a","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":45,"box":{"x":101,"y":695,"width":776,"height":11}},{"id":"ac7cff33-4591-4a31-9cee-fe1120da6115","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":45,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"1a02e14a-eda6-41e2-b6b5-ac9e803d823e","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":45,"box":{"x":68,"y":725,"width":812,"height":11}},{"id":"c2aec71c-fc39-40c9-8d54-8609773a45ab","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":45,"box":{"x":69,"y":740,"width":799,"height":11}},{"id":"0a7090a5-774c-4bd9-9c0f-a62d5efec05f","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":45,"box":{"x":68,"y":755,"width":835,"height":11}},{"id":"92c8e18d-fb5c-48bf-863d-8b7d9de0ac8e","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":45,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"9e7b6501-0124-48a1-9a27-9237ba586f37","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":45,"box":{"x":68,"y":785,"width":789,"height":12}},{"id":"2bfc9827-010b-4203-abf3-06c5a8eeef5d","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":45,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"414b3a38-3637-41d2-8046-58787afd8763","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":45,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"9654dc73-e375-41bb-a0ef-50e103e81a5e","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":45,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"f7b17c24-14c6-4a00-9350-7f535e3d5a5a","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":45,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"e6509f56-ea3e-48af-b7b7-07e7f858fc6a","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":45,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"76539298-9d3c-4d1e-b1a7-80b4450cf5a9","block_type":"box","text":"Fund’s returns on securities lending.","page_number":45,"box":{"x":70,"y":876,"width":258,"height":11}},{"id":"06786f2d-8276-4a7a-94c2-caba59c98b62","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"7fdf0e79-d200-4f8c-8165-333c9f2a417a","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"997e36c5-70fc-4ce3-b8ad-61577954a856","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":46,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"8254b2af-049d-4a14-9042-176228d4b576","block_type":"box","text":"determination of the Fund’s asset class category (fixed income, domestic equity, international equity, or fund of","page_number":46,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"37298f92-cc9b-4119-a696-59261af37f18","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":46,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"20bc37d1-5d3a-428f-ab11-9dc3a40ae382","block_type":"box","text":"Trust and BTC.","page_number":46,"box":{"x":68,"y":90,"width":104,"height":9}},{"id":"87f1fc58-8ce5-48e8-9542-4d6966d0d586","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":46,"box":{"x":102,"y":113,"width":761,"height":11}},{"id":"67bb93db-938f-4672-ba04-b9a5d34e721f","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":46,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"b1c2808c-9213-4ed7-aede-78f8c311825a","block_type":"box","text":"lending income plus collateral investment fees.","page_number":46,"box":{"x":70,"y":143,"width":334,"height":11}},{"id":"63dd56f2-4479-47dd-b8e1-927d94a8d217","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":46,"box":{"x":102,"y":166,"width":753,"height":11}},{"id":"63958638-1595-4c4d-9b44-116df8385aa4","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund,","page_number":46,"box":{"x":69,"y":181,"width":783,"height":11}},{"id":"a0fb3572-621a-4451-ad2b-63aad3c99b6a","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":46,"box":{"x":70,"y":196,"width":817,"height":11}},{"id":"077a10ab-b260-409a-9783-6902958c21db","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income(which excludes collateral investment fees); and","page_number":46,"box":{"x":70,"y":211,"width":789,"height":11}},{"id":"5ff9c560-b649-4d34-bf78-0e14ba44705e","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":46,"box":{"x":69,"y":226,"width":825,"height":11}},{"id":"51747236-8216-4391-8d39-52c828616d06","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended October 31, 2025, primarily","page_number":46,"box":{"x":101,"y":249,"width":766,"height":11}},{"id":"5b595584-4269-476e-add7-2945c75a5a56","block_type":"box","text":"included the following:","page_number":46,"box":{"x":70,"y":264,"width":156,"height":11}},{"id":"ba9f39b5-30ae-4536-b720-16057d2dd983","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":46,"box":{"x":69,"y":284,"width":818,"height":11}},{"id":"540f1645-3218-4623-a3b3-b47f339b35e0","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":46,"box":{"x":102,"y":299,"width":333,"height":11}},{"id":"780965fb-b305-4c86-af5f-26cfd69088a6","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":46,"box":{"x":69,"y":319,"width":538,"height":12}},{"id":"90c2d104-46ae-4f0a-b78b-fe59a9288b99","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":46,"box":{"x":69,"y":339,"width":330,"height":12}},{"id":"62f4f2fb-7ba9-403f-900e-e937b2bb246d","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":46,"box":{"x":69,"y":360,"width":834,"height":11}},{"id":"c85d925a-b9c5-4227-8817-a4ba970245e3","block_type":"box","text":"of excess collateral, as necessary;","page_number":46,"box":{"x":102,"y":375,"width":246,"height":11}},{"id":"3f02c3ab-4242-4093-b59e-bfd3a287f807","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":46,"box":{"x":69,"y":395,"width":562,"height":11}},{"id":"02eb6f98-3368-44c5-94b7-591393021c8a","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":46,"box":{"x":69,"y":415,"width":665,"height":11}},{"id":"07d0cae0-1093-4dab-bb84-f8db10e77bca","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":46,"box":{"x":69,"y":435,"width":822,"height":11}},{"id":"06943382-518d-43f0-b4b6-2922b3d0be68","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":46,"box":{"x":101,"y":450,"width":803,"height":11}},{"id":"06e493ee-7c50-4373-ac66-e89b7cbd054c","block_type":"box","text":"of the loaned securities; and","page_number":46,"box":{"x":102,"y":465,"width":203,"height":11}},{"id":"f0c2a96b-b963-47f3-9904-d7a3db01cac3","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":46,"box":{"x":69,"y":486,"width":808,"height":11}},{"id":"efa60636-b14a-44d0-bc42-e48caf1fa802","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":46,"box":{"x":101,"y":508,"width":805,"height":12}},{"id":"f8b7b146-d36b-4639-89cd-ea0807af4146","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended October 31, 2025.","page_number":46,"box":{"x":69,"y":523,"width":573,"height":12}},{"id":"591939c7-524a-432f-bd89-e4f0c4f1cc1f","block_type":"box","text":"Gross income from securities lending activities","page_number":46,"box":{"x":69,"y":569,"width":343,"height":11}},{"id":"26a0cacd-e1fd-426c-957d-141eacdd54e4","block_type":"box","text":"..................................................","page_number":46,"box":{"x":414,"y":577,"width":401,"height":1}},{"id":"e3161e44-7b9c-4ccd-b183-6a58897b6f9b","block_type":"box","text":"$948,267","page_number":46,"box":{"x":837,"y":569,"width":72,"height":11}},{"id":"738acbb7-b95c-47b2-b534-3d0a407f4464","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":46,"box":{"x":70,"y":589,"width":565,"height":11}},{"id":"1bc7abf9-eefb-4006-8799-bf83cae6e5d2","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending agent","page_number":46,"box":{"x":79,"y":604,"width":556,"height":11}},{"id":"61c2bd5a-0c7c-4e3c-b827-43501cfea027","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $ 12,774","page_number":46,"box":{"x":642,"y":603,"width":267,"height":11}},{"id":"0b3fbad5-b5f5-46cd-957e-5426cdaa71d5","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BTC","page_number":46,"box":{"x":79,"y":619,"width":660,"height":11}},{"id":"0cd83dac-abd5-41c4-96d2-47d71dbb8fae","block_type":"box","text":". . . . . . . . . $ 8,267","page_number":46,"box":{"x":748,"y":618,"width":160,"height":12}},{"id":"78e2f3f3-54a8-43f1-ad3b-e94361e903cc","block_type":"box","text":"Administrative fees not included in securities lending income paid to BTC. . . . . . . . . . .","page_number":46,"box":{"x":78,"y":634,"width":607,"height":12}},{"id":"56f8d34c-11bf-4f73-8de3-bd9a0e19cc0d","block_type":"box","text":"................ $ 0","page_number":46,"box":{"x":691,"y":634,"width":218,"height":10}},{"id":"b5058858-e150-498c-a5cf-016071a4ffd7","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BTC","page_number":46,"box":{"x":79,"y":649,"width":527,"height":12}},{"id":"5727cea6-801f-4665-bb84-18a556ae0005","block_type":"box","text":".......................... $ 0","page_number":46,"box":{"x":610,"y":649,"width":299,"height":10}},{"id":"59f4b6e8-4847-4cc2-916d-7ade5eeb1ccf","block_type":"box","text":"Rebates (paid to borrowers)","page_number":46,"box":{"x":79,"y":665,"width":197,"height":11}},{"id":"9c7f8253-f57e-456b-9ead-ba728542cef3","block_type":"box","text":"..................................................................","page_number":46,"box":{"x":284,"y":672,"width":531,"height":1}},{"id":"f096a4ca-5f2e-4fff-b83f-fa74004c31b5","block_type":"box","text":"$867,011","page_number":46,"box":{"x":837,"y":664,"width":72,"height":11}},{"id":"fa08391a-e522-44f0-9b6c-361996808d9a","block_type":"box","text":"Other fees not included in securities lending income paid to BTC . .","page_number":46,"box":{"x":79,"y":680,"width":475,"height":11}},{"id":"2d2434c7-1fb7-4967-b77d-a06c63f03f9a","block_type":"box","text":"................................ $ 0","page_number":46,"box":{"x":561,"y":679,"width":348,"height":10}},{"id":"9d14307e-c8c5-4c47-847b-83384313117d","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":46,"box":{"x":68,"y":695,"width":455,"height":11}},{"id":"d33a6ecd-26f9-4589-971d-f88f661d020a","block_type":"box","text":"....................................","page_number":46,"box":{"x":528,"y":702,"width":287,"height":2}},{"id":"9b5e5f44-424d-49e7-9340-094f9b2887e8","block_type":"box","text":"$888,052","page_number":46,"box":{"x":837,"y":694,"width":72,"height":12}},{"id":"7a3d0ab8-444e-4097-8f9e-e857f908aa0f","block_type":"box","text":"Net income from securities lending activities","page_number":46,"box":{"x":69,"y":714,"width":327,"height":11}},{"id":"9c443e2d-f629-46eb-af3e-73ccad76977f","block_type":"box","text":"...................................................","page_number":46,"box":{"x":406,"y":722,"width":409,"height":1}},{"id":"020890c8-76b4-4e18-8d58-e8814d73f1cd","block_type":"box","text":"$ 60,215","page_number":46,"box":{"x":837,"y":714,"width":72,"height":11}},{"id":"5135adac-b8fe-4b2a-afce-3bb516de49ad","block_type":"box","text":"VIII. Additional Information","page_number":46,"box":{"x":68,"y":750,"width":195,"height":9}},{"id":"c1e668e6-c712-405a-9dd9-aa130dc1bade","block_type":"box","text":"Counsel.","page_number":46,"box":{"x":101,"y":773,"width":62,"height":9}},{"id":"34b3f5d6-380e-4f43-8305-8b515f7231ce","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves","page_number":46,"box":{"x":170,"y":773,"width":714,"height":11}},{"id":"0b637dda-554c-4a2f-ab88-be16de12b90c","block_type":"box","text":"the Fund’s counsel.","page_number":46,"box":{"x":68,"y":788,"width":139,"height":9}},{"id":"3fa5629f-a427-4f35-a1b1-d849081150f8","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":46,"box":{"x":102,"y":811,"width":352,"height":11}},{"id":"d770ad21-9d26-4c85-bd79-22edc670ff74","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at Two","page_number":46,"box":{"x":461,"y":811,"width":405,"height":11}},{"id":"d03baf96-fced-4a9e-85e7-f549b6eaeab4","block_type":"box","text":"Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund’s","page_number":46,"box":{"x":69,"y":826,"width":786,"height":11}},{"id":"988dbfc3-7336-4a9a-8864-39ce65008ab5","block_type":"box","text":"independent registered public accounting firm.","page_number":46,"box":{"x":70,"y":841,"width":328,"height":11}},{"id":"4f5b174c-8266-4ff9-aa88-2ef6b2fc58b3","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9f9bd7bc-1a72-4059-a887-0562c6dc7fa3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd56105c-9724-44c0-afbe-182023b53f17","block_type":"box","text":"Capital Stock","page_number":47,"box":{"x":69,"y":45,"width":99,"height":11}},{"id":"7526407f-2665-4101-b89b-00dabb5d29db","block_type":"box","text":"As of the date of this SAI, the beneficial interests in the Trust are divided into transferable shares of 37 separate","page_number":47,"box":{"x":101,"y":67,"width":808,"height":11}},{"id":"e71f7693-1224-4e9c-b488-1c366151ccfd","block_type":"box","text":"and distinct series authorized and established by the Board of Trustees. The number of shares of each series, and","page_number":47,"box":{"x":69,"y":82,"width":818,"height":12}},{"id":"b97cb4ba-bca4-4fd2-9537-66a51641e95c","block_type":"box","text":"classes thereof, is unlimited and each share has no par value. The Board of Trustees may, in the future, authorize","page_number":47,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"56b526cf-7381-4769-a48c-881a1df4fac5","block_type":"box","text":"the issuance of other series representing shares of additional investment por tfolios or funds. Except to the extent","page_number":47,"box":{"x":68,"y":113,"width":814,"height":11}},{"id":"6bc5704f-e4af-4b76-8bc0-fff8f07fef7d","block_type":"box","text":"the Investment Company Act expressly grants to shareholders the power to vote on such termination(s), the Trust, or","page_number":47,"box":{"x":68,"y":128,"width":834,"height":11}},{"id":"847d6658-1188-4121-98df-6b8ed486c297","block_type":"box","text":"any series (or class) thereof, may be terminated at any time by the Trustees with written notice to the shareholders.","page_number":47,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"f92ac212-2f95-4c02-9501-578250a490c9","block_type":"box","text":"Although the Trust is not required to hold regular annual shareholder meetings, occasional annual or special","page_number":47,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"bd8f8990-c537-4196-8483-16d059212a85","block_type":"box","text":"meetings may be required for purposes such as electing and removing Trustees, approving advisory contracts, and","page_number":47,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"3d095fc1-afec-4e1e-afd7-c4111a53b0d5","block_type":"box","text":"changing the Fund’s fundamental investment policies.","page_number":47,"box":{"x":69,"y":196,"width":383,"height":11}},{"id":"3a3302f7-fcb1-4776-a073-4a8122c80d5b","block_type":"box","text":"History of the Trust","page_number":47,"box":{"x":69,"y":226,"width":140,"height":11}},{"id":"298f0c71-8ce9-45c3-9ec9-9078a7da9f93","block_type":"box","text":"The Trust was organized on December 4, 2001 as a statutory trust under the laws of the State of Delaware","page_number":47,"box":{"x":101,"y":249,"width":768,"height":11}},{"id":"4fb86466-be01-4a28-8b6f-db550f5bcd22","block_type":"box","text":"under the name Barclays Global Investors Funds. The Trust was originally organized as a Maryland corporation named","page_number":47,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"0930e599-bd5c-47aa-8962-382636aadf6c","block_type":"box","text":"Barclays Global Investors Funds, Inc. (the “Maryland corporation”). On August 21, 2001, the Board of Directors of","page_number":47,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"ee6289d0-6fce-4a7b-bb5e-083b5382748d","block_type":"box","text":"the Maryland corporation approved a proposal to redomicile the Maryland corporation in Delaware as a Delaware","page_number":47,"box":{"x":68,"y":294,"width":806,"height":11}},{"id":"d18131f5-09c8-49c3-8191-133af08bd44b","block_type":"box","text":"statutory trust (the “Redomiciling”). Shareholders of the Maryland corporation approved the Redomiciling on","page_number":47,"box":{"x":69,"y":309,"width":771,"height":11}},{"id":"5586ef4e-b860-4300-8265-7905f79ba358","block_type":"box","text":"November 16, 2001. 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On December 1, 2009, the Trust","page_number":47,"box":{"x":69,"y":370,"width":829,"height":11}},{"id":"d523a2c9-5f37-498f-bf9d-942216d9af12","block_type":"box","text":"was renamed BlackRock Funds III.","page_number":47,"box":{"x":68,"y":385,"width":243,"height":9}},{"id":"adc0dc12-2ade-4c69-9c06-b61982f1c2ad","block_type":"box","text":"Principal Shareholders","page_number":47,"box":{"x":69,"y":415,"width":162,"height":11}},{"id":"b4470d98-e8c1-48c1-9e8e-55b53350cecb","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of the","page_number":47,"box":{"x":101,"y":438,"width":797,"height":11}},{"id":"799d9c0e-c3b8-4f12-a5d4-2aee3cee6aa8","block_type":"box","text":"Fund’s shares as of February 2, 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Financial Statements","page_number":48,"box":{"x":69,"y":45,"width":179,"height":9}},{"id":"6cddf831-5fac-4253-9ced-ecce45a140bb","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":48,"box":{"x":101,"y":67,"width":726,"height":12}},{"id":"7cca7479-e169-412d-b399-5fd155bbe598","block_type":"box","text":"Statements and Additional Information for the fiscal year ended October 31, 2025, as filed with the SEC on Form N","page_number":48,"box":{"x":69,"y":82,"width":826,"height":12}},{"id":"ecfe57da-c94c-4ff1-9090-e40820a69502","block_type":"box","text":"CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2025","page_number":48,"box":{"x":69,"y":98,"width":835,"height":11}},{"id":"695a0637-37b9-4d08-b783-4ffad75265b7","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have been","page_number":48,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"00cd0041-1a35-4a31-b60a-b5fad5153857","block_type":"box","text":"audited by PricewaterhouseCoopers LLP. The repor t of PricewaterhouseCoopers LLP is incorporated herein by","page_number":48,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"0c0ccd88-9723-44b6-a207-af930b90538c","block_type":"box","text":"reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such","page_number":48,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"c28cc0bf-1622-4a29-ac8f-2b72f54287d1","block_type":"box","text":"firm given their authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi","page_number":48,"box":{"x":68,"y":158,"width":804,"height":11}},{"id":"ad89b3f0-b549-4783-b28c-579093ef87f7","block_type":"box","text":"annual repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":48,"box":{"x":69,"y":173,"width":770,"height":11}},{"id":"924c5270-54ae-4ef6-8564-d07e52b61a91","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":48,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"7e5e7e23-5694-4bd5-99be-ed0d2c1c5fe0","block_type":"box","text":"front page of this SAI.","page_number":48,"box":{"x":68,"y":203,"width":155,"height":12}},{"id":"b95bdcaa-c2c5-48f9-90d9-9aab1b34cdcb","block_type":"box","text":"I-26","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c24176ea-dbc9-4023-a4df-1defc0f8728b","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ea241c5-c0cb-4176-a58d-1e05c4a1357f","block_type":"box","text":"PART II","page_number":49,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"6833238a-2be0-4697-b56c-c06206af43f9","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":49,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"c7af24ce-967e-49de-a824-03efccb6e633","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":49,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"95d9feb2-5f47-4312-b8d5-014d62402af8","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":49,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"ea00616b-f856-46a1-bfa1-6c3d97908569","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":49,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"6a7f2e70-318e-4b94-9f5f-b842c5c56aab","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":49,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"6d68e95c-4862-4681-866f-0d1758b8ebb0","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":49,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"c55fb7e7-f1e9-44d5-8f0b-28bdefcdfc51","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":49,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"cbbfbd74-dab5-4996-a675-b6f24c57130a","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":49,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"32d555b9-084a-42fa-9863-eae9dba9dd40","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":49,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"6b62557b-af46-4377-965d-1bed62e07f44","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":49,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"977c1ad5-2c83-4f9d-bec8-ebf18e56e8c9","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":49,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"4566b886-9e4e-4b2b-b2cc-676b544738ba","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":49,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"9a71e41f-1af6-4849-ae03-6c84333d379e","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":49,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"5cc836dd-de03-4a00-a259-bc511a4a5983","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":49,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"782f94e4-9518-486b-b1d1-ade8867d10c6","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":49,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"db8f2af0-08f5-45bd-8c6c-40eab3cf3fb7","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":49,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"987948ec-a259-433c-9fc7-e8ca32ec6595","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":49,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"4b5425ca-42af-4fc1-adfb-0c01a79b522f","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":49,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"65c51eff-4bc5-4a88-b519-ed2336d01990","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":49,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"967c643d-4d56-4ace-b927-2729f77035c6","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":49,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"16d3fe5f-8118-44c1-ba2a-4818a9236e1e","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":49,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"c746c056-8c0e-44ce-a446-3eba5b2bf3d0","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":49,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"e866d393-43c7-4566-956e-494584433863","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":49,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"4acccbdd-1eb2-40ed-be7d-2502d38c49dd","block_type":"box","text":"par ticular Fund.","page_number":49,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"db0911e5-c8f6-4892-b2df-08b878a018f8","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":49,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"1ca41f1c-a29e-4ed3-9d62-ff7e475a1d02","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":49,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"2bd0c4df-6c4b-40dc-b7d9-3354a4e8c121","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":49,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"050d49ec-33ab-45db-ad99-a297e278cbd9","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":49,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"7e704253-9bc1-417e-beb7-b8307775815c","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":49,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"6adc124e-4779-4aa4-868d-394671e96468","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"c85b2f53-0c4c-4682-a5f8-59fc95042548","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"2807da2e-f93c-477a-a4a0-c9e5e1767d6e","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"91d2fe07-3d56-485e-952b-4ee3f582e646","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":49,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"02b29a1a-e899-4986-91e6-3a35524192fa","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"19b4c123-1919-4cce-b578-8508394d8f9b","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"72006efd-9050-43c7-822b-d5300d6087d9","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"f5989c7b-b644-4f6d-b16d-5dc135a4b6fc","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"f30b5340-8a87-4d84-8bfb-7d781a5eed8e","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"37680be6-d527-4434-ae0e-5cf2b469c6f9","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"31b7ea29-eae5-4e32-8eaf-7ecd71d5b2c8","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"2f9e5aaf-50c9-4957-9edf-92939ba6c115","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"f93ebf4a-64f0-4a41-9b0c-6067025a7957","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"ce372ff6-dbbe-4bf0-9259-f1f48122b480","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"26354beb-a1e7-4e7e-9f8d-f44dc363f76d","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"77b9edc6-2153-4c86-a816-13daa4537d13","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"bbe0186b-869b-471d-9973-82fb5d30084e","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"b609ff08-953d-44a1-852e-9059b8daaa9d","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"35854a32-b4df-4cd7-a429-f8fc1ef1d895","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"e2454cb1-3b7b-4c03-927c-b53592a2a4dc","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"df20d97c-008e-4b72-9729-89f3b46d0d5a","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"f2bd3281-200c-4179-92da-747e121e63ed","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"3c2330b5-c0da-4436-8f10-fc29b0564b4d","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"bca82e4e-2d2b-4e0b-8c34-08380aa38571","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"7b8e0638-9bc1-4023-9e7d-5db543531ea0","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"ac2b1851-bcde-409b-8de6-500ed39a96f5","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"688bacf8-d1e8-48da-b0e3-bbc67665e3b7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae887b45-ae31-4128-8183-02d05d7286a8","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"b60028ad-ea3e-41f2-b995-33bf2b9b8fe6","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"db11bd15-8844-4ca1-95db-8cf4e5c9f8b5","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"efd55f51-ae54-43b9-af53-0bbef859b871","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"9817a4bd-4349-4497-b358-75720c04e8ad","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"f78bc261-804c-42da-9251-31116ba9cab6","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"867dc7bd-c5d1-4005-9100-73d491fb9dcb","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"b23c76b3-52ea-401f-bc46-1be0d1afab29","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4e403765-e4be-4515-bddc-4a1bc1bf3b8b","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"ea41b71d-32a2-4706-b96f-fc452fc2d05a","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"7f18a77b-7c73-455f-b01a-52a46fc67bc2","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"6053c981-2798-47bd-8b72-20ae5089cf61","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"384b72bc-189a-4b43-9dab-d038c1f01ee7","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"72f45dad-b85a-49c2-8fe9-fc760db01547","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"aa8452f5-5f5e-4136-a0c0-2f9da41d24ce","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"a36da5ea-067c-4bf0-9f3e-0a9bad257e99","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"afc5e13c-acfc-43f0-97fc-f9bb6b05775a","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"8060f18c-cf7b-4af9-afc0-1fae0f8b9496","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"29cde3e2-c15a-45c3-a4c5-67401dddeb20","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"f0f326a0-e868-41c6-bf21-f40752afb33c","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"2e22b09c-baf9-482c-a817-e67534708c0f","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"825529c0-9196-4e2b-a870-686eb778c00b","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"fcaecaa5-cf82-44d5-b125-c56fa9e16574","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"e74af689-eb23-45de-85f9-5a8bfa50887b","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"7bb78bdd-1f86-4e59-a774-e3feb7b0552d","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"dedf04b3-b8ab-4685-b7e6-2c46ed4ee1c9","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"a581c447-ebd6-4540-bfbb-89f742dac6e2","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"b5cdd0df-e6c1-424b-af1d-409c46a0a3b4","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"88426c4c-5605-4268-803b-97c2463ee730","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":50,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"970ac512-0852-493c-a353-26e7bc65fd6b","block_type":"box","text":"e.g.","page_number":50,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"78d6a075-fb20-4706-913a-befc882ffd8b","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"a392724b-9bf6-462e-ab0c-e8bd9a6bbbeb","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"d71530f4-86bb-4101-8440-e6df507d4726","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"17a66175-f87e-44e9-9ed0-78e2091e92da","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"c6f1c376-4feb-41b7-bf83-2beb6c3e41a3","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"0ffa31f3-a008-4593-995b-cfce41dbb51f","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"e29fba71-38ec-4f93-a503-52fcc4a9ff48","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"25481be1-ab68-497a-9772-c0f28d8e2555","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"d0bf2c9b-9357-44d7-9823-540a21dc6bc1","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"39e25c9d-ebb5-47a7-91e6-88c07255c5ba","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"84e265c7-0816-477b-aa6f-b73e6f61bdbf","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"43b1a94c-d55e-43eb-b40c-edca3f57fc30","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"86a38dff-637a-45f5-bdfe-704cb887f2a0","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"cd6d10df-f557-4fdf-adcf-5febd9a8abce","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"44cdddd7-2453-4b45-b430-1d669b725ae6","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"c8cef3a2-acef-4f3c-91f5-64f5082e40b5","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"f092d9cc-f269-45ae-8696-d6307a7089fa","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"0797cdd7-691f-4eb8-a72a-f0f066a4bb19","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"365795b2-83b4-4be7-b508-8854aa375584","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"84f379de-e4ba-45f0-92f5-f80d34ae0c41","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"9576422d-a557-4187-b2a4-be5c67e4a6d0","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"1e946046-fa20-4faa-a7ec-e22f73bb451a","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"f2d92029-81bc-445f-84db-d23baacadd2c","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"c415f34a-33de-4a18-a8a3-de32d9f23a7c","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"7488e8ff-e719-4359-b981-6586e7943085","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"3f5d0503-f987-462e-b765-ba4337f78922","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"87fe1af7-f997-42b5-8154-0106db96b202","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"0da4fdba-edd5-40f6-b0d2-741c101e7738","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"4c33998e-f533-4ea3-8267-e4eafb73e9ff","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"30019ecc-0fb9-4c93-917d-5d94e3f13500","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"fb1d36a3-8abe-4b92-bb3d-6d1da5a886d6","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"168901d9-f3fc-4653-a60d-b2ae83fea7ef","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"2a8dd0f9-c9ff-4431-9b70-c8039ca1b74c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af3588d0-b6b0-45dc-a32c-3df06d059154","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1350e628-dc30-42c1-baf4-d41f94dfd108","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"07cd1721-3690-44cf-af86-0bae6d51921f","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"38646df1-b3ad-42f4-855b-7bc2bb2a1d45","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"cd5a2c0d-631c-4e5a-82c9-cc98390fc3a7","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"fa820196-0b5f-43e2-96e4-0f3feafce3a0","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"ed7cc54b-d4a1-47bf-8cc6-b599249500ac","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"e687646c-19cd-4b02-8e04-23cf9bc480b7","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"ff88cc70-fad5-4e09-b68e-d866082b6d1e","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"7d807bda-4698-458c-bf37-3ed31e89a67d","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"6874aa67-0054-4e24-8038-cd609b1d35ec","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"fa5b73ec-396f-4ee1-af4e-a09552837e36","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"08285cd6-47c7-4736-844c-43d695bf909f","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"42ca71fd-33fd-4e70-a5d0-76f307f1da65","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"3379e960-b7e7-4879-9458-ffd9eab3e904","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"f5057d42-5d16-4f7c-a4ca-d5437d59fa51","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"1a3beda5-e50e-4ca5-9221-70a27ef73dba","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"ca5397f3-5f24-4a42-9f9d-2ab3eb6a7503","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"aaf8a209-9fc0-4af2-8ad1-b599f9a1a289","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"206f0443-2efb-4941-a9e4-98b5bd68d563","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"318017f8-0ad2-4d94-b64f-9ec35d3abd12","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"d33870d5-b3de-4490-b99e-7b3da3af6251","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"8c56a07d-a808-4090-a46c-e125bd951459","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"95537286-2795-41cf-ab60-c7d1d14bef24","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"1e8e98f7-577d-45d5-a97b-e82362df97cf","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"e8101bd3-5da3-48ea-b4bc-98894e9d66ac","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"63560a89-cc8a-4cbb-97b9-366a78059a41","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"ca2549e1-dc69-4fb9-83aa-5cea49180192","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"5a1d2335-4346-4bb8-9b31-e240c4570e8f","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"c84f1ac0-c40c-48f4-a256-41c102ff7863","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"245ef4c1-09cf-4c90-ad7f-35df9b9afb99","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"75e8fd44-820f-4a93-b3f7-840c3e9daff7","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"ece8675b-3590-401d-9f73-7b2a7f611309","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"d0997aa6-8779-41c0-bc5d-ce1127238ad4","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"b9b36a2f-d3c5-4436-b749-805170ff157e","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"43ee4bc6-7e87-44bc-8bd7-972761b5f5a5","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"fcb1315d-1cb5-4297-ad47-0c4e1fd559ba","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"bbe7b147-12a9-4f80-8add-6e03e69a8288","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"429f6a34-c2f6-440a-bf76-a39b6e85c63a","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"2be9a31b-93e9-4a7a-a818-4398ca2f4277","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"5d5f8d00-9537-42a2-ab6f-ee6bbe79fc9c","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"8fa0c6c1-4cab-414e-8ed3-6e9e1870c775","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"6b1df7c5-c6f1-48c0-b145-1e21a6f76827","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"08efb859-e652-4a4d-bcc9-7440f0250f43","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"2318ef5a-afeb-4252-84f2-6bd4a0653bda","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"672b7bd7-924c-4f53-a8e5-5216c2d0bebc","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"b3df2102-fce5-4177-98c0-10409dc3bc16","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"f653f467-7091-4d32-9c3b-9df3450a4a24","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"5bcce28a-7806-49d6-9f02-6cda8a38dec2","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"ce24bf98-2613-44b3-b929-4211699ce5c4","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"b6277112-dcc2-4315-b279-f1415ec96c3c","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"abc2ffba-c0e7-44fc-86ff-8f8b3e4549c3","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"b32027aa-8dcf-4efc-9315-9db63456a0da","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"71c81b93-34cf-432b-9843-38e1238e52d0","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"3bdd8b39-323f-4f78-a455-e8a6fd854ada","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"521a4044-e7a4-44ad-949b-a3742892b68f","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"df988039-3698-487a-874f-1cf38622e6ad","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"64470bac-4849-48f6-af27-710d49663586","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a16b9260-5fed-457c-a7d2-cfdd0038010d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf32fa7e-6318-443a-a16d-f071a8c84194","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"28bc6591-9a1e-4eb3-a204-a884dbd095d8","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"5b7022bd-01ed-4306-b765-0f37097d5807","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"28481c83-b81c-45cf-b4dc-89df0b769b23","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"57a79fc6-4906-450d-9e3d-ddd9acf54222","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"288dcf8b-7cfe-41ec-ac4b-f62d4dc67057","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"220bddd8-a985-4806-9130-90909a1dcd9f","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"e37b7a6d-781f-4363-98b0-f2e3c6fe6b2e","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"f983e83e-ff90-4fad-97bc-b7303a20f17b","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"17b421c6-6d96-470c-9a01-ec9d7a3486f7","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"8d8e2c7a-0da5-456d-bfcd-dc0c30cf484d","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"e8711908-e2ab-4237-a648-d6624dadebb3","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"e99874a5-b192-49c6-b49b-34ce57971276","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"70052547-d282-4f35-8f5e-6ddcbd29cda3","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"ed0df147-e0f5-408a-8887-9e899bca225a","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"b5e33ee4-3638-45dc-907a-fe5b19234e66","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"36d657ee-f4c8-47e2-a0fb-a3d7d32b760c","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"537f9e67-0496-44f7-8d94-a952b9503929","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":52,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"1b020e24-2e32-4591-a617-6e560d2e02ea","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":52,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"93920f84-eac7-46e0-a81a-52ea67491fc0","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":52,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"d73dd50c-e6db-41ad-aac6-70037fcf3106","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":52,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"6d5fba6e-b5e0-4d85-b39b-073d56bc1218","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":52,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"7fb60f13-86b2-4605-83a0-d09a264bd153","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":52,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"043c9f69-a0ff-482f-bcac-93eb06b61563","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"a94d6dd7-5e50-4fe3-8ad2-ed9e96a4b67d","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"83e0458c-0f33-4786-bfa0-775f0b02cca4","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"25dae8f5-5ef7-481e-876d-9a1027856f0e","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c4359989-eab5-4e0f-83a8-4c763334205d","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"2ebae35c-9e3c-4ca2-8865-04dc33147b52","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"73c532b2-dfae-4261-8a7b-eac4ffbb8e6c","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"affcca85-1041-426b-84d8-f76be26fac52","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"ced77c83-ee49-4356-89c3-dfe249cead7e","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"2f62b166-722d-49c9-b002-6695c4e14f2f","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"cca03f0a-25d7-4792-9b23-41003eb9f75c","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"6abf01eb-6c2a-4fbf-8ff4-c9af289112e1","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"faae7ef1-119c-4073-adb8-66f29c0ebdc0","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"f882eb4c-4ce8-40d1-a7df-4ffd384c0730","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":52,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"356f5576-be8a-44df-b1ac-3e84bbad3abd","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":52,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"f58c9f15-ead3-4cf4-87bb-c3f1ed296099","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":52,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"062f6291-5507-4b45-90db-386681170806","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"5a631465-f60b-437d-99ff-7db8bba4f1a7","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"08df3cf9-6ea9-4c19-88fb-b1979b1308b5","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"b754eb6d-fd0f-47df-a3b9-792fd5242462","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"3dc8a3b3-0d39-46fe-a04b-b94b242f203f","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":52,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"a042fc16-42a8-49a8-94d4-355bf941231a","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"e4ac717c-7f33-4fcc-adf5-4bbce379060b","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"f2ee6ccd-9b7c-4480-95da-85015a633de5","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"65cf111d-dca5-49f6-9e4d-04a8b058bb98","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"3a8d2a05-a50e-4edf-b261-39fdf8e7e2bf","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"3358e779-d68f-44b7-835a-fef3cb2024ed","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":52,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"09f2a2d3-4d18-4c2c-8a10-4aff44a13776","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"6bca6d8b-7eec-41be-892d-b7bce506e531","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":52,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"73ac7ea9-2847-452d-8b06-2ec3feaf2dd1","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"bb723612-c339-40d2-89c9-287c81f1449f","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":52,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"55ab0207-eb60-4d38-ab47-9a5c1eb9983f","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":52,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"4205808e-6939-47a3-97f1-5d83ca240405","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"4e7f7c7c-c645-4d4c-9354-b2cb2abc1aa4","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"6118d45b-9653-4c8b-acd1-687e4df7dd30","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":52,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"e039165d-cf8e-4257-93af-11df359d1c66","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5154453b-e2ae-44e4-9f80-bbcfbda15c93","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5b45d1c-d0bf-4904-8047-f2ae9ab828c8","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":53,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"cab6bc7a-6f03-410e-9667-c62fae5780b2","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":53,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"4b2166f9-1220-4cd6-9d90-ca5c5ffc6244","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":53,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"1425c3c4-e634-4be3-86fd-a3df39b46f4d","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":53,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"5848c74c-7cab-465c-a91b-1309b2bf1d41","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":53,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"3f434fd1-7417-4ded-b634-193f15d3bf7a","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":53,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"d1513a93-505f-46b4-b737-92f43631b7af","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":53,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"5d499d16-ef8d-41e7-b889-5c5ebcd529cc","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":53,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"79a7e1a2-0358-416c-af04-746b787258c4","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"e25ef6c6-6e2a-4e0f-bfc3-c584009ff57a","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"d91d619d-9b18-4faf-b4eb-003ebe3d1d25","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"dbedb0b6-3081-44c1-bd4e-4978c514ec40","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":53,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"eef924ad-f4d3-429c-a663-e800959c9bf7","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":53,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"ba7ec050-e64f-427b-84c2-846069c43191","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"5f714fb3-5cd1-4d94-917b-c7e7f5fff3c5","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"02b84f36-7f99-430d-b41a-cef645e44cb1","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"7d1d570d-b0de-4870-be28-bde3fd217c71","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":53,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"16b7bd07-08f8-445d-b9f2-611cd1028468","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"7752c92b-36de-4577-aed3-92db0eaca45b","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"af29b3bd-7c8b-4c4e-97a2-b2abcbf972ee","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"e7158065-c5e5-41fd-a1c3-61d31dd61a2e","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":53,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"75e267bb-0aa1-486b-a098-ad84a3a787e8","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"f5ad90bb-3116-486e-bf64-8b1b960d92bd","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"2c7bd22a-d1c8-48cc-891c-3bc8a2cf0a83","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"69bc6565-668e-4915-9e14-ed9252a82eb0","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":53,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"428028b1-59c0-4a2e-b647-3ec2366c847d","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":53,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"cbae2678-146a-4c07-814b-3b116c7accad","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":53,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"4ca48abe-8c30-40de-a840-51c934f43694","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"4af1564d-657f-45b4-b9ba-861884803385","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":53,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"2a20e4e1-9944-4cd4-b669-39093b573905","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"1c950849-08ba-40dc-804e-42cec14f155e","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":53,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"9ca8dafb-5a35-4550-8016-b8704ac354b6","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":53,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"1425419b-7c6e-4f02-9125-0156cf1f9867","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":53,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"31c53947-6c1c-4378-9a85-23fb72241691","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":53,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"b3f85620-af9f-41b6-bd35-a26d88f9131f","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":53,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"3e6330e3-c344-46e1-bc9c-5270aef8d0e6","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":53,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"b41f39d6-1c6e-462d-8d18-9a99fd469c9f","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"625ff7af-6d05-471b-9168-d0c1075c02e9","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"cb9232f2-f170-484c-bef8-2b1ed1466caa","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"39ba437e-a5f8-47ca-a7a3-e535aff0ddb5","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"fe400ae2-d044-4f97-bade-b3923c2eefe3","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"b6096ee6-66ca-4e17-a637-00a5bbc483d9","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":53,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"224258c0-1df0-4d43-8dc6-5d0d28ab03eb","block_type":"box","text":"e.g.","page_number":53,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"4e370d8c-98ef-4e7e-b045-619f3494fafb","block_type":"box","text":",","page_number":53,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"1dba7199-1ad1-4008-9a80-367b78889805","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":53,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"ad2f60db-9cbb-47c4-91ba-ccea10a53619","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":53,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"d64e9e34-53ac-4ca3-afd4-efea3d90a958","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":53,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"1c8f792b-a6da-4e66-a103-654635d52548","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"4ce4a038-c968-47c0-8169-b8984c6e6e5a","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"18d19a04-6657-4445-bbc8-95115f3b162b","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"c7e0f42a-ccbd-4964-912f-6e7933f69207","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":53,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"c769cf16-f9e8-4341-8016-49de1ade84c6","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":53,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"fc098f86-62db-4e59-9287-33d227bd7c8d","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":53,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"e235329b-e2d1-4d4f-b28e-b49600ded32d","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"cf946efc-d7a5-4248-bd1f-94f80288f39c","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"f6bce3e0-72ed-4104-934d-87589481bbc2","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":53,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"dc716127-a01f-45c8-a601-d72e56e52438","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"4ef5b2ed-13b3-4922-9759-45e15899c324","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"1f3779d4-45d8-44e2-bf25-40b47d4cab4a","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":53,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"8a7c0326-2f59-41b7-b985-76c135441d7c","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"036a26af-4c2f-4dde-9191-54f3fe0e68f1","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"7e038fc7-71ad-4ff7-afb5-63bf96b8e319","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"91199e29-aad2-4ede-a2ef-99d43e90a5e2","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"910e58f8-55e4-4195-b183-911b0370c609","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c021d0b-a544-4574-a360-adeb435580f5","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":54,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"4f1f5f8f-8920-4575-9670-921601e5e65b","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":54,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"4571ffea-350c-47b1-9368-da2d0c537ffd","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":54,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"3574c4b2-59a0-4845-84ca-1d8d01f2e35b","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":54,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"6fde9f8d-6c23-43aa-9428-28b6a2a61637","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":54,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"7e368f2c-ecba-4185-8e18-f510ddcaf28a","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":54,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"b0007f91-9b16-4f1d-9306-b301df6d6c5d","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"f07a7245-3887-4b9d-9d39-cd57a12b3c92","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":54,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"aa7c25ee-03f8-4d00-8370-66d3c850a3f3","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"6ddeb30f-bc9f-4e52-af1f-8c9d5ecd3204","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"f7f29723-0761-4c1a-a113-78e357acfdb0","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"abc8aa0f-fbef-44be-8ed2-495780f80b37","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":54,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"a5fb6d55-5c81-4cd7-b91c-b3262065106f","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":54,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"7c9c1388-9ceb-4920-a552-04f76dde8a88","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":54,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"c3495766-a347-4c56-84d7-a54393d0cfa3","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":54,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"c6b33c7d-b5ba-4ede-b24c-626ab35ee217","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":54,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"4bd2377d-2693-42d9-8ed9-10ad0bc2ddcb","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":54,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"d47b8ad7-5571-489e-a860-ac903fc4817b","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":54,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"1f4c1eb2-a41e-4c10-a995-56fcdcc443ab","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"e501b36b-b52d-415c-b60c-e619690aaca6","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"d3f816b6-876c-4500-8c43-b55231fdf32c","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":54,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"8191321b-8aab-4a01-b569-c569ea7dfa88","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":54,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"34b97be7-8366-4d1d-8787-022bf54de286","block_type":"box","text":"i.e.","page_number":54,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"df021d2e-6a7d-4de9-ae3a-e7e05dc88f71","block_type":"box","text":", strictly on the basis of its yield) is","page_number":54,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"b62dd1ac-0f5d-42b7-bffb-67fc56a30557","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"b2786b08-4a65-4de3-a8c2-fe9efb4ba0f3","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":54,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"e6546bc2-09fc-4361-8578-e8bb57c7029a","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"1e499f4b-7830-4e57-8dfb-3bdccce10409","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"2c97ab34-a6b2-4547-8d84-4f105670b0c3","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"ae681b88-37e9-4433-b07f-6b0b9eb8e767","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":54,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"68b53386-5945-4b3f-8ee3-8706bd27501a","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"13809da5-696d-456c-8964-2f5188e06121","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":54,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"6217064d-e250-46ba-9684-9fd317edbe80","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":54,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"62ad3c01-af20-4abf-89ea-7bf747d0a2dc","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":54,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"0f6ee3bf-5c0c-4fb8-98f0-8b5f809a6214","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"b3835ae4-7cd2-4137-ab02-8ec1f7d2581a","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"a8ddccb3-9dd3-44af-9de9-249dcb04ab2d","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":54,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"70250b91-a230-4ea3-afd3-ba2c48580a48","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":54,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"31c09f9d-e972-457b-b61c-38950d9281f3","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":54,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"350c7e91-80a0-4bfd-af23-1a3388799b54","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":54,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"3f698799-53f1-40ea-ab62-ac40a7ce05d1","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":54,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"54d67b1c-e655-40f0-9830-1d564075650a","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":54,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"d72ae7b0-c3f8-43e8-b47c-7c50d3e416c1","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":54,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"4b2a2b8c-f4fd-4ad9-968c-7ca96c61c93d","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"8a59e001-4bb7-4f4b-b3eb-11393599a5ed","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"8c321862-c62a-4869-9e4b-b09e85570e68","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"e91229ad-db7e-4bfe-a861-f3efe36c3b97","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"2f121505-a910-4bfe-bd30-d56792e75747","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"f7461a85-07a2-4a7a-82c8-f0b0f4294b2d","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":54,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"773933a6-2a34-44b8-8581-a150a3f9f827","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":54,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"6cab8c59-5c95-4968-a63c-7a137251c397","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"17cdba31-fd31-423f-8713-3ff7341e5ce0","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":54,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"6930e7d6-04f4-49af-9727-166e4b5ee642","block_type":"box","text":"i.e.","page_number":54,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"69a3e092-29c2-4adb-9b03-5ed8c1214950","block_type":"box","text":", fixed-income (“fixed","page_number":54,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"11be6555-85b1-43d1-bc4c-72fc27d90d2d","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"27e600e6-e31e-40f7-abc8-046981942cd3","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"e60ebc91-1bca-40b1-85a3-b2153149e8ff","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"ddf72f2b-5266-4ce3-9fe5-579608be7b80","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"afcbc04f-abd1-4888-8007-447ba0e61187","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9e689575-5dbc-4822-9247-0f36c27b5326","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b867e45-9ae3-47e4-a201-139ba88c9264","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":55,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7c844342-29d9-4432-be17-66a25b7436ec","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":55,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"b00f7af2-26cd-4146-a088-3a5989dfb36b","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":55,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"a285df17-8a0b-4af0-b367-ceb6e45c7551","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":55,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"5a4a8a23-521c-4b50-9c32-2c83fc646ef8","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":55,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"49d77f87-5e4b-40f6-8763-ac20fb95ca4c","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":55,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"d8147ce8-431c-45dd-8275-8ba4cca7c225","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"58dae497-0128-4d2a-9c36-695cb6bf0101","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":55,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"f7402f71-75e7-4581-bc13-94550fe81639","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"30445847-b233-4461-afc0-2fdad38145f3","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":55,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"e2ce93f6-8a51-4dc8-9aee-63b4360cfd81","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"a76869b7-69a5-4f39-8db7-5d6546d67df3","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":55,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"9694f8d4-dfa1-416b-8bba-6349bc784638","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"a0e34a46-aaf5-4655-9805-b1b6d20e8b01","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":55,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"8ef66ffe-a0aa-4b1b-bba0-55c6b37f462f","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":55,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"3f6d1525-f175-4259-a838-d9af02bdb8f6","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"d29d59d4-8d75-4388-89b3-0b4f4d62d1d8","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":55,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"3275f548-ae0e-4e01-88cc-e513d56551d2","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"8e26ff34-5c16-4af2-ae5b-6aba2d237b50","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"005531dc-8002-472a-9063-779d0a39f26f","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":55,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"b124a0f0-ddaa-4015-b1ce-16daeb19863f","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"f5f0a0e3-8a05-4c33-9f0f-33cad4c780e9","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"ce75b794-2394-4747-88e2-caa1f5b9127e","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"e472d35a-6957-4dda-ad59-d05eb4662b61","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":55,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"e7eca2c0-5b01-41d6-b32c-3b11b193dadb","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":55,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"5d96c41d-0860-4c8d-9374-6f965323500e","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"77b946cb-2b3f-4263-b330-49ac15ef09a5","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"43685e03-ebeb-4337-a07f-93ee4b72c60f","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"dd7ec504-bb45-4c3f-afa5-aab2da5317f4","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"587b09cd-7b67-4314-bd53-56b436b78ffb","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":55,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"707bd05b-eadb-4df0-a065-6d7ab1da0e31","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"3e6e985d-633f-4c8f-b8b9-99947d9ffc56","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"d3273100-3163-479e-80b5-8b4a4419b907","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":55,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"2e849f8a-39b4-457e-ab15-ce9937828c9c","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"ad32631e-31ef-4346-bfde-a97d22109fe9","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"1d030185-ddb0-47bc-9113-e39a151bcf7a","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":55,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"6d9ba9ab-3018-4119-8f53-b05cb133986e","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":55,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"8fc359c1-d61b-421d-a9bf-0f04967c9af8","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":55,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"538ee009-c54d-403b-be88-639db6984849","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":55,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"c2a21497-9343-422f-b6c6-c1ea03b42c62","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":55,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"4cd81553-1690-44ee-8ed6-2768ac8014a8","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":55,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"c5700b8a-343f-441a-8cb7-2aba9b6dc0d2","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":55,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"ebfef56c-46de-4802-a227-68a0b7e1cb8e","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":55,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"216aeaf0-7874-4bc3-9203-95052d571ffa","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":55,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"609961f1-b861-447d-8f10-2ee59caa86fb","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"1acc8736-ae50-4b44-a92c-3be436565836","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":55,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"21216a7d-f8b5-46fe-9186-a7ddd1b26901","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"0c8b9d4a-1d40-442a-a788-e7ae2cc8b1e3","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":55,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"7353d949-6ed5-4ec5-90a8-998c94c94a4f","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"10e4a8ec-b320-431d-a829-ca21d919d08a","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"c84c2509-618a-4ad5-8473-c08b71694afa","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":55,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"532d1220-287b-4896-963e-97a7f40f9fd0","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"85cb5f2d-1814-482d-b92e-d2c140786881","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":55,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"a3928ace-27d6-4315-a792-4515f73a3fca","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":55,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"012ac365-dc51-4d6d-bca5-0af76dc27c35","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"52355f1e-990b-4667-89dc-25cd588b42c7","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"f5b768f0-a383-4a90-8640-fbb40051157a","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"df231b10-54e5-4673-9e94-790f02cc154e","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d453f22-2df7-46ed-8a69-6d1f056c30fc","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":56,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"d6aaf504-39fc-475d-b04d-8c5fb264906c","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":56,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f90f7985-528e-4c87-a4ae-0013b753fe74","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":56,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"f9cfcd00-42c5-493c-b808-ea1d373e11d9","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":56,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"ae656558-271c-4210-9baa-853b7cd96996","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":56,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"07f8637f-1dbb-4986-b3a1-227881d598ff","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":56,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"05c9cc4d-b257-4b39-810f-a0a0ea61ac97","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":56,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"05a99f7b-df37-4b2a-832c-052fe45cb627","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":56,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"b641fc3b-b311-497f-b041-8ba70d7f9937","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":56,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"85c1bd11-1662-4782-bb97-f06c31133ea1","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"b7a08798-29d5-4b71-b3c9-68d5882cae0c","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":56,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"38289027-9c2b-4a80-8ce9-4278290a5c45","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"a4b802e1-577d-4b20-b4ff-e3277a7bf7fe","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":56,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"b1c61f13-104e-4c56-bad6-c7d0597758f1","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"7bed9d78-76e3-45df-b48d-4e8a8b358ff2","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"7c160571-3428-41ee-a587-694a852f4434","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"6f718074-1d93-45d8-b129-2823af54a492","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":56,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"cca930ce-6ac9-472c-be09-e43b10a45149","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":56,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"20fadb76-0a95-4329-91bb-f2718010c676","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"9f4c99da-d896-4539-a906-b8f80abf8a49","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"8d1a4272-3adb-4b09-849b-ecd9f6cada6c","block_type":"box","text":"Direct Lending.","page_number":56,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"193f0389-a563-4f4b-af19-296c62e6d99a","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"00603fd5-c7cf-41f0-8fc1-57e6e6b5715d","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":56,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"9c5c1f1b-3f33-4934-9427-731d85c50d08","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"1dc630fd-9404-4ee1-9ca6-1aa81820a072","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"b774169f-fd51-4c1d-994f-abf0159e8989","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"3499cf8f-ea24-4750-9968-eb4ca175fb35","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":56,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"eecbe033-3200-48cd-968d-ab3d890b90e2","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"5c5bcfa1-23ea-469b-aa65-903a2c0da743","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":56,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"090d5fc4-b492-43d7-88e7-9556945b27fd","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":56,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"14886255-b84e-4335-a93b-fb0c12dd74ce","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":56,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"0edd6ea6-ed46-4697-8d9b-c62084ad99fb","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":56,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"4ad29be5-62bf-4688-bb6b-e4117d920ae1","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":56,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"6d472df0-29dd-4504-9d08-235d004d6445","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"d4fb07d0-5275-4b36-9477-ab77df053f69","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":56,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"38989c3f-5315-4cca-bba8-3d0bd54040f8","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e9fb2c31-5421-41ae-b9a1-4f32790ab514","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":56,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"e72bd24e-4884-4866-8371-a465e185e8ef","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"f881e222-5ec0-47ff-9c84-5935e3cdfdd7","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"07d17a6c-a688-45e2-aace-9771a008f46f","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"0f5d74fc-e5e0-4538-87dc-e42ed940612c","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"e9519bc5-6fda-4ba4-9de1-b6f726878b7f","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"5031df96-82e5-4a5b-89a1-19f0ad6895ba","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"045034e5-4b3e-43dd-b240-7ebb193176f8","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"180633fb-6198-4261-845e-4d36e7c05017","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"7c431a0e-edfd-4b6a-b4b8-55d8a6b76f86","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":56,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"2f76179b-88ef-492c-984b-bf65b6a7129d","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"45d7cd23-3d56-4d0d-b9c0-b40988b2a8bf","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":56,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"c450cf8f-c52c-4b06-85ae-2d572b41dd02","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":56,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"97019842-8c2d-4b8d-9365-c3df8c6d1a2a","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"87aa54b1-5e35-4d4b-babf-b857ab53e44a","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"74184adf-fcc4-4c6d-8a19-07ca60c1fb98","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":56,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"5b4d696c-9b5b-423f-b19b-3f563e85da0b","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"da803b83-6c18-4357-b997-4626322d354d","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"457b0bea-ab67-4182-8575-8966c329afe5","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":56,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"afa05976-16fa-4529-ad0c-73bc3bbe8ff1","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aaaec0a6-1976-44bf-bb06-e1b2a2212575","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4d35d52-2e9e-4649-be5f-103a96f2617e","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":57,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"0f0d69e5-d29d-4966-bf75-5b387d0609af","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":57,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"609931b0-cd09-43f0-96a4-0b241e07de12","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":57,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"012caf88-1f2a-4b0a-95d4-6bb8513fb8d3","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":57,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"89ca4f64-ad3f-4105-93fa-6c5780477deb","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"84ff5e10-f62f-4119-ac7f-89328dc73a29","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"c90d8cdb-32a2-482c-9400-a55e3a14589a","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"53af0f20-5b17-468a-82bc-6aa9b9f962bf","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"1d97c1b8-8c79-49c9-95d8-f8128502bbd8","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"2da01669-7d02-4f8c-b64d-ffe212eab72b","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"2a2bb054-e980-4003-8dc9-3d3a4e107e96","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"ffe6b744-254b-48ce-9b84-a8da070e7ac2","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":57,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"97c44af3-5662-4ec0-83a6-0e08ded64a32","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":57,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"f60f3eff-1b84-4cce-b822-94e98963e5a9","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":57,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"feae08df-99e6-4453-a4a9-0e916735dfdf","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"18f881c0-727d-4cf0-8616-f57572e65e0d","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":57,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"5bfe63af-9ba8-465a-bfe6-da1e604e5551","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":57,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"e858ca5f-10f9-4196-85b1-7d2985661aa2","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":57,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"53765a9c-b107-401d-9d52-f8d53bdb13b8","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":57,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"39b6cd0c-45f2-4fbb-9d7e-04bcef8ff7e5","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"52f78dc8-d86f-4ee5-9799-2af97b3f03e6","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":57,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"b7f79f54-396f-4c86-9a70-42784d6752b3","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":57,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"ab25a5dd-5186-4df1-b05e-d8b08c632030","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"4258195d-3029-4060-a514-c54a0eacfe19","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":57,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"ca0b44ac-9a5c-4c64-ba8f-3e2e0f5812a3","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"cf853955-de7b-45b0-9a4b-c9725cc20a6e","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":57,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"25584af8-d577-418c-a19a-9fe5f92385b8","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"71919cbb-26e9-41aa-b79d-3dc6cbe34011","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"9590a34e-0653-4fcc-a0ee-5c44b658b1aa","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"4e4dcf90-b961-4e40-be2c-c6180fba9723","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"aac901ff-81c3-492d-a589-c799a0774ada","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"341e431d-cfa7-4256-a92d-518e89e14ec3","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"c6015f2c-c757-4662-aaf4-ce5933d7e4eb","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"9a85121e-725d-4ea6-8ba5-539539c430c6","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":57,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"90c28ee0-bfdf-4b0d-83d7-6f61808a8e89","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"7c00366d-1e9b-429a-afbd-5a97b4a72dcc","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":57,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"9006a24c-3ab4-4441-ba64-4a61a2457b49","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"3f06998c-e50a-4a53-affd-8d341cd9e85b","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"05bdb5a2-eb90-4272-ae6e-d80a6907ff82","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"67554868-37a1-4efb-a9a9-fb09edea88bc","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":57,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"c031cdd5-03be-40d2-9808-28509e4aa0ca","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":57,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"303f335f-15a6-4fcf-8c59-0676cc4f71f9","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":57,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"91a1232a-8a56-4a66-8eb8-479236e42997","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":57,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"8099c8ce-ab97-4a75-a8f5-5272c806175b","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":57,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"bb6bb381-28aa-4cf5-9ff4-abdc7ee8fa63","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":57,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"817c544d-f638-439e-b9c7-1cfbf98ef24f","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":57,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"fb62b2ac-379f-4d64-8310-1d133619d8e0","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":57,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"5412db45-5219-448e-8d7d-bc362b0a33f7","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":57,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"55126303-d88b-4454-8116-2a2acb3e2ae9","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":57,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"aac31b90-7f85-4b8a-b7bf-76c2ad2cbb7b","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":57,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"a1a6a4f9-36c2-4dc7-b8d3-6bdd66b1716a","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":57,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"cf9d7201-4095-4b14-8146-4a02c53aa8c0","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":57,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"a60b3ded-6c87-4af5-8273-5a26a16fdf58","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":57,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"a04d87ed-bf5e-4d19-a24a-c6dbc3731ba4","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":57,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"6beaa39a-e2d0-4912-949b-f51b9c7d6f6f","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":57,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"f4e90b92-db92-46db-889a-e800c9230110","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":57,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"211f6878-f126-48fe-89f6-35837484ee42","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":57,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"cbdf6b71-15f4-4d11-90e0-f7d81250fcd3","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f9619ed6-1083-49a6-892a-13f4af6760e5","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc79a99c-7e3f-4df9-a1ea-3ff166b2ac1d","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":58,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"81eb79cb-362c-4367-b518-13c74ae4bff7","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"00ebd321-554c-451f-a79d-038293260270","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"4e8138dc-0e06-49e2-b2e7-6508d9380c78","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":58,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"2b4d8059-0c92-432e-9e6d-b23517168212","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":58,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"d85f46db-1ade-4177-9445-534344ba6b01","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":58,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"698cf37a-10c8-4136-933d-aff7d107994e","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":58,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"ddeb069c-34f9-4ed9-869f-d1697cff54bb","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":58,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"88658871-81bd-4581-a351-afc1da547251","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"5b810d48-493c-4da6-904f-08cf356b523e","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"29acb706-abd9-4f7b-a5bb-9e5fc169b7cf","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":58,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"bbd494c6-7970-4e7b-aead-c71066e9fbcd","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"9a37087c-ac29-467a-99d3-498331cffa6a","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"cfc2b93e-9a8e-43e4-9428-3780f9d1056d","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"1df3b10a-2500-4319-a1c8-3f15649488ef","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":58,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"3f77cc69-3926-4a22-b218-2c9f22061944","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":58,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"9e1b1b66-c365-427e-83e2-eaf763c18ac1","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"a600915e-2ed9-4381-a694-93cf320b3a10","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":58,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"1678dad7-1e42-4fa2-8024-1c626383ff06","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":58,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"46e56853-9a63-4064-a7bb-1f0bc63ac550","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":58,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"a339bfd1-ece6-46f3-b4a4-77e41a96037d","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"cedd8ae9-9fde-4a46-a47e-e39f1bd7280b","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"bfb4213e-2771-4e90-91ec-f5b5e5d6ba6a","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"6e04a6d3-384d-4a44-8210-b410d8dc8c3a","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"0ec3cf85-d31b-44e3-ae0c-5a48488bd975","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"512bebe4-afcf-418e-9838-ec6a9fe57a3f","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":58,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"6ef89b53-c364-4944-a78d-b2e27bafdb7e","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":58,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"29857d7b-8ed2-4fac-a5be-70ba6f7d9f22","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"696cff3f-7a4d-4295-a967-a123671f6f50","block_type":"box","text":"i.e.","page_number":58,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"8d8bfba6-68f0-4d0a-98ab-c5be1911c87f","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"361f4540-d5ad-40c0-be22-a37b09b1b680","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"c9ebf541-aba0-4f33-bfef-937c028b326f","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"cc5e7b87-6995-476e-9487-0f36338cd633","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"5c848bbc-a314-4d62-8dbf-5b875c2a7601","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"2897fe08-9603-4bf0-8d5b-a5b344299dd9","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"f5086c03-0553-4fc8-a8c8-265cb54f1ac3","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"1f37e9e5-a168-4d14-b548-21ea000792e9","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"c4de92c3-e901-4bae-b328-03c496e8a065","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":58,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"a3f9c405-4af2-40d1-91f2-8fccaafb91ca","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":58,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"da6b720a-b09a-46e9-95f5-1aa5c80a9c30","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":58,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"0d050f49-0d5f-4516-ad47-0a97263f3f5a","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":58,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"f0ae44b5-0b56-4708-9519-ec026cc09184","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"010b788a-a232-409b-9603-9350f7abb8eb","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"587a4f75-5025-4308-b82f-fbb54550b734","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":58,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"01461b95-6295-49cf-b981-39f7066d19d2","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":58,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"56f5c83f-de68-42a6-b83a-7daa417e3a9b","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":58,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"3100fecc-a677-4b71-9247-01f12523c830","block_type":"box","text":"risk than higher rated securities.","page_number":58,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"581d1eaa-257c-4612-a7fd-83a29b45c149","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"eb164124-1649-4bd0-b28e-4afacdce6738","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"602175c2-32c1-4e66-a579-dc48e2ff76da","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":58,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"2e2583d0-7790-4f57-b9c8-bf1e0187a6a7","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":58,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"f598e9b5-c6ef-4212-9ab6-186dc6059033","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":58,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"90aca4c3-b60c-4d85-a2e9-f2a623252d25","block_type":"box","text":"unavailability of additional financing.","page_number":58,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"67af310e-ac69-4780-a800-06e9d704d9ea","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"b22f05ad-aac9-47d9-80ad-ad704bf7b99b","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":58,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"02e14571-b648-4673-9e9e-ccdcd91349fb","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":58,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"24e96c69-dd59-4938-8ed6-2a5f0d8ede0c","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":58,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"f1601b2d-6380-4df6-9fd5-c48f68863a65","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"67038c99-4366-4b74-ac0f-3becb3cd84a7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"72f6c071-3dff-44bf-9444-df231bd755e3","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"d3d8fced-1eb5-4bce-9238-7f1c65d52b96","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"9407df26-2418-442a-8aca-ba0f0754fea7","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"417f0d4d-25b7-42b6-9881-942687d55a9f","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":59,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"4eb826cb-4906-4bbe-9e5c-5e086436648e","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"0d0d9ec2-1cda-418f-8426-8a6df7d73c13","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"afa90d00-6a0e-4b98-97ef-40fb57ae7ba8","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"8b12ffe8-5e51-4593-bb03-5948ba52472d","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"0ea88854-b826-41dc-8c6e-8ab304dd6d89","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"7a51bda7-7fdd-43da-b5c1-6e8ba3ca0d62","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"840009cb-0037-4829-bd0c-2b5734ed7b11","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":59,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"3281274f-2196-468e-9ab1-643865984de5","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"1a08df41-5f88-4de3-ae03-7753678ba2ad","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"7d882594-c5d6-4744-8512-cc126c7d54d1","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"c89a7a69-4183-4795-8772-45e09f2124be","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"2e87d057-0861-464b-b00b-901a779d60b8","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"86212760-268b-44ed-8a84-f307140e6732","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"176a181a-7224-4891-bc1b-726dec334624","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":59,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"2d295cff-9126-441f-978e-6644cb0c1da4","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":59,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"04c20384-27d9-404b-8df9-18284477850a","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":59,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"1e8327b5-8e27-4571-bf22-031192be28dd","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":59,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"ee60a22c-2181-4946-a210-a0197da46cd8","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":59,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"9fdca6ad-1a96-4198-80a8-1406a5c1f8bf","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"81ff8274-3b1a-4f52-a75b-29be93e1552e","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"09e6ec83-228b-4a79-afda-564d92b8da22","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"8961baba-1d70-457a-8181-3ed3e67d3bfa","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"4dd2ba62-9e04-416c-99ba-cefab9222ab9","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"b2ab4ffe-4c6b-4807-865a-54b8a503034c","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"1b0f4d2b-d6a3-4057-929b-2bbc6779561d","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"fc4047a3-2189-4877-98fb-e00b53d95378","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"0955da64-882e-4311-9838-1e9886c7ed04","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":59,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"d0506ccd-f071-45b9-af75-a17276d8f043","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":59,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"55d04fed-a905-4ba7-82bb-bd5e3020f244","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":59,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"469cbb63-e034-457b-b915-ef1ed009e385","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"ae735e76-dc21-4b00-a336-4f4a8c8c9837","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":59,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"eaa6e2a7-3312-47c1-b2ca-f42e3a336a84","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"ed651917-6a66-4493-9f91-3a5302a2fb68","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"143dc047-6ef3-4cf0-abd3-a1323cd0cf9e","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":59,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"88593e0c-dcf3-4d3c-832a-72985468d3a4","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"32633e49-ff89-4db7-bbcd-a0170128d698","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"beb5fac3-baa3-4b81-a388-fbe13bf6cb10","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":59,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"c164764f-6f28-4d0e-99fe-fdef5c9438ff","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"c7a6f9fc-99ef-4fc3-8259-86be142ff76d","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"6db327e7-2adb-4873-869c-a2becb27b0cd","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":59,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"d327aab6-4e7b-4239-aec0-10bd996c87dc","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":59,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"adf782e1-227f-4155-b56c-166600a932db","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":59,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"3e290c41-0325-41b2-a0b2-6237e4950420","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":59,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"b690ab47-3846-4ef4-a711-5266a4b02f99","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":59,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"03993f03-ba87-423d-a7cd-20327b526f37","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":59,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"3164b03f-a3d8-428e-820c-53ede84ca355","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":59,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"b64b260a-1ab2-4c3a-a91e-1b4f9eaeca08","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":59,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"86d437d6-d086-4bff-bc52-a99e713cae53","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"57298075-9c94-45ad-a586-7b98619ee995","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":59,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"9336999f-456a-4a9e-ad69-7bd9cf53093e","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":59,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"72495476-29fc-4081-a3df-6415adcaa1d4","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":59,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"840c716c-b97e-479f-b677-a844ed9b1fa4","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":59,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"c9f64293-a890-4e74-93f7-89cc6c2ff3a4","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":59,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"9ff20323-a248-490d-87f3-bba0706f3e41","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":59,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"490c29f1-b24a-4457-9812-1a925b0c9844","block_type":"box","text":"higher-rated securities.","page_number":59,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"10d019a4-f1b8-4f8b-b8e9-8a87577a9c82","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":59,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"900129e3-0b98-4e32-a6a9-8d58f8aea79e","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":59,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"63a6b498-ffc4-4489-9526-cdd718f0abf9","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":59,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"232b6dc8-0da0-4612-8301-2d7dc889f09a","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":59,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"4d8a4f29-ab75-4358-8d94-1c63665005e9","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1cab526a-c2c0-42a7-ad5e-926ab6a1257c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc4b400e-f8cb-4433-aa6d-82c7c1f14414","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":60,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"ea7e1446-3c0e-4486-bd7d-6bf3119eb95a","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":60,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"d6e7ed66-d57c-40ae-89ae-a7b37cc0ef15","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"1d022499-2a27-4be6-85a2-9d0bfdb2c8a7","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"88e07ddb-d26c-4d24-aafb-01a2a7c26ded","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":60,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"9ff74432-0702-4f8f-90fe-0df820989071","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"5eaf7504-5079-4fd4-bad3-e81f6555e8bf","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"a8eec250-10fd-4b9f-bc9d-645ec270e46d","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"4dc0b193-5aa3-4361-b478-4cb8844a0f4c","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"33524430-e4ff-4ff0-9602-64584900653e","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"97ef0d1a-a5f0-44b6-80cd-ae1957bc0ffe","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"b80f3ce9-40bf-4179-830c-d600ceb34207","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":60,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"f53a9e1f-aeba-4499-b7d6-7c1418e0f83f","block_type":"box","text":"e.g.","page_number":60,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"b4952b10-74e0-4611-9bed-876a7540307d","block_type":"box","text":", with","page_number":60,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"7f9ef42b-7f3d-491a-a2ba-093f7ee2d7b2","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"caf07555-fe5a-40da-9586-ff218560a91b","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"232c4f76-444b-41eb-970b-aee92a9466da","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"cbd4f420-0c37-4a57-b5f3-d2e6f8663db3","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"a9150515-6e3a-4e0c-8703-001f88360dc0","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"2bf57d98-72fe-4946-b489-3eb58f64372b","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"458ba943-b751-4689-b9aa-d0f91e4fc588","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"076c773e-ef83-40d3-940c-9a838199e898","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":60,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"22b6ee7c-02db-4fbc-94ec-e965198c8ab3","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":60,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"701eb565-396f-4d25-8fd7-7243a16fc76d","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":60,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"52009b81-84c7-447b-b546-cc67dc08372d","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":60,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"55328db1-7550-4577-bb05-aa74cfdd21b1","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":60,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"62020134-18da-4ecf-a5f9-487d769ba33e","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"f51543ec-be05-4607-93aa-7d82e5d401a1","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"2a6b9a16-8e89-4a31-8f2a-b1e04778df54","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"dbde2326-025f-481b-b56d-02ea292f8dc0","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"86eccd8d-dec1-472b-b6c0-4604574f90de","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"4ab22379-1711-4c8b-885e-41b2e93c9931","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"2c3d0722-3e36-457b-80ea-f118bdd6f78b","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"62ea6ce2-6b4f-4dd1-a4db-c5783bb91392","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"6845ca2b-cc5b-453b-85ed-fe336310b0a2","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"fbd48f92-2613-4f46-a616-33a79433e166","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"c7c9a4ce-3e71-4aa2-987e-6a24ad88b203","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"cb156d96-bbfc-450f-bddc-540070df7c1d","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":60,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"dea77e7b-c624-4d78-9e26-a1f5ea44a0e7","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"818f25ac-b6f6-48cc-b63e-a590fc2c229f","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":60,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"6716bdad-b667-4c3a-84c2-142e1bf81bfc","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":60,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"85297416-ceda-4702-a65a-0c36a3849ac1","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":60,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"8bf2766a-c8dc-43ed-995e-9e3aee6815b9","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":60,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"761a4d22-3bad-4221-aae7-1329f6a8851d","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":60,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"fe0f9114-e529-4d2e-a4e1-a952812f99be","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":60,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"23d369de-c60f-459a-8d6d-d6cb6e1696b7","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":60,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"351b0a49-0a36-469f-ba5b-bf155882ee48","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":60,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"b02f4a59-1a38-4bab-abd2-60e5fb668b41","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":60,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"faf43b0d-d281-4d30-848f-d0a3f4f44474","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":60,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"25fbecbf-fe83-4a83-ae05-924e2fca8ae5","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":60,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"742eec77-1f91-458b-8de1-2912cddd2919","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":60,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"697db59c-9b2e-4d08-a4eb-1162f93bc5b5","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":60,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"f1f65bd7-ffad-4f25-a2a7-7079ed2a78dc","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":60,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"cdb714e5-8630-4ecf-bff5-53a6d2ec5303","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":60,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"45a4062c-f06e-41d1-84e5-2e6eb5a6c4b4","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":60,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"f5f3fba1-53b5-41d5-b20c-83f878ebfd61","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":60,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"ebd4a617-d534-44d1-be9f-34875143e8fa","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":60,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"1f9b4606-8f2a-4638-ab51-bb7eb347cd2f","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":60,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"f78ff31d-e7f5-4924-b745-a46c4b6ee7c8","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":60,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"0bbcd540-3195-445f-b336-ba41393d341d","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":60,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"89d71f58-2a99-49f4-bc4e-47e239628cc2","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":60,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"3a0e94e2-317b-4a27-8632-249944288251","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"86625b85-59d7-4510-8192-0b21390fd0ac","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8fd39577-2560-4785-bc88-387c19803cac","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"2de14a39-a95d-4f65-ac57-deca3bbcfc14","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"010f8ad9-a98d-4231-876c-97b9181bc713","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"5aa90903-7f21-4102-99aa-bcffcb32aff6","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":61,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"dfb4def1-d51e-4197-b2b7-79732cf57ba5","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":61,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"7eaf60e5-2f02-49f5-94c5-255ce0b58166","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":61,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"8b7a9624-9146-49b8-8895-b9c7d6609c2f","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":61,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"cffcb705-f23c-43e9-bca4-dd18a38928d2","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":61,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"d7b6dd14-9d62-49da-9d79-e91b2d4fe7a8","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":61,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"b5b1ae61-cec0-47b8-b974-3f9e9c76932b","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"2538e6ea-40e4-421a-9914-7137636088ee","block_type":"box","text":"i.e.","page_number":61,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"31272b2b-bee8-4b6b-9816-3eedb62c2760","block_type":"box","text":", the payment","page_number":61,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"288c9b8a-a870-416b-9e06-2ca994449524","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":61,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"ded9e5c6-3229-4b26-b72b-015fa625ee0e","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"6db29275-8de0-4318-b8ac-c63b8c93263b","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"cebb4b57-96ec-484d-8b6b-8ad5b5fbd618","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"fdcc2a69-95f6-428f-afb6-cdb268dd9514","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"170cb90a-2890-44c8-8e6b-71da619d215a","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"eaa668ee-21be-48b5-b7f1-923d755b1926","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":61,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"96b09d7b-ec4a-4cf0-b160-b767724eac60","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":61,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"e8b9c9d0-2c3d-4fb2-b509-f5937deed11b","block_type":"box","text":"correlation risk,","page_number":61,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"59b1425a-843c-49c5-80c8-4c070aad24d3","block_type":"box","text":"i.e.","page_number":61,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"e41b451a-b904-4f46-9a28-6b13e4185b66","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"4893418d-bc53-44ca-b327-b4b3d8beeefa","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":61,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"b751050f-6b9a-485d-9cac-0aa1cf6c32ac","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":61,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"6f8a0e39-57b0-44dd-82eb-764926e85f22","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"f4c3ada8-5db9-4e2b-8dc5-ea883d5602ae","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"fcbc8927-899d-474e-a5bc-3fe332eb3261","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"b63aa75a-07d9-4729-a2d6-444d57ba2fc2","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":61,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"ca894290-349a-4c69-9e57-7299f361ef2b","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":61,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"38f7eaab-a886-4067-be54-e2618c7a423d","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":61,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"d6e5f589-54e7-45a7-9415-58f4a71dad33","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"588b9638-3005-4ba3-bd86-e0ec51a4012b","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"50349f5c-e8c9-405d-97ec-d7fe59f577a8","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":61,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"455c7000-563d-495e-963c-07ecb248a292","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"190969db-d8f2-48d7-a7e9-c27adeb2b7e4","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"2ffc3f8a-1022-44a7-a663-6f1a51b4a26e","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"0423c776-b791-405b-998b-a99c801378e1","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"8c8bce47-a914-4a56-a4b0-fd2ba0b85733","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"89134dcd-6074-4062-9c8b-1ccba5e94106","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"a3f145bc-29c1-46c3-bc52-187b17ba29ef","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":61,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"95eaa3d6-0469-4a08-9efd-530c35fb305e","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":61,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"6983ace7-2636-43e9-b6ce-74614f401db7","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":61,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"fec6fedd-b2dc-4ffd-a853-f20009434c99","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":61,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"39dee9b2-16c8-4e66-b5c0-907b8bfb3bae","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":61,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"56951d3c-9d13-4940-a0b6-c9243576ad0c","block_type":"box","text":"financing transactions (","page_number":61,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"11774a84-d65e-41ac-97e6-4a0e77317993","block_type":"box","text":"e.g.","page_number":61,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"8e8659d2-c943-419f-bb9d-7f2d9fe60d98","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":61,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"8c710ff9-e63d-48ef-b27d-4fee5b18fc0d","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":61,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"251161a8-3bd1-4147-92bf-7334b5fbb72f","block_type":"box","text":"securities (","page_number":61,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"49ae4063-c62d-498d-a70f-e527304ff854","block_type":"box","text":"e.g.","page_number":61,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"4d40e68e-153a-4eb0-bb58-6153257fe4a9","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":61,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"12e81105-c7b2-44ee-907c-7dbbf94b32be","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":61,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"c35df16c-056c-4193-a822-dd9899e14106","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":61,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"d2a51a31-012b-4d56-ae41-01f8d39b27e8","block_type":"box","text":"Commitments”).","page_number":61,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"481588e8-a759-4a42-bbdd-b235c574a3ef","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":61,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"75eeca9c-d590-42f9-9a5f-b5c2f6decd77","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":61,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"9972c4e0-02cd-4da0-8b8b-39ceb4c24ca2","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":61,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"7fe30fe1-5eaf-49af-a005-cab2672bb0e3","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":61,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"cb52688f-a488-466d-a5ab-941c0a78b5c2","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":61,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"2d9d6bbe-7a1e-474a-b2bc-e20b4bbf0c85","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":61,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"1717f688-ad70-4268-87ac-4bdfe18b1a86","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":61,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"1935ba76-4d9d-4c0b-984d-455f3677a986","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":61,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"a40ed6b0-0261-4581-996f-172b6521de5b","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":61,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"c4375872-60e3-4ce0-a655-31ce7625c6dd","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":61,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"452d6960-ddec-402b-8aee-bae5a6da62b6","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94ac17de-8c68-4453-9902-27421786c2c7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45cae476-3814-40ef-927e-85f3717195ae","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"87cd9bda-2e96-4c78-85ac-4a5d85dcdcf5","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"6a685bd3-4743-4378-91a5-b7a20140f07d","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"72ef4614-e84a-49c0-94fe-30aba940544e","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"e86cfef0-5b8c-44df-b681-873d79496ddf","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"ba0658f6-fd5a-4c25-9f32-a5a68fe8c86a","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"da57e17d-d623-4d67-a4da-65bf1e837ffd","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":62,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"4a35c3cf-c1be-41ba-8e44-8f8ac9216435","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":62,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"be9ad018-f936-45ea-a832-3b0a0b6eef6d","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":62,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"701f4976-ff47-46c6-a060-ed47feba176c","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":62,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"3743dff6-c3fa-459b-a210-8c6e1a464623","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":62,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"684f8e95-0656-4681-9a73-dc82b4db1d27","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":62,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"bf344174-6c4d-44a8-8f79-8b8197fbeb2b","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"44f2c751-2d95-4e14-83fa-ce94076b7c03","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"ad1b6a90-010c-4eb3-a206-0250a00d1a64","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"23d4c710-e429-4f75-95f9-55589628627f","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"a7d4b8b9-b3ee-4fa8-8da7-ef7c34d9f7db","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"ed97f63a-b486-4275-8e35-9d6fdcfa1599","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"fd1d045c-d6d2-45ae-a564-7eb57bcf4ed0","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"e3193edf-634d-4a43-8cae-4b5f7119fd89","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":62,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"eeecb639-8732-4405-8e5f-190451dcb138","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"61c2e6ba-8091-43f8-ac69-96239c6b4b03","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"943e4cb8-aaa1-46bf-b9c2-15ab9ea9e3af","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"2dbad468-27eb-4825-b65a-96f5b4664735","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":62,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"3ed3ed26-e968-4ed1-9774-3db77a932e3a","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"1a271043-b6a9-47bc-ab33-670cdbfa2275","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":62,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"f669d64b-47c9-4eb2-be1c-60c503e4772b","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":62,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"50beaede-cc3f-4f90-b5ec-17212f9cd1c6","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":62,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"2cedc4c5-bb77-4425-9737-b2368a476ee5","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":62,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"34b344e1-c302-4fce-9479-790ca2af6bc4","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"f8774834-5683-4bc4-8666-c86461a2dd2a","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"33c5e09b-345c-4f99-8c1c-cf6e3575e00d","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"3fda1585-3ca1-4564-8354-dc1fe78a1bf0","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"c87d37e2-a2ce-44b5-b103-99a71bbcba97","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":62,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"5759a47b-1ce2-4b41-9881-774a051dd7a0","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":62,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"a05db594-033b-4d6a-9b55-723e5ba126fd","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":62,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"d97c679d-3aec-42fe-837c-e8d414dd94d2","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":62,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"820f5413-952c-4f95-9eaf-b743e1a7dd11","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":62,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"daab7fd2-5e21-4dc8-b1a7-4620e3b4d450","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":62,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"e2225ffe-912b-414f-bb66-eefa3d439401","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":62,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"a9148a56-4d62-437a-b11d-ebc8b59690bc","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":62,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"834180cb-9a20-4be4-b917-e3a297e7f829","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":62,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"b2b82147-318d-415e-a10e-8c85602f27e2","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":62,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"3dd2b4d3-63f9-4d06-9255-e6f48569801a","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":62,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"a4fa476d-73ed-4b79-861e-f77c65c49826","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":62,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"1cb67c13-ed1b-4baa-831e-34440d797f48","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":62,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"6f0a4157-d3c4-4a5e-89a5-b9a6a5dcba52","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":62,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"ea3ea639-a581-4acf-b20c-8db0744527c5","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":62,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"ac39fd7b-e995-42e0-8313-149b02b3da0c","block_type":"box","text":"and","page_number":62,"box":{"x":69,"y":801,"width":25,"height":9}},{"id":"d5b22c0e-4a1a-4ffa-9703-55d4930f100d","block_type":"box","text":"monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":62,"box":{"x":102,"y":823,"width":802,"height":11}},{"id":"44e18d51-e531-4cea-99f0-ccea51376325","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":62,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"fb1e74b7-f73d-40bd-93da-3abfbdf596aa","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":62,"box":{"x":69,"y":853,"width":789,"height":12}},{"id":"566bab93-b154-4a48-a94b-dc16855bbd76","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":62,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"fb2f7ea8-5271-4e60-bc54-99bc68cff000","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":62,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"f62def4d-97cf-4950-b20c-dd8b79cd0cb0","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":62,"box":{"x":69,"y":899,"width":791,"height":11}},{"id":"c15dcbc2-a1fe-4b66-a870-0064010f07c6","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53aa4fb7-e7ca-4b71-92b4-871362e64a42","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52b77160-69e4-405f-a948-2aa8f68441ee","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":63,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"557948da-1348-4d87-a3e3-5c97659d4870","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":63,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"669dbda9-e430-463c-a273-dd1430013d12","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":63,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"b1ebf69e-d83d-4bf3-a21b-7f276ce0df54","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":63,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"4bd91595-3b9d-42c7-bc93-b52e8b63ee6e","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":63,"box":{"x":69,"y":105,"width":785,"height":11}},{"id":"a4f971fa-36a0-4036-a87c-ba1edcb43b59","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":63,"box":{"x":70,"y":120,"width":350,"height":11}},{"id":"e9b597ed-27ea-44c7-92f2-eee0e7c54c87","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":63,"box":{"x":101,"y":143,"width":256,"height":11}},{"id":"a0838229-0a4f-4010-929d-0c12f3e62d41","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":63,"box":{"x":364,"y":143,"width":513,"height":11}},{"id":"e899024e-8744-4401-a8da-22459c89f87d","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":63,"box":{"x":70,"y":158,"width":757,"height":11}},{"id":"c8a51647-ca49-48c1-ba26-6021e8071dd1","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":63,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"f5af9d47-8387-4296-8a1d-035cb53fd0a6","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":63,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"f3dcb648-cb97-43d9-8397-bcb0c44ad8b7","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":63,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"8e7659d3-19fb-4a71-9179-c6353987199d","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":63,"box":{"x":69,"y":218,"width":798,"height":12}},{"id":"6fee3515-22d7-4fc2-ae47-b84e286fcc49","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":63,"box":{"x":70,"y":234,"width":785,"height":11}},{"id":"51712a97-69e1-4b6b-8089-2a4ca7fecdb2","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":63,"box":{"x":69,"y":249,"width":787,"height":11}},{"id":"91f14fa2-5ac7-41b5-acf8-ce95b35b9b7d","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":63,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"dd8907bc-edf4-4e3b-9435-d13ea7cdb0e8","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":63,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"f34d2de8-d93f-473a-af48-1c2c93ed7527","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":63,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"0e64f74a-c9d7-4fcf-a122-209fb8aa9952","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":63,"box":{"x":69,"y":309,"width":839,"height":11}},{"id":"eeca0d91-99df-48f8-ab7c-c84765463f30","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":63,"box":{"x":70,"y":324,"width":793,"height":11}},{"id":"fe22e170-0736-4d11-b21a-03af36719622","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":63,"box":{"x":69,"y":339,"width":765,"height":12}},{"id":"e55b1184-a035-4423-8566-ff73c6b3cc19","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":63,"box":{"x":69,"y":355,"width":720,"height":11}},{"id":"6b847032-c3ae-4704-9a3d-df73db551a39","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":63,"box":{"x":102,"y":377,"width":802,"height":12}},{"id":"852466b7-8cc4-4cb6-96ec-52e00cee0d73","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":63,"box":{"x":69,"y":392,"width":762,"height":12}},{"id":"75eb9de2-4d21-4005-ab35-7dd785da4f8c","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":63,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"0ae47509-68bd-4428-9754-61a5fa500385","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":63,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"9e9a1846-30ab-4362-af14-690ea6ed3565","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":63,"box":{"x":68,"y":438,"width":787,"height":11}},{"id":"65d9c02b-a140-40d5-b328-98cda92e08a6","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":63,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"295a075c-896e-4150-a1f3-962b667d8224","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":63,"box":{"x":67,"y":468,"width":795,"height":11}},{"id":"b2c58abd-4ad0-4cc1-b6e8-e382451e8cb6","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":63,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"e0667771-be8a-4834-ab37-5255066e715e","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":63,"box":{"x":68,"y":498,"width":839,"height":11}},{"id":"7aa299b1-4cdf-4517-b876-a020d1095bd5","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":63,"box":{"x":68,"y":513,"width":814,"height":12}},{"id":"74c4b059-1e81-455e-a79b-d8e03ccc59a6","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":63,"box":{"x":69,"y":528,"width":773,"height":12}},{"id":"253ead30-e0b0-4a50-8361-49259e6a7173","block_type":"box","text":"collateral received under such contracts.","page_number":63,"box":{"x":69,"y":544,"width":288,"height":9}},{"id":"81d6ed9e-fc95-4dfa-84cc-85ebe7444779","block_type":"box","text":"Risk Factors in Derivatives.","page_number":63,"box":{"x":102,"y":566,"width":191,"height":9}},{"id":"31a351f9-04e2-47d7-9fa0-0463426a26cb","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":63,"box":{"x":101,"y":589,"width":597,"height":11}},{"id":"b63efc84-a781-4758-a1ef-6faaff59d4dc","block_type":"box","text":"Correlation Risk","page_number":63,"box":{"x":102,"y":612,"width":114,"height":9}},{"id":"2017a55e-5afe-4a67-8e32-1d21ea585686","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":63,"box":{"x":220,"y":612,"width":668,"height":11}},{"id":"7fe984f1-d3a9-4ed1-85f1-b8bcf76919b4","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":63,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"381fee23-6a4a-4d22-8393-d4225b1e67a1","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":63,"box":{"x":68,"y":642,"width":818,"height":11}},{"id":"5f4ffe12-6a32-4e30-afbd-3c4c3c70744b","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":63,"box":{"x":70,"y":657,"width":806,"height":11}},{"id":"971e571a-137e-484e-b710-5f66a4124d3c","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":63,"box":{"x":69,"y":672,"width":725,"height":11}},{"id":"33899982-99e8-4f48-beec-d77e3f82d722","block_type":"box","text":"Counterpar ty Risk","page_number":63,"box":{"x":102,"y":695,"width":128,"height":11}},{"id":"87bb3a7a-1c7c-4eff-afec-de47f359102a","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":63,"box":{"x":233,"y":695,"width":632,"height":11}},{"id":"0d81d415-d4ed-4465-8c17-8d79bea3a0a3","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":63,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"52bf67ad-4311-4d0b-ab48-72ddd5e54042","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":63,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"a6007e22-ae90-4963-902f-10bc735641c5","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":63,"box":{"x":69,"y":740,"width":834,"height":11}},{"id":"df7fa154-0669-4ae0-9d47-465a6bed50e6","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":63,"box":{"x":70,"y":755,"width":831,"height":11}},{"id":"7e9cab93-b909-4496-a5bd-716c9c0520f6","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":63,"box":{"x":69,"y":770,"width":806,"height":12}},{"id":"8f3a776e-7aaf-4c04-bc20-c0a28c66dc8f","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":63,"box":{"x":69,"y":786,"width":803,"height":11}},{"id":"67130030-57b2-4438-88fe-6ac04663ac2e","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":63,"box":{"x":70,"y":801,"width":760,"height":11}},{"id":"16ea50c9-2186-473f-99d9-0027d1c009d9","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":63,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"7f8c4203-f9b4-4c18-9b58-6cea2a550b04","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":63,"box":{"x":69,"y":831,"width":834,"height":11}},{"id":"03a36799-aac8-4a41-92fa-2ffaa69b67f6","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":63,"box":{"x":68,"y":846,"width":826,"height":11}},{"id":"dfc7e5a8-7529-4b13-aedf-01b014552c3b","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":63,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"8a65edd7-1430-4a97-b170-3cf38f6a2f72","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":63,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"07357aab-26b0-4b17-ac32-03b4ac59f97d","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":63,"box":{"x":70,"y":891,"width":816,"height":12}},{"id":"8492274d-75ab-48b5-9181-b4be9d41ab7d","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":63,"box":{"x":70,"y":906,"width":771,"height":12}},{"id":"63ce8132-83ef-4e79-a79f-263c30a1148e","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01a72fbe-6916-4a3b-9710-f297dea645a9","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c3c02e8-7faf-4c21-8fc0-cafc1dbf4cbc","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":64,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"64cc6dcf-1715-40ee-a2ef-60d4324849ff","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":64,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"2739440b-5790-4d5f-903d-605f01b1c3d6","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":64,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"1e352750-f08d-4339-a733-d78e0e2ad5eb","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":64,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"3709b56f-947f-4bd3-9dd2-0633ef17bfa9","block_type":"box","text":"by the clearing member.","page_number":64,"box":{"x":69,"y":105,"width":169,"height":11}},{"id":"fea9de71-45f7-4244-be90-5be508a7629c","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":128,"width":78,"height":9}},{"id":"f7fb1632-885e-4585-b525-8f29fcada7fd","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":64,"box":{"x":184,"y":128,"width":698,"height":11}},{"id":"ebe33c02-0a54-4213-bee1-d49595c75b66","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":143,"width":213,"height":11}},{"id":"f3574a61-3853-4f1c-81e9-9c2ad0e51c00","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":166,"width":98,"height":11}},{"id":"ac079fe8-a08d-4801-9fcb-f1ff665ee5ad","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":166,"width":669,"height":11}},{"id":"ece29277-cc88-4d50-b093-e869a97c3515","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":181,"width":300,"height":11}},{"id":"8fc4a223-575d-4da6-9983-7317b8ccf906","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":204,"width":98,"height":11}},{"id":"2548a31d-048b-4950-b67e-fa21da6238bd","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":203,"width":693,"height":12}},{"id":"294c2f4f-816c-4e2b-905a-ee38e288eadb","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":64,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"a0b01110-7e5c-4488-9a6f-20e08d4f06d1","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":64,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"e4160f2f-8db6-46b0-bb4d-8d089f515287","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":64,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"6005a9b5-7696-4a37-9213-2bef14228336","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":64,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"44f9862d-26de-4959-ac71-b3e1eaf8c373","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":64,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"fdb3dde2-fb0a-4fd1-a502-c8846513ce95","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":64,"box":{"x":70,"y":294,"width":762,"height":11}},{"id":"0891c62f-0443-4e50-83ed-8e3ab6262dbb","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":64,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"93109155-73c0-49fa-b901-3aa223d74034","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":64,"box":{"x":69,"y":324,"width":816,"height":11}},{"id":"3c81f185-42d6-43de-8ec0-3bf8667f61d5","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":64,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"0a9c4644-1db6-4dc1-b5b1-8c4080140234","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":64,"box":{"x":69,"y":355,"width":828,"height":11}},{"id":"2613867d-29c9-4e4d-8123-ac9a21210762","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":64,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"fdea7196-ca94-4c34-bcd2-0e369023e54e","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":64,"box":{"x":68,"y":385,"width":826,"height":11}},{"id":"f0db5970-7cde-496f-8936-08bab9b8eec1","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":64,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"4fd42440-9d71-46d8-9d40-2bf2738d20b3","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":64,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"986cbcad-409d-47e1-8e43-ed4205ba9b46","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":64,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"58aa5d68-f0e5-409f-8904-a54374050ab8","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":64,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"4bb4e1f4-4e16-47c4-a1a7-bc5711af7c9f","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":64,"box":{"x":69,"y":461,"width":796,"height":11}},{"id":"3f44ae75-e1fa-46a3-b9f7-c3f747be852d","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":64,"box":{"x":70,"y":475,"width":759,"height":12}},{"id":"65799a27-e600-4fee-8480-72bc16c3c466","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":64,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"d852874f-a3c1-4dbe-99f6-8a4719b49660","block_type":"box","text":"may be disadvantageous to do so.","page_number":64,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"574ada8e-897c-4285-a17e-68a979fb7e0b","block_type":"box","text":"Index Risk","page_number":64,"box":{"x":102,"y":529,"width":73,"height":8}},{"id":"d0062127-7b52-4398-a6c4-ed2699bb3823","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":64,"box":{"x":179,"y":528,"width":714,"height":12}},{"id":"5a926785-acbf-4701-ab46-46a8636f3e6a","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":64,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"456120ee-dc51-4865-88b3-9b281d769608","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":64,"box":{"x":69,"y":559,"width":678,"height":11}},{"id":"c9b90a77-cb69-4118-8d2c-063a26b41900","block_type":"box","text":"Legal Risk","page_number":64,"box":{"x":102,"y":582,"width":73,"height":11}},{"id":"ac4ded14-1f33-4897-bca8-16e75069cfda","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":64,"box":{"x":179,"y":581,"width":717,"height":12}},{"id":"66733db5-32c4-4543-aa37-4e29e9a81c70","block_type":"box","text":"or enforceability of a contract.","page_number":64,"box":{"x":69,"y":596,"width":211,"height":12}},{"id":"8c775826-3db7-4d71-8f92-d2b0f26c43c7","block_type":"box","text":"Leverage Risk","page_number":64,"box":{"x":102,"y":619,"width":99,"height":11}},{"id":"e95557db-93bd-4c96-9ae3-7a3b166fd2eb","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":64,"box":{"x":205,"y":619,"width":648,"height":11}},{"id":"36c86122-fbe7-464a-b42f-f32f02f8f477","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":64,"box":{"x":70,"y":634,"width":823,"height":12}},{"id":"645ad8d3-74cc-44e9-aa1c-e97794b44d47","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":64,"box":{"x":70,"y":650,"width":425,"height":11}},{"id":"fc99200e-5187-4bc1-af1b-3491bf452b6b","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":102,"y":672,"width":85,"height":9}},{"id":"1efacb39-ed39-44ba-b56e-c2e6c5324d73","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":64,"box":{"x":191,"y":672,"width":716,"height":11}},{"id":"ce2fb116-5a21-4c4d-b581-77974f7fa48b","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":64,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"6679ef84-4c25-404a-9980-3e27df839f08","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":64,"box":{"x":69,"y":703,"width":794,"height":11}},{"id":"29aff6df-d715-445f-af7c-39b08f5ad09b","block_type":"box","text":"affected.","page_number":64,"box":{"x":69,"y":717,"width":62,"height":9}},{"id":"b8ab88c1-4b33-4ff0-b092-2b239c6d1b31","block_type":"box","text":"Operational Risk","page_number":64,"box":{"x":102,"y":740,"width":117,"height":11}},{"id":"8c76362e-c52b-4389-97ff-f9339bdff796","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":64,"box":{"x":223,"y":740,"width":674,"height":11}},{"id":"b52d2062-e4ab-4ab2-85e6-dae24a04b415","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":64,"box":{"x":70,"y":755,"width":451,"height":11}},{"id":"ad84e645-6901-465d-bf14-9c62d6011fc3","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":103,"y":778,"width":99,"height":9}},{"id":"548a9f0d-9b5c-420d-840f-757605c61963","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":64,"box":{"x":206,"y":778,"width":701,"height":11}},{"id":"30f3b287-418b-409b-9f44-cf712d8fd7c8","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":64,"box":{"x":70,"y":793,"width":779,"height":11}},{"id":"2381e9cc-eb1a-46c6-89d8-40c0f1701971","block_type":"box","text":"complex instruments or quote prices for them.","page_number":64,"box":{"x":69,"y":808,"width":329,"height":11}},{"id":"88ffa849-75bb-4c84-9968-a73a07eaf691","block_type":"box","text":"Volatility Risk","page_number":64,"box":{"x":103,"y":831,"width":93,"height":11}},{"id":"51a43c37-9c5d-44cd-a367-b9621d0c5317","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":64,"box":{"x":200,"y":831,"width":652,"height":11}},{"id":"a09130b6-d9e0-49db-9f79-dd536c1668ca","block_type":"box","text":"Types of Derivatives Transactions.","page_number":64,"box":{"x":103,"y":853,"width":240,"height":12}},{"id":"bfbbddea-ddcf-4a2c-b48c-4db07810ebff","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":64,"box":{"x":101,"y":876,"width":771,"height":11}},{"id":"27d8bdb6-62d7-4048-bd0b-664afc3929c5","block_type":"box","text":"including the following:","page_number":64,"box":{"x":70,"y":891,"width":159,"height":12}},{"id":"94686332-71cc-4c18-9c30-163647000acd","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46cbd6a8-da35-406e-a39f-5e4441ccfceb","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e050b24c-cd9d-45bc-b3e8-42aa3a7f5c67","block_type":"box","text":"Futures.","page_number":65,"box":{"x":102,"y":45,"width":56,"height":9}},{"id":"c978eea5-e184-4f29-9ca2-7d21d123ca8b","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":67,"width":791,"height":11}},{"id":"07ee349a-4310-4802-b269-0d820b7e2dba","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":65,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"1deae656-affa-4e45-bd8c-83f4c9ceb43c","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":65,"box":{"x":69,"y":98,"width":800,"height":11}},{"id":"94780f51-2248-4388-be8d-00f3d169ddaf","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":65,"box":{"x":69,"y":113,"width":838,"height":11}},{"id":"3466539c-a3f0-4891-8331-a56593cd7fce","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":65,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"4cfec730-97f4-462b-8768-e4b5dbdcdce3","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":143,"width":478,"height":11}},{"id":"b184b05f-fb35-455e-bcc3-32720ba6ef6d","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":65,"box":{"x":101,"y":166,"width":801,"height":11}},{"id":"3132d85b-64cd-42f4-92c4-ab31540087c6","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":65,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"2f49bfbe-4186-4a75-a5c8-1caa0cabb954","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":65,"box":{"x":70,"y":196,"width":822,"height":11}},{"id":"dc1539ea-0b07-4b9c-b497-43179bb09c21","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":65,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"535fe264-6bdf-48ce-8d94-648c9cc5e961","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":226,"width":162,"height":9}},{"id":"0828e8af-7126-42c8-b744-5cd21ca3b3f9","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":65,"box":{"x":101,"y":249,"width":756,"height":11}},{"id":"80b74b63-12db-4729-9af6-dcb18245fb2f","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":65,"box":{"x":69,"y":264,"width":820,"height":11}},{"id":"fa249a85-afef-44c6-9361-9d4f8bc163c1","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":65,"box":{"x":69,"y":279,"width":789,"height":11}},{"id":"c9975508-87c4-4f46-83d9-8bcf1016e5e5","block_type":"box","text":"relating to the futures position.","page_number":65,"box":{"x":69,"y":294,"width":219,"height":11}},{"id":"6a728481-a78c-48de-a8b8-a5b94f7a348e","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":65,"box":{"x":102,"y":317,"width":757,"height":11}},{"id":"382a76eb-79ae-4402-9302-60bc992b87d5","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":65,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"ba8cedb2-adf1-4919-85f0-6401a53432e8","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":65,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"85bfcc84-4667-414c-a591-ac19c6e7ce9f","block_type":"box","text":"Regulations” above.","page_number":65,"box":{"x":70,"y":362,"width":140,"height":11}},{"id":"038cb175-dcc9-4898-8df1-3b5a12f6ccbb","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":65,"box":{"x":101,"y":385,"width":799,"height":11}},{"id":"83d89392-cf53-4ff8-bb4a-3cdabcadea2e","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":65,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"cf7539f3-e02a-4c7b-b220-cfaa6c302d12","block_type":"box","text":"(","page_number":65,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"f63b875c-268b-466c-8531-3f4973f1837f","block_type":"box","text":"i.e.","page_number":65,"box":{"x":74,"y":415,"width":21,"height":9}},{"id":"e9e04697-6db4-4a18-ac51-1fcc12f90183","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":65,"box":{"x":97,"y":415,"width":803,"height":11}},{"id":"ce2b8926-8604-454f-9584-7c1e5061de3c","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":65,"box":{"x":69,"y":430,"width":830,"height":11}},{"id":"ed70ff38-bec0-47d6-bcc7-338137999da5","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":65,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"a89181cb-6530-4ef2-b0ec-4dcd929e98e6","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":65,"box":{"x":69,"y":460,"width":831,"height":11}},{"id":"5a3f0fa9-cffc-4f9c-a542-31b62a383405","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":65,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"73bad9b4-1287-440e-86ed-6642b0e5fe50","block_type":"box","text":"Fund intends to purchase.","page_number":65,"box":{"x":70,"y":491,"width":183,"height":11}},{"id":"cdca7f4e-682b-4ccf-bce1-64a883cce898","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":65,"box":{"x":101,"y":513,"width":768,"height":12}},{"id":"0988624b-86a3-4587-804c-2210071b0296","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":65,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"0ecce1b4-05d5-47dc-934c-39a98c714fc2","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":65,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"186095be-8b6d-4499-aa32-075fa09ea306","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":65,"box":{"x":69,"y":559,"width":773,"height":11}},{"id":"395018e5-3eea-43a7-9fe7-94809583a496","block_type":"box","text":"illiquidity.","page_number":65,"box":{"x":70,"y":574,"width":63,"height":11}},{"id":"68629f9a-a590-48a4-9b48-ce9dddf089f8","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":65,"box":{"x":102,"y":596,"width":757,"height":12}},{"id":"56798fd6-73ae-47b9-9efa-d9b3de9819c7","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":65,"box":{"x":70,"y":612,"width":807,"height":11}},{"id":"7dd5a8df-fcba-48a4-b0ae-c006fcd0cef9","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":627,"width":269,"height":9}},{"id":"8efe5b22-faae-4e64-addd-f6e0bee2d5a8","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":65,"box":{"x":102,"y":649,"width":791,"height":12}},{"id":"e451dbdf-2f6b-47ca-aec5-a76c49c3dc2d","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":65,"box":{"x":69,"y":664,"width":838,"height":12}},{"id":"d0af28e8-68a3-4a4c-a646-bd78f2cf6fac","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":65,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"0c161fa9-8aa1-423f-a5f1-a78dcb64a858","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":65,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"cf373c2b-e4cb-4d47-abc5-75525889fc77","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":65,"box":{"x":68,"y":710,"width":657,"height":9}},{"id":"36bd8dff-10a6-4a7b-b437-f708df0a777a","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":65,"box":{"x":101,"y":732,"width":792,"height":12}},{"id":"a40e5b9a-8df2-42fd-a487-28d2f890f67e","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":65,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"e00ec6e8-a3c0-43e8-ad18-0ced9482f07a","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":65,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"f05fadb0-10a3-48d5-80e8-8a66a977755b","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":65,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"46b07d38-924e-4b92-82af-b343075f8c1d","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":65,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"27b4bae6-fcdb-4083-97e5-79a5ca4b5df3","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":65,"box":{"x":68,"y":808,"width":561,"height":11}},{"id":"7ea03f46-83d8-45f4-87c8-d2453af6bb38","block_type":"box","text":"Swap Agreements.","page_number":65,"box":{"x":102,"y":831,"width":131,"height":11}},{"id":"6ebefed6-5ce2-4d56-94b8-19e0d9b190ea","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":65,"box":{"x":101,"y":853,"width":782,"height":12}},{"id":"0c2c70db-8ad3-4d1e-b7cd-62056cbcb1c1","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":65,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"3836ebeb-d245-45d4-8cd2-36e62031a60e","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":65,"box":{"x":69,"y":884,"width":799,"height":11}},{"id":"cb751da3-a7ea-48ad-8d4c-1f305849c92f","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":65,"box":{"x":69,"y":899,"width":792,"height":11}},{"id":"479009ae-4790-4376-b2ab-3be5cba9147f","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cfafd21a-8c63-4783-8ae4-462aa374eb3c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e89726ed-4077-445a-ad76-c1e6c069ab52","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":66,"box":{"x":68,"y":45,"width":832,"height":11}},{"id":"05f321c8-1201-4ffd-8669-a3479c739bf6","block_type":"box","text":"a “notional amount,”","page_number":66,"box":{"x":69,"y":60,"width":147,"height":10}},{"id":"9a6a8902-d5ca-4e0e-b2ef-c3b2de172382","block_type":"box","text":"e.g.","page_number":66,"box":{"x":223,"y":61,"width":25,"height":10}},{"id":"a422bbb9-16bf-417c-af7f-0cc4570cc761","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":66,"box":{"x":251,"y":60,"width":602,"height":11}},{"id":"dcfa860e-f547-42fa-9ff0-cfd40a512eec","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":66,"box":{"x":70,"y":75,"width":787,"height":11}},{"id":"93392e31-7d05-409c-893f-6a3970cd982a","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":66,"box":{"x":69,"y":90,"width":762,"height":11}},{"id":"13641cfa-587b-4174-8a7d-93a44d131056","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":66,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"ec28fdc5-9ee5-4825-b751-4498bfeae92a","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":66,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"a913e53a-c839-4579-a151-0993c5a63bd6","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":66,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"bbe10644-accf-4744-88b7-c2115777a749","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":66,"box":{"x":69,"y":151,"width":826,"height":11}},{"id":"0a54c5b8-5fe9-4fbb-9eb3-45625fc17930","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":66,"box":{"x":69,"y":166,"width":827,"height":11}},{"id":"f965cdc7-b765-4460-8185-f77c2596823b","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":181,"width":763,"height":11}},{"id":"ceba0570-9c29-4ac9-b8ae-c565bba69e48","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":203,"width":329,"height":11}},{"id":"5bc1aedf-e94f-41a1-ad95-b4e5ee39f8d0","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":203,"width":439,"height":12}},{"id":"040aecc3-30c2-4f5e-98dd-e6c38c1d9372","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"591e9dcf-6ae4-4703-8ff4-ec831add80f5","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":66,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"34a491bb-47d7-4402-8d69-1ac3a93a56ae","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":66,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"8422f364-c084-426a-b3ae-eab70ca0ce82","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":66,"box":{"x":69,"y":264,"width":829,"height":11}},{"id":"c4a09c3f-1ac3-4af8-9ac5-1c1e57c02a3b","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":66,"box":{"x":68,"y":279,"width":798,"height":11}},{"id":"34b858d9-44b8-4720-8eef-659682f1df4f","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":66,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"30fbd321-bbc0-4e38-86f7-1e559215bc8b","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":66,"box":{"x":69,"y":309,"width":836,"height":11}},{"id":"0dc5eab0-0844-4051-8efe-1c2d59de2647","block_type":"box","text":"index CDS.","page_number":66,"box":{"x":70,"y":324,"width":75,"height":9}},{"id":"867cf691-c3bc-4fda-858a-48699c360b1f","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":66,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"03287dc7-71bd-4d77-bbd4-3ae29dc8bf61","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":66,"box":{"x":69,"y":362,"width":806,"height":9}},{"id":"274af419-cecf-4a06-bc84-3d011b39a819","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":66,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"cf0e7779-8dd7-42ff-94d1-70c60f71afd5","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":66,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"bdfdac00-d491-4f39-91d8-580654cb736c","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":66,"box":{"x":70,"y":407,"width":812,"height":12}},{"id":"8951e62f-5b58-41ba-b913-014e7f8d684a","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":66,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"c6af4069-a15c-432c-97ad-6709e9c8b7a3","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":66,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"1c3653cc-299d-490b-813e-b6b261f27e41","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":66,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"58cc4a6a-5fac-4a67-8ef2-a27e004613cd","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":66,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"06f1007c-f4e3-4207-b656-bfeb65c81102","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":66,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"a2071a66-ac19-4620-acc7-00cc120443e4","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":66,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"ae955702-4525-4494-8a89-4d32fa772a37","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":66,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"23e9120a-462e-4f84-a432-9400aacd92ed","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":66,"box":{"x":70,"y":529,"width":834,"height":10}},{"id":"54fd427f-5738-4690-aee0-3d2fe8846ace","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":66,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"6567a64d-fbeb-4666-a37a-ba63aa1fb0b8","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":66,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"ea3fed24-364a-433d-9bad-452cc13a065d","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":66,"box":{"x":69,"y":574,"width":815,"height":11}},{"id":"fe423c19-409a-4922-b52f-e95ef4c0e111","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":66,"box":{"x":69,"y":589,"width":807,"height":11}},{"id":"00cb10dc-a2da-431b-818b-35a07e39c5e2","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":66,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"cbb69b94-4484-4aad-a1ab-e90bc035b34d","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":66,"box":{"x":70,"y":619,"width":711,"height":11}},{"id":"7bf60d7c-3eec-4143-a6cf-51fce3832688","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":66,"box":{"x":102,"y":642,"width":757,"height":11}},{"id":"b527fef6-eb03-4730-9823-98c768af84aa","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":66,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"e29ea65b-c8ae-428b-a068-d7ab94e754f2","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":66,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"411e469b-3f67-4346-b324-5cbab9ff04b8","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":66,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"a007c9a4-a3b7-4e8d-a9df-ff707d6ba5e8","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":66,"box":{"x":70,"y":702,"width":817,"height":12}},{"id":"30ff2ad5-fa49-485c-bd79-57e565abe05d","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":66,"box":{"x":69,"y":717,"width":820,"height":12}},{"id":"3441a0e5-77be-4f6a-9ae7-388c6e48cb36","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":66,"box":{"x":68,"y":732,"width":833,"height":12}},{"id":"0bd763b8-fa8e-4cfb-802d-ccd539f04f00","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":66,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"784a295d-ffd0-4eef-93a9-ba695abee5d8","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":66,"box":{"x":68,"y":763,"width":820,"height":9}},{"id":"ac3a4372-8c1f-4269-b2fd-9a82e22445c6","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":66,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"d904dd22-c405-487c-98cf-313f6bc3024e","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":66,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"f1d106f6-b03d-45f9-8459-3218195cdefb","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":66,"box":{"x":68,"y":808,"width":814,"height":11}},{"id":"2d26711c-2fd0-4205-879f-b91bfb80dc41","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":66,"box":{"x":69,"y":823,"width":766,"height":12}},{"id":"a42fd9c1-e81a-46b5-b55d-11b9d47266a5","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":66,"box":{"x":69,"y":839,"width":840,"height":10}},{"id":"2bed4bee-c779-4f0f-946a-f876fea7bf5a","block_type":"box","text":"conditions.","page_number":66,"box":{"x":69,"y":854,"width":76,"height":8}},{"id":"beaeb953-49a9-4f32-8b55-590a1579c78c","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":66,"box":{"x":102,"y":876,"width":762,"height":11}},{"id":"76578d36-7ff6-4b0d-a4ac-aeb20dee3d1b","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":66,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"47eaa929-6d71-45a3-b64d-59a09e0ce7f6","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":66,"box":{"x":69,"y":906,"width":727,"height":12}},{"id":"767bc9e4-b14d-4885-a057-2ecd749e509b","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59bf20fc-7f12-4723-8b64-dd8f1fed7574","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bc416f1f-d1c4-493e-a21e-1b1350421bb6","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":67,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"9aa61864-7d6f-4eeb-ab29-97498aca8d15","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":67,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"fc2191ea-6d75-491b-bbf8-47c5d822ec24","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"f2648689-b5c0-44ca-9a3f-726840a9e0ca","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":67,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"cfdd650c-7fbe-498d-b372-1997411bcc8a","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"5fab341a-73db-4f94-b514-8dac9d22bb5a","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"3c393e0d-5c43-49c3-a106-8cb5ab6661af","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":136,"width":355,"height":11}},{"id":"94b709fc-71ff-4afd-87c6-87cc9569b202","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":158,"width":750,"height":11}},{"id":"1e4ae975-c3d9-410f-a3cf-1611ecf1fb24","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"b05854be-ca55-40bf-9fda-43f666b551d1","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"38ed2a33-0626-4908-b725-260d652e4dd8","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"f3b359c8-8c4e-4cfc-8db3-9884ae856adb","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"571f6b92-d37d-41fe-af7f-1fbb5feb41e0","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":67,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"2e79d2c6-1da5-4cf9-954d-05e85d5fda4f","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":67,"box":{"x":69,"y":249,"width":495,"height":11}},{"id":"b8df9372-5d89-4bd1-a5e6-14a12046ac9f","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":67,"box":{"x":102,"y":271,"width":752,"height":12}},{"id":"1a3e5d42-cd58-485a-bd57-c8fcf9537746","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":67,"box":{"x":70,"y":286,"width":814,"height":12}},{"id":"5124ea0d-9a1a-4140-ab0b-ccddff9b6682","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":302,"width":520,"height":11}},{"id":"1d6eb88f-24f4-46ea-a758-d984a84f9153","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":67,"box":{"x":102,"y":324,"width":273,"height":11}},{"id":"5d592033-c810-4781-ab97-2986d0518b3a","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":67,"box":{"x":381,"y":324,"width":515,"height":11}},{"id":"32b55e3d-2287-42c2-8fee-59fe8964130e","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":67,"box":{"x":69,"y":339,"width":755,"height":12}},{"id":"5e824869-45d6-4454-9cf2-43e8d05df8cb","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":67,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"cbe5a124-4c25-44e9-8074-5c21f530d013","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":67,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"6d23b707-c179-4d37-93bc-cac542dcf64a","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":67,"box":{"x":70,"y":385,"width":461,"height":11}},{"id":"c5873de0-f8a0-462a-b09b-edaef02f6d2a","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":67,"box":{"x":102,"y":407,"width":748,"height":12}},{"id":"2ce8c920-f824-4cd9-88e1-bc6ec02ac5d1","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"b4941c28-5fad-45c1-b1a9-fb3a3863f005","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":67,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"4d205aa9-d2c5-44c4-bf6b-e8fea92a01c3","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":67,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"1448990f-21fc-4ab7-b865-46e59527846b","block_type":"box","text":"cleared interest rate swaps.","page_number":67,"box":{"x":69,"y":468,"width":198,"height":11}},{"id":"147730b5-c733-4556-bfe4-0edb686e48c4","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":67,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"1087ccc7-8557-42ef-9c8b-5d5b28f3e34f","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":67,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"e607303f-e637-4a6e-9220-5f43827b364b","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":67,"box":{"x":68,"y":521,"width":830,"height":11}},{"id":"39006fc6-7c7c-463e-b603-0d987f31e365","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":67,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"da39c5ae-f314-4cb3-bf73-796fcdbd58de","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":67,"box":{"x":70,"y":551,"width":824,"height":11}},{"id":"133b81b9-cb26-49ce-9d59-06469de3026a","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":67,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"26576380-235e-4a9d-8e71-c24ff97f7627","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":67,"box":{"x":69,"y":582,"width":801,"height":10}},{"id":"d95eaf56-3385-4732-9f83-83ca2f559f7f","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":67,"box":{"x":70,"y":597,"width":480,"height":10}},{"id":"c88a8587-fcbd-41e2-ade9-f3f2fe92ccbb","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":67,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"d6fa2369-1e1b-44e3-a80d-913f90d03ae5","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":67,"box":{"x":68,"y":634,"width":825,"height":11}},{"id":"c88f132b-327b-4b47-93d6-672a19a6c870","block_type":"box","text":"or variable interest rate, index or asset.","page_number":67,"box":{"x":69,"y":650,"width":280,"height":10}},{"id":"f1de480f-2062-469e-a070-b343096c2313","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":67,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"e0e441f4-619f-4ab6-bb87-5b8a99ec0c21","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":687,"width":805,"height":11}},{"id":"5b7513f7-1e03-4bf4-b1ca-c436564b309d","block_type":"box","text":"such interest rate floor.","page_number":67,"box":{"x":69,"y":702,"width":165,"height":9}},{"id":"a50c8dbb-8308-4ff2-a928-3f609016cae6","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":67,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d0e735a5-922c-41d6-bec0-059ce8fd2eca","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"a99ba7d9-aa1a-4e70-81a9-94a183b61565","block_type":"box","text":"such interest rate cap.","page_number":67,"box":{"x":69,"y":755,"width":159,"height":11}},{"id":"42bd85e2-520b-46dc-90bc-b8e63a6b64ed","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":67,"box":{"x":101,"y":778,"width":729,"height":11}},{"id":"2d300f12-63db-4d80-ab16-4a001a731701","block_type":"box","text":"commitments to pay or receive interest,","page_number":67,"box":{"x":69,"y":793,"width":282,"height":11}},{"id":"e76a41b8-6f98-4740-ab50-c71e04017396","block_type":"box","text":"e.g.","page_number":67,"box":{"x":359,"y":794,"width":24,"height":10}},{"id":"6ec9ec4d-6d86-446f-ab6d-aea0b78c1609","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":67,"box":{"x":386,"y":793,"width":482,"height":11}},{"id":"79c20098-9384-4338-a067-b71962227020","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":67,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"f710526a-0314-4516-9097-b9240cabb45d","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":67,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"cf5c83a4-7b4b-4dcf-bd5c-f43812bc3f10","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":67,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"6edd262b-e724-4725-b3aa-8935381619dd","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":67,"box":{"x":69,"y":853,"width":807,"height":12}},{"id":"703b5749-c55d-4677-8599-9cee9212c538","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":67,"box":{"x":69,"y":869,"width":836,"height":11}},{"id":"e77775b1-c04f-42c1-bfd2-650bffc4d2d9","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":67,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"05f52489-7210-4aa8-b7d8-6013b63f24d1","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":67,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"df9c4e0e-56c0-4829-bdab-53860b17b8ba","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fb52234-1171-476e-a552-b4b96756f7f3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2776f48-4b8b-4283-983f-198948b71b8d","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":68,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"f0e7265b-ce1d-4c2c-b283-784a39530a76","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":68,"box":{"x":68,"y":60,"width":646,"height":11}},{"id":"42e6c224-acb7-497b-9205-5be9bdd157b4","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":82,"width":798,"height":12}},{"id":"d82d6502-aeef-4de2-bd84-b366cc597d9f","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":98,"width":490,"height":11}},{"id":"396c2637-7519-449c-bd6f-6daf954029cd","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":120,"width":791,"height":12}},{"id":"05b66402-6556-44c5-b6d5-72a26695532a","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":135,"width":454,"height":9}},{"id":"9850faaa-f30c-4785-a1de-0b4f86e99512","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":158,"width":139,"height":11}},{"id":"a6079fe3-bcfc-4778-a4cd-9998d1a6bcc7","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":158,"width":634,"height":11}},{"id":"4e1b1958-69d3-45ca-ab3f-049ed5ddec9e","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":68,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"005b9d10-be37-4192-82fd-6578093e4e3a","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":68,"box":{"x":69,"y":188,"width":764,"height":12}},{"id":"e8bc6709-2293-4b3d-9b28-04bfde0674fd","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":68,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"dc8d618b-a966-4e6a-89de-3b1d0c646219","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"fa9709bf-68c7-4bac-bc2a-83419e9eed27","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":68,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"f6611698-6ae1-4c9c-88ad-76feeadd470d","block_type":"box","text":"“contracts for difference.”","page_number":68,"box":{"x":70,"y":249,"width":184,"height":9}},{"id":"e5b58dc7-4e4f-4095-a7d7-94123996bd49","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":68,"box":{"x":101,"y":272,"width":770,"height":11}},{"id":"64142b78-da22-4746-a0b6-e59204a8c24e","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":68,"box":{"x":69,"y":286,"width":780,"height":12}},{"id":"e3bcd418-f64d-4e36-9182-182629d4d229","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":68,"box":{"x":69,"y":302,"width":839,"height":11}},{"id":"140555af-c454-430f-9898-50a2bad2f44e","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":68,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"f933ef60-772d-436c-a35e-6aa622703a43","block_type":"box","text":"the notional amount of the swap.","page_number":68,"box":{"x":68,"y":332,"width":235,"height":11}},{"id":"666e6138-4907-4b7c-ab73-65296d618fc5","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":68,"box":{"x":101,"y":355,"width":746,"height":11}},{"id":"30e426d6-84ac-4313-ab7a-a2818970638f","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":370,"width":433,"height":11}},{"id":"3f19aaac-f896-4309-8bdc-e2f65ef9bd15","block_type":"box","text":"Options.","page_number":68,"box":{"x":102,"y":392,"width":57,"height":11}},{"id":"dad1f08e-4ae9-41f7-9918-be72a6dd4bc5","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":68,"box":{"x":102,"y":415,"width":319,"height":11}},{"id":"36f09560-772c-42d0-9715-ac7f58cc9131","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":68,"box":{"x":427,"y":415,"width":418,"height":11}},{"id":"fb724ae1-01a3-4222-af34-7c5c148fee52","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":68,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"f526b600-f16b-41af-b3c1-e5580223d671","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":68,"box":{"x":69,"y":445,"width":820,"height":11}},{"id":"cea80f59-04db-45d7-b055-4806e738ca53","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":68,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"50744667-a67d-4b38-94a2-ef59c514483f","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":68,"box":{"x":69,"y":475,"width":806,"height":12}},{"id":"3ef1e29e-11c1-4547-a2c4-a3553d72c5a4","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":68,"box":{"x":70,"y":491,"width":825,"height":11}},{"id":"e6ca25a1-18f5-4957-b9bf-3b8640b40538","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":68,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"1c5b7399-865d-4f96-8405-a2bcc1716fe5","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":68,"box":{"x":69,"y":521,"width":366,"height":11}},{"id":"00e63205-c84b-45cd-b757-5a7640711def","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":68,"box":{"x":101,"y":543,"width":743,"height":12}},{"id":"30dc347e-8531-4e00-8214-b65e6621386b","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":68,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"4092acf5-4ae0-4cc3-8ab8-ea3c49b8a24a","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":68,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"054b6931-f8e2-404f-bac0-db91b23568ee","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":68,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"2e699158-0708-4cc7-88b7-4bcbf0f02d37","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":68,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"7e14c2a4-a05f-48ac-80b9-2682828b5e14","block_type":"box","text":"OTC markets.","page_number":68,"box":{"x":69,"y":619,"width":95,"height":9}},{"id":"0edef35b-4b93-4fff-b7bb-7b513965f0f7","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":68,"box":{"x":101,"y":642,"width":806,"height":11}},{"id":"996d6a0c-0935-4b27-8331-7be99625465f","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":68,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"db33b9c3-5dc5-49c3-aa91-485bf260f520","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":68,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"47634cda-ebc1-4619-abf0-023b74b5ad92","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":68,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"58f338c3-1639-4d10-840f-822800a115a9","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":68,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"c07df92c-9606-4368-8edf-e30e0a9a8a90","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":68,"box":{"x":69,"y":718,"width":769,"height":11}},{"id":"0ee3d771-20f4-4b57-801e-a110b5c21efa","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":68,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"b9806efa-835f-4e87-9af3-f48f44eb03ae","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":68,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"ddc4d8fa-beff-47a7-b2ee-e1a50ce1749b","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":68,"box":{"x":69,"y":763,"width":796,"height":11}},{"id":"5b6ec05d-ed8c-4f97-b6e7-48d95b14242d","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":68,"box":{"x":70,"y":778,"width":798,"height":11}},{"id":"5c759ea9-467f-44b8-96aa-951278de575e","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":68,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"a66933d2-3d45-471b-84aa-136a0a74becb","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":68,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"dd54f2b6-29fa-4a22-b0d7-3cf8c771cd7e","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":68,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"61d5d416-0f2f-4009-961f-f7c061019e51","block_type":"box","text":"terms.","page_number":68,"box":{"x":68,"y":839,"width":45,"height":8}},{"id":"2d2d990b-e2d3-4a92-958a-a3440290b0d7","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":68,"box":{"x":102,"y":861,"width":801,"height":11}},{"id":"a637950f-7585-44ba-842a-c0541526cd62","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":68,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"5e66768a-0b4c-4ef9-9181-aff932738b03","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":68,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"d1c2b9af-2d44-4c90-81c1-e9501123c006","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":68,"box":{"x":69,"y":906,"width":762,"height":12}},{"id":"a5a31f36-154b-4fc4-8de2-08193d78d777","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1fbd558e-9281-47b2-9a97-866d7de5b680","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c28c2df-52d1-4f69-b8e0-69ed74858506","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":69,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"8a1e34f6-7408-4c6e-abba-603fbb843349","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":69,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"5ecc1217-35fa-4d9b-b3ec-d85deea5c99c","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":69,"box":{"x":69,"y":75,"width":491,"height":11}},{"id":"b46d01d7-9998-4a65-9e59-0d97f3b3e5cd","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":98,"width":89,"height":11}},{"id":"1c16aa66-230c-45d1-a4cb-f8509394ba4f","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":69,"box":{"x":197,"y":98,"width":694,"height":11}},{"id":"7ee73247-6702-4a9a-9c02-8d0c8c9c38da","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":69,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"15a088ee-95bb-4ff0-9f98-cf741eae2f2b","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":69,"box":{"x":68,"y":128,"width":813,"height":11}},{"id":"02f41325-749d-40ca-a83d-2d10a8b95d56","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":143,"width":795,"height":11}},{"id":"558ab61b-a13e-4d2a-9197-bb41c16f0beb","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":69,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"0ffd435c-3e69-43ec-a506-de2b1d449c82","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":69,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"4d69373e-2921-46e5-8c3f-3f942b1611f8","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":188,"width":93,"height":11}},{"id":"bfc0f197-40cb-4208-b713-16773a1df1c6","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":69,"box":{"x":101,"y":211,"width":794,"height":11}},{"id":"4c6b73a4-fd33-4c09-9fa2-df6526f4e8f7","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":69,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"dff40614-97c4-487c-8c2e-d2771b5ec499","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":69,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"39ac4567-5418-4dca-bb19-80b6b74d5dcf","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"770d7cde-e526-4e0c-8b89-a2d08b25b485","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":272,"width":711,"height":11}},{"id":"26019691-fa73-4731-a619-c378714ad231","block_type":"box","text":"A Fund may write (","page_number":69,"box":{"x":101,"y":294,"width":130,"height":11}},{"id":"cfd8eb8b-7f24-49e6-9fca-d19c8f3e4ddc","block_type":"box","text":"i.e.","page_number":69,"box":{"x":233,"y":294,"width":20,"height":9}},{"id":"f58f6310-7e42-4103-8a3a-6c0ccf7dcf91","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":256,"y":294,"width":627,"height":11}},{"id":"10ac4378-eb2b-4445-ba7b-c12ced6bcb68","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":69,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"b6f89789-3433-4258-9c71-5d339184349e","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":69,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"3144ac98-80c4-498b-9c35-aa75520eff52","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":69,"box":{"x":69,"y":339,"width":797,"height":12}},{"id":"36751d80-f55a-42fc-b26e-8695d1a477c6","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":69,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"05eb452f-bcb8-4e1c-8b19-d7347c9b0fea","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":69,"box":{"x":70,"y":370,"width":823,"height":11}},{"id":"e9608f5c-c1eb-4783-b490-8008b57447eb","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":69,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"38d35c8c-9925-47fc-9fd3-9330c2552de9","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":69,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"853c7072-bc19-4ab8-a5b5-b5d389eaaffb","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":69,"box":{"x":69,"y":415,"width":792,"height":11}},{"id":"b18f3111-ee26-4d9e-ba7d-c3d61e284753","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":69,"box":{"x":70,"y":430,"width":826,"height":11}},{"id":"ce68df25-b1e6-4d03-82d4-ed9475cd3c21","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":69,"box":{"x":69,"y":445,"width":760,"height":12}},{"id":"8b5bc484-dec3-4f71-b1ad-6d32f7ea511b","block_type":"box","text":"A Fund may write","page_number":69,"box":{"x":101,"y":468,"width":120,"height":11}},{"id":"e91082db-c10c-43b2-af42-668c98b20578","block_type":"box","text":"(i.e.","page_number":69,"box":{"x":228,"y":468,"width":25,"height":11}},{"id":"523402ca-9df2-4b9c-9f8f-5eef32140a57","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":69,"box":{"x":256,"y":468,"width":628,"height":11}},{"id":"4bd5f88d-6806-46c8-a621-9dc169738f6d","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":69,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"fcf2b3b0-eb57-42f9-9fba-e2d8d2a0aa1e","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":69,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"2f8fa922-5e69-479e-9519-464f4b0647ce","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":69,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"f12d605d-9a43-4d94-abc9-c1fa7449524f","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":69,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"95b78c2d-6599-4d23-949c-0b80edd8f85e","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":69,"box":{"x":70,"y":543,"width":806,"height":12}},{"id":"9010d334-9bf9-4d10-8e42-cf9fd1d5a3b1","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":69,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"49e310b5-9295-4b6f-8857-b099dae00b74","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":69,"box":{"x":68,"y":574,"width":793,"height":11}},{"id":"a61fc4e7-eec4-4734-98fa-ced4fe33b343","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":69,"box":{"x":69,"y":589,"width":814,"height":11}},{"id":"f81c0b64-ecca-4c21-ad47-17d3674649e6","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":69,"box":{"x":68,"y":604,"width":818,"height":11}},{"id":"1ed23b36-512a-4403-9c1f-18209dc351ab","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":69,"box":{"x":68,"y":619,"width":825,"height":11}},{"id":"0a338747-b8b0-462e-ac11-2996feec3ef3","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":69,"box":{"x":69,"y":634,"width":326,"height":11}},{"id":"6df1fd94-1736-4d6b-9dd4-6ce1f6c8e4b5","block_type":"box","text":"Put Options.","page_number":69,"box":{"x":102,"y":657,"width":85,"height":11}},{"id":"63754196-f870-473a-944c-39f023d88dab","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":69,"box":{"x":194,"y":657,"width":712,"height":11}},{"id":"4b8f095e-ad34-4d5f-9ef2-9900e14a03e8","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":69,"box":{"x":68,"y":672,"width":828,"height":11}},{"id":"304df1bd-f0ee-4a43-b8fc-514377455b0c","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":69,"box":{"x":69,"y":687,"width":816,"height":11}},{"id":"4b67ed06-0b1f-42f5-b541-efe9bf70ecda","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":69,"box":{"x":70,"y":702,"width":820,"height":12}},{"id":"e0b46b45-297b-4dd1-b96d-3b72eeb3c308","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":69,"box":{"x":70,"y":717,"width":826,"height":12}},{"id":"9dba5ce9-7931-45cc-be99-d717bcf6e4c1","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":69,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"fcb6b246-70b3-47ad-bd1f-12a79564e64c","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":69,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"97ea156d-b1bd-4995-bfe5-9ba301f54938","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":69,"box":{"x":68,"y":763,"width":841,"height":11}},{"id":"001462eb-ad15-4952-ac0d-ea97df0fd0e3","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":69,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"e438aa0c-2f1e-4a5b-a1d2-e84f104556b0","block_type":"box","text":"purchase uncovered put options.","page_number":69,"box":{"x":70,"y":793,"width":231,"height":11}},{"id":"b7724f49-501f-47d3-9b01-e99f4935593d","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":816,"width":165,"height":11}},{"id":"3c932dcc-8899-4e4a-8d15-735a6c87aaaa","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":816,"width":20,"height":9}},{"id":"695c048b-325a-48fd-95a1-253d22969e54","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":69,"box":{"x":291,"y":816,"width":591,"height":11}},{"id":"c10debd2-e456-44f7-8158-4beb10860469","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":69,"box":{"x":70,"y":831,"width":675,"height":11}},{"id":"5d9ae3dc-c385-4789-9c76-151411104838","block_type":"box","text":"A Fund also may write (","page_number":69,"box":{"x":101,"y":854,"width":165,"height":11}},{"id":"4412dacb-aade-444b-a5d1-86ecf75b1b09","block_type":"box","text":"i.e.","page_number":69,"box":{"x":268,"y":854,"width":20,"height":8}},{"id":"e77c450a-b86a-4aee-98a4-e90ea99af698","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":69,"box":{"x":291,"y":854,"width":593,"height":11}},{"id":"d1e03781-2221-4ab4-9fd2-416acc6d18c2","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":69,"box":{"x":68,"y":869,"width":789,"height":11}},{"id":"1c336de0-45ba-4289-a17b-9e63fb53f69c","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":69,"box":{"x":69,"y":884,"width":773,"height":11}},{"id":"774b2ccd-a91c-49a0-8420-00f589879754","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":69,"box":{"x":69,"y":899,"width":807,"height":11}},{"id":"143f90ad-1402-4a14-a22b-0ad5fd476f6b","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2f6f1b73-2280-4e0d-9765-56b221289eb6","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d222efb-d6c0-424e-b7cc-726220f7c2a4","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":70,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"ec387d9d-f043-41fb-b7aa-b75beb261c11","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":70,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"79318024-1a11-4c89-bb43-37bdbc192014","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":70,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"50333cca-0376-43ab-b200-0034c806221f","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":70,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"a2552505-90a7-484d-93ba-326f48ea307a","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":105,"width":130,"height":11}},{"id":"8e5639e9-389f-4a63-811a-d5b743f6f862","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":128,"width":556,"height":11}},{"id":"0c950ba1-0b46-41e5-8264-d08ef9e23842","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":128,"width":232,"height":11}},{"id":"929c5d53-a4f1-4c3c-b904-557839fdd222","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":143,"width":784,"height":11}},{"id":"58d3e6fb-28fa-43cb-9a92-acb79c5ea49d","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":70,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"5e33e108-3d38-4d01-904a-75c503f5379d","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":70,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"dbd38298-73e5-413d-a73b-ee717a788014","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":70,"box":{"x":70,"y":188,"width":781,"height":12}},{"id":"72680231-55bf-4176-b290-48519b76ec1f","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":70,"box":{"x":70,"y":203,"width":803,"height":11}},{"id":"55366c03-af39-4776-9383-9e4e53597b40","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":219,"width":277,"height":8}},{"id":"02c5c8a2-6d40-499f-969d-f2883863311d","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":70,"box":{"x":101,"y":241,"width":807,"height":11}},{"id":"fe0bbf13-f13c-4e96-98b4-0a44fcf2fa1a","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":70,"box":{"x":68,"y":256,"width":835,"height":12}},{"id":"2df73faa-ae20-4557-a82f-663f50e76b66","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":70,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"d044f332-ab44-4ff2-bea6-998531e6805a","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":70,"box":{"x":68,"y":286,"width":784,"height":12}},{"id":"8b6faf31-1b58-461f-98d7-6a4073659fb4","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":70,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"3a105762-85aa-44ec-92c4-80dab0374bac","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":317,"width":197,"height":9}},{"id":"6323f755-81f5-4801-8b10-7be02b8d36d9","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":70,"box":{"x":102,"y":340,"width":235,"height":10}},{"id":"c9258051-e721-439d-9174-36898267cc81","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":70,"box":{"x":343,"y":340,"width":563,"height":11}},{"id":"1ae5e975-24a0-45d3-af62-f2c4a46b6f47","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":70,"box":{"x":69,"y":355,"width":763,"height":11}},{"id":"4efca763-9a85-4f6f-a9ed-cc2c405c9af5","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":70,"box":{"x":69,"y":370,"width":439,"height":11}},{"id":"318b7d8f-d6b7-4041-b0c8-bfcbad037174","block_type":"box","text":"i.e.","page_number":70,"box":{"x":510,"y":370,"width":20,"height":9}},{"id":"c919c9f7-4595-4f48-9746-c9bd9560f8dd","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":70,"box":{"x":533,"y":370,"width":309,"height":11}},{"id":"5da1c833-4358-4522-8f00-d629584f1a79","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":70,"box":{"x":70,"y":385,"width":826,"height":11}},{"id":"350dced2-7bbe-462e-a8a7-a89d3f506aa1","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":70,"box":{"x":70,"y":400,"width":793,"height":11}},{"id":"4578ccfb-dca7-4d29-b498-96a4649f8f7f","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":70,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"6563347f-4dd9-4e29-9674-081ab47a3ba1","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":70,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"8aeda84c-848d-49f6-9767-d8ca7f445c03","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":70,"box":{"x":68,"y":445,"width":832,"height":12}},{"id":"2d2b5fbe-2e82-4a45-9c69-ca4384ac329d","block_type":"box","text":"required, to be cleared.","page_number":70,"box":{"x":69,"y":461,"width":165,"height":10}},{"id":"4093faaa-ffd3-4c3b-8490-05adf1251bf9","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":70,"box":{"x":101,"y":483,"width":760,"height":11}},{"id":"90b50dd9-02a9-45f0-9667-56a3a4ccb4a4","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":70,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"5ee01153-3917-4002-bf64-1b8d405ef92b","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":70,"box":{"x":69,"y":513,"width":706,"height":12}},{"id":"4f2237ae-2cd9-4a21-b90f-345085a4493a","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":70,"box":{"x":102,"y":536,"width":805,"height":11}},{"id":"37bb7bf9-b406-4774-a860-552499417777","block_type":"box","text":"Derivatives” above.","page_number":70,"box":{"x":70,"y":551,"width":135,"height":9}},{"id":"a432d636-6099-49e1-9ce3-b592d21a5dc9","block_type":"box","text":"FLEX Options.","page_number":70,"box":{"x":102,"y":574,"width":96,"height":11}},{"id":"7ebd9117-0503-45dd-b7c6-2d19082af15f","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":70,"box":{"x":206,"y":574,"width":702,"height":11}},{"id":"0f7e605e-82d0-4617-be92-816d42d212a2","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":70,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"e3866fe0-0381-4563-a6a4-ad3c4e0c4c82","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":70,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"6221da96-800f-48b7-9a8b-d4a072ba606f","block_type":"box","text":"exercise prices, exercise styles (","page_number":70,"box":{"x":69,"y":619,"width":231,"height":11}},{"id":"02de09c0-e041-443b-8a1b-2d629931f6e5","block_type":"box","text":"i.e.","page_number":70,"box":{"x":302,"y":619,"width":20,"height":9}},{"id":"0cc8a0dd-4093-4710-8769-3d26d494e10a","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":70,"box":{"x":325,"y":619,"width":561,"height":11}},{"id":"0b576656-9e96-407f-8852-354512243285","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":70,"box":{"x":69,"y":634,"width":768,"height":12}},{"id":"ee7da14d-8097-4efe-ac4d-164979ac88e0","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":70,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"3b33efd7-6fab-4ea0-b4b3-2aac8bf532da","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":70,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"3c3d51ee-6f6b-40cf-bb74-4d668fa1257e","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":70,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"7d573f51-e032-475b-9ca0-03f5cc7bc082","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":70,"box":{"x":70,"y":695,"width":802,"height":11}},{"id":"6c628ef9-0143-494d-afa0-2dc1004d705b","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":70,"box":{"x":69,"y":710,"width":806,"height":11}},{"id":"6908a4eb-c2b6-4750-84eb-318a0e2c5c3b","block_type":"box","text":"FLEX Option’s expiration date.","page_number":70,"box":{"x":70,"y":725,"width":211,"height":11}},{"id":"0add9eb3-d735-42d2-bdec-ed31df016d68","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":70,"box":{"x":101,"y":748,"width":783,"height":11}},{"id":"341eb5dc-3491-476c-ad1c-84c4126e72f1","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":70,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"ab85c887-a32a-41f7-b123-f38904fb8fa0","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":70,"box":{"x":68,"y":778,"width":826,"height":11}},{"id":"c020fafc-25cc-4cf3-bd73-6cf3810d07dc","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":70,"box":{"x":69,"y":793,"width":814,"height":11}},{"id":"6bb13c2f-1c90-421f-9a1f-883c989b9a80","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":70,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"de3f0eb6-6091-4be4-90f9-029ad2bd66af","block_type":"box","text":"FLEX Options contracts.","page_number":70,"box":{"x":70,"y":823,"width":166,"height":11}},{"id":"2ecf10ed-a001-4007-8f6b-f75b3ddd7f92","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":70,"box":{"x":102,"y":846,"width":748,"height":11}},{"id":"f847d343-dc49-4bb6-b0ca-c90bc4b05082","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":70,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"ed315110-eafa-446e-916b-557b8175e7e9","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":70,"box":{"x":69,"y":876,"width":759,"height":11}},{"id":"278b68ce-33ad-406b-84aa-f5d447f20cdb","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":70,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"f751de49-aa1a-4bcb-a576-91aa20502e1b","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":70,"box":{"x":70,"y":906,"width":829,"height":12}},{"id":"8b8de2ba-afce-4317-ab88-57fcb2c1cebe","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d856938-7eea-4991-8b9e-24d75fc17990","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efd3b2df-365a-4407-b2de-eaa601fb6df7","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":71,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"e33244cc-f171-4e40-a2fc-b6f27665d0b2","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":71,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"251e1da7-3065-4c57-b960-3ea612161783","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":71,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"7d335582-25ce-4fc0-b346-e0a19510a310","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":90,"width":753,"height":11}},{"id":"d1447754-5291-4221-b5fe-e5b3e6cbcb74","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":105,"width":806,"height":11}},{"id":"49d347bb-4fc6-4a74-84dd-7f1aab76765a","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":120,"width":593,"height":12}},{"id":"5f52b805-79d6-4ab7-b300-266c426bade1","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":143,"width":298,"height":11}},{"id":"25dd54e1-0cbf-432a-a148-004238ec24d9","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":143,"width":461,"height":11}},{"id":"3bc66917-5979-4980-ab6d-eb4d212a083f","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":71,"box":{"x":102,"y":158,"width":768,"height":11}},{"id":"7163182d-462d-4f5a-9d48-8d1ef43f312d","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":71,"box":{"x":102,"y":173,"width":775,"height":11}},{"id":"a04492b1-416e-4a89-b259-cee1c19a86f5","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":71,"box":{"x":102,"y":188,"width":777,"height":12}},{"id":"16d4a314-3eee-430d-a8fb-36e4b8594ae8","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":203,"width":799,"height":12}},{"id":"ee30f1df-6dae-43bb-933d-baca2d7ce83f","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":218,"width":777,"height":12}},{"id":"0739fd68-5ce0-4b2b-8d50-b61bfbe0cdbc","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":234,"width":240,"height":11}},{"id":"44f14e53-580c-4384-87c4-f96202b285a3","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":71,"box":{"x":134,"y":256,"width":747,"height":12}},{"id":"14c81bf2-9eff-4cc3-b64d-aeca9c8a4e05","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":71,"box":{"x":101,"y":271,"width":792,"height":11}},{"id":"a5f77e87-0ec4-4e67-b7a5-804bc9b21e6e","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":71,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"4efd5db9-086b-4ac0-baab-e9acf3db17bd","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":71,"box":{"x":101,"y":302,"width":798,"height":11}},{"id":"4be87458-4ecd-4e14-b4b8-c088b789a3d7","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":71,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"ccdc85e8-103f-46f9-a381-52101180d3af","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":71,"box":{"x":102,"y":332,"width":800,"height":11}},{"id":"b6d830e7-0f73-4f4c-9a24-ba2821833055","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":71,"box":{"x":102,"y":347,"width":774,"height":11}},{"id":"2e6d2045-12ef-47f7-a941-87200e73e94c","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":71,"box":{"x":102,"y":362,"width":793,"height":11}},{"id":"dac6379d-f72b-4fb5-9b03-d4356a4ba093","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":71,"box":{"x":102,"y":377,"width":764,"height":12}},{"id":"44172321-fec9-478b-b2ee-4e2153968919","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":71,"box":{"x":102,"y":392,"width":430,"height":12}},{"id":"e2a671d5-512c-4f9d-90a3-f27a01ff02db","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":71,"box":{"x":134,"y":415,"width":740,"height":11}},{"id":"04a69a3a-6f0e-4eca-a50a-4544c2ef9d0f","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":71,"box":{"x":102,"y":430,"width":787,"height":11}},{"id":"fa1e0705-fec6-49f4-a6c8-93fb99af842e","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":71,"box":{"x":102,"y":445,"width":790,"height":12}},{"id":"0e506087-b6f0-40f1-a662-5eca97ecbc1f","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":71,"box":{"x":102,"y":460,"width":793,"height":12}},{"id":"6bf6a9a6-224c-4ba0-b510-296837f63675","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":71,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"b5b29bcf-f395-46bb-a646-603096de8cf1","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":71,"box":{"x":102,"y":491,"width":635,"height":11}},{"id":"467958c9-23d8-4c51-a805-8b568defd73f","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":71,"box":{"x":135,"y":513,"width":297,"height":11}},{"id":"4c935e13-5b1f-4bd1-a5d3-f4a4279c3bac","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":71,"box":{"x":433,"y":513,"width":448,"height":11}},{"id":"18cd5433-fe0b-4dcb-b011-6f1e21f0c2a9","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":71,"box":{"x":101,"y":528,"width":777,"height":12}},{"id":"75b738a0-ee11-468b-ad92-eb6f01ac2cee","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":71,"box":{"x":101,"y":543,"width":753,"height":12}},{"id":"ccb08f45-cdda-43fa-b18e-3bd7378a3f5f","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":71,"box":{"x":102,"y":559,"width":780,"height":11}},{"id":"9ce8de36-5a6e-4c57-b535-0b52fa5fa77d","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":71,"box":{"x":102,"y":574,"width":387,"height":11}},{"id":"c2444fb3-d6d7-465a-b1ca-6c5edf86ec97","block_type":"box","text":"Foreign Exchange Transactions.","page_number":71,"box":{"x":102,"y":597,"width":222,"height":11}},{"id":"6f7f50c7-acae-4972-96f9-cc8f9bc522d1","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":71,"box":{"x":101,"y":619,"width":807,"height":11}},{"id":"a65c0597-fa42-4049-9d83-606275e32f1a","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":71,"box":{"x":69,"y":634,"width":818,"height":11}},{"id":"e38f54af-794c-4bc6-be11-2fa64883a8ce","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":71,"box":{"x":70,"y":649,"width":821,"height":12}},{"id":"f0de508d-7190-4edd-b200-667f66cb2a21","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":71,"box":{"x":69,"y":665,"width":792,"height":11}},{"id":"3c694d8f-04ad-4c3f-9ad1-6be8871001be","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":71,"box":{"x":102,"y":687,"width":790,"height":11}},{"id":"d2d2b6ed-6aff-416a-9aa6-5ea72341f2ed","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":71,"box":{"x":70,"y":703,"width":830,"height":10}},{"id":"5d369e35-f2e3-4bbf-a0cf-73f2515a578d","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":71,"box":{"x":69,"y":717,"width":808,"height":12}},{"id":"4071ff5c-252a-4b14-832a-6975bcb522c0","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":71,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"5b95a423-8eeb-4f65-b032-d120b0efc669","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":71,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"8dfe562a-77dc-46c7-976a-754d68e776b1","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":71,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"649b47de-509d-416f-b67a-e9687d599da0","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":71,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"60bf9efc-feb3-4201-b8b0-b16fac1d7932","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":71,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"0bc2da75-6ae8-40df-bf0f-f22e38b7d399","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":71,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"56e17ca8-e830-42ff-87b9-2b3d6cb7b01b","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":71,"box":{"x":68,"y":823,"width":836,"height":12}},{"id":"f4eed329-12be-4111-821e-67d5a5120ce6","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":71,"box":{"x":68,"y":838,"width":794,"height":12}},{"id":"18b35cfd-51c7-461f-aee9-5bbfc8cb17ce","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":71,"box":{"x":102,"y":861,"width":805,"height":11}},{"id":"05a47c9b-c4f7-4e32-be3e-5e8b8de95f91","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":71,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"06c42141-7fa2-4df8-8fe4-81c892c5aeeb","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":71,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"93fedec0-6066-4b8e-ab4a-bb9d3d02a769","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":71,"box":{"x":70,"y":906,"width":773,"height":12}},{"id":"8d189b10-968f-4415-abe7-fa6916d13841","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"025b06fe-c563-4b03-9310-788f9bcae3a1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e04e01e9-61b9-4755-abc3-1ff863dfb03b","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":72,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"06542101-c958-4b4d-9ec3-8bed5f594df6","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":72,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"fc81b5ea-08a3-436d-bce6-180b9fb76f23","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"ed049968-1122-4a5b-ac2a-f4db83d32952","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":72,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"c895e635-ef9d-46b1-9106-a9071cea9185","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":105,"width":493,"height":11}},{"id":"1e5d84b7-bfdd-4902-8c70-c321bb291cba","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"fcb1799d-3d79-4de8-8e3b-7b9ef7c6e65a","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":72,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"b3c3e5f4-5507-4754-b7ad-806142b363ec","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":72,"box":{"x":70,"y":158,"width":819,"height":11}},{"id":"cdb760cb-abb6-44c1-877f-072178985e1b","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":72,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"cd9471b3-0b1e-4a82-8888-a5276851e200","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":72,"box":{"x":69,"y":188,"width":797,"height":11}},{"id":"f0bcc4dd-cade-45bb-9173-25d6b26cfe1c","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":72,"box":{"x":69,"y":204,"width":794,"height":11}},{"id":"81e1b990-8d63-4a5e-b60c-63b60b97adb7","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":72,"box":{"x":69,"y":218,"width":841,"height":12}},{"id":"237433c6-d572-4f4a-91c3-4988e88b09cf","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":72,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"c07ee821-d42b-4067-9b05-fa24d8d3b395","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":72,"box":{"x":68,"y":249,"width":805,"height":11}},{"id":"858da5b0-a151-4ce5-9a66-0e8ac1168c40","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":72,"box":{"x":68,"y":264,"width":401,"height":11}},{"id":"8930e143-b0a4-4e7f-b820-7e54ec7a3dd7","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":72,"box":{"x":102,"y":286,"width":738,"height":12}},{"id":"4eb93d5d-d37d-427a-853f-ec9ea4584580","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":72,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"011d57cd-6b3a-4d79-aadb-042d3f88ec17","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":72,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"5e7a97c8-90e0-4eca-afca-69a5dcd31008","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":72,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"54dbe3f1-76b8-4a2b-8e11-44bd8fe73a94","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":72,"box":{"x":68,"y":347,"width":829,"height":11}},{"id":"70f072da-8e61-4170-b5a7-ff11967299a7","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":72,"box":{"x":68,"y":362,"width":753,"height":11}},{"id":"c713ca2a-3a6a-424f-863d-8c5d0a4a85b5","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":72,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"46bb4f24-804d-4979-baae-6762b3317523","block_type":"box","text":"involved.","page_number":72,"box":{"x":70,"y":393,"width":59,"height":8}},{"id":"21aa04e4-b74b-4717-96b6-beef2146e320","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":72,"box":{"x":101,"y":415,"width":803,"height":11}},{"id":"fa43c963-c0bf-4458-be02-0a1a6674d8a0","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":72,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"ce3b9f1e-5da7-473a-afe1-37894922a93d","block_type":"box","text":"denominated in such currency.","page_number":72,"box":{"x":69,"y":446,"width":216,"height":10}},{"id":"69c3162f-b218-49bc-bcbb-2aab45874de9","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":72,"box":{"x":102,"y":468,"width":254,"height":11}},{"id":"f62bd8ed-9807-45a7-9c3b-3690c9e9aa1e","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":72,"box":{"x":364,"y":468,"width":527,"height":11}},{"id":"99777031-7bab-4554-a450-7fa254b2e7b1","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":72,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"1160c448-ba99-4226-a093-ae3d86f2a442","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":72,"box":{"x":68,"y":498,"width":798,"height":11}},{"id":"a144d2c5-33ba-4379-9436-2b41ce881e57","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":72,"box":{"x":68,"y":513,"width":817,"height":12}},{"id":"1af4af06-5c1c-4845-b813-c7a5c3d27ae8","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":72,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"51d1158b-8efe-4b14-8677-eef479e82fa5","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":72,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"2f9fa80a-1114-48c5-88d8-1773f6771976","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":72,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"ca1ec6db-20e7-4036-abf5-e0114baa3917","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":72,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"9f907f72-c3b9-4012-be31-eb826dba9b62","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":72,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"2ab10381-21de-440f-bc98-509eb53d0c09","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":72,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"292ebe8a-a97f-4001-ba60-7b65dc308810","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":72,"box":{"x":69,"y":619,"width":822,"height":11}},{"id":"53eb3f4a-29e3-4d68-985c-5a45b921ce4a","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":72,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"6826095c-3d65-45da-b9dc-bea33c43e837","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":72,"box":{"x":69,"y":650,"width":814,"height":11}},{"id":"97c52d5b-33a8-4762-b92f-4490db30498e","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":72,"box":{"x":69,"y":665,"width":745,"height":11}},{"id":"8a74fd10-c461-420c-97a5-7066d0939b76","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":72,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"c149f5fe-744d-498c-aaaa-526791826577","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":72,"box":{"x":69,"y":695,"width":428,"height":11}},{"id":"6965c4f6-76a8-45aa-8112-b94d13190595","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":72,"box":{"x":101,"y":717,"width":797,"height":12}},{"id":"b9266c70-2c37-4e2e-8ed5-92a664d22650","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":72,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"c1cd5e88-5bc1-42e5-931b-c0f955e4c049","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":72,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"5b8c2433-8c25-4653-927c-51970aaf7c55","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":72,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"1a397cb7-584e-4d9f-b26f-11ce9834feb5","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":72,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"12762a56-b819-4ff2-b19d-783a99e3bc37","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":72,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"35d8c137-e036-4c87-b81b-577dc299511e","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":72,"box":{"x":68,"y":808,"width":798,"height":11}},{"id":"d4b5af45-6175-4fce-8836-644c6abd7fc5","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":72,"box":{"x":69,"y":823,"width":819,"height":12}},{"id":"dd525d1e-c0b0-4f78-8592-9648a98a79f1","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":72,"box":{"x":69,"y":839,"width":691,"height":11}},{"id":"4d1a378f-e453-43fc-969a-bc72168e464f","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":72,"box":{"x":101,"y":861,"width":785,"height":11}},{"id":"7f43da84-46c3-406e-b47f-5045af14a35c","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":72,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"c2428e1a-3d3f-4018-8523-5d730b047662","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":72,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"084f4531-29fe-427c-b2b6-6a0cc15f40e1","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":72,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"5ff030d5-ca3d-4a6f-8b8b-b6f161eaed09","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c63c6b14-76ab-4e9a-9ad8-c6286a6aa3f3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a91bb79a-c404-456e-bf51-a8d2ba7a568b","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":73,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"b29b70a6-ed21-4aef-8e6a-2a99f22e7697","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":73,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"c909d2c7-918b-4175-9f6d-be97dffde19b","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":75,"width":372,"height":11}},{"id":"354e1efd-083c-4dd6-8228-df952cc15f1e","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":73,"box":{"x":102,"y":98,"width":768,"height":11}},{"id":"00a2688c-1b0f-4c8a-b008-058c3e2a1457","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":73,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"9dc9f85f-7530-4f3c-a890-8002dda3071e","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":73,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"39b65bb6-455b-49c7-bc51-307c22b6b1dd","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":73,"box":{"x":68,"y":143,"width":806,"height":11}},{"id":"2059a706-797b-4e67-9524-fd4ae9bb9d4b","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":73,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"f94d9961-3b08-4d92-a137-ad4c3ed4b6a9","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"dee724a2-207a-4c0f-950f-71e3f49f089a","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":73,"box":{"x":69,"y":188,"width":821,"height":12}},{"id":"9242bd66-fbe0-49db-bc45-ff4b2e913bea","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":73,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"b21ce6d6-c231-4b4a-b1a2-3d1444164b33","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":73,"box":{"x":68,"y":218,"width":802,"height":12}},{"id":"2e4e67cb-edb6-4c96-91d4-3b55bd31e45d","block_type":"box","text":"traded.","page_number":73,"box":{"x":68,"y":234,"width":49,"height":9}},{"id":"c995e7dd-f66f-4919-90c5-4fabcc505149","block_type":"box","text":"Currency Futures.","page_number":73,"box":{"x":102,"y":256,"width":123,"height":11}},{"id":"26e1ee5b-db7a-44e9-b6c9-9808b9c9df4d","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":232,"y":256,"width":654,"height":12}},{"id":"36490416-b4d2-4c0f-baca-4961179df4ea","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":73,"box":{"x":68,"y":271,"width":782,"height":12}},{"id":"5cef4084-5640-4f04-9a24-862848fa6e0b","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":73,"box":{"x":69,"y":286,"width":774,"height":12}},{"id":"0f7cf2a9-ad38-4bc5-851a-5326a3fe931b","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":73,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"208128f4-7079-451b-a62c-3ec1f70f8f9c","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":73,"box":{"x":69,"y":317,"width":269,"height":9}},{"id":"1f219151-6a66-45e8-8073-c5050d233934","block_type":"box","text":"Currency Options.","page_number":73,"box":{"x":102,"y":340,"width":125,"height":11}},{"id":"580471d4-3280-4870-a62f-40765c8c627f","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":233,"y":339,"width":654,"height":12}},{"id":"45819995-0401-4216-aeb1-55abe4b8de32","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":73,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"5457280e-db8d-4354-bc44-c53a095f58a8","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":73,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"7b660dcc-f4bb-475f-9643-ad88e3f0537c","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":73,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"39bacb1d-51d7-4bd6-bcba-614bce670bd0","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":73,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"8f41aee9-d936-4506-be5e-07491d1d986f","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":73,"box":{"x":69,"y":415,"width":824,"height":11}},{"id":"18a46e82-049d-409e-8b09-ecad380fc8e3","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":73,"box":{"x":69,"y":430,"width":790,"height":11}},{"id":"b2bd5d32-114b-4122-84e5-e7e53bd3942d","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":73,"box":{"x":69,"y":445,"width":813,"height":11}},{"id":"eb29272c-0ada-4238-846c-b332d9dc1ad1","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":73,"box":{"x":69,"y":461,"width":826,"height":11}},{"id":"9875535f-dc73-41af-89f2-5559b3faa9e3","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":73,"box":{"x":69,"y":475,"width":776,"height":12}},{"id":"8cd06bfe-81d4-4b00-a544-4eb7d48c22a7","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":73,"box":{"x":69,"y":491,"width":483,"height":11}},{"id":"b83f5d39-265f-4e60-bfd2-f9d4510c4d6d","block_type":"box","text":"Currency Swaps.","page_number":73,"box":{"x":102,"y":513,"width":117,"height":11}},{"id":"0da06823-d3b9-44d0-a657-f491c4dab64b","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":73,"box":{"x":225,"y":513,"width":652,"height":12}},{"id":"531aee3e-a57a-40f9-95d4-5575ae963af9","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":73,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"d7d621d3-e2a4-49ea-947d-b31b97c86721","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":73,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"c9249e13-1c04-44a3-96e9-a295ba7cef11","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":73,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"44323b22-dc1c-4cd2-b07d-18891461277b","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":73,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"a83b026c-9ba8-4052-9efe-ad6e801f85d9","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":73,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"fd569d2e-6b1e-47c6-b8ae-c5e680b8f334","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":73,"box":{"x":69,"y":604,"width":393,"height":11}},{"id":"b85cb1dd-c31e-4e5f-b6f4-f21a6fc5b48e","block_type":"box","text":"Distressed Securities.","page_number":73,"box":{"x":102,"y":627,"width":159,"height":9}},{"id":"a4599174-d39f-45e0-88db-927f8127609a","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":73,"box":{"x":267,"y":627,"width":633,"height":11}},{"id":"575620c0-1e73-4a11-a115-78bd0ae6d6f4","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":73,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"f58281b3-9cf9-4403-be66-fd0f7f7b373a","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":73,"box":{"x":70,"y":657,"width":827,"height":11}},{"id":"1b860c55-17ff-4e6a-b494-a1ea387f8066","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":73,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"1360eead-46ab-426f-ba22-49cf603e9c16","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":73,"box":{"x":69,"y":687,"width":784,"height":11}},{"id":"da0f393e-5303-4930-b72c-f4d30caa282c","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":73,"box":{"x":70,"y":702,"width":569,"height":12}},{"id":"fba61b2e-5eb7-409b-8f29-66bbc510b762","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":73,"box":{"x":101,"y":725,"width":766,"height":11}},{"id":"1db6cbec-981d-4f86-a47d-6ed57adbc0ce","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":73,"box":{"x":70,"y":740,"width":795,"height":11}},{"id":"7a5d7ac8-8e40-463e-964b-1ec7fe70f697","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":73,"box":{"x":70,"y":755,"width":826,"height":11}},{"id":"89af05f0-ba35-44f0-ac89-e1494b2918de","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":73,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"777c77f1-8175-4198-895a-db0238aa937c","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":73,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"fbc2f248-37a6-4b82-ad91-598fa6e588a4","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":73,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"a079e2e9-31f2-4024-84c5-f378cba0b2b1","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":73,"box":{"x":69,"y":816,"width":789,"height":11}},{"id":"6f25263b-5d23-4d98-af36-cc9a00ed0f22","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":73,"box":{"x":69,"y":831,"width":810,"height":11}},{"id":"4313a6b6-5e4d-4f9a-bde4-c12378dc2e8f","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":73,"box":{"x":70,"y":846,"width":831,"height":11}},{"id":"2f914f19-b25c-404e-af87-e2e3bfa74045","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":73,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"4ceb2747-ec94-4903-87bd-ed103a0ccc3f","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":73,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"55d7f09a-11c3-4cab-aeae-ce570598672c","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":73,"box":{"x":68,"y":891,"width":834,"height":12}},{"id":"4f5036ea-6421-41a9-99f5-b944cb3c7dc4","block_type":"box","text":"satisfied (","page_number":73,"box":{"x":69,"y":906,"width":70,"height":11}},{"id":"d1e64e07-81af-4aa8-a4d5-f96ef3bea0cc","block_type":"box","text":"e.g.","page_number":73,"box":{"x":140,"y":908,"width":25,"height":10}},{"id":"2a1044ba-99b7-4553-9696-0aaacc908265","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":73,"box":{"x":168,"y":906,"width":729,"height":12}},{"id":"e974a59f-9f19-42c2-88b7-34dbadff1c54","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e233bdd6-0903-4eac-80db-2d538a74bc5f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d51a0e69-8383-42fd-882c-81a6f22d8527","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":74,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"3c447e84-3ad8-4103-98d1-a903f246644c","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":74,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"f5eff50e-448f-4b7a-953c-4fbf62ea29bb","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":74,"box":{"x":69,"y":75,"width":816,"height":11}},{"id":"e3176380-b4e4-45f8-95fc-f5912d057320","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":74,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"71bc5937-36c2-4646-9da1-1953c4dbb931","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":74,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"11a23729-4eed-4dc8-a875-9f7d94cab506","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":74,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"e69d9174-913d-4f99-9d01-a028bc4f5161","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":74,"box":{"x":69,"y":135,"width":770,"height":12}},{"id":"07535601-8cc9-45ee-bacb-fa02b6dead8f","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":74,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"42c4b4f9-7e56-4253-8d52-cadac52ecf6d","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":74,"box":{"x":70,"y":166,"width":839,"height":11}},{"id":"cb33ba47-7704-4fbf-80c8-ccb718754219","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":74,"box":{"x":70,"y":181,"width":787,"height":11}},{"id":"bbb92abb-3869-42e3-96d5-2ca102745f37","block_type":"box","text":"affairs.","page_number":74,"box":{"x":69,"y":196,"width":49,"height":9}},{"id":"d46eb614-1a9f-448c-b216-691b0f6c7dda","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":74,"box":{"x":102,"y":219,"width":428,"height":11}},{"id":"d7919429-6ac0-47bd-940c-60e4b9ccd603","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":74,"box":{"x":531,"y":219,"width":341,"height":11}},{"id":"3d499622-dd31-4c1e-aeec-6c10c08e65ba","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":74,"box":{"x":69,"y":234,"width":785,"height":11}},{"id":"b386ea4c-514a-47ab-9147-e1bfeb40a5ea","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":74,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"8ce32fc2-1c29-4bea-a42d-e737a3163ab8","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":74,"box":{"x":70,"y":264,"width":827,"height":11}},{"id":"fd88d3d0-5b3f-4d86-9356-15bc3729cf0c","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":74,"box":{"x":69,"y":279,"width":806,"height":11}},{"id":"a112aa09-59b2-4e9b-bc9a-a12ec8a0e293","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":74,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"031c4666-29b2-4783-bd0a-c29b30ae5a20","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":74,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"5e38bb24-4cca-400f-b1c2-a3e2d4e55145","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":74,"box":{"x":70,"y":325,"width":800,"height":10}},{"id":"033a9f79-7b6d-481a-869f-eeccca909208","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":74,"box":{"x":69,"y":339,"width":377,"height":12}},{"id":"2aa5981f-9062-42c4-8eb5-88640c2377a5","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":74,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"0845cdfc-44b0-4011-91be-9ed95b1bbbea","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":74,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"da33e699-5852-43a0-aff8-df09f27a3a71","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":74,"box":{"x":68,"y":393,"width":400,"height":11}},{"id":"fa902bcb-a4ac-4b67-96ca-d4be41b4829c","block_type":"box","text":"Equity Securities.","page_number":74,"box":{"x":102,"y":415,"width":127,"height":11}},{"id":"0d1a358a-024c-411c-bd2d-06b4ff22bcbf","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":74,"box":{"x":235,"y":415,"width":648,"height":11}},{"id":"06344ac5-9796-4807-8b38-df562d4a7f4b","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":74,"box":{"x":70,"y":430,"width":802,"height":11}},{"id":"9be10381-5522-4aee-a5f1-d51253e90577","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":74,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"d9af02d8-c2ad-45a3-8e46-6814a6d6bdbf","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":74,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"d42937d5-63d0-4df9-9c30-5d7d8896fdf0","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":74,"box":{"x":70,"y":475,"width":813,"height":12}},{"id":"2796dcd0-530e-4116-8eab-e1a2cbc7212f","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":74,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"5c1afe63-ee59-4018-a3bc-a3915bd9c1a5","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":74,"box":{"x":68,"y":506,"width":775,"height":11}},{"id":"d8f3c6f1-b342-425e-8195-61825c7f41e7","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":74,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"4ff1dc3e-26e0-46c2-87e6-ecce863063ee","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":74,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"177279fe-1b57-4025-a64c-521e2a0d360f","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":74,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"2825d48a-8a65-4283-9381-07993dd7969f","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":74,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"3757930d-bd90-448a-854b-26662f53029a","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":74,"box":{"x":69,"y":582,"width":325,"height":11}},{"id":"21151147-4719-4bc8-9049-b39eadb20169","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":74,"box":{"x":102,"y":604,"width":745,"height":11}},{"id":"802babe9-4b68-4fa0-a9ea-8f84d2ae35d2","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":74,"box":{"x":69,"y":619,"width":833,"height":11}},{"id":"5dd5c0e5-b398-4b59-b1ea-22583cb5a32f","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":74,"box":{"x":69,"y":634,"width":824,"height":11}},{"id":"0075dc26-39f1-4e3f-ac5f-a01d5ace8cfd","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":74,"box":{"x":68,"y":649,"width":834,"height":12}},{"id":"2814bdb1-822d-48ce-a3bc-9bb4185ef1c7","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":74,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"35e61be9-5e10-4e76-b9e6-1332af33537c","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":74,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"d72ecde9-3e04-4df3-bf0d-abd8b57b74b9","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":74,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"764bdf9c-a2bf-4791-a02e-1d3a49e7fbe8","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":74,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"e107ba35-1639-429a-934a-b46ae8098307","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":74,"box":{"x":70,"y":725,"width":836,"height":11}},{"id":"6e1c3d06-19d2-49fc-8122-a2d0fc592185","block_type":"box","text":"initial public offering.","page_number":74,"box":{"x":70,"y":740,"width":147,"height":11}},{"id":"2d7fa364-aafc-42da-983e-49dd3fd7f2d7","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":74,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"c819bcdd-d5f0-4277-a0c2-e8f8e9348e7f","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":74,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"735ce65a-552e-4ae6-8c57-33429307b4f5","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":74,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"84ee3d80-7f1c-48d8-ab2f-08281ac78f82","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":74,"box":{"x":69,"y":808,"width":829,"height":11}},{"id":"e839d89a-2546-4acc-bcb0-5d3a5ec1f93f","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":74,"box":{"x":70,"y":823,"width":831,"height":12}},{"id":"b505454d-b800-4ac3-b5bb-d2aafe71cd29","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":74,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"c024d565-7432-4679-9931-d2846fefc8b9","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":74,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"f5f2fe96-2b55-4a92-8b91-affbf20f2ce6","block_type":"box","text":"more established companies.","page_number":74,"box":{"x":69,"y":869,"width":209,"height":11}},{"id":"5e2aaf12-5392-4ec6-b6af-6fd14a24f566","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de276a5e-f7ee-4f08-a4a2-90847142397f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ffc6ab0-3e42-444c-ba61-b3f766f7dad3","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":75,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"a384feaf-cba0-4e40-88f3-b7c820f83bce","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":75,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"46a01f0f-cc92-4250-8749-b72097715e95","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":75,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"d3975086-dced-45ac-9111-b0f3ac143025","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"99029bbc-7a39-42ea-90fa-bcb19a99547b","block_type":"box","text":"Real Estate-Related Securities.","page_number":75,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"b0df0d92-5051-4f74-ba3f-fad64a19a795","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":75,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"7878a384-c6a8-4f4d-a3dc-b7e47263530e","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. 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These risks","page_number":75,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"07a92902-bd21-4374-b1b5-33752f553415","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":75,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"cc9043a4-9811-4941-81fa-b174b5f0dd98","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":75,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"25dee3c8-6cf8-4b62-ace5-5de281e1f38e","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":75,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"1c2d81a1-f809-41b6-bebc-82f5775bb93a","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":75,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"0b451d78-9c07-4c9f-b535-989f1e2499cb","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":75,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"46b8b343-346a-4fe9-8bd6-a115dad040bb","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":75,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"41952dde-bd51-4dd7-b020-cdbaa7ee2d9f","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":75,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"5968789f-05a4-42d0-8876-369c51ff68c1","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":75,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"5e3f5d9d-f286-4e2a-9dc2-d1e89c6e698f","block_type":"box","text":"interest rates. 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The securities","page_number":75,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"8fa77faf-9322-4419-a99f-ebb16a813cc9","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":75,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"f6e804fb-dc43-46d6-9ed8-1940908a5c32","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":75,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"f272e62f-f641-47d2-977e-2330dbd7ead4","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":75,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"611819e2-85fa-4feb-bc51-08e198c9c5fa","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":75,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"b1b8baa0-b45f-49ad-8913-76a6ec3ecc2d","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":75,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"826f6bee-f6a0-4b7e-87d8-07d924a77cb3","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":75,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"f3c13a27-59ec-461a-8cfc-8f6b9c28b424","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":75,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"96f366da-48a2-4516-b592-afd8f1e4692a","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":75,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"51ec2e7b-b3d4-4181-a8d6-8cc03540bdd0","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":75,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"ea81296d-ef8b-4c2c-a525-ccca5cda82c4","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":75,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"657dea5c-98b9-4b63-a767-4a07d512e77d","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":75,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"f16f977e-2643-4405-9376-d10ba758edb9","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":75,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"c865f100-001d-4061-a6c2-7f0e6aef0eae","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":75,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"dc49b9c2-ff6d-43fa-9cb9-559d6f8c24cf","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":75,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"59d60bda-c93b-4b72-b476-4fedcda6fcd2","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":75,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"d8b46fd0-a7c3-46a8-98a6-1e83f5eb1ecd","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":75,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"cc81051c-daa4-402b-95e5-9449a7c827e9","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":75,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"fb39ca5f-b143-40e8-96a6-bcb42800afe1","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":75,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"c0b0cd66-afa9-4e77-b5d1-1fe4427d7c47","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":75,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"aed05f49-7172-40e2-9721-2f51a1690181","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":75,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"e7b83bbe-f96a-4566-b0f2-4e092bfec56e","block_type":"box","text":"cycles.","page_number":75,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"8a4e8e85-1e1b-44d5-a20b-9a61d402db83","block_type":"box","text":"Tracking Stocks","page_number":75,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"862e6157-a1c2-4cde-af26-8958bfd2f4e4","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":75,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"abd19eac-60eb-49dd-a9f1-f040cd32daca","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":75,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"7b52deb8-16a5-45e5-9b76-b9dc9edf37d1","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":75,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"0d21d35c-7ca8-4692-9383-f723d4f6c51f","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":75,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"4f63eceb-d02f-4c11-abd1-634a8bc762f3","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":75,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"2c4826f1-2531-4b55-9fdc-24801f0971a4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":75,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"20f90fa5-3952-4be8-9cc9-fb577dae0b0b","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":75,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"58d246ec-2232-47cd-8927-06a0a3584623","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":75,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"9cec04a5-3db7-47f0-a1db-bf389e876b37","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"93255d1a-1c60-43c2-a0dd-6360dccb2483","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9fbcf8b2-cf18-4bc4-ac65-d02b2870ae45","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":76,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"38b9f3d1-1006-4ba9-b1f0-75c81ac3d41b","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":76,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"ee22bb40-ef50-47d1-a864-f2cc040ad734","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":76,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"bd1f871a-b23a-48e6-baf5-2addebc1ed0e","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":76,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"35266872-6abe-4598-a4e5-8b9dfc6d5c01","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":76,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"03b07c92-4efc-4e2c-b19e-9df27dffcaa6","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":76,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"ee27e9e6-2dde-4c9f-b1ad-fdf123319d29","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":76,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"0b4fdae2-ee1f-49a0-aea9-ac5587c32c79","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":76,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"c8cfff4d-49b8-471e-930b-ac41b849592a","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":76,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"58b17db7-3f3c-4fdb-ac6b-f23cba9ce045","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":76,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"f22a92f4-1c2e-4efc-9c59-cb3dd7991b9d","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":76,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"10095e5d-7187-45fd-bed1-9f0c326ffa64","block_type":"box","text":"ETN.","page_number":76,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"3242d9ef-30b0-4a64-911e-7a8b19d11497","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":76,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"3a8f07f2-8e58-4009-b385-5b3f12caa36d","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":76,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"2373086a-5f96-4995-b28b-7a5e08629d52","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":76,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"55ae6756-6805-431c-8c00-499a8efa3f3f","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":76,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"c9072e14-02a5-4a44-8b19-44858c27d98b","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":76,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"7d8f70b6-f40f-4762-8935-13c048d94537","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":76,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"50152008-96fb-49b8-b5ea-19e9c79d3a56","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":76,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"d58a5a70-fbe2-44b8-ae35-91cf28527bc2","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":76,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"e412296c-b757-4209-93cf-7c51cdb254ec","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":76,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"d860db3c-2e7c-4d79-9b7e-27df8478eac8","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":76,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"1ba71fb3-2168-4bc4-8e05-4a59413c6745","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":76,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"3afa189a-634e-4f89-9176-df8d7e36013e","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":76,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"6c42f7f1-2b1d-4727-a3f7-c43aeb822c94","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":76,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"0b215637-9734-40e3-9fb3-d78cb1fa4288","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":76,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"83609508-6bac-4a97-a2b3-b484c265d26b","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":76,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"e6ea5604-1e5e-4b72-b7eb-a9de456873e5","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":76,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"6dec32e9-1932-4d6c-8be5-b744c45f50d1","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":76,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"de4c660e-5db6-4f9c-9e82-b08b8940a51d","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":76,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"21ed0132-9572-43f5-9ff9-b2224f75bd96","block_type":"box","text":"Foreign Investments.","page_number":76,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"3c94ed17-2a14-474c-bd9c-44471f9a3782","block_type":"box","text":"Foreign Investment Risks.","page_number":76,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"f33d4463-6fea-48be-9dc3-f5dab76e5f04","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":76,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"afbdb8c4-35a3-4da2-90e8-dfc5188cf0a9","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":76,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"b8aded31-fa63-4a43-907f-a01eec3da371","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":76,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"849402cc-a49e-4bf1-bed1-5d02ddf1619b","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":76,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"5e1787fc-9ce8-4f91-abfc-bc32314a4b57","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":76,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"d225573c-597b-4d3e-832e-6a8d83c36562","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":76,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"597812bb-5b1b-497b-9b9d-74c359574b2f","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":76,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"34eee793-5af2-4c0f-942e-340358e51cd0","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":76,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"0123451c-56ac-4c8d-9a82-be910531be19","block_type":"box","text":"benchmark index.","page_number":76,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"7598cc29-1008-447d-a2f1-a232e6fd194d","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":76,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"40109d38-73c7-4161-b9ff-46956c752368","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":76,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"717560ee-a25e-447e-b8b1-e7c96771e008","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":76,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"fae679fe-ec82-4ddd-bc41-7b55b58d33bd","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":76,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"cac87265-d97f-41c5-9be6-8e6826e45d36","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":76,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"be738645-60d5-44bb-b4ef-2b6e97bc8a0f","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":76,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"c6530d42-830e-4eb3-a140-1aab0a31e94b","block_type":"box","text":"securities and zero-coupon securities.","page_number":76,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"11c4746e-8d20-4dc4-803c-09da9f246f6d","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":76,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"f349f7e1-307d-485f-bf06-e041c5991e6b","block_type":"box","text":"taxes.","page_number":76,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"6ef920bf-17d5-4a61-9c45-1d695eb84922","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":76,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"b43c64d0-e5d0-4b50-9d7c-148932c93bbe","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":76,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"c729f4ac-e8c3-45a7-a612-e37feb78e8f0","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":76,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"9c1c431b-06cf-41f8-bc31-49657ef0e087","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"caec1504-ab4c-4c21-b82f-0241ff7c1e79","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5625bd76-aca4-48a7-b3f1-943b0ae5ab63","block_type":"box","text":"underlying security (","page_number":77,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"1539e483-d095-4d34-b5dc-5474ec7ca2a7","block_type":"box","text":"i.e.","page_number":77,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"cf53f28e-539b-4f31-976d-f588b9314900","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":77,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"b48ddfe8-449a-4a90-922b-1177b3d52f71","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":77,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"65030e20-7cc4-4f30-a9aa-1f25978a19a9","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":77,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"3b036d20-9c5a-4168-b937-515676c88a34","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":77,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"2462ca61-f2a9-4f2a-b230-a94b94566127","block_type":"box","text":"Foreign Market Risk.","page_number":77,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"6d0feb70-9d67-494d-a110-cd0860e41893","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":77,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"055ba913-66d8-40ab-b911-67415fbc56e4","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":77,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"c30e3e3c-94a0-4fee-8863-1b52039212a9","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":77,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"fa3bf6ed-f5cc-42de-ae45-d1ed04c974e5","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":77,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"b78476d7-e877-45b8-b3a3-82d629cfcb9d","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":77,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"a2733e56-091a-4d65-96bc-0604f4c6752d","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":77,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"cc843717-503d-4869-a007-0e45653d85a6","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":77,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"b900ba0a-a33f-4878-8e3f-7fa023a52f38","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":77,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"2cd6d4d1-e65f-4357-96d4-aae8d5c1847f","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":77,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"5d0b6d5f-183b-4a3c-978f-6a7a04155db1","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":77,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"3d3bf1ba-3435-44b5-89c6-2f74d5683496","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":77,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"2859c549-c02c-48f5-9220-7c4a050f4032","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":77,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"b1e92647-58d6-440c-a053-240eb14d1498","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":77,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"6168e287-eb5f-4a16-ba33-178adbef113a","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":77,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"334541f6-5925-4f90-ab6c-26fd4ef8c4d1","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":77,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"efde6abe-c88f-47b9-8593-9733e312f064","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":77,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"7b584340-c2fb-4f09-9128-60f0aaa6e78b","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":77,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"e78a1b92-e84a-48e1-ae0e-0f478a60788e","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":77,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"99ac14bf-128a-4d85-aca4-a0c07280e690","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":77,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"8b6919b0-6da0-4777-bb72-9f420f45a0bb","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":77,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"3473013c-8946-4803-93de-8dbbfab4c286","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":77,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"67761241-64b1-45cd-af5a-3f233ea31ec8","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":77,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"92bc3c5d-0d1b-4122-a8c1-fa32fe58996d","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":77,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"951cc47a-41d6-4bd7-8fb0-2997141e9b2c","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":77,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"fa5380ff-c5db-4de8-944a-dcb139bedfbe","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":77,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"95619115-6eee-4208-81e6-b679db29ff25","block_type":"box","text":"Fund’s operations.","page_number":77,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"019803fa-c6b8-4bef-a326-806190ec51dc","block_type":"box","text":"Foreign Economy Risk.","page_number":77,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"cd4c6991-9e10-4092-98ab-3f658a0de80b","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":77,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"f88d98bf-642a-4f77-a83b-47d1f1ddee47","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":77,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"a2280bee-268b-4416-ba82-5731e25317d5","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":77,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"6c2bca17-1f84-427c-893d-729a43942710","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":77,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"741dec99-b604-4c18-aef8-f630524a2f51","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":77,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"2e04ee61-dec1-458b-8990-861b51d84e27","block_type":"box","text":"measures.","page_number":77,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"f98d25f1-466c-4408-94df-01cb373dfd2a","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":77,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"28ee5bc9-5791-45a0-9bc4-525d775c8447","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":77,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"e3b72ace-7c52-4f03-b187-ee3e705ef309","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":77,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"12306506-1958-4c75-a62b-ef0e0d92127f","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":77,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"89c5f27d-6da7-4d9c-94f3-d0e95602644d","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":77,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"7a40db6d-4966-4761-9008-5af2e868786e","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":77,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"69eb1a0f-ea2e-49c5-92d4-5440ab69565d","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":77,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"1eb0794e-119b-4f35-bbff-dfcf583c31b1","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":77,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"13d8323f-08d1-44e4-9e7c-c23d8545e4b4","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":77,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"bb410e51-c95d-4444-a422-c83d07d29e2d","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":77,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"6356c134-0d0b-4dcf-aa19-0924036cb519","block_type":"box","text":"United States or abroad.","page_number":77,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"ee5d1629-3868-4e99-bbdf-6ab1e26d7719","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":77,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"c61ecfe0-708f-4558-a948-5e93fd38f788","block_type":"box","text":"Many foreign governments supervise and","page_number":77,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"dbbc63d7-f56a-4dd6-8e75-d096032426a9","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":77,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"1b0c0808-9d4b-409c-b84f-0239f06121db","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":77,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"94c0859b-e354-4f8a-aadb-ecccb27d3266","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":77,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"33eb4af9-09b7-49a0-a71b-7d2580a2afa6","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":77,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"19459364-ee64-4183-a3c2-840b25331870","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":77,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"2f94b603-5584-4f25-8f95-7a141ca937bc","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":77,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"18e4a260-0e0e-415b-bffb-c1d4e4f28c8d","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":77,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"f0f7b737-07e7-4150-98c1-a7d6642f67bb","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":77,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"efd63bbd-2698-4c8c-a67e-694f05798b9d","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":77,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"88f2e4f7-fd36-4e97-81c9-98a045164ebd","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"357c60a4-abcc-454f-827a-5e40065563ea","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73a2a847-c366-4ffa-bdf8-3ef90e17120d","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":78,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"faa28cc0-d3c5-412b-b131-87624a58bb88","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":78,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"40bf119d-166f-48fd-8f3b-950d9e940c78","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"79348445-1c63-4d7b-9fb5-ad7003ece5bb","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":78,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"ea53b15a-581b-4c44-8452-47b8d8810db0","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":78,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"cb2f91b7-922c-4ac2-bf37-0bafef3c5c32","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":78,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"788cba36-31ae-491c-928d-969b2e6b0395","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":78,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"5e01de19-dc1b-4e5f-b6fd-4828929acb0c","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":78,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"9d8d7f15-8161-4f9c-9aa6-a065d4af3792","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":78,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"e37836fa-43ee-4f1e-97da-fec07433f5d5","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":78,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"c3e3f8af-6bf7-4724-80cb-7b922acf7ca1","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":78,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"7cb337ad-cf9e-479e-848f-1e1ad2a3e470","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":78,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"0c164ab6-6f87-48b2-9044-7c9511238eb0","block_type":"box","text":"States.","page_number":78,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"ae5474f2-392a-4c4e-ac14-e97f915a6674","block_type":"box","text":"Publicly Available Information.","page_number":78,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"8e2729a6-82c4-4479-afc7-e3f4faaf7471","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":78,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"61713cd9-1aa4-452c-a37d-e2e279f3a33c","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":78,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"e7287f03-0ec4-4d2a-b6b9-1d03c5e11eec","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":78,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"e2f0e6d0-487b-4cf8-9af8-880eb41631ef","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":78,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"e99e434f-d200-43b3-9523-75ab69f9610e","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":78,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"31aacdef-63c4-4267-bcac-c51194da7c42","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":78,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"b5f31f98-a9fa-4d7a-84a0-a03df8223bed","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":78,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"e6c0cb1e-6def-4126-9fab-1be4baaaf0be","block_type":"box","text":"United States.","page_number":78,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"e2d93177-c06b-4e9e-ad30-55498c5c549f","block_type":"box","text":"Settlement Risk.","page_number":78,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"843bab5f-9247-44be-a32d-5d798478436a","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":78,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"a321a18a-a9ff-4c47-9d28-0141343a4bab","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":78,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"4372d8dd-b44f-44cb-8baf-e3e352564e48","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":78,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"b88872aa-9671-4fbb-a35c-c12d67176967","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":78,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"aa905667-ea1e-47ea-8f35-f1a073f67232","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":78,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"d780d232-d778-4aee-8d12-e3e25db21580","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":78,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"79dbdd2c-dcd4-41f6-b7b7-3719adc97362","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":78,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"763aedf4-421f-41ee-b289-7bfb9e5a6916","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":78,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"ea7d2b6a-f493-4b99-b2d1-84f0089c2202","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":78,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"100a5a4c-4871-4231-ad3a-104d72257e3b","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":78,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"94cd809c-2ac3-4bac-8068-064e2e810933","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":78,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"8817321c-d812-4fe3-8f5e-9166555c76fd","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":78,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"94716556-ab92-4dfc-aa78-0245ebaff33b","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":78,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"704af4d3-62d6-4bda-aba7-72590814262a","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":78,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"56de0b74-2e4b-4a53-9719-94bf20414a8c","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":78,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"1c95c382-2379-486f-bc18-970c541cb7bb","block_type":"box","text":"Sovereign Debt.","page_number":78,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"d016e33d-73d0-4dab-8b47-6f0c23382b6c","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":78,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"2e499325-1d05-4ec0-9342-6ec465f59c00","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":78,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"027f82f3-548a-49a7-95f1-c5577cb3aac9","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":78,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"142819de-3bee-44ec-b658-88b9fd6c35f5","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":78,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"c4fded76-6637-4da4-91a1-36030ef0ad5f","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":78,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"54ed6354-6f0f-41c9-8885-e784a298a66f","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":78,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"31b309db-9c6f-4fe3-947e-a9bd139ff7a2","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":78,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"b8e6db60-6371-4cb2-afd1-cdd45b754031","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":78,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"90b17b1a-a894-4f6d-8146-0c5b260a8b2c","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":78,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"e1e534e8-ec72-45fa-af9b-d7c7c7d2dc58","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":78,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"90ff7715-0933-4095-9581-730941332f88","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":78,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"c0af7868-f36e-42fc-91e9-283fd7730d08","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":78,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"439247c6-029d-4158-9630-5d66b8b96b55","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":78,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"cb41a2aa-c220-4194-a455-d0038fd75ccf","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":78,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"fd25d368-9669-461c-a053-cbbb463a1f64","block_type":"box","text":"debt.","page_number":78,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"c18a4054-09ad-4bd3-8d4b-c9fe88e6bdc6","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":78,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"0fec406e-57fa-412a-97da-9d0a12f9c16f","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":78,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"aab0ef77-a2b8-4d14-8d70-022a018da2c4","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":78,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"e6b59c5e-6ae9-4a98-94e8-0d30ae3b997e","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"076bb815-7ff6-4b49-a49d-e6c979b911c6","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae975f50-7e26-4079-837a-e1b3a7372c1e","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":79,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"0573da86-d4ea-4c44-be40-5308b89ed90a","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":79,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"5229fad6-1c35-4822-b19a-2cc4fa6b98d0","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":79,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"fc2f6e96-e171-443f-867d-92c18a77f668","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":79,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"e6677292-56b6-4eb3-85a2-9dc6177cc3f8","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":79,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"f89878de-fec9-4657-be59-0242d9428b18","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":79,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"2ef19dda-acfa-4f1b-a0c6-1113cd6c473b","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":79,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"ed10a554-d4d8-4f74-b249-c014237bcaf9","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":79,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"4b0e34f5-bbf3-4f49-9226-9e6600195fc9","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":79,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"180c6b07-97d5-4319-904c-0b6a16bb2694","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":79,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"33518b86-bbc7-4d31-bcfa-cf967eae2d1c","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":79,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"eaad8ea6-3007-43be-8bc4-26be4cf12867","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":79,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"cd402d68-4bac-4970-8b4a-b6c7c7014f6c","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":79,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"a0982f3f-01a2-4130-be27-563ceb567c8d","block_type":"box","text":"in the Fund’s net asset value.","page_number":79,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"19deb7e9-f9e5-4388-99e3-e59ee7bd7d21","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":79,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"b06fa59b-a790-4e65-a1b3-1071bc5f59f6","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":79,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"ea7b9a1b-9ddd-4220-962f-e233b4a2a915","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":79,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"6182d676-2ef9-4563-9c4e-e3dc5f3852fb","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":79,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"58a97046-03aa-4a6a-a237-6a5a0d9cf560","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":79,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"e01ef4e0-336e-4a86-8f0a-4703e86355ba","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":79,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"00f37959-212e-4892-ad6a-43b129aa9d3a","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":79,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"6ee4f435-c6a7-46fc-8be5-ee12e4d581e9","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":79,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"32844161-2d88-40ca-81b4-a9568ebb4233","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":79,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"9368f426-f0ae-4398-b65c-9b310ff9f78a","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":79,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"eab02f16-04cb-48ae-b23f-3c7a7fe59f4f","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":79,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"f626af54-a7b6-4dd9-ac4b-4f1ec08031cd","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":79,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"df6d8494-377a-4185-88f7-9bede3fc997d","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":79,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"89a4f6d4-04b3-404e-a266-ae23e09a7128","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":79,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"d8a20886-a5d2-471b-b6a7-834ac2f4b1c3","block_type":"box","text":"Fund may invest.","page_number":79,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"c03124c2-5f45-44a8-911d-09b299fbf087","block_type":"box","text":"Funding Agreements.","page_number":79,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"b741e6ef-9ec3-44ec-b73b-2b584bfa1b5f","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":79,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"5922cb21-ddf6-4f2e-99c7-dd010624dc8f","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":79,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"2561977b-0538-40fb-b87e-058d52d6d1b3","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":79,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"b0f8b688-c0c8-47ff-91a4-f288249b07c1","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":79,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"83806f77-fec7-4aba-8663-6579a6a07daf","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":79,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"53e48bfa-537c-4560-b82e-7d716379c92b","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":79,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"2c2e3f2a-1846-4554-9add-0fcaae06203f","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":79,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"72539440-eb0e-4e15-8907-21493ce5883f","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":79,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"5020b09e-8463-45f8-aecb-6e8941dcd3ed","block_type":"box","text":"Guarantees.","page_number":79,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"71e6fa3e-662b-4b12-ae25-90487c325675","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":79,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"036e863c-1bdd-453e-b192-2ba4c855c18d","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":79,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"31440c46-3991-40d9-b06b-38fa0155bfb4","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":79,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"0817a2bd-1c5f-4e78-add8-cee9ef0e68d5","block_type":"box","text":"Illiquid Investments.","page_number":79,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"4392bba8-0a47-4b27-96b7-e5b40c9f12e0","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":79,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"e645da6f-9927-493f-a58f-211d492ccea2","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":79,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"f744ead1-64dc-464e-8115-39769da42c02","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":79,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"34c9c162-3fda-4f9d-91d3-3a2ebe3456fa","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":79,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"7ca6ee3a-8620-457e-b635-b6f936f4afd2","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":79,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"b733196b-9647-4b0c-9e25-396b7ed4fabd","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":79,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"3ae0482d-4bf7-4753-8137-72b0299c3e4d","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":79,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"f0be0bd5-d4e3-4e0e-9662-8226119124de","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":79,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"0a1ba2eb-1963-4446-97f8-079ae5ed0ac8","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":79,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"9f9153f9-ceff-4fa2-a66f-05168634f8ef","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":79,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"5f1c919b-20ae-4cf0-8b59-bfb1e9b4bf01","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":79,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"c7a52cd0-1e5d-4d0f-82cc-7f9ce7ff73ff","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":79,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"f690a4ce-8740-40ec-b4c8-b740590c637c","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":79,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"b8a2dacf-d14f-453a-92b6-eed2a9087cce","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":79,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"6a708125-5435-41ae-a3e6-9a97c1dd60df","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":79,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"d159a28b-4204-4b0c-93ab-3cfe9ee0935e","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":79,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"b7977778-7112-4ce9-bee2-75da27f98e47","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":79,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"6fc12b26-2b24-4f30-98fd-3f70aa2b6a87","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dd3df5c0-bd92-4070-8c05-bb307cbee704","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9796c983-907d-40e0-ae87-abdaf4a0214c","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":80,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"fc5fa03b-9f91-4b12-8c1e-23980cb71210","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":80,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"70161e93-794a-4b9e-b069-cf4bbd7a40a3","block_type":"box","text":"Index Funds.","page_number":80,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"0ccd5b5a-ea7b-4cb3-99db-b8f1726dbcd2","block_type":"box","text":"Cash Flows; Expenses.","page_number":80,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"fc64ba8d-1f96-4e4d-b3cb-5ce95344c7ea","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":80,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"d0e21c3b-dfa9-4b16-b5a0-3368b3076d01","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":80,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"dd3d4e2a-0d02-4ab3-a2c4-315eed215ba2","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":80,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"f007e7f1-0d72-47eb-af38-840172a633e7","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":80,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"e157f352-0e31-4b6f-a818-1048ec5ecee0","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":80,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"c2180de6-62b8-4f0e-a9ae-f9c9adc3bbbe","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":80,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"20de96d7-29e4-4e4e-bf05-5cb737123306","block_type":"box","text":"(","page_number":80,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"a753bbdf-b8c7-4d44-8e3b-8e0f2b60d8b7","block_type":"box","text":"e.g.","page_number":80,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"bf855fd4-fee8-4597-8ae7-a7a7f7bf55d5","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":80,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"f701664b-4e62-4cfc-89a2-c6e8c114df7f","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":80,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"266c6f54-5b34-40b3-b336-33e946d90ac4","block_type":"box","text":"par ticular security as an investment.","page_number":80,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"ed9ce943-722c-481f-8db3-5bb985710949","block_type":"box","text":"Tracking Error Risk","page_number":80,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"bab29401-4629-4284-993e-6abded256cab","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":80,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"5b2ea0ab-9328-4691-b25f-fe31a8812438","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":80,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"98a26884-e14f-4dd9-92ef-da246f8cc6f9","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":80,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"d694adca-fa9d-40be-80f0-a0b2603ff588","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":80,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"1709bd05-0b6b-4afb-b80c-6e2c6330dd70","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":80,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"6efea94b-5980-4773-9910-8c66ff6c307e","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":80,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"8c94ef9e-bf50-46ed-89df-230198aaea0c","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":80,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"4f55d579-dbb9-44af-93dc-9cede29237c9","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":80,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"7140e923-ac8b-4f6b-955a-9e1241c527f0","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":80,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"4e390cec-c85a-40d0-9ffe-5bb847318c9b","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":80,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"8acfc409-7545-42f7-9436-6b8ddf18349d","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":80,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"9cef9b7c-e06e-4e42-9f63-662f259011e0","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":80,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"c84d3c2a-e09f-4dd5-8753-c932e5c0006f","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":80,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"14140588-e3b1-4b16-91ad-ca7984d712ef","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":80,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"39af9a30-d8aa-49e6-9079-952dcbc42642","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":80,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"74a61159-d110-4149-a284-f86c5b6a8980","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":80,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"f76d2892-7bf6-49fa-995f-211f69c76a34","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":80,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"b73f2860-bc1b-4cd1-9cd3-4747380b8b27","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":80,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"e31fa599-6596-4cb4-86a5-d551a429ea41","block_type":"box","text":"the rebalancing of its index. If the securities continue to be included in the index, the Manager may underweight or","page_number":80,"box":{"x":68,"y":528,"width":819,"height":12}},{"id":"70087ef5-1157-4065-8119-c96da2a3e19b","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":80,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"b41bf041-5035-471c-a412-4407f5365ce4","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. The application of the","page_number":80,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"24bd5b0e-0b34-4251-ab52-2a9b97e1ad84","block_type":"box","text":"abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of the Manager","page_number":80,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"264d09fc-7d44-4823-8c96-ae2f01b03e57","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities","page_number":80,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"9eb985dc-2a07-4335-be85-459e0eb638e8","block_type":"box","text":"from an Underlying Index or a Fund’s por tfolio, and the inclusion of such securities will result in an adverse impact to","page_number":80,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"cece558c-bccb-4d3f-8618-03b202dec76d","block_type":"box","text":"the Fund’s net asset value if one or more such securities declines in value.","page_number":80,"box":{"x":68,"y":619,"width":536,"height":9}},{"id":"e0710b54-4ba2-4852-935a-14980dcbcdcf","block_type":"box","text":"S&P 500®","page_number":80,"box":{"x":102,"y":642,"width":64,"height":9}},{"id":"01cc3c63-34ba-4fdc-bd31-8fe6647ecb15","block_type":"box","text":"0®","page_number":80,"box":{"x":166,"y":642,"width":6,"height":5}},{"id":"8150e2c7-2d9e-40f9-9b01-990b0b8945d7","block_type":"box","text":"Index (“S&P 500”).","page_number":80,"box":{"x":178,"y":642,"width":134,"height":11}},{"id":"73b80359-f61a-45ae-b588-3155055b696d","block_type":"box","text":"“Standard & Poor’s","page_number":80,"box":{"x":320,"y":642,"width":136,"height":9}},{"id":"d877c057-45a5-4b44-aeca-f3aaa8d7c40d","block_type":"box","text":"®","page_number":80,"box":{"x":457,"y":642,"width":6,"height":5}},{"id":"651b3d20-9b0b-4d0e-9010-ea7837020a24","block_type":"box","text":",” “S&P","page_number":80,"box":{"x":465,"y":642,"width":53,"height":10}},{"id":"503a807d-a0fa-4e73-a02a-aa3f4c741b49","block_type":"box","text":"®","page_number":80,"box":{"x":518,"y":642,"width":6,"height":5}},{"id":"478cbf69-ad53-47bf-affd-fae0a7b55e2a","block_type":"box","text":",” “S&P 500","page_number":80,"box":{"x":526,"y":642,"width":87,"height":10}},{"id":"aefbf355-b372-45c1-b64b-03ac88a3a9b3","block_type":"box","text":"®","page_number":80,"box":{"x":614,"y":642,"width":6,"height":5}},{"id":"d111d572-376e-472c-a062-d630d66df005","block_type":"box","text":",” “Standard & Poor’s 500,” and “500”","page_number":80,"box":{"x":621,"y":642,"width":280,"height":10}},{"id":"a9dfd207-94df-4256-9952-98ef4b5037ba","block_type":"box","text":"are trademarks of S&P Global Inc. and have been licensed for use by cer tain mutual funds sponsored and advised by","page_number":80,"box":{"x":69,"y":657,"width":837,"height":11}},{"id":"5244e4bd-924e-44f4-b3a8-88e3cf7c3553","block_type":"box","text":"BlackRock or its affiliates (“BlackRock Funds”). No Fund is sponsored, endorsed, sold or promoted by S&P, a division","page_number":80,"box":{"x":70,"y":672,"width":836,"height":11}},{"id":"66364cac-c950-4d45-9f97-4375ab7e6c76","block_type":"box","text":"of S&P Global Inc. S&P makes no representation regarding the advisability of investing in any Fund. S&P makes no","page_number":80,"box":{"x":69,"y":687,"width":818,"height":11}},{"id":"ec9f5804-8bb3-4152-a86b-ef04e3e5e2e9","block_type":"box","text":"representation or warranty, express or implied, to the owners of shares of a Fund or any member of the public","page_number":80,"box":{"x":69,"y":702,"width":783,"height":11}},{"id":"f87fbd04-013b-4adc-afda-fa7413596492","block_type":"box","text":"regarding the advisability of investing in securities generally or in a Fund par ticularly or the ability of the S&P 500 to","page_number":80,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"e3a731f9-7bf4-445b-8153-ebdb1950ea26","block_type":"box","text":"track general stock market per formance. S&P’s only relationship to cer tain Funds is the licensing of cer tain","page_number":80,"box":{"x":68,"y":732,"width":769,"height":12}},{"id":"126e598f-ff4b-4e02-b338-246ca0ad1b16","block_type":"box","text":"trademarks and trade names of S&P and of the S&P 500 which is determined, composed and calculated by S&P","page_number":80,"box":{"x":68,"y":748,"width":804,"height":11}},{"id":"362354bd-acd6-4a93-aa0a-96f83afb3aa5","block_type":"box","text":"without regard to the Funds. S&P has no obligation to take the needs of a Fund or the owners of shares of a Fund","page_number":80,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"02941a36-c79e-4eee-a9f8-253c55e63133","block_type":"box","text":"into consideration in determining, composing or calculating the S&P 500. 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A Fund may also invest in so-called “inverse floating obligations”","page_number":82,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"91ed55cf-550f-437b-96c4-e1453f2c2953","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":82,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"bd5d2d09-75ba-41f3-a14e-bdbdb24a09f7","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":82,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"31a575b8-dd9a-4cc7-8ce8-6548d502ebe4","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":82,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"7dab61d8-8536-467d-92dd-949ea20ad191","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":82,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"5d13c1aa-9d97-45e4-a6f4-e36e7b1a0b84","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":82,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"ba49d796-6b9e-4ef1-a792-16000ce361dc","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":82,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"d926c781-e737-4f3a-b9b9-f30964a56e13","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":82,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"34b4be04-2f47-4ca3-adb6-8efb49b92d44","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":82,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"a6d03999-9047-4532-85e5-29715107a78f","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":82,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"b676e7d5-2542-4bbe-98e3-09611865d38b","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":82,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"861299cc-ec87-461a-b814-8f0f15d072b9","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":82,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"a2bda7cd-5151-46da-87fd-496694ff7444","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":82,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"709cdac1-05f2-4b42-bd83-f56beb3e3587","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":82,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"78d7348a-8a8a-4c1c-ae27-d8845387b713","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":82,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"0be3c479-4de7-43fb-8387-c419fea07c78","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":82,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"a25bac7b-9af2-4af5-b752-6f75a27fd2a5","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":82,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"781a96dd-34c9-4e62-aca4-c51b6ecb9261","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":82,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"a79b58c4-adf5-4187-bf0b-ae93cc42c967","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":82,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"20c3429c-90a6-4a40-9ddb-d34bc70f8ae9","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":82,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"04d6a758-7115-4303-9a78-c8fe79dadab9","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":82,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"3fce99a0-b4cb-4926-90e3-83ee47b7bcf2","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":82,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"c3cb2bea-6c0d-4da8-8179-8ee15d84e374","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":82,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"25e9b149-5685-4a81-90a5-f16cac314f8b","block_type":"box","text":"Inflation Risk.","page_number":82,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"9ea44244-609d-418a-bc20-51ab8f8061aa","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":82,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"b97418d2-9056-41ec-8b73-28f9b6200329","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":82,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"da85b9e7-c706-45aa-8d7b-59df4a5d6ad3","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":82,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"8a7eb9f2-7f17-4d01-861b-502daefaad67","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":82,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"56c2b2f2-0edf-45d2-ae8f-79996d70afdf","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":82,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"b52e505d-68c7-4e21-ab60-5b33fe3bc644","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":82,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"a9c5eb89-1bd3-4cdf-9f96-63e58245d715","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":82,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"a4403b44-8abd-424d-a663-2d12cc57cb53","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":82,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"1f747708-f57d-433b-b4c8-3635320cf119","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":82,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"531288cb-60ef-499d-ab95-bdb40c5b7240","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":82,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"5f78a840-fafa-41d6-bcae-8f4c3778573b","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":82,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"9c815cea-c51d-49bb-bea0-6a58958444f8","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":82,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"f5090a9d-f8e2-4c38-9016-ee294c1e0d5c","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":82,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"b75cb538-850d-4d6e-a6be-b818b435f2eb","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":82,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"c823545a-5842-485a-82ff-1335c6dd3d77","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":82,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"ee2ae619-db15-4ada-96cc-d05fc66699c6","block_type":"box","text":"II-34","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0efc0b1-a522-44c6-97b1-de2ba2d74490","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a69eced-1207-4db2-aab3-fcad1302bdda","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":83,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"db3c59c2-51eb-4dc7-8e61-a3179d95dbed","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":83,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"114f35b6-7eba-4c14-bd33-ed5914457296","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":83,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"201e10c2-c24b-4073-b2ad-92fa87b283f9","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":83,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"7ef78154-3101-4174-b03f-69bf933798a2","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":83,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"042288f8-dc46-42e3-a51f-bc79f3bddcb8","block_type":"box","text":"be available for very limited periods.","page_number":83,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"a06f8bae-3e51-43ef-9d57-6040fe5b649b","block_type":"box","text":"Investment in Emerging Markets.","page_number":83,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"3b099a37-a79d-480b-890f-6bedd3d27173","block_type":"box","text":"General.","page_number":83,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"edaa1f2b-871e-4820-a4ec-4087eb3f7555","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":83,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"0d77cb5f-9348-410d-b6a4-fd8b85ed3413","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":83,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"e8662044-4789-42b3-8b44-50c6354c00d5","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":83,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"1df39cfe-738a-4732-aa40-a0a9f7553db8","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":83,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"cf770998-e2a0-47fa-b3f8-17fc4040a5ae","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":83,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"f81e780f-052d-4a06-9c93-c2b67eba5a3e","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":83,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"f7f8f721-8464-4944-b5b8-2e4742043b19","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":83,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"ed15ecbf-806c-4a3f-86ee-ee634e6516f1","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":83,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"65e03583-bd6a-47f2-b6c8-9eeffeae422b","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":83,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"591adcd0-5b00-462f-8a7e-6e0ebdeef5cd","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":83,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"393550c7-2a8d-4821-ad32-509477f68a19","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":83,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"4ef331f4-56b4-445f-bd3a-518945f8d2b5","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":83,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"317eca03-5d94-4aec-872b-64ce605bd9ae","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":83,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"eba890a1-7fd0-4b64-89d2-35d2da1708a9","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":83,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"3b2186ae-835d-4337-a65b-3bd657be3c61","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":83,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"3d109b24-d934-4bf9-910e-d09aeb249ef9","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":83,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"a5da1885-eb3d-471a-af50-d1f525aa16cb","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":83,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"4d648449-5d06-4d37-811a-7743b523a3c7","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":83,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"995168d6-31a2-4c0b-a158-c832647a8a3f","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":83,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"3226b7b9-74e9-4059-bc69-aa023a1dbca7","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":83,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"ad511d88-0fd7-4da1-8bf0-5f62dea83212","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":83,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"c5aaa45c-e40b-4f3f-9c5d-d75c85b540e9","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":83,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"754da5fe-ab43-42be-acd9-664dd924ccb7","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":83,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"9f0be21a-e64c-42c7-aca4-0b74f4206f16","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":83,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"df58cbdc-bfa4-4565-acbb-00cfd8f11858","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":83,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"1358d2a8-8684-4c7a-9960-059ecd3553d1","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":83,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"82913a6e-dc9e-4d5f-8238-ad53534d303d","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":83,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"2b1ea8c7-773e-45cf-a0a4-c093fe4b2de6","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":83,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"96b1938a-a57d-4393-8e56-75950feb62ca","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":83,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"342abd95-090c-472a-a1d3-e1300c3c078e","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":83,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"59e1b24d-16e3-4fb6-ab4c-b0637a6316bb","block_type":"box","text":"volatile than investments in more established markets.","page_number":83,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"9c990124-3a72-411d-8eeb-a0b9130b2263","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":83,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"3ca3d7f1-7bd4-4b00-94a0-2bd0f05c317b","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":83,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"90f89ca6-122a-45fb-b9ef-67d5ea6eaea9","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":83,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"045c952a-b6b2-47f9-8a29-6c8add9a8744","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":83,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"2722edd7-ec4f-44d7-b34c-6c649771ceb5","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":83,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"29b53c13-be8f-4c4e-a190-2d16c76de63a","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":83,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"6bd695d4-0e7c-4b84-98e4-a269094c976c","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":83,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"c73a9c73-52d8-4fdd-b8a5-6c264e0def00","block_type":"box","text":"acquisition or disposal of securities.","page_number":83,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"6107d4e9-bb3b-4468-8dc0-a76ea15a2048","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":83,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"28a1dc74-1d1a-4fd8-acd9-cef939a23a42","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":83,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"488f272a-aaf8-4e96-b78b-58af9d04745f","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":83,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"c588e08b-16b0-4c0f-b226-954a10d524cb","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":83,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"156d3ca5-ca21-4606-a69c-6a768a6602a4","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":83,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"d50adb18-85c0-4a63-8705-89844e1764d4","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":83,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"d945cb75-2c10-4da4-b9b1-b251aa9c1114","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53ac85e1-ea79-480c-9a30-870a246093d7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d570682a-0195-4541-a991-ad3f61412abe","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":84,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"780127f1-8745-4c13-8332-d16157d31aeb","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":84,"box":{"x":69,"y":60,"width":801,"height":11}},{"id":"cfcfd1f6-e02b-4420-bf7e-c0ca1150f10a","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":84,"box":{"x":68,"y":75,"width":818,"height":11}},{"id":"03331465-cfc7-4e2b-851d-a41500f252c9","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":84,"box":{"x":68,"y":90,"width":777,"height":11}},{"id":"5106fee5-b8d0-4e80-9591-2d8e5069f200","block_type":"box","text":"generally less available or transparent in these markets.","page_number":84,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"c4fabab5-bcb9-41f6-9327-bfab3e0f00a0","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":84,"box":{"x":102,"y":128,"width":778,"height":11}},{"id":"ef781152-6b82-4ae8-9b09-b581915ad797","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":84,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"e6b735ef-a77a-48a5-99ad-2cd13308c0bf","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":84,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"e4309bd5-a204-44f2-b2f2-a57ba13b8f49","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":84,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"fd959745-88e7-4a8a-8a0c-a691bb430352","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":84,"box":{"x":68,"y":188,"width":799,"height":12}},{"id":"5cdcc1c7-3980-4a65-9701-2bb42930412a","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":84,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"0c5b4d3c-d424-4ac0-862a-2f04810101f3","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":84,"box":{"x":68,"y":218,"width":740,"height":12}},{"id":"85449a43-3e75-44d2-9905-1d203790b14f","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":84,"box":{"x":102,"y":241,"width":305,"height":11}},{"id":"cc0cc36f-468a-4ef6-a219-ab9d30b43105","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":84,"box":{"x":414,"y":241,"width":485,"height":11}},{"id":"f5eea243-3453-4792-8032-bcefc8dc17a1","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":84,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"6ec2e051-4d66-4af0-bd99-1a2932fe6491","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":84,"box":{"x":69,"y":271,"width":808,"height":12}},{"id":"41cd2718-9a49-4011-8ae9-3f1afe9187bb","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":84,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"9d3e4006-4cc4-473b-8b65-2eef6af445b3","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":84,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"0b714d98-05bf-4b8e-818e-f7cc438548f6","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":84,"box":{"x":70,"y":317,"width":791,"height":11}},{"id":"c6787c9a-b18d-4cd4-847d-70b72e58f5f3","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":84,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"ea4a312f-5433-44d2-9579-11f6744cf894","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":84,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"d6a3dbde-d358-494e-889d-cb5fdd9c2863","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":84,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"422f4120-7428-49b5-988d-1bf152625554","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":84,"box":{"x":70,"y":377,"width":766,"height":11}},{"id":"399c503d-db70-44d0-bb1b-780ba92b6ae8","block_type":"box","text":"per formance of the Fund.","page_number":84,"box":{"x":70,"y":392,"width":179,"height":11}},{"id":"f2900181-1f8b-47fa-99a2-e25c3825e3cf","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":84,"box":{"x":102,"y":415,"width":784,"height":11}},{"id":"b322d0d1-8311-40be-a9e5-432c44dd2093","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":84,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"84535b37-83b6-453c-b9f1-e4e33cca904a","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":84,"box":{"x":69,"y":445,"width":788,"height":12}},{"id":"eebf0e5b-4e75-4413-81e1-3e150ec42a35","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":84,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"a252d4a3-126c-465c-bfe8-ac15ae591132","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":84,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"8b6b726e-c65a-4dc7-89e3-82d0ea2e5791","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":84,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"5a21a00e-e10d-4765-9257-ea59ef6bdc0f","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":84,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"b4198424-39a4-4e7e-bbd2-78ed5cf462c3","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":84,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"cd8dcd71-6391-4e7e-9da0-a05ce4d9aee6","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":84,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"c3de801a-51ef-4a11-a0b9-2028a1e7350a","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":84,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"951ad00e-3ccc-4474-ad5f-a2f3733cdb33","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":84,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"b87bc11e-321f-4a63-88e9-908a911bdbdc","block_type":"box","text":"affected by a variety of factors.","page_number":84,"box":{"x":69,"y":581,"width":220,"height":11}},{"id":"de6debdc-0c15-4eae-9e30-7b63584c91c1","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":84,"box":{"x":101,"y":604,"width":785,"height":11}},{"id":"99c4d3b1-b9fc-4085-a1d8-378f0ad1f107","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":84,"box":{"x":70,"y":619,"width":789,"height":11}},{"id":"c4073bf7-6da0-4bd0-b54e-22ff53ef2143","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":84,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"e528f5d9-eceb-48d7-8725-201d3acc3dcb","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":84,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"4b0f4416-0171-4244-9307-6c0d80efc27b","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":84,"box":{"x":69,"y":664,"width":777,"height":12}},{"id":"925d7520-5a15-4e5d-a1ef-28e69669371a","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":84,"box":{"x":70,"y":680,"width":652,"height":11}},{"id":"a5e63877-1581-465e-bcda-bc90886037dd","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":84,"box":{"x":102,"y":702,"width":737,"height":12}},{"id":"10f18896-d5c5-47d7-84f1-76ff367f3b18","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":84,"box":{"x":69,"y":717,"width":803,"height":12}},{"id":"a4103738-78c2-48d7-bf69-b9f8aa9fa3a8","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":84,"box":{"x":69,"y":732,"width":801,"height":12}},{"id":"88f08f9a-7be1-4fa8-9d95-5c26c4b94795","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":84,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"3e77b714-eae3-4a73-9f2c-e9ac106706c4","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":84,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"39d5bdfa-940a-4cb8-9cb6-c4d5da836657","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":84,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"da73aa8d-d508-4b17-ae7a-5715ab9ce742","block_type":"box","text":"nations.","page_number":84,"box":{"x":69,"y":793,"width":56,"height":9}},{"id":"6dc35dc3-826e-4cc6-b52d-411fe9619688","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":84,"box":{"x":102,"y":816,"width":794,"height":11}},{"id":"574ed793-f692-4c86-b386-106b580bf4d3","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":84,"box":{"x":68,"y":831,"width":773,"height":11}},{"id":"587e8f13-5f13-4b55-977d-be316b59321c","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":84,"box":{"x":69,"y":846,"width":808,"height":11}},{"id":"d3f81703-d7ae-4a01-87a5-a2375cac9a69","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":84,"box":{"x":69,"y":861,"width":791,"height":11}},{"id":"674a83e8-6dea-4463-b8aa-3c2335feb268","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":84,"box":{"x":69,"y":876,"width":790,"height":11}},{"id":"a806ee93-4300-4954-8df4-f399ad2bb401","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":84,"box":{"x":69,"y":891,"width":790,"height":12}},{"id":"e5d60c98-ca8c-4849-8e1e-a07f7fcb3767","block_type":"box","text":"market Asia-Pacific companies.","page_number":84,"box":{"x":69,"y":906,"width":220,"height":11}},{"id":"7497a3bd-5520-45f7-b960-327faf59c034","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a42cb6a4-ea62-40a9-95e9-8551a58339f9","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e9ace699-d638-444c-9a84-046e56e3f533","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":85,"box":{"x":102,"y":45,"width":780,"height":11}},{"id":"06729d25-ddaa-4383-b07f-bb6e3f4699fc","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":85,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"cc413e08-9960-4d37-ac75-b3f67bc73e22","block_type":"box","text":"services for such securities outside such countries.","page_number":85,"box":{"x":69,"y":75,"width":367,"height":9}},{"id":"374164b8-9414-4b65-925f-681112de68b6","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":85,"box":{"x":102,"y":98,"width":795,"height":11}},{"id":"3b89ad85-dabd-4a94-b162-d6a77e3c807b","block_type":"box","text":"to commercial banks and foreign governments.","page_number":85,"box":{"x":68,"y":113,"width":335,"height":11}},{"id":"a32be2d6-f419-496b-8e72-f348863e2078","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":85,"box":{"x":102,"y":135,"width":788,"height":12}},{"id":"154ad1b0-e9d1-45dd-872a-76640b27750f","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":85,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"f86e3057-ed69-4109-8942-d02377917bf6","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":85,"box":{"x":68,"y":166,"width":450,"height":11}},{"id":"8a427fe9-dfc2-4d04-b432-90edaabf4cb3","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":85,"box":{"x":102,"y":188,"width":782,"height":12}},{"id":"1d5159b2-5102-47cc-97bc-67401d402c1e","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":85,"box":{"x":70,"y":203,"width":819,"height":12}},{"id":"9b93b53d-9fbb-4009-b2ac-e6d6c74ab036","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":85,"box":{"x":68,"y":218,"width":711,"height":12}},{"id":"d57e0757-2e1e-40f3-9969-36fd3d8d4c21","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":241,"width":435,"height":11}},{"id":"e3fdb0ae-4075-4370-a81b-98a8de8e165a","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":85,"box":{"x":543,"y":241,"width":355,"height":11}},{"id":"14938079-1482-4ee5-b792-f4aef284bef9","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":85,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"b207e691-3a7f-46b7-864d-96a4da356513","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":85,"box":{"x":69,"y":272,"width":836,"height":11}},{"id":"2d186d18-e745-494f-b99a-670226200581","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":85,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"3c761932-24ef-456d-a88a-d57575d2215c","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":85,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"d2e4e677-1be3-44bf-afb4-8e2097e68fb2","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":85,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"3e9cb000-b502-4074-aae3-ce63238c3f68","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":85,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"afb42281-51d9-4fbb-a6e4-2aefa945fb55","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":85,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"6aee9708-fb91-4b62-950e-8ce97a3333fc","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":85,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"9d723a9f-06fb-4f04-bdb5-a3e351578f51","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":85,"box":{"x":70,"y":377,"width":434,"height":11}},{"id":"a9f57fd5-2d71-4c4e-80e9-aa716a3843b8","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":85,"box":{"x":101,"y":400,"width":787,"height":11}},{"id":"db0f5492-655e-4763-b156-30ca7108678d","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":85,"box":{"x":68,"y":415,"width":833,"height":11}},{"id":"3678f76f-5981-4e7b-be28-bda41e882a5f","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":85,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"45b46f7e-6c77-4504-8d2d-64c32d0088cd","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":85,"box":{"x":69,"y":445,"width":831,"height":12}},{"id":"82371dea-6e72-4ffb-9825-4b7d71f33f30","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":85,"box":{"x":68,"y":460,"width":834,"height":12}},{"id":"216bcf3c-a3c2-42f0-b731-33aa11717410","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":85,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"0e7162f3-228b-4de1-a4b6-c8facfe8f406","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":85,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"e405e1f4-6139-4617-afe1-600df5c7eeb2","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":85,"box":{"x":69,"y":506,"width":826,"height":11}},{"id":"a3bce124-9616-4e77-8ef2-2549b0600b4b","block_type":"box","text":"investment at that time.","page_number":85,"box":{"x":70,"y":521,"width":168,"height":9}},{"id":"2d3c62c9-23f1-499a-9c27-fe1befdef941","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":85,"box":{"x":102,"y":544,"width":774,"height":11}},{"id":"5a1f28e3-65a7-4a47-98e0-2d7c69aab8fb","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":85,"box":{"x":70,"y":559,"width":803,"height":11}},{"id":"64286818-4e59-4c91-9246-85dc58aba504","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":85,"box":{"x":69,"y":574,"width":789,"height":11}},{"id":"88db13e2-9be2-41d4-a6de-2c6111dfc14d","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":85,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"08a1d0ac-f0a5-4d57-a62b-370d8e321cc8","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":85,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"0ee83d32-a270-42e3-85c6-ea5e7cfd6888","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":85,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"5f37ec0a-08da-488f-a921-aa0fe666edb9","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":85,"box":{"x":68,"y":634,"width":800,"height":12}},{"id":"6180c7e5-9f47-4ebe-95fd-ef7a7c7fc641","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":85,"box":{"x":69,"y":649,"width":839,"height":12}},{"id":"48115d8f-3b93-4c85-8c1e-41e473fc6dbb","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":85,"box":{"x":68,"y":664,"width":798,"height":12}},{"id":"db4b809b-6199-4782-b704-040d2b2a4d71","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":85,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"964eb85b-0d5a-4816-a9ce-bc28f3cae027","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":85,"box":{"x":69,"y":695,"width":808,"height":11}},{"id":"90a143ec-31b8-4d8b-a2dc-cba1f46ff018","block_type":"box","text":"government).","page_number":85,"box":{"x":68,"y":710,"width":92,"height":11}},{"id":"66961588-4369-464c-96a1-b35fd7bb4f53","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":85,"box":{"x":102,"y":732,"width":790,"height":12}},{"id":"10f68107-9b09-41a5-be48-c4da9fc7d83d","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":85,"box":{"x":68,"y":748,"width":828,"height":11}},{"id":"4b46b48b-cbd8-421e-9c58-fb8cddbdaf77","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":85,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"cbcf42f4-64f3-4860-8981-f896967e4680","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":85,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"bf49c0d6-fae5-499b-8085-0588e251fa5e","block_type":"box","text":"foreign banks and other financial institutions.","page_number":85,"box":{"x":68,"y":793,"width":322,"height":11}},{"id":"33ee9c7a-f1cc-4a25-bd05-4614b7787af1","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":85,"box":{"x":102,"y":816,"width":767,"height":11}},{"id":"75cedda9-ad86-4603-8856-04288e53376f","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":85,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"0d9298e8-b6e6-430b-bbfb-b8573ebe35b5","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":85,"box":{"x":69,"y":846,"width":809,"height":11}},{"id":"734bf272-e4a4-454c-a749-c1cb7bce2a51","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":85,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"c981d827-0ba7-4f8a-9d46-c911df3c72a2","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":85,"box":{"x":70,"y":876,"width":838,"height":11}},{"id":"1cf799d1-c7fa-46d8-b0e2-84eee2a7cc68","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":85,"box":{"x":69,"y":891,"width":788,"height":11}},{"id":"be29a9b7-7cf0-4681-9c6c-92d30787c814","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":85,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"b4cb2e5a-aa84-4f85-8e6d-9e2228096651","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39f46dbc-5c7b-4a91-8d3e-386b0bb6ae85","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"088d09b1-5c42-404d-be0c-2d5e414636ed","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":86,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"cd3bb1dd-6c07-442b-a5b2-c7b0d85a2934","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":86,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"d7bdae9f-2ca0-4212-8cf8-2d0cd20b30a5","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":86,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"feb742ae-0891-4436-bc0e-5e6fc12b698f","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":86,"box":{"x":69,"y":90,"width":711,"height":11}},{"id":"c2274d59-1aed-4efa-93f2-6a74dd165061","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":86,"box":{"x":101,"y":113,"width":779,"height":11}},{"id":"5e61fe01-df97-4bff-a1c3-45c26955fe7b","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":86,"box":{"x":68,"y":128,"width":840,"height":11}},{"id":"84819325-a2b8-4af8-a467-1d4fd12254ff","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":86,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"84fba0f8-8bc2-4edb-9e99-aae34898b352","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":86,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"f1c15c73-774e-4b05-852d-13fbf93bd0b5","block_type":"box","text":"foreign securities.","page_number":86,"box":{"x":68,"y":173,"width":127,"height":11}},{"id":"810f5835-5fa9-4074-ae14-406e67ffefc1","block_type":"box","text":"Risks of Investments in Russia.","page_number":86,"box":{"x":102,"y":196,"width":224,"height":9}},{"id":"cc4aed19-cd2a-48b6-9bff-cdd0ea585b0d","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":86,"box":{"x":332,"y":196,"width":539,"height":11}},{"id":"03365a07-fd72-4c0d-822a-1e94a41232f7","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":86,"box":{"x":70,"y":211,"width":826,"height":11}},{"id":"9925012d-c6f9-49d1-8da6-de863468c928","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":86,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"80696372-d8af-4c14-93b5-f9f3f46e5dd4","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":86,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"f7ae2260-413a-4be2-b802-23d3f718f1c5","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":86,"box":{"x":68,"y":256,"width":824,"height":12}},{"id":"728b7713-ac50-4631-9b05-30ebd6ca7d45","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":86,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"2dd22737-a3e7-4613-8112-e7a0a8c8c8bd","block_type":"box","text":"developed markets.","page_number":86,"box":{"x":69,"y":287,"width":138,"height":10}},{"id":"a0d7157e-56d6-4d39-9be5-c7cadedde298","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":86,"box":{"x":102,"y":309,"width":751,"height":11}},{"id":"e75f75e0-1241-4c86-865d-647f177b56ec","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":86,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"2bc9d514-e9df-412f-8654-917a891fc9cb","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":86,"box":{"x":68,"y":339,"width":838,"height":12}},{"id":"8b10efd3-1c2d-49fc-b351-e15f842e9f19","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":86,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"d5628ed4-a17f-4f48-8093-0be641bf4c33","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":86,"box":{"x":69,"y":370,"width":783,"height":11}},{"id":"672946c4-19f4-47ba-a346-0f3a3680a1c0","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":86,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"5e5fe788-dfd2-4f4b-82fb-57879c4f73a0","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":86,"box":{"x":68,"y":400,"width":833,"height":11}},{"id":"d29a23f7-4f9d-4a28-a2ac-feb1defc306c","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":86,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"7981c1e9-b9da-4142-b73c-059f35e9e60c","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":86,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"3a68e72f-a803-4d5d-b7e2-6f12bed6fbf8","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":86,"box":{"x":69,"y":445,"width":832,"height":12}},{"id":"b9fb7d24-5430-4bf0-8db6-5c96adf49211","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":86,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"40691c9c-3b04-47a5-8c7e-73146bc0f2aa","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":86,"box":{"x":69,"y":475,"width":800,"height":11}},{"id":"63dc00fb-f673-4a32-ac52-729cce0c58f9","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":86,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"055dfc5c-122c-42c5-98a7-daccbf2c188b","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":86,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"c58188e5-9f4c-4059-9a14-418697e58e53","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":86,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"1bcdd70d-be5d-4598-bafa-96b676c11320","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":86,"box":{"x":68,"y":536,"width":723,"height":11}},{"id":"5cd87817-ada1-41ce-8ab4-6abc34744052","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":86,"box":{"x":102,"y":559,"width":801,"height":11}},{"id":"46800ef2-f290-4d06-8c9d-a603973f129a","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":86,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"ebe2fd49-a6c2-44de-abd6-3ca8db5b614b","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":86,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"b640e191-d64e-4def-a30a-07dac4bcc6f5","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":86,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"acea0cd3-3b37-4539-a03e-a2dccfde88fa","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":86,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"e2fe3a6a-287f-416b-968b-2ab1a331f8ab","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":86,"box":{"x":69,"y":634,"width":827,"height":12}},{"id":"6e325eb4-0104-47eb-92f5-71885683048a","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":86,"box":{"x":68,"y":649,"width":824,"height":12}},{"id":"d66e0205-7764-4647-9add-156d49189661","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":86,"box":{"x":69,"y":665,"width":814,"height":11}},{"id":"1096ee6f-20f9-45b9-a68a-a082b1cccde3","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":86,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"2b17bb74-53ce-4870-832b-1a74bf908339","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":86,"box":{"x":69,"y":695,"width":814,"height":11}},{"id":"b82feecc-3a7e-4b21-828a-01ebd0cf1cc6","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":86,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"ec0f3ae8-0724-44b9-8813-f2ea2f780e82","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":86,"box":{"x":68,"y":725,"width":836,"height":11}},{"id":"44821033-107c-4573-8eae-5897f23f1db2","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":86,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"33403170-f9e9-42c1-b29a-9c7bb1245a7b","block_type":"box","text":"sectors globally.","page_number":86,"box":{"x":69,"y":755,"width":112,"height":11}},{"id":"f2275faf-0353-4268-924e-6babaa434f44","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":86,"box":{"x":102,"y":778,"width":745,"height":11}},{"id":"6c993ab6-5482-4ec7-946b-ff09640a95b5","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":86,"box":{"x":70,"y":793,"width":826,"height":11}},{"id":"35b59e9b-90b1-42b9-9c3a-028a7e37aa38","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":86,"box":{"x":70,"y":808,"width":799,"height":11}},{"id":"e105c31a-74c5-4a48-9546-01741ca2e351","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":86,"box":{"x":70,"y":823,"width":788,"height":12}},{"id":"7b812416-b87e-4203-9f1b-0ff8314344c3","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":86,"box":{"x":69,"y":838,"width":807,"height":12}},{"id":"d13d7df5-025f-4470-b72a-dcce6b477740","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":86,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"a40fd3e9-edf4-4c50-b587-040084bc0c77","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":86,"box":{"x":70,"y":869,"width":802,"height":11}},{"id":"6a75a422-21d6-4349-93ba-382f251dd74f","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":86,"box":{"x":68,"y":884,"width":797,"height":11}},{"id":"c85d2ce7-dafd-4fd3-be75-3e5da3e083fb","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":86,"box":{"x":68,"y":899,"width":804,"height":11}},{"id":"22e876ba-1c04-482c-80be-d180a50516ca","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"adbad67a-c246-4cdd-b182-f4dfb912ae37","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b57f980-5bd3-4c6a-9e71-09cf3e919fa8","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":87,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"afa0a8f6-0c84-4b15-ad5d-465a74f0feda","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":87,"box":{"x":68,"y":60,"width":417,"height":11}},{"id":"35cf2a3a-4042-4eab-8f5c-c65e8b39526e","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":87,"box":{"x":102,"y":82,"width":241,"height":12}},{"id":"1dacccbd-9548-4c02-b915-2890c8b1d894","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":87,"box":{"x":350,"y":82,"width":523,"height":12}},{"id":"bc13e975-0526-4654-9304-f3631e571373","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":87,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"68271ec1-10b4-48fc-bac6-077b583f60e4","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":87,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"747e9f91-d9d8-4b90-bb47-ff26958219de","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":87,"box":{"x":68,"y":128,"width":793,"height":11}},{"id":"dbc090bc-29ad-4a70-9c05-3f8f660b3d1b","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":87,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"f848bd13-57a0-4cfc-91a5-749ca157c165","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":87,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"c7953589-74c5-4aa6-bde8-62b0c076cc36","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":87,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"b226594c-66c6-4b23-b18e-1c4488494142","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":87,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ca932819-5074-4fc4-9502-e944f8608f03","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":87,"box":{"x":69,"y":203,"width":765,"height":12}},{"id":"5a14c4e0-b2ac-4f7f-aed8-a36f5b1cb52c","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":87,"box":{"x":69,"y":218,"width":838,"height":12}},{"id":"1cd71188-03fd-4a38-b0d2-c1cd40a48e2d","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":87,"box":{"x":69,"y":234,"width":805,"height":11}},{"id":"fa2fbb47-27bb-4931-874d-af4f22ee4ce8","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":87,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"0072ff95-a2df-4c8e-9348-acf3416c5c35","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":87,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"f0bcb90d-7b30-4768-951e-b0b57b10b2bf","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":87,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"beb3420d-7639-4af3-98ab-0ebd63457b9f","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":87,"box":{"x":69,"y":294,"width":835,"height":11}},{"id":"1b146dfb-9b51-479b-8ed3-6f78f96235af","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":87,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"51d854df-a887-49dc-9889-a407cb59e390","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":87,"box":{"x":68,"y":324,"width":781,"height":12}},{"id":"a395f263-b0d9-4f57-8488-e25e22cae4fe","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":87,"box":{"x":69,"y":339,"width":811,"height":12}},{"id":"e587268a-5b44-47e2-a44f-52724363417f","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":87,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"b37080bb-cf16-408b-91f9-718ae15b2093","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":87,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"90e50437-ffb1-4557-a16f-53262482b1fc","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":87,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"0e06a974-1695-41bf-93c9-b53b8a85d0ad","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":87,"box":{"x":69,"y":400,"width":791,"height":11}},{"id":"9e11490c-b654-48d8-bf25-88ced33719d6","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":87,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"c360c70f-7ff2-46e5-bad7-c70dc8ff75da","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":87,"box":{"x":68,"y":430,"width":799,"height":11}},{"id":"716796db-0c1d-48e1-98bc-d259d6cae15a","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":87,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"81f8391d-cc4c-41fe-8366-0f4c67002b6b","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":87,"box":{"x":68,"y":460,"width":818,"height":12}},{"id":"01860ddd-bcf3-4792-9e47-2bee2a8cb3b6","block_type":"box","text":"impacted.","page_number":87,"box":{"x":70,"y":476,"width":67,"height":10}},{"id":"e59a6939-a3e7-44d9-b3ef-9a5549e94006","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":87,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"5903ed77-b762-467b-aa07-41281f4d143d","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":87,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"56271028-93c5-4f6f-9d4c-d2fa04379d3a","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":87,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"d115d4d0-8dd9-47f9-80d7-7fa5fa0b78fc","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":87,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"aee79a52-8cd2-4d60-8612-0950cba3f353","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":87,"box":{"x":68,"y":559,"width":826,"height":11}},{"id":"dec574a5-a07a-470a-b81b-168cebc6c14d","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":87,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"7a01175b-cf4d-48a8-9be3-90b57cd4c64c","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":87,"box":{"x":70,"y":589,"width":790,"height":11}},{"id":"b5e787c9-4c4b-484a-88cd-c537be946b15","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":87,"box":{"x":70,"y":604,"width":798,"height":11}},{"id":"88fa001b-89b0-44b1-b4c9-f4eb936e1a13","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":87,"box":{"x":68,"y":619,"width":781,"height":11}},{"id":"e1a8873f-3ba3-4ae6-b4b4-72aa361dc762","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":87,"box":{"x":70,"y":634,"width":836,"height":11}},{"id":"0090e25d-deb6-467f-be63-b62b8a99f37d","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":87,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"dac21f28-733f-400c-9006-9f88e4ed1996","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":87,"box":{"x":69,"y":665,"width":838,"height":11}},{"id":"5fc11a67-9519-4b80-9865-e8dcb45064ef","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":87,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"2bcb315e-af75-435f-8251-b0154b0ce00d","block_type":"box","text":"economy.","page_number":87,"box":{"x":69,"y":697,"width":65,"height":9}},{"id":"e978b28e-99f6-4dec-9f2a-d6256a3b912e","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":87,"box":{"x":101,"y":718,"width":747,"height":11}},{"id":"f29f739c-a313-4d1b-9b28-b2b765273a85","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":87,"box":{"x":69,"y":733,"width":776,"height":11}},{"id":"6337b2d1-6cf7-4107-8b37-a523c394d65d","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":87,"box":{"x":69,"y":748,"width":836,"height":11}},{"id":"048ac7b5-ad88-4a36-b3ba-904b2d183caa","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":87,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"6e9bb002-d419-420e-bac2-e95b9a800098","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":87,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"5e766854-7046-4207-993b-7369673dc398","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":87,"box":{"x":70,"y":793,"width":822,"height":11}},{"id":"c649466f-e151-4b45-b5b8-11c3be36a1d1","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":87,"box":{"x":68,"y":808,"width":837,"height":11}},{"id":"d1c20c03-db7e-43c1-ac03-6348fee5e986","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":87,"box":{"x":69,"y":823,"width":826,"height":12}},{"id":"dac3cb60-6355-4e07-9a52-aa9e95ca191e","block_type":"box","text":"typically the case for investment managers.","page_number":87,"box":{"x":68,"y":838,"width":309,"height":12}},{"id":"47740be6-04e2-48e1-85cc-6da35f3a5b73","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":87,"box":{"x":101,"y":861,"width":806,"height":11}},{"id":"6b31e993-eeb3-4246-b7ab-4815a1c6a69e","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":87,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"c9fbabc3-b813-47ca-93c4-005c06ca80e6","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":87,"box":{"x":70,"y":891,"width":777,"height":12}},{"id":"ca23c5c2-36e6-4ea6-823e-b3e5e640b2fd","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":87,"box":{"x":69,"y":907,"width":796,"height":11}},{"id":"de9e18b5-0c0e-4b42-aee4-ad1ee8e743b7","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"464ab6ae-9c62-4bbe-845f-0faeda3a7d24","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"247ae44e-ecd5-4d7f-842a-7ab90f222ff6","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":88,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"7fd9d1bf-1a7c-4eb0-8f98-c178cec774e2","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":88,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"5455a0bf-41dd-4c97-be80-11bc85656b42","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":88,"box":{"x":68,"y":75,"width":764,"height":11}},{"id":"90f8bf6a-24b6-49ae-bbb7-bbb39c3b5e63","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":88,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"46b817c2-ac69-4754-a974-4c4813ac38eb","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":88,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"0d785901-bb70-48b8-bacc-7a95d81fec07","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":88,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"2cf9e09a-190e-49c6-9eb8-c933f883b86a","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":88,"box":{"x":69,"y":135,"width":815,"height":11}},{"id":"cd2c2b09-cf04-46a1-b61a-5c1246522d19","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":88,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"10cfc35c-963c-4a52-854e-8e989c923942","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":88,"box":{"x":70,"y":166,"width":797,"height":11}},{"id":"3baad2e8-01b8-4b6e-ad14-b158410b2e82","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":88,"box":{"x":69,"y":181,"width":510,"height":11}},{"id":"bc5e55f5-1d59-4f36-8acb-6293bd7eb4bf","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":88,"box":{"x":102,"y":203,"width":773,"height":12}},{"id":"5f6e8e5d-a94a-4f29-9560-c0079cb6799b","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":88,"box":{"x":69,"y":218,"width":820,"height":12}},{"id":"fa778635-bf37-453c-ae7c-7edf71fd464a","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":88,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"1a739fc5-eae1-4d2a-bafe-05e2a8f0ef40","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":88,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"3264b580-a1c8-4d99-8a3b-0db13c19b43f","block_type":"box","text":"will be indirectly subject to those risks.","page_number":88,"box":{"x":68,"y":264,"width":277,"height":11}},{"id":"1ccfdd7b-2d1b-4df9-86b7-15bf15cb9fa8","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":88,"box":{"x":102,"y":286,"width":223,"height":12}},{"id":"a0d5e79a-ed4e-40fb-b38d-afd7cd7fc2bd","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":88,"box":{"x":332,"y":287,"width":521,"height":11}},{"id":"725493c7-ee3f-4197-b6a7-00dc0d634942","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":88,"box":{"x":69,"y":302,"width":829,"height":11}},{"id":"636c5488-bb79-4ddb-889b-30f9053d775d","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":88,"box":{"x":70,"y":317,"width":837,"height":11}},{"id":"f1774db5-35ef-456d-9a50-6cab2e7abd36","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":88,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"360d87d3-6a3e-4bdb-b40c-ecc6ef7cca54","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":88,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"94696eb9-f783-4bed-8a7a-7172c9750789","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":88,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"e225db5c-8d4b-479d-ae0e-a27c4f931b13","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":88,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"338c21e0-8485-4d99-ad83-99db94686391","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":88,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"470f6674-f8c5-428c-a438-4773c119eb4f","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":88,"box":{"x":69,"y":408,"width":804,"height":11}},{"id":"134e6b15-9982-4fdf-a031-253d234a018f","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":88,"box":{"x":68,"y":423,"width":822,"height":11}},{"id":"5d36854e-2e00-4768-9f12-aa2167857c08","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":88,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"44a8d960-915c-4e11-b533-d837f65d18b8","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":88,"box":{"x":68,"y":453,"width":814,"height":11}},{"id":"69fb4671-b814-4641-8158-2c6c246c9d1b","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":88,"box":{"x":69,"y":468,"width":787,"height":11}},{"id":"98d695ca-5fa9-404d-9eba-6a8e7c08f567","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":88,"box":{"x":69,"y":483,"width":766,"height":11}},{"id":"9dd64199-b5d5-4d98-b0f3-2be8cfd28904","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":88,"box":{"x":68,"y":498,"width":804,"height":11}},{"id":"ebd1b7d2-580d-4743-9810-a6b0feda4e15","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":88,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"7ddffad2-afe0-4fe0-8087-89bd10cd9743","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":88,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"eb795642-c0bc-451b-becd-96653e0e8f28","block_type":"box","text":"impact on a Fund’s investments.","page_number":88,"box":{"x":70,"y":544,"width":230,"height":10}},{"id":"0400c227-e25d-41fd-8fc4-11c9ce5b591e","block_type":"box","text":"Brady Bonds.","page_number":88,"box":{"x":102,"y":566,"width":92,"height":11}},{"id":"fc8e082e-ee60-4e74-9e02-dbcca0edbad9","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":88,"box":{"x":201,"y":566,"width":689,"height":11}},{"id":"30686fa0-c046-4fa2-b412-5b8511cbcd16","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":88,"box":{"x":69,"y":581,"width":815,"height":12}},{"id":"919b3d5e-4a37-413e-890b-a3bd65fe1b38","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":88,"box":{"x":69,"y":596,"width":766,"height":12}},{"id":"0c12f24e-a06a-49b6-a6af-2d473e109b6c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":88,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"8db12ea9-a624-4f18-a2db-19c7354f6a99","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":88,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"d9f0f7ba-fef1-43f4-9aa9-4642342e4bb9","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":88,"box":{"x":69,"y":642,"width":839,"height":11}},{"id":"3d19d921-4482-41a3-8d17-ac52676cea0d","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":88,"box":{"x":70,"y":657,"width":786,"height":11}},{"id":"8ff304d7-e77f-4323-a7d2-393d9203a8c9","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":88,"box":{"x":69,"y":672,"width":814,"height":11}},{"id":"f87790f5-a787-4984-8050-eda396e2d45c","block_type":"box","text":"Venezuela.","page_number":88,"box":{"x":68,"y":687,"width":75,"height":9}},{"id":"7a62bcd5-7f76-4cf7-9f2e-179423d759b8","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":88,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"419cb4ff-c1eb-4738-99a5-e9346ca7c777","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":88,"box":{"x":69,"y":725,"width":780,"height":11}},{"id":"01134394-7d8c-49d4-8625-210dd113184f","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":88,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"636e97e8-a59a-45fa-8939-3a905242e306","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":88,"box":{"x":69,"y":755,"width":796,"height":11}},{"id":"fe920975-352b-4d64-bf5d-0367dbe8fe8b","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":88,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"0f713283-f0ff-4a44-ad13-3de8765c35bd","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":88,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"32431779-17de-4a00-8d77-d6533b682ee1","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":88,"box":{"x":68,"y":801,"width":833,"height":11}},{"id":"3f570704-b45d-486c-97c3-11225bf06d23","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":88,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"ecf2127c-2571-4b8a-a5aa-cc9e67cda6d8","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":88,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"c3ace0f4-0be6-4543-aff4-e9ec26e3ae47","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":88,"box":{"x":69,"y":846,"width":835,"height":11}},{"id":"a404d0c6-c428-4aef-b860-4102a5c52f1c","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":88,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"2bdeac9f-e66e-41bc-b69b-d597d9bd3e68","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":88,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"b5688707-35e2-47a4-a075-addef27aee25","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":88,"box":{"x":69,"y":891,"width":430,"height":11}},{"id":"d0e0d7f1-ad10-4691-921f-ab71cd31ec97","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b853de91-98d7-4bfb-ae6c-38b22be71173","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87fbe427-b321-4a41-b4fa-ceb54187c437","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":89,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"ee7a0bd7-ad12-4920-813a-0db6b94408ad","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":89,"box":{"x":68,"y":60,"width":838,"height":11}},{"id":"f05fc86a-cc98-4d95-836f-075baa6fd5de","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":89,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"9c2458aa-3365-4692-acf1-3feec70143b8","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":89,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"fe0b3aa3-5161-45ad-835d-f1a02815ee26","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":89,"box":{"x":68,"y":105,"width":841,"height":11}},{"id":"db8a99ed-1fa5-4ff5-a107-6cbdee3c7218","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":89,"box":{"x":70,"y":120,"width":351,"height":12}},{"id":"b45f68d9-b960-43dd-b25c-91addb882289","block_type":"box","text":"China Investments Risk.","page_number":89,"box":{"x":102,"y":143,"width":171,"height":9}},{"id":"d9960c02-da87-4452-8d8b-cf544e706585","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":89,"box":{"x":102,"y":166,"width":763,"height":11}},{"id":"c550c972-5715-4ab1-9d25-0f725d3b2518","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":89,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"c51e76ba-307b-4c14-b185-cfdb4a2476d2","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":89,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"714edf19-acda-48b7-8e75-7a3d9d0a660b","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":89,"box":{"x":69,"y":211,"width":809,"height":11}},{"id":"5d3043c2-faf3-468b-885e-ca0ab1eb06a0","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":89,"box":{"x":69,"y":226,"width":713,"height":11}},{"id":"8eae377c-82f8-4e83-b389-bc1fdf8a7640","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":89,"box":{"x":102,"y":249,"width":762,"height":11}},{"id":"d4b482f1-0b08-4394-be31-0762d890866d","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":89,"box":{"x":69,"y":264,"width":800,"height":11}},{"id":"940f8ebe-1899-4e8c-af48-feee99c68645","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":89,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"f7b8eabc-7d2b-4410-8fb5-49736379d141","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":89,"box":{"x":68,"y":294,"width":777,"height":11}},{"id":"77f46315-3c6f-43cd-af46-3ee774c4ef2d","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":89,"box":{"x":69,"y":309,"width":809,"height":11}},{"id":"7437435f-2f92-4e11-842e-1c221e391622","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":89,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"2b1706e5-adab-4585-b922-c564dcfa12f1","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":89,"box":{"x":70,"y":340,"width":770,"height":11}},{"id":"2af7465b-dcbf-4b79-93f9-2646af2ed4e9","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":89,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"ae28962d-dc46-4716-89a4-cbf1c9031bb8","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":89,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"ff9c9d02-1742-464c-a783-931abacafa20","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":89,"box":{"x":68,"y":385,"width":812,"height":11}},{"id":"7d0494ac-3266-40a3-99de-5e5fae6857df","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":89,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"f0c24317-f857-4e8e-bc90-44002997334e","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":89,"box":{"x":69,"y":415,"width":769,"height":11}},{"id":"3dc8d88d-6a6b-4461-b813-439d284deff0","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":89,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"9961b93d-00ec-461f-a1c5-171202670e1d","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":89,"box":{"x":68,"y":445,"width":810,"height":12}},{"id":"6cebcb35-4739-40e4-b891-ecba2b37d595","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":89,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"2e814488-3ebd-43fe-a19b-af22d49883b2","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":89,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"3c263131-5565-4dcb-ab81-12c6bf3d91f1","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":89,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"bb41eabf-f947-4e58-8f16-6b7c0a899338","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":89,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"199308f3-dd5d-4a9b-900d-9aa065e30472","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":89,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"fcc8a911-ced4-4a6c-b00b-f0974c89e583","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":89,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"09889a09-fbde-4473-af2a-06d52e1bd199","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":89,"box":{"x":69,"y":551,"width":776,"height":11}},{"id":"b57bb322-825c-4914-b174-5c0e13d7b447","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":89,"box":{"x":101,"y":574,"width":792,"height":11}},{"id":"8d417cd7-f63c-4f16-b9ba-7435a78e2245","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":89,"box":{"x":70,"y":589,"width":818,"height":11}},{"id":"ed801019-3979-48ac-8606-8a37b0be87b6","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":89,"box":{"x":68,"y":604,"width":835,"height":11}},{"id":"811a4e0e-9120-4eff-b09a-4208d433d691","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":89,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"4ee87789-ef5f-4783-b89c-e650f9263e55","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":89,"box":{"x":70,"y":634,"width":763,"height":11}},{"id":"e7197f5a-1f2b-4717-81c4-f79943c04f6d","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":89,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"f7b29019-9013-48e6-a0f5-b947ef3c2de8","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":89,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"bdf14ffe-6705-4a66-b9cb-fb46a4f3927a","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":89,"box":{"x":68,"y":680,"width":653,"height":11}},{"id":"ec233cb4-0055-4e83-be07-0e8d490a6ee8","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":89,"box":{"x":101,"y":702,"width":783,"height":12}},{"id":"acf89f01-31dc-41fa-8647-f40ee2f0646a","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":89,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"b71567a3-7cf6-48ee-abcb-691979ca9a18","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":89,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"f5ae34ae-ebcc-4031-b36f-b965879fcfa6","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":89,"box":{"x":70,"y":748,"width":821,"height":11}},{"id":"93ab3119-a264-46e8-8aa2-b5994639f8ad","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":89,"box":{"x":69,"y":763,"width":683,"height":11}},{"id":"20e1a124-a85d-41a8-b43f-f5d8ce21ab03","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":89,"box":{"x":102,"y":785,"width":797,"height":12}},{"id":"dc300a28-65fe-412b-9e05-d08093d0bd1a","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":89,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"31c2e855-3e83-4796-bb0e-fda5e635c830","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":89,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"b8193294-8444-42f1-986f-48e3cded516f","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":89,"box":{"x":70,"y":831,"width":836,"height":11}},{"id":"4cb98859-025e-4835-9677-e21616266a3f","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":89,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"c4c3a106-a585-4fbe-97ad-9869433e3bb7","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":89,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"29ae1540-c44a-41db-bba7-3ea45ddfaca9","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":89,"box":{"x":68,"y":876,"width":816,"height":11}},{"id":"964b72ea-fb35-47d9-9708-442d36e71ccb","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":89,"box":{"x":68,"y":891,"width":816,"height":12}},{"id":"10472e50-1c0c-488e-9177-2c2afc5c15d8","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b849a3d-6b28-4cc5-b7dd-3026b492e7ae","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"794a5461-235b-4b56-a94e-a8448cc94528","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":90,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"895daaad-a141-427b-98cd-b1436712a5e4","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":90,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"cd740117-35d8-4eaf-86cc-e9c253644657","block_type":"box","text":"sub-custodian.","page_number":90,"box":{"x":69,"y":75,"width":102,"height":9}},{"id":"28ce8979-bb00-46e5-9940-e2e83226538e","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":90,"box":{"x":101,"y":98,"width":801,"height":11}},{"id":"9bf9d5cc-08d5-4ba1-8c79-0be43569cd9b","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":90,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"ad910ad3-ea4c-4ee2-b8d4-4c0d57c1c84b","block_type":"box","text":"on investor protection considerations.","page_number":90,"box":{"x":69,"y":128,"width":268,"height":11}},{"id":"dc7df9cf-5335-42a4-bcd9-3fbbaca8626f","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":90,"box":{"x":101,"y":151,"width":806,"height":11}},{"id":"473c6eae-bd8c-479a-ae38-3cc2b2197080","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":90,"box":{"x":70,"y":166,"width":829,"height":11}},{"id":"fdaf795f-78fd-4615-aede-059a6f442cfc","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":90,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"351d859d-23ca-49e0-b404-2f13c51ed193","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":90,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"bce4b46d-b60d-4ea7-808d-6329e686fd57","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":90,"box":{"x":68,"y":211,"width":774,"height":11}},{"id":"5834ced6-fd91-4318-962e-7b8a1b75cb08","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":90,"box":{"x":69,"y":226,"width":760,"height":11}},{"id":"01e9a07f-0bf6-4da8-a043-2a1c64d523ef","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":90,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"6039da5f-9ca1-4374-8c1d-db70b68a6f8b","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":90,"box":{"x":70,"y":256,"width":822,"height":12}},{"id":"787b68eb-cf4d-4368-ada7-b6b00d3ffcf4","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":90,"box":{"x":70,"y":271,"width":821,"height":12}},{"id":"8a4cc7b6-894b-43da-8f01-8c921da5c466","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":90,"box":{"x":70,"y":287,"width":820,"height":11}},{"id":"be733721-d06a-42bd-93d9-891efb8de873","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":90,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"c5e1955f-8896-460e-bf86-e323e10508c6","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":90,"box":{"x":69,"y":317,"width":816,"height":11}},{"id":"99419d89-fde0-4ae5-88de-be25b276e141","block_type":"box","text":"accounting firm.","page_number":90,"box":{"x":69,"y":332,"width":112,"height":11}},{"id":"a8ec2b11-8073-4511-a089-06033d41081f","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":90,"box":{"x":101,"y":355,"width":780,"height":11}},{"id":"a12f7ccf-2ad9-490f-96a3-29773f0734cc","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":90,"box":{"x":70,"y":370,"width":815,"height":11}},{"id":"e84e51cb-042e-4e75-9711-1a02a64170ff","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":90,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"b1965870-aca9-4c79-97c7-da1e43b054b8","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":90,"box":{"x":69,"y":400,"width":787,"height":11}},{"id":"1b398ff3-4653-44db-bd54-9ecd980bf478","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":90,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"304978e8-77a4-4df2-a4a7-fb524729cffe","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":90,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"7896fd16-e052-4c12-acd0-32a8983e882d","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":90,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"17ac26ae-0682-4e7b-87dd-8492d36f3e78","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":90,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"7d8b3b70-2f22-4697-80a7-32e09c1d890a","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":90,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"102ba0b1-9643-44da-aa9a-e92a04c9c770","block_type":"box","text":"RMB (“CNH”).","page_number":90,"box":{"x":70,"y":491,"width":97,"height":11}},{"id":"76a4da54-946c-48f3-9eca-0f4d44a0ed1f","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":90,"box":{"x":102,"y":513,"width":802,"height":12}},{"id":"9fb3bf64-f013-444f-b2b9-fa7bc76bc68f","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":90,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"a406671f-6fcb-4b8d-8bc1-72fc69306570","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":90,"box":{"x":70,"y":544,"width":822,"height":11}},{"id":"8a300641-fd2b-45be-8b30-6b7b3e00034e","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":90,"box":{"x":70,"y":559,"width":775,"height":11}},{"id":"bc05dc33-b347-4b01-a933-9dc6e567d515","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":90,"box":{"x":69,"y":574,"width":809,"height":11}},{"id":"7e27a580-b50b-4750-a833-79c42c23e908","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":90,"box":{"x":69,"y":589,"width":803,"height":11}},{"id":"d0f5f815-6f65-4fa1-9653-faf61b4a30f7","block_type":"box","text":"represent equity ownership in the operating company.","page_number":90,"box":{"x":69,"y":604,"width":380,"height":11}},{"id":"42cc44d0-b445-4a4f-b83a-659443145e00","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":90,"box":{"x":101,"y":627,"width":801,"height":11}},{"id":"dbebc502-53d9-4d8b-a923-1f39868ccbe6","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":90,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"ff52cba9-35cb-42dc-9ab8-fb366832ec3a","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":90,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"bb8e21a9-4edb-43e9-8e0f-315be446d9a8","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":90,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"7ed7f6a8-ce74-4781-8eec-69f1e3ede4bc","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":90,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"1c367e8c-dcb4-4a64-824e-e2d2a9d8dbeb","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":90,"box":{"x":69,"y":702,"width":770,"height":12}},{"id":"42107e14-600c-4468-a8fb-dd6b7014f774","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":90,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"b55b4401-c34e-41b8-af09-1f6a2d20184c","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":90,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"3c848046-6c69-4441-a44f-df57901c9d36","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":90,"box":{"x":69,"y":748,"width":815,"height":11}},{"id":"25530bd4-041e-43cb-9d4b-48501885ed94","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":90,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"ddc8d2ca-bd03-44ac-b9cb-64703e1576e4","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":90,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"3084c114-99c0-4c87-9f79-0270009f0049","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":90,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"dc7e409a-bb79-42a1-882a-08976287dbfc","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":90,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"ee7c7900-a089-422b-a84c-e79b5569a7a4","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":90,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"c94014aa-5409-4f02-83a7-c252de3fba45","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":90,"box":{"x":70,"y":838,"width":833,"height":12}},{"id":"c9d2af52-4a2a-4244-a08a-a345da34639d","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":90,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"35241296-b327-49be-a4f3-71974bf42287","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":90,"box":{"x":68,"y":869,"width":792,"height":11}},{"id":"2fd75c57-3cbb-45dd-9b09-2ee70b11b0f5","block_type":"box","text":"losses to a Fund.","page_number":90,"box":{"x":70,"y":884,"width":120,"height":9}},{"id":"09f7d7d9-4663-40f0-b2ed-59ea461757f1","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"64def589-5640-4445-af62-47c46a6d795d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44d460ed-9894-4b4a-b8bc-caccdd140961","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":91,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"6735c5be-79c9-48fa-9ec2-b3dc433c6dc3","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":91,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"7ff362bc-c24e-432f-ba32-60c2b11212db","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":91,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"9df52ffe-2523-4818-bdd5-fc5133abed8c","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":91,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"d671eb80-45e1-4b8d-bdcd-2f162d5b33bb","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":91,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d1727420-f480-42da-95aa-76e65be65aba","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":91,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"8eab74c2-9a47-4bcd-8b0c-81ffb1c81eb4","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":91,"box":{"x":69,"y":135,"width":765,"height":12}},{"id":"93359acc-45ea-4c07-9553-df5642c24b4a","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":91,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"4e1ffdd4-002d-4999-95e7-42b58121b40f","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":91,"box":{"x":70,"y":166,"width":816,"height":11}},{"id":"f79dae3e-928b-4d7a-af7d-02264c05eb1a","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":91,"box":{"x":69,"y":181,"width":824,"height":11}},{"id":"f7af305a-0ae5-49dd-8f65-2165a34e79a7","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":91,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"68c76650-5ade-41e5-9446-d370c2fe9426","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":91,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"67ac68d8-de22-4e65-a504-3cc06cdc4420","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":91,"box":{"x":68,"y":226,"width":805,"height":11}},{"id":"4a9236a1-74a7-46e9-a116-6090706971c7","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":91,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"1b619d35-9bcd-4d3e-99bf-80308d5952ab","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":91,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"34af8ea6-43fa-449a-b09c-368941d69bcd","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":91,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"25b22926-0177-45c0-8c98-6209bc70a015","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":91,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"c804a6c2-2eff-4c5d-8187-478da19ed0fe","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":91,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"db61bf18-4d92-4165-92db-e54d68994079","block_type":"box","text":"such companies.","page_number":91,"box":{"x":69,"y":317,"width":119,"height":11}},{"id":"e7337248-997b-4686-9e22-3ea1649b995a","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":91,"box":{"x":101,"y":339,"width":792,"height":12}},{"id":"bc0a5538-d47b-4ec6-9b38-cbc362e79cba","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":91,"box":{"x":69,"y":355,"width":840,"height":11}},{"id":"223dc60e-5369-4069-9472-1438d8dc7061","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":91,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"be4e9e92-62e5-4309-9410-6f2dca8715ea","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":91,"box":{"x":69,"y":385,"width":823,"height":11}},{"id":"c04457cc-6720-4081-b640-69ead8e7deb5","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":91,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"8e41a16b-3808-4951-9454-badf2d7e7292","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":91,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"4950f3bf-fe12-4901-8c05-5f69b0a8a34b","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":91,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"3b802951-c8ed-412a-8aa7-30d6d778bdf1","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":91,"box":{"x":68,"y":445,"width":773,"height":12}},{"id":"1d65dca5-9f0d-4092-a1c2-5d692a65f41a","block_type":"box","text":"standards.","page_number":91,"box":{"x":69,"y":461,"width":74,"height":8}},{"id":"790fa291-7244-4fe8-9ca7-3dcc4ab9f641","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":91,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"b4d15405-1e80-4f2a-b2b1-73ac5ed5ac21","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":91,"box":{"x":69,"y":498,"width":792,"height":11}},{"id":"f17bebf9-c47c-47fa-9fe1-0228540e274a","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":91,"box":{"x":69,"y":513,"width":803,"height":11}},{"id":"8f27232d-5812-4324-8a0c-32023fc5a0f1","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":91,"box":{"x":69,"y":528,"width":811,"height":12}},{"id":"79176412-1308-4157-b4da-ac1103a0ff95","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":91,"box":{"x":69,"y":543,"width":548,"height":12}},{"id":"63e55236-6035-4d70-812d-c6a7972765c4","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":91,"box":{"x":102,"y":566,"width":288,"height":11}},{"id":"780cac7c-3aad-42f0-942d-d2ed40a21cb1","block_type":"box","text":"General","page_number":91,"box":{"x":102,"y":589,"width":55,"height":9}},{"id":"f7a10ce7-ef40-458d-9d60-798605642ea8","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":91,"box":{"x":158,"y":589,"width":704,"height":11}},{"id":"bc3b6011-6136-4c0c-8d74-61b4f930c5c5","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":91,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"08132427-95d0-4dae-a3c8-7aa91b04cdba","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":91,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"174a4fc8-e8db-426a-a49a-38a293bb6120","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":91,"box":{"x":68,"y":634,"width":833,"height":12}},{"id":"26655115-0787-4070-b7f7-0fe58fb7d93d","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":91,"box":{"x":69,"y":649,"width":744,"height":12}},{"id":"4a4cddea-e7b3-4a9c-9763-b46fb76e4737","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":91,"box":{"x":102,"y":672,"width":745,"height":11}},{"id":"77de684a-6bc9-4519-bb53-b12fecfaafb0","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":91,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"6b165d3b-68d8-43a9-8667-884474d20751","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":91,"box":{"x":70,"y":702,"width":834,"height":12}},{"id":"8f6d81d3-747f-4048-a73f-827fcfc36662","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":91,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"ac6cec4a-6d7e-46c4-918d-e9b7c183d557","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":91,"box":{"x":70,"y":733,"width":819,"height":11}},{"id":"abef885c-76e2-4570-9bcc-6d3daa5b74a4","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":91,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"18553c0f-9640-42a7-9c50-fb44b5f194d5","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":91,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"3857e90e-d5dd-4a9a-8f81-f157dd906e79","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":91,"box":{"x":68,"y":778,"width":824,"height":11}},{"id":"5d05aba4-9584-4762-9d9f-a0c54fc9888f","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":91,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"86aee1ee-7689-4aea-b3a9-c06107ad2bcf","block_type":"box","text":"company established by SEHK.","page_number":91,"box":{"x":69,"y":808,"width":219,"height":11}},{"id":"5c6ea955-f33b-4c22-8965-445f2402dc37","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":91,"box":{"x":101,"y":831,"width":794,"height":11}},{"id":"12b9574f-d9ff-41e8-baf1-9dc412d14b9d","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":91,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"d927b3d2-beef-49b2-811f-ef383b91111f","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":91,"box":{"x":69,"y":861,"width":779,"height":11}},{"id":"c35d4818-f3d4-4b3b-9706-ed9b831c2968","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":91,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"c29dd08b-0c0e-4eb9-b27f-7656f625b0f8","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":91,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"7abfbfe6-b5d9-47e3-870e-a7a03007f5ff","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":91,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"d3e10b8a-8fc7-4d85-8178-1b58c79ce0f0","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c007a183-ec19-484b-997b-101db47cc860","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9122d1b9-bf4b-4da4-8e7e-a6ebaec8e968","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":92,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"28979cb2-8887-468e-985a-ba0d162b2ddf","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":92,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"fd4beb56-192e-4ea8-85e8-1b041bfac02e","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":92,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"58f27c86-2801-424b-8a97-8471ac62b686","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":92,"box":{"x":68,"y":90,"width":829,"height":11}},{"id":"872438ee-372a-4b28-b3f0-3f2db013cbae","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":92,"box":{"x":69,"y":105,"width":797,"height":11}},{"id":"806073d5-ebd9-4ac0-b67f-619bb696ed74","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":92,"box":{"x":69,"y":120,"width":820,"height":11}},{"id":"65a26415-39bf-438c-a170-4c77cc04fdbd","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":92,"box":{"x":69,"y":135,"width":820,"height":12}},{"id":"abe7c074-fb98-46dd-a381-6d4ec2701989","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":92,"box":{"x":69,"y":150,"width":278,"height":11}},{"id":"06ead67a-5320-4715-8894-408d9d7273d0","block_type":"box","text":"i.e.","page_number":92,"box":{"x":349,"y":151,"width":21,"height":8}},{"id":"bca13dca-301a-4f4f-b5c0-6a9ebdb55e13","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":92,"box":{"x":372,"y":150,"width":524,"height":11}},{"id":"814a1137-35f5-4e2d-9bd8-c82513e73cf0","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":92,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"c8f24e61-c2bf-4dfa-bf8e-1556470ccce7","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":92,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"d39fd6ff-ddc8-4f7c-88be-4d0f74b5fda1","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":92,"box":{"x":69,"y":196,"width":834,"height":11}},{"id":"d910c243-592e-4fb9-8a3f-f0fd60470531","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":92,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"cae6089f-495e-4579-b331-fb31cd9720a6","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":92,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"5f235112-2d5f-40c0-bddf-590acbe3f602","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":92,"box":{"x":69,"y":241,"width":818,"height":11}},{"id":"2456ca3a-3df4-4db5-8c67-ecbd138189dc","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":92,"box":{"x":68,"y":256,"width":820,"height":11}},{"id":"77462cc9-eff9-473b-9192-167d24544412","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":92,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"d6afcc43-18b8-43c6-9fee-32c7b4203107","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":92,"box":{"x":69,"y":286,"width":811,"height":12}},{"id":"79442897-733b-49b3-a58f-fadcad2dafe8","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":92,"box":{"x":68,"y":302,"width":815,"height":11}},{"id":"50f65aad-e1d8-4337-8c15-889e28b8e282","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":92,"box":{"x":69,"y":317,"width":824,"height":11}},{"id":"d17be78b-cace-4a85-81a9-d0071f9af5e3","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":92,"box":{"x":70,"y":332,"width":777,"height":11}},{"id":"2953db19-0868-4cfb-837b-336f0423d896","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":92,"box":{"x":70,"y":347,"width":582,"height":11}},{"id":"d0efa8b0-7d5c-4377-90a0-f1c5eb62e6f6","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":92,"box":{"x":102,"y":370,"width":802,"height":11}},{"id":"83a802f7-8732-425a-8c97-9b7c7a3fe62d","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":92,"box":{"x":69,"y":385,"width":784,"height":11}},{"id":"205f0c2b-9bf6-4935-8fc1-2923ce7cb38c","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":92,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"fe91351f-5eb3-49cb-85c3-e69e29567335","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":92,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"7ec8a750-1a6f-4b41-9912-1e361112152e","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":92,"box":{"x":69,"y":430,"width":802,"height":11}},{"id":"f46a9d2d-2c60-4e97-bf7b-21d16db3c5bf","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":92,"box":{"x":69,"y":445,"width":805,"height":12}},{"id":"f3bd9f87-5cc7-4fd4-be64-90bc7db551f7","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":92,"box":{"x":70,"y":460,"width":807,"height":12}},{"id":"fbaefff4-1c55-4fdd-ad8a-6fa20ce0d995","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":92,"box":{"x":69,"y":475,"width":805,"height":12}},{"id":"af0aa551-8c56-48fe-8769-2dc863777cd0","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":92,"box":{"x":70,"y":491,"width":774,"height":11}},{"id":"afb54cfc-ffa7-4f56-b37d-77b0372e5222","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":92,"box":{"x":70,"y":506,"width":816,"height":11}},{"id":"927a922b-6b5a-424d-9444-80c88de64934","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":92,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"bbb93ef4-7404-4555-bc4d-728c132215b3","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":92,"box":{"x":68,"y":536,"width":779,"height":11}},{"id":"b67b6e62-fa66-43e7-8380-cceebc7e9549","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":92,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"10fc31ce-a459-404c-b6a1-81b4f5980e57","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":92,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"d4129f98-3d10-4cdb-b25b-089b40f7b417","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":92,"box":{"x":69,"y":582,"width":811,"height":11}},{"id":"d22cf9e2-f61f-47c8-b8eb-1bdb87b0c554","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":92,"box":{"x":70,"y":596,"width":783,"height":12}},{"id":"34b680b8-a8e1-4abd-b992-b3644a436b18","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":92,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"7f7230ae-f673-48a5-a538-cba3be1708ae","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":92,"box":{"x":69,"y":627,"width":752,"height":11}},{"id":"95aecdb6-2b73-4367-81fa-5c1ce1646a9d","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":92,"box":{"x":102,"y":649,"width":804,"height":12}},{"id":"d1c2cca9-55d0-4ced-bbd0-5caffbfe8f9b","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":92,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"883a3f80-d8f2-421f-80c2-1cd9ae16132e","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":92,"box":{"x":68,"y":680,"width":769,"height":11}},{"id":"7021c8c6-9397-4372-a2e6-e56ef0fdcc95","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":92,"box":{"x":70,"y":695,"width":809,"height":11}},{"id":"a03f495d-e622-4c5a-a2c0-5b2f7e905000","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":92,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"02fff2a9-ae3d-4ead-870d-e891f45cc0c9","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":92,"box":{"x":68,"y":725,"width":822,"height":11}},{"id":"4755bd73-e2a3-4287-9c0c-96396a09c410","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":92,"box":{"x":69,"y":740,"width":829,"height":11}},{"id":"0a87b8b2-e486-4b9b-a327-c510f187e741","block_type":"box","text":"PRC.","page_number":92,"box":{"x":69,"y":755,"width":32,"height":9}},{"id":"2fd72d44-c705-4010-b30c-cbce177ea4b8","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":92,"box":{"x":102,"y":778,"width":796,"height":11}},{"id":"7a538d22-b5bf-4163-a944-3e472ea910bd","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":92,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"d3c641b6-e13f-423e-8c51-8db0155abff1","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":92,"box":{"x":69,"y":808,"width":822,"height":11}},{"id":"641f669f-305c-4334-a8a8-3baa0cd50a52","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":92,"box":{"x":68,"y":823,"width":818,"height":12}},{"id":"6dc5af27-77db-4263-8563-6aa546772e8b","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":92,"box":{"x":70,"y":838,"width":813,"height":11}},{"id":"f885b9c1-c5a1-4fec-b4f7-c7c857dec5df","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":92,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"b30798ce-5dd9-46d4-8235-587dd400b88e","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":92,"box":{"x":68,"y":869,"width":695,"height":11}},{"id":"2fb53f80-4523-45be-b14d-548ff5981548","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":92,"box":{"x":101,"y":891,"width":772,"height":12}},{"id":"cfaf29ab-cf86-4b2d-88d5-d192008b37c7","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":92,"box":{"x":69,"y":906,"width":810,"height":12}},{"id":"5949593a-bc7f-4bca-ab18-1b9b9a1f5e71","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4134e87f-3a22-441d-842c-343e51bca41f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"163d85b1-4846-4bd8-9080-bf91b49597fe","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":93,"box":{"x":70,"y":45,"width":798,"height":11}},{"id":"1b783f1d-d6ce-49e5-8898-cf017082d4bb","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":93,"box":{"x":70,"y":60,"width":786,"height":11}},{"id":"bb24184a-835e-43ea-a1d0-00ef21655d48","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":93,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"a63203a7-306a-4a59-a255-ce05661ac284","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":93,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"9c333932-4818-4d86-b0c1-5498a8322b42","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":93,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"9e3e2bc3-67c8-4aa7-be69-c273eb346440","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":93,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"6bebc8e9-e3fb-4b19-9f19-be346ddd2c8d","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":93,"box":{"x":69,"y":135,"width":793,"height":11}},{"id":"b3987567-d5d5-4f44-ae96-102372d54a13","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":93,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"7421eac7-c952-4671-b08d-9942f55941de","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":93,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"e05be99d-42ef-4b0b-88d1-bb05efe792e1","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":93,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"66b3a5bb-36ba-4fcf-a3ca-cf0ec1b34317","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":93,"box":{"x":68,"y":196,"width":596,"height":11}},{"id":"622b4b70-c931-4621-b433-d106e0d05722","block_type":"box","text":"Suspension Risk.","page_number":93,"box":{"x":102,"y":219,"width":122,"height":10}},{"id":"ba813282-d0b3-4eea-ac9c-5ccbb3d2760c","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":93,"box":{"x":231,"y":218,"width":675,"height":12}},{"id":"ba668622-056b-4cb9-9b86-a603a00ba654","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":93,"box":{"x":68,"y":234,"width":829,"height":11}},{"id":"cfd78112-10cd-418c-9791-655dacb93616","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":93,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"546f820b-17fe-4079-8a28-8453a069e430","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":93,"box":{"x":68,"y":264,"width":831,"height":11}},{"id":"f57c7ff6-2500-4386-b34b-546952979f27","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":93,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"8b0feeb1-7461-4c4d-b843-37af0ef8c5f4","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":93,"box":{"x":68,"y":294,"width":791,"height":11}},{"id":"b878406c-a096-49f3-a2e8-8d622768c248","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":93,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"ee7eccb5-7069-4b42-b75f-a65321dac9eb","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":93,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"e68e9d11-4a8c-4ca7-83de-59f7e192556d","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":93,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"9e52a444-67a8-4840-a548-c414b30dfeb9","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":93,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"cd3bf2d0-fa55-4725-a538-8544fc81a924","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":93,"box":{"x":69,"y":370,"width":778,"height":11}},{"id":"0c4b4ef4-2e22-4d9f-b0d1-5425be3fce94","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":93,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"b11c58f1-3ae8-448d-bbbb-a8a547a1bf81","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":93,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"c7510449-e99d-4433-894f-db9936dd515b","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":93,"box":{"x":69,"y":415,"width":563,"height":11}},{"id":"173b551d-5681-45a2-ad45-a9c34108d2b8","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":93,"box":{"x":102,"y":438,"width":542,"height":11}},{"id":"5f1b369d-d8ff-4d5e-a4fe-8719692c519c","block_type":"box","text":"A Fund may invest directly in the","page_number":93,"box":{"x":650,"y":438,"width":230,"height":11}},{"id":"d45ef830-8ddd-497f-b9a6-5619fa3f1604","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":93,"box":{"x":69,"y":453,"width":791,"height":11}},{"id":"34e126f9-0ab2-4b12-abe8-91a093b9e3cb","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":93,"box":{"x":69,"y":468,"width":790,"height":11}},{"id":"c469b205-00f1-45ac-8f9d-1eeb5e39a9ab","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":93,"box":{"x":69,"y":483,"width":803,"height":11}},{"id":"51027c01-c726-4be8-a3cc-40ad68f83a3b","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":93,"box":{"x":70,"y":498,"width":832,"height":11}},{"id":"6425312c-eaec-43a5-868b-c36f1c883b13","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":93,"box":{"x":70,"y":513,"width":821,"height":12}},{"id":"5925b945-b10a-4357-98bf-641942c99519","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":93,"box":{"x":69,"y":528,"width":825,"height":12}},{"id":"c516ddda-c1aa-454c-9916-0bb4f933a031","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":93,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"dba13108-77ce-46ff-a59a-6580b67ad520","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":93,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"5b189054-ddc7-486e-86ea-e4bb39b39b3f","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":93,"box":{"x":68,"y":574,"width":786,"height":11}},{"id":"7f9bd6c4-02e6-4a15-aec8-785a7956bade","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":93,"box":{"x":69,"y":589,"width":830,"height":11}},{"id":"49c5adc2-148e-4562-9c85-35d507a3bbcd","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":93,"box":{"x":68,"y":604,"width":788,"height":11}},{"id":"0f5e890b-e859-450d-8ebd-af702796369a","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":93,"box":{"x":69,"y":619,"width":827,"height":11}},{"id":"d44a7e3d-3806-442d-b989-d2fa15569361","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":93,"box":{"x":69,"y":634,"width":570,"height":12}},{"id":"cf2534c4-0ae3-4c9e-bf60-12a871051ded","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":93,"box":{"x":101,"y":657,"width":773,"height":11}},{"id":"76cb51e0-3fd9-489c-b2da-ac9b4b5b654b","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":93,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"872da01d-379e-4cd1-8765-d2550032338a","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":93,"box":{"x":69,"y":687,"width":832,"height":11}},{"id":"2b58a8bb-ae86-42c4-989a-89d11127128a","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":93,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"1ee20414-51d3-4f75-93cd-95b0d942aa4c","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":93,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"889a83de-40a6-43de-828b-fea8eb746ca9","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":93,"box":{"x":69,"y":732,"width":787,"height":12}},{"id":"d5b9e893-daf4-4daa-b502-a30ac17543b5","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":93,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"28e813b9-3e3c-40c0-8a69-8c4217f0aece","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":93,"box":{"x":69,"y":763,"width":820,"height":11}},{"id":"1d636c0f-e208-4cc0-8539-48e54baf4671","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":93,"box":{"x":68,"y":778,"width":500,"height":11}},{"id":"bf398baf-2b8f-428a-9556-6066be90ff16","block_type":"box","text":"i.e.","page_number":93,"box":{"x":570,"y":778,"width":20,"height":9}},{"id":"4bdc720c-9a7f-4a29-9069-1aa58c717a90","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":93,"box":{"x":593,"y":778,"width":267,"height":11}},{"id":"9c1ba8bb-e8e1-458d-97b9-a2eb5730b0a5","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":93,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"e8c8b9d5-f99a-4b26-87bb-0f77ec12481b","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":93,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"c959298d-0900-49da-bba4-53f4f2453198","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":93,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"b04947aa-c620-447f-8c18-561c2210b9ab","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":93,"box":{"x":68,"y":838,"width":822,"height":12}},{"id":"c542535f-1f32-4b2b-8602-9ac4eea37c58","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":93,"box":{"x":69,"y":853,"width":793,"height":12}},{"id":"f73bd919-7a49-4ff5-a53c-80b50bd2698e","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":93,"box":{"x":68,"y":869,"width":802,"height":11}},{"id":"bb59b8d7-5448-4efc-b3f5-bbb4a4d66423","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":93,"box":{"x":70,"y":884,"width":812,"height":11}},{"id":"f66947c7-77ab-40f4-8ce1-a92d3b152134","block_type":"box","text":"par ties.","page_number":93,"box":{"x":70,"y":899,"width":52,"height":11}},{"id":"f778b6e3-ca49-4431-9011-d712a140bcb4","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af4a68a2-fc3e-4eff-a286-761659eb8590","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f26e9f56-b7a6-4b2c-9ece-46d24e311836","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":94,"box":{"x":101,"y":45,"width":799,"height":11}},{"id":"55f2c0bd-44bb-4af3-a7ba-9528b32895f7","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":94,"box":{"x":70,"y":60,"width":785,"height":11}},{"id":"a235ac93-a426-4a97-a90e-ed79cf3913fd","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":94,"box":{"x":69,"y":75,"width":776,"height":11}},{"id":"2ca45bbd-73cc-4c2c-9252-09aa174a57d8","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":94,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"6c48499b-799e-4170-b731-c77526c680bd","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":94,"box":{"x":69,"y":105,"width":412,"height":9}},{"id":"c83becb6-d6ab-4141-a2c9-6b72b7756204","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":94,"box":{"x":102,"y":128,"width":793,"height":11}},{"id":"e9f0b86c-0d89-4e4d-961f-21a2211b2606","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":94,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"1601c981-15cd-48c4-bb26-9653053d5ee7","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":94,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"727a6864-c45e-47b3-90ec-53480b628e76","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":94,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"28335bb6-74dc-4d9a-8878-c4efa8a028a0","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":94,"box":{"x":68,"y":188,"width":798,"height":11}},{"id":"ddcace74-a4f3-47ae-a711-6c38beb771da","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":94,"box":{"x":70,"y":203,"width":556,"height":12}},{"id":"4f9ad77b-c428-4b28-9fd6-f75c4be62ac6","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":94,"box":{"x":102,"y":226,"width":762,"height":11}},{"id":"08149571-233d-4e00-8260-fc3472d1a8ed","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":94,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"6782c278-169b-4692-8f2e-67da1e9e95f4","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":94,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"cfef1ab5-01dc-4c36-90bf-8b06e5100eca","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":94,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"7b4d5d89-c3df-421e-b42f-ed4f82fad467","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":94,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"70f645f8-161c-4b68-9c68-2f2c3d4757a8","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":94,"box":{"x":68,"y":302,"width":826,"height":11}},{"id":"c4d476c3-a101-4083-87e2-f53c83173026","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":94,"box":{"x":68,"y":317,"width":808,"height":11}},{"id":"c19270ba-f22f-49fe-9751-65535bc8505a","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":94,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"3ae71d1e-2a80-4f81-8704-87759b2c2a2f","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":94,"box":{"x":69,"y":347,"width":789,"height":11}},{"id":"ca41f247-5b1f-4f86-84e3-2c81d0a1bf1b","block_type":"box","text":"per formance.","page_number":94,"box":{"x":70,"y":362,"width":93,"height":11}},{"id":"31506a62-79eb-41be-adb8-14307bac7d6c","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":94,"box":{"x":101,"y":385,"width":803,"height":11}},{"id":"21ed2e45-bcc1-43dd-a1af-36bed2ffdc25","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":94,"box":{"x":68,"y":400,"width":776,"height":11}},{"id":"f906b9be-67ea-4967-901e-aedb8003ea47","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":94,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"6374d712-0025-47c4-95aa-4d1f4c8909b2","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":94,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"eb01743b-10f8-4f0f-bcbd-b6aad032cde8","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":94,"box":{"x":69,"y":445,"width":827,"height":12}},{"id":"a4b5e3e8-5031-4b1c-89ff-92e47b72ec33","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":94,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"e62f84de-a541-4bee-af34-d8c7d55e831d","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":94,"box":{"x":102,"y":483,"width":755,"height":11}},{"id":"6ebee8f6-68dd-4f2f-8acb-29922d202adb","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":94,"box":{"x":69,"y":498,"width":830,"height":11}},{"id":"c8f630c8-d572-4df8-9455-3638ad8aa663","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":94,"box":{"x":68,"y":513,"width":298,"height":11}},{"id":"9c871545-d5cb-410f-9a00-b2f7d681b337","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":94,"box":{"x":103,"y":536,"width":277,"height":11}},{"id":"616d5dfe-1845-4e97-8a49-444e630bc153","block_type":"box","text":".","page_number":94,"box":{"x":381,"y":543,"width":2,"height":2}},{"id":"2ccc7269-5624-48ad-bf9c-ffe7f217b836","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":94,"box":{"x":101,"y":559,"width":758,"height":11}},{"id":"01e07b48-543c-4a4a-a479-2c7dc55faec1","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":94,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"6f4e30b2-1406-4bb7-8984-43301e088db8","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":94,"box":{"x":69,"y":589,"width":831,"height":11}},{"id":"d71d9e40-0224-4cd8-b49a-8dfd372259e5","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":94,"box":{"x":69,"y":604,"width":425,"height":11}},{"id":"d15a2164-3d3b-4f94-bc0d-d61197b76b48","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":94,"box":{"x":101,"y":627,"width":697,"height":11}},{"id":"edc3b987-bbbb-4add-94ac-b32e16a09262","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":94,"box":{"x":102,"y":649,"width":803,"height":12}},{"id":"b0cbbc7b-3adb-4117-974c-629071afbc3d","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":94,"box":{"x":68,"y":665,"width":822,"height":11}},{"id":"03ab81e2-ec33-4fa9-a25b-cd1441b51f98","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":94,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"ef386470-7589-4ff0-9bef-b8e47977a2a0","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":94,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"d7af2b26-eea8-414b-b6db-b65d47fc9488","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":94,"box":{"x":69,"y":710,"width":800,"height":11}},{"id":"0e6bd3c9-a843-40cd-b866-3e11778fc370","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":94,"box":{"x":68,"y":725,"width":783,"height":11}},{"id":"ff4b5d5f-fae8-49c1-ba2f-50004fc1bab6","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":94,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"a74a893b-8d3d-4e30-ad1e-ca08e8c56874","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":94,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"8a0e5e07-6286-45a3-b827-9d275c7ae839","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":94,"box":{"x":68,"y":770,"width":818,"height":11}},{"id":"6102ce03-a554-48d3-84a1-507564d1819e","block_type":"box","text":"without notice.","page_number":94,"box":{"x":68,"y":786,"width":103,"height":8}},{"id":"0b788e2a-348f-435c-b585-6bf9c819f6de","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":94,"box":{"x":102,"y":808,"width":759,"height":11}},{"id":"04aa5ded-5f0a-456c-8013-7053a873a8a8","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":94,"box":{"x":70,"y":823,"width":827,"height":12}},{"id":"01366a8b-5036-4c00-b363-2c665bfbd029","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":94,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"cdc98fb0-dfdc-4ccc-b885-da4b3e908b5e","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":94,"box":{"x":70,"y":853,"width":798,"height":12}},{"id":"b1bc12fd-554b-4c69-9d15-794e3ed62c78","block_type":"box","text":"January 15, 2026, it was announced via Public Notice 5 of 2026 that the exemption was extended through","page_number":94,"box":{"x":69,"y":869,"width":763,"height":11}},{"id":"b0ecf010-2fc2-4408-8c49-ba551e9f25d9","block_type":"box","text":"December 31, 2027.","page_number":94,"box":{"x":70,"y":884,"width":147,"height":10}},{"id":"23392c54-4a43-4f1d-9130-921e879ac3eb","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f9a7c153-0316-4f99-bb06-ef22119a9d2c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d4d43dc-ead9-4981-84c8-a6a271ed2493","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":95,"box":{"x":103,"y":45,"width":225,"height":11}},{"id":"ac320c08-22fe-4ae6-911b-76f155276eb4","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":95,"box":{"x":333,"y":45,"width":569,"height":11}},{"id":"8e7a7460-e3ec-4745-9fd0-6c01a9be013b","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":95,"box":{"x":69,"y":60,"width":528,"height":11}},{"id":"d175882b-12c8-41ad-b480-4e569b3b8848","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":95,"box":{"x":101,"y":83,"width":697,"height":11}},{"id":"7d68e925-b9d5-4400-8605-7c2100cd5f4b","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":95,"box":{"x":101,"y":105,"width":789,"height":11}},{"id":"9f49fd20-7093-416b-8309-004bdb94b523","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":95,"box":{"x":69,"y":120,"width":565,"height":9}},{"id":"982992c2-a49c-42bf-8db2-db24e64d57d1","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":143,"width":749,"height":11}},{"id":"a491ace3-8199-40e4-afd1-e04ef7cba496","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":95,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"5c6ef217-e2e8-44c6-802c-1057b40bf8ef","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":95,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"fe132481-b56f-4420-bbd9-1ca102d60cb4","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":95,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"d060be92-d2be-468d-b7ef-d386f66fe4a6","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":95,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"18a74d5a-eb06-4af7-b253-62296b2a8710","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":95,"box":{"x":70,"y":218,"width":772,"height":12}},{"id":"e496fc06-db60-4caa-8428-ef4e9035c097","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":95,"box":{"x":68,"y":234,"width":840,"height":11}},{"id":"5ac30f51-691e-4e3a-9a49-5badadf0d57b","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":95,"box":{"x":68,"y":249,"width":665,"height":11}},{"id":"e09d1f2a-310e-4773-9594-fd4127e63896","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":95,"box":{"x":101,"y":271,"width":801,"height":12}},{"id":"4dc5bb0b-7221-49d9-b177-32f7e79c469a","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":95,"box":{"x":68,"y":287,"width":821,"height":11}},{"id":"9de0aa26-0cad-4488-aa1b-dbba343c4846","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":95,"box":{"x":68,"y":302,"width":808,"height":11}},{"id":"017f7889-4d95-4105-b84b-386824f656f5","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":95,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"aa3e84d6-5cdc-460c-a467-5aef0cfd25f0","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":95,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"04ee1a93-5531-456f-a304-336a097f9d22","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":95,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"04e9a558-d379-4613-b655-daffe7d93e94","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":95,"box":{"x":69,"y":362,"width":833,"height":11}},{"id":"51418c91-30f2-495a-8739-b5c950811fbe","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":95,"box":{"x":68,"y":377,"width":474,"height":11}},{"id":"e0eda971-2ef3-418e-b378-d375bd478a47","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":95,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"717498c6-66f0-456a-b569-17c5ed1f2faa","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":95,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"8c11b8d7-202a-4535-81c2-dc5fba7ceda2","block_type":"box","text":"the PRC in notifications.","page_number":95,"box":{"x":68,"y":430,"width":171,"height":9}},{"id":"4851b2d7-494a-41c5-abe4-0011f572f630","block_type":"box","text":"Investment in Other Investment Companies.","page_number":95,"box":{"x":102,"y":453,"width":320,"height":11}},{"id":"ccb7a50a-9359-4b93-875d-b909d1d0d3d1","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":95,"box":{"x":429,"y":453,"width":402,"height":11}},{"id":"1a57015a-3418-4553-9825-922bb052e492","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":95,"box":{"x":70,"y":468,"width":818,"height":11}},{"id":"ae6f88aa-3c3f-4048-8fd5-bd7b0570dda8","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":95,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"0add7213-4ff9-4dd8-8ea0-c9d599075dcc","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":95,"box":{"x":70,"y":498,"width":822,"height":11}},{"id":"bfd409c9-93d6-4445-9c5d-ead37a772031","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":95,"box":{"x":70,"y":513,"width":814,"height":11}},{"id":"1b0c6dd0-7589-4e6a-b9f2-8c72ac1cc722","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":95,"box":{"x":70,"y":528,"width":793,"height":12}},{"id":"a1c93307-9370-4fca-9fb2-140d6e01ec27","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":95,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"24744073-4851-4dc1-90f5-8327f8391631","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":95,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"8b796b5f-7298-4f02-a7ed-0bde33274995","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":95,"box":{"x":68,"y":574,"width":812,"height":11}},{"id":"e1033065-983f-496c-86a5-b472238b1f7b","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":95,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"3b8f8299-2ca6-4147-b461-f3bf1e1e6f6f","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":95,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"28d9f518-d6cd-45a5-876a-c57dbd1222da","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":95,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"5c69112c-01eb-48af-a333-3610d798dfee","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":95,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"0f2bdf40-bc8f-4460-b4b3-901bc2c0a5e3","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":95,"box":{"x":69,"y":649,"width":776,"height":12}},{"id":"afee7c3f-7876-46ac-b58b-bd75c52cea47","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":95,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"97607f3f-5339-470a-9069-d1839fba68d1","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":95,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"81afbf6e-5b66-4a2f-afc0-917812ef8a2a","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":95,"box":{"x":70,"y":695,"width":829,"height":11}},{"id":"ea3ff168-841d-47b6-9574-1425a5e5c8c6","block_type":"box","text":"subject to cer tain conditions.","page_number":95,"box":{"x":69,"y":710,"width":206,"height":11}},{"id":"d60244ae-806f-4cf8-9eff-27eaaf52ef44","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":95,"box":{"x":101,"y":733,"width":799,"height":11}},{"id":"3aae0e20-14f9-4cfb-b5d8-f7faec060203","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":95,"box":{"x":102,"y":755,"width":779,"height":11}},{"id":"bc031d4d-ae68-4b88-8215-1a9990fa4897","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":95,"box":{"x":69,"y":771,"width":824,"height":11}},{"id":"67fa28a7-73df-4ecb-8985-1597e168ac46","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":95,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"63b69be6-4d01-457d-8476-9cb83887fbb2","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":95,"box":{"x":68,"y":801,"width":839,"height":11}},{"id":"8b7cc4a9-b448-4954-9442-1f33258253c6","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":95,"box":{"x":68,"y":816,"width":806,"height":11}},{"id":"0165a649-4153-4827-9c06-7e5cfb3f3c3a","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":95,"box":{"x":68,"y":831,"width":810,"height":11}},{"id":"305b596d-d609-4911-b6d1-ba229b44ab56","block_type":"box","text":"loss.","page_number":95,"box":{"x":70,"y":846,"width":31,"height":9}},{"id":"aede0455-6067-4280-a268-abd11a4e844c","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":95,"box":{"x":102,"y":869,"width":758,"height":11}},{"id":"1d154812-48b7-4ddf-921c-1ff9ca7def30","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":95,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"fc69eab2-b23e-43c8-a3be-eca183d167a0","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":95,"box":{"x":70,"y":899,"width":835,"height":11}},{"id":"7784c5d8-7958-4a22-9ff6-757f3f42cb33","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"abf670b9-ecf3-4a5d-b236-b8d228508410","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7c1081e-5e3c-42a6-8e00-d96ae59a1a6d","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":96,"box":{"x":69,"y":45,"width":816,"height":11}},{"id":"be7d42b1-3a67-4046-b66a-3a103b18c9ef","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":96,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"b6a00af1-6c7c-4dca-a127-849a2a89c285","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":96,"box":{"x":70,"y":75,"width":807,"height":11}},{"id":"49e40169-1360-418c-95fc-a818cd6d07ea","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":96,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"a622f28d-4389-4b1e-95d5-f48ac2b12c1e","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":96,"box":{"x":68,"y":105,"width":804,"height":11}},{"id":"a9cfa63d-ec3b-4dd9-9ba1-a88c5871e685","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":96,"box":{"x":70,"y":120,"width":778,"height":11}},{"id":"14bb0bf9-f126-42d6-a3ce-bddcb215a441","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":96,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"3a9da94d-b2ae-4041-baab-b75720a9af3f","block_type":"box","text":"assets.","page_number":96,"box":{"x":69,"y":151,"width":51,"height":8}},{"id":"05aff549-d665-4c15-896f-2a3847af43bf","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":96,"box":{"x":101,"y":173,"width":776,"height":11}},{"id":"044b3af3-4b1c-4a8c-820f-db533bd18be2","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":96,"box":{"x":69,"y":188,"width":313,"height":11}},{"id":"fe5944ba-a63b-4561-beac-bfb511e0c176","block_type":"box","text":"e.g.","page_number":96,"box":{"x":384,"y":190,"width":24,"height":10}},{"id":"6731bebf-973a-44a2-bbef-a4b9432ea5f5","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":96,"box":{"x":411,"y":188,"width":491,"height":11}},{"id":"15637109-d36a-43ec-bd22-bc0d338a96cc","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":96,"box":{"x":69,"y":203,"width":823,"height":12}},{"id":"40491a80-5fd4-41ed-b332-d75f4bdf8e01","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":96,"box":{"x":69,"y":218,"width":472,"height":12}},{"id":"4977caa2-d812-48ce-ab85-34ac5adf2a11","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":96,"box":{"x":101,"y":241,"width":790,"height":11}},{"id":"4c9c6bb3-59ae-46df-8cef-dd1d20a9d980","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":96,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"d1d75133-7002-4c61-b69d-fa80554c5c9d","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":96,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"b4a5e6c9-690b-40fa-b09f-6bcf290e8e23","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":96,"box":{"x":70,"y":286,"width":795,"height":11}},{"id":"35a447ad-1353-4f14-b6fc-6dcfae210358","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":96,"box":{"x":70,"y":302,"width":807,"height":11}},{"id":"284197df-1c4c-4889-a40f-ecfbdcd84d9b","block_type":"box","text":"countries.","page_number":96,"box":{"x":69,"y":317,"width":69,"height":9}},{"id":"c20901b5-87d8-4131-bd57-fb4a38aa7c26","block_type":"box","text":"Issuer Insolvency Risk.","page_number":96,"box":{"x":102,"y":340,"width":166,"height":11}},{"id":"6f606d92-c457-44b8-88a3-5a43f09a3eed","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":96,"box":{"x":275,"y":339,"width":631,"height":12}},{"id":"92f0928d-bc90-4fa1-9bbe-a81bf4e07c90","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":96,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"a4a7ea36-e133-458a-829e-f98af4fae3f2","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":96,"box":{"x":69,"y":370,"width":781,"height":11}},{"id":"afeed84e-a1cc-4070-9cb4-ff0b32f4943d","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":96,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"d0a4cac1-bc6f-41d6-ad40-7dd9ec44f420","block_type":"box","text":"issuer uncer tain.","page_number":96,"box":{"x":70,"y":400,"width":118,"height":9}},{"id":"8a4b46ca-9201-471f-b34f-708685a8c557","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":96,"box":{"x":102,"y":423,"width":788,"height":11}},{"id":"11ed3e8b-878e-4e0f-ab3a-d13022583931","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":96,"box":{"x":68,"y":438,"width":827,"height":11}},{"id":"8f60c324-7fe2-436d-bc91-f53e05801e63","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":96,"box":{"x":68,"y":453,"width":779,"height":11}},{"id":"11bf600a-4cb4-4e17-9d4b-95d5cbc2f097","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":96,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"012d1195-d839-4278-bf45-e9e3a81b76a4","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":96,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"810ca3f3-d9e6-461a-b2e3-efcd44a12ac0","block_type":"box","text":"eventually be satisfied.","page_number":96,"box":{"x":69,"y":498,"width":162,"height":11}},{"id":"f5f3c100-ed2d-4c97-9611-428699745d2c","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":96,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"21bca58f-1983-4df2-a471-7c7f4d04ad60","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":96,"box":{"x":70,"y":536,"width":827,"height":11}},{"id":"5530662e-e80b-4d6d-a5da-9ae7ca481ec5","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":96,"box":{"x":69,"y":551,"width":819,"height":11}},{"id":"f5b4311a-9d02-4ea5-9905-5a2bba211fd2","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":96,"box":{"x":69,"y":566,"width":802,"height":11}},{"id":"2d2fba2d-eecc-47f1-b1d8-aaf596940ab7","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":96,"box":{"x":70,"y":581,"width":830,"height":12}},{"id":"e19a8e31-4190-470a-bf82-b2e7ba71ba5f","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":96,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"6873535c-0d22-41d2-99af-9e3731071b39","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":96,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"4d3df2a5-b6c6-4612-87a2-9fdbde874a88","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":96,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"4c6d5fea-ba2c-47f6-9025-f37a1676dcbb","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":96,"box":{"x":69,"y":642,"width":820,"height":11}},{"id":"b8bf2b93-3378-4074-a81f-252dc9e950b8","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":96,"box":{"x":70,"y":657,"width":820,"height":11}},{"id":"1b61fa87-3c0e-4cd7-8dd7-1b19966fe08d","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":96,"box":{"x":69,"y":672,"width":824,"height":11}},{"id":"f2cd7eef-8e1d-48e0-b41f-8ece537a73a4","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":96,"box":{"x":68,"y":687,"width":788,"height":11}},{"id":"1698c576-9f90-45de-8b35-583669b041e8","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":96,"box":{"x":68,"y":702,"width":826,"height":11}},{"id":"56266fff-a7bc-4bc1-84f9-28d45faa03c1","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":96,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"3728c8c5-ce22-4917-aa26-227daf5b5cd7","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":96,"box":{"x":68,"y":732,"width":809,"height":12}},{"id":"5013456c-3a04-4833-9b0f-9dc1979d3f10","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":96,"box":{"x":69,"y":748,"width":741,"height":11}},{"id":"139477c7-fd72-4308-b0d9-5654c55fb6db","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":96,"box":{"x":101,"y":771,"width":780,"height":11}},{"id":"cdf92115-4a63-431a-af98-9f307148464d","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":96,"box":{"x":68,"y":785,"width":807,"height":12}},{"id":"490754f7-c015-4811-b07c-b59720003b28","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":96,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0ade0ad8-2129-4172-8a11-84d427a8e43a","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":96,"box":{"x":68,"y":816,"width":814,"height":11}},{"id":"3f0348b8-575d-4ea2-b1ce-b061b6b10c19","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":96,"box":{"x":70,"y":831,"width":439,"height":11}},{"id":"9d5dffc8-81f5-4e94-a92c-e09bb322a2e4","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":96,"box":{"x":102,"y":853,"width":806,"height":12}},{"id":"6c7ced45-c079-4331-af38-4f261a3a3a74","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":96,"box":{"x":70,"y":869,"width":829,"height":11}},{"id":"ab73c015-fa03-400d-8ccb-bf1ba8062714","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":96,"box":{"x":69,"y":884,"width":767,"height":11}},{"id":"6166a856-a46a-4466-b4ec-d646a80c095e","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":96,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"9f782ffd-d920-4781-8c56-a97526d95cce","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8c617c84-2138-4e4d-9741-4a5a3a82a7e3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ab1e2bd-7ed3-4373-af6b-366cbf5ab2d2","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":97,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"63e4f4e3-d8f6-43d3-8648-7507f43208ef","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":97,"box":{"x":70,"y":60,"width":822,"height":11}},{"id":"93549945-4a3e-43fc-af6d-229a2d2c007b","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":97,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"85b281ff-bc98-4292-820c-1d7f48cef522","block_type":"box","text":"that assumed generally by an investor.","page_number":97,"box":{"x":68,"y":90,"width":274,"height":11}},{"id":"0a7947c0-6e9b-43cc-9c67-3d5d87a8a027","block_type":"box","text":"Lease Obligations.","page_number":97,"box":{"x":102,"y":113,"width":133,"height":11}},{"id":"f6971fee-3eb0-418d-8a43-a1d19e22f8de","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":97,"box":{"x":241,"y":113,"width":653,"height":11}},{"id":"c16665bf-5673-499d-ac1c-2714aa4889b0","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":97,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"51b30a34-f4f0-4cef-884d-685b40874e9b","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":97,"box":{"x":69,"y":143,"width":602,"height":11}},{"id":"d53d62c6-ec2a-4717-8432-d01564999efb","block_type":"box","text":"Life Settlement Investments.","page_number":97,"box":{"x":102,"y":166,"width":210,"height":9}},{"id":"bbd3ee0b-bac3-4f3c-8c92-699c44d51da6","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":97,"box":{"x":318,"y":166,"width":589,"height":11}},{"id":"84de93d0-e35c-4260-b103-480584759c2e","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":97,"box":{"x":70,"y":181,"width":838,"height":11}},{"id":"88ae2345-5de2-4c96-b81e-e9a13c3f2ab8","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":97,"box":{"x":70,"y":196,"width":834,"height":11}},{"id":"7f197396-aa02-42a9-8781-ea3998119f13","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":97,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"9cb30854-522f-4550-9183-fcfc9a38ae7c","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":97,"box":{"x":70,"y":226,"width":797,"height":11}},{"id":"7d964fa5-4f11-488c-bbce-f13d866a2ace","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":97,"box":{"x":70,"y":241,"width":775,"height":11}},{"id":"2d149176-9972-4d02-a08f-e91c1eca42d3","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":97,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"586a280e-fc29-476e-95ff-e47a43b2c395","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":97,"box":{"x":70,"y":271,"width":789,"height":12}},{"id":"375f3aa9-05df-4c99-bde8-249e1b0c67a3","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":97,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"ea812282-4a5b-4c02-ad8a-fb37ab8a1951","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":97,"box":{"x":70,"y":302,"width":813,"height":11}},{"id":"12e9e32d-71b5-44d0-8d5a-a91f64abb38f","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":97,"box":{"x":69,"y":317,"width":758,"height":11}},{"id":"1ef15c34-40a3-4401-827c-3db4f87d161b","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":97,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"c98d02cb-1000-4551-91fc-22fc0bf5ba1a","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":97,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"1d06e4c2-bc87-48fd-bf13-43fd159aa2ae","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":97,"box":{"x":68,"y":362,"width":809,"height":11}},{"id":"3b6ac98a-ff39-4bb7-a66d-2ebfd419ff28","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":97,"box":{"x":69,"y":377,"width":730,"height":12}},{"id":"5258b90e-c95a-44b7-9b7d-a50200090393","block_type":"box","text":"Liquidity Risk Management.","page_number":97,"box":{"x":102,"y":400,"width":202,"height":11}},{"id":"96ce1132-26ab-40ed-b62d-e751b15b3d0a","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":97,"box":{"x":311,"y":400,"width":591,"height":11}},{"id":"1ecc335a-a25f-4425-b1ad-824e9f382310","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":97,"box":{"x":69,"y":415,"width":835,"height":11}},{"id":"51e5ef07-c59c-4d9b-81e1-429201acffa5","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":97,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"ac6d3e88-cba4-490e-a7eb-0517a32918b9","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":97,"box":{"x":70,"y":445,"width":801,"height":12}},{"id":"7ad5397b-95cb-4777-b9c2-7115284ca188","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":97,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"6cb8b7aa-a187-428e-98e6-dd6b63f6bca0","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":97,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"6fb7d0df-d8b8-4dd5-a73c-624ad8fbeb3f","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":97,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"50ebc4d6-ef65-4278-946d-1cc22449292e","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":97,"box":{"x":70,"y":506,"width":804,"height":11}},{"id":"5845865e-7d0b-44e4-af80-e4557564af67","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":97,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"b78595c0-244e-49ce-bbca-82dafafa08ec","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":97,"box":{"x":70,"y":536,"width":815,"height":11}},{"id":"bfd0e695-b1c1-4067-8601-8a9e94173c70","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":97,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"2579cec8-bdc5-4c8f-849d-9492f4dca796","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":97,"box":{"x":69,"y":566,"width":601,"height":11}},{"id":"e96f4e85-2bac-405c-ae25-3c0ea33d03cc","block_type":"box","text":"Master Limited Partnerships.","page_number":97,"box":{"x":102,"y":589,"width":211,"height":11}},{"id":"f214b0c1-1df8-4617-a2b1-3f075893fdd8","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":97,"box":{"x":320,"y":589,"width":577,"height":11}},{"id":"a9ac9d45-66ab-4a99-a430-a444f748f924","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":97,"box":{"x":68,"y":604,"width":816,"height":11}},{"id":"b612b09a-a3cc-486e-ae79-e8882ca50311","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":97,"box":{"x":68,"y":619,"width":777,"height":11}},{"id":"d1060291-19c5-45ff-a639-9fcbf3868c50","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":97,"box":{"x":70,"y":634,"width":792,"height":12}},{"id":"99b3e16b-e7f0-4178-a9f2-67e7b7549374","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":97,"box":{"x":68,"y":649,"width":811,"height":12}},{"id":"0697bd91-9540-4a17-9f12-de0bf042324b","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":97,"box":{"x":70,"y":664,"width":791,"height":12}},{"id":"2bf20206-28a9-4f9f-bd22-f25cb47533c8","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":97,"box":{"x":68,"y":680,"width":812,"height":11}},{"id":"16467101-9543-4d68-ab22-4f325a4f21d5","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":97,"box":{"x":69,"y":695,"width":770,"height":11}},{"id":"ecb7b25f-0b47-4757-a0d6-7433d3edc157","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":97,"box":{"x":69,"y":710,"width":833,"height":11}},{"id":"c5c902af-ab93-4b47-9136-0a68c4749642","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":97,"box":{"x":69,"y":725,"width":799,"height":11}},{"id":"05a39550-32db-4851-aa6e-43400a66bb02","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":97,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"f3eca79a-bc5c-4f3d-8a9c-5e25ad890fb3","block_type":"box","text":"in the par tnership’s operations and management.","page_number":97,"box":{"x":70,"y":755,"width":352,"height":11}},{"id":"db0b3f55-bf15-4e88-8ce9-dca667d9f42e","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":97,"box":{"x":102,"y":778,"width":794,"height":11}},{"id":"f2bd9a80-90ee-4cd6-aae5-78d2c587b4ee","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":97,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"5d468f75-7d9d-46cc-8952-e13b13364d56","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":97,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"85b10ecc-f683-41e2-8c0c-b3f750fc2c4a","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":97,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"c7774473-c220-4e6c-aac6-14c283b8c656","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":97,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"ce2cfa5c-fa7d-4ef3-a6b8-3d5aa6688b02","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":97,"box":{"x":69,"y":854,"width":831,"height":11}},{"id":"c0a5943f-718e-4c3d-96af-9ec09e1a2c95","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":97,"box":{"x":68,"y":869,"width":835,"height":11}},{"id":"58cd420f-96ba-4339-af79-3191d16fdba5","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":97,"box":{"x":69,"y":884,"width":838,"height":11}},{"id":"09575c6c-c69d-44e9-bd86-d7302835cd5e","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":97,"box":{"x":70,"y":899,"width":839,"height":11}},{"id":"b5f5c662-c98f-4268-b35d-e35975b7d259","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e5d643e8-7dbe-4fe4-b22b-ab3092033e6b","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5cbab203-7b57-4aa3-b5e4-4d09c6b7c2c1","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":98,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"1fc7052c-d31b-4aa3-be27-6c37eac06aa9","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":98,"box":{"x":70,"y":60,"width":761,"height":11}},{"id":"5d9a80be-7878-4daf-8036-93a5d40a0152","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":98,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"e7ffc6ff-fb2f-48db-9c70-eed6f9ca0827","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":98,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"0ef1d7b1-ffeb-4b07-97e4-8b23baa5a81b","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":98,"box":{"x":69,"y":105,"width":366,"height":11}},{"id":"19e2506d-4b77-48b6-9c87-69215be10743","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":98,"box":{"x":102,"y":128,"width":790,"height":11}},{"id":"97816afd-ccba-4486-848a-0f9b988559b6","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":98,"box":{"x":70,"y":143,"width":820,"height":11}},{"id":"f21469cd-1f50-42de-aa26-b73e6f62bf16","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":98,"box":{"x":69,"y":158,"width":787,"height":11}},{"id":"cdc969a9-0625-42d2-9f2a-990b1a53ec2e","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":98,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"7d15afd6-aa9a-46ac-9552-50c52aff99a3","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":98,"box":{"x":69,"y":188,"width":828,"height":11}},{"id":"0f714e33-e185-4c81-9feb-6fb56a1a71e6","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":98,"box":{"x":69,"y":203,"width":387,"height":12}},{"id":"81974c40-cebd-4272-bee9-f784db75b7cf","block_type":"box","text":"Merger Transaction Risk.","page_number":98,"box":{"x":102,"y":226,"width":183,"height":11}},{"id":"a4db8781-3246-4396-b0f8-46d6efd3ac2c","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":98,"box":{"x":291,"y":226,"width":616,"height":11}},{"id":"0c6f3ca1-d2f5-45d0-9631-af077e33cd67","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":98,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"22e7c184-0406-40de-a7fd-ee7e1f890b7e","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":98,"box":{"x":70,"y":256,"width":816,"height":12}},{"id":"083310fe-1bc2-48fa-a29f-7f0fd0b75797","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":98,"box":{"x":68,"y":271,"width":825,"height":12}},{"id":"abf1dcef-a6a7-4682-954d-53d999f816d9","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":98,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"da001085-4469-49dd-a01c-04a1c8d66d5b","block_type":"box","text":"the Fund and may lose significant value.","page_number":98,"box":{"x":68,"y":302,"width":286,"height":11}},{"id":"0291c55e-a598-44df-86f2-0e717f9a19bf","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":98,"box":{"x":102,"y":324,"width":723,"height":11}},{"id":"cd47dc37-fd00-4ae3-9b3d-bec6412daddf","block_type":"box","text":"Cer tain","page_number":98,"box":{"x":831,"y":324,"width":50,"height":9}},{"id":"e0f15bbc-c6a4-4e1a-9267-54a1dd9d1d11","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":98,"box":{"x":70,"y":339,"width":778,"height":12}},{"id":"c07128f0-dfd7-4bcc-8591-ccc9aa433d64","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":98,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"efbbe828-1ff9-4727-be24-a261b37fb6e9","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":98,"box":{"x":69,"y":369,"width":820,"height":12}},{"id":"890da60d-23c2-445b-86e9-e68242a934f0","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":98,"box":{"x":68,"y":385,"width":794,"height":11}},{"id":"a46bdb70-a6b6-4ee1-a5b1-31553ed87812","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":98,"box":{"x":68,"y":400,"width":781,"height":11}},{"id":"6a625c3e-2ce3-4d17-b3d7-4248bac4293e","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":98,"box":{"x":69,"y":415,"width":776,"height":11}},{"id":"37c3d71c-18ee-46b9-9e57-57b6eee1f9b0","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":98,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"4da6b5c3-d9c2-441a-b6b4-5c151ea25653","block_type":"box","text":"branches of domestic banks.","page_number":98,"box":{"x":69,"y":445,"width":205,"height":9}},{"id":"525619aa-ccae-4968-a50c-b821b2ca9bd7","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":98,"box":{"x":101,"y":468,"width":785,"height":11}},{"id":"bb9b012c-979b-442e-8188-d0dd0db4def4","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":98,"box":{"x":68,"y":483,"width":787,"height":11}},{"id":"f64d7ba2-a83a-4495-8e0b-b64bf5bb1e4d","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":98,"box":{"x":69,"y":498,"width":797,"height":11}},{"id":"07683e37-4754-42ee-87fd-a8d4c9c0c481","block_type":"box","text":"paper of a foreign issuer.","page_number":98,"box":{"x":70,"y":513,"width":176,"height":12}},{"id":"4467a270-3831-4fbc-9a72-665611a90e1c","block_type":"box","text":"Money Market Securities.","page_number":98,"box":{"x":102,"y":536,"width":188,"height":11}},{"id":"63164fb1-19d1-4fd0-bb75-3d8d1a94768b","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":98,"box":{"x":296,"y":536,"width":578,"height":11}},{"id":"5ff2519c-81bf-4e93-a9d1-4aadb744b908","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":98,"box":{"x":69,"y":551,"width":802,"height":11}},{"id":"08a3f5a9-ce7a-4ddb-9c22-83de914e509d","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":98,"box":{"x":69,"y":566,"width":386,"height":11}},{"id":"7e7b4cc0-ebff-4abb-b709-fed92ffd18f3","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":98,"box":{"x":69,"y":586,"width":779,"height":12}},{"id":"fe3e48e1-f0df-47ca-afc3-5d84104a8d65","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":98,"box":{"x":102,"y":601,"width":776,"height":12}},{"id":"2251be33-4bf8-43d2-a941-52fc20781967","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":98,"box":{"x":69,"y":622,"width":821,"height":11}},{"id":"f962e6cd-4f7f-47a6-86ad-38aa51188064","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":98,"box":{"x":102,"y":637,"width":795,"height":11}},{"id":"43ea81ba-2c87-48b7-8a51-b5ca9b374545","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":98,"box":{"x":102,"y":652,"width":757,"height":11}},{"id":"ea8178d8-ba8d-4fe2-b480-80ad261f3119","block_type":"box","text":"agencies;","page_number":98,"box":{"x":102,"y":667,"width":66,"height":11}},{"id":"2280aa60-bf00-45ac-8f16-8133345a0bee","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":98,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"fa8ae18c-33c3-46ef-9a48-f7ce0f81e620","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":98,"box":{"x":102,"y":703,"width":344,"height":11}},{"id":"a328f339-ab53-4829-8ef7-6fa6ff363aed","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":98,"box":{"x":69,"y":722,"width":776,"height":12}},{"id":"a445d6b9-67f1-4a85-aa15-d36f3b303ae7","block_type":"box","text":"obligations and credit card receivables);","page_number":98,"box":{"x":102,"y":738,"width":283,"height":11}},{"id":"ed84d174-bbe1-4363-8299-996b20a6f4a4","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":98,"box":{"x":69,"y":758,"width":778,"height":11}},{"id":"728b0e85-4528-4902-aa2f-34bfba1007e2","block_type":"box","text":"authorities and related custodial receipts;","page_number":98,"box":{"x":102,"y":773,"width":296,"height":11}},{"id":"00d96ea6-538d-44e0-8a80-10134c4f00fe","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":98,"box":{"x":69,"y":793,"width":782,"height":11}},{"id":"d390746e-6415-4c4d-aaa4-3cfb5ea3cffa","block_type":"box","text":"agencies or authorities;","page_number":98,"box":{"x":102,"y":808,"width":166,"height":11}},{"id":"494d6688-685b-4026-864f-15e50d716a4a","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":98,"box":{"x":69,"y":828,"width":528,"height":12}},{"id":"7ef1c615-6ed6-474e-a706-0e0f37d9243a","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":98,"box":{"x":69,"y":849,"width":534,"height":11}},{"id":"e6c7a6c0-c568-41c4-88a1-3b89586bd163","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":98,"box":{"x":69,"y":869,"width":447,"height":11}},{"id":"098cf69d-1e3d-4018-b4d3-5aedc552200c","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d8a5f2c-9362-487f-a64d-32f6c6630a06","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb24d22d-4185-4427-af4e-0b24e827b94f","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":99,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"c8bc1bbc-7394-429d-8aa6-236b167ce94f","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":99,"box":{"x":102,"y":60,"width":766,"height":11}},{"id":"a07333a1-26cb-4392-a8c6-31fe8bf65c20","block_type":"box","text":"States;","page_number":99,"box":{"x":102,"y":75,"width":49,"height":10}},{"id":"d47c7045-45e8-4920-963b-f3d171637db2","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":99,"box":{"x":69,"y":95,"width":829,"height":11}},{"id":"cae6f603-34df-4657-9021-b8b56c60be61","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":99,"box":{"x":102,"y":110,"width":379,"height":11}},{"id":"cd929df6-f677-4785-9cbc-94b6ed1d2bca","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":99,"box":{"x":69,"y":130,"width":826,"height":12}},{"id":"237e8076-8db7-4a61-9f2d-18dde084f2fc","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":99,"box":{"x":102,"y":146,"width":207,"height":11}},{"id":"21985928-bbf2-4b28-b3c2-7bbada71ab39","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":99,"box":{"x":69,"y":166,"width":458,"height":11}},{"id":"390464a7-87f0-4275-815f-8e8fbfa70e7a","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":99,"box":{"x":69,"y":186,"width":837,"height":11}},{"id":"85f38782-c91a-478a-9b77-c017b8d86b3d","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":99,"box":{"x":101,"y":201,"width":589,"height":11}},{"id":"709e88c9-4db9-437b-b4a3-dda7151dcf3e","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":99,"box":{"x":69,"y":221,"width":795,"height":11}},{"id":"5c80129b-7208-4574-b8bb-322092dd8be7","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":99,"box":{"x":102,"y":236,"width":764,"height":11}},{"id":"70c9d844-f8a1-4fa6-a9f6-1ccd5560f98c","block_type":"box","text":"States.","page_number":99,"box":{"x":102,"y":251,"width":49,"height":9}},{"id":"e02a25c2-135f-4f6e-8c1c-d423920dc5b3","block_type":"box","text":"Mortgage-Related Securities.","page_number":99,"box":{"x":102,"y":274,"width":213,"height":11}},{"id":"6ffa0c82-5ffc-48c2-9055-215e077e02d3","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":99,"box":{"x":102,"y":297,"width":203,"height":11}},{"id":"15a8c64a-b923-4c87-b2e4-3e53e85f9ee3","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":99,"box":{"x":312,"y":297,"width":560,"height":11}},{"id":"9fb3a1e5-341c-4fa1-92dd-e50a36d61f64","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":99,"box":{"x":70,"y":312,"width":805,"height":11}},{"id":"8759e5e0-c519-4e87-a25a-a401c3c80049","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":99,"box":{"x":69,"y":327,"width":819,"height":11}},{"id":"26c6d186-292c-4b9e-a377-4cd1f9ed7887","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":99,"box":{"x":69,"y":342,"width":832,"height":11}},{"id":"40a359e3-84c7-4029-b72a-1ff387b55464","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":99,"box":{"x":69,"y":357,"width":838,"height":11}},{"id":"02285d43-e8e7-4def-8c31-d89f12dd4379","block_type":"box","text":"maturity or specified call dates.","page_number":99,"box":{"x":69,"y":372,"width":222,"height":11}},{"id":"962964b8-9e77-45b9-93c6-f5a4fc78f2c4","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":99,"box":{"x":102,"y":395,"width":785,"height":11}},{"id":"04fb7231-e20a-4685-a341-0f223f215f42","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":99,"box":{"x":68,"y":410,"width":838,"height":11}},{"id":"797f4746-5e8b-4a91-a263-2fc44aafef5b","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":99,"box":{"x":69,"y":425,"width":836,"height":11}},{"id":"cc6cc52f-74d0-4cb8-a00e-6a8c9dbe9642","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":99,"box":{"x":70,"y":440,"width":837,"height":12}},{"id":"a02227d9-105b-4dab-ab7c-f217e13f6d7c","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":99,"box":{"x":69,"y":455,"width":810,"height":12}},{"id":"1e479c45-2b0b-4f6f-a66e-df0fad9b2150","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":99,"box":{"x":70,"y":471,"width":811,"height":11}},{"id":"a0ab994f-fefa-4510-a6ed-01cd85e5c81c","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":99,"box":{"x":68,"y":486,"width":837,"height":11}},{"id":"fd140e49-ad76-45a0-8faf-95b13a576fda","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":99,"box":{"x":70,"y":501,"width":834,"height":11}},{"id":"82ef9982-cf43-4c97-a8d4-3803e8bd94a7","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":99,"box":{"x":69,"y":516,"width":840,"height":11}},{"id":"184478ff-6d2c-4073-9705-bb9bae47ea79","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":99,"box":{"x":69,"y":531,"width":827,"height":11}},{"id":"c2907996-d9a7-4203-953c-1926dc3e45d1","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":99,"box":{"x":68,"y":546,"width":805,"height":11}},{"id":"3d4d7251-ebb7-4c2d-8c6e-b7a2b78dcc0f","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":99,"box":{"x":68,"y":561,"width":834,"height":11}},{"id":"c0fce6eb-4fd0-4292-97c4-8d6336427644","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":99,"box":{"x":68,"y":576,"width":791,"height":12}},{"id":"ab674b73-e978-41bd-8750-8fd075949f6a","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":99,"box":{"x":69,"y":591,"width":816,"height":12}},{"id":"9c308fab-1051-4f3c-87c6-f2d788788673","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":99,"box":{"x":69,"y":606,"width":819,"height":12}},{"id":"9c4bcf7d-b15b-479e-b459-22157dd5fa0f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":99,"box":{"x":69,"y":622,"width":761,"height":11}},{"id":"40dd700d-5466-4de0-8a96-35817ea79f9a","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":99,"box":{"x":69,"y":637,"width":791,"height":11}},{"id":"f10b8838-3f9b-4b61-9a44-c0c951dbd24e","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":99,"box":{"x":69,"y":652,"width":602,"height":11}},{"id":"8cfd6d96-8734-40ce-9c0f-bbf4f158a1e1","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":99,"box":{"x":101,"y":675,"width":761,"height":11}},{"id":"d22b81b7-0282-4421-b974-15da2ee0812e","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":99,"box":{"x":70,"y":690,"width":800,"height":11}},{"id":"134d2370-d5d8-4cb1-b506-e3cce17bc9b5","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":99,"box":{"x":69,"y":705,"width":833,"height":11}},{"id":"716e6feb-0123-44d7-a868-fb4fd0658615","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":99,"box":{"x":69,"y":720,"width":809,"height":11}},{"id":"d6e63c61-e1cc-446b-8c0a-78938d73dac1","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":99,"box":{"x":70,"y":735,"width":801,"height":11}},{"id":"c31f3b9f-dc27-4ece-a26d-2badaac225fc","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":99,"box":{"x":69,"y":750,"width":778,"height":11}},{"id":"3f3c8733-f008-4f8e-8292-6cdffd772936","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":99,"box":{"x":69,"y":765,"width":831,"height":12}},{"id":"11d38490-067f-42c3-93ca-df0917077989","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":99,"box":{"x":69,"y":780,"width":773,"height":12}},{"id":"ecc74a89-d24c-433a-9a3b-85d4838229f7","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":99,"box":{"x":69,"y":795,"width":818,"height":12}},{"id":"1f6da837-ac73-4373-9fb5-500d9f187ba1","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":99,"box":{"x":70,"y":811,"width":822,"height":11}},{"id":"533e0c6e-636a-4c61-a84f-9177474de207","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":99,"box":{"x":69,"y":826,"width":399,"height":11}},{"id":"812664c8-83fc-4719-992e-fcc5648e6516","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":99,"box":{"x":101,"y":848,"width":802,"height":12}},{"id":"f675bf3b-6ea0-4455-9853-c7dde6e26170","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":99,"box":{"x":69,"y":863,"width":830,"height":12}},{"id":"352cc1d1-efd3-457c-9e70-a3348847d1ff","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":99,"box":{"x":70,"y":879,"width":818,"height":11}},{"id":"1d7093bd-4965-4488-a8de-3c460767ccdd","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":99,"box":{"x":70,"y":894,"width":766,"height":11}},{"id":"a0d361fe-42e1-4a12-81d9-ad915114447d","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":99,"box":{"x":69,"y":909,"width":808,"height":11}},{"id":"a2a335c3-eb8c-454b-b3bb-4dd47f08f938","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"382a58c7-c795-4763-abd8-056b4c03dbdb","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe3df548-61f4-4969-89f9-272439156eff","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":100,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"ccfb16b8-c4e9-46da-9d96-e46d851cf288","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":100,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"45743de9-12c7-438c-9fde-8eb4ba7aa5f4","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":100,"box":{"x":102,"y":82,"width":743,"height":12}},{"id":"e114d68a-b9bd-4029-82da-1caf37d756d5","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":100,"box":{"x":70,"y":98,"width":831,"height":11}},{"id":"a4e36027-3de3-4dba-9f3b-652b30a2625b","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":100,"box":{"x":70,"y":113,"width":815,"height":11}},{"id":"88e081fd-4c7a-4634-8fe7-0f659e8cd222","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":100,"box":{"x":69,"y":128,"width":737,"height":11}},{"id":"6878f7e3-2d94-4847-829c-6403cc07ee1c","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":100,"box":{"x":68,"y":143,"width":814,"height":11}},{"id":"a37547af-3dec-4696-a3d2-0d4c78fddaec","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":100,"box":{"x":68,"y":158,"width":794,"height":11}},{"id":"90ad7963-e30b-4b1c-8589-afb59c976e33","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":100,"box":{"x":70,"y":173,"width":828,"height":11}},{"id":"ce0a9d6a-010b-4409-b809-3c423f9a0062","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":100,"box":{"x":69,"y":188,"width":798,"height":11}},{"id":"06087b9c-ff6b-492d-961e-2c5d0ff98bba","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":100,"box":{"x":68,"y":204,"width":798,"height":11}},{"id":"10a73193-9389-4ddb-bacb-7619b8077452","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":100,"box":{"x":70,"y":218,"width":788,"height":12}},{"id":"5ed781ac-05dc-4743-81a9-0088425bb91f","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":100,"box":{"x":68,"y":234,"width":840,"height":11}},{"id":"ea6d6e9e-34c6-4f45-ab0d-0012603793ad","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":100,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"cf984fb6-eab4-46be-bcdf-579655901073","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":100,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"68e27772-5c19-4f41-a9dc-5c123a636b43","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":100,"box":{"x":70,"y":279,"width":770,"height":11}},{"id":"46d001b3-f6d1-4c4a-b561-2392b8d57142","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":100,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"ef19bcaf-3cf4-4060-bf7b-c5e8ced176d7","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":100,"box":{"x":69,"y":309,"width":829,"height":11}},{"id":"eb738f7a-f2f0-4e42-aaed-24dec8d4d789","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":100,"box":{"x":70,"y":324,"width":832,"height":12}},{"id":"8c84bbf0-e040-4f6a-be46-a5b118eef783","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":100,"box":{"x":70,"y":339,"width":792,"height":12}},{"id":"07a77f6c-54ad-4cf6-a62c-2a9fcda53874","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":100,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"d691577d-a5cc-4b84-a618-da72f097bb74","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":100,"box":{"x":68,"y":370,"width":829,"height":11}},{"id":"1a55ef64-1cab-41e1-bc22-dda6779abef4","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":100,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"0f47e7cd-6cb0-4ebc-8f7e-981d2bd49d9a","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":100,"box":{"x":70,"y":400,"width":401,"height":11}},{"id":"019c727e-880f-451e-8433-e867dc0c3d47","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":100,"box":{"x":102,"y":423,"width":786,"height":11}},{"id":"e501ad47-0644-44c8-b111-bbad81a068f0","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":100,"box":{"x":69,"y":438,"width":777,"height":11}},{"id":"5a3a4585-4356-4dfb-b072-66e7a9f3154e","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":100,"box":{"x":69,"y":453,"width":782,"height":11}},{"id":"b9ebc48c-2262-4006-8ccd-2ea094518a51","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":100,"box":{"x":102,"y":475,"width":802,"height":12}},{"id":"dbada6d9-37c0-4f74-bf92-3ebc2bfb00ba","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":100,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"6e3c8268-57a2-45eb-8c25-cd75e972d049","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":100,"box":{"x":70,"y":506,"width":814,"height":11}},{"id":"bf0d4f7c-ce6e-4318-bcc0-46bc5ec9f170","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":100,"box":{"x":68,"y":521,"width":833,"height":11}},{"id":"acddd37d-07ba-4e71-8ab5-82402c1f050a","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":100,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"bf0020e2-698f-40c1-9e8b-5a85aa022b25","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":100,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"42d1c963-44e1-47d9-a70e-abcd3afdd4e2","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":100,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"2d2d503b-219d-47ae-8bf3-5090999dfa41","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":100,"box":{"x":70,"y":582,"width":810,"height":11}},{"id":"10869199-56a9-461c-97cd-d237b8eb907b","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":100,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"0f936068-16fc-4e8b-a13f-e5dac4169869","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":100,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"02bdda0a-5575-4ea5-9288-3ad9d01da5ee","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":100,"box":{"x":69,"y":627,"width":790,"height":11}},{"id":"f932986f-3d9f-4fb9-abff-cb65dbe22cd7","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":100,"box":{"x":69,"y":642,"width":604,"height":11}},{"id":"84933e38-22a6-4a35-94db-6d9680a7cd67","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":100,"box":{"x":102,"y":665,"width":774,"height":11}},{"id":"2ea8f0d4-8434-4977-a828-ee8dbbebfa25","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":100,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"c09991bc-ab72-4f5d-885e-711d8246781b","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":100,"box":{"x":68,"y":695,"width":832,"height":11}},{"id":"2c212eee-3bbe-4fcf-ae0f-2e69b9723e08","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":100,"box":{"x":69,"y":710,"width":742,"height":11}},{"id":"7967d8c4-cc6c-4fbb-ac60-233b7ac4446f","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":100,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"e96f9514-cf67-4c27-81c6-c48adb223b33","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":100,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"b28b32d5-922d-4e09-8c2c-bbf2871f77cd","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":100,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"fc9e5854-201b-4e4e-8959-4756be69951c","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":100,"box":{"x":69,"y":770,"width":828,"height":12}},{"id":"1fdf403c-1a86-4160-9b4d-c80b1d4f8e05","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":100,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"65416e4d-9c88-4ff6-aac2-78fb384769f2","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":100,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"181f807a-4a9c-4613-b4d0-187c3a9baef1","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":100,"box":{"x":69,"y":816,"width":804,"height":11}},{"id":"16985410-7580-4c4d-b0b5-ef7cf90231f6","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":100,"box":{"x":69,"y":831,"width":669,"height":11}},{"id":"faa0c313-9e23-4eec-aaf4-990953f57b0c","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":100,"box":{"x":101,"y":853,"width":754,"height":12}},{"id":"e0e8487f-25a7-4092-9181-42763f810ad4","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":100,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"155f507c-1688-4ea2-8210-4fa992a61024","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":100,"box":{"x":69,"y":884,"width":812,"height":11}},{"id":"1380cea3-3d19-46a0-9f32-cec1454c3513","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0821fbd-007c-4d36-90df-5bf594f27b77","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf7c0f5a-9b9a-4c66-85e5-a21bc08cf2c4","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":101,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"b2aeeefa-cc70-48bf-a780-98c13d226e6e","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":101,"box":{"x":70,"y":60,"width":361,"height":11}},{"id":"e525c12f-632a-41a2-9c0e-2cd6033a27ff","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":101,"box":{"x":102,"y":83,"width":784,"height":11}},{"id":"59b7aef8-d6ea-4d48-abac-00b3bda27fe2","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":101,"box":{"x":68,"y":98,"width":813,"height":11}},{"id":"77ae9d0d-6ae7-4605-8394-a85595a3a0fd","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":101,"box":{"x":68,"y":113,"width":837,"height":11}},{"id":"e8d6b33d-8f19-415d-a37f-f3be79df15ac","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":101,"box":{"x":68,"y":128,"width":714,"height":11}},{"id":"49067d6d-8af2-4ec8-9970-53baf1267e34","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":101,"box":{"x":102,"y":151,"width":328,"height":11}},{"id":"0fe1281a-7d53-466f-94a6-3ca7463e8349","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":101,"box":{"x":437,"y":151,"width":407,"height":11}},{"id":"12feae04-a9a1-48fd-9d03-a7a53679652c","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":101,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"fe78bd87-1205-47b0-be0c-a3431763c1bf","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":101,"box":{"x":70,"y":181,"width":827,"height":11}},{"id":"bdd2201c-5187-4d87-a9c1-64bfa1107dda","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":101,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"5250e252-d902-4909-9c16-75ec0edccbf1","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":101,"box":{"x":69,"y":211,"width":833,"height":11}},{"id":"a7a1080a-883c-437c-9420-b64260998e72","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":101,"box":{"x":70,"y":226,"width":661,"height":11}},{"id":"56e2d6aa-a591-4836-9d29-effad941e185","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":101,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"251a6bcb-5fa8-45c6-bda0-9d36d5e740a0","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":101,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"675a73c8-2150-40ca-8c18-4056e3873ea3","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":101,"box":{"x":69,"y":279,"width":838,"height":11}},{"id":"d28426d2-cdb2-4bce-baad-e11056e82c49","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":101,"box":{"x":70,"y":294,"width":836,"height":11}},{"id":"daff3fab-0d80-4c63-a913-40f1840a1f67","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":101,"box":{"x":69,"y":309,"width":791,"height":11}},{"id":"8a54ffee-ef06-4658-937c-13380f716bce","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":101,"box":{"x":70,"y":324,"width":792,"height":12}},{"id":"67d49f7b-232b-49f5-a5d5-81f3328ce772","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":101,"box":{"x":70,"y":340,"width":820,"height":11}},{"id":"2faa1a6f-6c95-4911-ae16-b57ab55c4af4","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":101,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"5718ad93-57b6-40b1-bae5-51ebc62f67f8","block_type":"box","text":"of principal because of the sequential payments.","page_number":101,"box":{"x":69,"y":370,"width":346,"height":11}},{"id":"4655edb0-6a91-4a5f-9a60-769afafae310","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":101,"box":{"x":102,"y":392,"width":723,"height":12}},{"id":"766247ef-6c4c-4395-b139-d70512fcf06e","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":101,"box":{"x":69,"y":407,"width":768,"height":12}},{"id":"6929819b-9834-4ad0-b12b-f4e811747d11","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":101,"box":{"x":70,"y":423,"width":800,"height":11}},{"id":"191f66a3-4652-48b2-be9c-c81132eac566","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":101,"box":{"x":69,"y":438,"width":836,"height":11}},{"id":"d59f6a5c-82f6-4c56-a78a-96619c591237","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":101,"box":{"x":69,"y":453,"width":793,"height":11}},{"id":"2366fa50-228f-46d3-bcc2-a6d32af5ba63","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":101,"box":{"x":70,"y":468,"width":767,"height":11}},{"id":"87263131-3779-4522-92a6-6e57270447a6","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":101,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"f187e788-3eb4-4d4a-9af7-20e4b9943224","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":101,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"3484b306-cc3b-4088-ac21-e11f3fe70aa1","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":101,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"9f5a9f45-2d6b-4aee-97c3-933f953d62bf","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":101,"box":{"x":68,"y":529,"width":836,"height":11}},{"id":"b3353c72-e0d3-4539-b05a-86071b8595a8","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":101,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"324fb6df-f84b-47cb-a202-1d07cbc505cb","block_type":"box","text":"securities of any single such entity.","page_number":101,"box":{"x":69,"y":559,"width":248,"height":11}},{"id":"9984f11e-9a21-4977-b5f7-447504c9651c","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":101,"box":{"x":101,"y":581,"width":807,"height":12}},{"id":"0af35026-b7d7-4a1d-92b4-542181b2d9cd","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":101,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"9f2752ca-2095-4dd4-8994-638752a50e16","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":101,"box":{"x":69,"y":612,"width":819,"height":11}},{"id":"d0009a50-489c-4a09-8371-c52474d5e411","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":101,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"eeb2cdd9-8597-4f5b-a433-4a043c2b318e","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":101,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"64a3b307-b985-45a4-9ee4-4ad1cfd09529","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":101,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"0cefc721-73f1-4038-b518-2ea935f32115","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":101,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"5c8e41a1-eb4a-4097-948f-b3e764c0fbea","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":101,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"dd3e6910-1fc8-4944-a1c6-444ec652c595","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":101,"box":{"x":68,"y":702,"width":813,"height":12}},{"id":"cf39f6a0-ee45-425a-a542-6a5a28f97626","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":101,"box":{"x":69,"y":717,"width":708,"height":12}},{"id":"8d4a9a03-cd39-480a-a886-041da2ab69f0","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":101,"box":{"x":102,"y":740,"width":742,"height":11}},{"id":"7fd19e67-4a53-46a1-b3d4-8674d04a7254","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":101,"box":{"x":69,"y":755,"width":784,"height":11}},{"id":"4c0a6e76-6847-45af-ac33-912a58ec8d00","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":101,"box":{"x":69,"y":770,"width":800,"height":12}},{"id":"eba1f69f-881c-459c-8e4c-feafa4d71f26","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":101,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"5aa6f153-255e-4ce4-9476-af0231bdcd4a","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":101,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"4a6c9777-b335-49a4-b4ed-e1e33803e7a4","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":101,"box":{"x":68,"y":816,"width":835,"height":11}},{"id":"8333b448-b38a-4802-b0be-014142bffa36","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":101,"box":{"x":69,"y":831,"width":772,"height":11}},{"id":"68e765af-5844-45b8-95d8-352d1b48683b","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":101,"box":{"x":70,"y":846,"width":792,"height":11}},{"id":"2e363f5b-cc9b-4ed6-80e8-f40a599b2880","block_type":"box","text":"classes.","page_number":101,"box":{"x":69,"y":861,"width":57,"height":9}},{"id":"dfb06f46-8a5b-42ea-bc8b-9da0ac58e41b","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":101,"box":{"x":101,"y":884,"width":774,"height":11}},{"id":"4b3da347-e6ee-48cb-8e8c-d610b33930ac","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":101,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"7dbfd814-34aa-4b4c-b7e6-81a247278eef","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2482aa7-bf81-4781-8aa0-95882725b07e","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a2eb62f-4e7f-4d9a-a024-926124fc16f3","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":102,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"cee7c08c-10fe-4ad3-a181-221b7d19fd69","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":102,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"3874f555-f05d-49f5-b417-d8151f2e16a0","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":102,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"eb3c5b30-7bf8-4f7f-b66f-c9ec40c7a62a","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":102,"box":{"x":69,"y":90,"width":541,"height":11}},{"id":"52c83cbd-a7e9-459f-b168-a0dd67ea4f97","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":102,"box":{"x":101,"y":113,"width":265,"height":11}},{"id":"1063c10e-fb1a-4c1d-9748-3386a0cba221","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":102,"box":{"x":372,"y":113,"width":523,"height":11}},{"id":"a5089ed2-ac7c-4263-9599-eb1d9a730eec","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":102,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"03eba9d3-f424-4902-bdb1-4fc7e68b1eef","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":102,"box":{"x":68,"y":143,"width":835,"height":11}},{"id":"b8590f20-f1a0-4a33-85d2-1502d0bec7cb","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":102,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"e9632873-0561-40fb-9c6e-718cfcf55ae1","block_type":"box","text":"to a designated benchmark index.","page_number":102,"box":{"x":68,"y":173,"width":241,"height":11}},{"id":"ff7bfa12-747f-4633-9760-a9b7235cefa2","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":102,"box":{"x":101,"y":196,"width":767,"height":11}},{"id":"be9eabef-aedc-47ca-8212-f87518329fde","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":102,"box":{"x":70,"y":211,"width":828,"height":11}},{"id":"40c7b103-043b-4eff-9788-1a730d643577","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":102,"box":{"x":68,"y":226,"width":837,"height":11}},{"id":"611bfb9a-93e7-454f-8be9-0d3e6c340770","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":102,"box":{"x":69,"y":241,"width":830,"height":11}},{"id":"f52b6866-513d-47cc-9b87-c364fe968aa2","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":102,"box":{"x":69,"y":256,"width":676,"height":11}},{"id":"cd92c432-8008-4b3d-a888-93b3d37d500b","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":102,"box":{"x":102,"y":279,"width":757,"height":11}},{"id":"ef669506-0c5c-4c55-94ef-b544595f3115","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":102,"box":{"x":70,"y":294,"width":822,"height":11}},{"id":"ea177fef-f9ce-4edd-9804-dea7b13d6ec5","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":102,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"f5224715-ce83-4fce-9003-cb9caa5fd8d9","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":102,"box":{"x":70,"y":324,"width":782,"height":12}},{"id":"f4557ae9-68b0-49c8-966a-4322bd410994","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":102,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"dda630ae-0800-492e-974d-72e65bfc1ebe","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":102,"box":{"x":69,"y":355,"width":544,"height":11}},{"id":"49af1ab1-87d8-4222-a0b5-a6851566676e","block_type":"box","text":"CMO Residuals.","page_number":102,"box":{"x":102,"y":377,"width":112,"height":9}},{"id":"a05f016a-486d-4d1e-8b05-35a917573055","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":102,"box":{"x":221,"y":377,"width":682,"height":12}},{"id":"0dd5acbf-4f62-4c37-a015-755a994bfb6b","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":102,"box":{"x":70,"y":392,"width":740,"height":12}},{"id":"f588bf97-b29f-4652-a168-1a17fefa2490","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":102,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"d57808ba-3a97-4c26-beb6-6398c53d8cf9","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":102,"box":{"x":68,"y":423,"width":826,"height":11}},{"id":"437a234c-7088-4ae8-b1ff-7cac464563a3","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":102,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"38366243-c223-468d-942f-a6c2e14325ca","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":102,"box":{"x":69,"y":453,"width":827,"height":11}},{"id":"374da04d-6b36-4f6c-83e7-f24bb2bf3155","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":102,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"fc81c372-d6b2-4b01-bdeb-b61ef069d6b6","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":102,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"bf311640-a90d-400b-8811-3cfb83d8ebf3","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":102,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"a28e99fc-1d6f-45d7-aca7-316d2c7672bd","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":102,"box":{"x":69,"y":513,"width":798,"height":12}},{"id":"49ea5287-ee57-4c52-894e-11f6482dfd1c","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":102,"box":{"x":69,"y":529,"width":813,"height":11}},{"id":"d8942bec-b5c2-400c-bc60-c4d33edd450c","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":102,"box":{"x":69,"y":543,"width":790,"height":12}},{"id":"17644a32-b153-4c15-a7eb-32f474c09dde","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":102,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"a21f1ed1-46c0-45cf-80a4-486fbfa7a980","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":102,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"64650141-d238-4eed-8786-6673f79dc5d8","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":102,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"f9951375-4119-4329-a278-c50b21b2697e","block_type":"box","text":"a CMO residual.","page_number":102,"box":{"x":69,"y":604,"width":112,"height":9}},{"id":"a800b4ba-71cb-49e4-9803-b3da2b6515c6","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":102,"box":{"x":102,"y":627,"width":758,"height":11}},{"id":"7de7ccdc-4176-495e-b2ff-935cfdc42a65","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":102,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"5a9bf7f6-fab6-4967-b998-4a5de6833f81","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":102,"box":{"x":69,"y":657,"width":769,"height":11}},{"id":"0498b6d9-d8ae-42fe-bf02-edcda53266a9","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":102,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"00a95097-40d8-4496-8f99-1908fb6010cd","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":102,"box":{"x":68,"y":687,"width":820,"height":11}},{"id":"f974afe3-1516-4cd8-a03c-d3d03b447f93","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":102,"box":{"x":69,"y":702,"width":650,"height":12}},{"id":"31a03e2a-3a65-450e-b426-dc3926c07b28","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":102,"box":{"x":102,"y":725,"width":267,"height":11}},{"id":"5e1f0da9-9f13-4703-abd7-c6201469d6d7","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":102,"box":{"x":375,"y":725,"width":493,"height":11}},{"id":"8d12ba83-f044-47c0-91d6-629285b7578c","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":102,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"2a7041b3-2de6-44fb-b98d-93b1d9fd2762","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":102,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"b36a2aad-8f3d-4d05-a024-4b54c8325590","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":102,"box":{"x":70,"y":770,"width":832,"height":12}},{"id":"35b6ce8e-f21d-4149-9b1f-9e8c1af4f8d7","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":102,"box":{"x":70,"y":785,"width":821,"height":12}},{"id":"4312abf3-7f69-4bbe-8494-2f6c3d53e119","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":102,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"ef87ef1c-3515-4d69-9191-541918f83252","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":102,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"25e10a15-5f52-42ac-b379-12fa26301472","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":102,"box":{"x":70,"y":831,"width":834,"height":11}},{"id":"47b3a97e-ada5-4e7c-af3a-32cddb09261e","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":102,"box":{"x":68,"y":846,"width":800,"height":11}},{"id":"dff674fa-4b41-4901-b029-c276ab277d32","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":102,"box":{"x":69,"y":861,"width":786,"height":11}},{"id":"35f0e36c-717e-4edc-93b7-34f058192562","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":102,"box":{"x":69,"y":876,"width":823,"height":11}},{"id":"2b4934cf-1c99-4045-9981-24d8ab89ae1b","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":102,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"5703cf24-c089-4827-b9b2-20f2fa042e3a","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":102,"box":{"x":70,"y":906,"width":824,"height":12}},{"id":"ae698ada-0254-4cae-b49d-8bc7676adf98","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ec56a0b-f1e5-482c-9726-93100da200aa","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c623ef6-d5db-4e71-98dd-7f4fbb27e839","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":103,"box":{"x":70,"y":45,"width":800,"height":11}},{"id":"fc090070-185c-4bdf-a1c9-3bba0aa3e729","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":103,"box":{"x":69,"y":60,"width":818,"height":11}},{"id":"895a230a-2280-4802-828d-17cf5da89f56","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":103,"box":{"x":68,"y":75,"width":840,"height":11}},{"id":"4cb55758-4e66-4537-85c0-3aa82a58baa5","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":103,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"f7510622-193c-464c-b7bf-15ba15a2903f","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":103,"box":{"x":69,"y":105,"width":805,"height":11}},{"id":"c3fca91c-786c-4513-ac9d-2f6955a6397b","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":103,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"2526c7b7-17a2-4985-ae24-bedaa48b31af","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":103,"box":{"x":68,"y":135,"width":683,"height":12}},{"id":"6279e6b4-b28c-41b2-838b-ca22a10a05ed","block_type":"box","text":"Tiered Index Bonds.","page_number":103,"box":{"x":103,"y":158,"width":138,"height":9}},{"id":"791e1bee-97d1-4012-9ca5-3f95552dc0f3","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":103,"box":{"x":247,"y":158,"width":638,"height":11}},{"id":"da134e4d-b479-436f-a0a4-9e7e11b1432c","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":103,"box":{"x":70,"y":173,"width":825,"height":11}},{"id":"1436b1c9-1b10-4396-9f0d-1687aa858970","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":103,"box":{"x":70,"y":188,"width":827,"height":11}},{"id":"0203e1a1-aaae-44dd-9460-dfe9c55044c4","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":103,"box":{"x":69,"y":203,"width":738,"height":11}},{"id":"3160b069-9f39-4336-82ff-74a392befb3c","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":103,"box":{"x":69,"y":218,"width":828,"height":11}},{"id":"e885a6c5-9840-446c-b80b-b39c15315587","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":103,"box":{"x":70,"y":234,"width":836,"height":11}},{"id":"9bba6670-5e2b-4f20-a861-4d25339b8d51","block_type":"box","text":"that of a fixed-rate bond.","page_number":103,"box":{"x":68,"y":249,"width":174,"height":9}},{"id":"0a7651d9-bd3c-4c86-9956-091b17ff3123","block_type":"box","text":"TBA Commitments.","page_number":103,"box":{"x":103,"y":272,"width":133,"height":8}},{"id":"1024631c-7b2a-40ad-b7f5-70ba857a4061","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":103,"box":{"x":243,"y":272,"width":653,"height":11}},{"id":"7daa8b94-a902-484a-9c2a-83af63d0cfa3","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":103,"box":{"x":69,"y":286,"width":834,"height":12}},{"id":"18da18d0-c887-4699-bd93-07ad49b2893e","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":103,"box":{"x":68,"y":302,"width":825,"height":11}},{"id":"ad1d0ec3-53ac-4b56-8f24-0c9ef6d1f810","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":103,"box":{"x":70,"y":317,"width":793,"height":11}},{"id":"4670166c-dbed-497e-9823-5077713f5bef","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":103,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"1dbf8f95-dbfa-4038-b3c8-7a4804cfcdd8","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":103,"box":{"x":70,"y":347,"width":804,"height":11}},{"id":"e7018c55-b362-4860-b6b0-41f731c70395","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":103,"box":{"x":69,"y":362,"width":779,"height":11}},{"id":"36846e13-dbac-41a2-b883-974b96e39033","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":103,"box":{"x":69,"y":377,"width":810,"height":11}},{"id":"1cb8daa4-4eea-430c-aa16-a875e3ccb654","block_type":"box","text":"below.","page_number":103,"box":{"x":69,"y":393,"width":43,"height":8}},{"id":"956db77d-5569-4196-aa96-7594bacc285b","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":103,"box":{"x":102,"y":415,"width":157,"height":11}},{"id":"a1fff7aa-c841-4ae8-ad99-9c253f8191c9","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":103,"box":{"x":266,"y":415,"width":634,"height":11}},{"id":"238c7b4c-80ab-4a4f-9b0c-72769881581a","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":103,"box":{"x":70,"y":430,"width":825,"height":11}},{"id":"e7fbeac9-4296-4d66-94af-efaf4ccc3313","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":103,"box":{"x":69,"y":445,"width":805,"height":11}},{"id":"28bcebfa-83ef-4a16-a01b-87861d65fc72","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":103,"box":{"x":70,"y":460,"width":817,"height":12}},{"id":"26df0083-e2b8-4529-838a-37d7d893bc35","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":103,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"91f21dab-e01a-4a03-a99b-e630bf2c89e8","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":103,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"7134a30e-fa4e-4f0e-a9bc-e21f3b625c9c","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":103,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"7eeb33da-31fd-46f8-9858-06da3adb11d6","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":103,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"1f5f4499-2b96-4ada-9f7b-dde3539f5811","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":103,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"3e2ae928-0d21-4616-893e-c5846ae114fe","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":103,"box":{"x":69,"y":551,"width":607,"height":11}},{"id":"7ba9d58d-e2e3-43fe-8e6c-973294834095","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":103,"box":{"x":102,"y":574,"width":744,"height":11}},{"id":"eeb108c6-a06b-46f4-917f-a9c31a68772a","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":103,"box":{"x":69,"y":589,"width":796,"height":11}},{"id":"45608584-cb15-423f-8ec3-a86dd64dcd75","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":103,"box":{"x":69,"y":604,"width":433,"height":11}},{"id":"4fb56bde-a120-42e6-8d4f-030c860a6272","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":103,"box":{"x":102,"y":627,"width":795,"height":11}},{"id":"88bae7a6-e07d-4316-8101-17720a64789c","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":103,"box":{"x":70,"y":642,"width":824,"height":11}},{"id":"7ce4de35-a457-40ff-b140-b9bd8186fb07","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":103,"box":{"x":69,"y":657,"width":774,"height":11}},{"id":"3e50a172-f85b-4d8c-921a-eb80690fe4a4","block_type":"box","text":"securities in the forward transaction.","page_number":103,"box":{"x":69,"y":672,"width":261,"height":9}},{"id":"7c4f326b-4775-4df4-b1ff-3d0df6a311cb","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":103,"box":{"x":101,"y":695,"width":785,"height":11}},{"id":"7e099fa6-6224-48cc-a74a-a992533dc129","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":103,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"37fbdaec-349f-4cb0-96b1-f13b29523b1d","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":103,"box":{"x":68,"y":725,"width":824,"height":11}},{"id":"f889a4ba-f545-4d48-a2ab-9618bc03bef4","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":103,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"37c8cd8f-42aa-4e96-b7f4-92a05c799b01","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":103,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"270a978c-ad01-4979-ba5b-2206afabbea2","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":103,"box":{"x":69,"y":770,"width":430,"height":11}},{"id":"7c0dd914-29cb-44b2-934d-831363c74b43","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":103,"box":{"x":102,"y":793,"width":759,"height":11}},{"id":"3c63b5df-e302-4548-a8c3-9c442192aa25","block_type":"box","text":"securities (","page_number":103,"box":{"x":69,"y":808,"width":78,"height":11}},{"id":"264def75-f986-4588-a1f5-63f61ac4b10e","block_type":"box","text":"e.g.","page_number":103,"box":{"x":148,"y":810,"width":25,"height":9}},{"id":"f48edc7b-e41a-4b83-b793-e0d3ec1c5870","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":103,"box":{"x":176,"y":808,"width":681,"height":11}},{"id":"751b4d14-a653-463e-9521-1b54e9a1accf","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":103,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"c2e2a9c9-0967-4612-bf77-a3d61464db3c","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":103,"box":{"x":70,"y":838,"width":783,"height":11}},{"id":"2a807376-2037-4917-8ec0-ac1df08e7230","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":103,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"e930b633-2cc2-41fd-a74d-c7023763532f","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":103,"box":{"x":70,"y":869,"width":830,"height":11}},{"id":"dd57a4c4-e7bc-415f-86a6-0547e9e9c530","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":103,"box":{"x":69,"y":884,"width":788,"height":11}},{"id":"61a7b595-5a80-444a-a21d-837f5ef19813","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":103,"box":{"x":70,"y":899,"width":489,"height":11}},{"id":"c3f6de77-f55b-42a5-bee8-122d48ef8eb8","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1555e3e6-578b-4240-b264-df2669c69672","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4bb20bd-d99a-44dc-89dd-a46511a8045c","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":104,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"f8d5c5d2-d9c4-4be4-882b-7622a804bd47","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":104,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"7173dc7c-a279-4345-8b5d-0cc765f0cad3","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":104,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"ca50bc88-8aaf-4976-b52b-f6f067014c82","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":104,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"fa397d85-50d5-40a0-85cd-7fe8073f49b3","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":104,"box":{"x":70,"y":90,"width":760,"height":11}},{"id":"6d81d9bb-24e3-4723-ad82-2736a0fb11b0","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":104,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"93eb03db-bb44-4753-b200-d47df1eb9681","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":104,"box":{"x":68,"y":120,"width":810,"height":12}},{"id":"79d8d313-989c-48de-b42b-22b20c2ae8fe","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":104,"box":{"x":69,"y":136,"width":764,"height":11}},{"id":"d2e54193-5a86-473b-909c-cb8d9f72d2d5","block_type":"box","text":"Municipal Investments.","page_number":104,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"12b2ca77-f2c6-427d-a46c-d60c484afe8b","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":104,"box":{"x":102,"y":181,"width":763,"height":11}},{"id":"c11bc07c-87cf-49a9-99d7-1695cf0e4364","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":104,"box":{"x":70,"y":196,"width":783,"height":11}},{"id":"a375e328-d882-4935-8c16-39d8a5a5ecac","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":104,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"5fe5d533-9be8-49f8-bf4c-6e8937a48f2f","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":104,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"b79ad7a9-e720-4fe7-84a1-6f65f6114aaf","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":104,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"8f216842-7e71-4dbc-b5ee-064bea053e0b","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":104,"box":{"x":69,"y":256,"width":779,"height":12}},{"id":"3531360d-7ef9-441c-a8a8-3e2ba2ca700b","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":104,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"ea7564c1-8415-4631-b019-d3c3b621ad71","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":104,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"c11bc9cb-b389-44a7-9e9a-0160d57a3d6c","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":104,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"1b681686-3531-4fe5-a623-68cc5929167d","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":104,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"5ffd7a76-d9ed-4b53-8d32-d2c19afbf184","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":104,"box":{"x":70,"y":332,"width":807,"height":11}},{"id":"d0b43f2c-b52f-462f-b437-f3be9fdbe92f","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":104,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"f5036fd5-d8be-454e-8151-ca13dab41f17","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":104,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"c10253f1-7cd2-4280-855f-77e927c99fe3","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":104,"box":{"x":70,"y":377,"width":826,"height":12}},{"id":"e560a85f-0f99-4b17-a0f8-b0720e6d1af7","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":104,"box":{"x":70,"y":392,"width":834,"height":11}},{"id":"d32f27ee-a60c-4a2e-8a59-88d4c4e5eafc","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":104,"box":{"x":70,"y":407,"width":800,"height":12}},{"id":"ce9966f1-4e8d-4d79-bbfb-ecde846fa778","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":104,"box":{"x":70,"y":423,"width":819,"height":11}},{"id":"937c1af4-286c-4c9b-a924-5eda9bf4afed","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":104,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"fb35554f-65ac-4147-8428-eb0a833c70b0","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":104,"box":{"x":70,"y":453,"width":805,"height":11}},{"id":"a25178c5-3ff5-4140-a888-9d4162feb94c","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":104,"box":{"x":70,"y":468,"width":721,"height":11}},{"id":"eec63ec8-9168-4576-b42d-c2b871dcb8b9","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":104,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"50d79eee-c3dd-4022-918b-0cfff11052a0","block_type":"box","text":"The risks and special considerations","page_number":104,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"a877ef14-ec6d-4818-8f15-2fda55c490c7","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":104,"box":{"x":70,"y":506,"width":806,"height":11}},{"id":"52cca016-3047-4148-86bc-d136f5cfc30b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":104,"box":{"x":70,"y":521,"width":810,"height":11}},{"id":"404ce7c2-3b5a-4e97-960a-63a3906d6737","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":104,"box":{"x":70,"y":536,"width":544,"height":11}},{"id":"d12f5401-6617-4108-a3d2-b5f685001611","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":104,"box":{"x":101,"y":559,"width":799,"height":11}},{"id":"e9c68207-d03a-49f6-a66f-1bbc6934ec5b","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":104,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"4b4b96a4-ce8f-4ce4-9db0-1a0e07d9ac7f","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":104,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"e9637cfc-5419-4420-998f-b6d344329188","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":104,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"e88fcc9c-e8c0-4cd9-9f1f-a602be2401de","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":104,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"e248245d-c485-451e-9c0f-1c56b12294d9","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":104,"box":{"x":69,"y":634,"width":761,"height":12}},{"id":"d1218851-b942-4505-89e0-460f57717029","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2c94ec4b-b8be-4f71-b2ea-da498b842744","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8036cbf-ca12-4823-a5a1-4dc473c77dbb","block_type":"box","text":"Description of Municipal Bonds.","page_number":105,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"59cfb6f5-5f0c-4646-85bc-d025acd36189","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":105,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"714d702f-3844-495d-b5d3-9b48c7bcb511","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":105,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"4d05b20a-9973-436d-85d7-a2e3a0281452","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":105,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"0aca1630-34b7-47e1-8565-591c24884ca6","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":105,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"2ba37f20-f842-45b7-b7db-c79583405000","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":105,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"b4e0a9f3-654b-462e-bf49-50a4aa36c547","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":105,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"82a61995-d339-4cdd-a27f-1d73e593e7d9","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":105,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"25cfc308-4c41-4141-9269-960c42cf6828","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":105,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"78e90536-a996-4da1-9e72-697b4c28985d","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":105,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"8cfb7427-b0cf-40d4-ac43-6ea729d74ffa","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":105,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"e48ba53c-57d6-45c2-baa1-0cc65fe3448b","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":105,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"7b245886-734d-4e9c-a2c6-f4be9529e8d1","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":105,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"b90763c4-12c8-44a9-95e2-a31574a1fc28","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":105,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"50504f82-e473-46d6-b209-952f83c3b88c","block_type":"box","text":"General Obligation Bonds.","page_number":105,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"e492e29e-6b42-4d8a-bf18-c69b004869a2","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":105,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"191ff8bc-edf2-4ee2-bb94-bbef7a34f2c0","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":105,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"5108ca4a-8b90-4298-b148-88e2cb00db77","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":105,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"16416e97-e84f-4dbe-bbb3-02541ce9942e","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":105,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"efe27021-71bc-4dfd-b088-cff4ea888d12","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":105,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"0a033de7-0b92-4284-86c6-590074ebb26d","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":105,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"c7da19ad-fda1-4383-8dec-ed06a7cedca0","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":105,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"2713881a-eab1-404b-9843-26dfdaf06615","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":105,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"8a300f76-b2cb-4995-b98c-50d62c5265fb","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":105,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"08bb889f-4221-4519-bb62-55102904abb4","block_type":"box","text":"Revenue Bonds.","page_number":105,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"1284ec09-e578-4fe4-9b74-433eb2703092","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":105,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"7e3f2b49-914c-4c8c-ac32-30ffa634e48d","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":105,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"0f76b80d-dec2-4000-b8d6-73c5b9b77081","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":105,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"9b22d293-34ec-4e95-9f83-074db0b12036","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":105,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"507b7f5f-fc2b-4f6b-a3d0-2bce5de121c0","block_type":"box","text":"viability of such facility or such revenue source.","page_number":105,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"d29ad1d5-19c0-46b7-b73a-c55c5b6628fb","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":105,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"083efd73-0fe7-4dd9-a718-542fc738fc25","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":105,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"60e5832d-fc27-481f-930e-ae0312f5e80d","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":105,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"9fe17a66-cceb-45e1-bfaf-366649a8db6b","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":105,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"2242369b-61bd-4bc0-9732-1e42caed2d6a","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":105,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"5d94d740-35f7-4ed5-9fef-d23f6c210b1f","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":105,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"7c1d939a-51f6-43eb-8285-9a098c7cd033","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":105,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"80618c76-02ef-4efc-b794-5d25b6c159a5","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":105,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"38dc8ea7-cc0c-4588-9b10-7cba23097690","block_type":"box","text":"PABs.","page_number":105,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"84150bfb-463c-4e2c-80ee-dc1bfff31bab","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":105,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"e51bedfc-718c-4780-a393-ff731783f78a","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":105,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"e89dccf7-a329-445c-8069-cc344d9719be","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":105,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"efea833c-31a8-4c0c-863a-1f0ab1591114","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":105,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"923f4888-9093-4fc2-92bb-103a54bb97c8","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":105,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"60c7ac49-1e03-45ce-9cb5-27747e07d776","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":105,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"8397bd44-44ed-47c7-8c81-ca316a5b83e9","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":105,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"be6b83c9-4798-4936-8f4a-3f9b3c6e0ca7","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":105,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"57858e75-f667-48a5-8979-78556a0e61fe","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":105,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"e010989d-7507-453b-b39c-49205052297a","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":105,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"8cbf9122-f7aa-4790-bd11-87dcf1ed9660","block_type":"box","text":"the par ticular facility being financed.","page_number":105,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"372eea45-4681-4bb4-9f7f-df1852ec895b","block_type":"box","text":"Moral Obligation Bonds.","page_number":105,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"7e3edc13-72b1-4519-972d-2675da19c951","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":105,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"36beca22-61f9-4f3e-866c-afe5327c4411","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":105,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"5d69f165-4a8f-498a-82f9-8189472cfccd","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":105,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"cc1d2e28-863e-43df-8eab-61aa295847c5","block_type":"box","text":"that issued the bonds.","page_number":105,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"12c392c0-e746-499d-902d-0fa4b7077c30","block_type":"box","text":"Municipal Notes.","page_number":105,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"42400c2a-1bb2-428a-aa65-1087f7d6b5c6","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":105,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"a8b6d037-d8fb-466a-b315-23426df807e2","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":105,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"a24500ab-35a0-4244-a78b-d8fcb87da9f8","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":105,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"3d26d015-6159-4a35-9e77-e87ef1563eeb","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a4b1c1c-44bf-4ba1-b5d5-c41a49baf7b2","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"573fd68a-86ad-46cc-bd25-2e972ec13ac6","block_type":"box","text":"Municipal Commercial Paper.","page_number":106,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"8c3f8fd8-eab2-434d-b657-7b7657c335e2","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":106,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"56018cdb-fd58-4f0d-a36a-92ed90c1370e","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":106,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"dbe8bf3e-acc2-4016-b418-95247f900d55","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":106,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"01c6983f-1042-49f5-8e5c-b471be4a7186","block_type":"box","text":"Municipal Lease Obligations.","page_number":106,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"d35d55b5-f115-4506-b61b-8dd938911e08","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":106,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"2c42fc40-d5af-43ee-91bd-038c091e7a2c","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":106,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"3b312d42-8bc8-4152-8c9c-1ec7d8a83658","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":106,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"39f72f61-cc65-41a4-9b36-8f9cde16cfe2","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":106,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"37959643-0299-473b-bea6-17867a35f860","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":106,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"a80d8cb5-b1aa-4fa3-b03d-0fd0910a9478","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":106,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"902110d1-b068-449c-a378-8a47449b96ee","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":106,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"d6a05b1f-7ffc-4da4-857b-1917872da73c","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":106,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"ac1eb8e3-8bb0-4f20-ae59-e2b456ac67e5","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":106,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"2c43ce25-765c-4e22-b76b-9125246a20da","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":106,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"957a575c-8181-428e-acc6-d264ed861065","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":106,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"d3f5b889-5237-4a1c-b35d-26710565d15b","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":106,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"bcfeec74-c09a-492d-9fcb-8ec8456f7dd3","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":106,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"3cdd85b8-746f-42fb-94a1-9afa2c67431a","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":106,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"27b800c1-14ee-420f-b28e-2fed89e0f982","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":106,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"118d1ccb-ca79-49af-9ee5-cc96b8d687ee","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":106,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"ae7a4ebb-eb4d-41a3-9fd3-474f564bf1b6","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":106,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"bcf95bc0-a872-4435-b44e-c30f5593534f","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":106,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"c944cc09-03f3-4ac8-9fb3-8b60010cf0dd","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":106,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"a950fb3f-25b1-4257-a022-ab0e2b229c49","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":106,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"d9bfd592-84b1-4f4a-85be-cffa4f302dbd","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":106,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"1f0155b4-022c-4b4a-9968-65ee3deefdbd","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":106,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"f5d19193-f294-48d3-84c7-26e9bdd53e2c","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":106,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"5200ebec-478c-4398-a951-e218f08d6b7d","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":106,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"3be0a503-dba3-495d-8061-c7a45e239bdb","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":106,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"9216420a-7afa-4f05-a5b8-220ef0d88f11","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":106,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"d2de0df3-3c1b-4cc0-8c40-8dd16ef09866","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":106,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"47ab56b4-ae22-429a-ad92-9de1f7ef4065","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":106,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"dbc221d1-fdb4-4a42-aa70-63a9c6825cab","block_type":"box","text":"Tender Option Bonds.","page_number":106,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"cf8d97a2-4292-49de-b2d0-f519ff9c8ae0","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":106,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"c819f61c-aae4-427f-9705-cbfa12e900b4","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":106,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"a54aeadf-e113-4dbf-8288-fc1d6d6c89d5","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":106,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"c4bffe84-3edb-4c64-aade-7fc2304499e9","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":106,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"c6b582a9-2122-4165-85d8-afc11b15e9a1","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":106,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6953ddfd-1572-4bc9-ad45-3711c88891ee","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":106,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"b15d01b7-0cac-42a0-9b04-d97dd78d5188","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":106,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"bea61ecb-9703-4d61-8569-3f47a62f13f6","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":106,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"365c0d9f-5613-43d6-a20d-e71c14de9706","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":106,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"66e35d46-c8a7-4d95-9670-0a0d60753418","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third-par ty investors, and","page_number":106,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"8ee8e664-c3a2-40f0-89ab-ca6da9f6ee56","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":106,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"3bc40e73-f2b7-4bfb-aaf5-cb7e50408aee","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":106,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"d698ea27-d43c-4c68-9d80-26f495498a63","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third-par ty","page_number":106,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"70adfeb9-947f-4b9e-bbb4-ca26d087f0ef","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":106,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"93dec022-563f-4a22-95fd-92a8356d2192","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":106,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"781ef77d-c941-4f79-b279-158a57832327","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":106,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"ab70971b-7475-4892-963d-de713228370f","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":106,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"27c10237-4542-4445-bd79-a3300dc50584","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":106,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"038fad72-dd18-48c0-b3e0-935b57aa8b49","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":106,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"1e332e3a-4160-4a60-b8fd-9209a74e97b9","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":106,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"c6e7989b-535b-469a-a2a6-21b2d8eb71fb","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":106,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"e9f9ac7a-54f0-4cda-acb2-493e6c288fef","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":106,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"93cbf50c-934e-4673-bca2-60eaf5e84a5a","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":106,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"cd996ccf-f36c-4d93-b78a-a1d6842280b0","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":106,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"097ea574-a915-4342-a23e-319afde5a4a3","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22160115-e21a-4c81-a3c0-60d46f58fe16","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abea8540-fc7b-480f-9d5e-f3ad374048ea","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":107,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"a0e2e2d2-c1f4-443f-891b-9a0e9ec952b4","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":107,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"150aca07-5e18-49d5-9399-7db465784293","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":107,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"fc067e30-06d1-46fb-a95f-e34ff0690508","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":107,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"264406ca-b6b5-4892-9812-492737d4f4ea","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":107,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"73621b73-2e40-4e23-b70a-ceff589a5b16","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":107,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"40f99a28-ea3e-4de8-8d64-974ac8bafbab","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":107,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"bcec6aff-254e-40ec-8ce2-36198e2ede26","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":107,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"57a2d10c-c4e6-4f59-bbf7-70dfeec9bf76","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":107,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"cd12071f-bb89-4424-b8d8-ef19e0107f7d","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":107,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"2547a629-44c0-4216-8642-59ae61941d7f","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":107,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"59ae7f0f-159d-4644-93d0-da359a00fa48","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":107,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"34e4e09d-7bbe-4436-816c-191755f09055","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":107,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"899d6c95-6821-4c06-83f0-2fcef38a10df","block_type":"box","text":"issues.","page_number":107,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"929a2b83-933d-425e-97ba-509d1802763a","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":107,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"04352a9b-00dc-4cbf-ba53-78754e066a3c","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":107,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"e60130a4-31ef-4ccf-96b0-b41e0fdd9550","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"c2a3e395-2d6b-4e8f-a05e-5be4047f4b30","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":107,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"b88eafc5-62de-42f0-9042-abf1cbba3ef0","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":107,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"dfed9501-14af-4868-868d-2a3d6ba708fb","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":107,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"59304f3b-0da5-4ae4-8db2-19fbafa74c44","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":107,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"519acef5-c35a-4ae0-b2b5-2504f42f69e6","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":107,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"91b3f6af-c246-47e3-b433-3659a4113ac2","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":107,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"2df1c159-4800-4719-a46e-ab0ac200bfc3","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":107,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"098dc0a6-66e7-4a30-8a8d-4b5808697357","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":107,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"f6b163da-8767-4b9d-96a3-0781893ec983","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":107,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"477cfa36-799c-4b62-a071-972c8cd25c16","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":107,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"c65991ea-f86b-4676-a451-1f7fd0384d20","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":107,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"3c47a881-4578-42b2-b73b-35238c1b7990","block_type":"box","text":"i.e.","page_number":107,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"335209ed-6a8a-4847-a6a8-83bcc24e683a","block_type":"box","text":", the Fund). In contrast, in the","page_number":107,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"2ce586e8-27b1-4126-b759-53bbe2725047","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":107,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"8549815b-7ee8-4db1-86e0-59f013281f1b","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":107,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"382d5895-91f2-4d63-a9cb-0ef19a9d56cd","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":107,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"c45e5413-7cb4-42d8-a491-8e31ee7e7405","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":107,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"91408271-d35c-45de-9dc9-cefbb3933077","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":107,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"45c4a637-621c-4f4f-9041-e5d4a1e044a4","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":107,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"09f89877-e5e6-414c-bab6-111892a7627b","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":107,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"9e18b3fa-8d90-41ef-80f4-d51812747b3c","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":107,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"724a6e89-9f7d-45ba-921e-9c82e3d02cc1","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":107,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"3ab4e4e8-9dfb-4b38-be0e-d6ab39d336db","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":107,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"7d98c3af-542a-4b6a-ab82-de4451d8af28","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":107,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"71ba040e-d957-4e4c-babc-83c56a89b335","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":107,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"b2802171-c85f-4148-acc8-46a29f593e19","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":107,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"60f6aade-0699-42cc-a799-f1d3f802d1ea","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":107,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"2ec0bc6d-8ad6-4f26-8bcd-46f2e55fa33d","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":107,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"e3771036-37c0-4e40-9d2e-f11bfbe61a22","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":107,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"e9a270a3-8782-4bd8-9e24-9140a2e69349","block_type":"box","text":"Trust.","page_number":107,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"17f8e783-8e8e-4b06-a70b-cf370acecb5b","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":107,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"c5660b87-fef4-4e64-89af-c85b2fb2ba4d","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":107,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"2203ed6b-aa5c-4aec-b1c3-3bf13e4c49d7","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":107,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"1603c55a-67a5-46a2-a5cf-5d60a86c0f9f","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":107,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"4eb217c7-2c71-4fdf-b27b-781ac081c144","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":107,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"dd7bf8fb-35cb-4a2d-bc9a-06808c64f81f","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":107,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"674090d2-42a2-4141-a119-d6c519f9baf4","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":107,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"038f3e8f-7002-436f-82c0-a8ef1a50a886","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":107,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"240e9830-ad66-417b-8ec5-0e3ef9c32444","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":107,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"bfd665b0-075e-4677-b7a5-4578c37a3d4b","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"48710284-9475-42ed-ae3c-dec92e60b5a5","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"560ba308-e43c-43df-b79d-c3fa074aba31","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":108,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c4b226f2-d8d0-469e-b3bd-78fa236022ce","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":108,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"974ab2c5-42ce-406b-9e16-54330f593f81","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":108,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"260b9188-be17-4dc6-b13b-eae251578aeb","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":108,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"3ccb1684-55d1-4b35-a265-fd5ece15758f","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":108,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"5955023a-ed13-4961-aa82-1a11e9904de0","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":108,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"65790ff1-94a4-4642-bb7c-c527eb2eff34","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":108,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"7927bcc1-190a-452b-9496-a39dcac9c444","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":108,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"28f931c3-ddc3-4ec5-b231-522e96004a01","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":108,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"636e0d9a-9713-4474-9de0-bf835c3f6f32","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":108,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"4ac6c1a9-a44e-48ee-8ca4-b0f729434a8c","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":108,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"9a8d651f-51dd-4c7c-82df-2f829ec16c51","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":108,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"0302dc56-04e3-467c-bc2a-8bed7bda13e3","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":108,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"e65962b5-a7fe-4cfb-9a50-a266d2a8837e","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":108,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"70dd0d7c-ec06-4eb2-a4d9-3c9e549f2f98","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":108,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"6d5278f8-e789-4477-a25c-889738ad2cfe","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":108,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"7c952b59-e823-497b-b29d-5883425576f6","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":108,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"a606d40f-2092-4e7e-9e2d-ef63075baa7e","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":108,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"b6d4a742-c47e-4271-8905-704350be4627","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":108,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"b64fc11d-153a-48e6-a359-29b99cff80cc","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":108,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"ff29b3a2-f5ad-45ac-a05d-43987d94a70f","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":108,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"dc65bfee-da33-4f5c-9131-94c89ee709a8","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":108,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"750c0a1c-023b-45bc-95b0-b15fa6633f1a","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":108,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"f4982074-3e69-4fcd-ba61-a1c6869de662","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":108,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"b5d5aa36-9454-4a6f-88e7-6d1a4d28e6f1","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":108,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"a058febe-f6cd-4e78-976a-21970ee32f13","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":108,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"63f791ea-9bf1-42e4-bb59-ed13cdc6f253","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third-par ty investors, and the proceeds of the sale of","page_number":108,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"f5c3bb6c-95db-4076-a036-920424eefd88","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":108,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"5bcfbd50-89ce-47b5-b14e-0596b4f44438","block_type":"box","text":"i.e.","page_number":108,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"ba6ebf1b-36c5-4bac-8741-4ccc7734f7dc","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":108,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"cf9231d3-8187-4ddf-b479-42582ca34172","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":108,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"5233b7ef-bb29-45a3-aa50-0ffc300a4768","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":108,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"ef9fae77-67ac-4dfb-878e-1092aa8de6ec","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":108,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"c8e7b9be-7762-411b-84fa-367c8922e496","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":108,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"170ab423-2416-46ea-a87b-dbfb081e7f6a","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":108,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"032d87ef-8430-4eda-96fd-be54c47c1ce0","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":108,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"1cbd6c64-756b-40ae-8adc-d5c48d81808e","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":108,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"d67c02d7-7c8e-4901-8967-5b6cdc0889e6","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":108,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"040d2cde-2ec0-4351-b454-05474d51c65d","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":108,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"4b125c7b-805d-4146-a9df-2014c0f7faaa","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":108,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"6d3f2e6c-fd87-4336-a281-854e842400fc","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":108,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"fe30f07d-03f3-4d63-92a7-6e4a656e41b5","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":108,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"5f26c6b7-babc-41e6-be7e-cde6bbf09468","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":108,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"b7fa0c8b-bf8a-4ae8-a9aa-5c26a62f64c5","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":108,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"3cd3f11b-c810-4663-b631-6f01fe194f9d","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":108,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"fc719918-d2f4-4272-b75e-7d5b5c0ae0c7","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":108,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"db9314a1-f356-430d-94e0-82623252becb","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":108,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"e6563b4a-f1c0-42a3-9ea0-d0833a867b98","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":108,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"c4434fae-589a-4e3b-9141-21e5c49a3877","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":108,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"2d6d7329-921d-4d58-89b3-7d0249f4d3c3","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":108,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"a11f3318-c7eb-4fca-8331-65bba85c49e7","block_type":"box","text":"market is not yet cer tain.","page_number":108,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"de06a82c-8cad-4a6b-9ace-b38e29c2a26b","block_type":"box","text":"Yields.","page_number":108,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"3bfcc265-88db-42fc-9746-f913f96dc0ed","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":108,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"3286e57f-f3fd-46c8-ac26-5b5110bcfea4","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":108,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"4e704c6d-f69f-4121-8df0-bb4edf6fe530","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":108,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"1169f152-beff-4df6-8917-74729c2a025e","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":108,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"cd9c7afc-a56b-43d6-811b-f2d67697bfef","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":108,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"f6a3d225-4b59-4943-945f-898ece2d1d05","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1b82755-5780-4fdb-b7d8-6a61ca7234c1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c58c9d3-2c80-466c-9e44-f69ce5fd5637","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":109,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"6387aef9-9e84-4fa7-980f-79d57ecf7696","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":109,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"a0c03e12-b48a-41ff-b390-60bfb350326d","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":109,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"a6785d07-33ab-4011-9fea-1c98c701c6b3","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":109,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"c09fccc3-9636-46fc-881d-adbb4e16f29b","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":109,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"4fc0d2ae-1797-495a-97c5-2b3557c512ae","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":109,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"454198a8-dbcc-4f06-b5de-5df11835edd9","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":109,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"4038e4f0-d74a-4462-bbda-71ca8e604faf","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":109,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"2786aa16-4d05-4a33-bab0-7049b0918f9f","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":109,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"8fd479ee-5865-41ce-882a-581480a32f9c","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":109,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"9a7054c7-c748-47f2-8614-470503df4d8f","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":109,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"b603da86-358a-45a6-b036-d0b5a98fceb8","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":109,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"ed2af796-75f9-48dc-8e82-3b3960dcb5d2","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":109,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"5b18fb34-2313-4f7f-a082-3703a68b072e","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":109,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"5a318201-b80b-4dc5-b350-b8dfe5c0299b","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":109,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"219e83cc-c365-42ca-92d3-8186d46d2c4f","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":109,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"0d46b66f-2a8a-4d48-a2c4-cf00058d90c5","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":109,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"ad0c4f68-c3ad-4530-9e06-15ba571e725d","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":109,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"4228e9e7-aa7c-49fb-88a9-1a9f0f3bc09a","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":109,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"91ba9220-59bc-4115-a629-cd5c6786f9a2","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":109,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"b2cb6ff0-af63-497a-be84-2bd4ed5158d3","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":109,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"8bb4a019-917e-4d38-9872-cb3fd456cf7e","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":109,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"61e9f309-5af0-417b-a3b3-5fd4c55804f0","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":109,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"c0a0aba3-59f9-4757-af1a-762130e6ba01","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":109,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"ef1e0879-262e-4bc9-894f-4f498106b02d","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":109,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"79dd09c7-9805-4f0f-869e-bc348a2c0ca2","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":109,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"4c6a1b19-f404-47db-a9b2-2af2c46efe60","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":109,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"3e3f70cc-53e3-4e0b-90ed-61d546358410","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":109,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"44d53064-61a8-402a-8f32-520ccc161940","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":109,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"2cb67531-8924-44ab-95bf-165c9a868365","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":109,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"22a0f793-a11a-49d1-aa66-205d0929ed3e","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":109,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"fd463283-6579-4d49-a93d-701cd2c71001","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":109,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"96a66dbc-a842-4d7c-baf8-f63a036b9cb4","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":109,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"ec02b9b7-c8fb-4993-b5cd-5b2fa2487311","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":109,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"e45c9395-ca5b-40cc-9404-d1dfdc35cd60","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":109,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"58e23af7-30a6-43ec-bfe5-4bd7f96d9830","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":109,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"2b2b035d-6cca-4be5-b301-8acda43cc95e","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":109,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"572954ce-7051-4361-a61f-86d42e4c8257","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":109,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"f75c6425-1e2d-4dc8-92cc-81991a7a4429","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":109,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"d929d174-382e-4e3f-86bd-262bb9a451d2","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":109,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"4c49624f-5cfe-4136-ad9f-1ebd0128e220","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":109,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"a8557e8d-c6f5-4a49-8831-8cc16d5936cf","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":109,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"aa4519f1-f8c2-4aec-bc55-311bbd9cda78","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":109,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"cf881177-b9b6-49dc-b84a-e90d0ccedff8","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":109,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"7f8d640b-2d6f-45ad-b9e1-9171c51fc161","block_type":"box","text":"Call Rights.","page_number":109,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"76872277-aafa-40d8-a283-8592592f6759","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":109,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"a4edc976-cebe-4888-990d-9be87c3702b5","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":109,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"480aa621-6a5e-42ba-84db-e434dc57e1ce","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":109,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"31b95703-26b0-402b-bad2-f0782ea3387e","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":109,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"de713d22-9166-443c-b1a5-604fda23d690","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":109,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"3952e60e-e1e2-4c49-9bf2-2ad8cc77496b","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":109,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"35154b59-a032-4fcf-9609-d3ef2752e396","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":109,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"2df1bc7f-aa99-4772-9a79-813aece72d5b","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":109,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"de5b4e00-8729-4d69-a327-08d236a96624","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":109,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"251d30fa-57a7-4c63-b03f-9b0a03c19c29","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":109,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"f57e26f3-a0ec-42cf-b061-3b0587a1fd86","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":109,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"d21e85e5-2fed-4b43-850a-505a0dc76a24","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":109,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"41a16a31-de5a-4fbf-bd98-e09fabfa5604","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":109,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"cbe85a67-d7c7-439d-b2ad-569396c7376d","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"62ce4314-5747-452e-b9be-11ca115603d1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c6f40cb-0dfe-4fa3-94a1-bd1843f63189","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":110,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"e8b06d81-714e-4be2-a50a-e898c6821ee2","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":110,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"020c46fa-6e91-49e8-bff5-de892a79233d","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":110,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"0c50f7d5-634d-484d-a91d-d02f85219ceb","block_type":"box","text":"i.e.","page_number":110,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"e8116ff9-23d1-417c-ab0e-9061dedb2ce4","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":110,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"94ccd7a2-6622-42aa-92e7-6c214edf739c","block_type":"box","text":"rates).","page_number":110,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"6b6a7791-66d5-4f39-bfc0-d65949db7548","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":110,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"ab24eaf5-b70c-4681-b047-9f4272e41434","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":110,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"8982ca00-3c0d-409b-8519-c1ec8a24b986","block_type":"box","text":"e.g.","page_number":110,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"069a7397-72e9-478b-aac4-4f30cdd5b9ce","block_type":"box","text":", an exchange of fixed rate payments for","page_number":110,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"a0781717-9630-49b8-9b36-b6ef8d845554","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":110,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"03a5c17a-f1b7-4f30-abeb-e6c7eab7378f","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":110,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"d3854485-f812-464b-9846-028f20427078","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":110,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"3fb1feec-1b77-4ba5-af34-acc90990811c","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":110,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"6486a3ef-8d4f-4dce-a1cd-10c78e714954","block_type":"box","text":"with the same attributes as the swap (","page_number":110,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"ae89eb7b-9b12-4c8b-8f05-f68fd5ab2cf7","block_type":"box","text":"e.g.","page_number":110,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"fe76191e-5d4e-4b9d-900a-66ddb1f2e558","block_type":"box","text":", coupon, maturity, call feature).","page_number":110,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"b00f3bc1-cdfa-4e21-a0ba-d1d62c8f4dee","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":110,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"bbbd19ac-f6be-424d-bdc2-a1f8cb3d07b4","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":110,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"3c602004-87ba-4649-a61f-a8e9abb8e976","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":110,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"1d5fca59-20c0-466a-a351-8f93c75935d9","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":110,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"ddc87e03-87f9-4206-a1a2-878f4373316f","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":110,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"3fd609c2-f88c-4028-bb6a-2472357d058b","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":110,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"243bc6b7-ae78-49ed-b135-815367aa2b5f","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":110,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"6d2d0c11-4720-4599-9547-595b0f0ff593","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"6823d28f-be18-4afc-97df-763f5becc6a7","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":110,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"336018ac-aaed-4ac8-b065-0850ef84630b","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":110,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"6b4931ca-cf21-4693-816b-35640d2a5cb9","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":110,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"83d88fd1-d63d-459f-8350-157f11756f59","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":110,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"51680ab6-ad7d-4f64-9392-a6dadb827c8d","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":110,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"2420781e-ed6e-442c-bc31-f8fad4e4d98c","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":110,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"1ebef486-52e8-4c53-b77a-3f4285d97d2c","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":110,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"25bc23f1-9ebd-417c-853c-146ecde0b048","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":110,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"82edcd1c-0b80-4090-b0a4-779d419e4c76","block_type":"box","text":"Insured Municipal Bonds.","page_number":110,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"f3091906-b6fe-425c-b790-c96dfe1f34c6","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":110,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"9c6a7b5c-9a47-4365-9bab-caa484b2b86b","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":110,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"5e84eacc-f6c8-47da-9f23-5e5436743c1f","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":110,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"fe3a446f-9a80-42e7-a930-5cafd53ecfed","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":110,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"8a38facf-5600-42bd-9880-1ac9493a9f1e","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":110,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"e8f87393-144e-45f2-848b-83caf66b0d74","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":110,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"e7b23cf3-d907-411a-95ef-ad0bd86d4fc8","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":110,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"70623ddd-ea2f-4ac8-b759-a472eee7bffd","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":110,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"6fe7a0ea-eb95-4c01-b191-b9a3caa41665","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":110,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"161d05af-2c6d-49bb-b9d8-6b356f426000","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":110,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"67db4a76-fd10-4c12-9948-62c3aae7a335","block_type":"box","text":"bond could drop.","page_number":110,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"1cf91cc0-8ee6-4914-87c7-c2f4a894b5fd","block_type":"box","text":"Build America Bonds.","page_number":110,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"4269203f-5705-4881-a29f-72bb47e69c80","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":110,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"9833d728-2176-450b-b684-b3c625f92af6","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":110,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"d898004d-bb09-4b0b-a19a-af7ab8d7be3b","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":110,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"9e382d3e-0e4a-4aff-b086-15cd77022e89","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":110,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"a2d05fac-fb9d-4ab9-be06-0c9a16a14e86","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":110,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"57168745-b0c0-4a3f-befd-f6790c845c21","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":110,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"1c57fcb8-548a-4ec9-b82b-3d8a3fd81ca9","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":110,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"bbefe734-cad4-44c0-b435-5682989fe0c8","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":110,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"8d14200e-e0a7-45e3-a530-37d38903b2c6","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":110,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"3a93a0f0-22ba-45b1-8de4-cbc60e4df8c9","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":110,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"1f1d18e2-5cd9-4dcd-b113-477a746f9141","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":110,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"ba05f55d-3595-4e6f-9eb1-3341f3d09638","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":110,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"2cb41368-2f79-4fa3-b73c-67a0aa14cc1f","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":110,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"63da3bf5-7d5f-4b6a-88cf-a6682d8b37c1","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":110,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"7c50819d-f2f1-4593-9917-674b0fb716f6","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":110,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"5ce300f5-d5af-4e07-a207-966f3fccf108","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":110,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"5f18e1b5-29d4-4581-a0e2-ff96b2b314e0","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":110,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"44881fc6-6e11-4634-8a1d-d7d128b44c1f","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":110,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"d52bc00f-ec8f-4ef0-8f9d-3505047871a3","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0ff15b69-0ecb-40ad-9731-e4d03e3cd7e3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"29375e95-d7d8-4f12-9252-07a0c9323323","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":111,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"40bd54f3-1a8a-4052-a4c3-49c12661b5ff","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":111,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"d4cd0106-d506-486d-b85d-109d7cb654d6","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":111,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"ccfa95ee-e405-49a8-837c-b0fec05c1d57","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":111,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"a886c56a-fbb9-4daf-be6b-aab5abb147bc","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":111,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"68006fff-0eb0-49fc-a38a-a6b59f20b7b5","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":111,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"9d2fc85c-dfc2-4d90-b9d9-75156febe83e","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":111,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"8ca8ba6c-723e-4937-ba71-30f49ed4c74b","block_type":"box","text":"their face value to the sponsor (","page_number":111,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"d81fc960-2781-4cef-9764-1bb2620ce199","block_type":"box","text":"e.g.","page_number":111,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"937f3902-d990-472f-9041-db6404ff1a09","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":111,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"a68dd746-d98a-4a97-9fb0-ddb488a3f626","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":111,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"74c299d5-3161-4c98-b25f-d7b4886bccf5","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":111,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"872e5c24-f198-41ed-ac52-b403286f263e","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":111,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"e46615a2-d234-43b8-b9cf-51c755390133","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":111,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"2db4bc2b-2c72-489a-b2ce-78fe16ea321b","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":111,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"cab5cb97-de00-488d-a741-4568c5e2e857","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":111,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"67b571f0-daa1-4c02-a250-fa5cd64079c2","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":111,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"46801e5c-f0bf-472f-8c54-fa2ce68128ce","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":111,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"a9b0a5c1-d77b-43b0-89b2-5b0ea6280008","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":111,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"3b6715f4-fd99-479a-9ddf-40539ecf5feb","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":111,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"29a0a4fc-2d32-4fb3-a89b-abdc03ce985d","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":111,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"0af1bedc-0425-4774-ba1a-352972e60e71","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":111,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"ce6793d9-6bff-4b91-b2b2-4d6a8d9c29f1","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":111,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"093daeac-a591-41ee-a669-a109415db17a","block_type":"box","text":"such opinions.","page_number":111,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"fd207286-725f-43a9-9dbf-e2b5b602dc68","block_type":"box","text":"Operational and Technology Risks.","page_number":111,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"d9582937-3770-4e5b-9650-b63dd96a423c","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":111,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"3a5855df-4e13-4f36-b800-e4c0bf59eeed","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":111,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"baa19c60-2837-4d86-9e07-f4b360377224","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":111,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"a37b1d65-8bfc-482f-b6ab-4f29975892b9","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":111,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"3586d8a5-5a98-4934-a0ae-13b0af9731c3","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":111,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"b475e47f-ac74-48a0-9d2c-04641b4bbf4a","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":111,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"369b66c1-c4ab-4499-acfe-077c7d805bf3","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":111,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"376d59ce-d0e0-4e25-94ca-cf7f91b282d2","block_type":"box","text":"governmental authorities. Operational and technology risks for the issuers in which the Fund invests could also result","page_number":111,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"bb2a8151-c114-415a-a8c0-4ef296873fa2","block_type":"box","text":"in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose","page_number":111,"box":{"x":70,"y":528,"width":814,"height":12}},{"id":"580b6ff4-099e-4d06-b290-87819d74292e","block_type":"box","text":"value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":111,"box":{"x":68,"y":544,"width":694,"height":11}},{"id":"841d8156-24bc-428f-bffb-45db3ee13d57","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":111,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"f6ad5742-fec0-487e-9ee9-31bf9ec1cce0","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":111,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"dcf5eafd-7334-4f42-97f6-93dcb92f6e81","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":111,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"c3b347a0-4dca-4c55-bb2f-9f76b057afca","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":111,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"22e66b8c-56f3-4a2c-9254-cfabe3f9a954","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":111,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"821bd1ef-f393-44ed-84c7-da7e89ee4d73","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":111,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"97155ba6-96a7-4210-a968-07141109bbaa","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":111,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"42b0d521-d921-4d37-8ce7-fdc0cfd06a48","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":111,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"535bdaa7-220c-4e4f-8ad1-5158f0d6581d","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":111,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"bc357c72-7db9-4352-b1f8-3a722ae6d48c","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":111,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"0be1eea0-f7d5-4f11-8412-6b3e81b0879b","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":111,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"e4042981-a664-4299-bbed-2cb1981e059b","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":111,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"4ad3225a-40bd-4440-ad50-45344da6d14d","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":111,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"3a77439d-a4d1-4b18-9a89-3587688265d6","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":111,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"af7e0caa-b7c2-4cc1-9723-e4d3963486ed","block_type":"box","text":"systems, may also disrupt business operations or impact critical data.","page_number":111,"box":{"x":69,"y":778,"width":501,"height":11}},{"id":"493f29cc-2290-4cf7-a462-a0ad3721d6ab","block_type":"box","text":"AI refers to computer systems that can per form tasks that would otherwise require human intelligence and","page_number":111,"box":{"x":101,"y":801,"width":763,"height":11}},{"id":"e968d2f4-d09d-4db9-b709-6690908e1c9d","block_type":"box","text":"encompasses various different forms of ar tificial intelligence, including machine learning models. AI is typically","page_number":111,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"8b891e4a-4c3c-401c-b9af-6aa29b59c153","block_type":"box","text":"designed to analyze data, learn from patterns and experiences, make decisions, and solve problems. The risks of","page_number":111,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"e84d2da5-8367-43c8-904b-59d09c434d64","block_type":"box","text":"increased use of AI technologies, such as machine learning, include data risk, transparency risk, and operational","page_number":111,"box":{"x":70,"y":846,"width":803,"height":11}},{"id":"7c8a60bf-d037-4487-a5af-e8711d6e3812","block_type":"box","text":"risk. These AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data,","page_number":111,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"a29acb62-af7e-4964-b25e-cd3227c2114c","block_type":"box","text":"may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into","page_number":111,"box":{"x":69,"y":876,"width":817,"height":11}},{"id":"8fdab841-77cc-47cf-b19b-4cb1ec3a6571","block_type":"box","text":"such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous,","page_number":111,"box":{"x":69,"y":891,"width":783,"height":12}},{"id":"3d60ac5a-7c81-42eb-99c8-ca29a393c766","block_type":"box","text":"distor ted or misleading. Fur ther, AI tools may lack transparency as to how data is utilized and how outputs are","page_number":111,"box":{"x":69,"y":907,"width":787,"height":11}},{"id":"9365bd60-0ef4-4014-98e5-f6d733e0fd95","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a793af4f-ab0a-4112-bb1e-eea55789b0bd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6224054-43d0-46bb-b0c9-dfe0b55ee6b5","block_type":"box","text":"generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and","page_number":112,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"f230137a-801c-45b3-b945-585150e82128","block_type":"box","text":"applications. The Fund and its shareholders could be negatively impacted as a result of these risks associated with","page_number":112,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"a5655add-f8a2-49bf-b74b-de706d5e5050","block_type":"box","text":"AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks","page_number":112,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"e45358b6-502c-495a-932f-e59f776edcf5","block_type":"box","text":"within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI","page_number":112,"box":{"x":68,"y":90,"width":801,"height":11}},{"id":"4c1f039a-231d-4642-a912-c6eae9bf5d53","block_type":"box","text":"capabilities or rules and the associated risks to the Fund.","page_number":112,"box":{"x":69,"y":105,"width":410,"height":11}},{"id":"3c43940d-bd9f-4d10-b576-c2083bfe34f5","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":112,"box":{"x":101,"y":128,"width":747,"height":11}},{"id":"cf5826fd-3bff-405c-b760-cbc8db5c23a8","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":112,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"e6fc45a1-208e-4129-a27c-409d603f29a7","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":112,"box":{"x":68,"y":158,"width":823,"height":11}},{"id":"41601172-c4d1-4876-9959-350d0f59e655","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":112,"box":{"x":68,"y":173,"width":755,"height":11}},{"id":"1f97ec4c-e9f1-4f27-a676-ff45d328627f","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":112,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"ead850e7-43bd-47c3-a2ea-2af70ba3bad4","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":112,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"f9fb8afb-b632-406f-9bea-62042047e02c","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":112,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"2b057084-9c3a-4a75-9248-a9002b00b4da","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":112,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"baa33133-8856-4a1e-99d1-8a1c1575ac19","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":112,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"7186ff94-6c64-411c-a5eb-cd176e3d8aa6","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":112,"box":{"x":69,"y":264,"width":775,"height":11}},{"id":"f9aabcc1-df2f-461e-8033-bfe270361831","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":112,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"1db1e235-6bb1-46da-b928-8d7abb56370d","block_type":"box","text":"AI and its current and potential future applications, including in the investment and financial sectors, as well as","page_number":112,"box":{"x":101,"y":302,"width":795,"height":11}},{"id":"79d97d3a-a356-4b69-8369-094be30e7ff9","block_type":"box","text":"the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict the full","page_number":112,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"68e674a8-908a-4ddf-a35c-1067174f6581","block_type":"box","text":"extent of future applications or regulations. Regulators continue to develop new rules and standards related to","page_number":112,"box":{"x":69,"y":332,"width":788,"height":11}},{"id":"228f4f8e-51be-4085-bb78-124962c4e878","block_type":"box","text":"cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring","page_number":112,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"8ac02155-91d2-4b55-be72-f58858b4e4c2","block_type":"box","text":"substantial resources to monitor and implement required changes. Ongoing and future regulatory actions with","page_number":112,"box":{"x":69,"y":362,"width":783,"height":11}},{"id":"cdb82b55-7b2c-43df-b8b4-8a0f66de2efb","block_type":"box","text":"respect to ar tificial intelligence generally or ar tificial intelligence’s use in any industry in par ticular may alter, perhaps","page_number":112,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"31c26e17-5b18-4532-94ef-f7d2e3aea2a0","block_type":"box","text":"to a materially adverse extent, the ability of the Fund’s adviser and other service providers or other market","page_number":112,"box":{"x":68,"y":392,"width":760,"height":12}},{"id":"edc24d78-24da-4c2a-bb87-b759c89f0e6b","block_type":"box","text":"par ticipants to utilize ar tificial intelligence in the manner used to-date, and may have an adverse impact on the ability","page_number":112,"box":{"x":70,"y":407,"width":837,"height":12}},{"id":"9a6e393a-fc33-4242-afa5-6b42826dae25","block_type":"box","text":"of a Fund’s adviser and other service providers, as well as the Fund or the issuers in which it invests, service","page_number":112,"box":{"x":69,"y":423,"width":780,"height":11}},{"id":"9cebf9a8-4763-4172-ae25-e20e98cc1bba","block_type":"box","text":"providers, or other market par ticipants to continue to operate as intended.","page_number":112,"box":{"x":70,"y":438,"width":529,"height":11}},{"id":"14b9cf96-ab97-4dcb-96a0-ad4cf56b0e03","block_type":"box","text":"Participation Notes.","page_number":112,"box":{"x":102,"y":460,"width":145,"height":11}},{"id":"db932af8-4e1b-4937-8227-28dd0f2c588f","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":112,"box":{"x":253,"y":460,"width":641,"height":12}},{"id":"b42bb7f3-8135-42bc-979b-adc3d1183677","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":112,"box":{"x":70,"y":475,"width":766,"height":12}},{"id":"1c07606d-7848-4860-9504-a3f55e85e58e","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":112,"box":{"x":69,"y":491,"width":772,"height":11}},{"id":"828e40bc-6e7e-4464-bc7a-d60dbcba726b","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":112,"box":{"x":69,"y":506,"width":475,"height":11}},{"id":"f4dc2ec0-fbd0-4632-9905-11acb23ab0ff","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":112,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"2e7b77d9-80de-4bf7-8a8e-b55efdab5f3c","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":112,"box":{"x":68,"y":543,"width":831,"height":12}},{"id":"2d093c25-2276-4386-b284-b0b342877439","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":112,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"9d1c1215-83ab-4e6d-8e2a-ca6603a23faf","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":112,"box":{"x":70,"y":574,"width":789,"height":11}},{"id":"9d629622-dd24-4e5f-ba32-32feb1f52ee4","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However, each","page_number":112,"box":{"x":69,"y":589,"width":791,"height":11}},{"id":"87f88b4a-a918-4cc5-b8d7-64086771aa45","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":112,"box":{"x":70,"y":604,"width":827,"height":11}},{"id":"4277d8a6-cfae-4a64-bf1f-bfdcaeeb0746","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":112,"box":{"x":69,"y":619,"width":834,"height":11}},{"id":"5da5218f-1861-4418-85b4-afc0850525e8","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":112,"box":{"x":69,"y":634,"width":822,"height":11}},{"id":"2a9386d2-f600-41fa-b288-8d4f6087c783","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":112,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"1e6a8278-c646-4f71-aa9a-84185fd8991f","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":112,"box":{"x":101,"y":672,"width":743,"height":11}},{"id":"89389fc9-d219-4f95-a945-928aa7d963dd","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":112,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"4643f81a-47e8-4949-91a1-01c0a32440aa","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":112,"box":{"x":70,"y":703,"width":799,"height":10}},{"id":"192bdcce-a7db-467d-a03f-ca2f1657f243","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":112,"box":{"x":70,"y":717,"width":776,"height":12}},{"id":"9a02f7a2-d06b-4f1a-b69d-8be3cb717d77","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":112,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"dce8c2df-3276-4c9b-89ca-ff82fa658786","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":112,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"84ff1ad1-287a-4def-b2b5-dd3b795e1fce","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":112,"box":{"x":68,"y":763,"width":454,"height":11}},{"id":"71a47f78-70e7-4e3d-adb4-2832c7a693a4","block_type":"box","text":"Portfolio Turnover Rates.","page_number":112,"box":{"x":102,"y":785,"width":181,"height":9}},{"id":"9613f657-a2a8-4347-a229-481ad051400b","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":112,"box":{"x":289,"y":785,"width":558,"height":12}},{"id":"6b893960-ff5c-4a07-ad58-dc9a7bb4a507","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":112,"box":{"x":70,"y":801,"width":804,"height":11}},{"id":"9c1bfe9e-b56f-401f-9518-bffe5b6ae194","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":112,"box":{"x":70,"y":816,"width":806,"height":11}},{"id":"7d963eaa-1e52-446a-97bb-0fe0b7120e9a","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":112,"box":{"x":69,"y":831,"width":800,"height":11}},{"id":"dc9b3e58-419a-4096-8a3f-c5e004599e2f","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":112,"box":{"x":70,"y":846,"width":818,"height":11}},{"id":"44493026-19d5-47a0-9899-3c87d47183bb","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":112,"box":{"x":68,"y":861,"width":800,"height":11}},{"id":"9655ef00-142f-48f7-8be1-c000370d98aa","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":112,"box":{"x":68,"y":876,"width":595,"height":11}},{"id":"e9607856-036c-4b92-9fe9-8a57166341f6","block_type":"box","text":"i.e.","page_number":112,"box":{"x":665,"y":876,"width":20,"height":9}},{"id":"4c87f5bc-4aca-4139-a7ba-288f93838800","block_type":"box","text":", 100% or more) may result in","page_number":112,"box":{"x":687,"y":876,"width":210,"height":11}},{"id":"ac5e52c5-e55b-42a9-ba20-20a82a6faaab","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":112,"box":{"x":70,"y":891,"width":797,"height":12}},{"id":"f7f265c7-b353-41fc-af76-f8918ed5ef49","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":112,"box":{"x":69,"y":906,"width":832,"height":12}},{"id":"c7d242e1-2d42-4ade-bc4d-acfa039af6b4","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9920fc46-c90d-437a-a0f0-1e454902d01f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31f2d645-719e-49f1-9813-2448e0a38b36","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":113,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"0a2d6587-3a01-4dd8-9901-4f2eecfbf027","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":113,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"183bf88f-4f1d-4379-844c-82b308f83545","block_type":"box","text":"Preferred Stock.","page_number":113,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"4f2e2baa-8cb0-4ca6-bd44-f5216e434b44","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":113,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"e1725e3f-2e08-4000-8615-cfe130a5f53e","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":113,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"765babec-e8b4-4267-b29f-7b4a2cd9622d","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":113,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"79f65a30-531b-4ed9-9ad6-3d8d6d47d2c6","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":113,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"e4513de9-caaf-4125-a77c-78d95325a828","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":113,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"d48b2a71-66d4-404c-b15f-78166e5defea","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":113,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"c330d73e-f91c-400a-9d07-19144b34f823","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":113,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"a31f87bf-ced4-4818-a48b-b5edb698a6b3","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":113,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"15577acb-98bc-440f-ab8e-6b9cc06688da","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":113,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"528684dd-7c6a-4893-9394-7032248a2bac","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":113,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"54d2e109-e900-4166-a67d-2da397ffa1ee","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":113,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"13855c51-781c-47d6-a573-8a93190d20d4","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":113,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"53cb6ab8-d468-4480-a176-4b6ced5b5451","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":113,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"352b1d4d-301c-4152-8477-ce143d741446","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":113,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"0edb6704-89ea-4ba9-8099-7cfb7d569d33","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":113,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"9908cab6-d9e2-4097-a2db-823c369ab33d","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":113,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"298f73cf-2435-4c4a-b09b-da39162372e3","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":113,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"9808b037-eb87-4df4-a5be-d140845c99e0","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":113,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"45e38b7b-284b-4094-b40b-e85d7939c969","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":113,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"fa4e6fa5-2904-463b-a03e-7cfc623834ca","block_type":"box","text":"Trust Preferred Securities.","page_number":113,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"f5a0aabe-80a7-4f02-8735-1ce4d8bb28de","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":113,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"17fac734-116d-4c74-b9da-69c8d6e6a739","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":113,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"7adca506-3ffb-4d75-a854-5439e317f32f","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":113,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"5bd93c4c-17ff-499b-9711-76120d0db684","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":113,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"1c81b4ec-9e96-4565-a653-4fa5f5227e42","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":113,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"34219e05-f847-4d47-b347-69ebbe24ff83","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":113,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"77d9e1e9-573a-45ca-994c-e0c59df0d3b5","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":113,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"df36340f-6fd7-4627-bb32-36ae15ddc1fb","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":113,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"8ff796ba-a1a3-4cb9-b7fc-453d53b8d07d","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":113,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"384047f7-dd03-4470-b2ad-3c217d05808a","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":113,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"2dedc79f-1bb1-42bc-ae7d-edc3ae35818f","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":113,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"b149f6d7-1342-4f54-8652-2ad3c0eb96f0","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":113,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"9fd3da25-220b-4125-97fc-bb9f41fe4f53","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":113,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"b56bfff8-7d88-40f4-abed-70cc3e02c4db","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":113,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"12ca3382-d999-4140-9c91-6d0be1988f64","block_type":"box","text":"®","page_number":113,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"93f7a4f0-0810-4e93-8744-a0da4f56c0f9","block_type":"box","text":"”); monthly","page_number":113,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"751b9fa8-c8d0-4209-adf3-1e4a3d4b0440","block_type":"box","text":"income preferred securities (“MIPS","page_number":113,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"8169019b-79ae-44bd-9a46-993513edc1e1","block_type":"box","text":"®","page_number":113,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"7210475e-2d9b-45a3-9cc9-db0aa47dae99","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":113,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"0bfa2ec2-e555-463d-b85c-ede3b5587f26","block_type":"box","text":"®","page_number":113,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"52fd28c0-15dd-45bd-94d8-ae7b637579f5","block_type":"box","text":"” ); quar terly income debt securities","page_number":113,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"28431229-df0d-407f-b9a6-1c094a0100a5","block_type":"box","text":"(“QUIDS","page_number":113,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"2d4b2bd7-1768-4504-83b3-dfdeec352b00","block_type":"box","text":"®","page_number":113,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"7baed602-73c9-4e3c-a874-71160b8fd369","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":113,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"772bc971-89ef-4052-b08a-56de3fa6a465","block_type":"box","text":"SM","page_number":113,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"9be94c22-bc34-4507-8653-00c607bb316f","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":113,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"9a522c33-6ccc-4d5e-b6b1-c843f300f6ab","block_type":"box","text":"®","page_number":113,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"9729520d-1a73-4db8-af11-ae8a797e742f","block_type":"box","text":"”); public income","page_number":113,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"e3588798-b365-434a-aead-f8133e228d9d","block_type":"box","text":"notes (“PINES","page_number":113,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"ccb9d4ac-6a44-4f24-82b4-968c12d853ad","block_type":"box","text":"®","page_number":113,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"731ea74d-1c89-415e-ab1b-3d4517b12212","block_type":"box","text":"”); and other trust preferred securities.","page_number":113,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"389860a5-5824-45d3-b285-c77dc6a4260b","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":113,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"f8ee759d-0ba0-47b0-aade-4064a79739cb","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":113,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"9101a660-8c68-4d8f-becf-f66ec87baceb","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":113,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"ae4363fb-b21d-41cf-bf10-f82712f7ec51","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":113,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"db9b6782-1f12-4eec-89d1-c496685e149a","block_type":"box","text":"regard to whether all payments have been paid.","page_number":113,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"9cba32b3-eb1e-46d2-a5bc-dc5a62d45642","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":113,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"ca5f0db0-4146-4082-8543-0eeecad83835","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":113,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"8b0a5441-bf73-4653-b06c-9b959bba5c7a","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":113,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"0e3f172d-3103-429a-8c93-744d75e61fdb","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":113,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"d97fd76a-6b8a-4126-89b7-fd098331236e","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":113,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"219face7-bc3a-4be4-8c79-6e3cc6f83450","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":113,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"53c3a034-41ed-42ef-a77a-23a71acda09a","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":113,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"b08ddb99-7833-4910-bbe9-7544a8500511","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":113,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"e4c3e1e7-1ad6-4cfd-a483-94e9a53505a6","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":113,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"167f1cad-bc3e-43cf-bb22-110ffe5a2bde","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":113,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"0d44538c-553a-4e73-a123-c9040d969f53","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45091392-7b76-48a5-8a33-f91ec41e0df1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be8f6e51-6c0c-41ce-8c34-3c4e87398c7a","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":114,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"bb596b4d-c8fe-4303-9ecb-5b656b073636","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":114,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"9a2b0f4f-8733-4774-9e15-65345dad491d","block_type":"box","text":"debt securities.","page_number":114,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"9ecfe7bb-90ce-48bd-a347-5fd00798b5ce","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":114,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"df076126-22e9-4354-965d-3c012cd45d2f","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":114,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"d0a5a9c9-a4ed-4af5-8ce1-38fa0334db88","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":114,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"d10c4e99-0b17-40e7-b366-b6d76ba31da1","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":114,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"c72a023a-0a1b-49d1-ba87-13f89dc6ab30","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":114,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"734939c6-cb97-4825-986b-e06366dbf931","block_type":"box","text":"i.e.","page_number":114,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"30bfce4f-b887-4d9c-b3c6-0de800e21b29","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":114,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"4ae1d512-6d96-4476-8921-58fb1619c8df","block_type":"box","text":"buildings.","page_number":114,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"b595893b-754b-4d34-a87c-ad7643a9907e","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":114,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"bc0faa7d-608b-4512-a202-b20a21a9e297","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":114,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"a4834a34-8355-421d-b003-c0d5514d6a08","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":114,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"cffeb241-037e-4535-b7c9-f42d6189ff02","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":114,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"598ce4a4-0239-44ae-a418-fd462391f66a","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":114,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"b42661a7-dfa6-4826-ae6e-f4f1361288a2","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":114,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"aae08d72-78f1-4ce4-a0a8-45cb2c3a1348","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":114,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"c6247b57-5451-4cf4-83cf-2174139444e9","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":114,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"ffcba186-5404-401c-99f5-3c8eb1777352","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":114,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"cc9ce7d3-f2b0-456f-ba81-d10aa9bd2e13","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":114,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"67404e50-7e9a-4049-b792-a46bc1dbf791","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":114,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"dd197721-33d7-4a29-ab10-42241f20407e","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":114,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"bbef2e43-b3ab-4363-a484-188a774182ba","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":114,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"52059361-12ab-40bd-b2fa-5e753581650e","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":114,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"e47aa93c-9288-41f5-bb15-08894a36c470","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":114,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"d886c37f-a7b1-4403-94a7-fb70ac5624ec","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":114,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"fdc0d8d2-8f23-4cc8-a4eb-27036ddb93dd","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":114,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"abee6520-56fb-447d-a121-3233c0af6a8d","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":114,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"63f0915e-3136-4b84-a68e-771755dfbaf0","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":114,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"0c5c9a1a-d285-419b-af21-43b4b10ef137","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":114,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"095233fe-7462-40bd-a44a-9bd6045fa15e","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":114,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"66067ad8-1e38-41d1-9f9a-c04ead4c0062","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":114,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"68421d6e-ce48-4c89-babb-d11ed09a8d4c","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":114,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"15855f0c-0e0b-4549-afed-118ebee81163","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":114,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"5660b22c-f0ea-4239-9612-a33b82f2ce2e","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":114,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"fec7d729-90e7-404d-9675-ae93a45e0ad2","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":114,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"ceaf47fd-758b-4da9-86ae-eaca6078a4e5","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":114,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"8fde1f5d-d942-4982-8f23-88725fc6f248","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":114,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"fa01f942-3bb9-4cc6-8477-118e5fae4163","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":114,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"e95ca7b7-0509-45d7-b0e4-6b73031dd7b1","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":114,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"ec6f89a4-afbc-4005-aed2-79c360d53297","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":114,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"9dedc43a-8107-4a56-af1b-46cb2af256e4","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":114,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"42e7894d-de45-4721-9440-9b8d2ef55413","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":114,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"d4f7255d-9507-4a34-96c7-1bb6bd45c0c7","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":114,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"5945d15e-4239-42f8-be3b-642efe130f1d","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":114,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"92a77267-8324-4998-a246-378c9240130d","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":114,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"85d974f5-5183-47f6-80ca-5794052df640","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":114,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"2166b921-e1e2-4623-9ca0-b5edb1895908","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":114,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"74cd39c1-1cf8-4a78-8e7a-120cc0a13a24","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":114,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"db86e262-f174-480c-b3af-1b6271039501","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":114,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"1165501f-4548-4e98-9470-928f77dfdfe0","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":114,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"fb347d12-d7b6-45a9-acb8-6fca713cf475","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":114,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"8edc2a04-3cf2-4d72-b110-0d98cb4f4cf0","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":114,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"78a5d4db-c813-4556-849e-994e1498c942","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":114,"box":{"x":102,"y":861,"width":275,"height":11}},{"id":"82970542-4ed2-40a4-8eb9-12612ac370a5","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":114,"box":{"x":383,"y":861,"width":466,"height":11}},{"id":"73fb65da-8e28-4e3b-909d-77c8c673c2b6","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":114,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"9c9603be-2cb9-47cb-9d8e-9312ef0d38d0","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":114,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"f27905f6-0d41-4cd5-840b-fd94ae2d8c3e","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":114,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"95466096-bbbf-4be9-9a96-5eb811af644e","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc8ca4d7-4528-4db0-808a-9d29b56ae0ee","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34bd48c1-c76f-4741-ab1d-78fd50268aca","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":115,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"a52647da-2c08-4832-b46c-17e43b79c9d2","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":115,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"0e3f9d7d-460a-4b14-95a4-f651765034ad","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":115,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"4ef565dc-1adf-4a2d-9f2f-cd42ad33a54b","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":115,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"e22b494a-c41a-424a-88ef-f62ea766becb","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":115,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"4a96a084-6409-4328-9b3c-0ce1ab7d0452","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":115,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"eebfed04-53ff-4d30-a7d4-567d6d014815","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":115,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"49d55d08-b58a-4a90-8fdb-526daecf5603","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":115,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"58c34881-caea-4ff1-a605-a386510f817c","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":115,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"1414f9a1-3d4b-4f56-9839-5afd3656c3ad","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":115,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"f71f3e6d-a78b-42a0-905a-366dcf4ec9b7","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":115,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"e23f020d-1ad4-42e9-9041-574213975b71","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":115,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"1907ea53-0a84-486e-b536-fbd753850080","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":115,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"74413bfc-3afd-4afe-8f30-cfa093afe953","block_type":"box","text":"conditions.","page_number":115,"box":{"x":69,"y":241,"width":76,"height":9}},{"id":"9d0ff458-f133-42cd-86c2-45c06bfc5376","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":115,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"43454b7c-7a42-4c43-b6a8-d452d8b3b712","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":115,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"958211d1-9978-4305-aa8a-6f12e1c881c0","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":115,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"3d5123d3-85e9-45f7-95a7-da2feb7e1f29","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":115,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"be07b7d1-a932-43da-b865-12d4625b6e71","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":115,"box":{"x":69,"y":324,"width":799,"height":12}},{"id":"8a914ce1-441a-4933-b67b-62357d9b4a55","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":115,"box":{"x":69,"y":339,"width":751,"height":12}},{"id":"69146e77-9cde-42c7-98b7-9f865b7854b0","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":115,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"2e2aab9f-9162-47e8-b4dd-fa4b5d79ac38","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":115,"box":{"x":69,"y":370,"width":831,"height":11}},{"id":"6b2a9608-dcf4-4f59-9816-d50ffe473e44","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":115,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"70e376a6-24ea-4a96-9d6f-fd38e27dafee","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":115,"box":{"x":68,"y":400,"width":841,"height":11}},{"id":"383e26f5-b106-4931-b317-f62e7044b044","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":115,"box":{"x":69,"y":415,"width":775,"height":11}},{"id":"618c9a08-ef73-49d3-b16e-52b62e63403f","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":115,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"d671e0c0-bb59-4d17-835b-17cfacb2de61","block_type":"box","text":"affected by such events.","page_number":115,"box":{"x":69,"y":445,"width":173,"height":11}},{"id":"75d5abf8-17f4-436c-aa25-2826f3543e52","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":115,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"64e93e10-943c-49dc-8781-b5aebac55d82","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":115,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"98564796-4610-4d4e-a892-d48dba2d30b3","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":115,"box":{"x":69,"y":498,"width":796,"height":11}},{"id":"83992d2b-3b0a-4049-a48d-4a69b8b77abd","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":115,"box":{"x":69,"y":513,"width":820,"height":12}},{"id":"d2df32f7-affe-4bfa-9456-40c86df1d5ce","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":115,"box":{"x":69,"y":529,"width":833,"height":11}},{"id":"9fd7be8c-b9a4-4879-b739-a92ad31c6077","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":115,"box":{"x":68,"y":543,"width":759,"height":12}},{"id":"0b8bda5c-86eb-408b-aa8f-fecc113e4b07","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":115,"box":{"x":70,"y":559,"width":819,"height":11}},{"id":"c89fe3a8-97ba-4866-a7c8-90b4fd017827","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":115,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"a66c3519-8ee6-457c-948c-534245bc908f","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":115,"box":{"x":68,"y":589,"width":837,"height":11}},{"id":"44c99ff7-f0d5-479b-a234-c95afc7c0ae8","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":115,"box":{"x":69,"y":604,"width":795,"height":11}},{"id":"23440363-de1d-4255-96bd-e2c9404e5fef","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":115,"box":{"x":69,"y":619,"width":836,"height":11}},{"id":"5ff19158-0293-4b76-bf1d-7e4826c19b03","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":115,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"21e2e843-63be-4500-81cd-d84198e61c38","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":115,"box":{"x":70,"y":649,"width":816,"height":12}},{"id":"0f00dafe-f4c4-468e-98ff-442be5342ba9","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":115,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"98ca0b32-0afd-427d-8848-7bbfe1f38655","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":115,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"07e36058-5b2b-4349-8dae-c5da8ea87dd5","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":115,"box":{"x":69,"y":695,"width":836,"height":11}},{"id":"b0b7a33b-5733-4492-b1a5-41e863853e11","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":115,"box":{"x":69,"y":710,"width":820,"height":11}},{"id":"7f81418a-3054-4cd8-85fb-85ca657a360d","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":115,"box":{"x":69,"y":725,"width":785,"height":11}},{"id":"666ae105-cedd-4fe9-8550-e081e612093e","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":115,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"01b51667-043a-45f4-baa5-fb488813da47","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":115,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"ca852248-1d28-49b7-81e8-06af4d9957a3","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":115,"box":{"x":69,"y":770,"width":802,"height":12}},{"id":"81dd5bfc-9a46-4cd3-aa33-177ab2fd4d2f","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":115,"box":{"x":69,"y":785,"width":746,"height":12}},{"id":"a2418bf8-abd4-4df9-b24b-50ce0bbac1a1","block_type":"box","text":"investments.","page_number":115,"box":{"x":70,"y":801,"width":89,"height":9}},{"id":"e050770d-9f05-41c6-af2d-ade0f1f7ad0a","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":115,"box":{"x":101,"y":823,"width":802,"height":12}},{"id":"977568cc-2eb4-4a0b-8bbd-e2652f7f783f","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":115,"box":{"x":68,"y":838,"width":796,"height":12}},{"id":"844d288b-ee7b-47ef-bafe-468f5ba0f6b0","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":115,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"487e1aaf-61c1-4c27-a866-4faf013febaa","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":115,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"9e0a64cf-f28e-46e4-83f2-aa43097bf855","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":115,"box":{"x":68,"y":884,"width":812,"height":11}},{"id":"a1d3cd79-0f13-4c67-9e04-0570b06eeca5","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":115,"box":{"x":69,"y":899,"width":771,"height":11}},{"id":"b644c2f6-b284-4673-a5aa-1c72b53afd7a","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98530712-3365-4da4-ac4d-b61eba2b60ec","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28cc0bdc-ac96-4740-bb43-0a426cbaf9d2","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":116,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"af3856ad-631d-4699-bfb0-783b7fa1dba9","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":116,"box":{"x":69,"y":60,"width":646,"height":11}},{"id":"3d453621-a609-4f1a-b555-812bbd4cc488","block_type":"box","text":"Legal and Regulatory Risks.","page_number":116,"box":{"x":102,"y":83,"width":197,"height":11}},{"id":"043f9953-dbc4-40eb-8831-3b2e27b77b79","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":116,"box":{"x":305,"y":82,"width":583,"height":12}},{"id":"2ace17b0-f089-4214-a7fb-1d31cbdae318","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":116,"box":{"x":67,"y":98,"width":819,"height":11}},{"id":"1a0e70a0-cbeb-40c2-aca1-ee88ab0fb6a9","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":116,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"35287e68-ec75-4830-9b0d-50937f140559","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":116,"box":{"x":68,"y":128,"width":781,"height":11}},{"id":"f553b733-fea7-4e2a-9add-7cb3bcba4221","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":116,"box":{"x":69,"y":143,"width":763,"height":11}},{"id":"3e44ed32-6968-4e20-9c38-b912074dafd3","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":116,"box":{"x":70,"y":158,"width":838,"height":11}},{"id":"71c01eca-3f34-4fba-aef8-dd3a0ac5a70e","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":116,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"44f794d0-926c-420e-ac9f-6bfb8b28aa3c","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":116,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"d4ab3503-f28d-4b1a-96be-952d25776493","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":116,"box":{"x":69,"y":203,"width":807,"height":12}},{"id":"3dadd5ac-9920-46af-ac6d-df610590e47e","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":116,"box":{"x":69,"y":219,"width":666,"height":11}},{"id":"f5d585cd-6308-4bee-81f3-ad75c1e0d54c","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":116,"box":{"x":103,"y":241,"width":202,"height":11}},{"id":"45861ba4-79e1-4943-b524-71cc0a85dcff","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":116,"box":{"x":312,"y":241,"width":593,"height":11}},{"id":"8cca6cc4-ca84-46ea-872b-d1f1e5b6bb5a","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":116,"box":{"x":68,"y":256,"width":806,"height":12}},{"id":"c73f77da-d8b0-4278-a3c5-d12b6178d13d","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":116,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"d9d04cad-41fa-4929-b3ca-d58e72445a81","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":116,"box":{"x":70,"y":286,"width":827,"height":12}},{"id":"3a15dc5e-c252-4b4c-8265-9605e7696195","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":116,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"c6c6274b-c224-4923-ab24-053d8d7b9681","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":116,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"8dbe821a-8932-41cb-849d-afd00e6f3ff0","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":116,"box":{"x":69,"y":332,"width":559,"height":11}},{"id":"a29c7afa-e2e0-4d69-b68f-138160f010f3","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":116,"box":{"x":102,"y":355,"width":796,"height":11}},{"id":"57b7f681-49e2-4a0c-8a65-dc58e0de6a4c","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":116,"box":{"x":68,"y":370,"width":809,"height":11}},{"id":"d3c3b443-aa60-427c-899f-bf5ac64f3738","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":116,"box":{"x":70,"y":385,"width":799,"height":11}},{"id":"b5178722-1865-4013-82ed-99f0a8d5e74e","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":116,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"eb5c33f2-596b-46b3-af2a-f5f4cb9a38eb","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":116,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"8b82b7b0-2980-410b-9da6-dca897cff60f","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":116,"box":{"x":69,"y":430,"width":783,"height":11}},{"id":"3222d842-ef5d-4593-8091-5517a71db1ad","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":116,"box":{"x":69,"y":445,"width":753,"height":11}},{"id":"62af1df4-9ad4-4e36-8f10-920829dec57a","block_type":"box","text":"Geographic Risks","page_number":116,"box":{"x":102,"y":468,"width":123,"height":11}},{"id":"f0e0defd-033b-4a68-bc51-9be03e6ec67b","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":116,"box":{"x":226,"y":468,"width":671,"height":11}},{"id":"41538bca-517e-4b5a-bf02-f6a9093da054","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":116,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"12536248-8645-40fc-964e-94af0f5badc5","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":116,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"334cd7a0-7b3f-4733-8276-38f878981a72","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":116,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"7d7e0a53-8865-4bb5-8024-b1b6751a5f8d","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":116,"box":{"x":68,"y":528,"width":840,"height":12}},{"id":"7e435b40-9125-43b2-82b8-7360c1a11708","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":116,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"a83e4457-8b7b-4f0d-b70a-292ee9b8be76","block_type":"box","text":"Fund.","page_number":116,"box":{"x":70,"y":559,"width":36,"height":9}},{"id":"652c401b-267b-4312-9e24-44a4676edb98","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":116,"box":{"x":102,"y":581,"width":255,"height":11}},{"id":"f63e9fb2-6e13-4cbf-8a4a-22c5c762eed5","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":116,"box":{"x":363,"y":581,"width":514,"height":11}},{"id":"648757f8-e516-43b6-a65a-fbd6a65a3c2f","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":116,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"68b35be1-9fa3-45e8-9255-55fd2fa66e72","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":116,"box":{"x":69,"y":612,"width":791,"height":11}},{"id":"5bce2777-bbf2-45d3-b8c3-3bdfa53f8701","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":116,"box":{"x":70,"y":627,"width":826,"height":11}},{"id":"cbce2088-7801-4101-891c-3db7c044b41c","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":116,"box":{"x":69,"y":642,"width":834,"height":11}},{"id":"f0331e22-0f55-4652-a2e3-281e2f7d891b","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":116,"box":{"x":70,"y":657,"width":837,"height":11}},{"id":"fe6a7610-0525-415a-b06d-dcf310345895","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":116,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"499b2eec-5520-4b3e-8f67-1cb30a891ea6","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":116,"box":{"x":69,"y":687,"width":779,"height":11}},{"id":"ab954d03-c1fa-4a6d-8ddc-c1051f8a314e","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":116,"box":{"x":69,"y":702,"width":830,"height":11}},{"id":"87590410-792d-42e6-9e04-a03deb44f965","block_type":"box","text":"continuing to develop (","page_number":116,"box":{"x":69,"y":718,"width":160,"height":11}},{"id":"3c5f401f-1d00-4a6f-bae1-87043f4ec179","block_type":"box","text":"e.g.","page_number":116,"box":{"x":231,"y":719,"width":25,"height":10}},{"id":"fa4fee71-0ac7-4602-be46-f168d17fb4c5","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":116,"box":{"x":258,"y":717,"width":641,"height":12}},{"id":"d0b63686-aa85-4894-8af4-4b5e71f32ed7","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":116,"box":{"x":70,"y":733,"width":777,"height":11}},{"id":"8e1b7643-31b8-4e54-aec5-f6d006376e3f","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":116,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"5af3b57d-8e81-4b86-ba9f-c7e79c936ef2","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":116,"box":{"x":70,"y":763,"width":493,"height":11}},{"id":"50b78891-a719-4194-a0c6-0daa2621ece2","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":116,"box":{"x":102,"y":785,"width":750,"height":12}},{"id":"30f80acf-3e0f-4e9d-b7e5-60cd80ce6eda","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":116,"box":{"x":69,"y":801,"width":803,"height":11}},{"id":"d274b1bc-269e-4494-8d63-f165f4fb3c10","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":116,"box":{"x":68,"y":816,"width":831,"height":11}},{"id":"497f84d4-b8a5-45a3-b04e-bcd0bb53ea3b","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":116,"box":{"x":70,"y":831,"width":801,"height":11}},{"id":"e616682c-1918-4c0e-aa16-e333630075ae","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":116,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"a8bb0e1d-79ef-4c77-933c-41aad11f2e1d","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":116,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"4c1dfcd6-9957-4051-8ba1-472deaf59245","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":116,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"8b414fe5-623f-403b-a76a-960677e564e8","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":116,"box":{"x":70,"y":891,"width":828,"height":12}},{"id":"b0bb3017-b8f9-4227-b549-d79ac6563337","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":116,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"6d611251-27ec-4ab3-8f8e-675243f83b59","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c934841-408f-4c63-b5ae-1df4fa6c74fa","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c81a2c6-87a1-47bc-b3ba-70ee47d154a3","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":117,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"8261fe70-ac05-479b-8dda-facc4f659368","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":117,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"c5185f2a-45b1-4495-aeec-0c171ca5ed9a","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":117,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"873ceb95-5013-4a98-82e2-44ed0e30763d","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":117,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"45ef1f41-74e2-4d3d-9158-aa62734496c3","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":117,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"a11f7bb3-52db-4167-ae18-36659d4da45f","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":117,"box":{"x":69,"y":120,"width":827,"height":11}},{"id":"cc2e6f97-966b-4ec7-bf89-95c88af2704a","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":117,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"3ea7a206-1e88-44ae-9542-46a340983447","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":117,"box":{"x":68,"y":150,"width":384,"height":12}},{"id":"c681322d-b4c2-4da9-a72a-480b7587ade3","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":117,"box":{"x":102,"y":173,"width":782,"height":11}},{"id":"9753aa8c-37dc-4e58-bd14-f3b36933ca9d","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":117,"box":{"x":68,"y":188,"width":786,"height":12}},{"id":"77412e8b-7ce1-4752-8363-70459aa768e1","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":117,"box":{"x":69,"y":203,"width":746,"height":12}},{"id":"0e8e04b9-2026-4553-ad6a-f01f4db4fea1","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":117,"box":{"x":70,"y":219,"width":822,"height":11}},{"id":"31f655f0-ed76-4310-ae02-282499b67c92","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":117,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"f6f8e580-675c-4d42-8776-4bf53f29ec87","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":117,"box":{"x":68,"y":249,"width":799,"height":11}},{"id":"8b074121-d8b5-41e6-9082-0ca5834adc6b","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":117,"box":{"x":70,"y":264,"width":830,"height":11}},{"id":"7030ddea-163b-4d53-8aea-f17722f9f2ce","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":117,"box":{"x":70,"y":279,"width":757,"height":11}},{"id":"19b3abda-99e6-473b-be95-9ba5caaacd9d","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":117,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"e0b6358e-e657-40d0-af91-7e67098a04f6","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":117,"box":{"x":69,"y":309,"width":840,"height":11}},{"id":"b57e9999-541f-4d11-9ecf-8d44a5e29712","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":117,"box":{"x":70,"y":324,"width":782,"height":11}},{"id":"a754556e-6f3b-4f9d-8347-b8f217fc14d8","block_type":"box","text":"consequences which cannot be predicted.","page_number":117,"box":{"x":69,"y":340,"width":298,"height":10}},{"id":"17bea2d4-8918-4521-987f-737a5ec615ff","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":117,"box":{"x":102,"y":362,"width":432,"height":11}},{"id":"98cf9d61-fc39-4a64-8708-592558c4aa6f","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":117,"box":{"x":541,"y":362,"width":347,"height":11}},{"id":"9cce278c-021b-4c88-bcaf-98a047b9d453","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":117,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"8db7681b-10ea-4a1e-9c32-04abbaf59d54","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":117,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"be183f0d-4ffe-45f3-a548-e15a77339468","block_type":"box","text":"term of the agreement.","page_number":117,"box":{"x":68,"y":407,"width":164,"height":12}},{"id":"9772e02b-d1c6-4d4c-83a1-18b12885ea85","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":117,"box":{"x":101,"y":430,"width":788,"height":11}},{"id":"4023bef8-6623-4e77-83d9-4fb48c924829","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":117,"box":{"x":68,"y":446,"width":831,"height":11}},{"id":"e517e988-2f67-48e9-8f8b-666da41e0fb7","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":117,"box":{"x":70,"y":460,"width":821,"height":12}},{"id":"13b58b13-514b-48b1-bacd-a9d63d589bab","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":117,"box":{"x":69,"y":475,"width":790,"height":12}},{"id":"2b1263e6-5784-49cf-9b20-ee6d23a4ef49","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":117,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"43cbd64a-961d-4d58-92a0-be949385f20f","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":117,"box":{"x":69,"y":506,"width":788,"height":11}},{"id":"2d4b4086-3ada-4fba-86ac-118d8b5242f4","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":117,"box":{"x":68,"y":521,"width":522,"height":11}},{"id":"0931e647-fb5c-4961-a1a1-4c52229a5fd0","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":117,"box":{"x":102,"y":543,"width":792,"height":12}},{"id":"f2244d6e-b6b4-43b1-9419-724c83b151d9","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":117,"box":{"x":70,"y":559,"width":784,"height":11}},{"id":"a441f45e-1bd7-4fbc-b323-9a67e5a8a91a","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":117,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"ea34f913-13e2-43a2-ab73-6384be8c6ae0","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":117,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"496431c8-b4ed-485b-9729-b34c81698387","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":117,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"19744aec-ff57-469d-85d2-654baa80ab6a","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":117,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"9732021d-62f6-4ce2-934e-9e0745ae5ba9","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":117,"box":{"x":70,"y":634,"width":430,"height":12}},{"id":"471c610e-3a8e-44d5-9c0b-0e6f634125df","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":117,"box":{"x":102,"y":657,"width":759,"height":11}},{"id":"a16fcffb-7cea-49b8-8d1f-a3d9d07b175e","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":117,"box":{"x":70,"y":672,"width":765,"height":11}},{"id":"949dcc1d-e2dc-4b19-8e01-aad657757a97","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":117,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"d2e102e6-c502-4f88-ac36-168483c749fc","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":117,"box":{"x":69,"y":702,"width":799,"height":11}},{"id":"1a163ed5-8108-475f-ba77-e6a983fadd16","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":117,"box":{"x":69,"y":717,"width":801,"height":12}},{"id":"bd969a57-09e4-42e8-875a-cc7d9c45aa43","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":117,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"85d178bb-9f4f-489c-a2c8-35b06fc40934","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":117,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"b1a6aaf7-bc4b-47a8-a4b4-582a40cce032","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":117,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"8f888c78-1350-4aec-ae88-a3d9531fe7b0","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":117,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"7d38a71c-0f93-4507-8fe5-4fad4e3aafff","block_type":"box","text":"or by another authorized securities depository.","page_number":117,"box":{"x":69,"y":793,"width":329,"height":11}},{"id":"9679ea87-4018-49d5-86e3-8e45db403999","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":117,"box":{"x":102,"y":816,"width":770,"height":11}},{"id":"10986c9f-c84a-4154-b810-d41c9a53b0cf","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":117,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"4f00a146-9ede-4c12-9458-73f79dea5f95","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":117,"box":{"x":69,"y":846,"width":819,"height":11}},{"id":"58b8d8d5-186d-4374-99de-0bf500dbb135","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":117,"box":{"x":69,"y":861,"width":778,"height":11}},{"id":"28244268-4b33-4d58-ae09-36722a6f1ae3","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":117,"box":{"x":69,"y":876,"width":832,"height":11}},{"id":"1ce4359a-f29b-4fbc-b009-def7ef17b0bf","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":117,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"92cd1a16-31aa-4746-8955-a751e2f8221e","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":117,"box":{"x":69,"y":907,"width":812,"height":11}},{"id":"e6a3e1c3-23ae-4a75-a0f4-fc46077dfb26","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dd8e8c74-1396-40fa-8f53-6676ae51ecdd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4bc36177-930b-46d9-8bdb-8f2668b28aaf","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":118,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"821a7646-9c06-45ac-bd37-c14500211252","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":118,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"c87c58d5-5f12-4ba3-9fdb-95f4563b3dde","block_type":"box","text":"the repurchase price.","page_number":118,"box":{"x":68,"y":75,"width":151,"height":11}},{"id":"cecb3978-d952-4825-b810-b5aeb543ad54","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":118,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"8859196f-8c36-4022-b4ba-e3c272921880","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":118,"box":{"x":70,"y":113,"width":837,"height":11}},{"id":"f588d91c-aade-4014-841e-8f789b67c0cc","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":118,"box":{"x":69,"y":128,"width":788,"height":11}},{"id":"b2061292-e6ee-4785-8877-c716ee03c9a8","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":118,"box":{"x":69,"y":143,"width":767,"height":11}},{"id":"a4de40ee-5606-4b90-8957-d8ed63c5c184","block_type":"box","text":"strategies without the repurchase obligation.","page_number":118,"box":{"x":69,"y":158,"width":317,"height":11}},{"id":"1ee0307c-71fc-4e82-ad82-9c51c85e5ab0","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":118,"box":{"x":101,"y":181,"width":782,"height":11}},{"id":"4e7d69ea-5bf8-4897-841f-3b56e101e434","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":118,"box":{"x":69,"y":196,"width":776,"height":11}},{"id":"4f4c0e06-e281-4979-8773-a1c47afb361c","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":118,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"946a680f-3ac6-46ee-b6ad-a7700709d279","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":118,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"1ce6f681-4c4c-4277-b116-de7d2b987873","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":118,"box":{"x":68,"y":241,"width":825,"height":11}},{"id":"254dbbfe-8e3d-4295-95d4-13ab4ab85fd6","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":118,"box":{"x":69,"y":256,"width":374,"height":11}},{"id":"4cd462e9-cbbd-43d1-aebf-dfa8fae8eb8d","block_type":"box","text":"i.e.","page_number":118,"box":{"x":445,"y":257,"width":20,"height":8}},{"id":"33925d0b-2edc-4cb1-8cb4-51f5c0fca6da","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":118,"box":{"x":468,"y":256,"width":434,"height":11}},{"id":"eb9e0de9-c231-4e22-9abc-80dd83e282cb","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":118,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"1ca7344c-d275-4b99-aecb-f4b1159010aa","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":118,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"5bb9539b-1af7-4635-8566-7ffdf1ad7cee","block_type":"box","text":"and income involved in the transaction.","page_number":118,"box":{"x":69,"y":302,"width":278,"height":9}},{"id":"72b49123-a1ac-4b52-a2fd-41a237a7b037","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":118,"box":{"x":102,"y":324,"width":800,"height":12}},{"id":"66cb2011-b377-45bf-9dd3-82c7df3ea012","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":118,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"2fe711b0-a796-4dd7-8327-5d3f866c22dc","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":118,"box":{"x":69,"y":355,"width":814,"height":11}},{"id":"cc126261-6d7b-4850-beb1-3fb11e5212e0","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":118,"box":{"x":68,"y":370,"width":790,"height":11}},{"id":"16dbd832-d52d-4194-9e32-be883ca1e3ac","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":118,"box":{"x":69,"y":385,"width":818,"height":11}},{"id":"ec2ff587-bb9a-4e6b-ad65-77d9320fc8f8","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":118,"box":{"x":68,"y":400,"width":783,"height":11}},{"id":"48f7e37c-b173-44b8-ad0e-55877ae8e951","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":118,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"a680a159-ac9b-4660-ba37-9e77a65c1bca","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":118,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"a2322b2a-deb3-47e3-a96a-f752b574375f","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":118,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"49bfdf4c-4481-4836-adc0-486c9e322bbf","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":118,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"9d79d71c-6f27-4918-bd46-c86985ea086f","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":118,"box":{"x":68,"y":475,"width":824,"height":12}},{"id":"6dd8a15b-8b71-4960-8838-d10bc0c0f77c","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":118,"box":{"x":69,"y":491,"width":279,"height":11}},{"id":"bb0a1277-6ce3-4e56-8429-f8df71d3dd72","block_type":"box","text":"Restricted Securities.","page_number":118,"box":{"x":102,"y":513,"width":157,"height":9}},{"id":"f95395e2-fc1d-4e38-9ba9-75b11789f553","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":118,"box":{"x":265,"y":513,"width":617,"height":12}},{"id":"e501fb1c-79c1-48e5-8581-0ea1b705b7a4","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":118,"box":{"x":69,"y":529,"width":801,"height":11}},{"id":"6137d214-88d5-4cca-b058-4d1fb9c74f7e","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":118,"box":{"x":69,"y":544,"width":808,"height":11}},{"id":"4b2b24c6-bdd4-4e77-ab6a-8e2b0716c7c1","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":118,"box":{"x":70,"y":559,"width":802,"height":11}},{"id":"45ad047b-2e17-4653-9abe-c4ec5ce34ed8","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":118,"box":{"x":70,"y":574,"width":834,"height":11}},{"id":"686fca91-90aa-43a7-b031-89376068a81d","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":118,"box":{"x":68,"y":589,"width":825,"height":11}},{"id":"36f0a596-5f0f-4b7d-a958-aad7842e9b79","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":118,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"14b3a8bb-d417-473b-88f9-00011059c995","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":118,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"be0a1a48-b09d-4450-90ae-c823cb4fb374","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":118,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"676d604f-81b8-4de6-8795-b0af72814946","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":118,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"e6420d6c-6b19-4833-8542-7396c63d9df8","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":118,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"bc339cc8-751b-4d97-9510-64e9571daabb","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":118,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"78bc4903-3827-4aba-bab8-af7e97e165b5","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":118,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"6f9f3231-22b0-41c5-ab2a-23e623eb3a8c","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":118,"box":{"x":68,"y":710,"width":805,"height":11}},{"id":"865f0149-0481-48a5-a9b3-712c14ac71b4","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":118,"box":{"x":68,"y":725,"width":840,"height":11}},{"id":"80835c69-40d7-400d-aa8b-bbbd6633e2c9","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":118,"box":{"x":70,"y":740,"width":815,"height":11}},{"id":"df5e0363-8a9f-4166-8392-783804f09f19","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":118,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"b25d31b3-8824-441d-a327-61cddc8e2e89","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":118,"box":{"x":69,"y":771,"width":803,"height":10}},{"id":"282aba0e-3f3a-4ad6-b823-937cdba50608","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":118,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"e5636dac-0f22-4759-b9ec-10db6019962d","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":118,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"25053d2e-af78-4f62-a9d2-6a8aa94ebf56","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":118,"box":{"x":68,"y":816,"width":825,"height":11}},{"id":"215c0f0b-9c0c-4571-9ca0-d495939e3582","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":118,"box":{"x":69,"y":831,"width":777,"height":11}},{"id":"a93d935a-7c10-4209-8784-60e3a8b2a158","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":118,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"f51068c2-5dd3-4883-b79c-e2632aeb07da","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":118,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"7333a707-f6f9-4563-a3d0-411a2f7fe4bb","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":118,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"e95682e5-76a3-4e86-aa26-b1c27caa5b23","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":118,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"cfdf7204-b906-416c-8f18-0d3b682c45b5","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":118,"box":{"x":68,"y":906,"width":819,"height":12}},{"id":"ed2db7b4-fd53-421c-9d25-73d09b44a019","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"38630315-e3dd-48d7-9e77-827ea60b9b17","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8077820d-d554-4463-830f-18c4ddb77d91","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":119,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"eb45c0d9-f760-4072-b7a7-1672febb65b4","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":119,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"c05cfa96-4b53-4e96-8e91-def4a6783c76","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":119,"box":{"x":70,"y":75,"width":780,"height":11}},{"id":"cfc71389-17cf-4c8f-af7e-dac50bbc257c","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":119,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"3ead7a34-f26b-439c-9853-d1a1fa3d4397","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":119,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"64344d72-5d7d-4f92-b202-86944a8ad1a5","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":119,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"bcef75de-187e-47d0-834e-a21853ceafb9","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":119,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"65c26635-6561-485e-8c2a-2dec7e9feda2","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":119,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"592edaa0-b1ef-4d80-8c6a-03969ad13498","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":119,"box":{"x":68,"y":166,"width":804,"height":11}},{"id":"cacb53ca-ef80-4748-abef-61b52bb1aa53","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":119,"box":{"x":69,"y":181,"width":647,"height":11}},{"id":"57729868-1ed5-48ac-96c9-94d6725c9ea3","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":119,"box":{"x":102,"y":203,"width":714,"height":12}},{"id":"6c8cfa80-e911-41a8-9493-337ced610dd3","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":119,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"26a150ab-cfa1-418d-ab88-55817b2d9b5c","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":119,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"ab5e6e3a-9fcd-4a7a-9401-9aec8b0d6764","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":119,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"4a858b1c-4c5e-4b51-9ad4-e92fd15c4ee9","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":119,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"3d0331ac-9b3d-4ff0-95fd-55221ac59d29","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":119,"box":{"x":69,"y":279,"width":787,"height":11}},{"id":"ffd93906-85e0-4529-b297-8e5fdf817d46","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":119,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"4f915fb4-7853-4665-a756-293b321974da","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":119,"box":{"x":69,"y":309,"width":759,"height":11}},{"id":"73d7ebe6-f6b0-49bd-8699-e2c84ea3bc53","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":119,"box":{"x":70,"y":324,"width":833,"height":12}},{"id":"7eb87c04-96a5-407d-a3ac-ac0bb74d7002","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":119,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"a548f678-b69d-4cb2-aae2-9e1d21a2daab","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":119,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"2e9fa2bc-f5d9-40cb-8268-3f14369442a8","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":119,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"bf355840-10f0-49f2-a6d0-c1302749d29d","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":119,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"d997b623-8cba-466b-94d6-4d1d85cbdbbc","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":119,"box":{"x":70,"y":400,"width":835,"height":11}},{"id":"01b28155-6366-4e7c-b773-8e024f73de1b","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":119,"box":{"x":69,"y":415,"width":768,"height":11}},{"id":"57e7df92-5f55-4fb1-9ef1-12f39e3eb322","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":119,"box":{"x":70,"y":430,"width":815,"height":11}},{"id":"d0091393-e2a1-45c5-887d-5b1effbd67d7","block_type":"box","text":"especially as that Fund grows in size.","page_number":119,"box":{"x":69,"y":446,"width":264,"height":11}},{"id":"df88dc55-944b-42a2-ac02-8f87023621e4","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":119,"box":{"x":101,"y":468,"width":762,"height":11}},{"id":"c3b11a00-9daf-4f4f-a821-9c72cdbb8c67","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":119,"box":{"x":69,"y":483,"width":795,"height":11}},{"id":"2ce52d68-8782-47bf-8080-ecac49b1ae92","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":119,"box":{"x":69,"y":498,"width":751,"height":11}},{"id":"79639829-031e-457c-95f4-75b41fcad28a","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":119,"box":{"x":70,"y":513,"width":755,"height":11}},{"id":"aae4f78d-5eb4-4f9a-89c7-68ec6fb05afd","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":119,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"801b3f87-f2e5-4d56-913a-657ed886cd61","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":119,"box":{"x":70,"y":543,"width":835,"height":12}},{"id":"76f46619-6c06-45f4-a11a-d0610e90ec2f","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":119,"box":{"x":68,"y":559,"width":766,"height":11}},{"id":"04b20452-23a3-49e2-b3dd-1b99a6ed3fc9","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":119,"box":{"x":69,"y":574,"width":792,"height":11}},{"id":"cba608b5-9b54-4016-9f88-9b3857fbef82","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":119,"box":{"x":70,"y":589,"width":821,"height":11}},{"id":"72a52616-883f-43aa-89c8-2f0c11e91fa0","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":119,"box":{"x":70,"y":604,"width":771,"height":11}},{"id":"4d0ec285-0e24-409c-b4be-d69cc565b691","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":119,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"d578a714-4f88-449d-a58a-2a526c01f4f4","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":119,"box":{"x":69,"y":634,"width":790,"height":11}},{"id":"6ee7e7f1-4875-435d-98ce-9d40da729dad","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":119,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"1a167240-ddc2-4206-8016-ed997624f2d1","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":119,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"8a709034-a03f-4d3d-bf4a-d10db55ddce0","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":119,"box":{"x":70,"y":680,"width":818,"height":11}},{"id":"230043f8-3210-4264-87a9-ff721c26ded6","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":119,"box":{"x":68,"y":695,"width":839,"height":11}},{"id":"e69d5d9a-4769-462d-926b-b6492eda16f6","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":119,"box":{"x":68,"y":710,"width":514,"height":11}},{"id":"d68309f9-fdf6-4a17-ba29-49eecb62275f","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":119,"box":{"x":102,"y":733,"width":385,"height":10}},{"id":"a97a9c0c-82a5-4d4c-868b-0509fd1d30a3","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":119,"box":{"x":102,"y":755,"width":246,"height":11}},{"id":"953d4140-25f9-4033-a64c-191e5907332e","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":119,"box":{"x":354,"y":755,"width":548,"height":11}},{"id":"98220588-bee5-48b6-b2dd-780c59a404d9","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":119,"box":{"x":68,"y":771,"width":830,"height":11}},{"id":"5ce7fe6c-eb9f-4f9a-841b-3bc9ff7881e2","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":119,"box":{"x":68,"y":786,"width":793,"height":11}},{"id":"a7f712a7-12f3-4f5f-813b-b9cbb66ddc47","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":119,"box":{"x":69,"y":801,"width":784,"height":11}},{"id":"7a4b732b-d5df-44eb-975f-1b666a814bff","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":119,"box":{"x":70,"y":816,"width":591,"height":11}},{"id":"7cc934e8-2680-4858-872d-bd094001b5b9","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":119,"box":{"x":101,"y":838,"width":730,"height":12}},{"id":"eb73a0ed-3d0e-419b-b572-aa630fd1058b","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":119,"box":{"x":70,"y":854,"width":822,"height":11}},{"id":"51b1210a-7c4d-4394-a69d-8e390e217fdd","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":119,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"52022eea-4db3-4edb-b9be-2f2c8e452024","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":119,"box":{"x":69,"y":884,"width":801,"height":11}},{"id":"f197db64-199c-4e29-afc6-f5d41cb50076","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27686ff5-efc2-4c91-8d5e-6a03669e0424","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c6813dd-8d58-4f97-90e7-b6bf07d0266d","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":120,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"f8f0725f-6a9d-488b-8841-2469414326aa","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":120,"box":{"x":69,"y":60,"width":354,"height":11}},{"id":"b1e50837-5acf-42c2-b715-fdffb06f048e","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":120,"box":{"x":102,"y":82,"width":769,"height":12}},{"id":"3a60ad5b-9ade-4fdd-9ee1-760a3009c102","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":120,"box":{"x":70,"y":98,"width":815,"height":11}},{"id":"eb582fe2-bb61-4b86-baa3-5e464f057381","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":120,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"f7e43b28-9eab-42a6-82f6-f642a7681bad","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":120,"box":{"x":69,"y":128,"width":449,"height":11}},{"id":"00a1dbaa-83cc-453e-a449-1f32242d3327","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":120,"box":{"x":102,"y":150,"width":794,"height":12}},{"id":"0cef9d51-d1f9-4752-9449-795df40d3bf3","block_type":"box","text":"similar financing transactions (","page_number":120,"box":{"x":69,"y":166,"width":218,"height":11}},{"id":"ae4340d5-fb4f-40af-9b49-0a2689bc6149","block_type":"box","text":"e.g.","page_number":120,"box":{"x":289,"y":167,"width":24,"height":10}},{"id":"33eda98e-e11e-49a6-8d4f-391aa9aa626a","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":120,"box":{"x":316,"y":166,"width":594,"height":11}},{"id":"fdc8c337-be50-44b2-9a8d-e113bc6534af","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":120,"box":{"x":68,"y":181,"width":813,"height":11}},{"id":"09ae53ee-fab4-4c7b-9d58-8ad8afc0d691","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":120,"box":{"x":70,"y":196,"width":789,"height":11}},{"id":"bce76440-894b-4a3f-a732-b1369d5fe4b0","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":120,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"55d16d56-ca1b-4190-84a1-d86016a1ae03","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":120,"box":{"x":70,"y":226,"width":824,"height":11}},{"id":"2b6c0194-dcd1-4005-83d2-81ae0ff8d81b","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":120,"box":{"x":68,"y":241,"width":758,"height":11}},{"id":"fb8755fa-44a0-406d-b804-333b9fb85f71","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":120,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"bfad0934-156b-4539-b9ff-e026874b5728","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":120,"box":{"x":68,"y":271,"width":838,"height":12}},{"id":"e8468085-667c-4802-9006-f43277370e0c","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":120,"box":{"x":69,"y":286,"width":538,"height":12}},{"id":"83e7575e-d063-43c5-928d-1fcc0f01d3c8","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":120,"box":{"x":101,"y":309,"width":780,"height":11}},{"id":"87456e45-3f5d-4edd-b0f9-e4c8ed7842e0","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":120,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"5c261abc-2096-4f39-b346-9bcfa2ab5111","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":120,"box":{"x":68,"y":339,"width":775,"height":12}},{"id":"8514887d-6b51-4756-bcd2-408f66849736","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":120,"box":{"x":68,"y":355,"width":754,"height":11}},{"id":"dde31321-3bba-4800-ace3-327ff5a1ac03","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":120,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"99ff7c6b-137b-4571-8201-7ae22b9a8b96","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":120,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"cc31f354-8cf7-4c01-9da1-8b373474eff8","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":120,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"d79ebca7-2fdf-4145-aa7c-23c59ef241ed","block_type":"box","text":"amounts to be received under such agreements.","page_number":120,"box":{"x":69,"y":415,"width":345,"height":11}},{"id":"dfc8cf34-9e1b-4567-963c-dda7bf02f1f9","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":120,"box":{"x":102,"y":438,"width":316,"height":11}},{"id":"aa09786a-9dce-491c-be7b-d5160c155c20","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":120,"box":{"x":424,"y":438,"width":481,"height":11}},{"id":"dce9e06e-cfff-40c8-a9a0-30df86220278","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":120,"box":{"x":68,"y":453,"width":822,"height":11}},{"id":"5d0f2f4a-23ab-42be-9637-f67c468ea6a9","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":120,"box":{"x":69,"y":468,"width":776,"height":11}},{"id":"b726485f-bbc5-4a30-afa3-a2f847c81a2f","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":120,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"ee15f6d8-bd35-404d-a4e0-b726c52f0474","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":120,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"ff5b0bc6-8a68-4110-bae4-0e0c8c314b5f","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":120,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"0c6d3885-1f9e-414f-9ca1-3d3cf60eef7c","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":120,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"be0b2714-0608-4e2f-96ba-2c3f03bf5c65","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":120,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"98eedaff-c154-4edd-bcea-c4d42990386d","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":120,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"dc743d1f-b6cb-4144-ace7-d5dcafb8e456","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":120,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"45e69882-5b6d-4a1b-badd-f8b8005f9373","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":120,"box":{"x":68,"y":589,"width":708,"height":11}},{"id":"9d3326f3-d76c-45cd-b98f-047efae64825","block_type":"box","text":"Rule 144A Securities.","page_number":120,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"5f6cd3a7-c90e-4738-b873-5f6ac6612b40","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":120,"box":{"x":266,"y":612,"width":560,"height":11}},{"id":"2d9dbf1a-5b78-4344-ac78-c87129cea79a","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":120,"box":{"x":70,"y":627,"width":741,"height":11}},{"id":"b7e762d7-5ddd-43bc-9899-4117f4e7fde7","block_type":"box","text":"Securities Lending.","page_number":120,"box":{"x":101,"y":649,"width":139,"height":11}},{"id":"a7cec2d5-2426-447a-b8ed-d8451684b2be","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":120,"box":{"x":247,"y":649,"width":645,"height":12}},{"id":"68a06be2-445b-45c4-bd0c-f0c6d5ec263a","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":120,"box":{"x":69,"y":664,"width":825,"height":12}},{"id":"9246ce1d-6c6b-4dc9-b8b0-21c6010ef1ca","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":120,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"6dfcd79e-feda-4784-9bd8-7587c79989e7","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":120,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"3c6d8958-e7b4-4932-91fd-155fa8b8e1cb","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":120,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"bda0165f-875f-4e90-a9d1-b34face4fa20","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":120,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"0c18e820-c903-416a-b7c0-6afdd7fe87df","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":120,"box":{"x":69,"y":740,"width":838,"height":11}},{"id":"cecd6c97-eb33-43a8-b000-9509120ffc6a","block_type":"box","text":"the securities were not on loan.","page_number":120,"box":{"x":68,"y":755,"width":225,"height":9}},{"id":"0e9dd91c-7add-49ca-aa87-c63ea1b748be","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":120,"box":{"x":101,"y":778,"width":799,"height":11}},{"id":"b751eef3-6205-4d8a-8b0a-3d0778b11d6f","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":120,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"f8c5d91d-01db-4c15-948f-cce871c1bbff","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":120,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"8fc2bf48-1ff7-4d20-b416-98401f242aef","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":120,"box":{"x":69,"y":823,"width":821,"height":12}},{"id":"c389be67-a0a3-4fd7-ba49-250a81a98de7","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":120,"box":{"x":69,"y":838,"width":810,"height":11}},{"id":"231b03dc-9c1a-48dc-b6cf-b35b3f195718","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":120,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"2cb78161-2462-4d37-9269-860a92d2f627","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":120,"box":{"x":70,"y":869,"width":643,"height":11}},{"id":"64c46fdb-0f2d-4b27-88dd-036347db30f3","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":120,"box":{"x":102,"y":891,"width":568,"height":12}},{"id":"79ba3db8-bc09-4175-9948-2961475ebdf4","block_type":"box","text":"i.e.","page_number":120,"box":{"x":672,"y":891,"width":20,"height":9}},{"id":"c30d284f-873d-4930-af0c-5ae9e0f50714","block_type":"box","text":", the risk of losses resulting","page_number":120,"box":{"x":695,"y":891,"width":198,"height":12}},{"id":"6ed82ed2-bb8c-4667-a3e6-5b6e4eef3032","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":120,"box":{"x":68,"y":906,"width":501,"height":12}},{"id":"dbe9838c-8e31-4e71-9ca6-358e1ee7deb0","block_type":"box","text":"i.e.","page_number":120,"box":{"x":571,"y":907,"width":20,"height":8}},{"id":"20d240c6-19cc-44f0-a54d-d3e0e8687605","block_type":"box","text":", the risk of a mismatch between the return","page_number":120,"box":{"x":594,"y":906,"width":307,"height":11}},{"id":"ee8d579c-0de9-4fcb-80a9-366c8b52d647","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"042b156e-3bbb-445b-93f2-97758f5d0bdd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d995fc6c-5648-47a7-8a26-a718e29b7363","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":121,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"85beb1d2-6d27-40df-932d-8cae667bbaf1","block_type":"box","text":"i.e.","page_number":121,"box":{"x":865,"y":45,"width":20,"height":9}},{"id":"8ae34fd6-2a5b-4b77-a70e-fb8fd2130be1","block_type":"box","text":",","page_number":121,"box":{"x":888,"y":52,"width":2,"height":3}},{"id":"2caeaa5e-2328-497d-87eb-b574e444e708","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":121,"box":{"x":68,"y":60,"width":788,"height":11}},{"id":"f851fe56-0f95-49e2-aa18-b37f80036d03","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":121,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"4a83da4c-f7de-456a-bfb3-00dc539983e1","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":121,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"480a2e06-2f6a-4b00-9f7d-d5060478034c","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":121,"box":{"x":68,"y":105,"width":811,"height":11}},{"id":"e60979ef-be3f-42f8-ae78-0e068b4613d8","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":121,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"4117a5ad-e2ed-4131-b475-1b4a39f6126c","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":121,"box":{"x":69,"y":136,"width":790,"height":10}},{"id":"e507b10a-205f-423f-9cc8-8bbf18723d86","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":121,"box":{"x":70,"y":150,"width":820,"height":12}},{"id":"f948e474-dd2a-49c3-85f6-3f445d2c2e48","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":121,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"0796e2dd-dba4-4e38-8e1b-83135420c69c","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":121,"box":{"x":69,"y":181,"width":816,"height":11}},{"id":"c49ccad4-dcd8-4207-9ebc-dd6f6691da8a","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":121,"box":{"x":69,"y":196,"width":775,"height":11}},{"id":"10ab77f9-bf8f-4370-b3a6-c7f53c43e9f8","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":121,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"17008101-857c-45ee-a0a7-f8a8ccb81fce","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":121,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"6ab4afec-9b7f-4f57-aeed-52c0bb928a7c","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":121,"box":{"x":70,"y":241,"width":837,"height":11}},{"id":"ad829d6c-5046-4b44-aaf3-ec57669f3fc3","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":121,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"4691a6b3-5079-4563-b3eb-5d1338e8bd19","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":121,"box":{"x":69,"y":271,"width":839,"height":12}},{"id":"bd801a1f-4808-4b0d-8f22-a91b3c6c70d3","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":121,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"c8506045-d4c5-4dc5-ae05-462057e1acf8","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":121,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"94349fcb-2ae4-4b78-9c9a-cd22e29a4731","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":121,"box":{"x":69,"y":317,"width":823,"height":11}},{"id":"f067e915-f73f-4b7d-b0ff-5d5513f22e30","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":121,"box":{"x":70,"y":332,"width":823,"height":11}},{"id":"5bd0a30a-723f-4629-baf6-ac63e46180d7","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":121,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"8bd7761d-1474-4d0f-aa3c-ba2d2a04cd6a","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":121,"box":{"x":70,"y":362,"width":814,"height":11}},{"id":"06f03e3b-0b35-4cbf-9060-64d007908423","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":121,"box":{"x":68,"y":377,"width":787,"height":11}},{"id":"9a0e0f93-768f-48ca-9da5-e027a3db592e","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":121,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"6eb046da-a08c-4201-b8e8-1b21ec263140","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":121,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"fab844ee-feb7-4472-aeff-c4f335504e74","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":121,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"47c129b7-4046-4ec1-9c08-d7332f3e484e","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":121,"box":{"x":69,"y":438,"width":731,"height":11}},{"id":"7e85c878-fddf-4ab0-9c9d-b4bdd74cd529","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":121,"box":{"x":102,"y":460,"width":800,"height":12}},{"id":"bbc0aaea-78d2-446a-9c81-5eab946ed4fb","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":121,"box":{"x":68,"y":475,"width":802,"height":12}},{"id":"366dea14-be6d-4e2d-9b4d-2909394e4704","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":121,"box":{"x":69,"y":491,"width":783,"height":11}},{"id":"71015861-48ec-4449-b305-9d212e997e2f","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":121,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"c99c01a8-cfc2-44b9-8e5a-0953eb3f7680","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":121,"box":{"x":70,"y":521,"width":747,"height":11}},{"id":"62333eb4-6658-4dff-8bf0-e87d7f02af9d","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":121,"box":{"x":69,"y":536,"width":806,"height":11}},{"id":"c434674a-bf52-465f-9ee6-5b88f1a11732","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":121,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"81586d10-c678-40fb-8935-3dab33bdb300","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":121,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"19d7c891-29b0-485b-9de2-2319e551d290","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":121,"box":{"x":69,"y":581,"width":827,"height":11}},{"id":"51674dca-6dce-4e15-93f3-902129e8daa0","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":121,"box":{"x":69,"y":596,"width":794,"height":11}},{"id":"470cda75-69cf-47cb-b114-70f99521c840","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":121,"box":{"x":69,"y":612,"width":371,"height":11}},{"id":"31d3a170-d9ba-4f09-9079-178c60de0df7","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":121,"box":{"x":101,"y":634,"width":753,"height":12}},{"id":"43bf1367-8bf8-4c16-be41-f7d3d09d3fe5","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":121,"box":{"x":70,"y":649,"width":808,"height":12}},{"id":"1690dcc6-f2ce-4066-af17-13849b13492d","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in early 2026,","page_number":121,"box":{"x":69,"y":665,"width":791,"height":11}},{"id":"fd08a696-1a9c-4063-84e6-3d0160ff5e7c","block_type":"box","text":"although a legal challenge against the rules is currently pending.","page_number":121,"box":{"x":69,"y":680,"width":459,"height":11}},{"id":"a0ae2937-f9c1-4a24-8122-d29134f51b23","block_type":"box","text":"Short Sales.","page_number":121,"box":{"x":101,"y":702,"width":89,"height":9}},{"id":"8d986f31-c643-428b-b515-01d9edfd4d96","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":121,"box":{"x":196,"y":702,"width":696,"height":12}},{"id":"c2dcc291-009d-420f-b1e5-b6c50d405f31","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":121,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"e12e47cd-99a3-4aae-bf84-de6ddd7f3821","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":121,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"75687638-7ad7-4e75-9583-db9796859e91","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":121,"box":{"x":70,"y":748,"width":831,"height":11}},{"id":"c58c3b6c-ae54-4bdf-9ca9-568aacdfea16","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":121,"box":{"x":69,"y":763,"width":837,"height":11}},{"id":"30c40f17-e4f2-4679-99a8-0a0411eea776","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":121,"box":{"x":68,"y":778,"width":828,"height":11}},{"id":"a332595d-aed5-4385-bc8b-bb4d3f74a6db","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":121,"box":{"x":70,"y":793,"width":829,"height":11}},{"id":"8b7496c2-c25e-49df-93eb-ee1e35c59e51","block_type":"box","text":"securities to the lender of the securities.","page_number":121,"box":{"x":69,"y":808,"width":289,"height":9}},{"id":"0c1d02d6-26c8-46a5-8dde-a47aa1ce88b1","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":121,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"31514b2b-03ff-4b03-88be-060a086f4812","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":121,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"104f8a44-7207-4f76-9e05-24d9b8221aa3","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":121,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"a5b7d4ec-4865-4b3b-8d73-7c7b1952258d","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":121,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"6abda999-dfc8-4903-b2cc-bd762efdcd49","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":121,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"36291c38-d80b-461a-84b3-1292bc095c51","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"afbf67c6-cb89-41c5-ac5c-22413fcc7942","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"002d6251-57cd-4aa5-8320-b5727011dc72","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":122,"box":{"x":69,"y":45,"width":770,"height":11}},{"id":"358238ad-5862-47b5-a4ce-76870b740cd0","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":122,"box":{"x":70,"y":60,"width":568,"height":11}},{"id":"c142bb79-58d8-4d1a-a5f4-8ce99279e263","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":122,"box":{"x":102,"y":83,"width":806,"height":11}},{"id":"b94089d3-3f99-48d4-abc3-80297609d2b9","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":122,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"068e63b6-0dc3-4299-894c-ad22eaeae49b","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":122,"box":{"x":68,"y":113,"width":819,"height":11}},{"id":"552b7850-6edc-4d19-9db3-678d03dcf8ac","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":122,"box":{"x":69,"y":128,"width":758,"height":11}},{"id":"3265721b-a6cc-4a1b-93cf-2abf42b4d178","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":122,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"cb9609cc-4a92-4c73-9d7d-c8568daec478","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":122,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"6f57663a-ebe7-4006-90f9-b2b73d366e42","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":122,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"c945f70c-336b-4048-a94f-c027810ad2cb","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":122,"box":{"x":68,"y":188,"width":821,"height":11}},{"id":"08240791-6d22-42ba-b807-b43840365019","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":122,"box":{"x":69,"y":204,"width":640,"height":11}},{"id":"864e7475-e731-4d76-9bdf-31bafb04f579","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":122,"box":{"x":101,"y":226,"width":673,"height":11}},{"id":"9fdd6f5d-40be-4801-8684-b1f8a1f805a6","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":122,"box":{"x":101,"y":249,"width":721,"height":11}},{"id":"87cbd1c2-dbd9-4c10-81e7-b0ac7e5f99a9","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":122,"box":{"x":69,"y":264,"width":791,"height":11}},{"id":"a6ec4f1d-39bc-449b-9a09-83eae3e4a056","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":122,"box":{"x":70,"y":279,"width":489,"height":11}},{"id":"a6bda567-3366-47a2-9f95-69c92d2b4e37","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":122,"box":{"x":102,"y":302,"width":745,"height":11}},{"id":"0a5f232e-f800-4893-9c7d-aad33a7d277d","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":122,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"3953a88e-5f17-4809-936e-e92ae47b4e8d","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":122,"box":{"x":69,"y":332,"width":796,"height":11}},{"id":"986a74b9-7a6e-415e-8f26-4ebbce52402e","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":122,"box":{"x":70,"y":347,"width":766,"height":11}},{"id":"49e5841f-6156-4e2a-a46a-1323623e1c67","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":122,"box":{"x":70,"y":362,"width":754,"height":11}},{"id":"478674dd-9613-4009-92b6-94cc05e4aaed","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":122,"box":{"x":67,"y":377,"width":800,"height":11}},{"id":"e7bfaa54-c501-4fa3-b496-47fee84e5d28","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":122,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"c98a05e4-669a-4d96-ac3a-58e6f4e1f3b2","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":122,"box":{"x":69,"y":407,"width":782,"height":12}},{"id":"c3c78d32-d6fc-41c0-9342-d7d66e09ec4a","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":122,"box":{"x":69,"y":423,"width":460,"height":11}},{"id":"42183289-38e3-48ef-813d-2283f0bc033f","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":122,"box":{"x":101,"y":445,"width":293,"height":11}},{"id":"a2368e82-9ef2-4cef-94d9-f0a17c7d7003","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":122,"box":{"x":400,"y":446,"width":504,"height":11}},{"id":"25ba2e8b-f25d-42fb-94bd-5ff0b5fa2742","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":122,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"f7cf10e8-7964-4414-a1cc-381d598722ef","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":122,"box":{"x":70,"y":475,"width":793,"height":12}},{"id":"b3971927-2922-4b76-a157-357433b3586e","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":122,"box":{"x":70,"y":491,"width":824,"height":11}},{"id":"3bdbf7e8-af17-4b79-9d6f-639489ebdc6e","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":122,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"f9f0d079-d9f1-455e-bb0f-dba74f04a204","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":122,"box":{"x":69,"y":521,"width":768,"height":11}},{"id":"a805ed68-12de-40f6-a671-2635497abb91","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":122,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"df5000d2-ce03-4f00-b5ab-37cfcffac4e2","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":122,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"2979e737-aa9a-4234-b590-f66f1616439d","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":122,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"aee87928-8153-4208-b865-6f98b7bd1158","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":122,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"0ca4de96-409d-4855-844a-587adf7f2145","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":122,"box":{"x":68,"y":596,"width":788,"height":11}},{"id":"d6819563-aec2-4be5-b4c8-61080c94607b","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":122,"box":{"x":68,"y":612,"width":794,"height":11}},{"id":"0429f6be-2582-4eb6-9b10-954c9a0101f7","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":122,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"9822192c-5001-4715-9dab-592a6f40ea3e","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":122,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"5b197815-11ed-4332-8094-47e163f799cf","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":122,"box":{"x":70,"y":657,"width":802,"height":11}},{"id":"59c00937-a593-4d9b-af92-d5a48a3d0f07","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":122,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"07242807-7142-4805-abe6-6e4d0a716f30","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":122,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"3b3f5a7d-09bb-4689-9466-3d4ca7f69ea6","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":122,"box":{"x":69,"y":702,"width":806,"height":12}},{"id":"b92df830-85e9-4e67-8a1a-87c2153f4e33","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":122,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"77ff39d0-fee9-4330-b5f3-3d22c27e47c1","block_type":"box","text":"Standby Commitment Agreements.","page_number":122,"box":{"x":101,"y":740,"width":255,"height":11}},{"id":"1b1daacd-495f-4bc9-be75-263198f93adc","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":122,"box":{"x":362,"y":740,"width":511,"height":11}},{"id":"4dd1c81d-1a12-4540-b2bb-c99cea08bc68","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":122,"box":{"x":68,"y":755,"width":834,"height":11}},{"id":"49506a98-135e-401e-9b4c-31529d1b58e0","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":122,"box":{"x":68,"y":770,"width":834,"height":12}},{"id":"1c7fff55-eded-4a4a-8d5c-ea2f75a23df5","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":122,"box":{"x":70,"y":785,"width":802,"height":12}},{"id":"b5caed89-dee0-48fb-88b4-9a0ec6023bae","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":122,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"8b6c5565-993e-44d1-a668-d5c65cfe7225","block_type":"box","text":"advantageous to the Fund.","page_number":122,"box":{"x":69,"y":816,"width":188,"height":11}},{"id":"1ca0a309-5996-4ac0-a117-afa04236b126","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":122,"box":{"x":101,"y":838,"width":800,"height":11}},{"id":"aa1509f4-f389-4643-a295-e70798ec6178","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":122,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"da56ed30-856b-4dd0-81c5-ce32ad95a77b","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":122,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"55d32050-5afc-45f6-b9ad-0fa3418b826e","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":122,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"62f77142-9234-4f18-bc78-4316bf3653a5","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95916d3d-ba90-4a2c-8797-90544e10fa19","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48776a5b-6889-4d0a-a7fb-2b8024784069","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":123,"box":{"x":101,"y":45,"width":785,"height":11}},{"id":"58c5b507-bf47-40e6-92a3-01ceeff9bedb","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":123,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"5039b234-2622-4bd9-aefd-fe3d6a420e34","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":123,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"582d8e33-1940-40d1-ad41-6b4da849bd48","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":123,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"c0c97bb3-a103-4173-b33e-9f0c3d92ae11","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":123,"box":{"x":70,"y":105,"width":415,"height":11}},{"id":"64b979c0-4050-45e1-9587-2799ba5df06e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":123,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"83e4bfa1-aee4-49d2-8657-c549516660c0","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":123,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"6bcbc923-3cc5-41f6-a3d6-b8811aff12b7","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":123,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"5eb78c5f-ac39-4956-8b40-1120c86da33d","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":123,"box":{"x":69,"y":173,"width":815,"height":11}},{"id":"7f666e23-f16c-4295-846d-3d675b352515","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":123,"box":{"x":68,"y":188,"width":817,"height":12}},{"id":"f91a2bdc-3e60-44b9-903a-9548c648d86c","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":123,"box":{"x":69,"y":203,"width":578,"height":12}},{"id":"be9e9c4a-9f4f-4a02-9d47-e753be018e32","block_type":"box","text":"Stripped Securities.","page_number":123,"box":{"x":101,"y":226,"width":143,"height":11}},{"id":"2ab2174f-f9b0-44be-add8-396bba27982b","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":123,"box":{"x":251,"y":226,"width":596,"height":11}},{"id":"d1f5bf5b-0610-450b-bc4f-1c52896e79df","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":123,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"2f47d88a-a9ea-447e-9477-a6ade091556d","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":123,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"912ca7b3-b256-4eba-a298-219262b1fe0f","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":123,"box":{"x":70,"y":271,"width":813,"height":12}},{"id":"e53d2281-40b7-4684-9eb6-88c340f87f52","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":123,"box":{"x":70,"y":286,"width":777,"height":12}},{"id":"bf94296e-e67c-4d4f-bab9-4a4e0d0e0fbf","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":123,"box":{"x":70,"y":302,"width":802,"height":11}},{"id":"005aa4c9-c021-4a63-b5f0-e94f77c6607e","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":123,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"587354a3-fd7a-4023-8fb1-a7ed8cd25ecd","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":123,"box":{"x":70,"y":332,"width":837,"height":11}},{"id":"018437bf-6ebc-4554-8dce-093c862152d8","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":123,"box":{"x":68,"y":347,"width":823,"height":11}},{"id":"1b4d7503-cb44-4146-b990-801704d04009","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":123,"box":{"x":69,"y":362,"width":494,"height":11}},{"id":"90c9d13f-d6d1-4c86-90b2-63655112f60d","block_type":"box","text":"Structured Notes.","page_number":123,"box":{"x":101,"y":385,"width":130,"height":9}},{"id":"3524c9ba-48c5-4d1c-ab64-cbd45fb508f9","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":123,"box":{"x":237,"y":385,"width":650,"height":11}},{"id":"a4ccea9b-e21d-47cb-90d4-35addeb7a387","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":123,"box":{"x":69,"y":400,"width":818,"height":11}},{"id":"55696538-a033-4a77-8824-4fcde720554b","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":123,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"3096455e-a8b2-4739-bcd8-b7d96bd5409e","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":123,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"5b974bee-8601-48c0-ad4c-87dc18837b6f","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":123,"box":{"x":70,"y":445,"width":839,"height":12}},{"id":"8a55ef9b-b764-4b7e-b06c-2c0ba045557a","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":123,"box":{"x":69,"y":460,"width":801,"height":12}},{"id":"4f459abe-4817-4f29-bb5f-880c19fe957d","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":123,"box":{"x":70,"y":476,"width":813,"height":11}},{"id":"0b426c95-c2cd-48ff-8b9a-4440e0eaa1c6","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":123,"box":{"x":68,"y":491,"width":673,"height":11}},{"id":"3e74c7c1-739e-4fc4-9e38-9b229e5a6e0f","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":123,"box":{"x":102,"y":513,"width":768,"height":12}},{"id":"fe99c860-539a-4646-969b-5476fec5ee9d","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":123,"box":{"x":70,"y":528,"width":821,"height":12}},{"id":"1c9d305b-052f-4d4c-801e-6fcfc21a33cf","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":123,"box":{"x":69,"y":543,"width":787,"height":12}},{"id":"acf6cf5c-a583-49f5-87fc-20a92805a203","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":123,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"214ea4f0-5f06-4974-9c0c-dc9a56d9461e","block_type":"box","text":"the risk of loss.","page_number":123,"box":{"x":68,"y":574,"width":110,"height":9}},{"id":"974ec66f-3e31-4daa-82c1-a144a02ed7fb","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":123,"box":{"x":101,"y":596,"width":759,"height":11}},{"id":"e6e8261a-15d6-41e4-9990-e7a37a0f9de1","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":123,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"19522dfc-a70c-484a-9235-ca30b2e2d784","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":123,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"2a4f19d8-f921-487a-876f-36c9c2ccce8c","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":123,"box":{"x":70,"y":642,"width":821,"height":11}},{"id":"338f765a-ce45-45be-8a68-7e8830abfb34","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":123,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"191bdeb0-f75b-44de-8e09-a7bb8bbb2861","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":123,"box":{"x":70,"y":672,"width":618,"height":11}},{"id":"650cecc2-2bea-4868-992f-b7bc5c1d39bd","block_type":"box","text":"Taxability Risk.","page_number":123,"box":{"x":103,"y":695,"width":109,"height":11}},{"id":"f7fb1b4b-bae7-4723-b5fe-357c34ff1a6d","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":123,"box":{"x":218,"y":695,"width":644,"height":11}},{"id":"991a25f9-8234-49b4-8345-5d9b7c3c91a3","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":123,"box":{"x":70,"y":710,"width":817,"height":11}},{"id":"30a22222-3437-4651-b144-aa4eb29504ed","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":123,"box":{"x":68,"y":725,"width":827,"height":11}},{"id":"55c394cb-e02a-48b8-89db-4ddd72d732bf","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":123,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"a4c1e4cb-2f34-42a0-9200-71ff885cb86a","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":123,"box":{"x":68,"y":755,"width":809,"height":11}},{"id":"0f154764-846f-473a-9c37-f0e69b407152","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":123,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"209819df-7643-406a-9159-f1cc0ae8bd2c","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":123,"box":{"x":69,"y":785,"width":816,"height":12}},{"id":"9fa3ae83-87fa-4365-9be3-df42f77c78a3","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":123,"box":{"x":70,"y":801,"width":822,"height":11}},{"id":"6d4fc7c4-8165-483d-8829-b4ad67ce610c","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":123,"box":{"x":70,"y":816,"width":818,"height":11}},{"id":"7660e27b-318e-46b4-b3a6-0f348bd0a559","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":123,"box":{"x":70,"y":831,"width":771,"height":11}},{"id":"8b8f6990-0e96-47d7-a03c-a8eaa37efe96","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":123,"box":{"x":70,"y":846,"width":765,"height":11}},{"id":"1a943cc1-ad61-4ccf-a0fa-96575788300a","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":123,"box":{"x":69,"y":861,"width":834,"height":11}},{"id":"203d38a5-dd34-45bc-8bdd-cf562cf13319","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":123,"box":{"x":68,"y":876,"width":807,"height":11}},{"id":"d22de0a0-a7d7-4d89-83e7-69bb814ed469","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":123,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"e10291ba-d9ad-4590-b019-cb7a89a6b9fc","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a1a6a44-6232-46e7-97b8-db4a1ce842a7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b32c093a-b574-475e-bd28-9b76a74adb43","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":124,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"8fff0dc3-a59d-446d-af18-2fca396f400f","block_type":"box","text":"the value of an investment in the Fund.","page_number":124,"box":{"x":68,"y":60,"width":278,"height":9}},{"id":"d179e5de-a347-4ed7-a880-7ded1ee7129a","block_type":"box","text":"Temporary Defensive Measures.","page_number":124,"box":{"x":103,"y":82,"width":230,"height":12}},{"id":"144295fb-bb2a-4793-878d-a8187db04a15","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":124,"box":{"x":339,"y":82,"width":542,"height":12}},{"id":"b76876d3-9f8c-4311-8392-2deca4393e17","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":124,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"ba155b03-a0a6-4c24-ac80-665e70047e01","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":124,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"566b0b2c-3bfb-4b05-b25b-40f2d1d5d308","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":124,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"7b990c46-9a5e-4e11-a210-cbb204b23e23","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":124,"box":{"x":70,"y":143,"width":813,"height":11}},{"id":"c6f366ab-1e77-4ba4-b378-20c379dd0691","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":124,"box":{"x":69,"y":158,"width":795,"height":11}},{"id":"c92270d9-bf7e-4026-8875-4a7aec8d4957","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":124,"box":{"x":68,"y":173,"width":806,"height":11}},{"id":"5ce29351-1b0a-414a-bb43-9675721c7248","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":124,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"de07b518-42c7-4303-bf20-cdad9947c988","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":124,"box":{"x":68,"y":203,"width":820,"height":12}},{"id":"841dc796-0020-473c-91db-b09e90b1cdc1","block_type":"box","text":"its investment objective.","page_number":124,"box":{"x":70,"y":219,"width":171,"height":11}},{"id":"04be771f-97ee-4c53-97a3-7273bb9058c5","block_type":"box","text":"U.S. Government Obligations.","page_number":124,"box":{"x":102,"y":241,"width":213,"height":11}},{"id":"22336b23-0dcf-4095-a704-2e2e3aefd222","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":124,"box":{"x":321,"y":241,"width":566,"height":11}},{"id":"8e98d2a0-00a5-443e-93eb-a5899095cae5","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":124,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"41cbadc9-244a-4a83-b003-898165708bcc","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":124,"box":{"x":70,"y":271,"width":826,"height":12}},{"id":"6453c5c9-f6b2-4ae2-afd3-e4d864a4bc54","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":124,"box":{"x":68,"y":286,"width":779,"height":12}},{"id":"fa3d58ab-21a5-402f-a811-bc6d034ac5ff","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":124,"box":{"x":70,"y":302,"width":798,"height":11}},{"id":"7424e623-9538-415f-b8e0-8b87e820bdaa","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":124,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"387a3583-2b66-4702-ac34-98fc10989f2a","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":124,"box":{"x":69,"y":332,"width":809,"height":11}},{"id":"87964899-fefc-47f0-afa6-b01fcd0c7eb4","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":124,"box":{"x":69,"y":347,"width":805,"height":11}},{"id":"bbfc342d-f0d5-4c59-a3ee-3cdc85a484e9","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":124,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"a77d78e4-29cc-4aeb-8007-4b523efce25a","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":124,"box":{"x":70,"y":377,"width":832,"height":12}},{"id":"6dfbc8ae-13be-43db-ab31-e9bbda03e4f5","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":124,"box":{"x":69,"y":392,"width":829,"height":12}},{"id":"330e2a92-8f66-4c22-b7d2-3ac41644a058","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":124,"box":{"x":69,"y":407,"width":716,"height":11}},{"id":"a4b22fa5-40b7-4663-81f8-2d20ad38f55c","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":124,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"861a7d1e-6320-4eb0-bbfd-1da933455f48","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":124,"box":{"x":68,"y":445,"width":785,"height":12}},{"id":"6aa0b91c-abd1-4545-b9ac-e0b9e651512d","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":124,"box":{"x":68,"y":460,"width":813,"height":11}},{"id":"8fffb215-b07d-4520-99d9-ae31f58824ba","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":124,"box":{"x":70,"y":475,"width":794,"height":12}},{"id":"303b22d0-67f0-4405-b32c-d3be4afa527c","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":124,"box":{"x":69,"y":491,"width":835,"height":11}},{"id":"4e079d4e-6dc9-4b27-976d-d43b6977090b","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":124,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"37d4a684-0e2b-4456-968d-af55493b7f13","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":124,"box":{"x":70,"y":521,"width":777,"height":11}},{"id":"6fde6cc4-fe95-44cb-8eff-8a98b861da6a","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":124,"box":{"x":70,"y":536,"width":749,"height":11}},{"id":"ae2b0cdd-15bf-4c26-9404-b167fdcd9d76","block_type":"box","text":"U.S. Treasury Obligations.","page_number":124,"box":{"x":103,"y":559,"width":183,"height":11}},{"id":"aa674ee3-45e1-4897-b689-3395e8245a8b","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":124,"box":{"x":292,"y":559,"width":593,"height":11}},{"id":"2c464055-0549-4314-a680-f103addf7027","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":124,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"894cae8f-2f9f-4d39-b6db-fbc1870b8d82","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":124,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"5ed5c41d-0194-40ea-a9f2-a14a676d9101","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":124,"box":{"x":68,"y":604,"width":823,"height":11}},{"id":"7edc673d-5068-49e8-9557-81497f72d9dc","block_type":"box","text":"do so.","page_number":124,"box":{"x":69,"y":619,"width":42,"height":9}},{"id":"379baa76-decf-414d-ba9a-d4e99058d696","block_type":"box","text":"U.S. Treasury Rolls","page_number":124,"box":{"x":102,"y":642,"width":139,"height":11}},{"id":"5861ae4f-c601-4ca8-b68b-001b212bc72d","block_type":"box","text":".","page_number":124,"box":{"x":241,"y":649,"width":3,"height":2}},{"id":"cd08937b-ed85-467b-9d60-8416fe8a9653","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":124,"box":{"x":250,"y":642,"width":656,"height":11}},{"id":"35f88a07-7ca4-42a7-9ac0-e4363b86beaa","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":124,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"cc70fe8e-49eb-437d-b138-3c7a0cc053fc","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":124,"box":{"x":69,"y":672,"width":820,"height":11}},{"id":"75578174-79e8-4e83-9505-0814f15a6bbf","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":124,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"85af9617-980d-45d2-9532-155f130ebfb3","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":124,"box":{"x":69,"y":702,"width":828,"height":12}},{"id":"16add0ba-0b6f-4d30-8b0c-d5976310c508","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":124,"box":{"x":69,"y":718,"width":775,"height":11}},{"id":"40486f85-3580-4165-b046-8a73c8a96015","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":124,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"3e394e63-a327-43a0-8df5-8a419295d50a","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":124,"box":{"x":68,"y":748,"width":657,"height":11}},{"id":"4cce1cd4-7c4c-4959-a5eb-c28556abf468","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":124,"box":{"x":101,"y":770,"width":756,"height":12}},{"id":"3be85ffe-0175-447b-b18f-d1330861f045","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":124,"box":{"x":70,"y":785,"width":800,"height":12}},{"id":"6dd98921-a49b-4d1e-9d03-e71db44e3880","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":124,"box":{"x":70,"y":801,"width":617,"height":11}},{"id":"34adc566-ab30-4848-82ec-dae1e83c5cba","block_type":"box","text":"Utility Industries.","page_number":124,"box":{"x":102,"y":823,"width":124,"height":11}},{"id":"0b2a1440-3c70-4c11-840c-263d4619f9e4","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":124,"box":{"x":233,"y":823,"width":674,"height":12}},{"id":"362e47d6-b5cf-4267-bf19-ffc84b63cca7","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":124,"box":{"x":69,"y":838,"width":812,"height":12}},{"id":"40f02758-cf7f-479d-a7d0-b4d42986ac80","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":124,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"7865a52b-d8c6-422b-9f6d-e2a7951fd0cb","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":124,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"63326b92-d362-491e-984e-032d218a441e","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":124,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"8218598b-90a5-4a47-a647-0e9a433b9efa","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":124,"box":{"x":69,"y":899,"width":827,"height":11}},{"id":"dadb1e70-28ba-4e86-a840-96bce2d59642","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90e540de-3b6e-4cde-a5b7-4886cc844431","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c46f580-5ef9-46ac-a24e-47ded4bc799c","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":125,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"934f8995-7c47-4282-a802-c65939a800bd","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":125,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"28250968-35ad-4429-9682-924e508eeeaa","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":125,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"0872227c-69fc-4ea5-9438-0ed50fb4b11c","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":125,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"6bc86803-7967-4ebe-9622-e891a456caba","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":125,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a8c0bb03-dfa8-422a-9965-7bf63e11e217","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":125,"box":{"x":69,"y":120,"width":761,"height":12}},{"id":"f46e211a-b29e-4886-b989-5ee8ed14fc36","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":125,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"eba57650-55e7-40f3-b7cd-94f05dfa0d29","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":125,"box":{"x":69,"y":150,"width":777,"height":12}},{"id":"756c3a73-3db6-4e52-a214-1981c71d7024","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":125,"box":{"x":70,"y":166,"width":820,"height":11}},{"id":"bd9356f5-b130-47be-991b-3379ad8152fc","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":125,"box":{"x":69,"y":181,"width":835,"height":11}},{"id":"a2c41c5a-460b-441c-8a6c-d175dc51d83d","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":125,"box":{"x":68,"y":196,"width":778,"height":11}},{"id":"fe491008-3dfa-4387-a2ad-a6a9739f5a70","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":125,"box":{"x":69,"y":211,"width":808,"height":11}},{"id":"8ec7be05-47c0-49a1-bc50-fa389fb43128","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":125,"box":{"x":69,"y":226,"width":831,"height":11}},{"id":"b12c412a-32e7-4eb8-9e07-3e2980ca7a78","block_type":"box","text":"utility.","page_number":125,"box":{"x":69,"y":241,"width":39,"height":11}},{"id":"d9489823-a03b-47de-9a63-c623f5c2396e","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":125,"box":{"x":102,"y":264,"width":744,"height":11}},{"id":"a4196b7b-ef46-4869-819f-c10279647502","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":125,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"4c7ecfb4-2cae-46c5-9108-5ac66e770a87","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":125,"box":{"x":69,"y":294,"width":817,"height":11}},{"id":"cf6018f7-45bf-4179-9605-0d7bdd6d1f9b","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":125,"box":{"x":70,"y":309,"width":464,"height":11}},{"id":"551b033c-85e0-416d-b11e-3092a164f10d","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":125,"box":{"x":102,"y":332,"width":789,"height":11}},{"id":"f040c04d-151b-4252-85a1-fbe881ac6353","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":125,"box":{"x":69,"y":347,"width":790,"height":11}},{"id":"df3e5527-ca4a-4757-bf1d-387f41543908","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":125,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"23f85d2c-be1c-4979-bc62-6cde4979cfc3","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":125,"box":{"x":69,"y":377,"width":824,"height":12}},{"id":"29cb4152-6e26-4a06-a139-2dc1ab1399cf","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":125,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"b9a551f6-4266-4e8c-821d-f1ab5a812d9b","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":125,"box":{"x":69,"y":407,"width":826,"height":12}},{"id":"81caa070-b31f-4792-b05e-f9033650a150","block_type":"box","text":"continue in the future.","page_number":125,"box":{"x":69,"y":423,"width":156,"height":9}},{"id":"e5737309-014d-460d-9c03-8df70183bf87","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":125,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"6abb4290-7091-4f28-81f4-443e1ea8c604","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":125,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"59d96e4e-4885-4252-943f-9e66ecf66e1a","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":125,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"af28e245-bbef-43c9-a996-8b42b8ba7fa8","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":125,"box":{"x":69,"y":491,"width":784,"height":11}},{"id":"09f90020-425f-4653-993a-e17851240931","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":125,"box":{"x":70,"y":506,"width":830,"height":11}},{"id":"a562fd57-fa9a-4011-b5f2-33c20bbe7cf8","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":125,"box":{"x":68,"y":521,"width":809,"height":11}},{"id":"954d90d4-ac53-41f6-9be0-57ed1f301c0e","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":125,"box":{"x":69,"y":536,"width":834,"height":11}},{"id":"f7e49a4d-441e-44d6-98c0-ebf32fcbc7f4","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":125,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"46759bbf-6df3-4d7e-8f62-6be0d2807ed8","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":125,"box":{"x":68,"y":566,"width":840,"height":11}},{"id":"fc10d1b8-73f5-4760-8dea-335bdbe10885","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":125,"box":{"x":69,"y":581,"width":796,"height":11}},{"id":"b5211f7f-5601-4cf5-bd48-e268de7a28fa","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":125,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"10436a86-811f-4dff-a0b0-73b88fa740ae","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":125,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"5d8ac825-9b52-45ca-8254-f308176561ff","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":125,"box":{"x":69,"y":627,"width":812,"height":11}},{"id":"45b451ba-fda5-4c65-9e8f-380f08443712","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":125,"box":{"x":68,"y":642,"width":833,"height":11}},{"id":"82fdf7e1-814a-42bf-a829-89702838b07a","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":125,"box":{"x":68,"y":657,"width":831,"height":11}},{"id":"b4bbe0f5-3285-4377-9a80-1aa796ca2725","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":125,"box":{"x":102,"y":680,"width":720,"height":11}},{"id":"7e3f7795-0e41-458c-8262-73691e75eeb6","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":125,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"09ac9b1f-ff71-406a-8b99-0832fef0dfa0","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":125,"box":{"x":68,"y":710,"width":762,"height":11}},{"id":"7e5fcc7b-55a3-4008-9ffa-ad64e8f73fdc","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":125,"box":{"x":68,"y":725,"width":815,"height":11}},{"id":"a23b4af7-0f68-4507-a825-f3fe76076848","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":125,"box":{"x":68,"y":740,"width":801,"height":11}},{"id":"7362e5cc-7ec1-4960-abf7-1df3e463c9cd","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":125,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"d104f6d7-d56e-41df-b276-aea913eb52ac","block_type":"box","text":"ways different from regulation in the United States.","page_number":125,"box":{"x":68,"y":770,"width":365,"height":12}},{"id":"c2dfecd5-445e-4636-8eaf-ce97c1c3bfcc","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":125,"box":{"x":101,"y":793,"width":745,"height":11}},{"id":"f0c7fdbb-677e-42f6-88b2-67016380c7a6","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":125,"box":{"x":68,"y":808,"width":790,"height":11}},{"id":"79e5c5b2-f301-483a-a379-661532363689","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":125,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"95068a82-6453-48e9-9e6c-3d1a8a947d83","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":125,"box":{"x":69,"y":838,"width":810,"height":12}},{"id":"e1aba1db-f4de-43f9-8fbf-fb5b197acdcd","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":125,"box":{"x":69,"y":853,"width":831,"height":12}},{"id":"cd012ea2-4d70-4326-9fcb-916e3e7b7f53","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":125,"box":{"x":69,"y":869,"width":828,"height":11}},{"id":"d96b659f-f9e4-4696-8f0f-f37fa7e71eb5","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"66f65248-7fee-4f14-acbc-eddd98812421","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6470110-16e0-4c21-879e-6048b708044a","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":126,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"806fd55e-c4ee-4558-b1d8-5b0e5caaff25","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":126,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"0b07ddd8-5444-4b4b-bd1c-8e0a9afb180d","block_type":"box","text":"increase.","page_number":126,"box":{"x":70,"y":75,"width":63,"height":9}},{"id":"4e933d13-8352-4a13-a889-ba88cbb06fd8","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":126,"box":{"x":101,"y":98,"width":793,"height":11}},{"id":"a16ef3cb-02b8-4f35-9843-7f570e5c7260","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":126,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"95093bb4-2586-4a18-a1d7-07cf3aaf2988","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":126,"box":{"x":69,"y":128,"width":619,"height":11}},{"id":"4d6280ea-eed2-4df1-af9c-8d454ea2d615","block_type":"box","text":"Electric.","page_number":126,"box":{"x":102,"y":151,"width":54,"height":8}},{"id":"7ca5d06e-9604-4eef-8954-d893a24d74ec","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":126,"box":{"x":163,"y":150,"width":684,"height":12}},{"id":"3917ec77-a8fc-42ff-96df-e6f84f3e7d95","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":126,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"af676d83-796f-4310-abf3-51eb9d291af6","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":126,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"ccb2f060-ea03-4221-abbb-84426d5e5f29","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":126,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"2b2418d7-4f77-4147-a1f8-12bec6da536e","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":126,"box":{"x":69,"y":211,"width":821,"height":11}},{"id":"8302aaa2-69fe-470b-83ba-63ab1572a92f","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":126,"box":{"x":69,"y":226,"width":823,"height":11}},{"id":"f0a04357-fc4c-4fcf-ab3c-a4d9ebeb5dc0","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":126,"box":{"x":68,"y":241,"width":803,"height":11}},{"id":"c511f380-17ba-4e25-92a9-ac5519d816d9","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":126,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"d5613f26-23c8-4a58-a878-a45f965ddd5d","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":126,"box":{"x":70,"y":271,"width":836,"height":12}},{"id":"4a16419d-1605-4b11-b190-3d1eaaf13b79","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":126,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"982509bb-ddea-4b10-97e1-df9056d4fcd9","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":126,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"e28e6b79-fc0f-480f-976c-58f982fc1482","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":126,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"9b16587d-beef-48ab-bf37-d958e93fba3a","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":126,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"e9c7d14d-6e87-42b2-bc4f-5de29dbbe52f","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":126,"box":{"x":69,"y":347,"width":770,"height":11}},{"id":"c0cd5e1e-2372-4728-b834-f09f41aca80f","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":126,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"348f088c-1ca1-4247-9a00-d6ea987773ca","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":126,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"8ca3307f-d371-4185-ae39-34600c7665d4","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":126,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"0a7e44a7-abee-4f24-88aa-203a5cf5d317","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":126,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"7db615ad-331a-4274-b9e4-0f49d3e92adc","block_type":"box","text":"and for decommissioning such plants.","page_number":126,"box":{"x":69,"y":423,"width":270,"height":11}},{"id":"99dc926a-78a2-4c30-ad6c-aa063b1eb694","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":126,"box":{"x":101,"y":445,"width":776,"height":12}},{"id":"5894f696-86a4-493d-bd7b-34a9c5e3c9ea","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":126,"box":{"x":70,"y":460,"width":802,"height":12}},{"id":"64ce3c26-3fb8-40a9-b910-27d40796faf9","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":126,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"62a5f7ff-3742-410f-a8b6-97fff65b5b88","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":126,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"54bd35e2-ea72-40b8-8a3c-85c6e80ae4d2","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":126,"box":{"x":70,"y":506,"width":838,"height":11}},{"id":"ab7ba77c-089b-42ed-babc-29dc09bdfac5","block_type":"box","text":"greater predictability of cash flow.","page_number":126,"box":{"x":68,"y":521,"width":239,"height":11}},{"id":"a5f7eb06-e674-4f6a-a3d4-cf3e65980b78","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":126,"box":{"x":101,"y":543,"width":801,"height":12}},{"id":"a81200e0-dbf8-43ed-9e01-2c742b4cdb3e","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":126,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"b39284e7-e27c-471e-8f32-938cecf2c69a","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":126,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"7c49f5b0-38ad-45cf-932f-cd7a4cc83130","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":126,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"b005b5fc-1e3a-4591-b6dd-2352393a86c3","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":126,"box":{"x":68,"y":604,"width":803,"height":11}},{"id":"959da5be-560d-4407-b5da-c3e701f606ed","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":126,"box":{"x":69,"y":619,"width":777,"height":11}},{"id":"aa444c16-a495-40dd-b050-45cae85a2d12","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":126,"box":{"x":69,"y":634,"width":819,"height":12}},{"id":"27ba60d7-4b92-4435-b049-7e95824ded45","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":126,"box":{"x":68,"y":650,"width":835,"height":11}},{"id":"8d3abccd-4999-4e1b-87c7-cb4d01954256","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":126,"box":{"x":69,"y":664,"width":700,"height":12}},{"id":"7b7aeaef-d937-464a-bbaf-483bbd1909c0","block_type":"box","text":"Telecommunications.","page_number":126,"box":{"x":103,"y":687,"width":147,"height":9}},{"id":"fde01e44-963b-4c2e-828d-917d87bcd30a","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":126,"box":{"x":256,"y":687,"width":652,"height":11}},{"id":"747ec5c3-0763-4f4b-849b-42fc280dfeb4","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":126,"box":{"x":69,"y":702,"width":813,"height":12}},{"id":"492e5af3-d0da-4756-b940-31e3a0553481","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":126,"box":{"x":70,"y":717,"width":782,"height":12}},{"id":"70d53ace-9c8c-4758-b44c-e55ce6375414","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":126,"box":{"x":69,"y":733,"width":786,"height":11}},{"id":"f4fbb948-dd23-4875-860b-a896b735e9b5","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":126,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"e11b972f-1beb-4cdb-9cc0-3d033152a404","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":126,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"2ab84694-6b99-4004-8d69-c3a4848ac60e","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":126,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"d4dec9ee-e8ea-437b-b4bb-15be7391812c","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":126,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"6fd7f128-e9c6-4514-9719-1f65cfa06c94","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":126,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"d50fab0e-70dc-4c5c-acd3-1c1e48d490f4","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":126,"box":{"x":69,"y":823,"width":823,"height":12}},{"id":"fe3f4f94-b4cd-41e0-b663-46294d965622","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":126,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"f9e77339-42f3-4018-83dd-0ffa93050237","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":126,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"0bb52d7c-99d9-4e9a-a38a-c6ed31e8fe8b","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":126,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"977d96a9-e36b-4394-8daa-c7c6e0a037b5","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":126,"box":{"x":69,"y":884,"width":827,"height":11}},{"id":"3db518d8-3349-45f1-8157-af81270cc3ad","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5c8f29ef-2c84-4576-b799-258fe4b87ca2","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba29ebda-9041-4a33-9f41-7a3b57f2350d","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":127,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"4f5b9b12-7a10-4975-a23f-0d98fad99063","block_type":"box","text":"residential, corporate and governmental customers.","page_number":127,"box":{"x":69,"y":60,"width":367,"height":11}},{"id":"8d70ed6e-c340-44c2-9fb5-7748e89d3537","block_type":"box","text":"Gas.","page_number":127,"box":{"x":102,"y":83,"width":31,"height":8}},{"id":"329d225e-7608-4a1b-baa4-b8062be9ce0b","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":127,"box":{"x":139,"y":82,"width":740,"height":12}},{"id":"9ac3d836-9512-44d0-9c31-aeb36445ece3","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":127,"box":{"x":70,"y":98,"width":834,"height":11}},{"id":"bc954631-d7ee-4193-ae28-3a18725d7ec8","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":127,"box":{"x":70,"y":113,"width":756,"height":11}},{"id":"52852940-b9b0-48c4-aebe-daeb9d68c2b5","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":127,"box":{"x":69,"y":128,"width":831,"height":11}},{"id":"724c1c98-3dc5-42fe-b2cf-42e023d1f201","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":127,"box":{"x":69,"y":143,"width":801,"height":11}},{"id":"5fb6e7a5-cdd1-4a4b-9bb2-50a1ce78d64d","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":127,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"adc9065c-c339-4b87-9242-7720c59f3154","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":127,"box":{"x":69,"y":173,"width":782,"height":11}},{"id":"0be9c25e-040e-4d6e-9f89-a2c80b57cb75","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":127,"box":{"x":70,"y":188,"width":829,"height":12}},{"id":"f903f80b-591c-4f9c-bc1d-d808e3fdc2cd","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":127,"box":{"x":70,"y":204,"width":691,"height":11}},{"id":"864c24d8-ca62-491e-901d-9b3a4e3b3b62","block_type":"box","text":"Water.","page_number":127,"box":{"x":103,"y":226,"width":42,"height":9}},{"id":"d3598633-aa17-419c-9ba3-09cdfac8d2ba","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":127,"box":{"x":151,"y":226,"width":754,"height":11}},{"id":"aeb2e979-fe2c-4b17-b9af-94e8165260e1","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":127,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"7a0ac8c4-f0e6-4b56-a966-cd794dcb1e7b","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":127,"box":{"x":69,"y":256,"width":806,"height":12}},{"id":"1ba3aab1-ac6b-4e71-a458-a2c0938bf499","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":127,"box":{"x":69,"y":271,"width":814,"height":12}},{"id":"d675087c-baa6-40fa-9d0e-6d71387b7c38","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":127,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"70803d90-5218-43c5-8f57-e78028831ef0","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":127,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9c79f246-29ae-49f3-9573-5436eb28689d","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":127,"box":{"x":69,"y":317,"width":662,"height":11}},{"id":"7582a7b5-cfc9-4eff-b252-07d77059e609","block_type":"box","text":"Utility Industries Generally.","page_number":127,"box":{"x":103,"y":340,"width":186,"height":11}},{"id":"dcb7cd31-5a1a-463b-8313-7dda422bc444","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":127,"box":{"x":296,"y":340,"width":584,"height":11}},{"id":"950a4641-bbeb-4f27-aa32-d81fc7693540","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":127,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"7900bd3c-24ee-4004-8880-947fad3d9913","block_type":"box","text":"not develop in the future.","page_number":127,"box":{"x":69,"y":370,"width":178,"height":11}},{"id":"99ace4b7-551d-4298-80a6-a19ed5db0212","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":127,"box":{"x":103,"y":392,"width":585,"height":11}},{"id":"4c48e08d-c8a2-4f5f-9e25-5693ec2fc9b0","block_type":"box","text":"A Fund may purchase or sell","page_number":127,"box":{"x":694,"y":393,"width":200,"height":11}},{"id":"cbe40c76-70aa-4a52-9814-dc2e6416684d","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":127,"box":{"x":69,"y":408,"width":795,"height":11}},{"id":"5e9f48d0-48f4-4eb2-811a-445177f77a46","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":127,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"50513f53-056d-4ee0-b4ae-0062faeb649e","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":127,"box":{"x":68,"y":438,"width":820,"height":11}},{"id":"9229019d-b69f-4891-8b30-5fdab998b53b","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":127,"box":{"x":68,"y":453,"width":807,"height":11}},{"id":"bb3f08fa-215b-4b08-b069-8250b540688e","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":127,"box":{"x":70,"y":468,"width":430,"height":11}},{"id":"4d38d7d9-34b6-4997-861c-b560a6905112","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":127,"box":{"x":102,"y":491,"width":750,"height":11}},{"id":"fc06d5ac-6744-4e7a-ba47-f27a89f54c03","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":127,"box":{"x":70,"y":506,"width":823,"height":11}},{"id":"b1dd7ab1-a1aa-4c45-89df-2035e9731d89","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":127,"box":{"x":69,"y":521,"width":788,"height":11}},{"id":"953ecf8e-8b33-40c6-90e9-91e88369c925","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":127,"box":{"x":70,"y":536,"width":755,"height":11}},{"id":"ad0ec31b-91c9-415a-a54b-35c80c0db40d","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":127,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"b355ef70-f778-4773-a4ce-3b40c0636199","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":127,"box":{"x":69,"y":566,"width":614,"height":11}},{"id":"654cca69-d617-472f-a3f2-283c1bc32616","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":127,"box":{"x":101,"y":589,"width":780,"height":11}},{"id":"823c9054-149b-40e3-ac09-222f5d1166ad","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":127,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"bcfc88eb-8580-424a-a1df-baf404379117","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":127,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"1d6b858f-d913-417f-9a8e-c9c3d7d3a3b0","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":127,"box":{"x":68,"y":634,"width":839,"height":11}},{"id":"e1013705-80f4-441c-b424-fff4400aec3f","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":127,"box":{"x":70,"y":649,"width":824,"height":12}},{"id":"0e17038b-cd14-4b41-a796-5ad262a00c3b","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":127,"box":{"x":102,"y":672,"width":776,"height":11}},{"id":"d87d58cb-0567-42ed-981b-a6fcf349a2c8","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":127,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"1b0addf9-cfc4-490a-9650-c8a8ebf0434a","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":127,"box":{"x":69,"y":703,"width":799,"height":11}},{"id":"f05cf225-4172-4789-82f7-6c6b312557f4","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":127,"box":{"x":101,"y":725,"width":784,"height":11}},{"id":"11f78711-2db5-4be1-9561-b72ba63c4215","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":127,"box":{"x":69,"y":740,"width":772,"height":11}},{"id":"3e7004b4-ef14-4e96-b349-2149b4105543","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":127,"box":{"x":69,"y":755,"width":434,"height":11}},{"id":"3d95e26a-0133-4964-9a39-344db9e94f25","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":127,"box":{"x":101,"y":778,"width":745,"height":11}},{"id":"1871fed9-87ed-4fa3-982b-4d2409f26f76","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":127,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"e79d7f9d-5993-44e4-9135-bc67d4523d1a","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":127,"box":{"x":69,"y":808,"width":823,"height":11}},{"id":"25a97edc-dff4-4dbe-abd6-53fcc29e61da","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":127,"box":{"x":68,"y":823,"width":514,"height":11}},{"id":"984b513b-735e-4522-bf71-16996bc6999d","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":127,"box":{"x":102,"y":846,"width":759,"height":11}},{"id":"f624910a-49b8-44e8-afc8-a2023533f430","block_type":"box","text":"securities (","page_number":127,"box":{"x":69,"y":861,"width":78,"height":11}},{"id":"620bc1e4-9c6e-471d-be8d-4c5f2006c603","block_type":"box","text":"e.g.","page_number":127,"box":{"x":148,"y":863,"width":25,"height":9}},{"id":"7cc959b3-75fe-4aab-9044-9d366e220d36","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":127,"box":{"x":176,"y":861,"width":686,"height":11}},{"id":"b343c10c-e422-4563-b2d2-14dba25714bc","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":127,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"b635428d-daba-4f83-9fea-fc96d06629f7","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":127,"box":{"x":70,"y":891,"width":822,"height":11}},{"id":"e761c644-be40-4c58-a08e-f220ef79a811","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6db13c12-a4cd-4a86-8154-227f1fa62a60","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8eb36fce-c244-4de2-99cc-e90c6e25cf3f","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":128,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"a935ed2b-b4ce-460e-9c63-7cbc0ac1209f","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":128,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"11c0007c-6d66-4ce7-a7ea-c7981723d214","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":128,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"0a420b31-e302-4f4c-a154-aa5ba20de8a4","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":128,"box":{"x":70,"y":90,"width":349,"height":11}},{"id":"818b92b1-1086-4531-ac09-b19781a057fd","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":128,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"018dc3b4-7c1c-46d3-9c80-5bf0161b3e71","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":128,"box":{"x":68,"y":128,"width":829,"height":11}},{"id":"f0f33692-0311-47fb-ac86-464b23093536","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":128,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"8037dbad-b01a-4379-a724-0420851ca0dc","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":128,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"782b4f3d-7f1d-4a5a-a99f-2f6bdeb64f79","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":128,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"912b51e6-b294-4c46-9f3b-da07bf0e0110","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":128,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"72583e5f-97a1-4eee-a6e8-c030f0ba2e4f","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":128,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"d42bcb43-adb8-433e-a25f-90df79eb69ba","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":128,"box":{"x":68,"y":219,"width":573,"height":11}},{"id":"ae76563a-9541-4306-8186-ce83ff88240b","block_type":"box","text":"Yields and Ratings.","page_number":128,"box":{"x":103,"y":241,"width":139,"height":11}},{"id":"3dac3e2f-6c38-4f02-82ae-7bf96343fb0b","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":128,"box":{"x":247,"y":241,"width":628,"height":11}},{"id":"ad2f02fa-6caf-458a-8aaa-dee857a259b8","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":128,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"0afe72c1-05d6-43fa-b93f-8f3be8c3c419","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":128,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"edace1b0-26d4-4cd3-905f-83ddb4b80d38","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":128,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"759be2b8-bae2-4ed2-afed-a227ac90e86a","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":128,"box":{"x":68,"y":302,"width":792,"height":11}},{"id":"3ac9105d-1259-42db-a93a-7bf871bcd191","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":128,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"dd1367b8-441f-4c7e-a968-8abba85a8ee6","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":128,"box":{"x":69,"y":332,"width":786,"height":11}},{"id":"899bb46e-6386-418e-a2fd-82e4c2931e9f","block_type":"box","text":"continue to hold the security.","page_number":128,"box":{"x":69,"y":347,"width":204,"height":11}},{"id":"c441589d-4693-4f76-881a-6904826f843d","block_type":"box","text":"Zero Coupon Securities.","page_number":128,"box":{"x":102,"y":370,"width":175,"height":11}},{"id":"c85fee6a-9a94-409c-b32f-fc67c70a6be7","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":128,"box":{"x":283,"y":370,"width":601,"height":11}},{"id":"c6a00929-16b2-444d-9309-4c798dbd1a11","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":128,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"22aaf6be-0e7f-45fd-ac8e-9c02b37ffbee","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":128,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"15dbfb9f-a03a-42af-a1df-1cdaaf4e45fb","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":128,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"293cf482-87bc-4270-909b-0d9f55ad5037","block_type":"box","text":"security.","page_number":128,"box":{"x":69,"y":430,"width":57,"height":11}},{"id":"75073c81-56d3-4555-a73d-a50831f608da","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":128,"box":{"x":101,"y":453,"width":749,"height":11}},{"id":"b7c261c5-ec62-49ea-aaba-2e5524ad43a4","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":128,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"65a5288c-a898-4175-bb1f-ca197783a4ac","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":128,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"f05294b2-d7ba-45d4-bdb9-38dd93c23514","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":128,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"05cdea19-cea5-49f5-adb6-77118c816aed","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":128,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"ddb391c5-add7-4412-9257-d44645fb440f","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":128,"box":{"x":68,"y":529,"width":824,"height":11}},{"id":"1a84a6cc-fb17-43f8-bb5c-c2fb48a8d3cd","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":128,"box":{"x":68,"y":543,"width":805,"height":12}},{"id":"7893fd31-2763-4a6e-abf1-269f8a2a8cd0","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":128,"box":{"x":70,"y":559,"width":837,"height":11}},{"id":"752ea32c-aef2-4bf2-8966-18625482a1a8","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":128,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"ec69b036-11d0-4f16-a737-383827438e8a","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":128,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"522529e0-9fa8-41f2-b8e9-780d8ab19092","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":128,"box":{"x":69,"y":604,"width":400,"height":11}},{"id":"5585e15c-74f7-4688-b022-c59406aad25d","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":128,"box":{"x":101,"y":627,"width":775,"height":11}},{"id":"c7d2d284-2e69-4a9d-9fc7-469bd28f1313","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":128,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"2142fec4-b265-4ce9-a1a0-47cfdd13eb16","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":128,"box":{"x":70,"y":657,"width":826,"height":11}},{"id":"c68a33ec-714d-40d6-9df3-b6ffc4c9263a","block_type":"box","text":"intervals.","page_number":128,"box":{"x":70,"y":672,"width":64,"height":9}},{"id":"833ab983-4fc1-48c1-a241-978e52abfab8","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":128,"box":{"x":102,"y":695,"width":749,"height":11}},{"id":"351f0e47-693d-48bb-b238-297f8e658c3b","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":128,"box":{"x":69,"y":710,"width":784,"height":11}},{"id":"d8c4fe16-2a25-459c-966c-8fd42b5ee812","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":128,"box":{"x":70,"y":725,"width":799,"height":11}},{"id":"2a8b95ca-261c-4fbf-9108-82349fefca26","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":128,"box":{"x":68,"y":740,"width":799,"height":11}},{"id":"521639e7-49e0-4740-938e-cae257079c85","block_type":"box","text":"exposure to zero coupon securities.","page_number":128,"box":{"x":69,"y":755,"width":253,"height":11}},{"id":"f2d59747-a1be-4534-95e3-571619eea9f6","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":128,"box":{"x":102,"y":778,"width":740,"height":11}},{"id":"81ba2ea7-0ff2-46e1-bb21-7b083876cf90","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":128,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"b71a83bd-ada2-4182-b238-dcd59c10fc44","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":128,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"116ab142-e964-430e-8c9a-11d757d06a4e","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":128,"box":{"x":69,"y":823,"width":741,"height":12}},{"id":"90e90b05-2f80-43b2-a980-5594127fbcb8","block_type":"box","text":"Suitability. (All Funds)","page_number":128,"box":{"x":101,"y":846,"width":161,"height":11}},{"id":"b3986197-5384-4843-b10b-73b5ab14186f","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":128,"box":{"x":101,"y":869,"width":793,"height":11}},{"id":"2ec03b4c-4a44-4b59-bcf4-3b090b5b59bb","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":128,"box":{"x":68,"y":884,"width":811,"height":11}},{"id":"e9dbed8b-818b-4b87-8cca-aefed923370d","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":128,"box":{"x":70,"y":899,"width":810,"height":11}},{"id":"0277367d-0e6c-4f8a-b664-c07a4abacdf5","block_type":"box","text":"II-80","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"163be15c-5019-4496-aa47-964c29bffd2f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3635646-4d6e-4d95-82c7-9e6708d2a277","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":129,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"9592f203-d498-4cd1-9c48-6c7ab7562ed6","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":129,"box":{"x":68,"y":60,"width":460,"height":11}},{"id":"bc8cc33e-f1ae-4d21-a794-39595bcf08d3","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":129,"box":{"x":102,"y":83,"width":264,"height":10}},{"id":"8f2c9d6c-db15-4c1b-921a-53c530ce11a2","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":129,"box":{"x":102,"y":105,"width":745,"height":11}},{"id":"8aa1fb66-e384-474d-836f-c83dc9d933ab","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":129,"box":{"x":68,"y":120,"width":807,"height":11}},{"id":"870c7e15-80b6-4b4d-a5c1-107b5b7e6394","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":129,"box":{"x":69,"y":136,"width":528,"height":10}},{"id":"280f3122-84c3-4b92-a748-1fa490909e7f","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":129,"box":{"x":102,"y":158,"width":735,"height":11}},{"id":"11b521f8-3a92-4f09-b88a-a529a2483483","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":129,"box":{"x":69,"y":173,"width":775,"height":11}},{"id":"70fe790c-5a69-480d-b4b8-4a8b2fcaef49","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":129,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"a1bf3f20-a87e-4d38-ab6a-967e88b58b65","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":129,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"887469b6-4616-42b1-9739-ad1c3713a412","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":129,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"42e7d273-bca8-4254-b7be-2f2832cc7356","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":129,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"30e8c3bd-04df-49e6-84c3-2a1ed47eec7a","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":129,"box":{"x":68,"y":249,"width":802,"height":11}},{"id":"31b564cc-da78-4c6d-97b2-c28b98bae1c1","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":129,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"9e28f8d5-fd54-4760-af96-3f7a778d0dcf","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":129,"box":{"x":68,"y":279,"width":819,"height":11}},{"id":"cabf112e-e69f-47fe-aaba-a78aabd37303","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":129,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"720e3b7a-c0e4-4535-9487-98d471c6ec9c","block_type":"box","text":"(","page_number":129,"box":{"x":69,"y":309,"width":3,"height":11}},{"id":"bebbcb3c-45cd-437e-9cf8-ca71941f2583","block_type":"box","text":"i.e.","page_number":129,"box":{"x":74,"y":309,"width":21,"height":9}},{"id":"80b0a287-3db9-4c6d-b270-8874d204e280","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":129,"box":{"x":97,"y":309,"width":806,"height":11}},{"id":"175b7b01-6283-42e3-8301-00d44f228f88","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":129,"box":{"x":70,"y":324,"width":824,"height":12}},{"id":"76087841-c51c-460f-b087-683b241d2433","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":129,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"836d5868-25fa-4ba0-afb6-075b6d065c05","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":129,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"3410dfc8-1a2b-49e3-b6f5-4920852b626a","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":129,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"0dfd62d6-1499-49fb-b585-b582ea8e85b1","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":129,"box":{"x":69,"y":385,"width":781,"height":11}},{"id":"3feb0c34-dfa1-40cf-a980-d6f5b2f9bd21","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":129,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"500cdc0d-c552-491e-bd71-a74925d025e7","block_type":"box","text":"regarded as the sole issuer.","page_number":129,"box":{"x":69,"y":415,"width":198,"height":11}},{"id":"8d9eea71-2fbf-4c6d-a054-810b02ed7ed7","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":129,"box":{"x":102,"y":438,"width":784,"height":11}},{"id":"0823dd35-c1f7-4fdc-8f66-c9766128396b","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":129,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"41917d66-7e2e-409f-8c37-789ea6e01e8a","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":129,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"e1fdf4b3-1a47-4edf-93b3-e7273d6659c4","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":129,"box":{"x":70,"y":483,"width":747,"height":11}},{"id":"3a5d75c6-ab31-46e0-854c-0dd5dd64ee58","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":129,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"4495a713-bfc1-4f4c-b73d-d167e12bc073","block_type":"box","text":"75% of its total assets.","page_number":129,"box":{"x":69,"y":513,"width":165,"height":9}},{"id":"7826eb07-35e2-4df9-81b2-2de87cea6d60","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":129,"box":{"x":268,"y":543,"width":442,"height":10}},{"id":"83fe0dbb-b3cb-42a6-9c15-28698d3c74c4","block_type":"box","text":"Directors and Officers","page_number":129,"box":{"x":69,"y":573,"width":159,"height":9}},{"id":"cb5592c5-73fe-4bd8-a715-6ce6a4734b6a","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":129,"box":{"x":102,"y":596,"width":733,"height":11}},{"id":"cc708f99-5702-4e90-a0a4-3f7fedc563c6","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":129,"box":{"x":69,"y":611,"width":783,"height":11}},{"id":"f2670ead-3772-4bca-a404-f141d2f6be97","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":129,"box":{"x":69,"y":626,"width":795,"height":11}},{"id":"cfc1bcdc-4720-4962-9662-44b526399d73","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":129,"box":{"x":69,"y":641,"width":789,"height":11}},{"id":"88788650-52cf-4a26-b764-06b1c38a3ab2","block_type":"box","text":"Management Arrangements","page_number":129,"box":{"x":69,"y":672,"width":202,"height":11}},{"id":"ecf73447-3296-4996-8983-f4a033ffcc72","block_type":"box","text":"Management Services.","page_number":129,"box":{"x":102,"y":694,"width":162,"height":11}},{"id":"2bb3ba1f-df88-4234-960f-7f2d4df658a8","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":129,"box":{"x":270,"y":694,"width":615,"height":11}},{"id":"79745a57-fe7d-4d67-871f-b954f17c7d98","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":129,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"f548745a-3a2c-4da5-8417-7796d02fa93d","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":129,"box":{"x":70,"y":724,"width":820,"height":12}},{"id":"533ec413-ed70-462b-9c20-2c8677904082","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":129,"box":{"x":68,"y":739,"width":832,"height":12}},{"id":"e6890d22-9ec2-46a2-b70f-58e2c93dfd57","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":129,"box":{"x":70,"y":755,"width":801,"height":11}},{"id":"c7efe5ff-987a-48e7-97f4-beb73ea7c3a6","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":129,"box":{"x":69,"y":770,"width":370,"height":11}},{"id":"bed653fb-3723-4b6f-8e46-3d6e5eba564d","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":129,"box":{"x":102,"y":792,"width":778,"height":11}},{"id":"3c37e136-6dc6-4a50-b2f0-b294407333dd","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":129,"box":{"x":70,"y":807,"width":800,"height":12}},{"id":"bee1ad5e-c684-4e4d-865d-c3fc1bcf9df4","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":129,"box":{"x":69,"y":823,"width":810,"height":11}},{"id":"408fe2f7-8ea7-4be8-aab4-6dc26122c3a0","block_type":"box","text":"Management Fee.","page_number":129,"box":{"x":102,"y":846,"width":126,"height":11}},{"id":"3e6888d5-5aca-4d48-8ea9-4df47123f361","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":129,"box":{"x":235,"y":846,"width":646,"height":11}},{"id":"c64d523d-9122-4a26-b03a-3438e6287319","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":129,"box":{"x":68,"y":860,"width":841,"height":12}},{"id":"61467ba1-5e8c-426b-8d9f-0518aa195704","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":129,"box":{"x":69,"y":875,"width":833,"height":12}},{"id":"379bc844-4caa-4348-ba76-7699d90d75bb","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":129,"box":{"x":68,"y":891,"width":746,"height":11}},{"id":"5ed501a7-1657-4bc3-a4d6-8809f42a21f2","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":129,"box":{"x":70,"y":906,"width":825,"height":11}},{"id":"d5dc35e5-2fcf-4b5a-bb6e-589f687fedab","block_type":"box","text":"II-81","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aafe7329-bbd8-40ee-a207-f75dcd902797","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9da3105c-ee23-4528-a696-6aabf58b5d1a","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":130,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"3c2c0ab4-4ba7-449b-bb89-a68cf2f18ea6","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":130,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"549aa960-91c3-4d9f-9e2a-d31575d77035","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":130,"box":{"x":70,"y":75,"width":820,"height":11}},{"id":"868e9dc4-c5a6-4b99-8d10-bb16978ea0b9","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":130,"box":{"x":68,"y":90,"width":797,"height":11}},{"id":"5cc8886a-088b-4311-b721-57321c2d56cd","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":130,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"d8c4cf22-e78e-4cff-ab5b-180c8f3ebabf","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":130,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"2365b1f5-6481-42a7-bf9a-7b59b5864b20","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":130,"box":{"x":70,"y":135,"width":809,"height":12}},{"id":"6d5d51bf-5868-4965-a983-a67129658f26","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":130,"box":{"x":69,"y":150,"width":838,"height":12}},{"id":"ee4d6329-ce2e-4d10-ac14-2a307f30e8b7","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":130,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"cc02650d-11a9-4545-9819-a9737e2fa33e","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":130,"box":{"x":70,"y":181,"width":784,"height":11}},{"id":"109e23aa-2ce6-43b2-9955-8985a627f9e5","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":130,"box":{"x":69,"y":196,"width":767,"height":11}},{"id":"8ee95fca-fde5-43ea-bf19-554d42c70ec1","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":130,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"fd18b357-8da9-4eb5-80b0-a8472c3a0a73","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":130,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"90f0a7bf-649a-4f37-ac54-065be528edf6","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":130,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"153a2a08-43e4-4267-b813-0141693b1fa0","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":130,"box":{"x":69,"y":256,"width":786,"height":12}},{"id":"339c92ca-b1c2-4cb3-ae2b-933a9b763ac6","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":130,"box":{"x":69,"y":271,"width":790,"height":12}},{"id":"42192959-e410-4f13-b220-452bc2cf98d5","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":130,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"df62985b-9334-4eac-94d8-753c5b6ceb38","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":130,"box":{"x":69,"y":302,"width":767,"height":11}},{"id":"96ffabac-68b4-40e4-98d5-6d8ff48b4231","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":130,"box":{"x":70,"y":317,"width":743,"height":11}},{"id":"88cbd4ff-b4c6-4281-b874-88a056d44986","block_type":"box","text":"Sub-Advisory Fee.","page_number":130,"box":{"x":102,"y":340,"width":124,"height":11}},{"id":"32df6db0-734b-4888-af4a-4c3e1b551122","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":130,"box":{"x":232,"y":339,"width":643,"height":12}},{"id":"05218559-a3a8-4c92-b133-8c4be1447e7e","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":130,"box":{"x":70,"y":355,"width":839,"height":11}},{"id":"5c8de270-9bb4-4fbb-9051-f72f6a1b13e9","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":130,"box":{"x":68,"y":370,"width":830,"height":11}},{"id":"7e6e3767-f841-416e-a8b5-de2686ce99f9","block_type":"box","text":"Organization of the Manager.","page_number":130,"box":{"x":102,"y":392,"width":204,"height":12}},{"id":"94939cc6-dfa0-4902-a903-251949a6b77e","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":130,"box":{"x":313,"y":392,"width":560,"height":12}},{"id":"688c09fc-fbf8-46b1-86ef-db25ef606851","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":130,"box":{"x":70,"y":407,"width":819,"height":12}},{"id":"bf66ee08-7635-43c4-a90e-bc82302066f0","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":130,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"db69fc3e-ce26-488a-8a6e-0b386027680b","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":130,"box":{"x":69,"y":438,"width":768,"height":11}},{"id":"a9780720-2508-4c67-b088-27bce74def7b","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":130,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"78b574f7-4765-42f2-8cdc-ddd591db2260","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":130,"box":{"x":69,"y":468,"width":517,"height":11}},{"id":"626d2c63-8193-41f2-b2e1-dac16e171abe","block_type":"box","text":"Duration and Termination.","page_number":130,"box":{"x":102,"y":491,"width":182,"height":9}},{"id":"d154c3ee-9b8f-41ea-bdaf-4bb1ebc7a2b2","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":130,"box":{"x":292,"y":491,"width":613,"height":11}},{"id":"662fa27b-539d-4286-bfa3-e0ebccc98e73","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":130,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"0343980e-f4e4-41be-9427-b07e0b08abda","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":130,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"f2225192-23f4-44dc-bcf0-8addb57ffd9d","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":130,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"c668a5ed-b29b-4a35-a462-e5e87a1e2198","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":130,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"d9952a39-131f-4401-806f-1ebd90019786","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":130,"box":{"x":69,"y":566,"width":832,"height":11}},{"id":"20bd98eb-82bd-4006-9286-18b3530c917c","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":130,"box":{"x":69,"y":581,"width":388,"height":11}},{"id":"38ae0616-79a0-4443-b87e-3ff34ce1228a","block_type":"box","text":"Other Service Arrangements","page_number":130,"box":{"x":69,"y":612,"width":205,"height":11}},{"id":"38788f18-2935-4999-9b4e-f252879c53f7","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":130,"box":{"x":101,"y":634,"width":338,"height":9}},{"id":"f99eb836-0251-46fa-bc82-a728ebe6f362","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":130,"box":{"x":446,"y":634,"width":439,"height":12}},{"id":"466da358-de71-4796-8d49-934d6c38b9f8","block_type":"box","text":"(the “Administration Agreement”) with an administrator identified in the Fund’s Prospectus and Par t I of the Fund’s","page_number":130,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"e57c8cc2-6cc2-483a-b0d1-21306d78fc2e","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":130,"box":{"x":69,"y":665,"width":808,"height":11}},{"id":"a1843848-eb85-49f2-b16d-1ac1a036ad59","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":130,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"37f73c9e-9559-4442-a34a-d336caa01b48","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":130,"box":{"x":68,"y":695,"width":738,"height":11}},{"id":"58a2de9c-91cd-4a00-a906-2028d48d0ef5","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":130,"box":{"x":68,"y":710,"width":839,"height":11}},{"id":"5ec447af-3292-40e3-babb-8edeb118f56c","block_type":"box","text":"that Fund’s SAI.","page_number":130,"box":{"x":68,"y":725,"width":113,"height":9}},{"id":"e7302320-63ed-458f-a199-500e51d90ab0","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":130,"box":{"x":102,"y":748,"width":755,"height":11}},{"id":"4248ef26-3c5a-4cdf-b57d-72d628395937","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":130,"box":{"x":69,"y":763,"width":800,"height":11}},{"id":"dec78161-5a9d-48fa-9ae9-54b4dc90711b","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":130,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"9d4c563d-59cb-4c1a-a1f2-bf7ce93b6665","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":130,"box":{"x":69,"y":793,"width":826,"height":11}},{"id":"1ac59b03-4c07-4232-930f-12ae35019ebf","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":130,"box":{"x":70,"y":808,"width":362,"height":11}},{"id":"be089f0d-eeee-42bf-82c3-a6cfbe3b2225","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":130,"box":{"x":102,"y":831,"width":390,"height":11}},{"id":"3ecfabf4-125b-4d31-931f-ad440a353d9f","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":130,"box":{"x":499,"y":831,"width":364,"height":10}},{"id":"c7ab188f-dd6a-4d88-8618-23869445a27c","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":130,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"d8964047-724b-47ef-88eb-217865af2679","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":130,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"47b3a7f0-4669-47b7-a544-5748a540ebe3","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":130,"box":{"x":69,"y":876,"width":800,"height":11}},{"id":"27a3d04c-dea7-4c3a-830c-e0a242c2c11a","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":130,"box":{"x":70,"y":891,"width":810,"height":12}},{"id":"a63a945e-aeaa-4937-9ad1-89981b0e5dcc","block_type":"box","text":"II-82","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a904d2eb-d8ba-4452-9e7e-58a39acbfc03","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d55ca3de-44df-41a5-a603-7600a8f98c3e","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":131,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"9985dcbb-712e-46ea-bbc6-a1e758d964ba","block_type":"box","text":"shareholders of the Fund.","page_number":131,"box":{"x":69,"y":60,"width":181,"height":9}},{"id":"426b16d5-1bef-4e79-9e96-7940f507fd14","block_type":"box","text":"Transfer Agency Services.","page_number":131,"box":{"x":103,"y":82,"width":180,"height":12}},{"id":"25d90fac-3a4a-44b1-84ec-84239e5b6e32","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":131,"box":{"x":291,"y":82,"width":595,"height":12}},{"id":"5dfb48a2-a725-411d-9b7f-00e0ab8fda0f","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":131,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"5b0c06b8-e6ab-4797-8b5b-5fc5196421fc","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":131,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"91b598a4-eccb-4564-882d-5e7be980ae3b","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":131,"box":{"x":68,"y":128,"width":792,"height":11}},{"id":"435818fc-663f-49a3-8988-3637459c51ac","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":131,"box":{"x":68,"y":143,"width":819,"height":11}},{"id":"a9779c63-9268-439c-ba70-594d895883ec","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":131,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"30fba377-383d-4d60-90ef-e0356e2234fe","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":131,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"eb629766-4bdf-4f56-98e0-be8e7edd4bd8","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":131,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"b619d88f-4125-422f-8897-71616b246ed5","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":131,"box":{"x":70,"y":203,"width":836,"height":12}},{"id":"c03943e1-f53d-45a6-8d9e-165bcaca4f3e","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":131,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"df7c5932-f703-4a34-aedb-1c2a66f2fcca","block_type":"box","text":"class on a recordkeeping system.","page_number":131,"box":{"x":69,"y":234,"width":238,"height":11}},{"id":"c62c1fa4-9375-464e-845d-ae7482a859ed","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":131,"box":{"x":102,"y":257,"width":338,"height":11}},{"id":"6e2c7190-5041-4178-908c-247f7b867571","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":131,"box":{"x":446,"y":256,"width":441,"height":11}},{"id":"372f1d94-7e5e-4201-b04c-e106aac98042","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":131,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"30009971-ba07-4aae-bc83-96b901095be0","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":131,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"a8d30a36-a4f9-4f43-b69e-06b8c8d24ad4","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":131,"box":{"x":69,"y":302,"width":627,"height":11}},{"id":"06c828fe-25d8-47d7-9405-94d847b6dad3","block_type":"box","text":"Custodian Services.","page_number":131,"box":{"x":102,"y":324,"width":141,"height":9}},{"id":"f5c19d58-fe96-41e4-a14e-459fbd20d348","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":131,"box":{"x":249,"y":324,"width":654,"height":11}},{"id":"49dc5e15-43f2-43e3-968a-d54ee95f2b25","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":131,"box":{"x":70,"y":339,"width":820,"height":12}},{"id":"99b01bba-d1bb-4cc9-b7c6-b949ec00a700","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":131,"box":{"x":70,"y":355,"width":814,"height":11}},{"id":"0e695847-850e-40f2-bb6c-793544959043","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":131,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"7a223788-17b9-46dc-897b-09a76a544f70","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":131,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"060b85ab-596a-4d0c-bd76-7f2b86ed8c9b","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":131,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"5b915f27-4cf7-4250-8699-b5da35d3ac70","block_type":"box","text":"cer tain assets.","page_number":131,"box":{"x":69,"y":415,"width":106,"height":9}},{"id":"e182dcfa-f605-472b-bf44-90c78725751d","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":131,"box":{"x":102,"y":438,"width":716,"height":10}},{"id":"631f4984-c4c1-4d1b-9504-d97a1b1192de","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. 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BlackRock, its subsidiaries and their","page_number":137,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"1a3192d4-4529-4d28-b7f9-e58567a9e11e","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":137,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"05ada8a1-da1d-4a95-892f-569f53a59337","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":137,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"fe94ce0b-0c2a-4641-8357-75c3bad1d373","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":137,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"b4b15522-c619-4bb8-a10e-7f347d50a79d","block_type":"box","text":"and have interests other than that of managing the Funds. These are considerations of which investors in a Fund","page_number":137,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"82f0a459-d6bf-4640-9dca-127e74208a5d","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":137,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"8fef7cb4-d70d-415d-99ca-9c3499cf272e","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":137,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"797a91b3-1f91-4cf6-9260-7c0ad50b6057","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":137,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"7e38b1f9-c461-4d5e-9bf1-33abc763c329","block_type":"box","text":"or sold by a Fund.","page_number":137,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"8f631f68-de28-4f56-83d5-31495534dc59","block_type":"box","text":"II-89","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"84a628cd-8a3a-469a-ae61-e3c278ab02e0","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb73de8c-758b-4fa1-8552-d6e6583a032f","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":138,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"af1d4fb0-2c51-462e-b2e4-a9ffccdce534","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":138,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"57214587-71a0-47fe-a328-d7b4701f819c","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":138,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"c87bd987-508a-410a-b3de-cc52831cccd9","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":138,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"0c8a1337-7345-428d-9253-9ac00fc077c9","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":138,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"01249b68-0120-4c5a-84ea-b7bdad611696","block_type":"box","text":"services provided by BlackRock","page_number":138,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"f713e9c3-e1a6-4858-afb1-9b5ca30ff51c","block_type":"box","text":".","page_number":138,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"30a9ab80-7a37-49cc-9ac5-5649ad43550a","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":138,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"c1e47f50-f9af-453a-9047-949e82500ae1","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such,","page_number":138,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"e8628aae-5cdd-41f7-845e-469225c77a51","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":138,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"372d9f54-0597-40cb-808b-54ee79deac7a","block_type":"box","text":"a Fund invests.","page_number":138,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"7b92cfff-ce18-470f-8296-bf5af792b743","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":138,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"0dba1ff7-0b3a-4411-aa21-c910d7436483","block_type":"box","text":"Fund invests, which could have an adverse impact on a Fund’s per formance. Such transactions, par ticularly in","page_number":138,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"8f6edc84-ba68-4615-a9b4-7eac4deb8a17","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":138,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"e242513c-5ae6-4c4e-8552-0382731bbd28","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":138,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"cf5a310c-d6cf-4d3f-aa99-a3c46c7efc8a","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":138,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"21793b76-a61e-4d37-aae5-ee325fbef2ae","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":138,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"27dbe27a-80f5-4b7f-ac9d-1261d0121543","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":138,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"78421116-fa51-4d6d-a1a3-fa447dcbb755","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":138,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"f8708a68-4608-4a69-b21b-dfce2322597c","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":138,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"551d7b8e-c20f-44e5-82c7-64297d8116d7","block_type":"box","text":"based on the information received.","page_number":138,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"35af3b48-6d88-46ed-ba4b-7ec3ef336ea7","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":138,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"f83e7969-2cba-413e-853c-6d485ff18e18","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":138,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"3a5c63cb-137b-4f08-921f-187a773b5907","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":138,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"85dca152-71b3-4965-b4a7-ead134bc407e","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":138,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"ae001217-f135-4c72-822d-ea3d572adc56","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":138,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"e7ca37aa-95a0-4b99-9287-bdde4cab178d","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":138,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"5466f163-43ee-42bc-95fe-9f037889136a","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":138,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"cc90b39b-9a58-410f-80c5-06ee0f6f2741","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":138,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"57b08ed1-d802-4335-8544-69c33d9f23c9","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":138,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"f4f3aaef-9822-4e1b-881f-dac36ce14536","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":138,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"ee71a7c5-bf6b-4c58-ad93-81330d037b8a","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":138,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"54bf857b-04fc-45bc-ab2d-eaadbc8bec26","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":138,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"7aadb551-aa9a-447f-8eca-1ba175c8c711","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":138,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"7329f08e-6655-43ad-9066-ece133cc5fcc","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":138,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"4ca9715c-3c0c-4c19-a04a-fea1d5f85392","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":138,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"3c1474fc-fd9e-40c0-a097-f5ceaa569d02","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":138,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"14d7df93-4916-436e-99ef-94e7e5116117","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":138,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"9bfe0918-432a-4ed3-8c6a-3ef1c4870dc9","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":138,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"e189e57d-ea99-48be-871c-77dc8789f815","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":138,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"ef52a929-0d18-48c7-9060-3dd3a56cf41d","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":138,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"8a0e8cc5-deba-47a1-b15d-e7246b19541f","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":138,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"ccdfe4b1-140b-4b23-9da6-add75babdb19","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":138,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"166ee412-7268-4fbc-96d4-8a9caa71ac0e","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":138,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"55414c6f-69e4-4b82-8df3-1d0aca35eafe","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":138,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"1b3b4b9c-6807-4fdb-bbb7-a1b07c084acd","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":138,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"fc8a1278-23d7-497c-8db5-b3ad4d7ccaa5","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":138,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"c6bcb183-76bb-44fb-8df5-ff0c510c74de","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":138,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"61441f60-f898-44d8-a5f4-421764524343","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":138,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"abc00983-c675-4db9-adbc-a7ab35fd0f62","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":138,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"860190bb-ae6a-445a-9806-53a2dd0142dd","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":138,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"b0ef0746-0598-4a44-9375-70d338ee359d","block_type":"box","text":"Funds.","page_number":138,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"b90e613d-2d6f-404a-97b9-35cec8c9f85e","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":138,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"4e11fd64-7c2e-470b-84b7-fb970a858e6e","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":138,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"51909039-1615-4632-991b-1932b7653ba4","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":138,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"1ff9aff7-c349-442f-adfb-f1f95489991d","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":138,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"0ffdd0c4-17be-4fba-8652-62b3884c26df","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6d29889-1208-428c-a371-d3159e3e6979","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33f9d98e-87b3-467a-a935-0997294eba49","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":139,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"942efad6-9ef4-46be-8a77-3e3d9736fd26","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":139,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"c333f447-952f-4ac6-8498-8e28b8dae4b6","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":139,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"2474951a-5dd6-40ab-ae66-1580bd78d249","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":139,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"a9f1d47a-0512-42e7-ad17-82e01f3190fd","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":139,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"900e1db4-f223-4425-803e-8d3006828b9a","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":139,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"0b685813-686a-4a8c-94e4-453d00850fca","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":139,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"ecfb8929-fa28-4f64-96bd-be22cf7e1231","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":139,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"fe821880-bddd-49ce-93ed-c208a3918143","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":139,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"fc146e66-6a66-47ae-86f5-7632c9a80044","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":139,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"ab31b7b0-9fd2-47c2-8e62-6a334195e7a4","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":139,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"74ecf160-9862-4fc5-9d6a-4348516d1017","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":139,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"02ab9ed1-cf16-4697-b297-182a7a91f6dd","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":139,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"f8121ba6-5114-4fbb-94e3-5de5b88d9552","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":139,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"26a75e6f-835b-481b-ac75-7776bedf759a","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":139,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"e90c9ed0-75c5-4307-ba5b-34795c94ce12","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":139,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"5386e64e-184c-4840-9d7f-5f36fe5a37aa","block_type":"box","text":"case.","page_number":139,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"6ea1019c-634c-4f3a-baa0-196f1ef891a0","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":139,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"f8b2181e-5b03-43f9-a749-5a6e40b2eb54","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":139,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"292438c5-4705-4af3-9d32-8aa63f8eec31","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":139,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"44ecea67-e691-40b0-ae93-e557f524339c","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":139,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"ebbf6c4b-9c2b-4740-a2b3-c56afc4c126c","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":139,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"86f8150d-e96e-4afd-8e19-0ca1a3167a63","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":139,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"ea7d5119-122a-49f4-9568-d57d3d58886d","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":139,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"a0292a78-d1f4-4d34-ac9a-c8e38e978471","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":139,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"4973ec58-2c49-44ac-b2e7-5d4ebaa4b4f1","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":139,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"2b9cd21b-760f-4ac8-9dfc-14204a4b5c5f","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":139,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"1085964d-e652-4045-814b-3058b814808b","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":139,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"cf72af8b-2ed8-4e16-b8e5-ec3678fd9819","block_type":"box","text":"when position limits have been reached. 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BlackRock will not be under any obligation, however, to effect","page_number":139,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"126dbefa-85bc-4818-ad4b-3ea68f013099","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":139,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"1b9e821a-29a5-4024-9041-743a3142a6cd","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":139,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"16bbe8fb-f7d0-4c7e-b14e-522a2f12ffa7","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":139,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"b4f0712d-c91b-4141-ad5a-c659404479b2","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":139,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"346c4d12-f633-4cc2-973b-135d97c036a5","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":139,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"07589cbb-61de-49bc-b296-f05f0cbf6a0a","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":139,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"07e21ba5-56e0-4d9d-a7a8-9dcf30dd434b","block_type":"box","text":"managing a Fund.","page_number":139,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"4a602f58-9658-4661-9c5a-9b9d5d7c2626","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":139,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"75db67f7-d072-4af0-8c72-b89f542e1fb0","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":139,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"f3655f82-e30e-442d-852d-ca00f1f29e23","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":139,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"50859a9d-e20e-4554-b6cd-85514ae12475","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":139,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"2e452b98-8772-4385-9199-e7d557f7f47f","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":139,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"ba249cdf-46e9-4cf4-a866-1c8dbd534583","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":139,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"3207f079-58eb-4e6b-87df-b6d85c849a59","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":139,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"856f5c29-4272-4e4b-848c-d6cc79f181c1","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":139,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"2875ed19-c19a-4eaa-9d33-092a8f4a75ee","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":139,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"03e3d5e2-086f-4a62-b401-3bfa0d71a669","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":139,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"9c80b35d-120e-4e5e-829d-4a064a2b088a","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":139,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"d4b03e09-5b6a-4776-b2c2-0e16f756884d","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":139,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"3c1e5a0d-356a-4699-a67f-a0b39a9b7e90","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":139,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"67271b1d-a83e-4b1c-bbe4-494e194748b9","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ca4095f-2c67-4661-8c00-b7e89dba8eb9","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bd07aeb-3e20-4574-a060-98cb49227c59","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":140,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f8c8baab-f63f-404a-8471-ebafa812c6be","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":140,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"e99e02fd-5baa-4b26-acb9-821e896287c4","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":140,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"0c32f875-6419-4bb0-8333-3e62e64937f4","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":140,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"0c8cac6a-6eae-49b4-a994-aa863fba5a61","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":140,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"a33912b1-84df-4939-8edd-70e37e0fa2c6","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":140,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"33fad75b-2c70-44c4-9853-9784877513dd","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":140,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"bbd0f382-0a27-45ac-b78f-d4af4ef55549","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":140,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"5cc8e9eb-6fe1-4542-ae0d-84157f903a68","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":140,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"20c087e5-8323-4d5a-aba1-95c7808f643e","block_type":"box","text":"under management for BlackRock.","page_number":140,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"c8796938-0a8e-4df6-8d8d-6303273eb0e0","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":140,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"44a2945c-1094-401b-b8db-762e37c2a56f","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":140,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"76bca2f1-5e2a-4999-a15c-947b30b9533b","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":140,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"29974ac8-dbaf-4f69-baa6-eac0e847db55","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":140,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"3b858c1d-f1b1-49c2-ac49-9465c38f610c","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":140,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"85e49e53-a2e0-41da-aab5-7d95c5d8fa90","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":140,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"6cf3c83e-6712-44b7-ac87-9fcd05d71312","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":140,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"ae8ecfb0-27b5-451e-9c27-bfaf163216ed","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":140,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"62e5ee2f-6c0e-4aea-b8c6-5c080098f7f4","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":140,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"ee867047-af4a-460e-a0f9-a13bc822ca27","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":140,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"7097e040-c1dc-4992-89ca-04057ecea56c","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":140,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"d68a75c5-0807-4a53-ba07-85699522157e","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":140,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"8a01d7bd-c1da-4d80-84e6-fd5a25cded3c","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":140,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"201c8ecf-a29a-4f17-8573-f3bf53e1a071","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":140,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"473049bf-ffc0-4d5e-b13b-830ae77d3763","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":140,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"b0806781-a2ad-4072-8d64-f280ac1d2d3b","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":140,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"c956f778-8cc5-40d4-b128-6a4f70d86be0","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":140,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"2f9c9d8b-7e6d-402c-b3f5-35c4f453cb5e","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":140,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"9d803382-4815-462a-a85d-73e02250a475","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":140,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"b457baca-7817-4856-9e34-2de14b0f5ba6","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":140,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"48da1b08-5681-456c-afd4-8b05fd8ea22d","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":140,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"27ab7bdc-bd13-4108-b1d6-257b1c8335f3","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":140,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"763d3e3b-511c-4380-bd04-7d16781c570b","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":140,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"984a2aa5-e950-4051-8293-03577644520d","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":140,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"b655ceb2-a90a-43ed-a240-95f43553ba34","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":140,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"cb6b1cc0-8637-4cd8-b8d0-a093ca1144c5","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":140,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"b0419e73-ecdd-4707-aaa5-3f5a87cc2e0f","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":140,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"ac704316-4c9a-469f-a51d-dc925b4045c3","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":140,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"f614f461-de79-4e74-851a-5af9028936e7","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":140,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"9529cf61-b9e9-4498-9ffc-7bad297cbc1d","block_type":"box","text":"II-92","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fbc8652-a4fa-4e21-b028-3aa868dbc282","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b61076ae-3471-4ae4-8d6f-48d19c99fe5f","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":141,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"9fe39ab3-50b6-4b81-b990-70b07412857b","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":141,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"9fa852ed-641f-4d93-a7bd-33318579d951","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":141,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"77b7b4b6-f5d6-47d3-9125-51a104f22233","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":141,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"228ddc33-b041-4b65-8549-c2721fda05ed","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":141,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"1a870ccb-650d-422b-aab9-d3bb656ebb88","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":141,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"32d6533d-3774-4c4a-bd15-c209f8395b9b","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":141,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"4b9b3e47-2ed3-463a-b4e9-0ccfea77540d","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":141,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"e60709b0-2a50-4909-9047-fca9be153fae","block_type":"box","text":"regulation.","page_number":141,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"b671e248-a5fd-47a7-823a-ce3002df3814","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":141,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"133c4db1-10aa-4feb-93fb-bddd7e015482","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":141,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"410fe0db-f496-41d1-9f33-1485a8657498","block_type":"box","text":"various program limits (","page_number":141,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"07e8c882-7798-4c2d-bd0b-38ff1e7d53a2","block_type":"box","text":"i.e.","page_number":141,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"896e756e-9e42-41ae-bf01-7b0b279f3240","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":141,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"8642e182-28de-4298-bf35-3ba4b342ba6d","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":141,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"e092c8be-12e1-49b3-8a09-5972503b8746","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":141,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"b54c39e9-f2cb-4b76-8264-a6cadf5bcbc9","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":141,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"42e4b302-6c65-4bed-8ed7-85a395b7ef4b","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":141,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"ef9bdb0d-30bd-4ab2-8d28-fa1044ed75aa","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":141,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"136d2c8b-830e-4283-8fef-c91b2c1e171a","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":141,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"53d67c41-55ed-4562-9fee-d25a5908641e","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":141,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"ef41858c-8622-4173-b9a1-593ad7013c54","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":141,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"120bbf12-40aa-4985-8873-25fd77545c40","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":141,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"10dd4616-ff3d-4026-92ea-3fdcafd50ba2","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":141,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"f92b8a8a-1d76-4f65-8077-56051076d6a6","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":141,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"b4cff269-6495-404f-85f7-8492ae8ba539","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":141,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"ad026d77-c4e2-45d4-8ac9-9fa9bf507758","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":141,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"ba31d331-fc2f-4c14-938c-7e90b8e71c9b","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":141,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"90bb7671-6f68-42ca-a1cc-d0c7c31c99cd","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":141,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"d9e12cc5-0a8d-4c1b-a422-5a2e5ccbdfa4","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":141,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"c426c43c-e276-4eda-a13d-cc9a3a16c052","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":141,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"1a7d7b7b-73aa-4f0f-8f95-7e94ce6e53ba","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":141,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"59058725-1846-4d33-aa16-f8b3dbb5e065","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":141,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"9fae42cc-a43e-4104-86d5-1ffa32658cb5","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":141,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"96d53f50-6214-4153-81c0-58044bdfe84f","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":141,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"5298df70-c7bc-4979-9dcd-1eae4597609e","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":141,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"c53d2da4-cef7-4bce-8e6b-2c224995d7b1","block_type":"box","text":"than through client commissions.","page_number":141,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"48d9128f-6db9-467a-b4d2-d889aef3d40c","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":141,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"f826d5fb-c3be-44fa-a942-ae9a4e0cefd1","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":141,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"59b7ff24-c62f-4fb5-9302-4141436fe1ff","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":141,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"1926690a-3a5e-43b1-82c5-611473d34bd1","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":141,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"09a81958-68ad-48aa-9342-247bd8ba40c0","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":141,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"26a23ac6-c236-430d-8d0f-a4b0898d20b8","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":141,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"f7710c43-d088-4999-a045-982086ca9495","block_type":"box","text":"research-oriented software and other services and products.","page_number":141,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"49699d33-6d22-4d10-8918-d8538e84dd00","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":141,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"a13a025d-a6e2-49d8-9884-7a27069853a4","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":141,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"774248b4-f505-4f04-9dac-35480bad379d","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":141,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"b50c6320-678a-48c5-b665-6de6f534c492","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":141,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"9c9348d9-71d9-4364-88d9-46736d2d38fe","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":141,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"a029e060-b0b5-43e5-a98d-0f96c0681aaf","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":141,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"e8ad1dea-5c57-49a1-a8ef-cd02ce0614d4","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":141,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"d3dcc2dc-2e8c-4891-a29b-97b519173844","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":141,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"d846f6a8-3535-42b0-a063-8131a542fe93","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":141,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"fb998038-cb78-466c-9648-33d7bb46a596","block_type":"box","text":"and services itself.","page_number":141,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"4575b442-aaa4-4769-80c6-f6bf9438d427","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":141,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"c0e62fab-1f62-4ad3-9e14-5ba5ed3f1051","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":141,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"732183e7-925e-4653-bb37-a571490aec79","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e4e7ea5b-e781-4aa2-88fe-8b3dedf66cf3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ccc8847-c756-480a-ac56-7fe31ee94a8f","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":142,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"aa2317df-afbd-4720-8cf5-b4159a0784ce","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":142,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"ab5f8f7c-98b5-46c5-83cc-0c0c6cac8e72","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":142,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"09d46b9c-a824-4127-ab58-27df6fc2b8d8","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":142,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"bc820e9f-da39-4617-bea7-63dc84b2745e","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":142,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"8682a55a-bc53-42e1-938f-abea225ea0f0","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":142,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"6e3329aa-a476-49c9-a3ec-aef44787ca0e","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":142,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"71788233-cad3-41d4-8cc7-9ac55b49e83e","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":142,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"e21055c8-d866-45f5-a978-9ab3a8840e61","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":142,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"b66765b8-c187-472d-9ddf-f056bd497498","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":142,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"70637d11-2d1c-48f5-8007-7939161f2e5c","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":142,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"0dd6906d-b058-4e68-8f17-902af02b4625","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":142,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"edb758d4-5607-4ba7-a099-09a13acc7980","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":142,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"81f23a6f-3149-434a-95b2-4d7b22ba580b","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":142,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"12f827a4-6745-46fd-ab60-0e792cbe2262","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":142,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"a8d70f99-e71b-4985-ad75-67a42e8f894d","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":142,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"813343d9-30c9-4931-8480-1a42404a9f78","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":142,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"c6c7c5b0-d5c0-4505-a7cb-fcb33515ff69","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":142,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"34f438e8-5195-4160-a75e-bb87336f02a6","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":142,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"2adf0bce-0619-4ffe-b0dc-b6bf554dd15b","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":142,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"9c571855-0db2-4cee-afb8-a1ecd5e8f41e","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":142,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"8b0b003a-2d4e-4423-af53-77dd0b2655aa","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":142,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"8153eaa0-8d78-48b3-94a9-c2659cbca315","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":142,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"3465328f-aab1-45d2-b4a0-fa8707e888b7","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":142,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"e9f49559-0c04-4d4e-a66d-73b0192817d4","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":142,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"29dfe724-6fa2-4819-88fb-6f9b4005a3d3","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":142,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"539ca5c2-24ff-433f-b3c1-1990f3338ecb","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":142,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"2f7667df-0082-49df-a482-f3431540e8fe","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":142,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"7d5f6bd7-b25e-4789-b6f1-9abb2e795544","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":142,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"97801dc1-fb14-4bf9-a40d-bbfde6d7e5db","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":142,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"d94a058a-889f-4dd8-9b81-00844bb7c673","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":142,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"bddf1805-cb88-4156-8437-4bcc6b30f659","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":142,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"db15aaa5-7afa-45d0-aab2-5984c093a044","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":142,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"18d6ace1-7643-4cef-bb23-9984e032c97b","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":142,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"43db9ad2-44b0-4de3-aa0a-47dfc05c0f89","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":142,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"22264457-99e1-496b-88a1-925f243ef5cf","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":142,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"8f277864-82fb-4dd6-880c-eeaf2a9d83be","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":142,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"5390b751-967b-4ad6-b91e-550419400f7c","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":142,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"70c93b6b-ae90-4e57-9d66-6d3b7a6c4284","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":142,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"ed395e6d-0a1a-4d35-bd4f-c127ea8bf563","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":142,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"c8e132bd-68ec-46db-908c-fd2230718fbd","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":142,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"85c9eb41-2ec2-4161-b1a6-a9d69589440d","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":142,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"23b81976-37fc-43c2-828d-104a10b03697","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":142,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"31e1fe80-d145-41f1-b6e8-397dc88f5d08","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":142,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"afec5b0b-7346-4c27-959b-4fa2f6d7216e","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":142,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"ed48fffa-c39e-4566-98cc-f6b7a48acc68","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":142,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"51480156-8620-4154-8a1d-3b543e4f77bc","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7b6212c-6762-442c-93e8-f74cda7ee5b2","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f3aa1ca-01a0-465f-b630-f66e8e25f4e0","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":143,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"d9e9c3e0-aa8d-4b5d-b5a7-937994c0f87c","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":143,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"7e3a777d-68fb-4574-8221-4af5c2509c4f","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":143,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"3f510946-92bb-4439-8e9d-abecc43553ef","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":143,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"bd607204-f585-4b66-bfe2-258262b6b853","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":143,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"fb84fc5d-ea51-4ad2-ba8a-48577bb6f48f","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":143,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"a311b80d-2a1b-4f3e-ab30-6a7e0e4ba982","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":143,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"de60f513-9df3-4c73-9254-fa6cf6cde2b4","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":143,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"c13c2e5d-62ed-4090-a3fe-77f0aa3ba103","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":143,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"918c134f-d733-450d-ba84-14b3962727ae","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":143,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"7850a2be-016d-43e9-b873-1b6db1640d64","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":143,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"04d18d3f-ec6e-4f8a-8177-d3d3daeea1e2","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":143,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"98b03359-28a1-4d31-8716-83e8fb3daa98","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":143,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"41763f1e-1556-4e04-8e2c-14e5463a000e","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":143,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"3fd88227-8ddf-4972-bc7b-8282abd16293","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":143,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"68965b41-724f-4f4d-8da3-4a53dbba8d5a","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":143,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"8f354aa2-77c2-41e0-8641-cac4a3561a5d","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":143,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"0e55f88d-089a-4841-bb9b-65fdb2a2aaae","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":143,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"7d27075d-c7ae-4dc6-953f-da43bac2ae01","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":143,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"25a788cf-8861-417c-bd6c-c947f2a7084e","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":143,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"2348f78b-5249-47ed-a9a9-b90b93e6b68d","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":143,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"60413204-249b-470e-91e1-d9d6d9d367d6","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":143,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"2e372d57-6a5c-41e0-b45c-9f18b924f4ef","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":143,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"4cf04898-e6a5-4d80-ab36-e4291e7670d2","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":143,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"807e5393-a686-4030-adb8-a02b73cf27fd","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":143,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"ceef1556-ebe8-4268-a2c1-007de2f4c983","block_type":"box","text":"some additional expenses.","page_number":143,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"50310b98-4dce-4862-9c53-a9af28ab1cde","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":143,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"4e10d090-e979-43bb-b2b9-852aeaa40434","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":143,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"b9531b88-2f02-4091-92c3-576fe2d17a10","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":143,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"c6afd2d8-8efd-4c18-aaa5-441ed374057f","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":143,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"07f830b4-0621-48ed-bb68-ab4382cc4998","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":143,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"e2ac4188-2602-4a2c-a2cd-b76b27e6a228","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":143,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"510bcf9b-0353-48c4-808e-57ac561e2e81","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":143,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"c8fa32af-12c0-4d72-a593-16e3465d8cb4","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":143,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"c39b4f97-3d51-4f8d-884d-2d69c676a908","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":143,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"b7d438f6-36d4-4625-b307-d97d2aef334a","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":143,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"f9ff480e-47e1-467c-a2bd-ef4f973a40a4","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":143,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"2b61264d-6746-467e-9982-f1b8c2c649f0","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":143,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"0b181574-7848-4929-8afa-9a413c7ade1b","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":143,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"41197fcc-d0e7-4976-b734-32b2b0d38acc","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":143,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"8727316b-c451-4d9c-bbfc-e7d194ac0285","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":143,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"89247f39-48d6-439d-8338-4cad23263c1b","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":143,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"1889473b-09aa-4b5f-9344-55ea0f5a2cb8","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":143,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"2f7bdbcd-3b10-4def-a640-21e3a93d09ee","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":143,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"5da04974-cec0-41e9-9971-689dfbcf1017","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":143,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"32005644-24ad-4245-902a-5cd751513653","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":143,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"9949e254-33db-49d7-ba5a-dc354202d57b","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":143,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"0847de72-234c-4187-960d-0ecaec09bd06","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":143,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"21eee1d9-035e-4824-86b0-99c0a81ac4ea","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":143,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"7fdc3e64-9a34-4ebe-baad-f654416c5987","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":143,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"37bc7951-1d53-48d1-9e89-16719c049727","block_type":"box","text":"of that company on behalf of a Fund, par ticularly where such services result in BlackRock obtaining material non","page_number":143,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"b1df7c5d-c3b0-4bfb-aa26-38a596aea1c5","block_type":"box","text":"public information about the company (","page_number":143,"box":{"x":70,"y":846,"width":276,"height":11}},{"id":"a79062b9-4352-4b18-b44a-c90b74d7b262","block_type":"box","text":"e.g.","page_number":143,"box":{"x":348,"y":847,"width":25,"height":10}},{"id":"6267fff3-60f4-42ed-8486-5ba44576ea8a","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":143,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"1ff5adc1-21d0-4a2e-aedc-4c283eaf8a7e","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":143,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"5fcb31a4-e4eb-49bc-ab61-f19d4c63658d","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":143,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"e371625d-242f-49e9-9ad7-631e1761a39d","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":143,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"b1d2ec87-3984-4588-b3ac-5bf6ceb28085","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":143,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"37d936be-a9d6-4df6-9d52-b4d0cef9dec6","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c23fcb9-b9da-4b16-a4e9-9e2a27f8d8a5","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"daac9bd2-53c3-4b0b-bcec-6ab5418973ac","block_type":"box","text":"securities of which the Funds wish to purchase or sell. However, if permitted by applicable law, and where consistent","page_number":144,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"24d70275-5b62-4776-b0fe-c9633fa53a12","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":144,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"2cc6c2a5-0799-4c8b-95ba-8e905f9dbca1","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":144,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"1ef1f465-090e-46ee-8055-c8a91501f6a2","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":144,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"7bc533a2-083b-4c48-9936-6eb4acbf528f","block_type":"box","text":"of the issuer.","page_number":144,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"7d55d12f-e776-430f-a5ed-e8fe97b1a48a","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":144,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"c41b9b07-0296-485a-8ff2-05e1d612bfc6","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":144,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"68070958-6c0d-4f34-9037-bbbdc6621d87","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":144,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"14818be9-59c9-4d94-abf0-27286377ebdc","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":144,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"cd0a4039-9ca4-4e00-81ef-ce787ce0f573","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":144,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"af5010ff-7c17-4f54-81ad-6597dcca05ff","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":144,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"822d38ec-c823-44ae-b8af-3e5f4b08c585","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":144,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"cd731991-6e55-4575-a265-9c7a11e96b32","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":144,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"bfca638b-eccb-4fa7-8bba-c690a1f5f07f","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":144,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"0d02f9db-13e0-474d-91c9-0c0391b79d8d","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":144,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"381d1658-118c-4e28-ba17-e9e6a46cff19","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":144,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"dd229f46-381c-4e72-8d3c-7c6c455dafa2","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":144,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"22b51cbe-c076-470d-9ea8-821f14a6811e","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":144,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"72af4424-4fd1-43b6-992c-30231309078f","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":144,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"1343b05b-85c0-4989-8ac0-799a4d270547","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":144,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"a3c00667-4826-4edf-9d49-b01482860628","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":144,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"e2243713-6e9c-4338-8bb8-c49865f52f48","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":144,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"83788c0e-333e-44ae-af72-f34d7b68e8bf","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":144,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"a57750a1-005e-43b3-a39b-24be7ecb7a30","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":144,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"f51a6a21-5701-40de-945d-56eadb99d8a8","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":144,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"2c09aee4-85be-4576-b43c-f8ab384674d5","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":144,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"08da8194-b82d-49a1-9f93-eba0168a920f","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":144,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"dd4d1d5d-787d-4e0b-b81c-5f4b9ddf2ff7","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":144,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"40a5a0f0-1721-475e-bebf-a890b65437fa","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":144,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"fbd3a2d2-fc9f-47f9-93bf-55e53216b18f","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":144,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"0ae51470-0044-42fb-a4e6-1e23d7bfa516","block_type":"box","text":"a barrier.","page_number":144,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"ec8f6d9b-9696-434e-87e2-003cdeb88c58","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":144,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"1b680dc5-2506-4660-83bd-a2a70365f255","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":144,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"0db47fde-7474-49a2-9ee3-e9261e930f42","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":144,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"b81c7ff1-4de9-4f12-9ba4-67125fda1f03","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":144,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"bcd3a7ad-7b52-4b73-97a4-98abfdeaf63c","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":144,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"4ea4e6fa-19cc-4ad6-bd90-1e8db9cb9060","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":144,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"092d4aaf-0526-4cfa-9f63-f07bb4e800c8","block_type":"box","text":"that operate in cer tain industries (","page_number":144,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"14a79889-438b-4814-944a-8c9cfe678ef9","block_type":"box","text":"e.g.","page_number":144,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"c9c5131f-f10d-4b15-a049-c2c4d4413f7b","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":144,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"3b25ed7e-6577-4c6e-a3fd-5fe74184838b","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":144,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"af939d71-e096-40f6-a811-e7666864d83f","block_type":"box","text":"e.g.","page_number":144,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"9bf014a7-cc36-425c-8262-30f61671744d","block_type":"box","text":", with mechanisms such as poison pills","page_number":144,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"68a324f9-2f95-4a5d-a961-40d34a88e1e6","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":144,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"bedb1e79-99bf-4ba9-84b3-e0a368cacbc2","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":144,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"cfd109b1-59c1-4f00-af66-260afe653d4e","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":144,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"08f251ad-1161-4a90-9cca-d5d3a1ca2367","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":144,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"6a644541-248d-4880-a6b3-762631dc8be7","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":144,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"e169ff1c-692c-4c02-aabc-673c02dbeb10","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":144,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"eeb5d2c8-1948-4ad6-9fb1-5530477bb126","block_type":"box","text":"seek to make indirect investments (","page_number":144,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"7ff4d4a4-0e8a-464e-8565-9a57ea9a0534","block_type":"box","text":"e.g.","page_number":144,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"51baea04-0aa4-4425-9eb5-be9799a5bc72","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":144,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"b081109f-ea42-43cd-96b3-c41ee3ea7cd8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":144,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"d3751811-284c-4091-8481-43cacabbb3d7","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":144,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"30a5ee7e-9636-4b65-9938-dc88859ca6b4","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":144,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"5a8671eb-ea50-49cb-bcce-67b68a9032f9","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":144,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"f1a4a4b3-4821-4b5c-932b-283b46bf321e","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":144,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"652b1ace-be30-425c-a570-2157a68575fb","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":144,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"6faa1531-3c6a-45b5-a6e7-365fcf98e854","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":144,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"17aed950-efc2-4624-9edc-ec66e3f06a52","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":144,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"cb30c64a-1851-4d62-b0d7-606b62bb2c1b","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":144,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"90eeee2a-b95c-439a-a81d-163f4aaefd88","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a4ed79e4-8d52-422b-9072-c554c685dbcd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1cb79491-bea7-490d-8c09-efb304a40d2c","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":145,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"0c1823eb-4865-4d6b-904b-2a62c03fd337","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":145,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"0f7f7f5d-2d39-4279-a598-63573af69c58","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":145,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"ef2a65bc-5ef7-421b-8cb5-0dbf5e624d5c","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":145,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"66bba5d3-3633-4d68-b2c5-a1a01df4d307","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":145,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"e6c4d744-638b-41e0-8d15-d6da2fa878e2","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":145,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"297c2553-6776-4fe0-a881-9710344c5b4e","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":145,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"9bf940f8-cf6e-40a8-9ee0-ac9f1c2d9f25","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":145,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"464c3126-83e7-4c4d-80f8-039d7cb78d89","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":145,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"556cce2b-170a-414c-8a4e-79d3989793e2","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":145,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"de3cc0da-082d-4643-8919-0ae7b2fa4119","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":145,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"b73cc11b-d0a3-43b9-adae-7fde5eac3cbf","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":145,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"521a1070-6437-4daa-8391-70e87edea5cf","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":145,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"7f034271-a524-46dc-9e18-bece69aef840","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":145,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"33accf73-b9c2-49df-8787-b6aa5d8bc0fa","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":145,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"532a9e9e-a27f-448c-adbd-4a751261896a","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":145,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"48191efc-0934-43af-b2fd-83a47e1dca73","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":145,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"dc17f3c5-80fb-4489-b521-ccc9777d2d8a","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":145,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"12c1f142-f693-47a6-a9c7-79161fe0ce09","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":145,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"2b944610-e5f8-4f76-bc65-e168f8d372e8","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":145,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"3ceea0e3-4bd5-420e-ba6f-4fc43ed0ad85","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":145,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"818cc076-c3ae-4264-82ca-071486139296","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":145,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"3f8d34ba-e396-4ae9-93de-0fe91a62b8b8","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":145,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"bd7b7a87-d306-4b46-8ecb-b961ecf4be08","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":145,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"09e26e7a-cb0a-40df-b12a-f1f696192be0","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":145,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"031c0f06-ac26-47ac-ac9e-e640b2c5075d","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":145,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"5745df4a-3e13-4bbe-b96e-3c27a1c1733c","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":145,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"7fbf8941-ce7a-4a24-b27c-d8ede2e81361","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":145,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"baf8b93e-76f8-4503-abe5-befccafe5652","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":145,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"e31f356b-53b9-4632-bef6-29e731b7e1b4","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":145,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"40d414fc-d0a4-4e87-b3d4-3029f37ac890","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":145,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"b7f8ec40-95e6-4b0d-82b6-d77a7a64151a","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":145,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"f9113172-3ad7-4516-b7fe-6ddbaa848b24","block_type":"box","text":"strategy with respect to such security or asset.","page_number":145,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"da3da127-558b-49d5-a340-0dff6e239bf2","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":145,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"f6ac1b69-af55-437a-a542-91ec1a37131b","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":145,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"175a1abe-9c9f-4c0b-83db-52ec80a31b84","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":145,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"8a9e07f6-486e-44b2-bc01-281bbce2d26c","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":145,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"bf4931bd-3fe3-447d-8523-a6754dcd3544","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":145,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"e3d3f868-cd8f-4feb-8895-24c89d008a1d","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":145,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"bc31c255-71e0-4155-b801-611953eca591","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":145,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"d4b9a745-d23c-4d4d-a5b3-67152259ffde","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":145,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"1b4b1985-de64-4c2c-aaa6-560491a1d9ee","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":145,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"3547213e-d5f3-4c67-b7a1-9bd9ad2b0b3e","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":145,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"c4a8304a-a4b7-4685-a787-39012300fa18","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":145,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"70b0ae7b-27a2-4cc9-8704-8817f6824c62","block_type":"box","text":"e.g.","page_number":145,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"f21b4385-8037-45b0-a29c-8b0f60e43275","block_type":"box","text":", custodians,","page_number":145,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"410b60f6-1435-44eb-bfcc-755210fa4402","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":145,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"9479a2cd-1e3d-4e2e-a876-6d1199175989","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":145,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"0e1a68e3-b1da-4d2e-ab81-1f3788f74bff","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":145,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"ecd8ffbf-301f-472d-acf4-8c2f93e29dcb","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":145,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"59a7501f-a5d0-4601-a38f-1bbb3612e023","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":145,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"c407d387-6bea-4821-8432-6e5a1b2be5fe","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":145,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"063a8aff-e756-4b79-8760-3a36701c0dc9","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":145,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"e81485c6-9887-4d78-ad60-c8e6a64a5423","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":145,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"a08c9d05-b444-446e-a876-6996bdf76435","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":145,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"166318be-6939-4c4d-a410-f61fe584e193","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":145,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"0340047c-76b1-4efd-bb7b-4e173a827155","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85ffe292-5ee8-4abc-a9d9-552d7a749807","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae31349e-79ed-4ea2-b742-7a81383a8563","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":146,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"f953854c-8a2e-4078-9b59-5d7a0a668412","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":146,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"d93325ae-05ed-4413-ba88-f2c1ea0af51e","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":146,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"87990253-9334-4c8d-842f-e2b76840d028","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":146,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"2a35d8b1-8cd1-42b6-a85c-0e6a04b5f1e4","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":146,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"920dc323-4dae-4fb1-b694-d2cd2477f8db","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":146,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"883d62e8-da3d-495d-8691-a709f60361f7","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":146,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"0d903d1f-091a-4a30-81fc-c7b9e48278fc","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":146,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"b94b978a-34c2-4c12-91c8-69a6630f88de","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":146,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"bc6659ee-f2d0-4bc0-a93a-a1aa8af2a243","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":146,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"b69200bd-7b46-4803-9b4c-a75550677ced","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":146,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"39c94849-61a0-4f89-aa4f-9692824f231d","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":146,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"9c48ec7f-24ca-4419-afb8-f3961250cd66","block_type":"box","text":"provider.","page_number":146,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"3184b6a4-4243-470b-9d54-4c7d9a7c979a","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":146,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"f4535606-0521-42b2-948e-f2b5856b1128","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":146,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"8d0560d7-9da9-4a06-add0-2b23526cd24e","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":146,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"05858cb5-43ed-4346-a68d-36b0dfad0bce","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":146,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"69bc09b2-a6b6-4be8-a3ea-df56eb24ca36","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":146,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"8dd84f70-90e6-47e9-acae-26cfd8f1b1e3","block_type":"box","text":"PURCHASE OF SHARES","page_number":146,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"85b6b185-e520-4e07-8293-f7b8c02e8921","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":146,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"28ccdb83-85b6-478b-9d6a-c9f826154a03","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":146,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"3f9e2e19-516e-42a6-92c2-16ec8f6b702b","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":146,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"c6d3b086-3f5d-43b9-927b-f8ba274a6725","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":146,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"b776c344-2d32-4727-b050-f4b5c14d9bc7","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":146,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"227d79ba-380d-4d7e-9380-4431ea0bebe9","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":146,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"684b7f95-b444-40a0-ae20-c00ed8ca2654","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":146,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"2e7332a8-bf5b-4104-a996-db3e172b3727","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":146,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"1adc8af9-9bf3-49e0-9334-8510971e1c22","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":146,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"893dbed0-44af-4ec6-8ffe-0de7c89c70d4","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":146,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"5d2bccfd-d316-437e-988e-1617fec948ac","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":146,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"56c42cc0-9b51-4307-bc17-27e64ac3ab26","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":146,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"93810c1f-f31e-4162-8ee5-70b92349ecd6","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":146,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"0dacd28b-049e-4231-8486-ec3feb8a0697","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":146,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"9770ac27-91d3-450b-afb2-2643dd094902","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":146,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"a93e8367-d6de-4e1a-81f0-f1efb5ac8972","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":146,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"e0f0f281-56f3-437b-b8f3-0c2090ae22c7","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":146,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"a5d51af2-525b-4320-ab50-b28d29e7dd23","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":146,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"41957117-e3d5-43d3-87f0-7f784d900a48","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":146,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"41ca8e40-45ff-44bb-a1af-d8a808ce4670","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":146,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"5dbbd3ba-af44-45ce-ab28-3396d4be2403","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":146,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"3f464d13-d8aa-41bb-a314-8264ab958079","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":146,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"fdf89d94-ac78-48fb-8390-d6fdd492e2cf","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":146,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"53b7bf1f-7c02-4b78-98db-418eafbc84d0","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":146,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"6e1f07e5-a14c-4f4b-9a83-bef62c081a57","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":146,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"cd3a389d-e9c3-4708-b623-f5ce5c950871","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":146,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"d940cfac-60dd-4668-acba-22ad932ba36e","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":146,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"f3f5fa2d-ef7e-4e7a-a9f9-5e838d4771f0","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":146,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"e9bbd586-d6b7-4a80-b514-0ed1c08371df","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":146,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"1c304015-99c3-4212-8ddd-33344e2b6559","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":146,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"90ae9af7-280d-4f34-b1f6-cc9ea6358c15","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":146,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"a2d9a8dc-69d0-4953-a72a-bfd426d4c7e5","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":146,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"5cc02fa3-8687-4cc7-b55f-c1e18f8d5b52","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":146,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"2ccbf3eb-4e06-47d0-8f12-016f27079939","block_type":"box","text":"investment is $25.","page_number":146,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"0ecc997a-4255-4a09-988f-cfd29b2ccd87","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b30c6609-e21a-407e-9550-391e682645ca","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05da3303-b835-46d9-8cad-0cf2b17fdf34","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":147,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"e1ae5b4e-7ac7-4961-912d-9a536fd36655","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":147,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"77f21a86-4f8c-45f2-8fb5-e48dd9bf52e7","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":147,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"7765d110-4330-433a-a9f2-409bffe3ffc4","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":147,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"65fcd800-587c-485b-8345-8f7ca37a2159","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":147,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"b5811ffd-5d35-4ba9-a5fa-5d55f5c7b025","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":147,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"4487d4e8-a477-421c-aeb6-65ab5dd0df4a","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":147,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"cdd24194-430a-4554-af3f-a87a6991aea8","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":147,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"79406f7d-990d-47c8-9da2-a4960491a460","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":147,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"c59b8de2-05d5-490d-9bb6-f9b6ff774515","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":147,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"a6b84dd7-3b17-43d7-aa0a-ed9f6681c0a3","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":147,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"90c610dd-098d-4f03-a63c-514823c004b9","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":147,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"ac18b3ee-b5d3-4a8d-91ee-51ff37c4fa14","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":147,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"c3f75b99-26ff-4e5d-b502-085910a8b8ae","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":147,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"e38f8813-9d8c-46fe-ba61-3092489d7529","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":147,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"73e8cd40-3f8e-4810-ace1-33f0713c40a7","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":147,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"ed18fa40-2741-48f5-b12a-4bc096a6c540","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":147,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"234e143a-c82f-4a79-8186-087fd0fffd26","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":147,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"92111ba9-36a7-464e-85f3-dced5bb843e0","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":147,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"9c38b52b-8c7e-427e-aa05-e1ea655f45bb","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":147,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"6ecb31ee-e973-4725-890c-3a7a5401d25a","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":147,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"1e1dc96f-d85a-445e-b92a-405d1237a912","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":147,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"c2c8b183-a414-484d-a505-60e1678e71e7","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":147,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"434f22b3-0137-4daa-84b9-85395ccbb204","block_type":"box","text":"adviser.","page_number":147,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"ba202866-e3fe-4180-be67-dca575f49dad","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":147,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"69f61287-dd88-4b68-af0f-c82eacd82ebd","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":147,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"25fcdf05-2bd0-491a-93d3-c42d7fb20353","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":147,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"61976968-aeb1-4cdc-8c6f-c352851d65e9","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":147,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"04646b1b-32f1-41f9-85b5-755e983cd5ad","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":147,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"dff50f8e-b386-4c8b-a630-7f830615d1e4","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":147,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"8c5d4cd4-e961-4634-80ac-517ddc24a438","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":147,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"58bff32f-aa6f-440f-ae75-57fe164db3d6","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":147,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"1eab4054-fa56-4390-bcfb-947c53d5ec8b","block_type":"box","text":"also be restricted from making additional investments.","page_number":147,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"53c9354a-1526-4c10-8c3c-16276c0ad3e0","block_type":"box","text":"In-Kind Purchases","page_number":147,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"38bff021-43bd-4561-853b-582d20c55661","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":147,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"0e49a2da-a3ad-40f0-9da9-a8726c911799","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":147,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"fb2a88f6-cda6-413b-8345-65689dbb5be1","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":147,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"279caca6-8bbe-4e00-a3de-b58eea2f3f47","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":147,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"fa8cf682-7a1f-4f57-8946-7b13f928cc55","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":147,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"ff42ea5e-127c-45f5-900b-f38aee51ee8e","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":147,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"e709b3e8-baa7-41ca-829c-12e4fd04fd7b","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":147,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"5543605f-1ad3-4a5f-98d0-a623dd09502b","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":147,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"b05f9272-72b4-481e-90ee-dd86d59f7094","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":147,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"42ba8e4e-24da-4780-9a1a-295045a4d133","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":147,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"7256ad8c-1222-4b18-bc69-d836548b130b","block_type":"box","text":"has settled.","page_number":147,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"af74817f-b89b-4dfc-addb-8ccda55c919b","block_type":"box","text":"Institutional Shares","page_number":147,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"9838ab2f-9096-4d42-84c1-e2883196f183","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":147,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"3e975b43-c298-4896-920b-629930aa9043","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":147,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"3e1eb41b-5d83-42c1-ae8b-bcfa2f11f95c","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":147,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"7a21627a-5efd-4ed6-8414-4f12b286d796","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":147,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"5aef0e0a-a4b2-4158-9b4b-d44dec7af12d","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":147,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"3507b796-e8e8-42ef-a748-8d042250de36","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":147,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"48f2beea-ae4d-4f58-935d-8ea194dec396","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":147,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"083776ad-82c8-4886-a3ef-8a491259752b","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":147,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"f00d5f47-5a90-4e14-a6c2-9a8dd0322809","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":147,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"f4bbdd16-cf8e-4db2-8d87-790fc56272e3","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18f1bacc-ce6f-484d-a15e-3efd9038ef48","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c2a47b8-37d3-4418-9680-2d4e65d6ec51","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":148,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"0e6d56b8-c484-44e6-a599-dc0112df805e","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":148,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"f713742f-4495-4b15-bdf9-c5ada5b5adb3","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":148,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"73566760-d37b-4aa4-8d6b-5a4b60542479","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":148,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"942ee9dc-cc8b-4281-8159-f43b17f97556","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":148,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"f7c84299-b6fa-427b-b16b-4eb23e19ffb4","block_type":"box","text":"these fees and conditions.","page_number":148,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"1ffe2b89-f9c6-40db-a8d8-95731fce28ca","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":148,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"80500cf3-cefa-4bc9-b651-7799f665e560","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":148,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"ab601682-309d-4e83-a6bc-275cf89d099d","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":148,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"dd019c5d-4a63-4d6b-9c11-4ac219c98a3f","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":148,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"0fdf2a64-a41a-487c-8dcc-d648b41b41ce","block_type":"box","text":"incurred by the Fund.","page_number":148,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"9023bbbd-5a24-4884-8443-9ffd28b98c80","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":148,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"d2b3d0a7-9be6-4a4f-ad5e-4690069a27d3","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":148,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"5e4ace08-cfa8-47f7-8905-ef788c9d1eed","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":148,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"f9b66694-781e-4e0c-8e28-23b6cb6a00e4","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":148,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"7d217aa2-545b-4186-a89f-429b2f7ebf09","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":148,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"b3aa68a8-5119-433a-a452-232036307064","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":148,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"88a02426-4e15-402c-858e-567981993377","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":148,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"3097e96a-a7bb-4f03-8b54-3871861818a7","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":148,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"eb6ffe23-0749-44bc-91a0-11c9e1726343","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":148,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"d9bebbb6-5ad6-46cb-93a8-892ef39413b4","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":148,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"dd0bb5ab-e5bc-4688-91bc-cab881759290","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":148,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"1748ba40-1988-4b1e-9fb4-59ff98a3eeb1","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":148,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"4078d727-40e2-4397-bc43-661ac16ad47b","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":148,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"7ffb3609-2b13-47c0-9b74-738c313f5d5b","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":148,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"93f484a5-91b1-4e27-b778-2a14192c760d","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":148,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"39337150-4c5d-45e7-9384-a5b72deca681","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":148,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"3998906f-579a-43d5-ac0c-a99a224e0d8c","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":148,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"c420ee87-7b28-4d63-992d-a91d3919abac","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":148,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"9fbf929b-f666-47ea-8721-723bb292be72","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":148,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"e6bbc9d8-07ef-4982-b1c1-c6209bd707e0","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":148,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"a18ebe6a-f1bf-4768-b6a1-97213c635ab3","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":148,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"4ca3d0e4-2bf6-4198-abe1-43d6994bf660","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":148,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"0d2bc98b-1162-4d3f-8d4c-df93fe747e3d","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":148,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"9420accf-728a-40d1-a9e9-f22fdb177363","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":148,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"bed4a358-284f-422a-97b2-c5efe6acc66a","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":148,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"d7cd86b5-bdb6-450d-b1cd-9fc0b6c78ba9","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":148,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"0deba2c6-71f8-482a-91df-394872e950cc","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":148,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"430ab71b-4196-4264-acd3-3710ce0984a6","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":148,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"a244fbe3-14e3-4b44-8554-7359c1f79230","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":148,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"8f19f5c0-840f-4403-9801-bd367e5f9bb8","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":148,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"68079311-b7ca-4d50-bb5a-5d79849641ab","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":148,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"4f25f9d0-3b60-4a3f-b65f-88a2270d2d4d","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":148,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"16ce09d3-5b47-4915-9137-6d17e17b4355","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":148,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"f765d978-2294-4f72-ad86-9322c13867de","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":148,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"9f3accad-daeb-4f1b-8300-555437c43bf5","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":148,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"a5115019-d295-4178-aea6-0c807a46cdd5","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":148,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"1f299d43-9a4b-45e4-ac9c-a64d8deea48e","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":148,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"640a6e2d-af0e-48ab-b431-1d4d29e85601","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":148,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"34ace7e3-8ac1-4f78-b263-96a54060bd3a","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":148,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"bb1b9ff5-dea4-41c3-aa41-984f0fa435ad","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":148,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"dbe34c32-6d0f-4c2c-afe7-8d046ce6a5aa","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":148,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"8f87600d-6a86-468d-a713-0fe6d19ab36f","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":148,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"1f8b4557-db99-4ea7-a537-eee7d1ff1dba","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":148,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"c0246803-3333-4100-893d-8f3460daa3de","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":148,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"b94b40f2-3993-481e-b72f-a043ba780463","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dd4a8eb1-7d89-4327-8121-5ee7bca8c733","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cb0cd7df-f6ef-417f-81d1-8085ddbe8456","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":149,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"e47cb1ac-1ce1-4c61-b72c-407044bbd5a1","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":149,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"9b080671-ab7b-49ce-95ce-4868fe68fb98","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":149,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"93b57267-0c9f-4297-94ab-3f180a894e0a","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":149,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"9d3c827e-977e-4840-8315-d901a91610a4","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":149,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"6f353162-2745-446a-8256-b8db70b2e0b5","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":149,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"0582c449-1b45-4f63-9b08-ea7cc27a41d6","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":149,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"ece006b2-5bba-42c6-b94b-3e85f504b088","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":149,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"8df05adb-8018-4024-ab05-8d8276395599","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":149,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"691161fd-49d5-46e5-b2d3-aee166f69bbc","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":149,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"7b377b6f-bfa6-43df-8e1c-33f5a22ba6fe","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"804d3a13-6e5f-44a5-850b-a2bf94881c5e","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":149,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"917b8ebb-c19d-4aeb-b792-2ade0a237699","block_type":"box","text":"periods indicated.","page_number":149,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"4479c058-458e-4462-aca0-9e5d3a65638e","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"82108deb-589b-4949-aca2-b915ea2e3987","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":149,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"83750ff3-cb37-442e-8d89-6c715aa5ecc8","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"c507b5f1-a085-4ad5-b38c-9a7784346c4f","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"0dbd0e0f-a7df-4203-937a-a52027b25470","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":149,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"d75bd58c-95c5-4510-9273-b7746dce61f8","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":149,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"cd47b369-9b67-45fb-8550-1fd7fd545106","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":149,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"3e0d8aa1-5029-4f7e-93e1-1d6cbe2fe4fa","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":149,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"5dffa8e7-3735-47c5-9751-2a3f62d30023","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":149,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"ea2e97bf-58cd-4789-91f9-327259e26731","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":149,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"b2477441-0750-42c1-8a8c-59f6590a097e","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":149,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"4e916068-231d-4004-8e6a-7e1d11210f99","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":149,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"2df13851-dbea-440a-a647-63939b72f299","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":149,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"11fe9aff-c023-47f4-84dd-10ad08d155e2","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":149,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"3ee41d4f-01f0-4cc6-a7db-ab8eb9d0532f","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":149,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"7d454405-fb2c-4aed-a945-562499293682","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":149,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"a8f305b3-f97c-4ca5-be92-b43837aca8da","block_type":"box","text":"Reduced Initial Sales Charges","page_number":149,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"3aca813e-0536-4c40-a21d-a8156a27eceb","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":149,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"46d8ca3d-52de-45bf-a46d-7d09bc2cee70","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":149,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"ae22bb4c-0e70-442f-8ff8-b46684007808","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":149,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"2f0b77c3-06aa-434a-b496-ec0cb09df3ad","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":149,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"a7983b24-56d6-41c7-a3c8-9063ecd60585","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":149,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"61eb7a19-26be-4ea0-94bd-53203a7557de","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":149,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"ccd33a4c-0668-4735-8f49-768920f0dc05","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":149,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"462f4379-8af5-4d74-9d32-0fdd6e0b5273","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":149,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"86a6cb93-e481-4148-93ef-58a66e90ffab","block_type":"box","text":"Reinvested Dividends.","page_number":149,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"8188788e-bdbd-4796-8370-65b494d4f746","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":149,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"eb5792ac-c39f-43cb-9639-42e4b7a862fe","block_type":"box","text":"reinvestment of dividends.","page_number":149,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"3e2bf9d0-e058-4de5-a61d-228b4194120b","block_type":"box","text":"Right of Accumulation.","page_number":149,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"2d81ee98-c542-4bf7-a3d7-32863db329c1","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":149,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"172626ca-ff03-4a31-ba3f-7d59e599cb41","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":149,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"fb712746-214b-4b01-b38f-6b27b1c71b03","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":149,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"ea2b7876-7ba6-4f12-9e1a-878dded1c169","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":149,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"8f18ea20-d890-41f5-b24f-342eaba04387","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":149,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"c3e85f79-aaf4-4639-9d50-043710108ff1","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":149,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"c31efc7a-3604-40f7-a2ba-701a15f7f5c1","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":149,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"a7a9e243-14a7-47ab-9b42-908b81837502","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":149,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"fe40dfb1-72ac-431d-b838-285142d5cbfd","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":149,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"6eccaeb8-efbd-4025-86c6-458aba04d9ef","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":149,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"5f47d378-1384-4e29-a6fa-00077c97d32f","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":149,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"389e5e75-f3f9-45f4-b673-1d86bd47e901","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":149,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"ca3341fe-adbd-4aca-bdc9-10ad38ee76dc","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e33461fb-0a7a-4d80-b6cf-48a11cf07443","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26be247c-7746-4a09-9180-a78017df6355","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":150,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"a7839582-07a1-4d0f-a74e-13b72529747d","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":150,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"646d0c74-3a67-4aaf-84e7-aea2df982119","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":150,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"4eb2ae86-a7b0-4ac3-9281-8233fca8dd9c","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":150,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"89856908-1f78-45e9-9e47-b98cfd79332b","block_type":"box","text":"Letter of Intent.","page_number":150,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"ec0681d4-6ffe-4c19-9c79-b12666b56261","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":150,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"f740c3ea-4fe3-421e-aedd-ed787e05f626","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":150,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"a897de75-3d7f-49cf-8886-7b6b29c81b7c","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":150,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"8c3c20e0-91bb-447c-87a7-a33bca855e8b","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":150,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"34db154a-c3a9-45ac-8e81-c1ca9f79c055","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":150,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"1c4c3ebb-b6aa-41ac-b338-22cc0b6e77e0","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":150,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"25a18b11-9094-4e95-a9c1-5e6b7e306ebc","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":150,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"9bdda6de-a912-4815-b2e6-62de5f9f5271","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":150,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"3af50bfe-4ed6-4f85-b869-375a921f7504","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":150,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"19073e34-da56-41db-83a4-636e4fe13444","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":150,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"eb0fcf93-d9a9-4f88-9417-b56282a73fe6","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":150,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"5b8ddaa6-5d8d-4127-a1bb-a4686add8309","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":150,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"1c600fa5-2492-4795-950b-22d3171a3a73","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":150,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"5e2ef3cf-ee5e-4ef7-9c48-e54eb52fa6f9","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":150,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"5470a723-7d9e-43da-8ea9-c12efa720c66","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":150,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"17aa1aad-0984-4448-a07f-5f655d370fb2","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":150,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"216976c3-46b0-4b0c-99a9-2bb534d825b9","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":150,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"5eacf7f4-00b6-4669-ac25-f593eda7447e","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":150,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"a8649c80-75c8-44c1-bc9b-da77f99af69a","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":150,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"41273eb7-98f7-45cd-896a-7d0283887de0","block_type":"box","text":"Placement Fees.","page_number":150,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"7f214a4c-f7af-4af9-9f80-e0b183dd5b68","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":150,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"c87ed04a-bd5f-4d51-a1b0-4fcb5ad4de3f","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":150,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"6772e39b-f5b9-49c2-bca1-9e9e764d0393","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":150,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"99b8bdbe-916e-45d6-b5c7-cb2d179c40b1","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"85336429-a219-4046-b37c-4ae0d0bf5c59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"98dc6c8b-a11b-4529-8777-2cf293f9b21e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"693a88c0-4d2f-4661-9ece-0610f2f7207e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"4d8e6936-b9c6-4193-8ad1-071409ee5036","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"19f9f239-9ebc-4405-9080-06be752c3988","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"33cdd5a3-0bee-4c4d-8fb2-73b0cd87a4a5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":150,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"a7020ae5-fd64-4a60-a251-8e888872a9c2","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":150,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"9e67b4c3-c607-4279-80f7-a0939e4b861f","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":150,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"79b14b8b-4a40-4245-a0ac-31dd0dc57f5e","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"05ba997e-d4b4-4678-a553-b5e9f8a29f6a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"8af20428-5bbf-4be3-9890-4f5d11cb110c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":150,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"51921b81-560f-4fc1-bb34-2aacdb4b9460","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"35072e7b-a9ea-4a6d-87a0-7b77757c2fda","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"df9195b8-cbcb-40e0-88bf-27ed0105a18e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"02556207-dd4b-421e-8285-afa871d29bb3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"faafe8b3-86fc-4ecf-9c3c-f82d8090c690","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":150,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"c40cebb5-f966-434a-a621-c98dc46ecbc5","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":150,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"0a05ab43-b54a-4062-ab55-176ee28e9a72","block_type":"box","text":"SM","page_number":150,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"9f0f220b-814e-476e-a75e-08820f51eb74","block_type":"box","text":",","page_number":150,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"150a52d3-1103-4d22-b1bf-73452b4a9125","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":150,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"9c1bbd4d-6f0c-4272-af41-e8df49690180","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":150,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"9c455a1d-2727-4720-a367-b1bd39d923d4","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"0096f245-f92c-48f7-abdf-cb1aac79ddae","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"d4edd55c-4103-4c19-aa62-88aa7a04583a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":150,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"3f0cdeb7-d3a9-4fd4-bc67-639badfd06b8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"183c36f4-c53e-4505-9513-aa3f383a290d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"c23586a1-16cf-4901-a434-8f640896af3d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"48309343-e890-4d21-8933-ca76e7861477","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"1e9e91bd-2ba4-49bb-b156-79b23b0f9c86","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":150,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"ac499ed9-bc03-41fb-b03a-f2be3a1dd45c","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":150,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"7382c114-91ba-46e5-9ec4-6b0090fb0540","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"428628a5-5b86-4346-a780-b2763914d3fb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":150,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"7cd7f465-3112-4057-ae96-35d66b6174d0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"9a527e1c-bc5c-4e06-9c89-fc2a4d0cb623","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":150,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"653b0a7a-0de1-4384-94e6-1e4631982966","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":150,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"9b90dac9-518c-44c5-ba24-29952f77ee46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"f9ade85c-8d96-4e41-bd96-a28b91cbac55","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a8e1c44e-aaa8-4cc9-89a2-6c7980a67f28","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e361cdb1-8b2b-4112-a4d0-d7217eab8c83","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":151,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"ec524f78-5b86-4108-89a4-a3015e608231","block_type":"box","text":"may be up to the following amounts:","page_number":151,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"aa191826-a660-4866-a126-479d2a365a6e","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"5a8feefc-9a14-4fd1-b23d-03316cd5466a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"c90ed534-3d23-43b8-9b47-72916f9ec05d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"5aab69e3-f1cd-4482-b3e7-3df176ac256f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"9e445f35-db2e-4fa7-887f-5ebca1782f74","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"a0c98429-9296-4c14-9862-69008155d8bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"8508f00a-e9b8-4cad-afbf-c5737f95d038","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"87323f8d-ff8b-4bc4-a82c-030a5d66a9e1","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"6c2bdd54-0ae9-41e3-8fcd-02785bcbd744","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"272ca4d5-b7fc-4e5d-ad93-400e47434918","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"b856df7c-1f52-4c19-9161-77ba37807a29","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"dd4529b2-a1e1-4fd1-985f-0b003c040374","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":151,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"7f6475d2-b2d9-42e3-939e-bbfe74424884","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"af78ec86-648d-4cfd-b94d-93854674e9f2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":151,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"544f11f4-9a79-4fa4-a490-24c609027ab1","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":151,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"9ba7a627-456a-4c43-b1d2-b7c684cd171d","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":151,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"44853b8d-891b-406e-a5ee-734689a72aa4","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"546892fc-8641-4054-b6ac-bdb12e3a8a8f","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"374676b0-55ad-4bfc-8902-ccc466a41dec","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"9f256a4d-ae43-46bb-bb31-7679d12af9f7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"a2116928-0c1a-490d-b1ad-8de47a9be3c2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"7bd104d6-9575-42f9-98b0-be7045eeb3bd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"4b180ff4-06e1-4eac-bb54-d2aed072b7ac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"64e62076-805d-48a5-863c-94019cc7363d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"b546ac5a-3a20-4a96-aff3-63651cd70786","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"2a62f6e6-5cf3-4c6e-9710-fbe219c58e9d","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"ee888be4-fef3-46c7-b9da-7f24ba800d2f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"38842a9d-0af4-4c69-aa6f-a3300de06927","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"9651cce2-8bc8-4661-88bf-cc6f5d67b99c","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":151,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"09031840-65ed-4270-9b2c-020c0b972b96","block_type":"box","text":"the following amounts:","page_number":151,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"301ed531-1082-416b-86e8-a961cf451bf5","block_type":"box","text":"$100,000 and above . . . .","page_number":151,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"babd9494-cef7-43eb-9196-8fc67d0febff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"88d95fc1-da19-4dd9-93d6-ee8aeecb0356","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":151,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"897d52aa-0978-4dd9-b9b8-8b0b117259a0","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"cd1312ae-5b2d-41ce-a50f-e2ddb34f25f4","block_type":"box","text":"$250,000 and above . . . .","page_number":151,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"2f724bb8-7755-4ec2-85f3-1ec49722ed9a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"a8d27cb6-6906-4985-83a7-9b9c28663497","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":151,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"d7926c6d-4a61-4096-9b77-f755ef19aaf7","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":151,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"ecf925cf-950a-49b6-8aba-7b535a882d44","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":151,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"80d430c0-2283-4bb4-9b27-1e04d03943df","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":151,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"2673d7c1-a73f-4b7f-a0d8-e59ab370aff0","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"aabbd0ef-7b47-45f4-86dd-29c8b88e5956","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"9572bb72-43be-43cf-8583-b078892082da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"aa77bc2e-bee3-4555-aa75-6559f4ece8f8","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"755e5772-a381-4bec-b5f6-1ec097ef9aac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"70d65297-e983-4317-85c2-ca4f1190957d","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"81923547-cd59-4119-acdf-1edee16d4333","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"0ee77ae5-92bd-48cf-ab3b-22c7bef662b3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":151,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"5efb10ff-3d57-43af-90ad-25b80a942694","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":151,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"d394348f-c476-4d8f-bec8-2000d2b80e2f","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":151,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"e10818e6-5d83-45bf-a571-1059d781f3b7","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":151,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"1f8f223e-4814-4b5f-ab54-9e70574efe3a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"f04fc0c6-680e-40c1-82c7-b0c51548f701","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"17139705-20fe-452a-8648-62221fd22846","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"fcf3451b-cc25-476b-8209-7b9009d9d1cf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"c841ccea-ec1f-46c4-8156-37219415761e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"de55ff3e-70bb-4fc9-a410-83bfac8a3e3c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"b66237c8-97d4-48c4-9840-39854f3259b0","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":151,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"7281c9c1-d08a-4af7-8eb0-340db65bf6a4","block_type":"box","text":"®","page_number":151,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"d04ed2d1-e00c-498d-a242-731e6178959f","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":151,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"28f42333-4195-46ad-a672-936728be2c97","block_type":"box","text":"®","page_number":151,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"6d003aa0-d5f1-404b-bc4d-9ead81cb7471","block_type":"box","text":"Index 2035","page_number":151,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"e7270dc1-e4cd-4d71-be0c-fcbbc2ff8692","block_type":"box","text":"Fund, BlackRock LifePath","page_number":151,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"f222a6ef-f4d0-4420-9aaf-bd67a010a024","block_type":"box","text":"®","page_number":151,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"5514b384-f85e-4460-80c7-e5c2e9607127","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":151,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"08350c07-9808-4081-a311-04613967e3f3","block_type":"box","text":"®","page_number":151,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"4726b729-99ea-4e2f-bbf9-c5a5b08a567c","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":151,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"286ab2f2-9e69-4904-ad9c-c00bd44a241d","block_type":"box","text":"®","page_number":151,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"93ad384f-acd1-4fb5-9c38-08aad281db27","block_type":"box","text":"Index 2050","page_number":151,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"c2abe773-8709-4eef-873e-74b0b41548c3","block_type":"box","text":"Fund, BlackRock LifePath","page_number":151,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"9b569ee1-d99f-4d92-a286-4f89d62240ba","block_type":"box","text":"®","page_number":151,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"5e065e34-3a07-4e9a-9f19-b320eac45c89","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":151,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"7e70b321-4163-4b3f-aad5-664fe52fefa8","block_type":"box","text":"®","page_number":151,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"74dc1a5e-ec70-4f28-a590-b9564e1a2be9","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":151,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"8ca00b27-1feb-4421-8dfb-171287ffb174","block_type":"box","text":"®","page_number":151,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"69e6377e-02bd-4737-a1fe-7b7533848776","block_type":"box","text":"Index 2065","page_number":151,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"6d873e55-0312-4043-9769-e3a5035c32f3","block_type":"box","text":"II-103","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"898ade8d-eaac-402f-bbe2-a30536fa13da","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a65da00b-34d2-432d-ab2d-600e7b0a8510","block_type":"box","text":"Fund, BlackRock LifePath","page_number":152,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"7106d5f8-e837-4ed3-9ecd-c1b491e8dc84","block_type":"box","text":"®","page_number":152,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"8e0403db-0e03-43ad-a440-49070cfe4358","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":152,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"77e06250-ae4c-4cd6-82e2-b726afb907fa","block_type":"box","text":"®","page_number":152,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"838a2bf3-5367-43b0-940c-6e4773923f22","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":152,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"34251ae3-1561-4c85-8376-9e20278bbfba","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":152,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"dafc8598-aa4a-4f2f-8c70-8f3aed77efd8","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":152,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"85a6307e-f6d3-45f2-989e-f81c2773b0e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":152,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"6f7abb47-7465-4ef0-b13d-a8d6d575271f","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":152,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"0ff41974-969f-4ead-a420-da9ed2411eaa","block_type":"box","text":"SM","page_number":152,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"e51a9abb-e033-4aaa-aafa-86f423940fd7","block_type":"box","text":", the placement","page_number":152,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"f677e9d9-e1f3-4548-ad48-b673fa1a4c94","block_type":"box","text":"fees may be up to the following amounts:","page_number":152,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"baa0a6cd-52c3-4e3c-8028-5bc362962bde","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":152,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"9f4e5e1c-b478-44b5-aa3e-2faca731d10f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"cbae4357-6659-440c-b5bb-31c43aab347f","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":152,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"4e26d654-d1fc-4408-a9cb-5476a3bd3e5e","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":152,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"d866b0fa-5caf-468a-a0dc-f4a116c6f403","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":152,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"903c468b-0a79-4dcd-86fb-ffb99c01d33f","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":152,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"92697ced-72de-4769-b78d-ebb63cfe180d","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":152,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"1c39b172-d365-4f2d-920b-141e85e2ffa1","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":152,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"cb6423cd-1fcd-48ab-a907-ef7758312dae","block_type":"box","text":"$1 million).","page_number":152,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"e7ffa192-8d9d-4bcd-87ba-ea0812489acc","block_type":"box","text":"Other.","page_number":152,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"134bbd2b-eec0-41e2-b875-520f4f1c5a9b","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":152,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"5fc88de2-e7dc-497b-a539-adc6d153750e","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":152,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"eab73403-4ae6-409d-9119-eac5fc0023e4","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":152,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"aa2d2fe7-5e58-4f2c-b997-3558074b9973","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":152,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"572207fd-001f-4a0b-adaf-d0860a2e97c7","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":152,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"6df27844-43ae-4f1f-8818-746f94b150e3","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":152,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"d6329c49-f34d-455c-a7f3-9bd95c307aee","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":152,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"8dcd0818-33d1-43a0-938a-208414d8b898","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":152,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"0b1c0ced-7316-4dc4-9e65-6cd16a0da16d","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":152,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"4de124ae-cb09-4285-9d39-781d04f5556e","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":152,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"02a0b0c5-d550-4fd8-9aa5-b68281ea4e4d","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":152,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"f0a2eca7-89cb-4e0a-80ff-97eb1ec1f8e4","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":152,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"20d7c36b-4a92-48e5-a1bd-c8202a087397","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":152,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"fb4e8aa8-e773-4364-b569-60e856d784d0","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":152,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"2871246d-b1fe-44d0-9729-77fcac396f6c","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":152,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"9ad2a005-97c5-4e3d-8fa2-24f7b6f9b359","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":152,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"d18eedc0-bd23-45c0-a02e-99fbf9b9ef8e","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":152,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"eab2b8e9-cacf-4469-a566-345e597eba5c","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":152,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"9a8efcee-6829-4815-8a30-4383cd49795a","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":152,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"4ed84c03-22cb-42d3-87ab-707ca9ee83b1","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":152,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"1737d87a-f06b-4e9d-837a-5761aaf2aefb","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":152,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"7809a0aa-97ff-4f87-ba31-950262e63f86","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":152,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"9ad0d869-3403-47de-bf7b-e60b5bd27262","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":152,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"1b63c573-f37e-4bda-a01b-ba90d5e83308","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":152,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"25e301f0-7399-42e4-9677-5972acd27187","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":152,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"57dec0b3-c5f3-4d93-b9b2-287b4427d07e","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":152,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"6d3e4d38-2540-42f3-8932-91eb2224024c","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":152,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"133bec3a-47fa-49ee-b5b4-815f8be196c7","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":152,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"0bff54f3-da6f-4c81-9524-c745c359e8bd","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":152,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"1833c677-8a45-4751-a656-f4e67a2ffe13","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":152,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"3c0ba47b-8d2e-42dc-9e4c-d0b2a4e16b82","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":152,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"0d445920-d567-4333-bac1-119ae335169e","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":152,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"b9c7f3ec-1a8c-4704-a2c8-23e226655170","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":152,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"d23f1c67-75c8-4518-9ae7-fdc598cb36a4","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":152,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"c4489d84-267d-4f85-9b02-45b47c5148b8","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":152,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"ea98b740-499a-4aa1-a0d3-a6edee843e56","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":152,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"fcf000c0-01a0-4ade-9839-f78f79b16225","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":152,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"f94b588b-1fad-458d-a64c-edbe18205a25","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":152,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"27d7506d-afb4-4ea4-8e6a-eb0db3a3effa","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":152,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"7c39c3f5-44e2-41de-8dea-968dafafe008","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":152,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"801149dc-78c9-44be-b159-bdddb15ffff2","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":152,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"b4056803-8f0e-48c6-a2a8-e44327ecfe6c","block_type":"box","text":"II-104","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a53f19c7-e7c5-465e-a96e-dc86e3a43819","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c57a588-97b1-4172-9525-93c1449ddac9","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":153,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"13262e12-6beb-4b5a-a8d1-d67ed42d65fc","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":153,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"e10eb26e-70e3-4679-b00c-0b590f31174d","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":153,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"9ef3b13f-5d29-4277-b5fa-5fa982f4d11e","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":153,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"6d685efc-4f0d-40cf-b77e-82111a7a6cfd","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":153,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"84d03845-cb19-4d25-8f08-13157e98dde8","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":153,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"7ca33d0a-bcad-4b76-aa40-3b351bc344a0","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":153,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"46353ba1-e26b-4594-bfe9-129bda310390","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":153,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"c324a115-bddf-49df-abb9-1913283c6b25","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":153,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"9f52a712-0b36-49ff-a69b-81f2bb08892e","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":153,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"f3784468-4cc7-45c0-9993-1894a53c3bad","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":153,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"066bc640-9368-45cf-9b2d-dd229f4cd404","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":153,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"f056da99-ccac-4b2e-880c-cd0b66df262d","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":153,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"a473c0be-868b-4896-b4ef-133d93781652","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":153,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"9f07a5a7-3ca2-4a99-91de-ecf5b69c2ddc","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":153,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"858fd1ec-5948-44bb-9199-56158f718054","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":153,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"caaaa8e1-ffbc-44fc-ad06-fb9368e6e3f5","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":153,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"0a3aa927-b153-4437-a66a-4e1d66d26359","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":153,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"bc06ffa3-f53d-4367-9709-e922894bd3eb","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":153,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"1795e249-0a21-4bc6-b971-b9eea25e2b49","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":153,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"627cc9ad-069e-4ac3-851b-5fa1447d5d19","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":153,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"50e659b5-b9a8-4dcc-9d4d-cc6a362ebf32","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":153,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"b755beb8-3142-4d5d-af56-d84b4579d900","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":153,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"93845065-0378-49c7-af76-e7367cf6bf44","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":153,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"1d664203-8b3d-45d1-b597-a083179aab94","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":153,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"84532e73-a914-4d5f-8e11-11476806f2dd","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":153,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"5046a9ea-4f02-4f74-b28e-5ffa0df7e9b8","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":153,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"2c2cd4ea-697a-4b35-acc5-0286bbc1b533","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":153,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"5ce8646d-dc58-457f-9793-b02cc8222035","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":153,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"1df1a452-3ed6-4925-b157-fc85a70b3b98","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":153,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"7682a8ca-e91d-44f0-ae20-2fb6f3e9409d","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":153,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"37b91519-f7ab-4c6e-99d2-34c948f742f5","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":153,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"7ea92c2b-f973-474e-a3dd-75e3b84c8b10","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":153,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"d6614deb-f80d-457e-9565-7f71b5608f00","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":153,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"7327c18b-10e0-4cb0-b1f0-bd8caca332c4","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":153,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"4f83c124-f03e-4bc9-bbae-2758a40b5518","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":153,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"1fb2278b-9a50-4099-b4d0-83a2fee344b0","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":153,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"7dfe845f-72e8-40aa-b01c-263a07594ca6","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":153,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"76762ef1-3a69-4dec-9a43-5b58c12a96ea","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":153,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"4f9968c1-8fc6-4653-86d0-3119eada2fa7","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":153,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"6df5dc95-ca35-4503-92a3-b99be54ed244","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":153,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"b930ee16-4717-4cf4-a8e6-a236a5f09054","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":153,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"96afffcc-d030-4595-97f9-72603061739e","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":153,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"7891aedc-aea3-4ae3-9c50-60f90753370a","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":153,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"3edf7439-78a2-4cb9-8463-0f6fb0e07881","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":153,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"d483a2de-8740-49ab-94a3-c06492580943","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":153,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"f34432fe-2733-4e22-81d5-474cb2bb3d08","block_type":"box","text":"public or private investment company.","page_number":153,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"e804f896-c0c1-49cd-be61-3aaa2fd0c1af","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":153,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"778ae9f1-79d1-4c9f-ad1d-621bbb5e66f7","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":153,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"f5a0d869-293b-4d0e-a144-39271a1be1b1","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":153,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"61cdcf4a-b654-46db-a539-dc6e13f9b478","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":153,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"38581452-6293-4073-a24b-4dd34d7bfe19","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":153,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"d9579ae7-70e7-49c3-9275-a00ab05cb902","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":153,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"a6b2d941-573b-4873-bc08-b128bd5c3527","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":153,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"ee60be56-68fe-4473-82b7-b97b72487110","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":153,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"509edf3b-1543-4b48-9220-894bb2a54ffe","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1ee69bb7-26e8-4e29-b63a-81b8feb471a1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8514e45-ba79-4afd-bd70-d4b8e0b722bf","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":154,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"5bef6c74-1b61-4fc1-82a9-daf7d87177e5","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":154,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"8fb93796-0d88-4961-badd-a540730eac6f","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":154,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"17ffe893-ca8e-4508-9585-0802eb0f8b32","block_type":"box","text":"intermediary associated with the account.","page_number":154,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"434f0991-471b-4f3a-a19f-b66ca1b4d20a","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":154,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"9127c5b5-a6ea-4509-82c9-dde6e1d71b2f","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":154,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"4d1679df-7ce4-4a38-a882-93f7ce3acb8e","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":154,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"a593760d-b405-4a72-bc9a-b3353c5a25b1","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":154,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"11bd810c-3496-40c6-ade2-716b6db3988a","block_type":"box","text":"CDSC shares.","page_number":154,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"9ba3a8c4-71e2-4540-b391-99cba05e8f06","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":154,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"e8dfee83-0fd0-408f-9768-fadb8affe684","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":154,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"c828a2ae-15ea-454e-8454-d636aad90500","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":154,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"88be1ffc-c01d-408e-8a17-96e4b44f8c2a","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":154,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"5c954273-1721-4467-a18f-f7b93c9109cb","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":154,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"0363ca94-dd00-43e9-83d8-6808a5ac7b0a","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":154,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"743fa99c-f0a6-4797-ad40-8af73ad4036f","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":154,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"62eb6848-55d4-4a2c-b094-97ab252e61e7","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":154,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"9fea86fd-cc15-43f6-8dec-c9075162c372","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":154,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"1921eafb-066f-4e0c-af32-22214fd06239","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":154,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"09ce49cf-5998-43dd-928f-d20e92da9ae1","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":154,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"f80634a2-874b-479d-b400-3b5581b9461f","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":154,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"286abd8a-7862-4b10-91ad-007755c8a01d","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":154,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"233ee2fe-3887-491c-956f-8f0a280f9325","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":154,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"b89a9914-dec5-40e2-9e99-9f97b91d8617","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":154,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"6dc44d4e-861f-4a41-b4a5-106bb104ee0e","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":154,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"d4715f43-3ad2-44fd-a941-cdf8552f48f8","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":154,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"94d13950-b4a9-41f1-9ea4-840dc27dd03c","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":154,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"aed11db2-65fe-4d9d-bd72-13b246ff5766","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":154,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"18001665-10fd-46f6-9c60-2728283f5914","block_type":"box","text":"Investor A Shares.","page_number":154,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"fd1661b9-f3d7-4d58-9124-75842fc8b573","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":154,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"37c824e6-d4f6-454d-a02a-a07f0d62d9a8","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":154,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"3571c3e1-6ba0-4e83-aade-d63101917092","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":154,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"bf07c9be-e871-4944-a81f-4ec5a681ae39","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":154,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"bdc7b411-42e2-4da2-84f2-44a862261251","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":154,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"14f74edc-aa3c-4373-9b28-037271788fc7","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":154,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"14145de4-03ce-4040-ad16-6991575b01c0","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":154,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"7d1062b8-a575-42ed-95c4-46a3aaeb6778","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":154,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"1144ec7a-3d72-4d01-8c27-b9a93113e493","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":154,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"20506c86-eb01-4516-a8f6-55b1913392c5","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":154,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"4be71aae-3a88-4db8-aaae-ef3ca25c73cf","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":154,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"2b9e1ca9-4abf-4f4b-b3de-ae430e916556","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":154,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"ee610c7f-6c31-4665-a955-021e0e8ffb4f","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":154,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"4e965b14-2883-414f-a786-1cde2b22011d","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":154,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"83886c82-b66c-4f62-abd5-33838050c55e","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":154,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"4306c1ba-6768-41ff-8a39-3b775fbf391a","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":154,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"df9305ff-842c-47d2-bd1e-469320f0fd29","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":154,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"30d450cd-45f1-4de3-a852-e0d39b99df88","block_type":"box","text":"“Investor C Conversions”).","page_number":154,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"43553346-cd58-42c6-a2e8-f0f2560f745e","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":154,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"a597307f-a783-40a7-b922-d966f138c77e","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":154,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"10132c65-b1f0-4ab0-ae42-6ecb6fa77053","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":154,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"8caa2d9f-1bc5-4690-b2c0-9bb58cc1723b","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":154,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"2758e28f-4aae-40e7-b41e-4d0c57ac201a","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":154,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"61aba757-be12-4f76-a278-f074d6fd61b3","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b2ecda79-60b5-49ae-845c-f29fb2f121d6","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f46f4369-7030-4e94-8e81-e2c98dd5c296","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":155,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"282b5bef-4e73-459f-b5cd-166f493a7707","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":155,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"97bdc1d0-c1d2-49e3-8d89-bd9d4f18ef23","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":155,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"b102c483-6113-49c6-af96-008f1324b57c","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":155,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"b7642816-86d5-4380-ae57-9f4a87f2d8e0","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":155,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"580b1ff3-adc6-4541-be6d-a43bb87084e8","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":155,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"ee4fe746-7e36-42ba-8dbc-11a9dfae9b8a","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":155,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"34a656d4-c05a-4b51-a68d-0a64e3e9e635","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":155,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"9553df41-cc90-4ade-92c1-53f3a785710b","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":155,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"357ed84e-d30b-484a-bcdb-3a1d73a0f511","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":155,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"6b7aed0e-4245-4cac-858a-7668e7566d5f","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":155,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"be703487-56fb-44d7-87a5-427759f359b7","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":155,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"b910a1a9-58c9-4e76-ad50-b6b74d106803","block_type":"box","text":"redemption.","page_number":155,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"3b7dc569-5abe-494b-8b4f-a65253af67c7","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":155,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"f15d0496-fc0e-4156-9422-73defb35cbc0","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":155,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"9f57015f-1c6d-47f0-b7e3-fbc5b37d9c30","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":155,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"99df7b9f-930e-40ab-ac22-58278e984f87","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":155,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"76e692ef-d27d-4a66-b03c-dc558eaa5b96","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":155,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"2b2829df-69fc-4e6a-ae99-9ed4893f11f4","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":155,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"02c3c03e-e57d-483e-ab0f-335217b5f03a","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":155,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"6a2f693c-57bb-4bae-9cb3-49bf38a052aa","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":155,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"59f46419-9b85-4035-aaf5-cd5a01ee4799","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":155,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"483e768f-d265-4a62-8d32-5c9dc580c7c3","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":155,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"73e318ff-54ae-44c6-8b86-deebcdc30ba6","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":155,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"fad860f2-7ec1-45d4-aff2-db7005d0b15a","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":155,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"7067e5f1-0304-419f-998b-78e7574795a3","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":155,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"57f62a53-007b-47c2-ac5f-f567aa5e2964","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":155,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"49581d59-4d9c-4dd5-a2b3-79ef1a6e00e2","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":155,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"7e6aae6c-4bb8-4e63-b272-785d50a84013","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":155,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"46965234-06b2-4218-9d26-850416f51a9f","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":155,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"78bb3dd8-e4a7-4963-8016-345fabfe44be","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":155,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"6d153bfd-7b90-4ce6-bbd8-8f98a6522d67","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":155,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"fa579c4c-4a35-4d42-937c-c498ae6dc2e9","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":155,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"bef7d8cf-920a-4480-b937-c16f851f9199","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":155,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"1b09763b-6610-4535-9d28-06a7ca84bfc5","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":155,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"783a306c-4045-414a-a087-d888b7821a18","block_type":"box","text":"Class R Shares","page_number":155,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"cfe41e65-c4b5-4ac6-b2d6-d0860589e021","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":155,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"a5f3f9e4-070c-454b-9ebb-e0a5013c53c6","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":155,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"d26fe206-9c57-4f75-86bb-400f3561bae3","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":155,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"7886dc04-88f8-40bd-91db-0349349d206b","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":155,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"1b403f12-9647-4121-a887-027920af9bd1","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":155,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"1cf56a3b-6678-4612-914a-761acf5a1e0e","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":155,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"b29bc100-fbb0-4e27-b59c-decedbfbb96c","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":155,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"fbfd388a-092c-4ab2-81e2-6f50cf0f1e58","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":155,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"586146df-00f6-48a4-86cb-158b7f4d496d","block_type":"box","text":"Class K Shares","page_number":155,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"b4d8bb02-8bd2-4e43-81fd-ad775a3f902c","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":155,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"dd23a821-b169-4aa1-aaf4-a20142230481","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":155,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"df4e5d2f-991b-4b07-a28c-61bd16d02271","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":155,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"72b815c4-ffd0-4d8d-b5c3-ae66d47c6a05","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":155,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"5bd5a3b0-4449-49ba-b6ad-1c010f7e4c5d","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":155,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"c2be677f-b3f4-4086-a19b-7a1cb2e4cce4","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":155,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"ccfbde20-94a0-4a9b-91c4-ac7be628e076","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cb68e1be-4e56-4f70-849e-6f0695fd605e","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d90ccd58-b375-474e-bb8f-5a83219f0f1c","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":156,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"a67df589-05a5-41a7-929d-b372ae0c3346","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":156,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"7384278a-405a-496e-9a95-4d75b0995ea2","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":156,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"9e482ca3-db8a-42fb-b6a6-c87b83642b55","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":156,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"a39b7696-ef2a-4ed5-a559-ec63b59d6512","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":156,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"59752d6d-7639-43dd-9c73-242a7842a92a","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":156,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"e80aab4f-fb77-4207-8a6a-1e98f0541f7f","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":156,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"e3180d47-9a41-42f4-b96f-0dbb613e0af6","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":156,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"41e1545d-b6df-43d9-a5a4-9875b9415399","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":156,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"82335790-8056-46bc-b5ad-8c58c971bebe","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":156,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"f18969bc-5f4e-41f5-a901-906cfa6fba00","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":156,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"10330182-b5dd-4908-8513-6473ac452bd2","block_type":"box","text":"distribution and marketing agreement.","page_number":156,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"fa5c9015-2160-4399-8806-9ca9241b5e81","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":156,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"0642b786-4ea9-459d-888f-48c79bb75e01","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":156,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"fa67a9ae-cde8-4747-aeb7-290255cba346","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":156,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"8363c353-9628-4f7c-aeb3-a47fd4105821","block_type":"box","text":"Class G Shares","page_number":156,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"cf7e272c-bb5e-42b0-8bc2-d27c5bd76199","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":156,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"b44cee4d-e87c-400d-94fd-5f8a4dce7c2c","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":156,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"eac8ba8f-c19e-42bf-80b5-ccc2759c4787","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":156,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"fc2f84b7-acf9-4681-94c7-2260dc9f79b8","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":156,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"26babad5-ed46-425e-a7e0-5756bdd55cda","block_type":"box","text":"eligibility requirements.","page_number":156,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"34c97f09-5870-494a-beb2-edd44e5205f7","block_type":"box","text":"Service Shares","page_number":156,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"6a3a4d55-3a1e-4c09-bccd-c354bbab635b","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":156,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"7474e6c1-6ee7-4a66-b177-7cf39448823d","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":156,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"bf1b5272-5a6c-4210-8ec9-da5192309765","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":156,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"14d94036-6860-4f55-8305-cfc0d60e8a78","block_type":"box","text":"®","page_number":156,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"7a059758-35db-4fd7-9742-cfb0cc9670ea","block_type":"box","text":"Fund in 1996; and","page_number":156,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"0df17810-da1e-4ff3-b7d1-1b6cae3687ef","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":156,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"5736b7bf-615e-4f7b-970d-88092f92d93e","block_type":"box","text":"SM","page_number":156,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"147676ff-2a0a-44ed-a82d-68eb514108c0","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":156,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"27fd5c5e-f80b-42dc-a634-91701cc97fa9","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":156,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"dad6f4ee-9456-4574-a38b-2b97c315b1d0","block_type":"box","text":"BlackRock Shares","page_number":156,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"18e874c8-ec48-43b9-a144-b69555aea035","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":156,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"8b964946-b015-4e2c-92cf-ad266ffb6dab","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":156,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"ee777ee2-aef6-4993-a9b9-043b566f2f6f","block_type":"box","text":"fee-based programs.","page_number":156,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"fdb0fc0e-a515-462b-b358-1b40782e7736","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":156,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"f9fec343-7eef-48bc-a8dd-2eeb75ef94e3","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":156,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"d5013067-4374-4bab-8cec-03fbdc949a90","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":156,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"fc5771f2-08f9-44b1-81ab-c856b4699d5b","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":156,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"c9497cf8-597c-48f9-ac6e-8ba930b357ef","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":156,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"74c4ec93-cad9-4189-8d4b-2c1f8ee1ae50","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":156,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e05a8c36-3d2c-4f03-9cb5-6c246cc00301","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":156,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"cdd2cfaa-dca2-46b6-8ab0-217facb52d90","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":156,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"50b6febb-281a-4c67-811f-bfdc1a135482","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":156,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"cdf590f5-2ad1-4f76-9488-9b714fac8d33","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":156,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"405e4287-9562-48cd-90b7-e109dfb6fce7","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":156,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"75236be9-804b-4aa7-82aa-da0dad77a380","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":156,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"56ea48ea-f15d-4668-9438-56a2e1964af3","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":156,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"a4f3caa0-3ce4-4cb1-ad63-3af0b1b2013b","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":156,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"2012ed97-69a4-4562-9986-7d4111eeb3d4","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":156,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"1f534042-5ac8-4bc0-a1eb-7a557b9bf1a0","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":156,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"7b764b16-1ebd-46da-ac7e-2714a1bbefa7","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":156,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"a541b6ca-2002-4d24-9c40-91b73c5c3f20","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":156,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"efa85570-4714-47ec-a4bf-d24755c8a35f","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":156,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"5c832dcb-a637-44c8-86f4-3e22da16984f","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d0281efb-0fc7-4382-b9ce-1ee5c36d09fb","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21a8d1b7-278a-42d2-8bca-7b1cae4a21a2","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":157,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"3f8c1a4f-aff5-40e0-b1da-6faad57dbe3d","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":157,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"26bfc990-321b-4b60-b559-226df39afa90","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":157,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"e226ed21-ab42-4768-9e22-c0c9612a5d17","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":157,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"0559505d-e20d-47fa-a891-513b9f8df9e2","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":157,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"891db08b-2d6e-4a65-8d68-1ff4b8935415","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":157,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"6cfde2ce-9ce1-4d5b-883e-a12e7fd44b57","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":157,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"1802a91a-fd12-4738-8929-d9a9d6b6a630","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":157,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"f3ddd9a2-e92c-4d6d-8816-18cfeec6248c","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":157,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"c47e5b40-8280-419a-b1f5-8adaa32ce64e","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":157,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"1ae0f2e3-a765-478d-aa18-1743e369af8f","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":157,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"ba457dfa-2ef4-4e80-bead-cac52712327b","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":157,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"c2865d69-0f6b-4027-a8b4-f71661f2400b","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":157,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"fdd3db0c-6d10-43fd-8d02-ae0fee063625","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":157,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"6bbe9f0f-b0c3-48d2-ab64-2c9b76b70095","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":157,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"4abfd958-0692-43cb-9d32-921c9bb8a70d","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":157,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"78c9056c-4aa5-4df8-9e58-e8afdd865c90","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":157,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"e0456b4c-8ae5-422e-810e-bacb730728d4","block_type":"box","text":"compensation for selling different classes of shares.","page_number":157,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"1c6c80e9-70d9-4005-819d-4fc27960852c","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":157,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"135f15ee-7003-40a9-9f59-52c74f4c6fc7","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":157,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"4942f69c-573e-4a7a-9714-e313c5c4ed44","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":157,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"c59d4f8d-2012-494d-b316-78072d0e507e","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":157,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"5bdd5039-be63-43a3-98c5-43917fdd752b","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":157,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"9923d32b-cc9f-4f32-b3d8-65d32f48b566","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":157,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"84bdeda0-689f-4bca-a44c-a8005789d4bf","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":157,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"63c16e5c-dd7a-467f-80fe-d6eb09fb71c7","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":157,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"0562aac6-b646-4e42-a33b-77f6b67fad12","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":157,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"c5f1aba5-4122-4c9d-93a3-72d0e49214bd","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":157,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"2680d041-53be-4a62-b8f7-1181da729b96","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":157,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"17f9a3e7-b13c-4ff1-bf76-155c57617dfd","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":157,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"fe6f4fd3-5ee5-4660-ad7a-b203fb0e1f8e","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":157,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"353ddbee-7531-468a-bbff-b828c4862570","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":157,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"c7260002-991d-40ee-bc43-763ccdaa7207","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":157,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"e2965783-68db-4237-8c47-af20ad361f17","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":157,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"d9608ce1-54cd-4ce6-9960-aada6bb96b2f","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":157,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"6b3e0495-2886-4ed9-ba0e-2ac728aeaf81","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":157,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"b9dcab38-1241-42bd-9047-8780b42eb425","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":157,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"fb9511e7-ba4e-4dae-8de8-a92e19683c95","block_type":"box","text":"easily accessible place.","page_number":157,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"d633aec8-387d-42c1-9547-e3c9435bce86","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":157,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"39a794d4-90eb-48b6-abc3-0e3d64270534","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":157,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"f3523bd9-b960-437b-bd71-d3d0f0b5c24f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":157,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"e7e66033-a193-4dd8-b16f-a5fd632e7b1e","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":157,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"2d6547ac-92d2-4a61-9d3c-72481d2330a4","block_type":"box","text":"fiscal year.","page_number":157,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"b3ad0f4b-9d99-4662-80a6-8b4e11d08dcc","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":157,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"9fa4d4b6-33fb-4968-bf44-7507716b49c7","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":157,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"070546be-c85b-4497-81b4-06e94ea2d48e","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":157,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"451edec4-438a-4e27-bc94-912e30957308","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":157,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"63511c00-9b18-4c02-89b5-9e0f0d8d6c80","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":157,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"92c2d65c-8a18-41fa-9214-c412c5448286","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":157,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"ec41f528-0697-407c-ac2e-fdebefe6010b","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":157,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"50f28232-10be-469b-a09e-78751189a554","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":157,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"5c4785ca-f629-4368-8656-493b53547aae","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":157,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"3228fa04-75c4-4def-9c79-ba0c7fb973f6","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":157,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"9f464edb-5b37-4d6b-8201-3f8d3db07c94","block_type":"box","text":"II-109","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ec9a1aae-de8e-4c33-8da4-a558926d4269","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96f7379b-69be-4a60-9c88-0553f06e6108","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":158,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"b4b92597-1741-4893-b977-1cf55c76f915","block_type":"box","text":"and Class R Shares of your Fund.","page_number":158,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"b4ee77bf-2dee-43e2-915d-54521b12e832","block_type":"box","text":"Other Payments by the Fund","page_number":158,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"8ac26bb0-82ae-4dff-a5ea-52f25dbf8d3d","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":158,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"ff05e727-8fc8-45b2-96d8-6f82ffd303eb","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":158,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"8807d396-8308-4c4b-8da5-c3a69faaa637","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":158,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"cfbefcff-e59d-484c-a5cd-3357587a8a54","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":158,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"86cf341b-ee2a-4f0c-9a0c-805419bdc73f","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":158,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"8757beae-466b-43c4-b7ab-f0071d2956e2","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":158,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"c6c224b2-1bfd-435f-a640-8ddd6ffa6c53","block_type":"box","text":"of these payments may be substantial.","page_number":158,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"dcc7ca7a-fc4e-4c36-b38b-9fb6e1c27fd5","block_type":"box","text":"Additional Payments by BlackRock","page_number":158,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"f962fc17-44f5-4bc2-90bb-47554d29ba7a","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":158,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"acc726a6-77ab-4f62-9979-1ec9d9f63569","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":158,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"935a5b37-ec48-453e-8f16-5fe2b7ba3419","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":158,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"2d05305f-53a4-44fb-8718-e9c98631db9d","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":158,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"77992f5f-440d-4325-a016-e01990f5b8ab","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":158,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"849aaa30-3dfa-44ff-88ea-bd78d9ac32e6","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":158,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"0941c636-c3d6-4acd-90b5-a45aa67db6ae","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":158,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"42408109-c23f-48e9-ba43-c41aadf370b5","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":158,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"5c420ab6-645e-4430-9e2a-d0a990cc5813","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":158,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"3ae15626-9986-4c9f-bb78-2417cfec66a6","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":158,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"0501629f-7599-4bd2-92ce-04449219b8a1","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":158,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"af269b58-2a70-4f95-95c3-cc9870aaba28","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":158,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"24a770a6-095b-46a6-af20-119915a3a6a5","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":158,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"14fc5545-4579-4b25-81c8-7b34cd05b9bc","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":158,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"4a24db5b-4ace-4119-b253-cb9123201433","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":158,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"e1b28a41-3b0f-49f2-b92d-a0a0378e8b6b","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":158,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"483c7ce6-3a05-43eb-8458-36c3c95084eb","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":158,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"d454a5a5-7ef9-46a0-ab05-720095788997","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":158,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"7a74882f-51ba-450c-a08d-4749059d45a2","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":158,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"cc92ac2b-93e9-4bdf-aacd-9768199619ac","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":158,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"6719ee92-9149-406e-91ef-cbf1b89897e6","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":158,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"84b4a795-f17c-4efd-b010-d8d5d06efd4c","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":158,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"9422b3b0-5504-4f74-9130-15b13363695f","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":158,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"e6261e19-aacf-45c7-a741-b3a57dd8abc5","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":158,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"1848078e-4e4e-4c26-84a7-bc0872e48e08","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":158,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"596ca530-1bb4-4960-a301-a531349bf2da","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":158,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"4694032a-3e2a-453e-9591-83d06c543fec","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":158,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"8821896a-9074-4bac-8156-a81e4e169afa","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":158,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"655bae5d-bff8-4cda-8bb4-abb4557dce69","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":158,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"9f1c3f1d-417e-497f-8994-fd6d3bacbe00","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":158,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"4b26d73d-bfae-49ec-aaa3-d4d7943c904a","block_type":"box","text":"Funds.","page_number":158,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"90de036a-22f8-49d8-a5f4-8af987c938f0","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":158,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"de4cc418-8e29-42a1-9b91-5c2e47bad117","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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Conflicts","page_number":162,"box":{"x":102,"y":772,"width":78,"height":9}},{"id":"0110f0ca-f006-4905-b01d-5183534cdef9","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":162,"box":{"x":101,"y":794,"width":710,"height":12}},{"id":"d847a59b-2b77-413f-9517-ec5adce30f6b","block_type":"box","text":"arrangements may be an impor tant factor in the Service Organization’s willingness to suppor t the sale of a Fund","page_number":162,"box":{"x":69,"y":809,"width":803,"height":12}},{"id":"75037dd5-6aac-45f5-81ae-7b073ce76f4b","block_type":"box","text":"and/or par ticular share class through its distribution system or to per form services with respect to such Fund.","page_number":162,"box":{"x":69,"y":824,"width":788,"height":12}},{"id":"b0d57c1b-f6a6-4863-b60c-70e8c3970ab6","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":162,"box":{"x":68,"y":840,"width":819,"height":11}},{"id":"5ed7f3ac-52b9-4af4-b355-6d2321f5aae6","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":162,"box":{"x":68,"y":855,"width":473,"height":11}},{"id":"25129a96-34a9-4ba5-a41a-0e99d5cc2fb7","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":162,"box":{"x":102,"y":878,"width":793,"height":11}},{"id":"b4832012-0621-4b8b-9788-f224e322ab86","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":162,"box":{"x":69,"y":892,"width":835,"height":12}},{"id":"ed450ee9-f0a0-4ad9-8efc-6226ba6e9706","block_type":"box","text":"II-114","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e0dfa581-6b5f-44d6-9a38-d0ad23ff3d61","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e033aaa-5b8d-4353-8a66-2cb89546f89c","block_type":"box","text":"the extent Service Organizations sell more shares of a Fund or retain shares of a Fund in their Customers’ accounts,","page_number":163,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"351f232f-b497-4b98-9530-3c042dbaf145","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":163,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"958401a1-c2f6-4a61-9951-be072e3e4572","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":163,"box":{"x":102,"y":82,"width":774,"height":12}},{"id":"c4badd37-4f4a-4595-aace-5e9ca1766f98","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":163,"box":{"x":69,"y":98,"width":794,"height":11}},{"id":"48f0af1e-f0d9-45a6-9808-e04d34a3113b","block_type":"box","text":"purchase or redemption of Fund shares or for account-related services which are in addition to the sales and other","page_number":163,"box":{"x":70,"y":113,"width":818,"height":11}},{"id":"d10608c1-1ef6-4730-a4f9-bd85e3241d6d","block_type":"box","text":"charges described in the Fund’s Prospectus and this SAI. Such charges may vary among Service Organizations but in","page_number":163,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"ca1b507f-cd6a-4f7a-8a32-b831fb246d4c","block_type":"box","text":"all cases will be retained by the Service Organization and will not be remitted to a Fund or BlackRock.","page_number":163,"box":{"x":69,"y":143,"width":723,"height":11}},{"id":"bbc24b6a-072b-4daf-bfd9-20a574367519","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":163,"box":{"x":102,"y":166,"width":759,"height":11}},{"id":"8581ef8b-c5a5-41d9-801d-fbd3dea1cb23","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":163,"box":{"x":69,"y":181,"width":760,"height":11}},{"id":"8cb0bbc9-46d9-49d3-87bc-805b809ab69e","block_type":"box","text":"appropriate.","page_number":163,"box":{"x":69,"y":196,"width":84,"height":11}},{"id":"d3a7ea9b-de68-467d-9cf7-45e02fe5da00","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":163,"box":{"x":160,"y":196,"width":738,"height":11}},{"id":"f3791218-ca68-4af2-a141-ade19314a47b","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":163,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"678e3adf-966b-44c7-9f6e-ff05d4cd920e","block_type":"box","text":"described above.","page_number":163,"box":{"x":69,"y":226,"width":122,"height":9}},{"id":"25a13bfc-b26a-4cc5-8d88-c85626802d00","block_type":"box","text":"REDEMPTION OF SHARES","page_number":163,"box":{"x":385,"y":256,"width":208,"height":9}},{"id":"da41e47d-db14-441a-94f8-eb762ab418a9","block_type":"box","text":"Shares normally will be redeemed for cash upon receipt of a request in proper form, although each Fund retains","page_number":163,"box":{"x":102,"y":278,"width":798,"height":12}},{"id":"bc0ae6ad-4727-4aa7-9823-8e3e15999956","block_type":"box","text":"the right to redeem some or all of its shares in-kind under unusual circumstances (valued in the same way as they","page_number":163,"box":{"x":68,"y":293,"width":817,"height":12}},{"id":"6685e4cf-42e4-4772-bb74-378b3cc6ac36","block_type":"box","text":"would be valued for purposes of computing a Fund’s NAV), in order to protect the interests of remaining shareholders,","page_number":163,"box":{"x":68,"y":309,"width":840,"height":11}},{"id":"1b0d75a9-fd17-41e6-92df-db5400108aa4","block_type":"box","text":"or to accommodate a request by a par ticular shareholder that does not adversely affect the interest of the remaining","page_number":163,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"474d1c97-4592-43cb-b7e1-ad79a72c1e4f","block_type":"box","text":"shareholders, by delivery of securities and other assets selected from the Fund’s por tfolio holdings at its discretion.","page_number":163,"box":{"x":69,"y":339,"width":829,"height":11}},{"id":"67f63a05-0bed-416c-a32a-9c63169a471d","block_type":"box","text":"In-kind payment means payment will be made in por tfolio securities and other assets rather than cash. If this occurs,","page_number":163,"box":{"x":70,"y":354,"width":834,"height":11}},{"id":"d97fef48-de91-496e-878d-d566b827d76b","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":163,"box":{"x":68,"y":369,"width":793,"height":11}},{"id":"2b59e338-0501-4cfc-9a3a-25b7095ab2a6","block_type":"box","text":"assets to cash. In an in-kind redemption, a pro rata por tion of a Fund’s por tfolio holdings will generally be distributed","page_number":163,"box":{"x":69,"y":384,"width":834,"height":11}},{"id":"c50e958d-77ca-47a7-9aa8-3c3db9f5ac6f","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":163,"box":{"x":68,"y":399,"width":838,"height":12}},{"id":"a580f648-35b8-423b-94c6-52b8c56745e7","block_type":"box","text":"if the securities and other assets to be distributed are deemed to be a fair representation of por tfolio holdings and","page_number":163,"box":{"x":70,"y":414,"width":818,"height":12}},{"id":"945b6e56-3d3d-4bab-8b71-2df7c97bc68d","block_type":"box","text":"the interests of the remaining shareholders in the Index Fund are not diluted. Each Fund has elected, however, to be","page_number":163,"box":{"x":68,"y":429,"width":831,"height":12}},{"id":"32ef32a2-5ca8-4297-8959-498334574363","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":163,"box":{"x":68,"y":445,"width":828,"height":11}},{"id":"c46dbb9e-3a59-4548-b654-774d146b02a3","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":163,"box":{"x":70,"y":459,"width":826,"height":12}},{"id":"4057b95a-1593-4bd6-b915-ce7deb9a7010","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":163,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"0f434bd0-4325-4bc9-8b2f-621121448ce4","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":163,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"ca429a6e-3e98-45cf-9031-9e87baaee655","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":163,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"2d20e479-a006-420b-a027-cf7ce61da566","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":163,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"09b24faa-5ad7-4b8c-9d05-096d8a0e7cbc","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":163,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"2f2be7c6-3e5a-4cc1-8a7f-d6002e01742d","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":163,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"f2e6286b-dd2b-4735-a426-c68c2ee1da88","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":163,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"3f8fed2c-3d5b-4c15-92cf-8b17e2c6b1bb","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":163,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"f8ca045a-8d36-45ef-93d2-6c66e846ac5e","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":163,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"465b808f-0fc6-4cdf-bc00-cd58bddc8cf9","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":163,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"1a3778aa-416a-4549-8764-b615f857aefb","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":163,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"c704becb-6521-4cf9-99e1-80c5a18fb22e","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":163,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"7921e5d8-62dd-4648-a8ac-299ee34f6531","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":163,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"c1e4e8c9-0c75-4e4c-8f12-5a40793d9661","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":163,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"a6a70f3b-ab73-4b3c-9f95-64dff833a585","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":163,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"deb6069f-7944-4f91-b441-df448ae503b9","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":163,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"ab6aa466-7659-4326-84fb-9222654575c1","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":163,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"b7e94366-bd2e-4229-9cd6-7d81afb098ab","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":163,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"91abd0db-2115-45ac-85ec-145cb4a60041","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":163,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"1f7d6e39-0d7c-437a-a177-7d1c995399a2","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":163,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"826e9253-8e1c-41fd-bdc4-f534c5c70cd6","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":163,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"373a89b8-e980-4637-ac63-6c9d74dd30d5","block_type":"box","text":"Redemption","page_number":163,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"6c2950bd-f1c5-439b-afa2-849fd54d3c18","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":163,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"29141f50-acbe-4b21-a9c0-772d388e5581","block_type":"box","text":"Redeem by Telephone:","page_number":163,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"8a33f902-fa2f-406a-881a-468b97ee9280","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":163,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"469309b5-fd2b-4eda-aaa9-76d914ee739a","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":163,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"d0fff8f4-d681-4d18-8c2e-9e40775fcffb","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":163,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"480194fe-9f0b-4dbe-93c7-4c8256992412","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c81618f9-8995-4b5e-a97b-9b9f3a90920f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57b810ab-e2aa-4cf7-8777-f5ba6bfeecee","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":164,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"e8df8560-1600-41cd-af91-2bbf36932e21","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":164,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"3012e277-9140-4e14-8508-6d811f23fcd0","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":164,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"9c6f4190-9401-41e5-8eb6-e503fef66b30","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":164,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"eadc5a66-e6ba-4c67-bd5d-971d6859aae9","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":164,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"ff1e9703-27ee-4174-a686-86dfcdb9385e","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":164,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"fba988ae-c36e-4af6-a450-670ae56946f0","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":164,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"2fce0e8b-c2e9-483d-a0c7-4dd5eee89891","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":164,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"3d0088fb-66c7-4e2a-85ac-9707a57da9d7","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":164,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"25f561d4-8848-4700-9b21-babe5267ad49","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":164,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"ef96d1cf-68cf-400f-9259-47992647f4fc","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":164,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"72f783bc-87ab-48e2-b07e-5cc7e114e7cd","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":164,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"2b3c8003-f699-4156-8a31-1980c7448aed","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":164,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"81405668-f188-4547-8b97-55e26e88103c","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":164,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"97e4b6d7-4813-4765-a2f7-6fda6a83f29e","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":164,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"aa391ea3-cdc8-43a1-9ad7-2fbfb8dc172a","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":164,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"6edb95aa-f091-440f-a266-b9e2746a048b","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":164,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"a3bf3747-1f88-4262-900c-561fede023fc","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":164,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"d8a6d2fd-4202-4464-9ed2-bde11a5ae959","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":164,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"c678f549-0071-4410-94c1-d5ff9ff29ce7","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":164,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"c44e2ede-e248-4fb6-8d65-3dd805786680","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":164,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"ade68319-48da-4b85-85b4-f7ef9fd75734","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":164,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"bd683a00-4b5e-4985-a17d-3dc91c7400cb","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":164,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"e2651877-616c-4c63-9e87-c1c677f4ac27","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":164,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"520c2a46-2831-45f0-9156-55895b2f8084","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":164,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"58560594-cb1a-4e8d-bbbd-39d67d05e3ca","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":164,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"74f0c153-fb85-48a5-8b41-55942b0dd4be","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":164,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"68814818-27ac-41b9-9d2f-4d936829ccef","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":164,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"1c556d35-5811-4f1f-ac83-3aa55aa08a32","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":164,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"972767ca-cb32-4e98-8f5c-d927b56370c0","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":164,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"46fa2ed5-a635-49cd-9a84-155379fea7da","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":164,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"4ec2af0e-845f-44fc-b74d-7f83642e6a3a","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":164,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"cbd151c0-9356-4f0f-b5d8-eb3dc90c9652","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":164,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"60ee70bd-be64-4207-92e2-bed2a6ddf369","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":164,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"892ec7f6-0bab-462a-94b3-e97427a4d4b6","block_type":"box","text":"Redeem by VRU:","page_number":164,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"326fdefc-7193-40d0-86e2-dea048b7bad6","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":164,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"c78aa28b-d593-4c21-8994-435cec41e558","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":164,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"d0fc8066-502f-4e71-a573-1eb132b4dc48","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":164,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"145018de-53f4-473d-8438-7f28963733ea","block_type":"box","text":"Redeem by Internet:","page_number":164,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"e0d73e6c-804e-4e58-b367-8a0f10467107","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":164,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"e69660a8-64d3-4c53-b0a6-d8ccac591c49","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":164,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"6fbf27dd-7c6a-4cc8-a3fd-1433cfc093c9","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":164,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"1f8b0919-0c0c-4ecd-94ce-209ec144d988","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":164,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"895196d2-5896-47ad-a053-26f0ac7a9acf","block_type":"box","text":"institutional investors.","page_number":164,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"43a1df05-7622-4436-87b3-5f4336048283","block_type":"box","text":"Redeem in Writing:","page_number":164,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"5b1ca3b4-5bb5-47b1-9933-db0eeb30376c","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":164,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"5f23c419-889e-4f8c-a488-6a678e533bb8","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":164,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"d0da3273-b7d7-40c2-bda4-6fc4d32dab94","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":164,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"174ee76a-98c3-449c-8258-810ab5f738cd","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":164,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"40176070-a885-46fd-80c2-7dd06f9f8d2c","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":164,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"0b3ae091-c2cd-4e7b-9bc1-5e549ed5251c","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":164,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"462b5be1-1bf6-4867-bfdb-156b96e903b2","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":164,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"81194694-b282-437e-967c-59e3208f3932","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":164,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"cca6cdc6-d1a3-499f-9a3d-ee9b73deabfb","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":164,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"4f2d0718-c8b7-470a-bc82-3b3eb5ce69b5","block_type":"box","text":"the bank account of record.","page_number":164,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"ca2958a3-a86e-4b9d-801d-aa206311cb89","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":164,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"f01979d3-b2a6-4637-a3e8-571d824c87d2","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":164,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"4eb0b9c0-1fb9-46e9-b103-92af89234154","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c656db55-b221-42fa-bd19-8c849d705d3c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a5d863c-0127-4a4e-9570-99b23f40b416","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":165,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"a0487d34-8bae-45aa-ae32-6fce5a69ef33","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":165,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"40c1c915-7c05-4b3d-a0f2-31fca5ac0e3d","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":165,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"ab758f79-c512-4685-bb44-446567d6ef71","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":165,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"c0aed62b-fdb9-40cf-8e28-d78be2f5b4ad","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":165,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"ba92fcb8-3489-40b8-8683-69723bde629a","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":165,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"7d9ed687-d44c-4461-ae09-40e068a5c3bb","block_type":"box","text":"redeemed by the Fund.","page_number":165,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"ae950caa-bfa5-4597-b80c-c9423610f921","block_type":"box","text":"Note on Low Balance Accounts.","page_number":165,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"b17cacc4-300e-452b-8fd5-968bab5a23da","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":165,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"e35e2dd0-2a6b-4666-ae3e-880ba624a5c4","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":165,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"7e353875-baa3-43a6-92ce-153cc43b2261","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":165,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"d61a8bac-5faa-45e5-ab96-15c77ab69ae2","block_type":"box","text":"for any reason, including market fluctuation.","page_number":165,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"acfc8538-52b4-46bd-b9d2-5904d24504c3","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":165,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"96266289-6203-4850-af23-988271688897","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":165,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"2d787df2-d42e-4a13-9175-be2215df82ea","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":165,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"906be9c8-0e23-438d-8903-68e8e0030fb9","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":165,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"c1b4eecd-c867-4083-a3da-38a8ac6b20ef","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":165,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"a9531686-8678-4f70-ac51-fa33b8a6796f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":165,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"16483616-41c5-4af8-b8b3-cc550947210b","block_type":"box","text":"Repurchase","page_number":165,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"fffcc633-be43-4090-a6bf-485ff81357b0","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":165,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"562fd112-f91a-4ad8-bd55-d49367e9c151","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":165,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"89dd30c6-c178-4448-bd22-02d77af9044f","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":165,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"ad83efbc-6a09-4a08-ae64-af668ab4377a","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":165,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"c1bfcdb2-4392-4390-8d99-beddb4a6ca91","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":165,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b92092cb-7f29-4616-b8da-3d1155b62fb7","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":165,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"5ee488d9-bb65-4fbc-aa2a-49431798fd8f","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":165,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"864927bd-a0ce-4cf5-b9b5-4e4ea05350ef","block_type":"box","text":"next business day.","page_number":165,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"dec9ff85-3b10-4b94-b484-f22ec5a7ee00","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":165,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"a00def83-8096-47e5-9d70-ffd4cf9a06a4","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":165,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"12d08be5-4f78-4a41-89a9-e1759553a8b5","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":165,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"b27c82e7-3b54-447a-8794-8f2296f51963","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":165,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"f1dfa79c-8c2f-45d4-a8d4-29d594d9d32f","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":165,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"80ac4256-f7b4-4989-93bd-6b93c9ff9ad1","block_type":"box","text":"redeem shares as set out above.","page_number":165,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"f879ef9a-0cf8-4be9-9ef2-d4c89f014e97","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":165,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"7f9747a8-9958-4a9e-82ea-d06e0fabf9f1","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":165,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"4002fa2f-0d83-42ef-a8c3-42db5043eb1d","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":165,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"8e9b1d33-67da-433f-a6b1-b69b4e0da3e8","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":165,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"741c5dc5-3987-4037-a036-4c9fd00f763c","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":165,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"731a41be-afd7-48fd-aa69-563b8f4f405d","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":165,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"903de9e8-592a-4b7b-945c-8198226e51ef","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":165,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"31234aa9-5209-4226-b873-d2491f378aac","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":165,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"15d02b88-7f7c-4749-83d6-d1025b500684","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":165,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"4399366f-9508-431f-9d82-364ed461cab3","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":165,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"7d94e354-fdeb-4e1d-83aa-df045a6a53ce","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":165,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"d7ef25b1-efcd-4b3b-9b7d-a4429d5fbd23","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":165,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"9e3be6b3-f57d-423e-88b5-8021ad619255","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":165,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"47fa845d-a371-4a53-8323-c27835a1d421","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":165,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"12c07386-82d9-4a0d-884e-d734f3723aa8","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":165,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"489926db-d1f9-492a-ad22-ebcbc65951d8","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"12b34302-ae23-4efd-b370-89c24a124bfd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f5f7dc0-4b4c-45a6-950a-9460b5e2b59f","block_type":"box","text":"Investment Account","page_number":166,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"4dc41fa2-c4ad-439e-8168-409bb4bb6a2f","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":166,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"e11b9f4c-cc3d-4ef6-bad4-a2a2fcb6f89a","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":166,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"62f0e008-5eda-4b7e-9686-c880d5dd488b","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":166,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"ee5b160d-8c13-4b91-af23-89ee99c13429","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":166,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"d8e52c8c-142c-4027-93b5-6bc2887ceaec","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":166,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"8c9e9f45-66ba-4a89-be0e-17123df8dc6d","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":166,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"b16c4936-a833-4a1b-872e-1ab996913a30","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":166,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"b833d49f-32fa-460c-ad27-c6f88b0a51b9","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":166,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"e47d602e-5535-4419-b83a-5f5aad322b18","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":166,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"4398973e-bbc0-4f25-82b7-1671504b562e","block_type":"box","text":"automatically at the Transfer Agent.","page_number":166,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"95fa8168-e3a5-449e-9545-9f9fc939d16a","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":166,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"83d52840-269e-4adf-9fd5-5a5c72b22306","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":166,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"c1bf2a9d-cc05-4a53-aad6-7f048b62e25e","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":166,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"f707848c-6585-4ee4-a986-4c310cb493cf","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":166,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"90f852c0-3ac6-44ba-8675-98e255441752","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":166,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"9cd98b51-4bf7-45b3-b106-b0646fa7702e","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":166,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"cd1c99b1-78f4-4672-9b7d-d9e1caa7be55","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":166,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"0dbd989b-b359-406f-9c0c-debfaeb0854c","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":166,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"9f8b821e-2466-425f-81d4-8ddac2100bfa","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":166,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"3190d5f2-7a90-4d54-9e80-a56cf67d0cc3","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":166,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"2a9bb79d-04d2-4a0c-9390-a488481908c9","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":166,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"3aa68b01-f473-421e-9fde-557f73f78b61","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":166,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"057eecb6-c6fe-4f5b-bc4b-93191e848d0c","block_type":"box","text":"issued.","page_number":166,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"1c285432-32dd-4d97-959a-25aed22ca8b2","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":166,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"7a685ad1-d230-4a7c-8cd0-a9bbe67414eb","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":166,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"b0e20b4a-8571-4d70-bbe3-653a65b85e00","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":166,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"fc56af28-d63a-4b3a-9452-5cec097a4617","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":166,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"ad5a6735-7821-4535-892a-eae8a13fb28b","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":166,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"e277971f-30b1-4a4e-bc43-3b1838f88ce3","block_type":"box","text":"Exchange Privilege","page_number":166,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"83844aae-d506-46d0-90b6-6c2b1dc90e7c","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":166,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"8a8da240-4bf3-4346-ab23-0ab57fd71a72","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":166,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"8385ecaf-448f-4b25-9ab1-6f25c98a7863","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":166,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"a687438a-1ce4-463f-9bdf-7cf2d93dee75","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":166,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"eb5bb60e-40f8-403a-97bf-c6b22ce830e0","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":166,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"dc6a58d8-57dc-427d-81f4-7f2051e5b527","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":166,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"3cd649a0-4545-41fe-9c3f-6ca5209e68f2","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":166,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"33f85011-81f0-4924-80a2-f0574aa0d602","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":166,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"2e9dac8c-9838-4fb1-8259-34faeedf2922","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":166,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"73b880bd-41a0-4d96-835d-55bd9321b990","block_type":"box","text":"Institutional Shares","page_number":166,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"d4bd0f5f-e46e-4de0-81d8-afdb22485d33","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":166,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"28ffbd4f-d3fd-4c76-8412-bc3fe0157ef2","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":166,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"46daf5a9-92cd-41d0-939d-58be2a3e8928","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":166,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"a377a953-f60f-499a-a01f-b24994180463","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":166,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"7bde6f99-4266-4d06-80ae-1137ec236492","block_type":"box","text":"for Class G Shares of other Funds.","page_number":166,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"747612ab-90c8-47a1-8c9e-5eabe5fa7ed7","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":166,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"c934917c-67f4-4f98-a4f5-81d1a81b730c","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":166,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"d12ec6f2-d65f-4a33-8209-5149b744926b","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":166,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"829c96d8-8844-471f-9774-9903ea132e4e","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":166,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"2ab51406-257e-44ee-8866-78e94b29bb38","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":166,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"d9937a6c-0ca0-4663-9f22-7a4239745ebb","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":166,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"6734ded2-5059-4c27-ae5d-b6d85d28065a","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":166,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"f570d395-5b07-4612-b768-a848db75de0a","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":166,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"7ab0a10f-57ed-45c4-8453-9434951d36e7","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bd621121-e633-406c-83fa-38ac02777046","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9731ebc7-2015-4123-98cf-558e0d998f12","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":167,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"e5dd7ec5-7c59-44f3-a1c3-2eda5e0dd053","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":167,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"6940924b-54c3-4855-b1fb-92f183d895f9","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":167,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"92045f7e-b917-4e5c-a589-0d870e9eccc3","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":167,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"dad16a4f-75a6-409a-965d-694af5fa967c","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":167,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"4043fad1-6cb8-478b-8dc5-eed70504c490","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":167,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"ee26ae85-b6e1-4318-8a9f-98a6eb62d6be","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":167,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"da4c6d9e-ca45-4116-aefd-f16bfea9ce16","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":167,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"5b94736f-d572-4312-be95-c8f7448d4ab5","block_type":"box","text":"Exchanges of Service Shares.","page_number":167,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"67e2f9bd-214b-4c91-8e64-93e914aab649","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":167,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"f0df6976-602c-4963-8f21-d4e53dfab8e2","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":167,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"cffcc06f-683c-4ae7-b698-d5f97aca94e7","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":167,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"bb68316a-f05a-4632-97ec-3a8cf8349a18","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":167,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"7d210b31-ac4f-431f-b92c-cea2114ce32e","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":167,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"7fb2435b-8088-40ae-b576-cad29ebeb22a","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":167,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"68b096a0-075e-4c92-aa97-c763832ce719","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":167,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"d01d9258-805d-4cff-9c2d-3759a74d9d69","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":167,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"333ad489-bc10-4cf5-ad4c-261d0391d81c","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":167,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"1dac1e46-6320-4a7f-ac02-0cd3c47d851c","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":167,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"55375263-7984-43a9-bfb3-75000998529d","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":167,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"690ec533-f7d1-493f-b8d2-82c9c52c1717","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":167,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"1276ac92-dbec-48e0-87d2-f492e47afb43","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":167,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"6f8c4f22-a95d-44e1-a5b1-12efb728098e","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":167,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"bccae189-95bb-4ca0-ab1b-33e08eaf33ab","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":167,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"bba1d251-e911-4e53-a198-56327e6f233c","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":167,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"fdf4011e-4fc0-4250-90a5-e02e3f1f3a16","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":167,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"0ffa12c1-61ea-4aea-978f-3524110f6cbb","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":167,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"de214c1c-2e9d-46b6-9a5e-0fdb5ce90cfa","block_type":"box","text":"exchange.","page_number":167,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"f7c11eb2-c09c-462e-9dc6-2dcd67ca2421","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":167,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"ba4b8568-57cc-4a39-a434-2a207275dc1c","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":167,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"7280e45d-a010-4ffd-9fac-f812e9dae423","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":167,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"949b9b42-e9cb-435b-8fdd-57628b1afb07","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":167,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"074e8784-9db8-4014-a97c-f5756a7b56c1","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":167,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"6782ed60-f99e-4c23-bb05-e2eb5af5023a","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":167,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"9af80372-64b1-454d-9cb8-fc17c3df40f7","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":167,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"8e0ee168-fd98-45a6-ad3c-751212f9f9d6","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":167,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"d2c15f70-ac53-4701-96d1-f0bf5c177a1e","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":167,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"aa3afa1f-dad6-4870-b688-d727634757dd","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":167,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"1c34aad8-43f9-4a54-8d4c-531a5fb65c00","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":167,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"88fbb9e5-0f58-4f9f-8c32-8c9064309c06","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":167,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"d61d91d3-4d05-4422-b490-f54c5291dec2","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":167,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"fdc8b076-a08b-4d9a-adf4-16a174c397d1","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":167,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"fdb69110-fa77-40b6-802f-6c8e1bdd4baf","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":167,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"90774680-673e-4b2d-b72a-5b668394af05","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":167,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"7e15341a-fc33-4eb9-830d-2e1f3b737d9c","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":167,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"c12c1487-85d7-4421-ae22-e253da22254d","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":167,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"8be0ab59-247e-4ca2-89af-cd36ee28093f","block_type":"box","text":"Transfer Agent in writing.","page_number":167,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"57f7179d-3f7d-4d39-818b-fc7bb5f32495","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":167,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"b13216dc-caff-4ef6-8781-36900f7a5f7b","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":167,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"1e696629-4a9e-4fa3-ae57-b1d311fbf637","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":167,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"05d1fddc-8242-4b9b-b1ea-67038a56edfb","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":167,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"52071c08-67f8-47f5-a5d5-fcb3f8b9f2a5","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":167,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"483d9416-8e36-4484-9175-cbaf5e63debc","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":167,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"49d635a0-6bc8-4105-92f3-b312cc7d1d04","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":167,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"2d566661-2afa-47ee-9811-60521dbf48a5","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":167,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"fd967a1e-b9fb-4937-8654-62ac4b983abd","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":167,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"93988a21-ca17-4610-99b5-d3bb943f0b70","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":167,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"87da2ce1-7176-4080-9e32-e737a0eb588b","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":167,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"c6c35f9e-b3a4-46e2-823d-afb66540182d","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":167,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"7f9deb8c-62c7-44af-8ef7-b34b6aa69ccf","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ab561a3c-b126-4de0-8769-d6938703b2bc","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6589541e-be22-46df-8474-69819a7a8599","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":168,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"ed3b48a7-ab05-4555-befc-c5f80b3a9481","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":168,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"1f9d58d4-a819-4774-8b2b-79904a63aa3b","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":168,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"0001ab9e-dc8c-4c09-94de-59b9ab1dd34a","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":168,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"ce9ac5c8-05e9-457e-ac18-f74af47efa16","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":168,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"6b2c8611-b671-4407-a17d-86eb669753a6","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":168,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"a560f6fe-0788-4004-b2cd-d3f76a4e3971","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":168,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"4d6ad036-8a56-4bcc-93ba-b11f1e92305b","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":168,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"162ecd11-cfa6-4239-a865-6547055ee04d","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":168,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"2fa47524-82ca-4551-ae7d-70467ca882dd","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":168,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"08fe1ae6-8ea9-4417-9540-0db206316050","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":168,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"eef1b43c-f3ec-4e84-84dc-fe37353664be","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":168,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"3bee206d-917f-41cc-ae79-a9d0a23d56aa","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":168,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"b409a625-db48-41fa-9b4a-42eeb4ec4be2","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":168,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"34f0d5f0-bbec-417e-bac2-71ee51dbdaf1","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":168,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"a8c0fd35-d09d-4014-91da-01545dc01175","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":168,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"17e356dc-cb0e-4a3f-908a-bf2e84ec0f0d","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":168,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"ef4baa35-31cc-4c02-9392-3405f620500b","block_type":"box","text":"may be distributed by the Distributor.","page_number":168,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"573b6c16-da3a-4313-9309-ad777684ff25","block_type":"box","text":"Participation in Fee-Based Programs","page_number":168,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"6e98820e-d2dd-4ca5-ac73-0996cfd16cd9","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":168,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"ca326ef4-1bdf-415b-b317-d70278190dbc","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":168,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"920b9d4a-c5a2-4bd6-bf50-1ce1676b446a","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":168,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"7aa8fda9-b8d4-44c6-8254-7edaa140c9a7","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":168,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"ef4ce13c-36ab-4f1b-a935-823626dbe9e5","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":168,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"0497f10d-4b49-4426-8371-7ec2486c4fab","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":168,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"2d0a75a0-e65a-4c91-8316-87c7a9ea257c","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":168,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"96b57a20-f6ce-4891-a594-925bf66b5d34","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":168,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"28832248-b457-4b09-9fe1-9a06fbbd5360","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":168,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"dc2ef8c3-f2d0-4b03-99a5-8768be2adfd2","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":168,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"dea74f4b-2777-4eeb-91e4-5964183e99dc","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":168,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"28fc14a2-9c47-437b-8dc6-ebdd93e6e1e8","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":168,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"47d94014-96fb-4d34-959c-cd817915c136","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":168,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"cee7d378-0243-4ef8-94dd-e28faece9854","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":168,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"2e33981a-2763-475b-b070-a618befcba65","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":168,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"f233c755-1d53-4af7-bb32-78ad6d84e9e1","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":168,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"30b20f36-9909-4f06-8d54-6b0691ee71e3","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":168,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"1d1ca806-d7bf-41d4-8fab-a94f9f6b2537","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":168,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"283de0ec-1537-43b0-b081-211e8c715df8","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":168,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"5d8526d3-0254-4623-9560-b302402ea1c9","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":168,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"00894f3d-4f0e-421b-b7d6-03f6798710b6","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":168,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"0caf3647-43d9-4462-be58-ae8aa3f87393","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":168,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"bd219107-f369-4762-9dea-da4090067ece","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":168,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"7e9eee22-398a-4b93-8d1e-91bfb6bda275","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":168,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"262185d4-8687-4e1f-81d2-ecef15c2e8e9","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":168,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"aab968e1-1213-4177-9c13-e6294245f34a","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":168,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"d6c30b1e-01ea-485d-8b49-bcc8b265eeb8","block_type":"box","text":"information.","page_number":168,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"e4cc6081-ba9c-449a-9a6f-89edb6c6b45e","block_type":"box","text":"Retirement and Education Savings Plans","page_number":168,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"87e838f9-e723-4133-9675-e79bf3411bc3","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":168,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"1e77868d-8058-497c-b4f3-256274bbb86e","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":168,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"f0f2c6c2-eb81-4071-958d-8558da4840bb","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":168,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"796db47b-a266-4876-90e8-a400a756231a","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":168,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"16146e7a-70d4-4bda-adef-b5f9c187e475","block_type":"box","text":"your financial intermediary.","page_number":168,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"d508396a-fdab-469d-b649-410d7a9596ff","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cf4bba08-9f2f-4ff6-87c8-b7e913907c1c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2cc8730-5c6b-4bac-837a-428bafe87c89","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":169,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"5e1ea5c0-e209-419e-8937-071a73868b90","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":169,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"daf4edb3-51d5-4e70-8458-5aaf13763eeb","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":169,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"5f9d8bfd-51d7-48ae-b0b7-24f894c192a3","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":169,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"f3fd4ccc-35ef-4759-bf76-3bb07d73e6c6","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":169,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"d8a86a0c-49f6-4049-bcdd-c77752429764","block_type":"box","text":"Automatic Investment Plans","page_number":169,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"a0b9309a-d68f-44e4-b561-6118ff36dc6c","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":169,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"0563e3f6-483e-4c85-a609-d2b2af515c47","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":169,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"5e8741bb-ad2c-4b56-849e-4bebf9ad8520","block_type":"box","text":"®","page_number":169,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"8bd49cd8-4b15-4431-b338-43dd06c377d3","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":169,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"5c17c88b-8652-4727-abbc-2d9fcdad5b50","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":169,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"95951d44-229a-45f1-8609-2ddc7acc4758","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":169,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"293afc34-a678-4b8a-b05d-e57cc65feced","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":169,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"8da41e34-a50d-4c94-8f9f-1f2928e51cdc","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":169,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"7e45429f-f64a-4122-9c8a-c587bdebb8e2","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":169,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"909b2edb-a772-43ca-9d98-14e9f29d9616","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":169,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"a8b28439-b879-48aa-a0ac-f81abe80dd8b","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":169,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"3b3957cb-feca-413f-b20b-0189d267650e","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":169,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"de3c2b06-39dc-4b0c-977c-22a4c0575746","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":169,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"e122cce0-c60a-4117-873b-bfe3a253795c","block_type":"box","text":"Systematic Withdrawal Plans","page_number":169,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"739096e3-d383-44cf-b1be-e396d06f8a70","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":169,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"cbad5a40-3434-4c35-af3b-e9f89e001448","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":169,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"7a0325ec-06d5-4be6-9220-597c7ecc4587","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":169,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"94b57c92-6594-4a46-b857-da3b9dedd08d","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":169,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"53f40903-5904-42f5-ba1b-968139a1aae8","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":169,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"5dd5f292-b057-44b0-927c-03d4bd683862","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":169,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"d95fa1f4-1fd5-4e97-a612-0d4f9ab1058c","block_type":"box","text":"www.blackrock.com.","page_number":169,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"058b16fb-42e5-4e41-8ccc-e06a0767158a","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":169,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"c6ddf4da-9516-4dbf-9741-31e83a87a9c6","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":169,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"9daca2b0-f482-473e-b870-0bede9469fe9","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":169,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"ffed8b37-cf39-4e40-978f-a1d67e6cd266","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":169,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"f5d6baaa-b05c-49cf-9323-8fadd3be9533","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":169,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"3bf5d553-7f86-40b2-8f24-756b357d43b3","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":169,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"cc56854b-d79a-44c4-88f3-72a16fd5b657","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":169,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"cac343e5-cabd-44f2-83ea-77c6414c01af","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":169,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"0ab39ab2-8c32-41fd-944a-66780b08b234","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":169,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"a9a1c76e-a845-48ef-beef-92b21ab035f7","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":169,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"72e92f1c-1d58-4b79-8bb6-d274e73cd14f","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":169,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"8e7a76b0-b564-4063-aca7-2e4d086e63cb","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":169,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"c282c5f6-7698-41f5-b281-504e4de8863a","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":169,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"db037673-2016-450d-80cf-24a23681baa2","block_type":"box","text":"Dividend Allocation Plan","page_number":169,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"2be79bce-5f57-4d02-8d77-bf14665559f4","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":169,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"d9cecf46-30f6-4f19-805d-b3b62e897a2e","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":169,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"e05a7b10-9435-4759-a4db-656b6fcfc056","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":169,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"a0edbcc3-39f1-49c8-b848-936199b27e95","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":169,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"678638fb-7abd-453c-894d-b2a460d42c46","block_type":"box","text":"PRICING OF SHARES","page_number":169,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"9fa4ba90-5750-4dfd-b866-13d6f0a43b6b","block_type":"box","text":"Determination of Net Asset Value","page_number":169,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"1e047033-a819-4020-8d55-10eda109b7d3","block_type":"box","text":"Valuation of Shares.","page_number":169,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"7641cb3c-e109-45e7-8b78-6904eeceb041","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":169,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"c134d40f-ab9c-447a-9141-9ea7410bf6ee","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":169,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"41580667-8b7c-4dad-9f4b-292f0e8a04fc","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":169,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"14aaf95b-d075-4886-89cf-496ad5b32b9e","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e4ea9035-a69e-4c8a-987f-738e4dc3a410","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2eb1376b-b463-4216-b98f-06c9311472fd","block_type":"box","text":"Equity Investments.","page_number":170,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"0b31402d-8459-4bdd-be48-05d2cfa37f9b","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":170,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"ba25e0e9-1a5c-4a25-af88-537ae3fe1d4a","block_type":"box","text":"e.g.","page_number":170,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"ab0c5a23-0b75-45b5-a0a7-ba09cc1dfa15","block_type":"box","text":", NYSE), on separate","page_number":170,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"e041f498-c302-41f7-99b4-f081e6d9cd77","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":170,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"8e685748-6f5c-4fbb-8324-50e94f472799","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":170,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"bd1c0d42-57c6-4807-a7a3-50278d7e3607","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":170,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"13485e3c-85cb-4d15-b042-c42b3fe53091","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":170,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"a05bfcc1-1a5a-412e-a4ff-0d59f1b96264","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":170,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"4acf330a-5fde-4e7d-b651-5882803a4b9d","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":170,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"c3e98cbd-e2b4-4e94-8af8-cd556eebc290","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":170,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"3e2bf9d6-576b-476d-a62f-5e0df7ea7e92","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":170,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"10efbb5a-df77-42ec-baa5-ee78bc55693a","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":170,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"66083cf5-c73d-4f0e-b031-0ee615a7d3bb","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":170,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"69627714-a3f6-49ca-8551-63758ebf37a7","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":170,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"826fcb5b-5659-4f04-ad35-7e217a331900","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":170,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"2aad9380-664b-4d97-b548-7edf785e3135","block_type":"box","text":"defined below).","page_number":170,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"05c0d85e-c836-4aa8-84ff-0883d1c9b1b5","block_type":"box","text":"Fixed-Income Investments.","page_number":170,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"2fa3d0b6-0cce-4eec-9229-0bbd6aa3e3a0","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":170,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"5e4a2951-5529-4e99-a8be-b99382103c67","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":170,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"121cdfe9-e2ff-44b8-a185-b4667f760a7e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":170,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"c16d6c7f-eebd-4707-ba81-47ff70916cd6","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":170,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"39d1bc70-3e42-4fd5-8e4f-3d720f4a2a29","block_type":"box","text":"e.g.","page_number":170,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"7ec52295-4886-4e83-a2d8-74460a8b28fb","block_type":"box","text":", recent representative bids and offers), credit","page_number":170,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"8abf94eb-871f-4a59-9362-99cdedb790e8","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":170,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"3892d41f-56cb-4fad-9a8f-d22f805b8e97","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":170,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"7d05be3d-f099-4429-a669-d97ada454694","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":170,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"09ddca5e-2220-4250-89a6-97114d3c8234","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":170,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"b7e4757a-6e31-4c71-ac39-d23ba3150b2a","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":170,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"3672c1be-05cb-4917-8514-fb11bdea9f52","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":170,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"b9664394-6954-4f17-970c-995fc156e09b","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":170,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"dadd5745-02d6-48ed-9c03-854da075e739","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":170,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"02290945-3f2d-4733-a3c4-8e0c22467b78","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":170,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"d6570383-4db6-4232-97a2-4bc39d6bf3ff","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":170,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"83b7c290-1036-4601-93fd-cc92ccc2d460","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":170,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"9b64478b-1319-49c8-b9e5-408870066a0a","block_type":"box","text":"attributes of the tranche.","page_number":170,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"f8a170ff-2667-4ff0-bae2-650974a27673","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":170,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"dd033307-c32f-4b6b-93bd-7ddffd257cb1","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":170,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"c22c5111-98f4-4ef7-aeaa-04278b4251dd","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":170,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"9847b523-9fb6-421e-819a-778977aacfb3","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":170,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"6047140b-04c3-48f0-8d3b-823f77598be9","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":170,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"52743e1b-cf31-4503-af1e-64d861061f1a","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":170,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"18a61a0c-1a78-47ae-ae62-31e4b56c963f","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":170,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"085a0cdc-3c22-4c7c-990a-16579af5dce9","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":170,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"101272c4-87c9-48e3-a2f7-136b4e7c27dc","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":170,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"630aba66-0709-4bd0-9a46-13afcb58326a","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":170,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"d2c47db0-35a5-4612-a23a-663dd45bd7df","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":170,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"e0542c95-bedb-4523-9660-9915c8e5dee4","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":170,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"5a0f8563-80ae-4f75-bcbc-dd744a3afc82","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":170,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"c1693826-4dfd-4087-9be5-0e8fe16f5d00","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":170,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"c7c84c8b-c3b6-4863-b80f-93bd03bf72ff","block_type":"box","text":"Underlying Funds.","page_number":170,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"43bee00f-ac76-4a1b-a955-367f74c82c15","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":170,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"9f3e1adf-0c55-48b5-bcf6-72d0eb0e8edf","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":170,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"d71d1c47-7438-4aeb-b597-f0d156b539ab","block_type":"box","text":"General Valuation Information.","page_number":170,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"3f81536d-10e7-48bd-8b1e-393ce88bb68e","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":170,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"a4409353-c046-4e50-94b4-9fa3a7e60f3e","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":170,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"90157acf-552a-4e1a-8164-6f188a914ddf","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":170,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"fdf9aa41-0a82-4dd1-9bce-b3e6682de3e2","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":170,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"95fef0da-8c20-4c00-bbfd-ac1721b197e5","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":170,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"297de4d0-c96a-429e-9276-3e9a83ae63cc","block_type":"box","text":"the revision.","page_number":170,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"c2fd16f6-b309-4c40-b63b-367fdb8aa3d7","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":170,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"02cd26f5-7f6e-4c9b-bb59-d4b7124fa18a","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":170,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"5d9ddc5b-5eae-4fd5-8008-95ef607f34cf","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":170,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"2c053bf9-b4b3-4e36-b02e-2ac031f64797","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":170,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"6f7bc4e2-3be3-445a-9ece-4bcad1660849","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74a7501f-ffb0-4e31-83b6-f525ca01d803","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6998349d-b7ca-4d1d-a6b5-d7d05db34421","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":171,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"e25c1b54-9098-4d3e-be46-74fe9559bac1","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"45dc72ee-4569-464f-8906-a1a565184a2b","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":171,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"b9ca5490-4434-48cc-920f-69140a6ff911","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":171,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"67a8c0aa-3731-4e36-9238-8449dde334cb","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":171,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"fab5ee68-eb8e-497f-8d07-229f268e98ee","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":171,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"922c7ac8-a7a2-4071-8860-e636d3d7d427","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":171,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"defd5405-0148-41b5-b21d-7b2fd2c17eda","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":171,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"a516bdde-b278-4018-8a83-5a3e7c775172","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":171,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"088dec2b-c933-4aea-ad2d-1dd86795ba2e","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":171,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"e24b0c3d-97e5-49ac-8011-01c29077f0ce","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":171,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"63c3afcf-8a3b-4940-bfcb-855767467b99","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":171,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"ae1b3b91-08d6-421b-9d1e-0aa8e7a2cfd9","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":171,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"a3f49dbf-56c3-4a93-981b-eb45bca976ba","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":171,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"abfcfa3b-a5e4-4a70-9e90-c5f5e68fe0ab","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":171,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"7051a5f8-d57f-43ce-86c3-7363bbb12820","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":171,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"598a6b8a-94c5-4faa-8a63-44945c3c1332","block_type":"box","text":"Fair Value.","page_number":171,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"462a370c-e5bf-4fff-aaf3-2aab5a2604e6","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":171,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"faa029b8-a135-468a-ace5-49c030c30420","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":171,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"58712670-ca51-440c-99fe-96a69c2b8116","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":171,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"2c7589a2-b2d8-40ad-afd6-d1d75eaa9956","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":171,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"d7f6b349-bc8f-40df-8057-9ce03afb5eee","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":171,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"08779068-8c93-4d9c-8655-9d1e871abed4","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":171,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"ac9708b3-e55d-4de0-b2da-5f9982ddf1cc","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":171,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"f901f72e-d9d1-4306-bd74-2103418a5ded","block_type":"box","text":"(","page_number":171,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"8e6e35ec-7e3d-46c3-8501-a569c2081c28","block_type":"box","text":"e.g.","page_number":171,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"5ce387a5-c2d4-48b2-8c95-2a362b990bea","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":171,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"4b239fe4-dd11-4b19-aa3f-976683fb492c","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":171,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"1aa917f3-ce70-4800-ab10-bbc97a4e5bd9","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":171,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"ed77a703-d59a-45a6-8515-29d1e89398e3","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":171,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"2e651097-d0fb-4852-9e0f-e3e57da4b6be","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":171,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"c213ab4c-6878-4314-abf2-3525f29e1223","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":171,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"206698c2-384f-4c9b-a46a-96f16c9c65d0","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":171,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"f916fa5b-39c5-40c2-b82a-b4863a0292a1","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":171,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"587df512-cf30-4e7e-8795-c27fd2519d95","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":171,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"87cf0b34-89a3-4b7f-8797-d7ee66204059","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":171,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"c194365b-a53c-4790-9159-a87de42d318f","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":171,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"9fb7358b-09cd-4354-a84c-80e8d1385310","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":171,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"b5d9d442-ad04-483d-a7e7-1de02e2d821c","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":171,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"844b8ac1-5670-407e-9f68-468f6a7f813a","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":171,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"68f291d9-4a85-4366-9af3-fafe0e034fc3","block_type":"box","text":"pricing time.","page_number":171,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"83b45b54-1399-4d80-8037-a7a5ad32e2b0","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":171,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"62139a55-22ad-4982-93c5-0fd5a387245c","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":171,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"0a96bba2-11bc-4160-a606-106dfafab62d","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":171,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f5d7b2dc-023a-40d5-992f-6e737aaedaf8","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":171,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"6ac0f6a1-8f57-42dd-870b-39a08aad66b9","block_type":"box","text":"assets and liabilities of the Funds.","page_number":171,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"b12bb16d-4c0e-49a0-8ce5-90dba71e858a","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":171,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"445e513b-a3e6-4de4-a43c-abaa0dd7994e","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":171,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"b4118125-90cd-4ea2-b5ca-c6b26e0a6457","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":171,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"dbf1a646-03c7-4bf6-a21d-48cd322fb45d","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":171,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"c6084f77-ccba-46d3-b02b-8ad084a15875","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":171,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"a78f274e-35d6-4744-bcce-5342c0af4386","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":171,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"51d4d926-f47e-498a-98cc-947a5c4ab447","block_type":"box","text":"valuation models.","page_number":171,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"be008003-d97e-4986-b71f-ff5e3f4e6cc3","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":171,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"93387ce6-30cd-4049-b9ed-f3e577765c79","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":171,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"398998b6-5fb1-4983-95c5-a07d3f2ed838","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":171,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"eb2691e5-5a8a-4d6e-b3f8-1cbb13dcd3cc","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":171,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"4379d013-2395-4c81-bbac-e8bb2c44b099","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":171,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"33b46cf7-4519-4658-a1fe-d5092a94368a","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da910d45-1ffb-4438-8348-f456258d3184","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f6379e6-e528-4e5b-9d25-28f043ccb34f","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":172,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"7b928881-a278-49c2-9143-8199422d3eec","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":172,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"ba622204-a933-4211-8993-78afdc8ac16b","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":172,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"492810df-9646-4e39-a1df-bd822584bbc9","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":172,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"1419006f-0efc-483c-9b20-3dd47c58c4ef","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":172,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"386f516c-745e-4964-b829-de46fbe4fa30","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":172,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"be157a5d-cf63-4e96-8dd8-5d78fea29010","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":172,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"ca1f8e17-988f-423f-a4b9-962fd50975e8","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":172,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"3596f794-b0d3-4fe0-99ef-f18dc9eda472","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":172,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"1eda729d-abac-40af-8681-81d6024bd7af","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":172,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"5b4e8ae8-eb9b-40e4-973b-1a798f33dcbb","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":172,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"e8d74069-96a0-4253-b0cd-65817f95dd34","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":172,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"fed98144-d8fd-4f6a-b939-9b2f5efee2e9","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":172,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"28e8f2a0-b558-4169-b997-5991d7ce605c","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":172,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"ce353a1d-77b5-4dbc-9285-a2de6f541974","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":172,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"52b49dd8-28fc-47c5-8fca-36c2a076febb","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":172,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"8ec1c695-f0d9-4e5e-a779-e639f7da151a","block_type":"box","text":"par ty determination of fair market value.","page_number":172,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"218f4ab5-9cb6-4fa0-bd67-5d4f4be0eb8f","block_type":"box","text":"Computation of Offering Price Per Share","page_number":172,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"e3e211af-9d4a-44df-a73d-1992a63b7622","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":172,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"41a78a92-70d7-4d40-9752-2f0f3d685b02","block_type":"box","text":"the offering price for shares of your Fund.","page_number":172,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"f1ba288c-3eda-40a1-8ef9-f518f6266d5d","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":172,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"dbb0ecbe-8c2b-4c1b-aaa5-0c0fdb1c900a","block_type":"box","text":"Transactions in Portfolio Securities","page_number":172,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"17afdb51-6877-4c3a-a195-ef6c89994678","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":172,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"d4be9cda-592f-4cbc-90c4-efd3c5161ea8","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":172,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"571ecc2e-a8cf-4945-852e-9a7fa6aac495","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":172,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"441a0648-d1a7-437a-8bd0-ff3790cb3bf6","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":172,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"a7f57fc3-5972-4d81-ac2a-9d0202a256ce","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":172,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"56dab82b-5e50-496e-866d-cd6eeaa0ed5e","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":172,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"019c44e6-ff40-4115-b35b-174647722305","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":172,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"6c1bed6a-b445-490d-978d-da1a34a43151","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":172,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"bdc42d81-b286-4ae5-84e0-d617482abc0f","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":172,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"4e6cedf4-4e72-45c5-a2c7-98ebc6219b88","block_type":"box","text":"reasonable in relation to the services provided.","page_number":172,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"03126196-e270-4fb5-8582-e6344bca960d","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":172,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"000ac1dd-1762-4c1e-a37d-38ba0d6ab7a9","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":172,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"cfa3971e-63ab-40b4-9ab9-eb423db53b10","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":172,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"2777ea4a-0258-422d-a1e6-05a62b8bb8b0","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":172,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"1479bac2-458b-4f88-a88a-043394f2057c","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":172,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"5c60dcdc-bdf1-4c4f-ae7c-50cdd23acdef","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":172,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"4a65986d-f0e5-4fbf-90b2-769cdcfb60a6","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":172,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"69658871-0989-4e82-a4fe-7c9b54598e5b","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":172,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"069b96dc-b979-42ea-8581-cb3e072bdadf","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":172,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"92cba3fb-888b-4e5a-a720-f2440a7de720","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":172,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"8071b283-eda5-4c55-8619-f28752a01ef0","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":172,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"cc053c58-c8a1-4183-8278-ef8aa6e5cb3c","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":172,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"c5f22c24-69e4-4877-8a69-c86f0ef2c944","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":172,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"a8437677-5d90-47b6-af6c-80100f6085ec","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":172,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"1c71ed32-61b8-4bdd-b9d2-e2e3356b9d89","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":172,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"7bbe1c98-d394-4761-a002-9a5c5af608f1","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":172,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"cdf004c3-305f-4f53-b704-23f4f05f4259","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":172,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"0ee456b8-e209-40b0-822d-75461b9924e9","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":172,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"03fda31b-3906-4815-8f34-d1a2437ea1ff","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":172,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"b46f0034-2b84-4db2-b3dd-8c8588b9b4fc","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"800b20cc-a220-4ffb-9d5f-8ca09780ced7","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3b81664-078b-4be2-acee-a65617ac7a9d","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":173,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"1212e159-e5f3-4bde-a643-4932fac183af","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":173,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"75214360-a6ea-4dd3-8e94-f688d032a19b","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":173,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"f6bba985-d25e-41c8-889e-49a0bc543f95","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":173,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"90e5bac1-7c06-479f-9b59-f2634dcda774","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":173,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"ffe33953-87c7-4f06-923c-d2063334953a","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":173,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"30ad8468-ff9e-49f1-a20a-033fd4e0e162","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":173,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"a0a09852-3319-40ce-97af-afd26bbf2724","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":173,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"db549fcb-3a53-4322-aabe-88976cf682c0","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":173,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"eeafefd2-1616-4251-b1c4-df01526f3b6c","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":173,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"04529589-462e-4c24-b950-3ee0678aa08d","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":173,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"cde478db-234d-4468-97bd-d4652dbfd589","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"45e73ab1-29fd-4d05-9504-b86b19a7e599","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":173,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"092d1ceb-dd31-48dd-a070-b8c0bae2e5ad","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":173,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"d49ca171-51d7-4100-88b2-6fd731983975","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":173,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"e30b74d5-1e64-4676-afac-1feb9337190e","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":173,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"bfa33d37-4d97-402c-afef-60022de2ac4d","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":173,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"d87caf57-213e-4e71-9b05-afeff2842467","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":173,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"7949b7af-0729-4151-a378-dd0a974e5a91","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":173,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"6c8cb6ef-815a-41e6-badd-d62a10ee5dfa","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":173,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"90a764df-0482-419a-a138-9f5fc05ba2d6","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":173,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"cab46b50-38ae-4099-b462-116934bf1d19","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":173,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"9d38d9e8-b301-4d92-9b42-d560769901c6","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":173,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"3634428e-2c27-4e25-aedf-091844a50cfc","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":173,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"a799565b-226c-4708-90c2-704e9fe9c152","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":173,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"09ff8561-a52f-47ec-b312-60a859f3aa4e","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":173,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"26b207b2-9a71-4aea-ae1e-02d92d9782dc","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":173,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"1161ba41-2ace-4a70-b10c-cb5ff8d8f530","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":173,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"5103edc7-5473-47d7-aa9e-bc5736635f71","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":173,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"4d7ec144-b29f-456e-81f0-7b70e1b6f13f","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":173,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"d96ae1fd-27c2-4c6e-9b3f-28dbef7199a9","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":173,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"32038857-f08e-4b9d-adb7-f477c5029e28","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":173,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"1a1e51b7-7c4e-4cfa-ab87-709a16ad1798","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":173,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"9c7eb46b-0a12-4ead-b06a-010ab9e3514f","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":173,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"7b3cd4b5-c3e7-4336-9b63-0320b23bc27e","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":173,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"dcf9f3b7-44b4-4412-b9cb-416f4c69ffc2","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":173,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"9d604aaf-42db-43a7-a3b9-49904c568e04","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":173,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"49ecc1a7-66c0-4b8c-acd2-f4bcb99234cd","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":173,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"e7b0f7f8-bfd9-482a-aa29-e9cb2cc5ea70","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":173,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"92b30530-ec81-4049-b867-1e118be56329","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":173,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"94c63635-9b80-4c30-a652-54bdf53df9ae","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":173,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"38cb2b54-f7ef-4b4d-a9d2-bdb02ece1696","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":173,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"9a107ca6-2667-45fa-b1ac-cc8cfd32d485","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":173,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"c3451cb1-8c23-4b5c-9d27-77ae05cdc480","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":173,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"66726145-89c8-4fcf-b967-9f6088f60193","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":173,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"f9e17725-de46-4c3b-87e7-88c85f0328c1","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":173,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"f5dd8def-bebc-4749-b493-cb6bdf96e755","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":173,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"70f4499a-ab6b-464c-aa2d-26520cd7c520","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":173,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"6b15527d-4f12-4a22-91ea-2e5df03aa6f9","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":173,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"d680e831-e565-458a-ba23-051a79de30bc","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":173,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"96b9b44c-e529-4376-93f9-3861ed857578","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":173,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"ac2b7ce5-53f9-4626-8d0e-36e6a5d0bdbd","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":173,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"a02e6253-9fdf-4f35-92de-94bc210353a0","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":173,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"aade94ee-4338-452d-95ac-4a24e41aae4a","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":173,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"b2af1ed7-4d71-437e-8092-e52b234b0a14","block_type":"box","text":"brokerage.","page_number":173,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"a71025ba-74d1-4168-ad61-063bb228eda5","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"891e977d-5fe6-430e-b488-b2142b2c1941","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6b2b9a40-4e6b-4122-89e9-6e70237dee95","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":174,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"efafa9b0-959c-4ec0-bae9-43b92bb659a8","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":174,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"6a8adca1-c693-4468-b770-6c03b164fe77","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":174,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"179dcb0f-7000-40fa-8c94-4605cded0fea","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":174,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"685b601b-e943-43d5-84cf-2a3b5106964c","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":174,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"039c315f-2fc7-4160-8296-04f1dfe8285d","block_type":"box","text":"Section 28(e).","page_number":174,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"3f0d63ef-979b-453a-ba8f-df8e03d49919","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":174,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"0219f68f-4fbd-4444-b413-2b4052add6f6","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":174,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"19a47418-1b38-49b4-8121-9f09e70c7fb0","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":174,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"94f332e8-9219-4e1d-a89f-11ae07ca0d93","block_type":"box","text":"execute transactions for those mutual funds.","page_number":174,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"100f2329-6fd2-41e1-b323-3b39b3f006a7","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":174,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"6bc2cd6a-e6c8-46e6-80e2-70bb6ecfc5c7","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":174,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"d7bcd13d-e327-4198-a0b5-5cecd85b19b7","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":174,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"b263bbb0-e32b-4a4b-8054-5b0fff5d56a0","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":174,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"e6e5b948-9bb8-4451-a582-49ecea3cfcba","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":174,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"23ddec36-f4c6-45a7-b177-537e4ec16801","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":174,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"bf7a3d9b-a851-4cf3-a9e7-804b3f859bc2","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":174,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"a729262e-5eaa-45d6-b18d-8ee1550ffc72","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":174,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"89f326f4-1fe4-4082-855b-ca5de6945b58","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":174,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"ab9bb637-f701-4d93-ad35-d9863d30e4a0","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":174,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"83c497f8-c89b-4707-8977-f4604033773d","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":174,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"8d9897e8-3630-4879-8ad4-2a6dba53c002","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":174,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"f12c1247-4b70-4b61-ac20-1bbff5798e89","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":174,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"e9c16813-4a6f-47de-9fbe-3796fe5bb565","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":174,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"97688740-3e3e-4779-92bd-e392c3e5ddeb","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":174,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"e6e08337-250b-4516-aaea-da2429ca351f","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":174,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"f7b94204-5f85-4d0a-b797-d8238b45b0fd","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":174,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"00f8ff0e-35cd-4ad9-970f-a20b53287c18","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":174,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"9c05fc7e-8aac-4ab6-81d2-0e1fdd5a8e48","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":174,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"c6c1837b-bcb3-459a-90a2-92b1840e2743","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":174,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"758d0548-c488-4b9c-b5d9-8e733cf9f9cf","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":174,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"7e156a82-f71f-44af-be72-3a261ddc5f13","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":174,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"7cf1c196-a4d9-4e76-bb42-34067a4ae1f3","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":174,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"f8e3513d-ee5c-44b5-813e-0be6a319bce8","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":174,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"8e62bd7e-1cb6-49ca-a713-1d95492a689d","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":174,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"90aa394a-d4ee-4e90-a691-1aafc450c4f3","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":174,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"ca6af399-db02-4750-aa2d-00a28cc168a3","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":174,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"6fcbab04-a87d-45d5-a1ce-929b843756fe","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":174,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"fe1029ae-83e3-4cea-98ca-a974fe96c270","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":174,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"3c2b60c9-26ca-4c28-9b09-089dd54ed7ab","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":174,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"affaecec-1f48-4975-9969-8aaf5f0ebeb1","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":174,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"a454bd5d-9c78-4b63-ba0c-5e79ccd5af35","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":174,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"675f78d5-35ca-43a7-8a80-1c720c96debf","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":174,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"f2f8a0bd-5c0f-4c89-ba38-cb6e713e5fe6","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":174,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"6ff6bd87-714c-4429-979e-34a08e36ea0d","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":174,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"f5f4ca5f-fe52-4b37-a94b-35c157b895b5","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":174,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"48816790-bbd0-450a-9df8-fb20de8e4075","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":174,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"2cd34512-40ad-4fd2-96db-da3e53dd269a","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":174,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"4f636008-708d-4f0a-bc67-4254fc9a8d8d","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":174,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"e9628fa9-6bdf-46d8-bb49-17363a31dcf6","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":174,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"7e59923f-aa8e-48d3-8cbf-1b2529ca5332","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":174,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"04ecb11f-41ad-49c4-b0f7-2244ae3e8831","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":174,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"3c17d454-6c1a-4e9e-8d64-5278125a2a9d","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":174,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"ce9004ab-bc47-4cb1-9e38-353284a5ede9","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":174,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"95d9d664-c567-4588-b1b2-c201b11b2292","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87738793-538e-418d-847a-e3b69bb8e9de","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46ab922d-e149-4a42-8902-75158181bf8d","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":175,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"d584e795-daa7-46f7-a714-d1cdcf00b2e5","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":175,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"c777e98e-8b75-440e-8485-a81066b05b42","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":175,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"cdf62061-3458-4fdc-9874-f458677fe74b","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":175,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"d7324afd-5563-4053-a91c-623bf44126c6","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":175,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"1aea5ac4-5c6b-4808-a863-3d14e0c1e3e0","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":175,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"7fd1943b-6e33-477f-9c2d-32b4da484ff5","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":175,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"6674dab6-1071-4516-847f-ce3b5df2acb3","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":175,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"63fbc6bc-2422-4e9e-8fc7-0f2ee187960e","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":175,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"980dd716-f6f2-4eda-b36d-9ea50d05be55","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":175,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"0c8aeda4-bc30-4120-93d6-c0e6a54f6324","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":175,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"548aa2f9-5e10-40e1-8208-f038245cf8ce","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":175,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"8d465939-6abb-4acf-81e4-566500a53ed0","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":175,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"53bc6be0-f70c-4b5c-9484-a923cf628841","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":175,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"9781a52a-e470-4fe0-b30c-d0e0f4386607","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":175,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"1ea470f0-ed93-4eec-ace1-8a48b40e20ba","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":175,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"e518605e-fd51-41ea-a91a-b3e887823de5","block_type":"box","text":"accounts and compliance constraints.","page_number":175,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"f8025a2e-d5b6-4e35-9dab-9948a913e6d2","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":175,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"9b3fad69-fdc6-41c1-be66-827b0ec93531","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":175,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"3cd4d9f6-825d-4fe4-bb0f-bd0306b4b942","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":175,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"82f91678-76ec-41c5-b81a-755862c3ccb5","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":175,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"e2b645ef-45dd-4d2d-a25d-83a1adc64f5a","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":175,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"54bb5003-9bee-40f9-a641-55eadb13f40f","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":175,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"48c357dd-a204-4dd0-99c2-e58eea07b7f5","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":175,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"9a5e7afe-8335-4467-8dd6-8bf39ac2869c","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":175,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"deae9eba-98f2-4872-9663-b3a5943ad4df","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":175,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"6ff1cc9c-0440-43b2-b9b5-01a3768e06d6","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":175,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"4030fb6a-fd77-4435-be2e-c589d65e11ff","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":175,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"7b4e8b95-9198-40f6-835b-cd5c70a5d09d","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":175,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"5bc40103-209b-4626-bb57-cc5e4a9788fb","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":175,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"438432fe-06dd-41e1-b335-7130b94d920b","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":175,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"2c0043bf-af5a-4ffe-8c39-f182715057b3","block_type":"box","text":"clients may be used as well.","page_number":175,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"de908fb2-9651-4968-8a4f-3707f6463485","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":175,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"58ee0bba-2a77-4897-bcd7-25218729d22a","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":175,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"6b9728ea-24ed-4a53-8b70-5b6747d78344","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":175,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"a2804030-1e59-4a8e-9225-bfba05fe2f0f","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":175,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"bfac5f8d-657f-4607-9c8a-9bfa8c503c5e","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":175,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"b13b7e30-8eb2-48cc-aa71-cc8fdda1094d","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":175,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"db4d1e37-2556-4611-9d07-fa0ebabefa6f","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":175,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"941896b4-4d40-4ed9-9575-8ed926412c7e","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":175,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"b92c8871-a6d0-46dd-af53-44eb6c0a7856","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":175,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"45b210ad-5510-47ee-8bf6-a4b78f3b0d9a","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":175,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"4fc40145-4dcf-4a81-830f-0994c4a3cd19","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":175,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"91030948-ff16-4e86-bfd9-d9b02a80b8cc","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":175,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"ffe8c02e-61c9-468b-8517-09b8280e1ec5","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":175,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"8e935fff-e381-49c0-88d0-49bc51eb9bd5","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":175,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"3e9112a7-1515-4bd5-ae25-36f2fcb059ec","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":175,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"b80862ca-98c0-4821-bae0-8cef30e8a8d5","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":175,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"71f03114-fbae-46b6-b4eb-6df82a632d94","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":175,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"714e3828-6d3f-4094-96af-c6b84416ddbb","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":175,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"f935fa40-677e-4365-a254-8800263c0e11","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":175,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"327a72fc-e726-4f8b-b9ed-9c9fced4428f","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":175,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"8e5b208c-00da-4b54-bdff-9ea3ddeb2195","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":175,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"37fa3313-10d1-4f11-919f-5c21eba868ec","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":175,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"9d270f94-c4e2-464c-b89b-1f1b428d16b2","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":175,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"d81de0f2-93cf-4c0b-baa0-898c9755590a","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":175,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"17108b61-f8a8-42f1-942e-5a8f7ef50ff1","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e0fb4f65-a84c-45d1-96fb-2f8cb0188b79","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cedf0f13-ab82-481e-9221-dcfe60ada86e","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":176,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"c85cdd23-8ac2-4db5-97ee-3d3ec9f022a4","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":176,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"0a1fbca4-3da0-4a4e-8703-b42450cd36ca","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":176,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"b14f6d4e-dd61-4d5e-8c18-329d379c5465","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":176,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"03e11d3d-2d01-4838-9f09-84c2551df6c5","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":176,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"f9d87cca-9ff0-4a5e-86fd-5f911e21e2c1","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":176,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"99479960-0a43-40d4-9a9f-05070796a6a8","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":176,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"21bf29a4-75e2-4c55-a7b7-aa22d0cfb0e3","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":176,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"1b31d0bc-24af-4a2e-ba6f-a64662aff4b6","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":176,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"8ddd3146-7e36-42dd-9962-85d7dc3d2efa","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":176,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"344d8c1c-60fd-4c42-b5f7-7db9bd88758c","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":176,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"da280a87-d641-4f15-ae37-ae5ce5c2d819","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":176,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"3009bb6c-7149-49dd-be8e-ecefafc6b0d5","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":176,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"dccc1e0e-96aa-4b1e-8537-0d6bea1d3c80","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":176,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"22976282-d2a1-4d13-840d-f34c46d47e39","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":176,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"d6dd6714-8ec3-440e-b207-851a1a226f9c","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":176,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"baecccd2-d9fd-409b-8ba1-eecf3a7931a7","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":176,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"e5c9e74f-d544-4a6b-b32e-e45a2221a0a5","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":176,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"43826487-407f-41b4-834c-b9f15bd8fbbd","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":176,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"3f107587-301a-47c7-b8f3-3778031fabc6","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":176,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"ec053a1b-81da-4751-8888-5a0d48dd3435","block_type":"box","text":"Portfolio Turnover","page_number":176,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"8c7c7a32-3433-4c03-b621-81c656946769","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":176,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"facd6aef-8dca-4c96-9b24-c779d21ca585","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":176,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"07248374-6471-4725-877f-75024c8dc6e4","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":176,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"2b5a1a01-6270-4f17-8e02-c40a365b7f8e","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":176,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"050c864f-b708-4ee9-b9b3-6224796138e1","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":176,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"6b378cc6-6cd9-4635-ac39-443d3312cee7","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":176,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"5cfc60b8-8951-4e58-9655-f80ca3c74fce","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":176,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"55f3fe75-b0cc-4fdb-8845-3c203ccb68d9","block_type":"box","text":"Dividends","page_number":176,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"b52574c3-d69e-4a55-9fe3-e6e67abe7b7c","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":176,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"43cedd5c-71b6-4cc5-a335-4c028a1c5d7f","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":176,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"c7095583-35cb-48b7-8493-c08871e2bd8e","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":176,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"3c1e0c96-6347-4c69-9508-1624f2bb1192","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":176,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"09d64127-8cc7-48d4-98f1-e0ec127bc3db","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":176,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"ed9ae6b8-a564-4719-a3ca-676c99a49e36","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":176,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"e94834b5-e5bf-4939-b4f4-6a5a14b431bd","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":176,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"8335b385-102a-43b4-b880-5e4549850627","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":176,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"36210dcf-6cea-49fc-9039-1c9fa3952fd4","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":176,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"32b5da1d-c220-4926-bf88-002766ba59a5","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":176,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"d7f99105-cdce-4d52-abc2-f48989e8d938","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":176,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"cf981801-f6d9-4dd1-b71e-1362dbfd3719","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":176,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"ea720339-cdfd-4bb8-9875-bc4a697d4e94","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":176,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"d339438c-116d-4f12-9e8f-cd5571b90259","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":176,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"31aca3d9-cb4e-4fea-80a9-e512eadbef42","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":176,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"1d3682d9-f8ba-4809-a64b-2f40f45c8f99","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":176,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"4448b8af-35e9-483f-993e-124c4c99e613","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":176,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"6ce4ca02-7ded-4be3-9237-dd18a1ef0d13","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":176,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"874d96b5-6037-4291-99b0-6ed735f3a854","block_type":"box","text":"Taxes","page_number":176,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"508c517b-ae09-4ad6-8b84-51849f90a04a","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":176,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"19bb60da-d1ab-45a2-b42e-ba12e100cc0c","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":176,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"60cc3376-31e7-4acd-af21-565a90bc925b","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":176,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"2ee70298-c1a2-4bbd-a446-d2c1d8048170","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fc778edb-4b25-4ead-b356-263b98656a5a","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de3becae-ce5e-4259-b069-0eb9167a64ac","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":177,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"01d8801b-b07a-4205-ade2-c29900149a04","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":177,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"66d58586-9864-494e-8a09-ad69a9027b45","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":177,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"a075c4fe-7630-4d61-afac-7ddf19a9a644","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":177,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"7fdac91e-c739-489d-a249-c4704d2aafaa","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":177,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"b306ed73-6ae3-4934-a150-11a9660c08ce","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":177,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"80e50e9f-4643-4ec5-991c-9a0dbc129900","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":177,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"2507126b-92b9-4fc1-b057-c46dff494fe2","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":177,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"806528eb-42e2-4237-8c57-2506e97c83a1","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":177,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"a8993286-8a40-4cb4-be2b-9605c26cf16f","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":177,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"e565202e-b437-45da-aa6d-9411ce54e750","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":177,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"b0b9ec80-f6ef-4007-985e-b5d82fd1c092","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":177,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"af69cb52-d400-472e-abf6-7c6452a7bda3","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":177,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"dcb1fdcc-c5b0-473d-aa5b-dee96eef9a4d","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":177,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"31658dc1-7d47-43aa-baac-7a1cd37e47b2","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":177,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"0ae14a62-4a61-4bf2-896a-6a0d50298275","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":177,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"1c7ec191-fc60-4566-a739-a34e9ba79eda","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":177,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"32f6d38d-e5e5-49db-bf45-399483e677b5","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":177,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"e7288518-3174-437f-8437-d3fe22514e8e","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":177,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"34ca411b-ccc5-4768-9df9-26eae2e6e2b8","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":177,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"72c2ecec-521a-475e-9b1c-b24e973dbe23","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":177,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"df2cec64-0f36-4182-af65-937c376eb5d6","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":177,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"d5d50845-ad99-4f21-9297-f8fae95783a5","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":177,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"d15e4a22-373b-4995-936e-cc27c80871dc","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":177,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"be436e61-949e-4318-8932-a11edf63ae5e","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":177,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"9214fbcb-e95f-4c47-ab9f-b87f47f43d36","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":177,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"fcce5f76-bf79-4669-9604-76f9d8f1dfea","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":177,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"3c4c6511-1466-4a1a-b7b6-b739e8ef3c16","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":177,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"efd030cc-fd90-4ac3-ab9d-61d6806f06db","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":177,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"fc445a53-2451-4ac7-9bf1-4912173a653b","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":177,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"ed0a04ce-b2c1-4bf2-9a88-bb9a05b06810","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":177,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"0dc1d6d4-82f4-4ff0-954f-c764825a3229","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":177,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"bf330e22-4c59-478f-84a3-19313c6b4c23","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":177,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"22169041-8d57-4e7d-ac2b-6c3abe405cb6","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":177,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"1394bcae-e6c7-49d2-a819-a309bcfd12c5","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":177,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"bb7427c3-3959-42fc-918b-e0c3ac0b454a","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":177,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"53971fac-2129-471f-81c2-563b8ea59af0","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":177,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"73724c22-a1f9-4793-97b3-25b3b7ca74cd","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":177,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"c0bb26e4-6f9d-48d1-a58a-c4f22b9309fc","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":177,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"bf56f90b-d97b-42c4-becc-db101d5b05d0","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":177,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"899aad6f-af75-4151-b79f-d641c1c6eb48","block_type":"box","text":"limitation.","page_number":177,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"0a12abe1-e7b6-4e90-88b8-337e59b98959","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":177,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"d1e45e3f-d9a0-4199-9446-79e65097c834","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":177,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"66b81878-e71a-43c3-8fa0-969841cc079d","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":177,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"89f34434-6459-4dfa-b397-70601d0859bc","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":177,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"9069f2d1-f5b5-4c09-a0dd-aea5478293ad","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":177,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"289a9483-f5e4-4f16-80aa-5ab54d6179a1","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":177,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"d0f47a12-9314-426e-a67d-abff5ce4f778","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":177,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"e4405b0f-5a01-4940-acc7-a98263f5665b","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":177,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"c4186fe0-1c8f-44c6-9fc3-e3665f4235da","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":177,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"826d34ba-c3c0-49b0-a307-bc23651308b3","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":177,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"41580f11-1c73-4f15-8d9c-64a2d31a2398","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":177,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"5ae8c85f-9ae3-4cf1-a76b-83d7e9be477f","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":177,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"ce23b2cb-0a05-445c-8bf1-459e6b03c04f","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":177,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"f56be907-04c4-423b-9baf-15c6be9ed4b1","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":177,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"460cd5d1-e994-4a95-a0ad-00c9b5d0a496","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4227f50b-bc46-474c-a605-b740e24e7118","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ee86303-aa30-4f89-97e8-6e3ae8058488","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":178,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"11bea32e-1544-49a1-ac11-7dac74b8bc89","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":178,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"4efe8258-96a3-49ad-b2d1-0d45dbb3654d","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":178,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"013998e4-616b-4b30-94c8-b0658c282623","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":178,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"b8ae0d5d-e311-47db-92bc-f9ad8f0aaeb8","block_type":"box","text":"constitute “qualified dividend income.”","page_number":178,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"212920e3-0432-423e-899a-26afe44d4f73","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":178,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"8303c171-c3cb-4e8a-a872-b8ce73bb184f","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":178,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"a01d83d0-ee60-4138-bdf9-3cdc7446e930","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":178,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"74799713-dbac-4121-a591-d5a8cb3bcc95","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":178,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"1f8efc10-06ea-403c-87c5-784c4b2e4092","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":178,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"f412af58-407f-4141-8799-22932a27fd40","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":178,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"d55c26c5-1f57-4e50-b599-0935bb29d463","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":178,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"48513f3f-43c5-4e57-b2af-fd7964059b9d","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":178,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"59718957-ec42-44c0-a661-476ccf533048","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":178,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"576c3633-5f8f-4e86-9532-649cb9197218","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":178,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"ef5a87cb-b8cc-4b8c-b080-4cb6709a05e1","block_type":"box","text":"against their taxes.","page_number":178,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"b1410ead-7974-4ace-9a69-6443034231fa","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":178,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"23146b0f-82be-4f09-9d88-1e6f383b5234","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":178,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"6bd0dd01-4cf2-4bac-896f-6d1cb3b72382","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":178,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"502ac4a3-d64c-4935-94bd-a89405eeae44","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":178,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"611655b3-f422-46e8-9bac-a7061f2e54c7","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. A Fund’s capital loss carryovers, if any, carried","page_number":178,"box":{"x":69,"y":370,"width":807,"height":11}},{"id":"2f9efeaf-0a21-4ce5-9f30-f7207ec3163d","block_type":"box","text":"from taxable years beginning before 2011 do not reduce current earnings and profits even if such carryforwards","page_number":178,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"5f08a42c-406f-4a7c-930b-7d3a920e9ac8","block_type":"box","text":"reduce current year realized gains. In the case of a Fund with a non-calendar taxable year, a Fund’s earnings and","page_number":178,"box":{"x":69,"y":400,"width":803,"height":11}},{"id":"5545792b-d508-4283-83bb-3726ef08540c","block_type":"box","text":"profits are allocated first to distributions made on or before December 31 of the taxable year, and then to","page_number":178,"box":{"x":70,"y":415,"width":752,"height":11}},{"id":"a06462c5-a170-421c-9a2a-9504ecd4e801","block_type":"box","text":"distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of Fund shares held","page_number":178,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"e53558f9-625c-4052-834e-5b3af42a4835","block_type":"box","text":"for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received by","page_number":178,"box":{"x":68,"y":445,"width":829,"height":12}},{"id":"197ed77f-2ee4-44e9-9760-bd56d362fdcd","block_type":"box","text":"the shareholder.","page_number":178,"box":{"x":68,"y":461,"width":115,"height":8}},{"id":"c055a7db-f6d1-4f7d-8080-c084db6bc2f1","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":178,"box":{"x":102,"y":483,"width":792,"height":11}},{"id":"6ded5d09-f4fd-4719-b447-59b823d7fb4f","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":178,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"05747811-d022-4f3a-a7c5-f3dfc081779e","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":178,"box":{"x":68,"y":513,"width":809,"height":11}},{"id":"e7021ad5-2587-4a93-81ce-7f33d35979ec","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":178,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"503728c4-803a-45be-84f4-af3470c6363f","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":178,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"cffdca39-9f15-4751-88f7-c01b6815f7c6","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":178,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"a07b9743-34bb-461f-bc84-bee5dbb7a719","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":178,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"48124113-e482-4b94-94fa-1634506ac985","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":178,"box":{"x":70,"y":589,"width":797,"height":11}},{"id":"6689faf9-1f75-44d5-a3a2-af068614ffa5","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":178,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"68b4dd8c-c67b-46aa-a2e0-9d4890a7fa1d","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":178,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"a16ee8a5-9de6-410e-a4c3-8e4e899b8b18","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":178,"box":{"x":70,"y":634,"width":772,"height":12}},{"id":"2baa7b87-d599-45fb-a31b-e95f6c86d914","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":178,"box":{"x":70,"y":649,"width":795,"height":12}},{"id":"630026d5-b586-4b52-9d12-b84ca751c5aa","block_type":"box","text":"taxable year.","page_number":178,"box":{"x":68,"y":665,"width":89,"height":11}},{"id":"67b98619-3f9e-44f4-aab9-0d3aae80a27a","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":178,"box":{"x":102,"y":687,"width":733,"height":11}},{"id":"c01bae37-1e0b-427c-836f-f819d73a420c","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":178,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"cb1aba2c-ba18-4a1f-9563-d40288d57521","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":178,"box":{"x":69,"y":717,"width":809,"height":12}},{"id":"7a2427ee-57b5-40e0-afb8-84f47036e293","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":178,"box":{"x":69,"y":732,"width":362,"height":12}},{"id":"d8d8676d-c693-4c2c-9037-6ffdfd089a06","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":178,"box":{"x":102,"y":755,"width":795,"height":11}},{"id":"7b792215-e0f2-4405-a852-17689fef0aab","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":178,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"20ab0df4-d775-454d-af9f-01d45edf6ebc","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":178,"box":{"x":69,"y":786,"width":797,"height":11}},{"id":"3a5bd079-3fbe-402b-b452-b5f04c5281c6","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":178,"box":{"x":69,"y":801,"width":791,"height":11}},{"id":"44a9efe7-8819-4973-97e7-7fb541ca36cc","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":178,"box":{"x":70,"y":816,"width":646,"height":11}},{"id":"10d32b10-5c39-4369-a897-1bdf53ecbff1","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":178,"box":{"x":101,"y":838,"width":807,"height":12}},{"id":"27dca9dd-8816-436d-900c-3098c3b1a6c3","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":178,"box":{"x":69,"y":853,"width":839,"height":12}},{"id":"e6551583-d9d3-469a-ad39-756a8b9a0d2e","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":178,"box":{"x":69,"y":869,"width":799,"height":11}},{"id":"b79046f1-5cd8-43f1-b36d-880119e2d9ed","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":178,"box":{"x":69,"y":884,"width":534,"height":11}},{"id":"03eaf0d1-f6bd-43fb-9a3a-8f5eca726673","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"48ea6044-5fe1-4f18-bd53-008c864778f1","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8993d9b-24f9-43bc-9bcd-8e0f9837ea2f","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":179,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"1afa869a-de02-4535-a00a-9f2230bcd290","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":179,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"f895c305-611f-43b2-bc90-b59258254da2","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":179,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"6b3dce97-7a2f-4875-8b32-f51b9da0578f","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":179,"box":{"x":70,"y":90,"width":824,"height":11}},{"id":"39c1c6d4-d42e-4742-8e8f-a85359e63487","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":179,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"c78b0e3a-fada-46c2-854e-6c4d037b8bce","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":179,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"75dbdee0-a534-4916-bf94-600425a38a59","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":179,"box":{"x":68,"y":135,"width":840,"height":12}},{"id":"fea62386-38ce-49ae-99d8-72082536d2cb","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":179,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"253ca99e-450d-4659-87a3-0aebdb56efc0","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":179,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"410d8865-fef5-4861-8d8e-f63c43cbda44","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":179,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"b492545a-0711-4714-8bef-381dfe3805fe","block_type":"box","text":"redemption of such shares.","page_number":179,"box":{"x":69,"y":196,"width":195,"height":11}},{"id":"bf3bfb74-3c82-4899-8ca8-9c6b15ea136b","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":179,"box":{"x":102,"y":218,"width":799,"height":12}},{"id":"ba397e0c-9a96-4c25-900a-223940fe8387","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":179,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"9317c214-21f0-4249-ae9f-7dce2144fd29","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":179,"box":{"x":70,"y":249,"width":826,"height":11}},{"id":"706655b7-4070-45d4-a63c-12b75792c9f5","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":179,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"3caf97d8-ea69-45f5-a2eb-b44aa5afe85a","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":179,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"8695133f-bf73-4d6b-9655-5b7b6950a1d1","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":179,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"bcb90b6f-f46d-4417-aa9f-e014abc18881","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":179,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"a155e6dd-98cf-4d60-bd6e-813b3e5bae63","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":179,"box":{"x":68,"y":324,"width":831,"height":11}},{"id":"57ffcb33-7f89-4835-9892-c2edc9c37baf","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":179,"box":{"x":69,"y":339,"width":775,"height":12}},{"id":"abadd855-6578-43cc-bb46-4dbff6b9eef4","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":179,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"52ff819f-cedc-4e20-93b2-de93ae8678cc","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":179,"box":{"x":69,"y":370,"width":658,"height":11}},{"id":"7bac8ceb-bbf0-414d-9c51-b8bd67acaf2e","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":179,"box":{"x":102,"y":392,"width":744,"height":12}},{"id":"57929cbb-5971-454c-b62f-b6880a0de1ed","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":179,"box":{"x":69,"y":407,"width":751,"height":12}},{"id":"8760f338-50a0-4a4c-bd0f-b4edf4d5b91b","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":179,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"0980f79b-6d9d-4c78-88f4-d4bc09104b75","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":179,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"777d478e-56ca-4078-b796-da7887d1f975","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":179,"box":{"x":70,"y":453,"width":802,"height":11}},{"id":"abc13608-42b5-4f44-9dc2-77dc5377b238","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":179,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"ce5d1a8f-1586-4cad-b938-4339053bd77a","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":179,"box":{"x":70,"y":483,"width":839,"height":11}},{"id":"fe545d98-ed54-4ea9-bcda-ecc93bb3159b","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":179,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"a0ee4622-6fcb-4879-bf8c-3645211f4d69","block_type":"box","text":"gains.","page_number":179,"box":{"x":68,"y":514,"width":42,"height":11}},{"id":"89c2133d-b892-4d5d-a1c4-c9d7aa7a9d32","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":179,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"669fc851-a05e-4034-b7f2-1f1f206458b3","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":179,"box":{"x":69,"y":551,"width":769,"height":11}},{"id":"ec23a12d-a9fd-4238-9d13-04e0b9d25548","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":179,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"75177132-dfba-49f4-999a-32a3e73828c1","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":179,"box":{"x":70,"y":581,"width":819,"height":12}},{"id":"9372dd1c-8e5e-4efc-9fb1-5c04ccae15e2","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":179,"box":{"x":68,"y":597,"width":818,"height":11}},{"id":"ea8ead17-289f-41ef-9fbf-b3bacbba2c05","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":179,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"291dfad5-fbc1-4de9-84fd-22aef2ae521b","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":179,"box":{"x":70,"y":627,"width":792,"height":11}},{"id":"95a167fb-c68e-4c5a-92a1-bfb456538ccb","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":179,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"5234ef25-c3bd-4c27-b465-f11a4929a08d","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":179,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"c71befc0-db00-4f53-bb9a-9f47b56544a8","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":179,"box":{"x":69,"y":672,"width":570,"height":11}},{"id":"64913247-029f-4d4f-aecd-adc423f0f208","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":179,"box":{"x":102,"y":695,"width":795,"height":11}},{"id":"f3a96f07-66e4-4d86-8082-dd996935b5f3","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":179,"box":{"x":68,"y":710,"width":816,"height":11}},{"id":"d61437de-2111-4aaa-a441-60c40e2faac3","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":179,"box":{"x":69,"y":725,"width":835,"height":11}},{"id":"80a07966-d3e6-4467-9e00-f78f987b7edc","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":179,"box":{"x":68,"y":740,"width":815,"height":11}},{"id":"16e758e7-b324-4905-9767-dea465a9a329","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":179,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"d8effe0f-9c37-488e-9b7a-7e033759e989","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":179,"box":{"x":69,"y":770,"width":840,"height":12}},{"id":"24d8ba8d-6267-4820-9d71-6475d9c4d1e7","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":179,"box":{"x":69,"y":785,"width":781,"height":12}},{"id":"7a431960-1925-4e48-bb5f-900f0d6af050","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":179,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"c3e67a5c-094f-468b-9e06-cb128196893b","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":179,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"033886d1-2956-4f57-b802-f8bd2f897f7f","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":179,"box":{"x":68,"y":831,"width":808,"height":11}},{"id":"b8348329-39c1-4936-9f16-26ad09d6fbe2","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":179,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"642942aa-833b-4fd0-9ce2-c931bd8125cb","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":179,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"3bb93a00-6d5a-47a4-95d3-51856856bf95","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":179,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"002664a3-996f-40a0-922d-140127391fe2","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":179,"box":{"x":68,"y":891,"width":784,"height":12}},{"id":"6e97c100-dd3f-448a-87fa-d61172394bc4","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":179,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"66857991-85e0-4f77-8a39-c16aa15244e8","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0a658df6-cbe3-4343-a994-9e83af90c1f3","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a183259f-429d-4187-b17e-d675265ce715","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":180,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"898175f7-6c92-4142-a071-7e0621a7515a","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":180,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"609a53d9-8240-4517-acf9-abed9853c44d","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":180,"box":{"x":70,"y":75,"width":791,"height":11}},{"id":"59682dd2-174f-41a9-8f2c-030ea75c810b","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":180,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"87e92448-7af0-4b61-a18e-f76a71c8f9df","block_type":"box","text":"dividends under these rules.","page_number":180,"box":{"x":69,"y":105,"width":201,"height":9}},{"id":"04526ea5-5947-42b8-b3f4-71ddbcdaccca","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":180,"box":{"x":102,"y":128,"width":747,"height":11}},{"id":"9ecba8fb-a63b-4122-b132-451f111f2116","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":180,"box":{"x":70,"y":143,"width":838,"height":11}},{"id":"34aa56ee-a799-4787-ac39-f3529514eb03","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":180,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"9613abbf-8be0-4a49-ab5e-ae3fc039a75f","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":180,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"57014fb8-0252-4987-a17b-04ae88085d66","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":180,"box":{"x":69,"y":188,"width":786,"height":12}},{"id":"5347526f-bb0e-4e8b-a528-886ee022c6c8","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":180,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"e2f949ff-0dff-4572-bd53-14487e1cf5a6","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":180,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"8544afcf-7d9e-4bf8-9118-b333cf7ec05e","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":180,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"95703886-83eb-4ca8-a6f7-841eeb1cfbca","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":180,"box":{"x":68,"y":249,"width":818,"height":11}},{"id":"897b4495-5d40-49c7-9f9c-03a6401e9275","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":180,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"eb06a656-9cb2-4d2b-b22f-b22d3f4c1d1f","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":180,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"5d8ac473-d090-4c94-884b-d54c4acd4411","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":180,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"ba834316-2033-4900-95de-bea9b798e4dc","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":180,"box":{"x":69,"y":309,"width":774,"height":11}},{"id":"e58312fc-a941-4ca7-bdc5-dc4f9992798e","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":180,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"4bad34a6-a546-4771-86e8-a1c344555060","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":180,"box":{"x":69,"y":339,"width":822,"height":12}},{"id":"2b28653c-8580-46de-a551-595c44c077b7","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":180,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"94067d62-bc9a-4fe9-8a9b-356afcd6009b","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":180,"box":{"x":69,"y":370,"width":823,"height":11}},{"id":"b4aca255-c41c-43fd-8303-be552d1f3052","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":180,"box":{"x":68,"y":385,"width":827,"height":11}},{"id":"5151b693-d5a4-4504-b71a-4794dee35aff","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":180,"box":{"x":69,"y":400,"width":596,"height":11}},{"id":"938f3a46-d4cd-4eb5-8666-cfb61e6ac1f8","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":180,"box":{"x":102,"y":423,"width":802,"height":11}},{"id":"dc1d8a68-de5a-4880-9da6-b2ea0601a57c","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":180,"box":{"x":69,"y":438,"width":827,"height":11}},{"id":"823c7c13-38fb-4a47-abf0-a1250aa469e2","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":180,"box":{"x":69,"y":453,"width":804,"height":11}},{"id":"20422453-21a5-4455-8344-64672fd89893","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":180,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"4d65de43-4d57-49cf-ab54-34482686e8aa","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":180,"box":{"x":68,"y":483,"width":801,"height":11}},{"id":"46f0d36f-0f8f-47e7-a18a-9654d8160dcd","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":180,"box":{"x":69,"y":498,"width":803,"height":11}},{"id":"1506f418-d086-43a2-83d2-279bda9ff8e3","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":180,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"d365338a-0d8e-4000-b2b5-6528af9695cb","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":180,"box":{"x":69,"y":528,"width":676,"height":12}},{"id":"e2a5a81d-ccf4-46bc-bd71-d483adecbfd1","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":180,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"e46ae8fb-b9eb-498b-a8f2-86f13be2c415","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":180,"box":{"x":69,"y":566,"width":651,"height":11}},{"id":"5407fc7c-48b4-4a0e-8a27-6d0eccf75981","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":180,"box":{"x":102,"y":589,"width":731,"height":11}},{"id":"0eeba3e4-b148-4e88-83d9-f73da419d3df","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":180,"box":{"x":69,"y":604,"width":570,"height":11}},{"id":"111085e8-5f1a-4054-9d19-94bc716c9450","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":180,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"e43a4f3f-7aa0-4283-89f2-f670e8bc6b95","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":180,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"0770dc33-73a8-4bd5-9a81-36e650a037c0","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":180,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"4f8c517f-8672-446d-9728-bc11e774620a","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":180,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"a442a5e8-72d1-48ee-b9b2-60b6928d008d","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":180,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"34aa2c71-911e-4453-8232-0ae3edae154d","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":180,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"dc6d57e5-6079-40e7-90de-7bc8cca30807","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":180,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"71b04139-228f-4e49-86f4-567340b8b67f","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":180,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"cca3939a-73f4-43ea-82c3-caacb80b4621","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":180,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"002a74ab-6897-4a45-8b67-6fce840b027f","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":180,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"893e34aa-b31f-4e5f-82db-d10caea213d7","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":180,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"7318282b-cd49-4fe3-b103-c533ac1e6d67","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":180,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"0383ee3b-48a3-40b8-85d8-0e5f55854c32","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":180,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"f2e43beb-1fec-4c5d-90a6-40d720550066","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":180,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"098d0c99-2066-41f0-a1f8-5543a247f23f","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":180,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"f7272990-9a9b-4901-b84a-f8ff91962050","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":180,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"ef83711a-2bf1-4194-b130-70f4b6e21bd3","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":180,"box":{"x":102,"y":883,"width":742,"height":12}},{"id":"813b6e38-b603-4df3-917b-010fd8ae03b9","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":180,"box":{"x":69,"y":898,"width":832,"height":12}},{"id":"3ba0a237-8d5e-4d31-bdc0-3e5fa9b22dab","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a8dbe4a4-d73e-4da6-bdba-f77c6693c91a","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b9d240a-23ea-494d-b604-fe2617826cdc","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":181,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"abf76bfa-fed1-4c29-9005-a18be64e1290","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":181,"box":{"x":70,"y":60,"width":781,"height":11}},{"id":"f7df6204-b474-43c6-a1ec-6667ee95a6bb","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":181,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"939b593a-429f-442d-aca3-118a61a302c8","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":181,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"0c94e5f9-ff4c-4e54-a147-f34311da2742","block_type":"box","text":"individual circumstances.","page_number":181,"box":{"x":70,"y":105,"width":177,"height":9}},{"id":"3018c35d-55f1-42d5-8ed2-26a768856349","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":181,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"9e33f483-c278-4c74-9d66-505598864846","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":181,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"b8dd02f8-6657-48ba-b101-b960324ca25c","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":181,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"4a9d4314-317c-4456-bb4e-7e161eb51d60","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":181,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"e3b76879-f447-48ed-b2ce-3c518607c2e9","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":181,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"be29c130-eb32-40af-93df-234813be68bd","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":181,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"b3d0c079-ac45-4911-9aa5-bd7208fe5346","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":181,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"65851cd3-fb6e-4253-8ce5-8ecea2aafe38","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":181,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"7f1d9fdd-b805-4589-85e4-5405577a37d9","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":181,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"0c7f246d-2fc4-4029-84b5-9ee5f8d595f2","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":181,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"dea9d2f9-7cb1-4c1f-b5fb-95126c9976fc","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":181,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"9253135c-eceb-4a65-981c-bbfa53e0ef5d","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":181,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"34e3afda-c292-42dc-b66c-d40cc8752e27","block_type":"box","text":"investment oppor tunities.","page_number":181,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"8692ccd6-4c40-4c6b-a55a-10fc12a2f1b7","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":181,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"b69c76c4-2f39-47b1-8566-4c0f57b247e6","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":181,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"9e81a0ad-f7e7-44bb-8559-42b7fa40e9d9","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":181,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"bd8867ce-0241-4f77-bf55-454bf81c5f0d","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":181,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"df31505c-0726-4aff-bf96-ad8126841968","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":181,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"fe5b0320-e81f-4377-ba8f-cbcc282b2e1c","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":181,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"1e0cbe97-c1a2-428f-acf8-47520efa4d54","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":181,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"e4a9f6c1-e04a-4c1e-844f-45cfc2975d57","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":181,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"3d6bfb3a-b11b-4931-a0a5-9c3bb56f9369","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":181,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"3f099b4b-61cc-4d8c-83ce-fba4dabf91af","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":181,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"2f8a03f4-43cb-414e-a58b-15ca916807dd","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":181,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"60d60700-dcc1-4940-8bc3-5ce2874058bc","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":181,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"8cd422bd-5d91-4db2-840e-9eaf35b5455c","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":181,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"61f21db5-af70-4a40-a765-c23bbd2fdfc3","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":181,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"2f70f8e8-0da1-4900-8248-968b27efc774","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":181,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"bad68fda-9488-47dd-9186-76812185dead","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":181,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"43d7fb75-fbb2-4b49-a491-eb1340a81b11","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":181,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"0a722fb3-49c8-4b71-94e2-80fb0d9f3ed6","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":181,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"84d9b259-a007-4eb6-8ed1-8dfda1bc686b","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":181,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"548b531a-a29f-47a4-8751-fde7c560d5e2","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":181,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"9ff3c75e-c33f-4ca5-beaf-f6622d42a84c","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":181,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"dbee37a6-abef-4636-bad0-62b8ad59474a","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":181,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"3b06da23-16dc-4132-9327-ad5bbb488940","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":181,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"00c55aba-b90c-4e71-93d9-0a39ef37c6cb","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":181,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"4c6cf3df-516c-496f-87c2-cb9b80a8f67b","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":181,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"c824dee8-5027-4422-ba91-e9e5e1593a85","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":181,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"a7dcc693-2db3-4043-9c99-fd0c4ff8e460","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":181,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"3948cc13-d8fa-43c6-a7cc-1e9c12fd8498","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":181,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"6490cc6c-d576-42ce-8c08-1c6184df8d88","block_type":"box","text":"positions in its por tfolio (","page_number":181,"box":{"x":70,"y":763,"width":177,"height":11}},{"id":"eeb70f77-cb69-40a4-8140-b36d810cbb28","block_type":"box","text":"i.e.","page_number":181,"box":{"x":249,"y":763,"width":20,"height":9}},{"id":"44cc60ee-a37b-4cfa-9583-37765148d6f7","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":181,"box":{"x":272,"y":763,"width":636,"height":11}},{"id":"1b795281-3a65-4cf7-9c6d-9f498463829e","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":181,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"c74fd4d5-7a9b-4eea-856a-4ee52ccf1b62","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":181,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"e0a56a82-163e-4dfe-9d37-d9bacb5f06c8","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":181,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"43bd2eed-50de-4dbf-a3d2-c9d3c0574331","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":181,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"41aaad49-ac02-4305-8116-f6284fa078bd","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":181,"box":{"x":102,"y":846,"width":787,"height":11}},{"id":"27a7a54e-ee37-4b86-bd8d-d875479efe8c","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":181,"box":{"x":70,"y":861,"width":836,"height":11}},{"id":"3ca10f3f-a8b8-4aa0-b99a-33ed97962954","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":181,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"08f55343-a2b6-4f7c-a0af-add944356d31","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":181,"box":{"x":69,"y":891,"width":805,"height":12}},{"id":"2c55b2eb-57f9-4426-ac56-1542fb7976d5","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":181,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"e61765db-4aca-41e6-bd80-a1c07702c3fb","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ac413a62-3c15-4f57-a29a-1be4d51300de","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8415206-db1c-4624-8585-75c87e03859c","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":182,"box":{"x":70,"y":45,"width":803,"height":11}},{"id":"dc47ffcd-58af-4853-83e7-51021fe00db4","block_type":"box","text":"Fund were to invest otherwise.","page_number":182,"box":{"x":70,"y":60,"width":216,"height":9}},{"id":"af832324-1420-43c4-b573-d6d48cdd89da","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":182,"box":{"x":101,"y":82,"width":721,"height":12}},{"id":"c97a9cc7-809a-44ec-8a9f-554ebdb5f918","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":182,"box":{"x":70,"y":98,"width":787,"height":11}},{"id":"c2be912f-b853-4cf6-bdd1-bc84d044e89c","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":182,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"cdfbe1ad-2dac-4ce4-b266-aed8c36a286b","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":182,"box":{"x":68,"y":128,"width":823,"height":11}},{"id":"7753d449-7efb-4603-beee-65d569a65173","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":182,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"9124a523-2bbf-4a37-b0e0-1f511d6ebd8a","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":182,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"c8c54bfa-591e-49a6-8858-ceaa27f56f59","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":182,"box":{"x":68,"y":173,"width":830,"height":11}},{"id":"b1077108-34c2-4d40-96e3-38be05ae5823","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":182,"box":{"x":69,"y":188,"width":515,"height":11}},{"id":"457e7ff7-71cf-4f0e-b61c-e15ef22c6a42","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":182,"box":{"x":102,"y":211,"width":798,"height":11}},{"id":"f4afcfb6-12d2-4221-866e-4949fd73b00f","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":182,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"a0a8c8a6-23ca-4019-b3ac-4dc9763a3ac5","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":182,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"30c1b57a-96a9-48ef-bc4d-9eab0d32240b","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":182,"box":{"x":68,"y":256,"width":830,"height":12}},{"id":"816747b8-027f-4cce-95b2-c3ee69a568da","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":182,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"a52fcf26-d846-45da-b6df-0c2d7e8f8429","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":182,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"18231999-a0cb-46cd-8e79-c97748119988","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":182,"box":{"x":70,"y":302,"width":797,"height":11}},{"id":"8e6108cf-a829-4e38-a4d3-c0b8a9b5c8ed","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":182,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"ec7f863f-a861-4c52-a69f-6c1ddf1049cc","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":182,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"eee49bfc-4972-400b-8152-a188c1938433","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":182,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"15e4391d-9185-496e-a7ca-f83c96e1d52d","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":182,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"111f8c75-1396-4adc-870a-9b4f083f876d","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":182,"box":{"x":68,"y":377,"width":804,"height":12}},{"id":"5313c440-337c-4935-a3a6-4c483c7a5f85","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":182,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"49de4ba7-5b67-417d-8bfb-d5c7d4214760","block_type":"box","text":"PFICs.","page_number":182,"box":{"x":69,"y":408,"width":42,"height":8}},{"id":"c12d18e5-e797-4774-9af2-3bb49cf60684","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":182,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"110b7627-9704-4e6a-9d5c-0b08402dc27f","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":182,"box":{"x":69,"y":445,"width":816,"height":12}},{"id":"ba1e7344-c67b-4a7b-bd2c-b3ddb3dea539","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":182,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"580c4c51-cba2-4a98-8c01-99c752ccca4d","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":182,"box":{"x":68,"y":476,"width":840,"height":11}},{"id":"eec6667d-4758-46d3-b3be-1b63adfb0d21","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":182,"box":{"x":68,"y":491,"width":804,"height":11}},{"id":"5e0400e4-8f13-4f87-bbe1-acc84621e335","block_type":"box","text":"difficult or impossible to obtain.","page_number":182,"box":{"x":69,"y":506,"width":225,"height":11}},{"id":"e9007d6a-db7b-4c43-b7ea-f1bae1447dd0","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":182,"box":{"x":102,"y":528,"width":796,"height":12}},{"id":"33468b67-684f-402f-82d8-16723bb851e7","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":182,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"11463eb9-6f80-4d44-ac4a-6af514e05778","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":182,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"1bb30df1-107a-474c-888f-37223a1866ba","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":182,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"505c128d-499e-48ba-ab4b-0b8991417950","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":182,"box":{"x":68,"y":589,"width":824,"height":11}},{"id":"a33af14d-79ab-4e15-a78a-5c111150d621","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":182,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"a4817f1c-12ff-45c8-8dd2-6f19671e210c","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":182,"box":{"x":69,"y":619,"width":511,"height":11}},{"id":"323a5eac-3b8d-4c32-9836-519deac874e2","block_type":"box","text":"Municipal Funds","page_number":182,"box":{"x":102,"y":642,"width":115,"height":11}},{"id":"e0b0331b-944c-4779-89a2-7b5f76e0d420","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":182,"box":{"x":102,"y":664,"width":798,"height":12}},{"id":"ea2ceaff-1ad9-455d-a3d1-3651e20c04c5","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":182,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"53df26fa-6049-4839-a33b-f76e9d34d026","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":182,"box":{"x":70,"y":695,"width":803,"height":11}},{"id":"082bbd79-9091-4de7-9951-d0ea8903288a","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":182,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"bffd6238-badc-40f0-bfde-a14d4763d95e","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":182,"box":{"x":69,"y":725,"width":752,"height":11}},{"id":"a25a7268-84b3-4930-8a2b-bd8ee755efb0","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":182,"box":{"x":70,"y":740,"width":817,"height":11}},{"id":"600e4bc2-76f0-4984-a565-fd2cc1eb1c9f","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":182,"box":{"x":70,"y":755,"width":780,"height":11}},{"id":"e868f2d1-6c5d-4fdd-af19-0e63b094c227","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":182,"box":{"x":70,"y":770,"width":815,"height":12}},{"id":"0e649f20-d995-486d-91fb-86652a9c5c9e","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":182,"box":{"x":69,"y":786,"width":839,"height":11}},{"id":"a1f16e0c-0ba6-48c2-86c0-9cc1322c662f","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":182,"box":{"x":70,"y":801,"width":835,"height":11}},{"id":"6f260085-0af7-4e04-a699-f600de6fa1c0","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":182,"box":{"x":68,"y":816,"width":730,"height":11}},{"id":"12031003-4ef6-41e0-960b-75b918539ea7","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":182,"box":{"x":102,"y":838,"width":763,"height":12}},{"id":"daff543b-25a1-416c-8d9f-22017a5b56b6","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":182,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"676f134e-a3f7-435a-9845-f405c9f599ed","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":182,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"e979708a-0218-4aa3-8f6d-8c3363d0592b","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":182,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"05330647-0432-4d48-82ef-501fcba71b62","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":182,"box":{"x":68,"y":899,"width":800,"height":11}},{"id":"d36dfbdf-f1bd-438b-b81d-4c15a49d3d58","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"02fd1477-3a16-49f2-97f9-ddf96a09d6a4","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e0a4b35-f365-48b2-a407-31d5686cf5d2","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":183,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"c2583141-413f-470c-813e-6e3c3a52624f","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":183,"box":{"x":70,"y":60,"width":836,"height":11}},{"id":"b679b2d3-8913-4789-93c8-cf46327aa892","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":183,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"7d7e06c8-46c2-4a19-a363-929e8a85448b","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":183,"box":{"x":69,"y":90,"width":217,"height":11}},{"id":"0b2cf1fa-7479-4e80-a939-1c5cbb3a5e8f","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":183,"box":{"x":102,"y":113,"width":788,"height":11}},{"id":"b210c6de-3925-4109-84b3-c02376c295cb","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":183,"box":{"x":70,"y":128,"width":790,"height":11}},{"id":"dfd46c77-1d6b-4413-8bf5-01859ee27511","block_type":"box","text":"constitute exempt-interest dividends.","page_number":183,"box":{"x":69,"y":143,"width":261,"height":11}},{"id":"d481fccb-7f82-4ada-a04d-b6d4874e2391","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":183,"box":{"x":102,"y":166,"width":765,"height":11}},{"id":"aaaccf63-e893-4366-8e8a-2bd5e3f23ffb","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":183,"box":{"x":69,"y":181,"width":819,"height":11}},{"id":"233ccb8c-5a78-48bb-a9a9-eb9a1b8fda47","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":183,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"3247466e-0732-4a0b-a840-de6f9dd47898","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":183,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"5949a5af-6ad0-4d6a-8995-bec35c6729bf","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":183,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"1649819d-fe4e-46d0-9710-c42f8e016319","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":183,"box":{"x":69,"y":241,"width":388,"height":11}},{"id":"e5619670-7542-4047-b307-2d06d8090d9a","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":183,"box":{"x":101,"y":264,"width":787,"height":11}},{"id":"85a5470f-4625-4318-833e-ff59dbe2d6fa","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":183,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"6bbee245-9620-4eee-9838-58b2b9028614","block_type":"box","text":"income dividends received by shareholders.","page_number":183,"box":{"x":70,"y":294,"width":309,"height":11}},{"id":"9da7ac97-493e-4553-974d-5849b927f4dd","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":183,"box":{"x":101,"y":317,"width":766,"height":11}},{"id":"4b3a4189-6aab-4d37-8fbc-a44735cbae7c","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":183,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"30564d83-96c2-482f-bc2e-686a945a1dce","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":183,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"e4f2ded6-15d2-4ec7-9111-21a4386f8d0d","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":183,"box":{"x":70,"y":362,"width":815,"height":11}},{"id":"4dd42e4c-ac45-41f4-b785-ed91e7b5af2c","block_type":"box","text":"the accrued market discount.","page_number":183,"box":{"x":68,"y":377,"width":208,"height":9}},{"id":"135da004-ab13-4a90-be92-d18e97b07794","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":183,"box":{"x":101,"y":400,"width":801,"height":11}},{"id":"aa206faa-605d-4409-a0c9-cf0c3526515a","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":183,"box":{"x":68,"y":415,"width":818,"height":11}},{"id":"7be6eacf-f090-44e8-b2cf-0354bfc23b4b","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":183,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"9a60d22b-e1c1-4163-94c9-c490a19e82e4","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":183,"box":{"x":69,"y":445,"width":351,"height":12}},{"id":"18710136-8899-4c27-a277-f0f131984219","block_type":"box","text":"e.g.","page_number":183,"box":{"x":422,"y":447,"width":24,"height":10}},{"id":"dc89bc88-14c6-4f47-ab43-68222e75a642","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":183,"box":{"x":449,"y":445,"width":441,"height":12}},{"id":"a5762ece-37f8-48c2-8d33-40e2f060fbb1","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":183,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"33050a4b-4dbf-4b3d-8440-583a93f4a1e8","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":183,"box":{"x":69,"y":475,"width":786,"height":12}},{"id":"1546f6fe-9d95-4e92-88e4-bbd48dc67815","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":183,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"e3644670-fef2-4ff4-85e2-3359436c98f8","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":183,"box":{"x":69,"y":506,"width":740,"height":11}},{"id":"41aa6396-aeb4-46e5-b88b-0f5800719d9a","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":183,"box":{"x":102,"y":528,"width":802,"height":12}},{"id":"e27aeb1b-eb3f-473e-935f-0849ed8907ac","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":183,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"b1a756c6-2759-4818-a771-e41e19f0aa0b","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":183,"box":{"x":69,"y":559,"width":794,"height":11}},{"id":"5ee56859-d7e7-45e5-b161-62d6c97b345b","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":183,"box":{"x":70,"y":574,"width":776,"height":11}},{"id":"bcf30cab-f174-4e1b-a8bb-cf1ab0a44c1e","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":183,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"926f7c80-7fa1-410f-8b67-41b80c5ad7a8","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":183,"box":{"x":69,"y":604,"width":436,"height":11}},{"id":"6a23852f-1ae5-49f6-953c-908f6c108eec","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":183,"box":{"x":102,"y":627,"width":771,"height":11}},{"id":"2a8f81e8-38df-48ce-9824-5f721004ab52","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":183,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"e3e435ce-2181-4697-909c-2d99063726cf","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":183,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"eca9944d-fd40-4f5a-91d6-e78696fe150a","block_type":"box","text":"within each applicable state.","page_number":183,"box":{"x":68,"y":672,"width":203,"height":11}},{"id":"863c1fb5-e05d-457f-87e0-1a14f205f8aa","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":183,"box":{"x":102,"y":695,"width":774,"height":11}},{"id":"4c0c7902-5deb-4709-b6ae-ad6d591b7420","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":183,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"1915c048-17c5-4cb1-8ad8-260792d4fc89","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":183,"box":{"x":70,"y":725,"width":816,"height":11}},{"id":"dfc25a0c-d7ae-4e69-8cd4-df93215652a7","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":183,"box":{"x":69,"y":740,"width":830,"height":11}},{"id":"78ea0a49-10a2-43b5-9c4d-7ce18826fbb7","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":183,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"6e90d7a4-fe5c-423f-8c53-a863e10bdca6","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":183,"box":{"x":70,"y":770,"width":783,"height":11}},{"id":"acb097b9-4701-4ba6-8086-a60d49ce86f6","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":183,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"0e47f7ad-44f2-45e8-b5fe-ffc34a5cafd3","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":183,"box":{"x":68,"y":801,"width":710,"height":11}},{"id":"2c6531f3-498b-4ff9-be2a-fe6b9f0fbbc8","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":183,"box":{"x":102,"y":823,"width":796,"height":12}},{"id":"e3fed8bf-968f-4b70-9a53-514342738b50","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":183,"box":{"x":68,"y":838,"width":828,"height":12}},{"id":"1f1296d8-754e-4362-9f31-ea6a5b744417","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":183,"box":{"x":68,"y":854,"width":841,"height":11}},{"id":"3bc13709-c77a-44e4-be2b-acbc9edf454d","block_type":"box","text":"exempt from state income tax.","page_number":183,"box":{"x":69,"y":869,"width":216,"height":11}},{"id":"ad539dc5-4ca9-4f04-b19f-373d4807c191","block_type":"box","text":"II-135","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"81a1a2a9-caa0-48eb-baa4-79336275812d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a508c727-0af9-403d-8388-80dca9e8f4c1","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":184,"box":{"x":102,"y":45,"width":771,"height":11}},{"id":"afcf3bc8-d1f1-40e7-875a-498a65aca90f","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":184,"box":{"x":68,"y":60,"width":823,"height":11}},{"id":"6b74d43a-6297-4e03-bd90-aed0bf9b9f22","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":184,"box":{"x":68,"y":75,"width":309,"height":9}},{"id":"8f0aaff7-5e7e-4236-9c25-f394b58e533a","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":184,"box":{"x":101,"y":98,"width":749,"height":11}},{"id":"7921bc6d-9b83-4467-b2cf-3364802a6bcc","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":184,"box":{"x":69,"y":113,"width":803,"height":11}},{"id":"6e368ac4-22b3-4d67-a346-3da46bc07357","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":184,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"77d13052-fdb7-4859-841b-101fe6019e4e","block_type":"box","text":"decisions may have a retroactive effect.","page_number":184,"box":{"x":69,"y":143,"width":283,"height":11}},{"id":"ba0bf17b-7125-44f6-a193-0ba44fa3981e","block_type":"box","text":"PERFORMANCE DATA","page_number":184,"box":{"x":403,"y":172,"width":173,"height":10}},{"id":"48c4a4db-31e8-4700-a702-3adc547ca3cc","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":184,"box":{"x":102,"y":195,"width":738,"height":11}},{"id":"8bfbd522-de17-4d0b-8114-7f8accb956cc","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":184,"box":{"x":69,"y":210,"width":779,"height":11}},{"id":"566e14af-5348-4bce-bc8d-f1485786318c","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":184,"box":{"x":69,"y":225,"width":833,"height":12}},{"id":"c978ac7d-d448-4308-af95-0d74d7401704","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":184,"box":{"x":70,"y":241,"width":792,"height":11}},{"id":"c0749acf-caba-4f82-9b85-4a9ece2be790","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":184,"box":{"x":69,"y":256,"width":473,"height":11}},{"id":"f6e1eb22-e794-401d-8008-342063e80116","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":184,"box":{"x":102,"y":278,"width":761,"height":12}},{"id":"d5494d71-8b07-4e24-b85a-a788956d2bb8","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":184,"box":{"x":69,"y":293,"width":836,"height":12}},{"id":"49936f6c-41b9-42b6-a2cf-1f4f2cddee42","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":184,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"4af87a55-ee9d-4533-afe5-95cde56e5003","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":184,"box":{"x":69,"y":324,"width":765,"height":11}},{"id":"4d94c71b-6e2c-436f-abc3-1ae654d6229a","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":184,"box":{"x":69,"y":339,"width":808,"height":11}},{"id":"4bb7f41d-8446-45ba-96a1-6468ce44e957","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":184,"box":{"x":69,"y":354,"width":813,"height":11}},{"id":"8c95486c-eed5-4b48-a083-d364626ba0e4","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":184,"box":{"x":69,"y":369,"width":839,"height":11}},{"id":"3813c29b-c426-4636-828f-bb66ad3e9bd9","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":184,"box":{"x":69,"y":384,"width":546,"height":11}},{"id":"7fb95f8a-01b2-4e3a-82ed-798bea10b524","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":184,"box":{"x":102,"y":407,"width":781,"height":11}},{"id":"430849f2-a531-4a57-b5d2-08d6b35a2a5f","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":184,"box":{"x":68,"y":422,"width":819,"height":11}},{"id":"b0ee91ce-5480-42db-868c-d3fb032c218f","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":184,"box":{"x":68,"y":437,"width":810,"height":11}},{"id":"ea5a7e98-5b80-466e-b402-7cd77d4bdfc0","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":184,"box":{"x":70,"y":452,"width":823,"height":11}},{"id":"9ff05cfa-b83a-48db-a23d-146881eda08c","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":184,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"160084d7-f1af-4c77-bd60-058855ac95b0","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":184,"box":{"x":70,"y":482,"width":825,"height":12}},{"id":"762f1769-e4b2-48e1-b2f7-e60e6c7e83fb","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":184,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"e42c9bdb-98bc-46bf-83e1-d506ff3259ce","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":184,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"6515eed6-50b4-41e1-a720-2bafa283f824","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":184,"box":{"x":70,"y":528,"width":833,"height":11}},{"id":"74fc0887-3a0a-4bb7-8d64-0754a7d44294","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":184,"box":{"x":69,"y":543,"width":797,"height":11}},{"id":"c8fad150-0c0e-41e4-8b56-f66116a4f9b6","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":184,"box":{"x":68,"y":558,"width":824,"height":11}},{"id":"6ef9325b-18ff-4fd3-93a3-07fdb01ca389","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":184,"box":{"x":69,"y":573,"width":837,"height":11}},{"id":"ca6edae2-29e4-4eac-b2ec-d6e0aea41342","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":184,"box":{"x":69,"y":588,"width":814,"height":12}},{"id":"3d835fd2-c7f4-4f35-bd50-5b7f9de65ac5","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":184,"box":{"x":69,"y":603,"width":830,"height":12}},{"id":"29dbc4cb-50e8-45a6-a05a-56dc11696e87","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":184,"box":{"x":69,"y":618,"width":774,"height":11}},{"id":"240afed5-c45d-4e9e-be60-6f16b7978b4e","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":184,"box":{"x":102,"y":641,"width":752,"height":11}},{"id":"f6700915-982e-4ec2-b39e-4e38557651a7","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":184,"box":{"x":70,"y":656,"width":835,"height":12}},{"id":"b9138bcc-b8a9-4753-9639-5d0d3598b252","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":184,"box":{"x":70,"y":671,"width":820,"height":12}},{"id":"28b9701a-4a0f-43ae-ae57-ad256b86f049","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":184,"box":{"x":69,"y":686,"width":756,"height":12}},{"id":"614e9a06-ae74-42d1-9361-7ecb8512a10c","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":184,"box":{"x":69,"y":702,"width":772,"height":11}},{"id":"a1b5d2c8-da3c-4d88-9d6c-2b2c02ba84f8","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":184,"box":{"x":69,"y":717,"width":827,"height":11}},{"id":"710cdf4c-efba-4ca6-87db-ac07d4afc34d","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":184,"box":{"x":69,"y":732,"width":825,"height":11}},{"id":"14c925bb-f2b3-4233-91a6-1ed7b5bf7059","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":184,"box":{"x":70,"y":747,"width":812,"height":11}},{"id":"dfa0fb5c-06a3-4865-a6bd-9f673b7399f7","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":184,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"756ebcb8-acaa-4c2c-bdb8-37695971b643","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":184,"box":{"x":69,"y":777,"width":768,"height":12}},{"id":"084aaabd-eeb3-496a-93b5-cec7f9d760ef","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":184,"box":{"x":69,"y":792,"width":810,"height":12}},{"id":"b8e2be8a-8235-44cd-a477-4e2368a44482","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":184,"box":{"x":69,"y":807,"width":802,"height":12}},{"id":"84501077-b183-42b5-9a76-54c98fd73020","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":184,"box":{"x":70,"y":823,"width":825,"height":11}},{"id":"140243ce-0031-4a59-80df-79aa6948f389","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":184,"box":{"x":68,"y":838,"width":823,"height":11}},{"id":"4a45c6e3-1202-4285-85c0-27d26dbf2314","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":184,"box":{"x":69,"y":853,"width":743,"height":11}},{"id":"84170812-c176-41aa-b810-2762530c5ecd","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":184,"box":{"x":69,"y":868,"width":814,"height":11}},{"id":"e80c9074-bd01-4d6f-9779-78f64824437a","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":184,"box":{"x":68,"y":883,"width":422,"height":11}},{"id":"c72752d7-984a-4c77-be33-8f05eefcd734","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a8f121ba-b8eb-4a41-bdfa-d1a11c4c4519","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d120a88-787a-4c4e-9b73-b371cfd371ee","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":185,"box":{"x":101,"y":45,"width":720,"height":11}},{"id":"dd42ff6d-0766-4798-af5f-703aae1b9c28","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":185,"box":{"x":70,"y":59,"width":813,"height":12}},{"id":"cf167a40-0052-431b-b45f-d520a9421037","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":185,"box":{"x":69,"y":75,"width":781,"height":11}},{"id":"cd905bea-1c48-42ae-963b-8a7ff4055314","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":185,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"0bdbef35-0ae5-4390-ae64-32c248f1ffb7","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":185,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"a279337c-e704-4cad-b8c7-6e6fe1f162ef","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":185,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"856eeeae-6c61-4709-919e-a76d34200cce","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":185,"box":{"x":70,"y":135,"width":801,"height":12}},{"id":"1f3a0b2f-fe38-41be-a653-6298e7d2427d","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":185,"box":{"x":69,"y":150,"width":819,"height":12}},{"id":"93ae01f2-8c28-411a-93fc-cc809df0b20d","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":185,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"c5822b91-6e16-4a0a-a6c9-8e5f84613a22","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":185,"box":{"x":69,"y":181,"width":686,"height":11}},{"id":"3817295d-12c4-4f92-aeea-77e0858ad3a4","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":185,"box":{"x":101,"y":203,"width":796,"height":12}},{"id":"2f019992-9db4-4e6e-836f-902e5f01acfd","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":185,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"8159375a-a140-4b8f-aa79-c4033e03187b","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":185,"box":{"x":68,"y":234,"width":817,"height":11}},{"id":"4d670412-31e4-40a0-83ce-d42bb69d7e5b","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":185,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"359f9e8a-fde7-4480-b50f-05a77238c25d","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":185,"box":{"x":69,"y":264,"width":759,"height":11}},{"id":"329842fe-4fd9-4c05-929a-4e2469522127","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":185,"box":{"x":101,"y":286,"width":779,"height":12}},{"id":"ea957a5f-daeb-4473-8ff9-dae0aeb9f1b6","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":185,"box":{"x":70,"y":302,"width":819,"height":11}},{"id":"3dada930-e240-41ab-ba59-ec38bf7f76e1","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":185,"box":{"x":68,"y":317,"width":830,"height":11}},{"id":"0e7dcc27-932f-4992-a4be-31d26f0c764b","block_type":"box","text":"less than their original cost.","page_number":185,"box":{"x":70,"y":332,"width":196,"height":11}},{"id":"6d20b0ce-3a4d-49e1-98af-69cc43340920","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":185,"box":{"x":102,"y":355,"width":782,"height":11}},{"id":"1a92df1f-69fc-4d7e-934e-3ec1381c4e5a","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":185,"box":{"x":68,"y":370,"width":836,"height":11}},{"id":"973019d0-ba1a-4f74-9237-21efb135a093","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":185,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"e448c849-4ebd-4fb1-ae29-3ea5427c4076","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":185,"box":{"x":68,"y":400,"width":820,"height":11}},{"id":"f01927bc-3337-4775-a7f3-1030e3f9d39c","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":185,"box":{"x":68,"y":415,"width":824,"height":11}},{"id":"fadee6d4-8cd7-44ec-9b9a-cddb2549732e","block_type":"box","text":"lower amount of expenses is deducted.","page_number":185,"box":{"x":70,"y":430,"width":278,"height":11}},{"id":"d010aff8-570b-4482-8a98-19dd4ade1b71","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":185,"box":{"x":102,"y":453,"width":741,"height":11}},{"id":"7d48efc3-5a6a-4d41-a534-09332cc39b4f","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":185,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"9b716e0f-85d8-4c5a-8d90-3371c2b6c1e6","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":185,"box":{"x":70,"y":483,"width":646,"height":11}},{"id":"fd70e871-1c22-407c-abe8-f2f0ae074908","block_type":"box","text":"Money Magazine, U.S.","page_number":185,"box":{"x":724,"y":483,"width":156,"height":11}},{"id":"5725b72c-35d6-4757-9a9d-eda96eb083af","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":185,"box":{"x":70,"y":498,"width":533,"height":11}},{"id":"5f6ef907-01ed-472a-83b8-c72423bdb09f","block_type":"box","text":"or other industry publications. When","page_number":185,"box":{"x":608,"y":498,"width":257,"height":11}},{"id":"24f6f895-6cb7-4f6a-8522-4f6e5b694f9a","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":185,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"d7433b05-ad61-4937-855c-82e5d8c7b3df","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":185,"box":{"x":69,"y":528,"width":803,"height":11}},{"id":"f6605651-ea8b-45ac-9625-d04696e5bcf6","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":185,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"56e378d6-bf53-4aae-bed9-0d5141965d0f","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":185,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"cf72db9c-9b71-45a2-97f7-371c4606cf69","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":185,"box":{"x":69,"y":574,"width":793,"height":11}},{"id":"9b5e4909-fe1b-4ce3-836b-a8a22d28ac13","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":185,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"01042729-a0d8-494f-a548-c5349056e0a1","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":185,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"788e3cea-12bf-4f98-b434-5e34ef8bf213","block_type":"box","text":"developed by Fund management.","page_number":185,"box":{"x":69,"y":619,"width":233,"height":11}},{"id":"38f0ec19-2ce0-4196-a64f-b29da5b4af6f","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":185,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"c0df5955-131c-4573-91af-977bc076fa5d","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":185,"box":{"x":70,"y":657,"width":810,"height":11}},{"id":"e38d23d7-8d2c-4085-befa-cc5bc6be056e","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":185,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"5a1a0282-8c1e-47ca-a8bc-a54b9e629eff","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":185,"box":{"x":69,"y":687,"width":792,"height":11}},{"id":"babdf563-b512-4bd3-a8d5-9a51c52825fa","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":185,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"1dd406e2-a691-4ed4-a27d-d45ccb10f47b","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":185,"box":{"x":70,"y":717,"width":835,"height":12}},{"id":"57afc402-17dd-4a41-98ce-399577d779bc","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":185,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"6832ed32-ab1b-429e-b922-ff86031506b2","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":185,"box":{"x":68,"y":748,"width":461,"height":11}},{"id":"75de86a3-98c7-4261-8b21-d82947bf137a","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":185,"box":{"x":308,"y":777,"width":362,"height":10}},{"id":"9448cd09-11e6-4305-b866-f40d0dbf375f","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":185,"box":{"x":101,"y":800,"width":802,"height":11}},{"id":"9af54e6e-c493-4269-80fb-4e771754c221","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":185,"box":{"x":70,"y":815,"width":809,"height":11}},{"id":"4a4cd098-28cd-4a3c-b6fb-80adf27c225e","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":185,"box":{"x":69,"y":830,"width":833,"height":11}},{"id":"763bb31e-2b98-46df-b4a9-ad828607c505","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":185,"box":{"x":70,"y":845,"width":755,"height":11}},{"id":"0f8e42c2-40e2-41ae-ba70-4655adb07d5d","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":185,"box":{"x":101,"y":868,"width":785,"height":11}},{"id":"82f02828-a17d-4596-8672-6a3a0aaa96c3","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":185,"box":{"x":68,"y":883,"width":822,"height":11}},{"id":"216f8665-966e-4db1-8407-32f4db59bb07","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":185,"box":{"x":70,"y":898,"width":824,"height":11}},{"id":"48738188-5bf1-4013-a006-c2b994d01dac","block_type":"box","text":"II-137","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9423511b-1ef4-494d-a572-a66bb6b21aae","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"974b687e-5641-4682-b8a0-f93198e358bc","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":186,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"56778ce5-9122-4f7e-a8f3-dfb6b7f98108","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":60,"width":392,"height":11}},{"id":"ea170c34-c1d7-482e-960f-66f82d740e23","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":186,"box":{"x":101,"y":83,"width":749,"height":11}},{"id":"8faf6067-a813-49f4-bc4e-320e3409e702","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":186,"box":{"x":70,"y":98,"width":759,"height":11}},{"id":"95fe8913-28aa-48f8-bcb0-3b37b6b4d49a","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":186,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"26fadb29-60eb-452a-accb-9ff1a11501ec","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":186,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"0c780989-f197-4a8a-b379-9d1638e1b612","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":186,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"d872efd4-9f19-4ff8-baff-6591a8b7ddab","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":186,"box":{"x":69,"y":158,"width":392,"height":11}},{"id":"a2a6b27a-e11f-4f24-ac43-591a41abe9ab","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":186,"box":{"x":102,"y":181,"width":767,"height":11}},{"id":"56bde162-bde3-4b14-abc6-ed01d800648f","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":186,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"555bc57f-ef13-4e30-97c5-1fbcdba5806b","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":186,"box":{"x":69,"y":211,"width":819,"height":11}},{"id":"c60a4339-9d3e-4350-a0fc-bb018bfdac12","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":186,"box":{"x":69,"y":226,"width":684,"height":11}},{"id":"36bb4508-f49b-4cd1-bd34-f09a40ef9116","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":186,"box":{"x":102,"y":249,"width":766,"height":11}},{"id":"9c04320e-0b2f-44ab-8495-ceded20c9fcc","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":186,"box":{"x":69,"y":264,"width":784,"height":11}},{"id":"c4c542d4-0ae6-4e64-8bc4-c626c93f07d7","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":186,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"1fbefd71-5e3a-48e8-a9aa-fd44f40cfc6a","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":186,"box":{"x":68,"y":294,"width":790,"height":11}},{"id":"cfc34fc5-eeaf-4c7e-bdf6-ce93ec226f7e","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":186,"box":{"x":70,"y":309,"width":810,"height":11}},{"id":"d8c6e539-0963-4f34-84d3-9e699bf91638","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":186,"box":{"x":69,"y":324,"width":788,"height":12}},{"id":"07c9b95a-0a62-4988-bb23-8e37dd0cfc40","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":186,"box":{"x":69,"y":340,"width":327,"height":11}},{"id":"b36d5ff5-0b85-47b6-8e1e-b8a704abb0f0","block_type":"box","text":"GENERAL INFORMATION","page_number":186,"box":{"x":391,"y":369,"width":195,"height":10}},{"id":"642292ee-7206-46fd-b922-1e944612ac1c","block_type":"box","text":"Description of Shares","page_number":186,"box":{"x":69,"y":399,"width":156,"height":11}},{"id":"a7b006c9-d6de-4973-ad03-280afe0c0b98","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":186,"box":{"x":102,"y":422,"width":800,"height":9}},{"id":"e4c21e68-e276-49d6-863d-f4d6641a0fcd","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":186,"box":{"x":69,"y":437,"width":811,"height":11}},{"id":"b7bced4b-f35f-4070-a92e-eb41644d2a4b","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":186,"box":{"x":69,"y":452,"width":825,"height":11}},{"id":"959db716-3e08-43a9-8ad4-2c3214e30cd3","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":186,"box":{"x":69,"y":467,"width":838,"height":12}},{"id":"1ff9383f-cbcc-48f3-ae64-7d193a6c6de2","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":186,"box":{"x":69,"y":482,"width":835,"height":12}},{"id":"70342fe4-ac05-4177-a364-1fa4cfe25cca","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":186,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"1da5e0c0-3d37-464b-9c5d-764ca71b138b","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":186,"box":{"x":102,"y":520,"width":801,"height":12}},{"id":"ebabf0a6-e123-43c2-bd12-df56e3658e98","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":186,"box":{"x":69,"y":535,"width":760,"height":12}},{"id":"c91aca75-9fa9-44a3-ab18-c0160c0104f3","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":186,"box":{"x":69,"y":550,"width":810,"height":12}},{"id":"f8f89fca-3bb3-4c39-a549-c858e1c32303","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":186,"box":{"x":69,"y":566,"width":790,"height":11}},{"id":"dab998f0-c25c-45f1-9b16-112be7f28095","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":186,"box":{"x":69,"y":581,"width":787,"height":11}},{"id":"d89d2c70-c906-4d8e-9c5b-f954435e639b","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":186,"box":{"x":69,"y":596,"width":797,"height":11}},{"id":"4e319d5a-9427-4ba8-a0b8-ed7e54f42052","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":186,"box":{"x":69,"y":611,"width":658,"height":11}},{"id":"30cb0b06-eb16-4111-9be6-0bc7293bc4b5","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":186,"box":{"x":102,"y":634,"width":741,"height":11}},{"id":"c9bb7c68-f7a6-413f-9e19-79251ff6b2eb","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":186,"box":{"x":69,"y":649,"width":790,"height":11}},{"id":"e5ca47f8-7703-4223-8c4c-91e9525f86a9","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":186,"box":{"x":69,"y":664,"width":546,"height":11}},{"id":"e4dbf975-da97-40d5-8093-f7f83949e535","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":186,"box":{"x":102,"y":686,"width":712,"height":12}},{"id":"f62e5365-cf71-4a29-812f-dcecfbde765e","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":186,"box":{"x":69,"y":702,"width":765,"height":11}},{"id":"a533aa7c-a710-4be5-ab8e-ab69c31b182e","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":186,"box":{"x":69,"y":717,"width":834,"height":11}},{"id":"8485a5a1-6373-46c0-af74-df18c680f426","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":186,"box":{"x":68,"y":732,"width":729,"height":11}},{"id":"d54f9fcf-2fb3-4bde-bddc-03d29b86f39c","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":186,"box":{"x":69,"y":747,"width":815,"height":11}},{"id":"c4b35021-27e9-4d08-afb1-48c5ef6b8f16","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":186,"box":{"x":68,"y":762,"width":761,"height":11}},{"id":"ca23d836-eba3-4ec6-832c-5b54ab1ff2d4","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":186,"box":{"x":69,"y":777,"width":824,"height":12}},{"id":"7b5c3686-9160-4173-8edc-eee19aba0d65","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":186,"box":{"x":69,"y":792,"width":839,"height":12}},{"id":"fa067998-4b87-403c-bdee-18782ec0b234","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":186,"box":{"x":69,"y":807,"width":813,"height":12}},{"id":"84a0be5b-cb4b-40ca-ae32-7dd009069d7f","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":186,"box":{"x":68,"y":823,"width":827,"height":11}},{"id":"907b35ce-2b0d-447a-b9a1-fc675c223276","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":186,"box":{"x":70,"y":838,"width":699,"height":11}},{"id":"77971eba-cdbd-4fc4-8681-35e2d894e1ea","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":186,"box":{"x":102,"y":860,"width":413,"height":12}},{"id":"b0bb0c24-66bb-4ba3-ad81-3c576b507f10","block_type":"box","text":"II-138","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"723d0e17-f64b-4faf-be71-39182116154b","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"292eb6ae-bb91-4c5f-993a-9315c75d7442","block_type":"box","text":"Additional Information","page_number":187,"box":{"x":68,"y":45,"width":161,"height":9}},{"id":"4cff3f10-d697-4895-ab0a-d62d87369823","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":187,"box":{"x":102,"y":68,"width":789,"height":11}},{"id":"ee17bf98-c5dc-4f08-bbdf-3c90a1f5dce1","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":187,"box":{"x":69,"y":82,"width":799,"height":12}},{"id":"4e9285fa-f16f-4e34-b791-65ccbbbe087a","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":187,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"f72eb221-7e67-496d-8072-bf3178a00444","block_type":"box","text":"such name to any other company.","page_number":187,"box":{"x":69,"y":113,"width":238,"height":11}},{"id":"643e5000-1c49-410c-9e7e-455afe5f0efa","block_type":"box","text":"II-139","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cd8918f6-1708-4371-b13a-fc41fe28d279","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be9b85f2-df67-44c8-9162-b8fb6d885d5a","block_type":"box","text":"APPENDIX A","page_number":188,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"374a40f7-8f6c-4fb6-be99-33177612a3db","block_type":"box","text":"Description of Bond Ratings","page_number":188,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"0ab06a9d-b3b6-42b6-9ae5-33dc74bf38fe","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":188,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"bfd9fcb8-5d24-4622-9795-83bdf1868808","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":188,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"d5dd019a-26ed-47c2-820d-e4e0d846395e","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":188,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"149af318-cb6b-4cc2-826c-8a96cb3d0471","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":188,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"827e4c5a-6bbb-4082-93d6-e6e5579b20e7","block_type":"box","text":"date.","page_number":188,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"234bf687-b307-4e8a-ae88-b7d8acf463ac","block_type":"box","text":"NRSROs may rate specific investments (","page_number":188,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"a68ed5bb-847c-414d-87b6-a9ea3d7c4835","block_type":"box","text":"e.g.","page_number":188,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"3b1c576b-d3c8-4e50-90a1-a06834515324","block_type":"box","text":", bonds), issuers (","page_number":188,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"d371126b-c851-483f-996d-54003a05c54f","block_type":"box","text":"e.g.","page_number":188,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"50cbf58e-efdc-48b3-87de-23b7dc1d116f","block_type":"box","text":", corporations, governments and financial","page_number":188,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"b05ae7f4-5c3b-4f9d-800e-10ed2f16ba2c","block_type":"box","text":"institutions) and/or programs (","page_number":188,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"ed94fb7d-3002-4377-bbd3-a93f24d3d103","block_type":"box","text":"e.g.","page_number":188,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"f098aa4a-f6c8-4857-9a5b-ab2a8c35892c","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":188,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"773e31d3-28b2-436b-a0a7-6c844980de45","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":188,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"8ed71955-73e7-486a-ae67-6d13267532fa","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":188,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"ddd49630-6b7e-4776-887f-1a2bd53bd33a","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":188,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"013ef4a3-9e55-4830-88c4-f07e2ed6d953","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":188,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"c7ebaf1f-91bf-4d83-ac01-e329b2fb1c06","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":188,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"2e2105be-6540-43fd-9a79-3626a59fa126","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":188,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"574cf411-c0a8-49f0-89d4-35cc432cc176","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":188,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"8ba3e60f-165d-4315-b6ed-a61950174aeb","block_type":"box","text":"security (","page_number":188,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"c7425f24-cf04-4fe0-a80c-d36cb25ed1c8","block_type":"box","text":"e.g.","page_number":188,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"7a9362ab-af99-45fc-8607-ed771f7fb89c","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":188,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"61d15085-0e8b-41ee-a51e-42bcf7f750db","block_type":"box","text":"highest of the multiple ratings.","page_number":188,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"f782f473-66b3-4109-a6f9-606aafe09b56","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":188,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"612d83ce-6654-4840-86f2-352475690aae","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":188,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"2ec91b33-1390-4e71-bbd9-d4519ee1870d","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":188,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"8fb84460-1cf0-46b5-83c7-4cb16b2d35f8","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":188,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"ec0aaecc-7196-4d67-98c9-bff89281713d","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":188,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"4b0537ea-00ca-4bdb-a752-1e261a99d5db","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":188,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"bfdd3984-ab30-4744-865e-b0f680415f69","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":188,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"0e78f6ad-8dfe-4cf5-b965-cd15ca299e1d","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":188,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"65a3ece8-218d-4cbf-a20c-382de4aa0937","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":188,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"4b9bf976-820f-4a44-bc90-a871b0285930","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":188,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"86d6695a-f1a6-4575-ade6-b2bfea21442d","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":188,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"0487ad37-8299-4854-8061-01290172d914","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":188,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"daf84e9a-390b-468d-b9f7-e7fcdf69f2d0","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":188,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"9f30bddd-93ea-4778-b87a-98462994c594","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":188,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"165cf7d3-27ca-4c0b-a4dc-843605ceb4d6","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":188,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"c84b229c-b714-4a69-861d-a8af0a31feef","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":188,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"6076c92b-126d-4766-970d-1ad60a420dcf","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":188,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"c153b0df-f6c0-4a11-836f-07ec54528c75","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":188,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"3476ef28-5977-4ed6-987d-2d3bd40061ba","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":188,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"211d647d-1c9a-48c4-98b8-62e6922c9f48","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":188,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"46fe8f93-cda4-426b-a925-8a374f51a229","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":188,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"81bd7a7f-1dea-4d11-99a2-a9f42d326a0b","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":188,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"b7482fc2-96d3-47e7-8b2d-6c63aa41232b","block_type":"box","text":"Fitch.","page_number":188,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"3ae17def-e8a7-4072-987c-b00b536a4fd4","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":188,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"809c8832-7541-461a-88cb-fc9d096aa27f","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":188,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"ddc52d5c-2ebb-4953-8e13-185a80fb77e4","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":188,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"af035607-cc0f-427e-9e64-08d8dc8f4ccc","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":188,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"604939f0-fea2-46c0-80fd-16902fec6130","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":188,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"4aac33e2-82fe-4972-8f79-f90055b1d4d7","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":188,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"68b65511-9f4f-4416-8bac-70886f2f5944","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":188,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"97f75476-da41-41eb-9ad4-3a01e594fda0","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":188,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"bbba7bcf-a914-47f5-9e37-4d2db7646400","block_type":"box","text":"sources of variation (","page_number":188,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"29b713d2-5b89-4e46-b07e-5e08bf4654b6","block_type":"box","text":"e.g.","page_number":188,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"4f2d5b0a-4ad7-4fbf-9dff-c68cf26844d4","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":188,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"3b8e9ec8-cbc3-4a59-bb95-43196dd9a55c","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":188,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"50a21fda-c190-4183-83b9-754422cd68ba","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":188,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"8b59b86c-4f15-4043-9c78-a246756fa5bf","block_type":"box","text":"e.g.","page_number":188,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"5d0d7aa5-20b1-4568-afcf-7dad5d55b7ff","block_type":"box","text":", equity indexed), absent an express","page_number":188,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"6cc9e0fb-b482-458c-a687-d29c8b292327","block_type":"box","text":"A-1","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"58ab8d14-83df-4d63-9175-8e58e1923aff","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"998b4d27-23f3-4fb6-ae97-f6a12d29bab6","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":189,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d2e41964-0536-4507-a7d9-84ae113ebb15","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":189,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"c6df9866-e663-42d4-9c9c-e5cbf523d2f9","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":189,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"e5e1f02c-8835-4006-9750-a36b5e3aa666","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":189,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"3eedda99-4904-4181-9acc-2cc66247f553","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":189,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"a75a8341-709e-4d82-b3d4-fbeeda32a530","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":189,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"77c3cd7e-1886-4dbd-9b99-576c8aa35038","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":189,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"270e7687-78d9-4c94-b837-a999fa6aba36","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":189,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"1d0a6d46-a946-451d-83bb-2085bf25530e","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":189,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"605d2d50-77c6-4ed6-b95a-93bde3ea3021","block_type":"box","text":"i.e.","page_number":189,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"e1c8c2db-7eaa-423e-91c2-e10d9f97f336","block_type":"box","text":", ratings on nonfinancial","page_number":189,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"d17df0f8-7b24-4d28-b1ee-6d44b5377943","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":189,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"79496b75-f205-46a9-9177-a342ec16cdfd","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":189,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"cb9b6923-b221-4957-95c1-79a01151ec09","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":189,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"c6c80d12-e038-43a3-914d-12b1e05a2ba3","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":189,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"c87e09e8-3270-4ea2-b164-234c74a59afb","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":189,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"86382128-5d7b-41c8-9505-9f60d6d907d4","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":189,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"13a3d69c-1582-421d-88b5-f541df79f88a","block_type":"box","text":"of time.","page_number":189,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"d85eaee0-9fb5-4eb6-a0bd-32930ceef6aa","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":189,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"ad47ea11-b9ed-4bbc-a5be-5088de2a1e61","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":189,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"5c9572d3-2623-48e0-bc29-d8604ba91117","block_type":"box","text":"risk.","page_number":189,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"9c617fd3-b9ef-421e-b291-6b09628520c5","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":189,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"de95f263-03db-47dc-beb8-c9faa1497992","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":189,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"783f5e37-1f48-460c-bd32-15e8d2e47c2d","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":189,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"ee14d2e2-c75f-48bd-8a05-94579ccd3c19","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":189,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"bafd323e-267c-4f44-9bd6-806d8a3e28c6","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":189,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"11f02631-2559-4314-a27d-101c8df8927c","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":189,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"d3b4011a-809b-496a-967b-035b5ae4cd64","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":189,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"60cb68a6-8ffc-4897-a9bd-45a1b691f0b8","block_type":"box","text":"credit risk.","page_number":189,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"b3f51735-73ba-4e98-b334-92cfa041008d","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":189,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"5e397594-7529-466d-8ac3-063a4b754fbf","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":189,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"892e3c93-d53c-45d4-a649-93b2ad383fff","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":189,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"590fd986-e5dc-4963-9cd0-12f696d3e892","block_type":"box","text":"of principal or interest.","page_number":189,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"98dd1861-8871-4a69-b32f-e1dc977c8309","block_type":"box","text":"Note:","page_number":189,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"70f8b55f-5949-40b0-85a7-997f16dc0848","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":189,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"f958b011-fe5f-4053-9bdf-1f0cf88ea80b","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":189,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"99727962-7186-4a58-ad6f-9df708eb2508","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":189,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"4d944233-0afb-48cb-b81d-9b90a1634964","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":189,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"db914f41-6323-413e-81e1-6c00ca9d9d2b","block_type":"box","text":"companies, and securities firms.","page_number":189,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"b973d572-c282-4f66-a73b-b0980737ba1b","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":189,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"1409a6b4-4bc0-4bc1-9773-4e9801bde090","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":189,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"dfc1cd67-1ea3-4e17-a203-092739a1ddba","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":189,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"f8d37bb6-cc7d-44d9-b6c0-55ae5b6f5325","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":189,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"52861c6e-4d6e-44d3-9448-b9a674063601","block_type":"box","text":"that security.","page_number":189,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"ca1071b5-72d6-494e-9aee-9e11631562a5","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":189,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"967c90d8-24ff-4542-8ab5-292a01d2dc57","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"a2090a8d-83d6-49dc-84c5-efd0a14f9088","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"8471fcb5-540a-4c53-bef1-8860be27a9d8","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":189,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"928d2ef4-6812-417e-8e27-b23c7c992a7e","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":189,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"4f26bba0-66b8-4675-83ec-3892e870abeb","block_type":"box","text":"categories.","page_number":189,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"04c96bf5-0154-4cb1-9219-3bb75e23e2be","block_type":"box","text":"A-2","page_number":189,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"70dc28aa-1156-47b1-ac1a-8d47e4db5e46","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5b71923-f4f2-4f74-9cc5-66fe0e73c723","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"9f06b364-9355-40b7-af79-10398c69e956","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":190,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"ea74a97c-05ff-4515-9741-b24bb51ab035","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":190,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"eed27464-758a-46ce-9987-a70ef2c08158","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":190,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"68715daf-8b19-4abc-b054-fae073a63c7b","block_type":"box","text":"an issuer’s self-liquidity.","page_number":190,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"4e88dc51-3894-4d0d-b944-6dcad332b0f5","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":190,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"0ad0a750-278c-4524-b730-b5ea3c501ef0","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":190,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"649ec02d-51a2-4277-829d-c666984b4ce9","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":190,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"85a422da-74c7-4f72-a7bc-bb6db4cf7b09","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":190,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"e63617c3-0e55-4938-a9c5-323aeee606ba","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":190,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"f405b563-2355-458e-a7fb-8a9f869861a2","block_type":"box","text":"MIG Scale","page_number":190,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"78e39271-4f6e-47a9-9068-27792f7c5221","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":190,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"5dbd42fc-22bd-4d64-8d57-a70a8b4f9a20","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":190,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"c116bca9-a578-4202-b02b-b2fb02b9f595","block_type":"box","text":"refinancing.","page_number":190,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"abadbded-6d8d-4b26-a125-1db5d644b9e2","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":190,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"a4ad4f8b-05b2-4735-a518-3d85c848753d","block_type":"box","text":"large as in the preceding group.","page_number":190,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"2592d607-8bf9-4f28-b73a-941d5d635e93","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":190,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"754e8d7d-f17b-41fc-ab6f-c2031558cc0b","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":190,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"4c1baa2f-00cd-4e1d-8efb-f64766bda12e","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":190,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"916f9e49-19f9-4467-bc16-272e0358ff4e","block_type":"box","text":"lack sufficient margins of protection.","page_number":190,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"5acd895b-5cbf-45fe-a5a3-5a975aea15d2","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":190,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"a14049f2-da4e-443c-a126-6086883e563c","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":190,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"fcedc66e-0fb5-4c15-b40d-4f8f6a67d14e","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":190,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"2584f979-0455-43fa-a772-1af2e621152f","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":190,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"31449707-ffd3-4cca-a58b-587ffa7291df","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":190,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"31e5940f-8155-4517-9c54-9118be3447b3","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":190,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"90d58b8b-6c2d-4267-bf60-a9cacd8120c3","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":190,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"bbbf2b60-1b06-49ff-b57c-6e40129acfb8","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":190,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"058a8ceb-02b7-4a83-893c-29c34693be5b","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":190,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"38bfafe3-16bf-4e69-bf49-225ebba4106a","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":190,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"16bc1e7c-4320-42ec-95c3-2ae65d8e8260","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":190,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"8d6cbc8b-7c0d-4896-9fbd-e0ebc0eba05a","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":190,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"b883add2-07cc-48a4-a36c-5a2f249f2d23","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":190,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"5b415774-f053-4555-85a1-21075c528ccd","block_type":"box","text":"VMIG Scale","page_number":190,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"7aa0fe88-a0d3-41db-861b-e0dbea2ea433","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":190,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"2c1f6a50-2f46-49ae-a19a-aa1de76ef328","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":190,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"8be3f153-f15a-4caa-bd15-b5055883dff2","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"1d0955b6-d778-4a56-b855-5da9cb85fa3a","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":190,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"f11e5dcd-6ce6-4fb1-96b3-ba125be067f4","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":190,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"7be125ec-1c51-4d33-95e9-40757d338985","block_type":"box","text":"payment of purchase price upon demand.","page_number":190,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"d5276f37-5049-4b1d-96be-667c0ee22be5","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":190,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"79a77325-d202-45eb-9b7a-a665a5917886","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":190,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"7a531cc3-4bd2-4cd4-b467-201398e36f8d","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":190,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"1e3a8b87-3f73-4529-8452-b493b5a7b89c","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":190,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"f2e2e9d3-a4c1-430a-a060-df10683186f8","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":190,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"885a2a93-ce2a-483e-b4fa-0e85c222f57f","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":190,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"081d6fd1-a106-4873-bdf5-2cfeec672914","block_type":"box","text":"price upon demand.","page_number":190,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"ace4986f-2f3d-483f-b73d-67e218e4153f","block_type":"box","text":"A-3","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7194ecc4-7e60-48e9-9d4b-eb5f8ec4c2e4","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"874c023c-1d91-4934-8432-90d46b63e6d6","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":191,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"18d3e22c-8bf5-47f3-9078-055ec615a642","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":191,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"a09c88d9-a862-4d9b-bd9d-6d10aec87801","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":191,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"f1b0e0e3-0b3d-4417-b720-f1c5c78ec7b7","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":191,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"9ee50961-cfd0-4998-be0b-3180105e9b9c","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":191,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"a2e320ea-542e-46dd-b87d-8e45120071dc","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":191,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"64fca300-977e-478b-834d-d8d600837a1d","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":191,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"4ee19b7e-38f7-489f-9853-98595be5ca5e","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":191,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"d279d3bd-74f8-4058-a304-6db89597acaa","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":191,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"f5437d44-d2b1-4388-804b-e80264d035e1","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":191,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"df5bd2b6-25b0-4569-b45a-90aec9034cea","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":191,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"4cd95b25-f030-4761-b34c-901557186b38","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":191,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"d39e5df6-5180-4cb6-80ec-50fa010ffeef","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":191,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"d18b82d9-7f35-49ee-843c-52e2becfa644","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":191,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"b41cb4d3-56ae-462d-a3b7-16b0fd5de9dd","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":191,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"46373981-d032-4079-8241-c63234c03591","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"f374f69f-7cf0-482d-993a-ce1494833e46","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":191,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"1406c4b8-e29d-49f9-805c-9e6356fe2cf7","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":191,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"451cacc6-aefc-430f-b96a-1de41b8c079c","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"9ad23fdd-2759-4fc3-8289-8c65da3f9c8a","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":191,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"22aed7fc-bdaf-40b7-b19d-99de10da90fb","block_type":"box","text":"•","page_number":191,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"dcfa2e58-6cd4-431c-8310-6cfae505d8d6","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":191,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"48adda64-77fb-4187-8de9-b2ba8430d4cd","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":191,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"481eb41d-96a6-4734-8fc3-eedb43a00aea","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":191,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"9b12c732-d11f-49cf-ba4b-57b373b9e7eb","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":191,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"2273d3c3-f0bb-44fb-9e77-c3d5a47adc3f","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":191,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"b865d6f5-b251-49d8-96a0-8cd1f2c497ae","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":191,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"9b64d50d-09b2-47c0-9ee7-80a8a62c6bdc","block_type":"box","text":"obligations.)","page_number":191,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"5a4d8c9e-09e3-4c60-adfd-4f96587563f4","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":191,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"f8f3ba92-504a-4057-8ee4-5902d01b546c","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":191,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"1e3a3b1d-b56f-412a-a482-511e4a4670fe","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":191,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"08a90eac-5cad-4587-999e-d4c07114b1fd","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":191,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"a9ce7828-d2d0-4950-97e4-e48f02fc50b6","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":191,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"b07629ad-1363-4318-9aaf-a90fca817052","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":191,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"4ea36b97-4cc9-4a2a-9f44-de6c4f9aaeb2","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":191,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"3eff8254-085b-4ccf-9e98-f55e0a2b2978","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":191,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"940f8300-fba3-4d1e-b384-76da6890ee11","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":191,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"3690ff53-5e22-43f4-bcd7-129db9f584a2","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":191,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"82aab670-3f4f-4066-8b08-ec59def44e62","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"eda66825-6128-4b29-b557-22733f0c903b","block_type":"box","text":"BB,","page_number":191,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"36ce45d3-2749-48eb-9b0e-31cb3808993d","block_type":"box","text":"B,","page_number":191,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"b17858f5-2366-4795-a5b0-d858e60366cb","block_type":"box","text":"CCC,","page_number":191,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"12f566bb-91e7-44b6-9f58-ef58748c7f04","block_type":"box","text":"CC,","page_number":191,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"e1dc63e8-aa2d-4635-9c79-a8a68b2af352","block_type":"box","text":"and C","page_number":191,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"05d387a2-685b-4e08-b4e3-579908b7497b","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":191,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"31015baf-17a6-4b83-8f8e-f2c3d968ebc8","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":191,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"96f7065d-720c-470c-9e77-122a29dc5918","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":191,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"0d1e9b23-390e-412c-8703-6abd671b7d3f","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":191,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"c7262cf8-0c63-4933-a8b6-395487aca952","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":191,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"86831515-b400-4b64-8035-0874f62be98e","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":191,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"3099ee05-8152-43ea-aaa1-272b2895311a","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":191,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"d05eac96-8d5f-4601-bcff-d825c9d1e3c7","block_type":"box","text":"on the obligation.","page_number":191,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"baf59ff7-c44a-4313-899a-da20dda5902f","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":191,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"af889d41-0f94-41e2-80b0-657e753d5c09","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":191,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"1bd17248-43bf-43bd-ac18-75e043d866c2","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":191,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"34f46fd5-1e1c-4931-9a77-f3dfeb2db5c0","block_type":"box","text":"financial commitments on the obligation.","page_number":191,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"5b106605-b6a6-4c62-9a3a-ffd6e77fa418","block_type":"box","text":"A-4","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"29f0268a-3578-4463-b5c0-11fd7c9cd095","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52725f4b-1c8c-4b65-b3dc-7f27fd71f14d","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":192,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"9c8b8465-56b2-44e5-91f9-341a7fafe07f","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":192,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"7b0c0703-3637-49ff-b05e-ea5df7dfe732","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":192,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"1873216d-08ee-4533-8c3f-75c12e7a42dc","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"777278c6-1ce6-4016-ab19-66d47e71b9ff","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":192,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"ea73838a-b7d7-4b1f-ad09-b21d89991fe3","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":192,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"4dc31f3c-ef5c-4a45-aaae-9e47cc0a778d","block_type":"box","text":"anticipated time to default.","page_number":192,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"7d26f2cd-667b-47ee-9d03-aa56f40c2380","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":192,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"fada42ec-3e23-4f9e-b1cf-1903540d8e90","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":192,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"cb95aa50-7616-4cd4-8a46-903962706def","block_type":"box","text":"higher.","page_number":192,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"93e9c380-6e15-47c1-843e-522fe98086ca","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":192,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"31aa3210-2a8b-40d7-bc55-f3868f89d639","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":192,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"e80eba6c-f18a-45f4-8e67-5da26b2fe7d9","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":192,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"cdc6ec5b-5236-408d-a733-887bddd60d21","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":192,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"d1ee1c29-5f83-44b1-bfd1-3f7fc2f6f7a2","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":192,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"3d8eef5c-e9de-4d7e-b565-f1cb7c547d2c","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":192,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"4cf64e4a-eb95-44dc-8e3b-b7adbd227bd6","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":192,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"9da019ad-c9c5-4d3b-8e86-d99d01cdd964","block_type":"box","text":"restructuring.","page_number":192,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"14966643-4d7e-4bfc-b0e9-1e86532aa3bc","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":192,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"f7239df7-28a1-4365-ab72-fb8120b850a4","block_type":"box","text":"standing within the rating categories.","page_number":192,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"c140f227-9ab5-4cc8-ad6d-e82854f4964f","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":192,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"769ede6c-561d-4947-82f9-981e57964803","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":192,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"d200563a-7ed0-42d8-82e7-e234776880d3","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":192,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"5d3d7894-3c2a-4aba-a2eb-66267192b856","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":192,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"871472dd-c494-4b4a-b12b-10a32ed2b49b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":192,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"7f05cce5-4903-401b-a524-1330376a31c9","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":192,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"373bfa30-59f4-4b32-83af-8715c0b068b0","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":192,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"addc237f-0bc2-4e07-8eaf-52d588692c8f","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":192,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"e35799d8-8702-4e8a-8a51-dbc96372603f","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":192,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"1ac4e3b4-cea2-4fda-9af0-dfbcff76c834","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":192,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"76b18a7d-ca67-4dd0-9d49-4336992bcd64","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":192,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"edd10aaa-aa5e-4dd4-b90e-00900f4318ed","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":192,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"bb264570-f39a-46d1-a66d-49d5dcd4d5dc","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":192,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"3335e7e8-dc5c-4f1e-80d6-977bfcbdf5a0","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":192,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"18034136-a422-4d3b-b78b-3025c9f8da01","block_type":"box","text":"financial commitments.","page_number":192,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"0ab79f57-199d-49f0-adee-d5073eba179e","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":192,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"207095fd-fb79-4d15-a324-30acaaabb634","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":192,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"9a2d6e4d-c92f-4dac-aa1b-0f5ef0dc8c44","block_type":"box","text":"commitments on the obligation.","page_number":192,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"cde2c339-14f3-4f9b-a730-7c344db669a8","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":192,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"92f61428-17d0-404d-8280-1e05f85ed631","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":192,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"0e12652f-5233-4ebe-b7d2-ff37a37ea25d","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":192,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"8cb17516-453c-418f-9b02-214d363c57d7","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":192,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"65afb0f5-e9d8-4ac5-b773-b3ea3568be91","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":192,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"582fe583-c173-4c07-86c1-cdc127259805","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":192,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"2c2ac37c-07d4-4733-92b7-3ae90aa4ae97","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":192,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"c2974d38-25d4-4fb3-bff1-6707aabd6e5e","block_type":"box","text":"debt restructuring.","page_number":192,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"796787ad-8106-42f4-90d1-9334c714bdba","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":192,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"58127fa0-c1a2-4ca6-b632-fab3994f5065","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":192,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"c50ff964-f002-45b5-b293-dadf40c94e6a","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":192,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"9aa682d3-aafa-4a05-a1e3-b5142b563bd1","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":192,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"dd371e1a-e82c-4d57-9dd4-588f6b34a799","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":192,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"6c2dd2ab-296d-4f54-a043-b5dbde76120a","block_type":"box","text":"A-5","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"7225f186-3d33-4b6d-9828-745ce4f87ddd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"963a5bcc-4f77-44eb-99ad-e11526cf792f","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"a87cb7f7-9a11-4b85-80a3-306adfc28ad5","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":193,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"cc91fe76-dab3-4da5-b58a-81dd2bfe5fad","block_type":"box","text":"as a note; and","page_number":193,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"9b390fcf-6d01-4592-84b1-59d18a1e8dcd","block_type":"box","text":"•","page_number":193,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"c554c4f2-a3f0-47be-8243-28ee967c229f","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":193,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"2dfd326d-4b4a-46b9-8a67-6c41dd7f65f2","block_type":"box","text":"treated as a note.","page_number":193,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"46112779-9cd4-432c-ba9d-82ac1138eea0","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":193,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"6af4c7d1-cedf-4e97-b1d1-10c07b9bd403","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":193,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"55942b5d-8c13-4ec4-a023-5246c4d78cd5","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":193,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"8541f6e0-54ee-420f-a441-60b0c6cc1947","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":193,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"6a6ac484-8f35-4a8a-bf5e-fa256894d546","block_type":"box","text":"economic changes over the term of the notes.","page_number":193,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"a2cc512e-7cde-4d7d-a5a2-9bcf6d9a1dc0","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":193,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"152f0648-c2d3-4f11-83bc-0fd70ed5ae69","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":193,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"eae34c22-4fac-4f7e-be5b-b3e25d4bbb1c","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":193,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"6e502f81-4501-4ad1-9a58-ee3425da47b3","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":193,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"aa36283d-c87a-4bd7-9b4a-27ec2600f578","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":193,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"94ed6067-0a7b-4636-9e75-aa0bedf478ae","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":193,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"4891679a-8a7e-4e35-9717-5267bf4768d9","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":193,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"a2413c71-7692-4bcc-84f0-759528b207f4","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":193,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"4092f7b1-2737-462f-adeb-96e312b6e5f6","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":193,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"fbfd1a7a-0391-4c7c-ac46-29b6ab0dd674","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":193,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"75319d48-28d1-4b59-8c38-a2a5e086cfd7","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":193,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"75dce7a3-4847-47f5-994d-4c73adba4763","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":193,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"f261d82a-6b58-4073-8027-ba4c6fec2da2","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":193,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"127a1afc-06a1-4f9b-831d-42640302edbf","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":193,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"17e0cbe0-1de1-492b-a29d-b8a6be7d2b59","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":193,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"1307795a-3e1d-4618-a866-7f08df17713a","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":193,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"29b01b28-e281-4563-bf8d-5151d36ba338","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":193,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"0e818089-5e03-4785-b1fc-9bc56046fae0","block_type":"box","text":"receivables or other financial assets.","page_number":193,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"7b7420fe-f25a-49a6-b5fc-514d8a3f0d71","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":193,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"db1aae1b-8485-4f10-9019-94c9bc9e67d1","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":193,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"b439063b-c16e-43a0-aa1c-1cb9512c2aff","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":193,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"ad343833-6082-421b-9ebb-9831939b9f05","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":193,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"72de7ee7-7fe3-4cff-8288-e3ba963a86b4","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":193,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"44324624-cbca-4bd7-8141-e5fd742a0e7c","block_type":"box","text":"occurred.","page_number":193,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"450b929d-631b-4546-ae05-d723a242fc55","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":193,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"2fee0497-e036-4693-8789-022d8d67e010","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":193,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"c91bbe90-4c2c-492b-b337-d7351c1002aa","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":193,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"ecb5ceaf-275a-46c1-9478-06432db0e872","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":193,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"bcd7ac46-edd4-4aa9-9bf2-02d48d7b9959","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":193,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"a615525f-5193-482e-85dd-3d52c4dddd0e","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":193,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"4014dc2a-b8dd-49b4-9fba-4ccb9fe96e23","block_type":"box","text":"rates.","page_number":193,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"7cffee78-8494-40da-ae45-42e57025828a","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":193,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"18ae1575-816a-42e2-be4f-e26c30ac2b9a","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":193,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"dfc0e337-0665-4115-a13b-47b347afb3cb","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":193,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"4276d1bb-a464-4743-a442-ffd3bd6621e9","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":193,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"ca2aac83-1a7e-4419-975a-fc5cf1c33f9e","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":193,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"920c9dfc-9f6b-45eb-a9aa-5ef02306f4f8","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":193,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"ce7833d9-37e4-461b-a270-2fada256ecb3","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":193,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"f2ef06dc-20dc-4758-9e86-e148043f4db1","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":193,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"574fc124-e66c-4047-b2ec-cb4defbb6c68","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":193,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"94421513-0b59-4aa6-952b-cf5afad10969","block_type":"box","text":"i.e.","page_number":193,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"7f70ab9f-f913-4e14-8600-ab2466323f9c","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":193,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"aa766548-0b75-4f31-bcf7-c60c29214820","block_type":"box","text":"the obligation’s documentation).","page_number":193,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"fb39b050-dae5-4be7-b1f4-4cd51ed88a35","block_type":"box","text":"A-6","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"502c234b-2414-4dd1-9fc8-b25abce9ba6c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d110f4c4-784b-4a88-a7a5-3159c200f51b","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":194,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"fda9d682-1ec9-41bf-b892-42f58dcef6bb","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":194,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"dd287982-806e-4c5e-af98-9126f2e74f90","block_type":"box","text":"agents in the form of a rating letter.","page_number":194,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"a5e75eaf-9db5-4acc-bc8f-64f98b2eda94","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":194,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"e7337ef5-352b-49c9-8d1b-5f19dd004c60","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":194,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"87fdc7d0-55a2-46ec-8f26-6006de97479c","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":194,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"c65a9b54-b248-49f2-aa0e-33f6b6544dde","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":194,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"9e4ae10c-cc10-4c8a-bd1e-ddcecb57e2e6","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":194,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"2f3fd235-648e-4ae1-9ea0-5bb445f9df27","block_type":"box","text":"e.g.","page_number":194,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"b2e475da-9955-4ca6-90fe-e609fb78bbbd","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":194,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"d3e15a2e-e438-4a37-b834-9ab9e1ced099","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":194,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"68ad7acd-2cbc-4ac9-a675-0d184aaf698c","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":194,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d6c245ff-4418-4787-82b7-079a209bc9ea","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":194,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"9dc6258f-84b2-4b54-a3f2-e301bcc7fd90","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":194,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"49480026-9f4e-4c1b-90f3-3386ff26398a","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":194,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"ea92cbd2-bc5a-429f-bc69-f25967cf209b","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":194,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"95ffc180-9a6c-4981-a569-bad55e9a7b91","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":194,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"faef6d23-47ca-4775-9a42-9539f9ad6619","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":194,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"1c4ac831-1ad6-48d0-b1b2-c092ad08c988","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":194,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"9c83fc0c-b65d-433a-b05d-74b61fa97a22","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":194,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"b28b1a06-1743-4adf-89fa-90fec2ddd8e1","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":194,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"6c4774f1-f7bb-4866-9c16-eef874dacabe","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":194,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"3e5b85a7-d5b6-4b58-903a-5b5549d6dfa0","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":194,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"f7243bf7-068e-4ade-bdb5-572170590b43","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":194,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a0e7b68b-23a7-4be3-bcc9-ded30e5dec76","block_type":"box","text":"Ratings.","page_number":194,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"61457d3d-7fae-4a8b-96e5-8298355a8f17","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":194,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"20ce22cb-cd81-4aaf-8790-7dba49215e58","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":194,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"e003242d-05c4-4066-9c25-10283ad2a546","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":194,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"6358f10c-836f-4c0e-9441-8fc384b6d723","block_type":"box","text":"obligation ratings.","page_number":194,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"9dde8f3f-d87a-437f-8334-f867dc4ac803","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":194,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"f78d53f2-1acb-4420-8216-a2d91db4044e","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":194,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"dc494819-38d7-4272-91a0-e893e67349df","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":194,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"5f7ebbc0-99f0-4141-9656-6be1d6ca9767","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":194,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"b96b50a8-1808-430c-baef-0142d1f8b225","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":194,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"4c813650-92a1-4c6e-93b4-43ef214f42e0","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":194,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"587f8043-bcf8-4414-a73f-d11e7e301ad6","block_type":"box","text":"to foreseeable events.","page_number":194,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"f0f3adbc-89b5-43cb-814b-a951c330cb9f","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":194,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"d6f9e061-9937-4d0d-829a-b09f4287fad2","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":194,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"8f7976aa-d23e-4bbf-be72-f4b97a602163","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":194,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"c70a4397-5160-46c8-aeb0-b7b81789baef","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":194,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"7e54d88f-82df-44ca-9133-e840f1313598","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":194,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"674559cc-259d-4184-b9e4-2ec1ad4c3434","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":194,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"a131bdd6-98d1-4463-a6c9-a7d5e09349f0","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":194,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"fa2d77d8-8a2d-4684-822a-42c67adeb194","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":194,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"67fc3138-52d7-49e4-baff-8d2f70e613f8","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":194,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"ebe561e3-b711-4c77-b409-5ebc1f6ed8cc","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":194,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"e5f0180b-d9f3-4f5f-90ca-82290a2aaef5","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":194,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"f39966e6-ee01-4731-a39c-594bc4ecd8f6","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":194,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"bb09883e-961e-4e8d-bfa8-0eace611af1e","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":194,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"56c046f7-5ea2-4803-a997-06934dc34525","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":194,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"0cf9d346-821f-41ce-ac50-1e472db02fa6","block_type":"box","text":"relative status within major rating categories.","page_number":194,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"ee34b356-cbbe-48bc-b6c9-d856f7c1a1d5","block_type":"box","text":"A-7","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ce2c2e50-dd5b-4916-8745-1189ba8e6fcc","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb888f21-4cfe-4d3c-893f-e6d57b63ca3f","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":195,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"667f4018-2dea-404b-80ce-f81eff5ae6a8","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":195,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"4d739732-1e84-48f0-8ead-fe82da8fb1f6","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":195,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"1b1f8327-7dd2-48af-9f21-c79fb2ba6b17","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":195,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"551251ac-1b40-474e-b130-248aa1adf75d","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":195,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"15329b65-1c91-4986-adf3-24fe5281b930","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":195,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"7db48343-3b6e-4b0b-b975-bb6ad36f0c24","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":195,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"79c4fd0b-0826-40cc-beac-92be23baa40c","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":195,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"8dee03d9-5859-4f1d-969d-a1a5f7a033be","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":195,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"2553e85c-4bbb-494b-a60f-d04a5c030e1c","block_type":"box","text":"finance markets.","page_number":195,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"c0fdd6b6-26d1-42fa-a4be-4959eb42dbbc","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":195,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"926d9ebe-c72f-44de-b035-082d866705ad","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":195,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"17fcf6ec-f315-4f4e-98d2-c52c5b046db8","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":195,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"a7fd4bf0-6fae-4228-9c38-cdbef3684c0e","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"5f8475d0-c8d4-4d25-ba87-398b671b181c","block_type":"box","text":"commitments.","page_number":195,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"c199b14c-31d2-4284-85f6-9419badc088f","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":195,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"ca2e1b83-b6d1-47a9-88af-c5fbf12e8c17","block_type":"box","text":"adequate.","page_number":195,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"68b4589a-2d6e-42f7-b838-8924a72ae449","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":195,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"21f8856e-4464-4aeb-bf3e-58b065cf3a12","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":195,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"407b2441-39c1-44a7-865c-fdad84ab3370","block_type":"box","text":"economic conditions.","page_number":195,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"9b754652-485a-4e92-a23c-576cd30076af","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":195,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"7085f139-2f3c-4e18-9401-b84b9d7aa352","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":195,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"6c79a38c-17b9-4d27-93f4-3d9353cdfea9","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":195,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"c1e95f29-6044-4694-9339-5c8a402fcc27","block_type":"box","text":"ratings only.","page_number":195,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"271a9156-cf7b-4ff2-8376-aaab4efbc27e","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":195,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"5c9b96e4-8f30-49ea-95b3-e37bb2b3cebe","block_type":"box","text":"obligation.","page_number":195,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"236879f8-d77c-4ec7-a03e-7c8b59c972f5","block_type":"box","text":"A-8","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"4400a52c-2083-4ab7-b0a1-b8019b52248e","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"135f82cf-66db-44f6-8db6-dba5d4bc580d","block_type":"box","text":"APPENDIX B","page_number":196,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"5f49b799-bfca-4d7a-b5c0-a0a044544f52","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":196,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"89089ebc-aefa-43dc-9ac5-29c22ec54ef0","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":196,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"421198b0-a08d-4b70-aa0a-167954ce8c41","block_type":"box","text":"Effective Date: January 1, 2025","page_number":196,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"f63d11fc-9ef5-4c70-929a-a6655b0f8a77","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":196,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"585dd022-39cf-4e44-bef8-966857e37fb8","block_type":"box","text":"□","page_number":196,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"9050ff06-5166-43fd-817a-9b25d1813db3","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":196,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"29ac3cf1-f37b-46a4-8aca-4763674c6b72","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":196,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"f252eb28-e7ef-4907-914c-738189ad4e6d","block_type":"box","text":"□","page_number":196,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"9ce2eafa-405c-43c2-9f74-7f7618c6c44f","block_type":"box","text":"Money Market Funds","page_number":196,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"e8870b8a-650b-4352-bc05-a56b9f7ec300","block_type":"box","text":"□","page_number":196,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"b027737c-4524-4923-98aa-93c113bf9e2a","block_type":"box","text":"Closed-End Funds","page_number":196,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"a735f1d4-27e0-4b18-af10-3d7309480668","block_type":"box","text":"□","page_number":196,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"d0a6879b-9775-45d4-a2ed-8810c7825df9","block_type":"box","text":"Other","page_number":196,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"4a174c91-0b4f-4661-bb51-411a296ec43b","block_type":"box","text":"Objective and Scope","page_number":196,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"174a8b52-8068-49b8-9e6f-b6169139293b","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":196,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"6474329b-f8b5-406d-8946-979a7f2c7b9c","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":196,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"a765819c-d149-408d-b402-0d440b584570","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":196,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"ae790ae9-40b6-4e05-ac0a-7aeb595ea189","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":196,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"f1e55022-b71f-4b28-85c4-135982ec1c05","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":196,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"4bf3ec05-95e0-4781-a585-d1d0ac76e2fb","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":196,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"8822f1d3-d6e8-41cc-9f02-dd73ec973516","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":196,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"7a275bc4-c879-4714-8773-1bc3ebe6ef9c","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":196,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"5d9e39e4-b4ea-49fd-add7-a0e356db1b59","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":196,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"b92d72c0-12e8-4cb4-bec3-158580f1b9a0","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":196,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"19fbf38f-51ea-4613-b631-cfe7ac41d810","block_type":"box","text":"index Funds managed by BlackRock. 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Potential material conflicts, and the resultant potential for undue influence, might","page_number":196,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"0347c752-8e31-467a-81f5-1dfa07e302e4","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":196,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"585822df-355e-464f-afb6-d1057f2e9e67","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":196,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"b385e551-3f21-4b84-862a-cd30a387d045","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":196,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"0ab5c270-b2dc-41b3-96fd-6567c38fded1","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":196,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"6660abb0-8e92-4cbe-a33b-5ccbe9630991","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":196,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"ad16ea1c-d355-40ba-8efc-27e675f41824","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":196,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"d5f31e4f-970f-43c0-be72-edde46386518","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":196,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"b66f4581-c1f7-4848-a866-340f7ecd81f1","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":196,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"da671153-ff63-4b20-89c2-fe53c8df5e04","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":196,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"3276227e-ec26-44a2-bbba-1a0b2a8d6288","block_type":"box","text":"in clients’ financial interests. 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The guidance informs the voting recommendations BAIS","page_number":200,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"bf3e0646-5f6e-4ac5-9902-352573b2a243","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":200,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"1a67d180-a36d-4914-9fea-5e51a655e9a8","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. 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The benchmark policy also may apply to","page_number":200,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"6a46ac59-be7f-4630-91bc-8d293cb217d2","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":200,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"96a05ce5-80f8-4105-b1a6-83ef29eafe6a","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":200,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"00ce9f0e-cc4c-4582-b14d-ffcb230e2a4b","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":200,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"71482a61-2eba-40ca-b316-c258a87c96a7","block_type":"box","text":"2","page_number":200,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"4d325d5b-54a4-4761-a6f3-79006d017948","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":200,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"ed1b03a4-c9dd-4bf4-804e-493774b755dd","block_type":"box","text":"of a strategic initiative to unlock the full breadth of the firm’s active and private markets capabilities for clients. As a","page_number":200,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"9bfbe214-da94-44a4-b601-74be8b7ddd59","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":200,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"caeb1961-8f9e-48b8-a089-3f96273c2ec4","block_type":"box","text":"policies.","page_number":200,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"5723ea18-1a2e-4328-b3b1-02f0899f3b5d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0bf814b6-dbad-4f79-9111-ed726830d8f1","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2444697c-1c7c-4c18-abfc-6cbc9c5321ee","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9083e003-3b50-4717-a968-ef69046ec722","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":201,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"a9210143-a695-47ac-b335-66159a13f2e7","block_type":"box","text":"BlackRock’s mission is to help more people invest better. The money BlackRock manages is not its own — it","page_number":201,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"fe0f3ab8-c388-4670-8c63-cc717646e0c9","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":201,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"f6fd5818-d243-482d-b9cf-fb78b8dbfbd5","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":201,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"fbc70f6e-11b6-4514-8460-b32e11cc48fc","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":201,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"97ed840e-ce96-4de4-854a-01de8e4e91f8","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":201,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"0c224624-b343-4576-aea4-894ad014f55e","block_type":"box","text":"this work with research, data and analytics.","page_number":201,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"68b6408f-a6b5-49e9-8fbb-cadeeb110da8","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":201,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"24633f9b-4ef9-486b-bbbb-7bfeae457e92","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":201,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"7d960c1e-46ec-4d98-92a3-c8d10ce910cb","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":201,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"e5910536-74b3-4999-800d-ed3732092ad4","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":201,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"ca16fb53-0231-413e-9ff9-1c16453fc907","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":201,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"c4d493d2-4814-4e21-a700-dc97bd94a5c8","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":201,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"58575feb-0e30-4463-9e15-d6b2b5ca0338","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":201,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"0956dc12-2825-4fa9-b1ab-76372e48ed4b","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":201,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"4cd39c4d-aabd-4b4d-87e4-67a3213ed430","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":201,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"cb0739ed-25a9-460d-b3cc-549e2c3eea66","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":201,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"13bf486d-5a19-4f7a-8f11-3e6c0a8f5db4","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":201,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"509a8f15-8302-4e3c-a487-1f97ba158a9d","block_type":"box","text":"shareholder meetings.","page_number":201,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"93821253-a35d-4236-91c4-bc088537165f","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":201,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"db1a9108-931d-4b6f-b186-df944bb4004f","block_type":"box","text":"investing.","page_number":201,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"e36ca832-f91e-40bc-8bbe-35a7ace75214","block_type":"box","text":"3","page_number":201,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"970213fb-6a85-4dfd-8869-750b7049e499","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":201,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"1b1424bc-a8bc-4b0d-b61a-853c7b240ef7","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":201,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"f2c49571-a32a-4922-a93c-add8b0741e26","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":201,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"368f191a-33e8-4880-ba4a-b135b885e452","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":201,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"fb2d5bc7-d9ab-4d96-9d71-ae18c4d56ac5","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":201,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"d5bc882d-6902-46fe-9fd2-1dd370b07d21","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":201,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"9c8372ee-3b3e-4dca-aeee-f0c6349b7ef4","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":201,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"bdf1d367-f09b-4cb5-8f19-0470ed007f30","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":201,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"988076e5-de82-46da-bed6-e06139d9c17a","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":201,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"7b0dc4fa-0dee-41e1-9928-f0d3ddfb3617","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":201,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"9bd3d224-e354-4223-9cad-02a1a9d0a636","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":201,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"8f44b2cb-0b7b-4d39-aba1-316d4cb17c06","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":201,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"19896ae8-bcef-4077-aa3a-d6e66ad306c2","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":201,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"2cb64ab1-b4d2-46bc-9524-b6e6ea101beb","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":201,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"96e44b63-f0bf-4790-b1d8-8f91dd5aab4e","block_type":"box","text":"management teams and board directors","page_number":201,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"cdf324d5-6125-4d3a-8c3c-b23c2ff1fe7b","block_type":"box","text":"4","page_number":201,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"05640008-d77c-44e7-a369-1dba7e9e3006","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":201,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"32ef1c37-1cff-4b32-a200-7fcf0981ec09","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":201,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"fb29f4c4-edf4-4602-9f12-82af69402ed2","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":201,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"5630a1c9-bfdd-4c2f-9f7f-c25e00ae76b9","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":201,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"08a0c59f-84e2-4cdf-847b-5627e11c01f8","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":201,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"6693e0ad-3562-44a3-9303-d34055060ed2","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":201,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"ebdbd91b-ca45-4061-b1fc-415165006b53","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":201,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"54c481ed-34d0-422a-ac47-07c4b4d491f7","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":201,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"1a469b97-0db0-4838-b5ff-3a2abeb88742","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":201,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"b647ff23-e080-4a32-b70f-7946d6b1fef4","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":201,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"e356bf06-609f-4555-bda5-e331014b3be0","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":201,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"fde2f0c9-0c9c-45a5-abf4-a61e4daf953b","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":201,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"178eaf6c-f02f-470b-8016-85be5b94d224","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":201,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"4094f935-662d-4d27-be4d-54d99f6ea1c3","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":201,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"0664c676-326d-485d-8330-2a82b5154d2c","block_type":"box","text":"3","page_number":201,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"dfe44aa7-b06e-401e-824e-dbe85ac2ad46","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":201,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"db3ffdce-fda5-494c-a282-f80b36c0ad46","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":201,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"a392b222-e5c6-4920-b1dd-176cc1730c1f","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":201,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"ec708d26-fbdd-461f-9593-dd4c4220fc5b","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":201,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"620be933-2cf6-4441-9b97-4a016d4081b0","block_type":"box","text":"4","page_number":201,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"17d5c259-8c10-41ad-a009-ab93387b5ca7","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":201,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"39b8857d-97d4-48b1-bf02-ddf355f34a9d","block_type":"box","text":"boards and their members, where relevant.","page_number":201,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"133d0808-757d-45e7-ad13-4db64fcabdac","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"bf573d2a-82c0-4c07-aaf2-5b9334c7faee","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4b7725f7-7a1f-4a4f-9155-5f4f014c23ce","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4117431-fbea-4dd1-a8f6-35fa957282ce","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":202,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"67486119-5ee2-42d0-a3d8-d587dc00698b","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":202,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"46235e21-d13d-45e0-ba04-ef5e52ce4378","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":202,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"3c6b8589-0570-4ba4-9e93-63b057a265e0","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":202,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"a810e09d-7dda-4014-8ef7-af002c0e0153","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":202,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"3bdbc0b1-4cb3-4e7d-afc8-c114ff72cbd5","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":202,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"86af35af-179e-4362-bef3-0842b1aee3cb","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":202,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"a1ec6b14-b309-437d-b917-4469f4a7e3fe","block_type":"box","text":"5","page_number":202,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"d0bdff76-2570-45d3-aa7c-d767d840c95f","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":202,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"d2010faf-7517-43f0-9373-14c5b97bef92","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":202,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"55f4d4f4-bd2d-49e2-9dc1-b5eef531cbc6","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":202,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"60a5125e-3aeb-4f37-9ebe-87b81a354b3a","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":202,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"b30695c1-e2d8-4424-866e-9935fc353212","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":202,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"a5320d57-d6a4-4555-8387-6aa0ec98efe5","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":202,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"13f191e6-2671-492e-89d4-f9261a09296b","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":202,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"a7224de9-4be6-424b-a65e-3aec53f95656","block_type":"box","text":"5","page_number":202,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"e8eb980b-96df-4e16-8cfe-b55394e7d72e","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":202,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"11123fe5-2815-48b7-bab4-58170c7e4ee9","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":202,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"3d6dfec5-ce5c-46e4-bfeb-f05e1739aaef","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":202,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"b2642830-3542-4624-b5a2-1bc4326e5b25","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d9ea71eb-f4a0-44a6-b543-0310b502e705","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4132f4be-ccea-4c48-8095-f0364839b853","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb5ddd0b-6d7a-4b10-8c03-e1518565cbd5","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":203,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"c6016dac-4070-40ce-9375-b0fe484dd3a5","block_type":"box","text":"Roles and responsibilities","page_number":203,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"d1dcf584-5b54-4a75-8c9c-1dea2b16348b","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":203,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"725a50a5-3fc7-49be-b501-9074f0283236","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":203,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"eb23524b-527b-40ad-ad3f-7732e1ca2feb","block_type":"box","text":"6","page_number":203,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c3d34049-c93e-4e9a-b6bd-f0eaa7deb1e8","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":203,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"5763247c-cace-4458-8e63-d28cc4db508e","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":203,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"5ab8eaa7-2e12-4141-abfd-8fa1dd5f7861","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":203,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"5b48a37f-392c-4fba-9df6-0b7a134ced6b","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":203,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d169b320-a8bc-4a5c-b30a-751ebeae886e","block_type":"box","text":"per formance over time.","page_number":203,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"6a51593e-e77f-49ac-9d34-d7e7475b6ac9","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":203,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"f83df2d3-5535-41b7-a3b1-a56a68acc318","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":203,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"95f3749e-b042-47d3-abfc-62045383c0d3","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":203,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"3b1ccd6b-5717-4330-a7cc-1f769e685d5a","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":203,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"2790b01a-0bde-476e-b997-154820e1c932","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":203,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"373aefc9-6e46-40ea-86ea-0478bd30d562","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":203,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"3369b8a1-0bd2-4905-8d84-e8d2a52c1cb6","block_type":"box","text":"Composition and effectiveness","page_number":203,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"afc72f42-2ae0-4dba-a66d-d962ecbd09ee","block_type":"box","text":"Appointment process","page_number":203,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"13fd99a2-75f3-4736-8dae-064c01742144","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":203,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"5961a549-712d-4c93-a0a2-b4ca2c761d41","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":203,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"0f2abcf5-5739-4331-bcb0-0285addb6dd5","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":203,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"146092eb-8231-41f3-82da-0d7185e7ab52","block_type":"box","text":"e.g.","page_number":203,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"71a2b26d-da23-4f81-b469-6432e2e31e9f","block_type":"box","text":", sector, maturity, geographic","page_number":203,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"b90d9f44-8e0d-470a-abc8-e37b68c8a5cc","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":203,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"d2b3bb4c-d410-45f1-89fc-abfbd638f893","block_type":"box","text":"e.g.","page_number":203,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"7ef85873-ac7e-4069-8f7d-0238d9b876f5","block_type":"box","text":", financial exper tise, industry track record). To","page_number":203,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"d163c568-a512-4690-a01d-4c90501f6a61","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":203,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"ebeb2969-4e0f-4a9b-a50b-847d85cd8d41","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":203,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"24ac3dbc-91aa-46e7-87b5-d6c1f1bd92f0","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":203,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"1ba677b5-93a9-4b12-b00e-78e75bbfbb26","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":203,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"7c780e5e-bc2a-4036-a5f4-14ebb455ad21","block_type":"box","text":"and local market requirements.","page_number":203,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"c6bd1a0f-3925-4d47-81b1-2bcd2fc4c28d","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":203,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"15905296-083e-4848-8b02-188384070ea5","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":203,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"7a08962f-aade-403c-b74b-ee31385e13e0","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":203,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"0e5a0f12-bc62-451a-a5ae-2010bbce6116","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":203,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"640d7371-a66e-4c14-bd69-6fcf1bc8d7cf","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":203,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"d58afd45-c3ee-4f3d-ab50-66e17f37d7c5","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":203,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"6c14f42e-b31a-43e7-af9a-6f5a0e454725","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":203,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"8752988a-5996-4817-9301-70046864f672","block_type":"box","text":"Independence","page_number":203,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"11e0b6fd-7677-4ea7-b372-367e10437186","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":203,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"865bfae9-49e7-4e13-810c-eb8cc0bd6159","block_type":"box","text":"e.g.","page_number":203,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"4732ba1a-4722-46f0-8122-88f13572df7a","block_type":"box","text":", government or","page_number":203,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"cb9beee4-c0ee-4921-a3ba-1ea241fa585b","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":203,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"99fd7854-f3e7-4da5-85d6-0e6632e93fe8","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":203,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"3cae2d24-7dec-4bef-97f5-635e4e5a1093","block_type":"box","text":"conflicts of interest or undue influence.","page_number":203,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"8f65e90b-5a10-466f-bdf9-343c45d4025c","block_type":"box","text":"7","page_number":203,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"5f45c283-336b-4803-ae16-f4682315f107","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":203,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"53a68995-f682-4780-bd77-7767eb4f5fca","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":203,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"222b1db2-6e5e-4daa-9d65-fe519575a36f","block_type":"box","text":"independence should meet those local requirements.","page_number":203,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"e4149038-040c-4c6a-a2f8-f040dc3e2848","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":203,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"5a7652f1-591e-4a20-b1bc-f93b93cd1158","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":203,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"b0c30ed3-e712-4a89-9c80-12cd5602d4a9","block_type":"box","text":"composition if this is a perennial issue.","page_number":203,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"4b87323e-5f63-423d-ac1d-41a86b5c089d","block_type":"box","text":"6","page_number":203,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"414dde11-cdb7-4b08-b791-72e1108a5ccd","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":203,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"59470b2c-6ffa-451e-8caf-d0e519c43756","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":203,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"aeaa46ce-3561-45a0-a74c-56205020891c","block_type":"box","text":"7","page_number":203,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"f3f691ab-19e6-4cbc-be27-27d1eb352ed2","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":203,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"5bd8a4ec-503c-49d1-a8d3-92569cded90c","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":203,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"8aca75d1-14fa-4e7f-8b9a-d72ce97a1c3c","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":203,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"c616fd91-58a7-46dc-aa91-1f772c575cca","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":203,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"86d72902-ee39-4b9f-9fc0-59307f2d564a","block_type":"box","text":"of the company and shareholders.","page_number":203,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"9282e860-5c32-4210-b9f5-5a273e3398f8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"17afc5b7-876f-4f41-a078-c6d437136d3a","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"8e155b7f-b43f-460f-ad3c-a92bc5b84bd6","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5e84a6e-d34a-4c47-8c86-809cb52b21d5","block_type":"box","text":"Independent board leadership","page_number":204,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"602615ef-56b3-49ff-aae5-59aff025db56","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":204,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"d4655b4f-630d-4558-9bc6-bf77de63ce0f","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":204,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"22fad607-8c21-40b2-98c2-92d15af2cb0e","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":204,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"d3cacd58-ff35-4bbf-b5ad-4900abbc5a91","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":204,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"39c522ca-aadb-41ec-84fa-7101011824ff","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":204,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"ca1d1b31-b13c-4498-9bc5-c42fbc3bbb37","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":204,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"0f437d2c-e897-4367-bbfc-9b4663f43715","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":204,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"62c030c4-1de0-4433-9276-a13249e0eae5","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":204,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"c289ed90-efa1-4134-9705-45d29eacbdb7","block_type":"box","text":"how it serves the interests of shareholders.","page_number":204,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"eebf6268-5e88-4375-9cb5-1d4efb574b5f","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":204,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"ea83d7fa-57f7-44a3-9b88-bf133fd3b799","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":204,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"e37fc543-8600-421e-8590-6957faf674e4","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":204,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"81e84532-803d-41cc-b248-3db466d9b629","block_type":"box","text":"Tenure and succession","page_number":204,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"d9eb3140-3e90-4c84-9071-936847271fb9","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":204,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"8e78e2d0-c4b7-4788-8342-e394debd244a","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":204,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"a511b4ed-c2f2-4a69-b42f-1e9be9c727fe","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":204,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"dda01427-8bf0-45c2-abe4-1d063a98f1b9","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":204,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"d5694c35-59e8-4611-a33e-0fd29fa13cf3","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":204,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"081dd8b3-d72f-46fa-8033-3e7d95974af3","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":204,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"0c8f6d63-7a62-4daf-b83c-fb7a7e44cdd8","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":204,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"02f85e7b-76e8-4994-9e47-cad54caa55ee","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":204,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"dbee3836-6da0-4642-80dc-dcd3da01c439","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":204,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"9c71e889-1359-439a-a7f1-70689b947f0b","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":204,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"0cfd02c6-6815-4365-b07d-c62f0add114a","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":204,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"7cb57ef2-8cd0-4bd0-96ee-206e008db633","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":204,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"7cd945fd-1d30-4973-81d5-c4a325713287","block_type":"box","text":"for their continued service is not evident.","page_number":204,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"85dc58f4-db0f-4f8e-a2ae-cdb0b3e64218","block_type":"box","text":"Capacity","page_number":204,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"01e168ca-142b-4f26-8093-698b895fec5a","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":204,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"3a5ff5bf-ebb6-4bb1-8d95-50b5f02fe498","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":204,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"6b2e35e0-c48f-4b6b-9199-859ee2914946","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":204,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"867353f8-94ed-4810-9f93-e3dfb364c690","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":204,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"0b9008b2-7708-406d-bf9e-5d53d89e5e9a","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":204,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"a6f1019c-957e-4135-9140-32ad011f2b9e","block_type":"box","text":"determinations across markets.","page_number":204,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"f29af9d9-6fad-4880-88b7-0fdaa5e1240a","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":204,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"5f4f33b3-4d3d-4f26-be96-616991cb9f8d","block_type":"box","text":"their duties to the board and company.","page_number":204,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"11d6eb1b-00b6-48ff-ae52-60ab5b2aafa5","block_type":"box","text":"Director elections","page_number":204,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"ba0091ec-770e-4b99-abfe-5e18b2f0ef32","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":204,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"d48b5988-d4e5-4256-8ef8-4533f766c547","block_type":"box","text":"structure","page_number":204,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"2127ec59-48a2-4cdc-83df-34ecc0c6c873","block_type":"box","text":"8","page_number":204,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"c39f9dab-ec60-412c-b311-e30a496aceec","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":204,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"0adb1e26-1fda-4a83-8cc7-fbb4136a1b13","block_type":"box","text":"basis of its business model (","page_number":204,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"a1824376-a9c7-49a0-aecb-042d180ce794","block_type":"box","text":"e.g.","page_number":204,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"624db03c-d60c-4f1f-8030-69a51f712f6b","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":204,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"7e2e7656-8958-4d25-9616-a46295094dfa","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":204,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"fc1b1693-adcc-4da3-a5db-dfdf2167dbb5","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":204,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"ac9cdb3b-3d6c-4680-b405-be41ca802adc","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":204,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"b557881c-ef07-41f8-b9fe-c8c781856866","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":204,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"acab475c-8cdb-497d-91d0-a22e4c648654","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":204,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"1a2d9028-43e1-4152-a986-32621e287eba","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":204,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"93e95261-2275-41d6-89d9-465ada9ad6a4","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":204,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"49e9421b-2c68-468b-af0b-22367e494c2b","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":204,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"1b28fa4f-d1ba-4c23-b3fc-304f56ea166d","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":204,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"4c1986f4-2be2-4825-a359-523c449f41f9","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":204,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"5196c3ac-99d7-4ac0-b065-fab21d651642","block_type":"box","text":"8","page_number":204,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"46e13f87-b33a-4a4a-abc7-acb919a24fb5","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":204,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"e10a2f71-1414-4d22-acc7-99a5c7fd522e","block_type":"box","text":"directors stands for election in any one year.","page_number":204,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"95767b7f-11f2-4c6e-8067-d242b5bf8ccc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"50cbb1e7-29e7-4e2b-8452-00367b818ec0","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"550d0e5d-77c9-46df-96fa-d114aab4ecbd","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e83e459-c8ef-4a92-ba6b-1230e029df01","block_type":"box","text":"Committees","page_number":205,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"54a99bfe-9b70-4c05-95f5-2fac7b867594","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":205,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"33abca6e-4e41-4701-9d68-ff0fde4d2184","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":205,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"2668d4c0-b516-41a3-b65f-8455ca24b29d","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":205,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"7194a075-670e-4e0e-a13c-2f53da2f7755","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":205,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"47b9004e-3e36-49c6-879b-5b2cb5e005b5","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":205,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"6abdb14c-8d63-4a63-b49e-c36789c7a4a5","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":205,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"177734e9-5751-4df0-b2c6-679d336cdd5e","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":205,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"3433b125-13a3-4dda-8f15-5d33e144bd41","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":205,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"f634f461-cd7b-4cbf-8900-344178473ecf","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"7e2fce36-36ef-4fed-9ab6-56a0f92a1e99","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":205,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"7dbe14db-30ef-43bd-9f40-468a6503299f","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":205,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"f2ea6ac4-a362-47c6-96f1-4e390917131e","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":205,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"5b133b8e-e89d-4585-87b4-c6b0dfb0071c","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"f232dea6-ded4-4def-be33-b7b54dd797cb","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":205,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"9be4eb32-647a-4cd2-8a49-582c6475ee56","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":205,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"f667ea27-f8ec-4879-88ca-1ca049f8186a","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":205,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"c437ebff-0e57-47b1-8e5c-ee77e797107e","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":205,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"57dc9441-6e6a-40e5-aa3f-52f16c9faa39","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"44601a88-931a-41aa-b3e0-a21b18f398af","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":205,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"ecd105b2-9f9d-4d6b-b760-9ae5cb332c94","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":205,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"fc68d981-8fac-45a1-9824-30e80954e4d5","block_type":"box","text":"firm-wide compensation policies.","page_number":205,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"c1e93a25-c6c1-4d26-8be7-f76e3fba8412","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":205,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"ac241db9-aaff-4752-93ec-a0d0dd9d8533","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":205,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"ad937ec0-7674-4b0b-8fcd-0e5438298376","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":205,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"bfd117ca-113e-4cf6-9fcf-b2b8c868ce5f","block_type":"box","text":"Board and director evaluation","page_number":205,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"d3bb7697-2685-46cb-b5c9-b106cad51071","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":205,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"26f02098-a0a6-42e0-b02d-b4ead1537798","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":205,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"89283385-b2ba-418c-8044-0a6a876d248b","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":205,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"366e6dd8-570b-4fdb-a34f-5edbe9c7ae99","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":205,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"10ce9a42-e7f1-4d8c-9742-15a6c0685c4d","block_type":"box","text":"a result.","page_number":205,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"1991d6b8-ac20-4691-9555-d27211d9664e","block_type":"box","text":"Access to independent advice","page_number":205,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"7f6d62ce-d5c8-4467-bf5a-82728a2294b4","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":205,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"c24ff2fb-4fb9-48b3-97c4-045f9573cee7","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":205,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"909872a2-f03e-4322-a0a5-99cc7e58df89","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":205,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"533606dc-c634-4154-8663-6160a5ca19cd","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":205,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"8e066380-e40b-446c-b621-4ff6e45566e8","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":205,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"315c9833-987f-48c4-978f-fb5f3a078f63","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":205,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"6a8ca8ef-4791-4b32-850a-f5e6e2d7b98f","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":205,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"e5e20930-7cff-4aec-bbb2-69ab326f62f5","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":205,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"06b679aa-c6de-428a-a65d-a701ffcafac5","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":205,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"772982bc-01b7-4cc9-b44c-81406f93c1d1","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":205,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"40823b87-6b58-4c70-a654-af32064f16bd","block_type":"box","text":"per formance.","page_number":205,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"1a2141a4-d7f1-4d83-aedb-d9c5fa288ada","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":205,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"54a9ab35-b61b-46d0-866c-2792431ec10c","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":205,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"3829a338-453f-45ee-8ccd-51d658e7e057","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":205,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"5b29cddc-0942-46ed-b7d0-ca069dace463","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":205,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"614c3394-d682-438c-8868-624321c40d80","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":205,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"c60dfac7-9eb0-4e4e-8550-826af3ff4f47","block_type":"box","text":"recruit and motivate.","page_number":205,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"14c8507b-854b-4572-b03e-d2dc8727150f","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":205,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"38d1ad00-11a8-4d93-9563-84d7d6452a4f","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":205,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"73b875dd-7bc7-4467-af67-d86bf19b9171","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":205,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"b19ab224-fac6-4927-a9da-f25b439cf5b0","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":205,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"b52ab7ca-d4f7-4dff-a6bf-182a754ff592","block_type":"box","text":"arrangements include:","page_number":205,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"9cc0f9fa-a75f-4deb-bb54-39f41801854a","block_type":"box","text":"•","page_number":205,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"c2eef986-50f0-4ee7-a9ec-2dec47c2be64","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":205,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"5cb41426-cd57-4ad9-a2b9-d05b62dc74fc","block_type":"box","text":"the company’s size, sector and market.","page_number":205,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"2f5b814c-92a4-4478-8a07-5b155269c9f4","block_type":"box","text":"BlackRock Active Investment 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objectives.","page_number":206,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"4b37f327-0508-49f6-a80f-d737d3e844cf","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"54d4c2f2-6fce-484d-b0e7-8603166f154b","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":206,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"371e3621-84c0-4e60-a68e-a0c1f1979975","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"62084995-3856-4fcf-8b26-6cf20365a841","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":206,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"7c690a15-63a5-4597-a1d6-86401d5f3362","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":206,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"dec94bac-6ee8-42af-a78b-740ae618e533","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"6bd423ab-f4c3-4f0d-83ed-bdbc58818533","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":206,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"96739710-f82f-40d4-8cc9-88c1def9fa18","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"56314963-9595-4030-96ce-0d1c452adfa4","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":206,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"995bb1e3-75a4-4129-b094-6b533a902a7f","block_type":"box","text":"transparently.","page_number":206,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"145f6e91-e37d-4016-9c66-28ff373b1bbf","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"14019d23-2687-47ff-acff-a59e59a59a08","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":206,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"57a47e8e-66b4-4342-b3aa-ceb56b3e4388","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":206,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"b7299b75-a7e1-4904-b921-19c9cd46d018","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"56e344d4-1e31-4302-bbcd-b3b7976832e0","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":206,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"c68fa4b9-2214-40de-afe0-f7b04a0fe83c","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"e265809a-f2a3-412f-a409-2b0e8238ede4","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":206,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"03b47e0e-b4cb-4dbc-9fec-0d4d4691f592","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":206,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"5f7e9397-43fd-45ae-8033-0a0c0ff735f0","block_type":"box","text":"misconduct.","page_number":206,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"d87cf859-1728-49d3-a0d6-294d9e8c41a1","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"fb02cacd-d8f1-4bdd-8489-91aa25757106","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":206,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"dabb1b9c-c269-4e07-bd76-50eac531fbea","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":206,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"360171e3-285b-4765-962d-f75c08568493","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":206,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"bded8ee7-1432-4614-9731-d11a86b40427","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":206,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"4b0dd19f-2664-48ec-91c9-4e618c046700","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":206,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"77f72c69-3056-4a85-a9e7-c59045611f8a","block_type":"box","text":"committee, or the most senior independent director.","page_number":206,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"325a0cf5-fdb7-450f-aa31-2f9f8ec78cb7","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":206,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"df8f1e7e-b99c-4965-b456-c011f47c6590","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":206,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"beb9d332-7549-418a-85e5-a0776505ff2f","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":206,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"da770e6f-46aa-4676-842e-eb301486937c","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":206,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"0a9b22a8-85a1-4689-9a39-2aa53095deb4","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":206,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"1628df13-0872-46b3-bfb6-a2578dfe8f0b","block_type":"box","text":"CAPITAL STRUCTURE","page_number":206,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"34c5c095-d3df-400e-aadb-76c38326d121","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":206,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"7d74af0b-fe40-42b5-a5f9-96c90b524c87","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":206,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"7165fee0-e9d5-4c54-8bc8-c70db4fd8545","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":206,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"eb31db19-cbd0-42ab-a85a-ecab8c423c38","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":206,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"a587dcbc-8d79-445d-9fcf-9e213869ff1e","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":206,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"e12a1892-ae52-4b71-8bb8-8ecffbbebb77","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":206,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"ff41a34b-a55e-4703-af6d-b757c9096c47","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":206,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"5ca9803f-8d28-430e-8905-614d209232fe","block_type":"box","text":"Share issuance","page_number":206,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"967e75c8-1c2d-443b-ab15-8f835d316c46","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":206,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"7ec45b2c-68af-4633-acd2-e09289bedd83","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":206,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"f3deb069-a8e4-4daa-a00e-5a4449d18476","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":206,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"edae6da8-536c-4fe2-8ac0-a613254e554e","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":206,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"20952337-7249-42a1-8045-63fd0a7d7400","block_type":"box","text":"market environment.","page_number":206,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"51d1ed65-cbf2-4cf7-a841-2278030e0883","block_type":"box","text":"Share buybacks","page_number":206,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"a1d36fb2-a995-47b0-804e-614634d0e021","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":206,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"187023e9-c8bf-4d90-9fc3-3413503d618b","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":206,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"e2fef0d5-8472-49b1-8e38-9aad5a5023fe","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":206,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"34f20589-a93c-4228-857c-053f81292e22","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":206,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"1b9ab8bd-cd70-4803-ae7b-48fe9a266f94","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":206,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"7f35648e-166f-4e1b-b0e0-3c9334ac150e","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":206,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"fca54604-a11e-4933-8c5c-396c33113e54","block_type":"box","text":"of the company and the market environment.","page_number":206,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"d9e773bb-9c7e-4177-aa45-91424787cd40","block_type":"box","text":"Dividends","page_number":206,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"b3a99dc3-efb9-40cf-aab1-23eee2694e48","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":206,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"0cd16ebe-8a55-4f21-a176-1a35aecc11b1","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":206,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"93c32fac-a306-4855-b1bd-a4331020c825","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4dd19e4a-5a94-4afa-9e18-bf9a388ce394","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"187306a9-1ff9-4f43-a50c-667c11460d79","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51af221e-66bd-4765-88c0-6898ae66c04d","block_type":"box","text":"Differentiated voting rights","page_number":207,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"716a6702-2425-42dd-afdd-9e99b6ba401e","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":207,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"65399bb8-9962-4c46-a231-544ca2797d59","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":207,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"d99d57a8-2d92-48e4-ba1f-08b051d2ffc6","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":207,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"ac76c3df-3f6b-468a-a1dc-76469b864422","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":207,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"b3c903ff-80be-465d-b4f2-6b7b676a323c","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":207,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"c58b8166-99c2-45cf-87bf-ef685d76d763","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":207,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"f14e8e48-0690-481a-9c27-402d80fd2067","block_type":"box","text":"analyses of proposals.","page_number":207,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"94d1fca9-4962-4481-acd4-cc3288809012","block_type":"box","text":"Mergers and acquisitions","page_number":207,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"18681a26-f118-4a6a-8aed-63ad6c4abef1","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":207,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"a7b64dd4-4e60-4da0-8f29-a12dd4f709a4","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":207,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"5bc42ee7-ffd1-4405-8aaf-01c80936cb5f","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":207,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"26eaac96-81fd-41cd-99bc-59afdbd1cc8c","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":207,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"4e0430e4-1c81-471f-8d38-f1f16a2af41f","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":207,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"7ed57c72-ed0d-4e0c-b20d-2c69ecf196a6","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":207,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"13da7334-cd31-4a71-ac2f-d4b4954375b4","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":207,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"b38f67ef-dc54-453b-9d76-44404d79eb81","block_type":"box","text":"Anti-takeover defenses","page_number":207,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"d46cb7e1-11ba-4494-820e-9500089ec532","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":207,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"d23dde97-f960-4529-84fa-eae9585482df","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":207,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"a69030f9-d27a-4b5a-a019-2ebdc9d322da","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":207,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"390fa4a9-d5a4-498b-8404-8abf3bfae9b4","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":207,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"d91bbbef-3f87-489e-a1a3-63deeba3815a","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":207,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"f3b36e61-b2b0-4b28-a197-1db9db45e734","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":207,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"7a48e715-1a68-4aca-aefc-60715726f8a9","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":207,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"be00bb81-7bd8-4d87-891b-3b173c69c081","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":207,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"5800a790-4e24-480a-964e-40fe60b6254c","block_type":"box","text":"Shareholder activism","page_number":207,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"e93907ae-9803-4c1c-b4d1-21071914c43f","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":207,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"062ebd09-47f3-4d84-b0f1-f236287637c3","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":207,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"dde6be92-358e-4624-aa34-5c2a863a0454","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":207,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"a5795680-f2bb-4650-a6b5-dde3bc26cecb","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":207,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"f3a18a03-910a-4418-8efb-335cfe123d59","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":207,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"64bc90a6-98b1-4986-b4ae-3308d029e7e0","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":207,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"16307681-e393-4ce9-99ea-5f869840832a","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":207,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"478934b2-1ff0-4bd8-86e7-44051037d918","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":207,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"cdcfe94a-54cc-4d07-86fd-a8cc91e0d20a","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":207,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"a496fba9-6a3d-4ecf-afc7-a9a7a6bc0b20","block_type":"box","text":"protecting shareholders’ interests.","page_number":207,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"cf3b479f-402e-4da7-a711-74ccd604544d","block_type":"box","text":"Significant shareholders and related party transactions","page_number":207,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"97e01094-f785-4820-9dd4-f357a6250e3f","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":207,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"bf6ca092-e031-4e68-8cee-c23deecd3519","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":207,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"53c6f6d6-3dd9-476e-aeaa-442fc9dac243","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":207,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"f3a19160-18f6-46fe-a8ea-5bb7d2a41332","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":207,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"bf15ca04-a90f-4227-83b3-438d2474dab8","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":207,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"cd645394-cc56-45bc-908d-62702ba8fa5d","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":207,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"a8447845-713a-4e5e-b9b7-f10cb3f89e7a","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":207,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"fd382be5-df72-4101-b8b9-2e73211b512c","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":207,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"588b69ba-41d2-459f-9a31-c9b0c98192d0","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":207,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"7ccbd78c-3456-4971-9414-e4fd5eb12d2a","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":207,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"80952118-2a25-4b21-8d6d-fcfe1d099ddf","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":207,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"f6d80a59-c81d-4d6e-a850-03a2719f09cd","block_type":"box","text":"audit.","page_number":207,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"349711bf-63f9-4e01-984c-9b8601bfc433","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":207,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"d6fff333-8b77-4b30-853e-123ee80e2412","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":207,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"a37f1614-dc3e-4b7b-a750-f1e6ab2552ae","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":207,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"5667fa84-a5fb-4536-a3f1-e7870e680049","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4c58b659-8bdb-4599-8356-26725453fcf1","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ee6297b9-9cd3-46ee-b146-78a188fda6bc","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50b6ac0e-de33-4c56-b063-0b916b71fef4","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":208,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"e05234a8-7367-46f1-aadb-57caa833ea32","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":208,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"cccd42ce-f5f1-409c-a810-3cd933ae7b23","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":208,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"6e767d3e-8dbe-4af1-aa91-752782baa323","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":208,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"c63bf0fc-c1e6-4477-b861-4b0236b0defc","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":208,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"1e88e4fb-4eea-46a3-9eda-0c5cd4c6d763","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":208,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"9ee49c61-c7b7-4a9d-b8be-f48951c74ee8","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":208,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"673cf297-393e-4677-b534-1e3ab8cdd836","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":208,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"ee946b19-4828-49b0-87e2-cd85f59f4276","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":208,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"e50005f2-2877-4461-8f9b-fa4a92e3d3f4","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":208,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"82821504-f4b5-4bbb-b5a5-34aff4b47fa6","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":208,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"1906f768-2676-48a9-b437-ad52824fc7b5","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":208,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"223525eb-6efc-41e8-9060-609d0694ecce","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":208,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"331576d0-cc31-4536-a71a-36724339c584","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":208,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"869c076c-10d7-42e6-9992-130346a2332c","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":208,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"486ce1e1-dede-4d6b-82f5-e75878ad2f2c","block_type":"box","text":"9","page_number":208,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"f0bb0573-dbaa-410c-bd0d-e7b75e8b202e","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":208,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"77c660cd-ecf5-4685-953d-f5be5d38d01d","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":208,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"8be46177-8375-40a1-8ffa-8911f9582498","block_type":"box","text":"standards specified by policy makers.","page_number":208,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"8842253d-5122-42db-8bfd-c8bd8f8ae1d4","block_type":"box","text":"10","page_number":208,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"44214844-577d-4db4-981a-716dc3d0fa50","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":208,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"05972aab-4222-426f-a7de-9d741247b340","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":208,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"43cbdf32-b269-4b16-9c68-1e4d68eae808","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":208,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"5968806a-1228-4172-ba49-62b119af753d","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":208,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"e1b1c725-b4f7-4c6e-bb0e-1cc324bea9e0","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":208,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"ba6389c8-54c0-4a6d-b7b8-09da560c16ce","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":208,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"5d24a677-e0d5-4419-a19f-25ca48eac36f","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":208,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"c5580f03-2808-4935-bff9-8e767a3c4bad","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":208,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"1b4770e4-f07c-4668-ada9-07f39237af5b","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":208,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"be657db3-1e58-479a-9f46-fa3e90de7304","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":208,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"3da0494f-dd4c-435d-a580-fc9b272c27ff","block_type":"box","text":"remained independent.","page_number":208,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"5d5d9341-4b6c-4121-a470-2c1e01467680","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":208,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"d78059a4-8282-4490-8932-347b14a8b518","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":208,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"9dad4843-68f1-4f85-b35e-3871f55260e5","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":208,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"1da6f0f7-c157-4df4-b083-3fa4967f5b98","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":208,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"cbf32217-7dad-4797-b97b-da760b243669","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":208,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"b358f6fd-fe49-432c-a874-578fb881eaf5","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":208,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"5de95610-e710-4c62-9a3b-55bea4892a5a","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":208,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"d1379de2-c054-4b60-8d3c-547314d95498","block_type":"box","text":"General shareholder meetings","page_number":208,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"ad00f530-f264-425d-8bff-c4ad601dce05","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":208,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"9b0b3434-1323-4d52-b861-2534b4ab58d5","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":208,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"6defae7c-0ca4-402a-824e-fb389e11f91f","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":208,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"36dd3dda-7813-4679-9aba-27ffbf9cc479","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":208,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"788b16f1-6e00-4eaf-a9ac-c4eeadafcc52","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":208,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"a4ac88da-aad9-4235-96c9-1fda0cd80bcc","block_type":"box","text":"an in-person meeting.","page_number":208,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"83282ca4-0cf3-4d28-86d9-f675115b01bc","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":208,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"18a39a5b-a058-4124-a314-0f69ebbcfa63","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":208,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"579d19b2-1919-4bd3-8ba7-192001da793b","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":208,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"89da7656-09a4-4ebf-b410-a13bf6a320f7","block_type":"box","text":"par ticipation.","page_number":208,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"e1b92996-283b-4bf3-aa3d-2ce388491729","block_type":"box","text":"9","page_number":208,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"16346b0c-22b9-40e7-8178-1699b7592366","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":208,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"4da71a97-aed7-4304-ba5b-5d9ce343269f","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":208,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"4006f174-e0db-463d-be69-de45448948b3","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":208,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"95d9573e-ba36-43af-96d9-74b8c37886fb","block_type":"box","text":"Disclosures.”","page_number":208,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"2a89b786-4574-4001-aa35-f9ea7ba5ace3","block_type":"box","text":"10","page_number":208,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"140aa49b-ae77-4390-8d0c-2d0ca969542a","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":208,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"a18dcdee-9987-4fa6-81a3-8411fbc8cd90","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":208,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"2d406d62-3291-4d0e-a233-92ce86201fa3","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":208,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"8c41eaec-24fc-4385-a6cb-01548a06da73","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d4935209-8d74-43cf-817d-c3b06d8b1d13","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c4017072-cfaa-40b2-94a0-87f373f2718e","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"339372e0-fbfe-4907-b623-1378f6cfa364","block_type":"box","text":"Bylaw amendments","page_number":209,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"78436f2e-7617-4f2d-b3f2-8362d455f8b5","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":209,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"21c7d403-5695-46a2-aae8-38f005d357aa","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":209,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"dc4355fa-b793-4390-bab2-a2628b08b252","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":209,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"5a9ec204-0fa2-41cc-9139-d93ef6835e75","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":209,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"0bed8935-2c55-4732-8e7b-d33db85c9c5f","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":209,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"c12c123b-19ee-454f-9967-e7d8e3c50c9a","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"05632c0b-3629-47c4-a394-6fe25f2dbb4b","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":209,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"a2ca77f5-5f6b-4a2a-bd96-1d028dc60598","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":209,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"672045d7-cf5e-4e7a-a1a4-0792cc5a274f","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":209,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"5461d0c2-2507-441c-b3ba-a90403bfb6e7","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":209,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"17e581e0-dba6-4390-b8b5-c0b18a3e2793","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":209,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"40458a30-3a06-4860-a365-9804395b5b51","block_type":"box","text":"nomination process.","page_number":209,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"f706aed0-7f28-4ec3-a15a-e1d39413edd9","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":209,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"57efd853-4324-4df1-91de-962850e3b37b","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":209,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"e9bc22ef-71df-4b70-86af-6ddfbd8cc917","block_type":"box","text":"Change of domicile","page_number":209,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"7fa8f448-100c-478c-82c4-16975254f752","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":209,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"7c5740e5-f857-4105-ad52-edb54ef6f50e","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":209,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"80451ae0-f01b-48cc-98ac-f9095f1b7373","block_type":"box","text":"immaterial.","page_number":209,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"3dea5bc3-9449-4fda-9ecc-a83fb43b787f","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":209,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"e1257db9-9612-4a45-a36a-44cddf78f975","block_type":"box","text":"with our clients’ financial interests.","page_number":209,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"2a8407af-1447-4060-9092-1d7b06774bae","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":209,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"1e3c012c-7b9a-4862-a50c-5cac300dd050","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":209,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"7643ca19-fe1f-4b45-bc1c-e446f9c8f919","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":209,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"fe0ff175-6be0-41cf-9e73-16926efb22fe","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":209,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"3868a679-f91e-4359-9f59-e09427ea94c3","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":209,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"8f0919d7-e40a-45c9-b8e6-767da3bcf072","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":209,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"d25a12d2-f43b-4e62-9fd5-7b3be43f64b3","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":209,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"31a9d4e0-80a8-48b8-83c1-88cddb4fac4e","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":209,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"4e4719ef-374b-4fe1-819c-1ab2bfd3b814","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":209,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"37080a3a-46a4-4485-a02a-e8a53909810c","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":209,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"6e9d024c-9f05-4bbb-8c3c-08e5c49582d7","block_type":"box","text":"relevant to a company’s business.","page_number":209,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"8783980f-9ff0-469c-a72b-8293bdd49a75","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":209,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"a630d45e-3b7b-4af9-b00b-dd178ec5ae9a","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":209,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"5718d409-400f-428b-b024-9748edf77913","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":209,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"a0249525-59ae-4a87-b5c9-41e4384f7455","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":209,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"22bda612-9cad-4114-b099-a0a4c626b238","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":209,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"73ef702d-95f1-4bd0-84d5-500c0cda86b5","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":209,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"07cf266a-d4d0-492a-beb3-c41dbb58fd9c","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":209,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"4d33a809-c697-42dc-86c5-7e14876a0625","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":209,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"6fc09a1a-de84-4461-9937-896c8f550cb0","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":209,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"a214c8bc-5112-49c2-ab19-2f039122a4de","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":209,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"039955f9-c8ab-4a69-a479-085739896899","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":209,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"6fb735b3-46b3-4dc4-9012-b4dff1c02dbd","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":209,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"2c9049a8-488a-4846-822c-d9e0f8199f14","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":209,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"75261f87-0479-47c9-b932-ee56ad8109be","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":209,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"65e80843-129c-45e4-ba3b-5b0b25497533","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":209,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"2eb9e39a-61a0-4be8-812e-dc65b708d870","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":209,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"1fb46494-3c76-4c93-933d-9e43af941644","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":209,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"4c996c84-d50c-4383-9340-2c7cddbbbe17","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":209,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"eca3744c-4f45-4f5c-880b-68ca66aa2d4c","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":209,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"1f2dd7a6-3516-4fe7-8a42-fa157f2678ed","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":209,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"83701994-519c-4082-922d-2acba3092cfa","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3c3d1b0f-c3ef-41af-b134-42cfa7b53de5","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3c2c52de-2ef6-467d-ba0d-06f4bfdb90df","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4b6bb72-87e0-4bf5-be21-4aa038d1069d","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":210,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"29aea038-1fa2-4370-8724-1c8189182ba1","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":210,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"6997e24b-a4be-4c29-a09a-14c8539d52c1","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":210,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"3da7cf8f-716e-4f21-8090-4d1895fd1de8","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":210,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"1f8f5005-f061-4fc4-9239-053d24e69a59","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":210,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"7b424753-e1c8-4b7a-b56f-b05e02200945","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":210,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"04f33f0f-ea86-44dd-a636-c9782af0b24f","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":210,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"04916c56-1dc4-4562-944d-3e84af4a8815","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":210,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"32dfa693-e0fa-4c6d-ac6d-3d1bac6630d5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6cd33f6f-81c3-4d28-8b68-7c24f787b567","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"42987457-2bbb-412b-8411-3ced14a10ea5","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e960f00-c5ab-4712-be7f-2b49e4bf0bdb","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":211,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"8dfa5acd-bc36-4375-b19b-b7b72a235aca","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":211,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"ddb0b4b7-4e65-42e2-bd39-c0fe507db36c","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":211,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"c4a88eb5-0bde-4259-aac0-99b3219cf00e","block_type":"box","text":"11","page_number":211,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"dae65efb-f3fc-4f36-990a-5a53bc8be3ae","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":211,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"19771bf1-79d9-452e-8daa-2d4095cab30c","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":211,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"03ea0d6e-a8cf-41d8-9833-ef809c8122d1","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":211,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"4d44760f-598b-42fe-9699-7168a29830ac","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":211,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"c38f0014-f220-4f30-856e-2a5d421124f7","block_type":"box","text":"regulatory requirements.","page_number":211,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"366f6f66-5e24-42bc-936b-6e42829cc2dd","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":211,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"f2c40be7-56b5-4ab5-b874-72d2b32b2261","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":211,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"324df74e-bbd1-4299-b986-0bb37550dad7","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":211,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"0cc9e948-07f7-4a19-ba2d-eb06643cb8f8","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":211,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"73639c6d-6c67-47c4-90fc-2a616ca2f5c5","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":211,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"b37f7783-df54-4d5c-8b95-d6a17eebe618","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":211,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"4cc14463-6689-4184-9065-eeecbe25c524","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":211,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"1e408957-51a2-46f1-8f4d-bb2f8e83c3b3","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":211,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"7ddc50ba-a1d9-456a-9bfc-2a6f75edcb87","block_type":"box","text":"returns.","page_number":211,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"2a326664-65c9-4f01-a798-2f462fccae25","block_type":"box","text":"KEY STAKEHOLDERS","page_number":211,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"59df8fc3-6116-4992-8cf5-487cd94fa0e4","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":211,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"d1ba8651-a25e-4e39-9ae1-b4d2da60ce61","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":211,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"cc006db1-5ffd-4c27-b7b1-f8f4b01981de","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":211,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"f8ae9139-392a-4ec7-a22f-caf142b285bd","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":211,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"23da14c5-81fa-4197-be6b-866e0e8d20d9","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":211,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"24fb6deb-d569-4b8e-bf0e-a7f74654359b","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":211,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"37dec917-f366-4fa8-999d-2bc54629be9f","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":211,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"a4973f63-5e1b-4faf-bd5b-21fce6fc1de4","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":211,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"0b0e5af7-da83-427c-aa47-055d48b053bf","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":211,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"1e49bd7c-f550-433c-a54c-5e308a99b98b","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":211,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"c2aedf68-1d0a-4f6e-afad-9476db56db2f","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":211,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"fd0c307c-01ff-4a86-822f-502a31f8dcc0","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":211,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"134b47f3-bf9b-4532-a42a-71913dcb9bd6","block_type":"box","text":"i.e.","page_number":211,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"7e05afbf-72cb-4298-ba62-7321123eea13","block_type":"box","text":", one in which global","page_number":211,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"551003a2-95e6-471a-954d-e9ad53128579","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":211,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"557eb914-f8d9-41fe-9672-72c62cd2ec28","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":211,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"18ca97c9-bc6e-4637-ba83-7566e040084b","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":211,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"aff2b9cb-f1a6-43c5-8462-471837c5b363","block_type":"box","text":"client.","page_number":211,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"1b92ec13-43dd-4870-bac2-eac73ecebb0f","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":211,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"6ff12837-0172-411d-b6e0-d98d088287ea","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":211,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"ccf4caaa-f6b2-4800-8074-e47c97443381","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":211,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"fb6d15b2-e51b-4c60-be4c-e357e3f7380b","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":211,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"8623bcb8-4fb5-4689-b489-64b542654cf7","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":211,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"76297f14-9c30-49aa-b598-6a3129b8a281","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":211,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"1db9b814-9768-46a4-a178-1ef187b892d4","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":211,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"e7dda448-fa6a-4b2f-942b-8f829c5609e6","block_type":"box","text":"1 and 2 emissions.","page_number":211,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"f5712da5-edfd-4b4f-818b-a1a381475276","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":211,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"312ca53e-e904-4812-b8f2-95291ed7c364","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":211,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"4a91aabb-c584-4701-9b17-ca07a74599a3","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":211,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"10494e6f-716b-4607-ade4-517d2b45dfe6","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":211,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"aef2f81b-4bf7-4f7c-8cf0-5935e66b3a5b","block_type":"box","text":"11","page_number":211,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"6cf36abc-34a9-4bef-af22-ad03b69c8174","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":211,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"ef0977c5-0c79-4c3b-b68e-f621f049c472","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":211,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"306aa410-7c43-43f3-92c2-a5f27cd34cd7","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":211,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"1cb95953-b626-4e16-b155-cfe51f2394aa","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":211,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"b8586161-2e73-4799-83fb-df5b34860e28","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":211,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"90aa1c69-e946-4926-ab3f-898e6c2b922d","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":211,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"fe29449d-edfa-4ae8-b36f-9d47f2a164bc","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":211,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"bce556f4-c8dd-446b-a9a4-6c33c80ce443","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":211,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"e69115bd-ceae-4440-8cb1-c2bac8f49ee4","block_type":"box","text":"sound governance framework.","page_number":211,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"7e9a86fc-4039-4b62-a7d5-663392058288","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5b73aed7-3293-48ea-9e20-cb216b8d1fdd","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"3fd844f1-3084-42a8-a4ba-053b75027eae","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"428196d0-5d16-4659-8876-6a3319533216","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":212,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"04f3fed5-a3dd-42a6-86ce-55fedbbce96c","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":212,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"f7e5b1f8-d41e-4faa-a0b3-7b585e902c80","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":212,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"f17c14b6-f8ae-4ff1-b8ac-77f35eb1ccae","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":212,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"df9bbb08-8370-4fab-a933-12dd911a8874","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":212,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"e20b3b51-5253-47ae-b309-951128c78b75","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":212,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"441a563f-e43b-4b06-b934-fc78c5bb317f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2c238b8b-6a52-44b3-b104-13ada29f7907","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"99d883d2-9dab-4322-ace6-4f83b41d154f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55cfc2b3-7bdf-4bb1-b8b4-7faa4c07655f","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":213,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"35d9b7f4-b80f-4907-917b-2278a0120a79","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":213,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"162bc466-538f-4e2b-96e6-24477eff8c9e","block_type":"box","text":"Oversight","page_number":213,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"ee5abf25-4f7b-42a4-bd22-7c90d0c13c07","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":213,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"d48c2ff7-8a75-4968-b11a-f3d28ec2e9ba","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":213,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"aec894d5-bc5a-408f-8a98-d4fd09e316e9","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":213,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"7cae4301-2f21-448b-96fd-5d8dca82b3e4","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":213,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"cc524c95-d2a1-43be-8119-65e841a7066b","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":213,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"1708483e-ebf0-436e-8b1d-deb44df9498e","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":213,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"5accf38b-3c4e-4cc6-ace2-67ba94b74baa","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":213,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"14482abc-9cde-499c-92c8-0552ddc6a9d3","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":213,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"0b936aa1-40c3-4c50-8432-bafc98b250f3","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":213,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"7969736f-e176-4bce-82a7-67d4bbfccfd6","block_type":"box","text":"relevant active equity investors.","page_number":213,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"6140fb63-7818-4081-99e0-d12fcc245eca","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":213,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"639d557e-651c-4e1a-b4a8-36179627d2f4","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":213,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"43772695-ab44-46e8-b375-eace40970e17","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":213,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"5f971296-ab09-43f8-9d4c-1276b6444873","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":213,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"17e61d97-332c-4e97-8d6c-50ac303e955b","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":213,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"3385982f-76d0-4fbf-ad8f-c89295c3c041","block_type":"box","text":"third-par ty vote services providers” below).","page_number":213,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"89c664d7-d275-44e0-a4ab-97c017a1871f","block_type":"box","text":"Voting guidelines and vote execution","page_number":213,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"392b86fa-2b0a-47f4-a13d-1bc87408cca2","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":213,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"7798249e-bb95-4d77-b611-48a9897bf792","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":213,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"9aa71bce-9ead-4e37-8cf8-bb3964e75b3c","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":213,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"ab1e71e3-f213-48d0-b67b-140193d78d2b","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":213,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"9a1b1563-a76d-462e-a98a-29ea16381784","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":213,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"2c7e17d5-2c0e-412e-b137-86fbb2f8e093","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":213,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"c7c5c2d0-c5d0-450e-bd13-e6baa979deb6","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":213,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"a91e7906-9c8c-478d-9612-2437a74f0764","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":213,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"c2d952fd-2115-41a9-aa28-518f0d582e3d","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":213,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"818afe20-846c-4d17-806e-477f96c6b197","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":213,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"46ff549b-5661-4417-9e0b-ef13be98bd0c","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":213,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"74c729e7-6714-4f39-9010-f1a040d93a5e","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":213,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"1f8a4032-0fb3-463d-a0b8-bc3f0182c309","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":213,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"198e30e5-2579-4440-a750-849dee4308e7","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":213,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"e232d280-6037-497b-a13d-a21f49bdcae0","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":213,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"92d9133d-1191-4b49-944d-4b8e98fb2401","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":213,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"2840b51f-1c25-4fd9-b06f-2ea3774b6064","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":213,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"0e5300d9-8fd8-4fa8-bbfa-e1229e6594cb","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":213,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"919b6590-21c4-4e76-90fe-843ee649346e","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":213,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"5d977e7b-6927-4ee4-ad12-43d3d9480c7f","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":213,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"486aa08c-93b5-400e-bf86-852b498840cd","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":213,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"4eebc1d6-4afa-4eec-98ce-4b94972be3d9","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":213,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"b84788c3-e3e9-446b-9a46-83e6c31da56a","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":213,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"ac8e365f-a4e6-4ddc-853d-14f2d3779612","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":213,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"6385d297-858c-4e35-b7de-b53ca51765c8","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":213,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"02276308-2bce-4b4f-9e3a-f00ec5718d8a","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":213,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"a57e8d59-1aa3-4e0c-9f51-68c039656b63","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":213,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"fc79222c-b924-48ce-bcca-020d72d51460","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":213,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"69e74d58-4c45-4df6-872f-4f0091ca9835","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":213,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"183d2a93-6911-4739-91b8-7ea3dd6bddfa","block_type":"box","text":"Voting Choice","page_number":213,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"2f6a802b-733c-4b12-aa45-fe6b4b2b6c0a","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":213,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"d98696ca-ae87-4120-88e6-1a25eec989ac","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":213,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"ef778243-dd84-43a3-833b-ffe49e5b75bb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d65bee19-afa8-476f-abc8-802b291a46e2","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"50b07ee6-0662-4140-b7f7-cf7d3b77f533","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52ea49d3-5766-4cef-9db0-f427cbe5df19","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":214,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"c826e1cf-df81-4f3e-989c-2fa0f29f461c","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":214,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"1f798a1a-bf48-4a67-8f85-d1c366e01272","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":214,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"52ce3daf-aa52-4c51-9c79-4a885df93ff4","block_type":"box","text":"strategies.","page_number":214,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"ac6f793c-310b-45da-94d6-4422b028750f","block_type":"box","text":"12","page_number":214,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"878bc1ce-a177-416a-bb53-5ccb4ba1190f","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":214,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"3d76a8df-ec11-4acc-ade9-4cba1b5e5b28","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":214,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"da62d4fb-9a95-4fec-9f80-4088945bdcc7","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. 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Reliance upon this information is","page_number":216,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"0198bdde-7a35-4997-9d30-73d80c81b7d6","block_type":"box","text":"at the sole discretion of the reader.","page_number":216,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"c1fc0b9e-85fb-4639-86e5-61033f3e39fd","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":216,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"f91f5dba-12f4-42d5-aacc-2232d74cf058","block_type":"box","text":"©","page_number":216,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"18770011-c61c-4cea-aa3a-cfc2698c7d26","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":216,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"7b057651-509d-4260-adfa-a121a97e0a89","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":216,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"da3e1402-35fc-4557-b4d7-77560893f0e7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"83d463f2-a141-4cdd-bbf7-3aa30a34f265","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cdedaa59-a65f-4de8-a227-308545e2a1fb","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bfcdb68b-2212-4c3b-9293-b81a7fd37f05","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":217,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"ab79c4a7-af16-40c3-8c3b-876ddbfc0e13","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":217,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"18ad891b-f612-401e-a95a-8597216dca70","block_type":"box","text":"Effective Date: January 1, 2025","page_number":217,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"0bacf634-1359-40da-a4a6-2d8642c633a6","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":217,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"91400279-2b10-469d-857d-04933b0a20e7","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":217,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"67d7a997-93b2-436e-91a5-6e563dc3b77a","block_type":"box","text":"□","page_number":217,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"5cf222a2-0034-48cb-af89-f0fb62fcdd50","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":217,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"afce6590-a588-46bb-bfa5-b69cf883265b","block_type":"box","text":"□","page_number":217,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"9e50a094-b572-45f0-98f6-8fa5cfb92dfb","block_type":"box","text":"Money Market Funds","page_number":217,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"8da04832-0b7f-491f-9dce-3012524b4ec6","block_type":"box","text":"□","page_number":217,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"072e3384-40df-416a-8233-329f3463e7c9","block_type":"box","text":"Closed-End Funds","page_number":217,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"b5a24e7b-af74-4e2d-b51e-a284e8beedf0","block_type":"box","text":"□","page_number":217,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"d09b021b-9e29-4586-a784-f68d9f5f629a","block_type":"box","text":"Other","page_number":217,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"2d18c932-1840-4972-bfc7-76a8f38e139c","block_type":"box","text":"Objective and Scope","page_number":217,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"56502046-27b5-4aad-8401-aab913d20a97","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":217,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"17cf1ed2-fca0-47d2-a55a-e05c0332c7cc","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":217,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"66998c10-40c2-4f54-86b4-39906d007282","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":217,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"96d4cf75-7160-41c9-9dbd-c543bd5b536b","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":217,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"de005aa7-15b5-4f9c-8753-376b12271461","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":217,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"732946d6-6425-4a2b-9ae8-94db304df8df","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":217,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"2e4d3fc0-870c-4dae-ac5a-7f468522af01","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":217,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"6c699c6c-cd40-46c0-ae20-0ac337d5db71","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":217,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"9460722a-fc91-4ed4-ba8e-e1179449eea5","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":217,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"7049d36c-c029-4118-9697-14431ab9eda0","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":217,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"61273adf-09b7-4186-8373-d24c6df49a73","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":217,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"c6c425bc-caed-4098-adca-d4d90468e4ea","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":217,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"033963b8-0397-4782-a118-3aa839b8b2c1","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":217,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"c0a7e9f7-68d1-460b-836d-b430dd20c6c0","block_type":"box","text":"Appendix A.","page_number":217,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"ffe8b518-6fe7-4ab4-bed2-ba9239395da9","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":217,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"e2c8324b-ab1d-4167-a929-34f798e43693","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":217,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"e3f40c85-568f-4006-ae46-8d6a3687319c","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":217,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"d838a84b-ef80-4f32-bc3e-6ed69f7ab470","block_type":"box","text":"Conflicts Management","page_number":217,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"d61cf00d-763c-453c-8992-f4aab20e7545","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":217,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"bae761fc-3f8e-47bc-a7ea-b02f97441577","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":217,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"5ce9f59b-83da-40a6-924f-42244f6b0df8","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":217,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"6a408d8a-e430-41d6-bc7e-8188e08ad9a7","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":217,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"62cb9b65-8e2b-4afc-9e6f-e63c41c4f378","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":217,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"8b9b1d4a-f611-41fe-bb7c-a8bb29f0e97e","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":217,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"6e10df40-02c2-4c5b-a37c-c73dac1f381f","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":217,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"f5978921-564d-498d-920b-bffbf4830cbd","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":217,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"b69020e1-1e9b-4ca4-a5f3-b048d6091344","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":217,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"6ba3cdbd-9886-424c-83e0-31fb864aa08d","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":217,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"5105a21e-fdae-4546-b599-732e93267f63","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":217,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"336a0d8b-b465-43b9-a56c-4eca8cb26530","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":217,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"36ed798b-e344-4340-8d4d-4a868ce2ccd8","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":217,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"2046170d-5c86-45dc-bcdd-e77e6d8f897a","block_type":"box","text":"connection with proxy voting.","page_number":217,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"9c51f043-f134-4b6f-a88d-17436f31f43a","block_type":"box","text":"Reports to the Board","page_number":217,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"72f5fb3a-60fb-4475-9f46-92733c0d6192","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":217,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"2f731b20-f027-41a8-8e84-65dcbceae155","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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These are topics that shareholders may have","page_number":222,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"3eb304d2-621b-4836-a08d-c9f996d19a95","block_type":"box","text":"the ability to vote on at shareholder meetings. 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Our regional voting guidelines explain how the BIS Global","page_number":222,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"9ae007fe-4f18-4095-b82e-e5d7020763ee","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":222,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"3d3c9940-c5aa-4b63-ac60-547ff7033bdd","block_type":"box","text":"4","page_number":222,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"7ad96ebd-acb8-422b-b3cd-9a34bb9cf476","block_type":"box","text":"3","page_number":222,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"52b30f5b-2b50-4d70-a759-7b423600d1d0","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":222,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"85e179e0-46de-4cf5-b31c-e7549774cef6","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":222,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"9657e878-0dbc-4e0a-ad28-d1357a5b15f1","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":222,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"29274ad6-dc2e-4ec0-8329-b746233eb1de","block_type":"box","text":"4","page_number":222,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"d009f7a4-67df-4524-8b6b-4ed33e6baf48","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":222,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"9182d711-5c32-41f7-aead-3a0a11b9b5cd","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":222,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"15da07a0-b271-419d-a972-2f2a90d3e6b4","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":222,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"abd87847-e6c5-4da8-93df-e7d178dd79c5","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":222,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"e6055ff1-035a-43be-a5e0-14e3f0f5a581","block_type":"box","text":"guidelines.","page_number":222,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"2fb50cca-0f42-4c7e-8ac0-65c4b483982f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b98ade84-9070-4c3e-b3e2-38ceb8cb2c01","block_type":"box","text":"Global Principles | 4","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c48ca3c3-0f8b-4380-84a2-c63480b2dfb8","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d6ecaa4-f2ca-46ce-bf51-7b7f7dd73f93","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":223,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"e734ec16-1a66-4cc0-bbdd-cad1945616c3","block_type":"box","text":"Oversight role of the board","page_number":223,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"bd2cce2c-dcd3-4866-a4a3-edcbd6b22290","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":223,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"fb11cb0e-537c-4a9d-9811-ee9e6cc3f42c","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":223,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"8d21a835-79dd-4da1-b8a7-af5432e8f153","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":223,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"c081cf3a-43f3-40c7-9a72-39152933da12","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":223,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"16e23844-f8d8-4def-b1d6-e46ada576e4a","block_type":"box","text":"long-term financial per formance.","page_number":223,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"cd2e538c-3f9e-468d-9d93-97e441e97b3f","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":223,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"3743b7b5-d9e5-4a51-ace6-acb021aeaa51","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":223,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"2431ae43-04b0-47e9-a604-676a55081f40","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":223,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"35b34d2a-ce73-46c8-a818-7f748898460e","block_type":"box","text":"the business environment in which a company is operating.","page_number":223,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"65b7cb75-9fb7-4f1d-a2c7-625c8c4013bd","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":223,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"d589bc78-a33e-47ee-96a6-4d993418ccb5","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":223,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"1f73a989-24b3-499d-83fd-682786638e40","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":223,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"4a11751e-26df-4656-929c-4f84ba6a59d4","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":223,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"33be2d60-fb1d-41d7-af4b-95215bec7e41","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":223,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"17203f4d-3585-4a1b-88b7-557a9566671c","block_type":"box","text":"mitigating such risks.","page_number":223,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"b0c391ad-ea40-456d-b6d5-5358d0f7d900","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":223,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"e555bee9-a294-470a-8a24-0268722a3ee5","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":223,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"a9c6af89-5b26-4df7-b23e-0010b58c02fa","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":223,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"0a98d58b-cd87-4ff8-b372-efbf2b7843c6","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":223,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"e5c28d2b-99d8-43fc-9ed7-a25578d4f886","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":223,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"fa86ad17-bdb9-4a73-a571-651a205dc90b","block_type":"box","text":"strategy.","page_number":223,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"dab64f4d-5a53-4137-9bb9-89580247b236","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":223,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"26951068-39cd-47a0-af14-f52ad541362d","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":223,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"f2ff22c8-45e8-4a4a-b788-15e2770faf28","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":223,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"6afee08d-4c03-41bb-9e0b-bdf764bcfebe","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":223,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"2b7ebf6a-dda6-461f-a55f-e0f92e99ad88","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":223,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"0077acfc-cb51-417c-9f1a-d3c7f285fef8","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":223,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"73b07740-8c35-462a-8a22-c2d90858ac4d","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":223,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"2969d340-8924-4c8d-b447-49439d14558e","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":223,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"282786b3-2e85-40e0-905e-3c3c20ea5cd0","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":223,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"00970b85-64f4-4404-8b19-0de63bf0ad2d","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":223,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"3ce03601-2d05-421e-9dcc-d7c19adc6334","block_type":"box","text":"Regular accountability through director elections","page_number":223,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"66217d1b-17b2-4a43-a6b4-35a8f3bde961","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":223,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"e7a7209a-c731-4f96-a676-e0adb55e6848","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":223,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"987cf657-a1f1-45d3-a01d-9921c81d3c27","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":223,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"3f967546-1ce6-432b-b188-163a045de29c","block_type":"box","text":"5","page_number":223,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"3d392022-a1ed-4173-806d-de7c9ecc1cd6","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":223,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"fc0e2527-73fd-4779-a134-884ad1cc794f","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":223,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"814b5de4-fa49-4364-8b51-ab8c649cd3fc","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":223,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"cc30994c-9c83-48fc-b424-6e1420630aa3","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":223,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"f3ff2c31-6da6-4d71-8441-659c65208b58","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":223,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"7132c2aa-f986-4048-8526-cc73cfe33376","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":223,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"c9b45d35-f09f-408a-b30b-27e3751c9234","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":223,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"210a8307-2591-457c-8095-5dc89bccadd2","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":223,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"604f45c2-2397-4335-a5a9-4fc8afd60cec","block_type":"box","text":"5","page_number":223,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"6aaf2df5-2f23-4d42-bd35-dd7a7c91c127","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":223,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"014c3f3f-96b2-4f60-a916-f0d0ad01b575","block_type":"box","text":"market regulation or voluntary best practice.","page_number":223,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"699b27ca-5276-4032-83e2-056c704034d9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a7d770fa-0dc4-4e14-914f-31759571f94b","block_type":"box","text":"Global Principles | 5","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3061475d-387f-4412-adde-5045df96018d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bff3c769-8c12-43a7-a372-32439c06afa5","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":224,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"3dbabf6b-8c31-4305-86cf-25f34fc7d578","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":224,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"3a63fc2d-3cd9-460e-8462-bb5085387945","block_type":"box","text":"recently.","page_number":224,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"692ea127-f105-48a9-a5eb-570efad3cadd","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":224,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"c875991b-81f3-4a5e-ad48-e0dc29a3270c","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":224,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"15cfb21f-d5ed-4c31-87d3-882c6b31d5c8","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":224,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"aa05137a-b28e-466c-b44b-bc4cdefb1e89","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":224,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"5f1c9abd-ebbd-4720-abfc-e24324aa8096","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":224,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"b9467768-90ad-4b15-9ba0-a679bc166ae1","block_type":"box","text":"Director independence","page_number":224,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"6b5da468-128f-4e68-a74d-3467acb83164","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":224,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"10ae2a66-3766-4e98-85a2-d0c70eb2a8a2","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":224,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"2d15db72-a916-4e52-8939-655a34f7b6d9","block_type":"box","text":"6","page_number":224,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"c0bf6337-8029-4785-b7ad-be4831476f1d","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":224,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"e74e6fd9-e733-4fa7-948c-7730fd9dc1c7","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":224,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"b09e3df1-0b0f-405b-99f4-bea2f54eb186","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":224,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"6819e13f-7051-4d97-8f65-bc71816b4c6f","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":224,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"45a34efe-745c-4b38-b2ea-3edeeaf9ecc6","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":224,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"7d6fafa2-296c-4789-aa21-4465b0fd47a2","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"691f1dc6-15ac-4a9b-9686-7823f23cfd5a","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":224,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"619631e6-3215-4cc3-91a2-758d61aa6c88","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"03d3d777-da2e-4347-8bbf-ba5391aec873","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":224,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"3fe00398-0d5d-4d78-b46b-dd9776e57f75","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"fa01941a-8fc0-402c-81c8-77d80f19eb7a","block_type":"box","text":"Interlocking directorates","page_number":224,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"e48378bd-df2f-4472-9ef0-fb2b3f9f8ae2","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"0f0274dd-132d-45c6-a00e-77def9e99b67","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":224,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"9b1aa8ad-b0d0-4ac0-95af-e6eeffaf8f53","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":224,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"588a3895-a2fe-4bb3-a1aa-2d870c5ffa6d","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":224,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"07045c82-0d64-4dbf-827d-a27a05851835","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":224,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"319624ca-cd0b-47ce-8c52-8a0446afeda1","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":224,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"d5272068-8049-427c-87eb-c2efd88a2a5b","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":224,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"9ef48d2e-0c22-4bb7-b58b-1accf7905f54","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":224,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"5dfe272c-23e1-4bb3-a10b-6a368fa64633","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":224,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"d9f4f5ef-dddc-4135-8017-46cf8daec27c","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":224,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"0be60c8f-3d34-4019-92f6-af75a640d0d0","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":224,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"5138760d-4e13-473d-9859-3d734512bd38","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":224,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"aad6579f-ff59-466d-91d6-b7222bcd160a","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":224,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"89e3e3e3-43cc-4a06-b9d5-9016a25013b7","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":224,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"cfeb5bba-bdc2-4684-b2c6-255b6506a25f","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":224,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"7bf4e8e8-2681-40e1-afd3-d25106a215b1","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":224,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"09d7a2a1-15f3-48c8-bd89-e45ba1fd5834","block_type":"box","text":"Sufficient capacity","page_number":224,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"4a123518-bd39-4e9d-bbb1-c820e4c0da91","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":224,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"9cb2afc5-b807-4843-990c-a337325bf97f","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":224,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"cab37d9e-ac02-4523-8782-5cb257222faa","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":224,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"0b7abf1e-3abd-4649-8ff6-a769f2460ea3","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":224,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"7d39fe9e-8711-47a6-bcb8-76132836c8cf","block_type":"box","text":"Board composition","page_number":224,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"55e68eb5-b03e-4c1c-9d95-e8fba8ba31af","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":224,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"177dd020-11d8-4a3e-9602-087be9f0cdbc","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":224,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"967bda28-67e3-4092-a5e6-57d4ccf1d851","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":224,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"40633199-ce98-421d-9e42-1aac22216f53","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":224,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"5f7264e2-026f-426b-b2c0-7155e888c8a2","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":224,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"2905f3b5-4df1-4b23-b8fe-748ac7c760d7","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":224,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"56313615-feea-4933-9c67-20720a0fec69","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":224,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"598753e6-84b0-4ae9-a371-5cc5db611f17","block_type":"box","text":"6","page_number":224,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"7a315a28-02ef-453e-9b88-216f604619d9","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":224,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"6056cfcc-008a-490b-91ca-2fc640891902","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":224,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"bfe97af1-0925-4747-ac0c-3d6bcfc115f9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"eecd341b-7c1f-4721-b8b8-9dd8248743c1","block_type":"box","text":"Global Principles | 6","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"28fab67c-66eb-486d-a1ce-95cc49d60996","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e9f3c78-f028-44ce-b1df-cd89ea16913c","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":225,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"1f8f3ed2-6913-4910-9364-60ef9d7e668c","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":225,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"7c650b52-e9d2-4e58-9608-25ad8488ffc8","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":225,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"29714d0e-4238-4352-a0df-9612317f0124","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":225,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"54cd6262-29d6-40cb-951f-62793cf8ff1e","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":225,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"c6cf6e86-e216-4bef-ba2d-1c457fbe1aef","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":225,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"79b91a43-b3fe-4918-99b6-03dcc07e4387","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":225,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"ee26753f-8d70-4bd4-88ad-6a4e4f999d11","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":225,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"41ee2d19-08b5-4eff-afc0-dbff39a16f66","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":225,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"604d3fa0-fc12-4773-9842-7a2b531fd030","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":225,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"8291923c-9dab-4a72-8337-1528e5f273ef","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":225,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"2eaaf5d6-7ca4-4439-a69e-4bac5bef44e0","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":225,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"666a3263-e687-48fb-ae01-a3aea1c2ab1e","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":225,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"a7bf2b06-9fca-412d-afd0-ee9490ca14df","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":225,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"1a99f714-fe66-47c7-8800-dda8911bef40","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":225,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"5fc83fb9-1968-4a6e-8491-bec99229fead","block_type":"box","text":"systems.","page_number":225,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"3069ee70-af6f-42ce-8bbb-af482956d75d","block_type":"box","text":"7","page_number":225,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"c718c221-d153-4ccc-b288-f29ab918982a","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":225,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"9d3130b6-9a32-4db7-8d9a-1ccc51ed91ca","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":225,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"f64c88a4-5e35-439b-8178-426973ade7b5","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":225,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"f78c5082-9d1d-4c58-bf11-eec3dc232188","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":225,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"6dd9018c-8074-4613-9447-01d6d65aefdb","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":225,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"8b7138aa-e20f-47e2-9b53-70cd782d33ca","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":225,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"ce8d6eb0-7383-4f78-94c0-de62f87247a4","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":225,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"ec876a78-1f24-40ba-9c9f-ae67a7f61ce6","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":225,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"dab514c1-84f0-4959-8cd6-53b80df87f9a","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":225,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"c865a3de-e60d-4c06-a6ff-1902ec038bd2","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":225,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"b7fdee08-3ec7-490a-87bb-0a31ff86d463","block_type":"box","text":"or internal audit function.","page_number":225,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"8bacfa9c-a321-467c-9e99-ed7a4e971bca","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":225,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"62b712e3-b9c6-45e9-ba54-56445e927ce2","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":225,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"6f0087c0-5dfd-4b3d-baa4-daf9585daa88","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":225,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"8173081e-c28a-41ed-8a29-c10271820f0e","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":225,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"5edbde3e-900f-404c-94f8-910b4affc7c4","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":225,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"1a5aa5e3-a3de-4c78-b9de-97b19d164d34","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":225,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"177c793b-26ca-44b0-9181-43f47fc04681","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":225,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"012f1c82-3542-43dd-9e11-7eca00555024","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":225,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"1a222e9e-fdc7-4d35-9f52-46383562c1e9","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":225,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"710c85ca-201f-45f6-8f02-d3a405e4ae35","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":225,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"71b72df9-0cfe-4fd1-bc4d-1728d77ff44a","block_type":"box","text":"risk.","page_number":225,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"457e5a8d-9366-4d5a-aee5-f0b8a52ae12e","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":225,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"d3be17d3-b68d-4fa1-adf2-92ec7025a753","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":225,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"43578703-6eec-46ae-953c-131fdd183019","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":225,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"24e18ac5-054a-462b-bd9f-f23835a39741","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":225,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"bf487688-353d-47bc-9dac-a579c78a2ea1","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":225,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"9a8022a6-439b-4d90-9950-0891568d41cc","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":225,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"24eb3ecc-0ebe-4ae0-bcc2-d5d4dd7af369","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":225,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"9a2d3be4-f7d1-46c4-aea3-c3e12e453d2f","block_type":"box","text":"7","page_number":225,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"fc5b320d-e4f1-4f09-a833-2a1caccd875c","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":225,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"cedcc524-f00e-44ff-a8e8-9efa56bcc25d","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":225,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"01f8c5fd-1169-411b-b55d-0035b71d65e2","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":225,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"749069b8-4320-4b52-b3a0-ea1b281a9d16","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":225,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"6c9ac4d4-ba8f-4a6d-a46d-2afc14e3b607","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":225,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"f3c17e73-0834-421c-ab78-45b5c54dd38a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6875b66f-891c-485b-9cb6-d48f2000579c","block_type":"box","text":"Global Principles | 7","page_number":225,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"fee04ae4-49e2-41c7-8a5d-5b46037f07e2","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b228e9e-face-4b2a-9042-f0caa93a7b2b","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":226,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"cf7a1c2b-d96d-4090-996d-914e1491af05","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":226,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"75adb533-5696-413b-9e38-d15ea01c4392","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":226,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"8f64792d-7dfe-4bf2-b785-dbc888870c85","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":226,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"bd29d7b7-ac63-4d1b-922d-957fb92c9d03","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":226,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"36b4b869-914a-44d3-ac27-0f8c4329c8eb","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":226,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"37d6826a-27b4-4b13-bf8f-6b37da53eab3","block_type":"box","text":"minimizing costs to shareholders.","page_number":226,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"8d055f9a-7fd7-4d74-948c-1adc1b7482a8","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":226,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"0134c099-9b78-4651-bfca-a5db6cb49a1f","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":226,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"ef3de714-e021-4c25-b2ec-a07f3f0fc537","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":226,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"4bc694b8-b460-4a06-ae69-768205de7a07","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":226,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"095ed29a-2f3c-4485-98f4-024695d3985f","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":226,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"5a9a0ec2-52c6-4e81-bdc1-ddccb14702be","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":226,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"f36a4e22-e3c9-4a0b-bbbb-5f138620b81e","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":226,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"f261fd98-40d5-4fde-9689-4bddf709b407","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":226,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"f6128d85-7b6f-43c4-8664-b35682b53081","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":226,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"c868297b-665c-4c3f-a1d9-b88a402e579a","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":226,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"18842277-a119-4ff3-b0c0-6d38c5c7a7f8","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":226,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"200dd3c9-0f3b-46bb-bc80-ff8e552869af","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":226,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"860d7b54-9168-4cbb-91d0-a8bc114c1e57","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":226,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"db7be3c9-9116-4f45-ae1a-a2296e24bf10","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"5eba8ada-8e0a-4138-8083-729f43a19e0c","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":226,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"2451caf8-f5d4-4b8a-b72b-093e58544de4","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":226,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"40af4550-f01d-4363-9d5f-d29c94380f0b","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":226,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"0e6b933c-ae2d-4b07-b428-5ee78bc4574c","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":226,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"cd6dec26-2f41-4a09-b636-9463aa4358c6","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":226,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"2fb05202-825f-47e0-b805-2e1a3bef6eb0","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":226,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"138141e6-a09d-4e89-9331-575b35056e3f","block_type":"box","text":"ownership.","page_number":226,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"0402c05e-e269-4b63-98a2-80e63c83b735","block_type":"box","text":"8","page_number":226,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"3329291d-69a7-4ac0-8f16-f933376f0c76","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":226,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"1a661284-1ceb-47cc-a3be-06385dcde096","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":226,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"ae30ba35-7344-457a-a177-663d340a980d","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":226,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"cdde4972-7e67-45c7-94ff-f49a24aa7a1f","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":226,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"322db497-2ddd-49ed-bc5b-34c1e2a7fcfd","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":226,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"bf58f408-cbea-4ed4-b8eb-9c748028103f","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":226,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"f9a7ee1e-6113-4ad4-a41a-6c311b21e278","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":226,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"4ca708cc-73b5-41e9-b08c-02aa4670f9af","block_type":"box","text":"results over a period of years.","page_number":226,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"2d645f6a-c151-42a3-a5a0-ec5af6ae0d93","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":226,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"37b51c98-c124-4055-8d87-4ec74932ed96","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":226,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"4605072f-8738-4208-ac2a-a1f40272a371","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":226,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"0f190884-ddda-46ec-95a8-8b8690ec143a","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":226,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"e227c50c-cf2d-43dd-a440-e6565f2e4582","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":226,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"962543a5-28eb-4afd-85d4-ce6076244d06","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":226,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"d7e201e6-9b2e-4ff2-9180-d1216d3bb495","block_type":"box","text":"executive compensation strategies.","page_number":226,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"0d429ecf-1491-45ca-ad21-3a3eb5d47966","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":226,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"af9610da-b45b-49bb-81c8-c111b4a80034","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":226,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"73aed6ad-2255-4ad1-aa4a-f928298922d6","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":226,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"11a29680-3130-4c7f-bde2-b27c0ba1de3b","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":226,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"59d65c17-d459-4f21-afe7-43ebb3600ed9","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":226,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"15dc1279-7957-4337-8a99-442deb828ccb","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":226,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"e6207b44-ab66-4364-8191-f2ba73f3ee63","block_type":"box","text":"8","page_number":226,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"78990dba-995e-4fc0-8e8a-4a8634dc7983","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":226,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"71d33a14-066c-4e10-a1f7-e53eb012299a","block_type":"box","text":"different markets.","page_number":226,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"2cf2b60b-f10c-4874-85e5-a6d4a14018a7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"93e64b22-835a-4552-b693-4828c9c2d9f3","block_type":"box","text":"Global Principles | 8","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"ec7f28c0-7b09-440b-9a3c-f96719f1de60","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a96931c3-1beb-4656-a96a-71cf1878239b","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":227,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"c9cc5c3a-4599-4e5f-a41f-ea0fef75b5ff","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":227,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"27b3e4a2-8f4d-44b1-b8c0-626a80b18d67","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":227,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"972eac19-7c35-48df-bd3e-ff56bc802047","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":227,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"32a3c884-8b2e-4f5e-8a2c-3d797f80bb61","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":227,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"499f7b66-b813-4384-bc73-558516efeb4a","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":227,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"7e81b08e-6a6c-40c7-a29c-cff97a578d4c","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":227,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"35252e56-8239-471f-81f9-9edab0f67dcf","block_type":"box","text":"whom they are charged with overseeing.","page_number":227,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"13871168-56fd-4e87-9039-71d34f45289a","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":227,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"949a04af-d04f-4479-bf5f-39ce0b2e1a76","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":227,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"58562003-9cba-4682-a09b-163fe74df96e","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":227,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"74cc3c14-c807-446a-a4ce-cd9a2876660b","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":227,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"bbcc5b7d-9046-4af8-897a-8b627ccf4a31","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":227,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"10b80432-c872-496c-ac46-289f9af987e3","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":227,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"2a8bd7a4-55b8-496d-af78-dd902a90f55e","block_type":"box","text":"structures.","page_number":227,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"89548057-fa41-4519-b456-a1ad22fdbbe9","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":227,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"9184f6dc-6ef6-4f80-8d5e-ead99ba4df05","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"8b4f3a0a-597b-4e12-9f7b-e8c25b786d72","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":227,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"43a9d2c2-9215-45ce-a74b-c9f81f225f45","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"7568ed70-c236-4b47-ba55-514b75fe8e73","block_type":"box","text":"9","page_number":227,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"75bc0979-4f00-4844-8bbe-87bd122120b9","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":227,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"d82076d7-658a-475c-bdd9-16891bcdc629","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"470a512a-aee6-41eb-85b7-c3166a977ddc","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"9a44e6a0-c30c-42b2-9e2a-38f35024bb65","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":227,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"1079a5c5-a245-4cc8-a5fe-681d9a891c1e","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":227,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"42cdb8e4-f0e6-4d65-a691-9afaf583d6e5","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":227,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"5ab02d00-99ea-4586-9dce-477d72a61403","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"c8493e81-cc3a-41ca-a0c1-2f75963b09de","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"fd0e53ff-1fdd-426d-bdef-917e158a5425","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":227,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"9adfb4f9-88a0-4131-ae49-63de290c77a9","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":227,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"0c71e117-b598-449c-846f-d05f3cbcd4df","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":227,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"16384c1d-0394-431b-ab5b-d06785fc5cf6","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":227,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"f626d06e-9813-45c0-a987-2ca09b5f28cd","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":227,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"dd70e1f6-0848-4191-bbf4-24a4c9478f8e","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":227,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"2926c600-7adb-443b-b74c-0ac6e793e8b8","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":227,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"fdb31db7-7091-4405-a2bd-41a16aea7f45","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":227,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"854d60bd-4caf-47b0-8e80-b856173ea537","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":227,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"19049c73-fae8-4227-a884-c295f0777b54","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":227,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"f0ba26e7-7078-41b1-b354-6f5d57b11f02","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":227,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"1cd55eb4-98be-40b4-90dc-7f217af19994","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":227,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"65a395fc-71d1-43c2-a4bb-257f4bf9b1ef","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":227,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"18c8cc8c-713e-4403-86aa-d2207b89dc97","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":227,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"b0293e45-8215-4e69-a33b-b98688fe9d97","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":227,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"98ecba42-7906-45a4-8f57-c13783bb304e","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":227,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"d22f27ae-5685-44f7-8566-3117efecf4ee","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":227,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"896f955c-1766-45ab-8706-83daef35c609","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"34e0b354-381a-49ec-805e-5b17d27d3915","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"1f63b391-cce5-4ae3-9ec4-b0c071a35c2e","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":227,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"efe2b735-aefd-4454-9200-cb8f3372781e","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":227,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"ca989111-6cd2-4cf4-86d8-09e440564e09","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":227,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"12c8a7e9-202c-4b06-8b37-56b63b083e55","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":227,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"b5ce3eb2-2f05-4de3-8ab7-221363b03be1","block_type":"box","text":"9","page_number":227,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"58986405-5906-4c21-8aa7-b75d518a0475","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"7b249dba-305c-4e34-b73d-faa23e82f8a0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3422100b-f886-431c-9c55-ca7b93930610","block_type":"box","text":"Global Principles | 9","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d9bdd734-460d-4081-81ad-2afcd444b10c","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86a94b57-6077-4b90-9570-e081142dc3de","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":228,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"618c1ee9-6298-4841-98b6-6f2ec78a8f14","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":228,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"05251083-d3fa-4569-b7dc-99299a0be9bc","block_type":"box","text":"long-term financial interests.","page_number":228,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"5712cd47-df5f-4fe4-b209-06a71e05732b","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":228,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"2a244bc2-1f0f-4d3b-a847-8a189bd9c8f6","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":228,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"06bb185a-977e-4d88-b980-91ba63f67772","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":228,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"41f9a193-7400-4d8c-955f-d33d1e859d8e","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":228,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"56f799e4-b46f-4475-8e60-a0823f11e8cf","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":228,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"f166abd4-8d9a-40c4-a321-86807b5d455c","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":228,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"e3616b00-e498-4240-a57a-b4b234935e92","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":228,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"db470faf-bece-489a-a29c-6a7dafaafa5f","block_type":"box","text":"term financial value creation.","page_number":228,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"6ba00db9-ba61-402e-8298-82d8f9879bfa","block_type":"box","text":"10","page_number":228,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"6cbb6916-490e-4bf5-bf53-2a974e83ae75","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":228,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"5f67a820-b7d1-4d13-a7a1-99a7acef69d1","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":228,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"c090551d-fd4e-4bba-9121-1f81b1ae1b8a","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":228,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"0355ab86-a467-48bc-9cbe-2232a0a15aa7","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":228,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"75bf1ccf-62fa-4238-a2f0-a79ee8a89f82","block_type":"box","text":"industry-specific metrics.","page_number":228,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"70f2f27d-bf88-42c5-85d0-c2cb5e5fb723","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":228,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"59dcdff7-b78e-4e42-8688-6c6f9aa1d6fc","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":228,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"450a0f9f-9cce-4bbd-be24-47d5879cf7f4","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":228,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"6d07a953-f810-408d-8be0-5a56137f0a9b","block_type":"box","text":"11","page_number":228,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"4d837a60-9d31-400f-b26c-a501e3b344eb","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":228,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"38361116-b0cb-43a4-871a-9260e5f1fa65","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":228,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"5260a91e-550c-4197-82d8-f77d69db7d82","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":228,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"f9fbdcf4-8f11-4b6d-8654-cebe08719f9f","block_type":"box","text":"specific.","page_number":228,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"ce3878aa-7e1f-432b-b6c3-cb17deb577c5","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":228,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"ac8abeb0-8208-4a9b-b045-b6a8fd641247","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":228,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"eee3b1e7-d833-4852-b469-c518e5159fc1","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":228,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"772dbc98-76d7-4fd8-b350-0608ef95c2a8","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":228,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"074889ca-1e45-40e7-a921-5de68b01eab5","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":228,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"63a7109a-63f5-4962-9152-35737f951594","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":228,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"ef285a40-96b1-4289-adc4-19f4f37779b3","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":228,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"00479b46-8e96-4485-8a7e-85c1dc7b9c7a","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":228,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"13bec7dd-2d29-4f8d-bab8-244fe78fafd7","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":228,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"dd112018-6eb2-4b40-b3ae-f31c1070e37e","block_type":"box","text":"10","page_number":228,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"aaa384a1-103f-46b7-a414-2bed0a6fdcb9","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":228,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"e1c7fbad-b917-4614-b572-084f5b4b28f8","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":228,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"861240c0-aab0-44d2-b3ef-74f54423773b","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":228,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"a062583e-2706-493f-b5f5-c2131f5c56cb","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":228,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"8ae46001-d92f-42ab-9004-f1de07ba3dc8","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":228,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"cb8646ff-ca89-4f9c-a150-d27686f50950","block_type":"box","text":"11","page_number":228,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"c00548b7-7dd5-46df-bd57-fcdda05748a8","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":228,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"077c4e71-6da7-4a8c-8e63-fc2135a08e9e","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":228,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"725f9a8b-7ab7-4685-971a-0f87959e51f0","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":228,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"8a8abad0-a81b-4778-aa99-6ca7d40c8128","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":228,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"f95f10eb-e61d-4a35-8daa-682ca450707e","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":228,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"d1580c9f-9c2d-4a60-8dfc-2cac282bb4dc","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":228,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"8e376581-4dca-4871-9dc4-9b5ba4edf849","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ac360c70-61e0-40cb-bd4c-e178fb1b2a72","block_type":"box","text":"Global Principles | 10","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"184a2cd9-ac3e-49df-850d-8748e34b1087","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9642e612-4b59-4b27-84b4-3b92b435ba2e","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":229,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"ef6887d3-8849-43d7-897c-9b28643e42b0","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":229,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"aabb567e-794f-4e7f-8f7c-230b0d613281","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":229,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"d80cc5b1-1dc6-4dad-9f5b-26529338b855","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":229,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"370a1717-8281-402a-908b-bdf185d62f86","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":229,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"116d1714-6184-4be8-8422-5637ac1e70f8","block_type":"box","text":"12, 13","page_number":229,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"3c90ac50-822e-4826-94da-2713121a931e","block_type":"box","text":"From company disclosures and","page_number":229,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"bdab253b-a8e9-48f3-afab-dbe9b7aef504","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":229,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"552e23f6-ccb9-4166-a698-99c93da76b6f","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":229,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"0c7dc440-ffaa-461f-9e96-d334de96ee09","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":229,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"72b552e1-1276-4ad8-9f32-5be74ead5f9e","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":229,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"09c57f78-7631-4c38-bd91-eb77fa2c648f","block_type":"box","text":"viewed as best practice in the market.","page_number":229,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"9bd3fd8e-86ee-4d57-9378-d327e86bcb90","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":229,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"8023ef43-8402-4430-8717-8cc1d7ee497c","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":229,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"e09dc2d7-36a1-47f5-bb0d-a66da4bd2c5a","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":229,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"7900248e-2227-46e6-9389-8b28bc51be8d","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":229,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"c4fe3857-6054-41e7-9d2b-a631572531a1","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":229,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"89d248de-966e-4319-b6b6-11290c080ab1","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":229,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"758dd2c8-620b-4ece-950c-590b5f2e2d0b","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":229,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"53e3f959-ade0-4f08-bf51-e9f05f39b76e","block_type":"box","text":"interests of their investors.","page_number":229,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"a994d8e9-c35f-4642-96f2-4a581386fc18","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":229,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"4971e1e1-c8e4-4623-8fb7-4bc08bebac8e","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":229,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"a7c0299f-e9d7-4cdf-80e0-5466644c0906","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":229,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"3330b450-20c8-4bce-9b24-c40c64d9c76d","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":229,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"1ae3dcfc-3060-49b3-8121-fdda1f5b58b2","block_type":"box","text":"good-faith basis as methodology develops.","page_number":229,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"9693945c-bd41-4683-a08e-6e924a09be07","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":229,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"0b05d0e3-6d5e-4416-bb2f-6d1a6365399c","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":229,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"aa86a31b-52aa-4e79-aae7-9feaaca89ed7","block_type":"box","text":"generate long-term financial returns.","page_number":229,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"28801022-422d-46ea-8a18-2e998a495b42","block_type":"box","text":"14","page_number":229,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"fec4f573-7806-4ef4-a23b-6d0c8355cbb4","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":229,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"c00d2fe8-0190-452c-831c-51a8a35b53cd","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":229,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"6ce3d2b2-a9a2-40b0-a85d-6474ba77858e","block_type":"box","text":"15","page_number":229,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"3006e137-1353-490f-a429-4bc48dcbc029","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":229,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"7a7e924d-3250-432b-9627-046875e6496a","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":229,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"2e98000b-0e67-42af-8285-262194b324bd","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":229,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"8109f983-d2a5-4ec4-9cc0-12d63652beb3","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":229,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"52a180e4-f6ec-4e84-8ddf-30da3fa38452","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":229,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"ca93dc3f-085a-4cdb-ba21-c6000af04901","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":229,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"50e682f1-da10-4bd8-95d5-d1c6f6c06e0c","block_type":"box","text":"12","page_number":229,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"3a6c68cf-ec8a-4772-8742-c4cf90a8cffb","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":229,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"ecd9cc9c-e60e-49f5-9ee2-519e332eea19","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":229,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"ed90c86e-581f-4698-8fd8-eeba952b7b61","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":229,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"7b56de63-2bee-407b-bfb7-a564c9001fcd","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":229,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"3190e757-e0cc-451b-8351-5c2eb05b440a","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":229,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"68b0eec7-4731-4306-9325-5bf1b6754ca9","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":229,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"e38c2246-0ca2-4533-942b-70c60726d55c","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":229,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"e361fc94-cef3-4fc4-95cb-3368ad6c7e61","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":229,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"d7f58c79-3a1c-48db-945f-e30d338d3946","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"8c479a91-656d-4073-b6f1-38832a31987a","block_type":"box","text":"13","page_number":229,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"7a84f311-36fe-480a-a0d5-0c05c7a075e7","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":229,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"920e4422-35d9-4ebf-ba7d-f681e1fbe0da","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"6990ec46-cef6-49ab-beb8-48ec407d3059","block_type":"box","text":"14","page_number":229,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"5d061058-1865-486a-92db-9a19007900fd","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":229,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"bdb917d6-0013-4cac-934d-9dff09dc062e","block_type":"box","text":"2025.","page_number":229,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"abddeafa-640a-4757-96f6-43250d2f36af","block_type":"box","text":"15","page_number":229,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"cbd5537f-a261-470e-9430-8b04f7364c68","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":229,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"541b2228-c91e-4f83-ba47-0216d66723f0","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":229,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"d20d8cc9-3445-4700-a3c9-3c24642d9f62","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":229,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"67092b94-af6c-4dac-8360-23f6bb4d84d1","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":229,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"53b531ae-0144-4b83-a7ea-6e4ac9706346","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":229,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"2484391c-5930-4065-996c-78d04e6f2e1a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8b8f047f-49af-475a-9ee1-3deb46734c75","block_type":"box","text":"Global Principles | 11","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c9b9530f-1ac0-4ec8-8ec9-c96928497cf6","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8c4445f-0080-41fb-865c-fd76419b26ae","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":230,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"c85c2205-1fdf-4206-82e9-f2085dcc931b","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":230,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"9050b36c-6d09-45fd-924a-3d37bf013bf7","block_type":"box","text":"16","page_number":230,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"722b9702-8f6b-4f92-b28a-db0e2e91716c","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":230,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"22ee3418-2afb-431b-bae4-b7fe1dc9de72","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":230,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"8f152996-4702-4233-bc80-ba23b712cf82","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":230,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"faf5af8c-48da-408c-8c69-992ce9967153","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":230,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"0d42e989-dba8-4b66-91e0-b65686cf806d","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":230,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"138f7cab-a7b9-4a65-b233-1f1fef7e1081","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":230,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"f2ca6337-aac6-4331-8000-0486f80da77c","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":230,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"7b326736-3b38-4eb6-96a7-a0282a7453e4","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":230,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"57b8f83d-4140-4d4b-bf5d-cb04ea4d3975","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":230,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"68e3ed20-99eb-4831-8abc-f4dde12ea0cd","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":230,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"48da0ab0-1323-482e-b2c3-de3d21273879","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":230,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"85687e6c-cfb3-4ea5-9a9b-7d306270d589","block_type":"box","text":"impacts.","page_number":230,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"1341ed13-040c-4aa0-b8f6-4880146c6a5d","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":230,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"04d5041a-5daf-4f69-a575-441226875f9f","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":230,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"88c43aa7-ac97-49e0-9840-f5a158dc995b","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":230,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"dec8931c-5bef-46cd-b158-31e23d140c07","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":230,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"0793169e-6ef5-4a57-b524-4ed8bfb3c854","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":230,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"0e66051c-2e49-4912-9325-46da884b9e23","block_type":"box","text":"clients at the global and regional level.","page_number":230,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"a327429c-74ff-4d84-849b-ef38feb138ba","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":230,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"5039ce8d-583a-4044-a8fb-66b13685a36d","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":230,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"ef0bacbb-2151-4815-943a-f4c5850c261b","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":230,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"05de4751-6837-48b2-bccb-ac1a22f56781","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":230,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"c460c67c-6e5f-4774-afce-8ee31a5b75ec","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":230,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"3335b65d-5c34-4d3f-9925-d1bcb5ac9e1f","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":230,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"d60058be-bd69-468d-b1ce-3f27bc3dbd87","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":230,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"5f91638d-5046-4268-86a0-d91dc5dcc1c8","block_type":"box","text":"are independent from the investment stewardship function.","page_number":230,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"ca85626d-d99e-4f2e-84d8-f5acb8c7bca3","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":230,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"fbac2d4c-f205-40f9-a4b3-4599b2258564","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":230,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"7b7c6a3d-b7dd-444b-a8c7-5e9732140c4f","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":230,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"79722828-19f4-4692-9368-3a6d3c90b1a7","block_type":"box","text":"VOTE EXECUTION","page_number":230,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"fa01418e-d3ca-4ad1-bf5a-7a7784142caa","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":230,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"b7886c46-38ef-4429-962e-61f36d67e760","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":230,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"ebe74552-6d27-480f-a546-d26e9519d2b6","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":230,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"b0b758eb-ace8-4813-ae63-d95c24c24078","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":230,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"67a9451e-0df7-486b-b067-9f026e1db58b","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":230,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"caab9ce8-d171-44d2-86dd-b49bb99d67f4","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":230,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"9464d4cc-2405-4c40-a996-8f4349ec262d","block_type":"box","text":"management policies and procedures,” below).","page_number":230,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"325f8273-db8d-430c-943c-b9db4306b067","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":230,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"7408370f-5ae4-4a9d-8d0b-20e8367a09f1","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":230,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"5a3a9ce0-7538-40a8-8b30-876dd031404a","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":230,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"8db4694e-6cac-4950-9130-9acc46d53aa1","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":230,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"eec7f908-03f0-47b9-b4c1-4fe7e5e0a0b2","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":230,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"0a7d68e9-8325-4968-ac4b-2d748740d251","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":230,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"69c001e8-de69-411a-9ae2-11f4bd166831","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":230,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"bc1aa5d3-d90e-43ed-8ef2-4859cdbdb470","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":230,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"161eb6e2-ffed-48f6-9c60-d6cce91988db","block_type":"box","text":"16","page_number":230,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"986d5ed7-1200-4cef-bc59-36670511131d","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":230,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"0f5ee9c9-8f39-4804-851d-8deeb2023c5d","block_type":"box","text":"December 2025.","page_number":230,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"bfc51eb7-af00-44ec-8d44-3f8e06b13fb1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"97567e27-cb83-4ff3-89b3-e215e807903e","block_type":"box","text":"Global Principles | 12","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"a7449f99-bab3-4524-b827-0a49dc1f3576","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"286c9023-b4c7-4d82-8f5b-1c115b9fc12d","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":231,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"2a92561f-75d8-4fe1-8a05-bf12ecfb1577","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":231,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"1c53c88e-758b-463d-84d2-413806bb4ac9","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":231,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"0d08fd93-8e3a-463e-a114-782b65b656b5","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":231,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"f501c2a1-7dca-4a80-8d87-370acc2bb85c","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":231,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"4ff28f70-111b-41fe-b9d0-b4b63d3391e6","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":231,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"90b042af-8530-4c2a-88a2-ac28c3f58946","block_type":"box","text":"enterprise-level vendor management activities.","page_number":231,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"2f3939bd-d397-4ba6-be71-7cafdb3ae460","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":231,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"4d2fbbb8-54db-4523-8820-05f69a6a3d22","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":231,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"5a2b4d3b-679a-41f6-9fdd-dfaa8f90f6fa","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":231,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"9e188319-3e1c-493f-b331-3a53cca8ce0a","block_type":"box","text":"BlackRock employees.","page_number":231,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"752b9391-081f-49f7-b9d1-4288a79865fe","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":231,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"79defedb-596c-4f88-98c9-6ee26501d911","block_type":"box","text":"SECURITIES LENDING","page_number":231,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"818947b5-8a96-4977-bafc-92a126f93344","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. 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Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":231,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"5a4b8f60-2f17-4259-8a68-6177091fffac","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":231,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"463608fc-2359-4ade-bc95-f7456f4c24e8","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":231,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"d0b8434e-9f7e-496a-a8f4-b18c7a0bf61a","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":231,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"5c676f9f-a01e-4927-88db-fecc686e3980","block_type":"box","text":"in helping them achieve their investment goals. 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Investing involves risk, including the loss of","page_number":233,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"58d149e6-6834-4ba5-9e03-fcb33297ef65","block_type":"box","text":"principal.","page_number":233,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"63eea3fc-e6de-4e22-a15b-8faf66cccd4c","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":233,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"9d189214-4967-4388-89a5-c72beac19b52","block_type":"box","text":"©2025 BlackRock, Inc. 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All other trademarks are those of their respective owners.","page_number":233,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"6b35093a-8eda-4250-b8dd-286a464a728c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0d9fa65a-695d-4928-b610-0ff3d3c91636","block_type":"box","text":"Global Principles | 15","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d841b684-cea8-4efc-8aa9-89fe1f8caf5d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90df0ebe-d784-4b44-b797-0593b7f2c3cc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"0d14bf96-5d21-49a8-a84a-289cab0dd979","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":234,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"77aa54db-861a-4246-8982-b9cbbe7f6289","block_type":"box","text":"Effective as of January 2026","page_number":234,"box":{"x":385,"y":90,"width":208,"height":11}},{"id":"6bd82775-ecaf-4d94-a502-39eee7463525","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de2cc320-c1c8-4f54-b1ed-c36d6cf90899","block_type":"box","text":"Contents","page_number":235,"box":{"x":456,"y":45,"width":66,"height":9}},{"id":"c362c814-30fb-443e-9637-ca2f05a8f63a","block_type":"box","text":"Introduction to BlackRock Investment Stewardship 3","page_number":235,"box":{"x":69,"y":80,"width":840,"height":11}},{"id":"f1200e6f-5d50-4cc9-8d39-21b623152768","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition 3","page_number":235,"box":{"x":68,"y":96,"width":841,"height":11}},{"id":"00171519-15fb-4a41-96fa-b9f4b53deb3d","block_type":"box","text":"The Climate and Decarbonization Stewardship Guidelines 3","page_number":235,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"76dca0c6-cadc-4373-adad-174fba6c8766","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy 4","page_number":235,"box":{"x":69,"y":129,"width":840,"height":11}},{"id":"714fc342-ac77-487c-a683-4fc54dbc72c5","block_type":"box","text":"The Guidelines’ design principles","page_number":235,"box":{"x":68,"y":146,"width":240,"height":11}},{"id":"6ba29968-6b73-4f41-85cf-ac46405f5866","block_type":"box","text":"4","page_number":235,"box":{"x":900,"y":146,"width":9,"height":8}},{"id":"8af6dd1d-0e5f-4262-bbe3-8db4b451c475","block_type":"box","text":"Voting approach under the Guidelines","page_number":235,"box":{"x":68,"y":162,"width":273,"height":11}},{"id":"ea9850a5-7f40-4c69-9032-14b188d78a06","block_type":"box","text":"5","page_number":235,"box":{"x":901,"y":162,"width":8,"height":9}},{"id":"8eaa5159-d785-4728-8181-bcc104a85423","block_type":"box","text":"Related matters","page_number":235,"box":{"x":69,"y":178,"width":117,"height":9}},{"id":"0dc7971a-8df6-44ca-aa61-88068d935c4c","block_type":"box","text":"8","page_number":235,"box":{"x":900,"y":178,"width":9,"height":9}},{"id":"93fd27b3-e25c-4dfe-9b20-eaf67e810b49","block_type":"box","text":"Appendix 1","page_number":235,"box":{"x":68,"y":195,"width":82,"height":11}},{"id":"3df9044c-e6ce-425f-877a-b8e9cbc927df","block_type":"box","text":"10","page_number":235,"box":{"x":891,"y":195,"width":18,"height":9}},{"id":"22f99859-0990-422c-980a-a31102a0f5d4","block_type":"box","text":"Appendix 2","page_number":235,"box":{"x":68,"y":211,"width":82,"height":11}},{"id":"f1fd95cf-23cd-461a-bc08-e235fcbac7ff","block_type":"box","text":"11","page_number":235,"box":{"x":891,"y":211,"width":18,"height":9}},{"id":"e98ef458-82d9-4ce1-9f29-4c0a65710522","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"91b89967-d9f5-4d76-b753-673891581e59","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 2","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"8c6f2a1c-024c-4101-8356-70f71a6a1b3f","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d18ffccc-9ca9-46ec-a4d5-3dd0971f8f0b","block_type":"box","text":"INTRODUCTION TO BLACKROCK INVESTMENT STEWARDSHIP","page_number":236,"box":{"x":264,"y":45,"width":450,"height":9}},{"id":"9744ac8f-eeba-49a7-9f01-b49281b8c90e","block_type":"box","text":"At BlackRock, investment stewardship serves as a link between our clients and the companies they invest in and","page_number":236,"box":{"x":101,"y":68,"width":807,"height":10}},{"id":"5846ffb2-6f37-4724-8e07-ff92b8645c1c","block_type":"box","text":"is one of the ways we fulfill our fiduciary responsibilities as an asset manager on their behalf. 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Under the Guidelines, the dedicated team","page_number":238,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"39b77d5f-390c-4fe0-b7a7-a8b4c75648df","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":238,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"f7b7fd19-1711-4a12-85ba-8125f6281d65","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":238,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"0fe94ea2-baaf-4fff-b7c4-0fde7d9748d2","block_type":"box","text":"Voting approach under the Guidelines","page_number":238,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"bb87d53d-1590-4ad4-aefc-caf3083afff5","block_type":"box","text":"12","page_number":238,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"63918093-2d4e-4686-a122-d265c236013b","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":238,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"eb945044-abfa-4d69-8e84-edd06989df34","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":238,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"77110b44-22d6-4cdd-b425-56ec980f19cc","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":238,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"f1cff601-396e-4d97-9907-1807dd51595c","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":238,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"5a214af3-db83-4aa4-87cf-f55f757e8b70","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":238,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"a714b44d-0a9f-4e9d-8cda-f4bdca60b4db","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":238,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"6e6b19c7-67cc-4e73-8c37-ce50ade33bdb","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":238,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"1e2af9e2-297a-42ec-8364-773f74c6ce20","block_type":"box","text":"Corporate Disclosures","page_number":238,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"f80febae-fbc3-4ee0-b362-ebba2e3c8699","block_type":"box","text":"13","page_number":238,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"20146584-1c71-45be-9400-099353e5d3e3","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":238,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"443b2712-224a-4a37-b90c-32b47d8382c3","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":238,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"58a4a6e6-824b-4ab1-8f61-75bc5ecba1a8","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":238,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"0e8d6643-b841-47ec-affe-e4e53a4b5575","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":238,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"c1e2de1a-b797-40ed-8619-996583447d02","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":238,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"d6bc3eb0-bd05-476f-bfcb-c5c7abc96f63","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":238,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"fc185091-45fa-4cd4-b9c1-d1036d58b9ca","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":238,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"f78f59f8-afe2-4413-8d4f-084a68d6ccf7","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":238,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"9eeb6604-430a-4c21-a984-07f58a81da00","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":238,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"4fad976f-2815-4cd4-9b51-385256914ed6","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":238,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"c480f613-83e4-4208-a500-4e8216fd266a","block_type":"box","text":"14, 15","page_number":238,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"c26843ed-61ef-46a5-bd18-7595bf838379","block_type":"box","text":"IFRS","page_number":238,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"b67832be-6144-4f7e-814b-fad322a68f44","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":238,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"82b26c41-ef2c-4bf2-9cf2-5f1e525065bb","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":238,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"330a75b0-77b6-41cb-9b44-12d0ec147ff3","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":238,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"c7707797-dab6-4239-ac67-5065e6bd728e","block_type":"box","text":"and assurance standards are developed.","page_number":238,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"bbd13067-33ce-4e44-b78a-28eae226f9b2","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"8bafab87-cbc6-4b1b-bd5e-83b4bd652dd0","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":238,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"acc7f842-e030-41c0-b879-a817694180b4","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":238,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"78a83deb-c263-4819-a5b6-8c882d60fe76","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":238,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"485bde6e-b3c0-434a-92de-03acfe026a92","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":238,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"527949d0-9d83-43d0-ad61-a96e53bf671a","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"cf657ce2-3a94-4e6b-84d6-b7a4323aebe5","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":238,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"7eddac4e-65d3-44de-a862-746233ca8108","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":238,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"1daf550b-d7a8-447e-8a21-5ba62a9b9f17","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":238,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"e9bbce95-a05a-4c42-9cb6-a1ee4eb6db79","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"8324384b-2c96-4708-8fd5-edcacf6155d1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":238,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"9ff22368-d748-4fa0-8516-b15251526c86","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":238,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"ed0065e9-570d-4feb-82c9-d2aa9197f04f","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":238,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"0a34dddb-648e-450c-a39c-6a6460e3202c","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":238,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"2632d06e-e855-4524-83f5-6ea517c646f4","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":238,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"fc131eb2-f8c8-4adf-b96a-2f19692f9d3c","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":238,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"12a83649-8d46-4a6a-af4d-1df4888ce394","block_type":"box","text":"15","page_number":238,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"28fb4ec9-b1b7-4570-a82b-0a95f7efa4ee","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":238,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"8b487228-cee8-4206-b4d2-f99fcbf8c364","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":238,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"f5b074cb-7f43-4e1a-bcbd-699b53cec5a8","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":238,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"76c3fb92-7ab6-4444-a3e2-f41de69be861","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":238,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"fc263ccc-8d87-4397-b1e4-b2058f45c151","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":238,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"138dc8a7-e86b-4aa2-a1e0-1c160d917b7a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"52af7754-fd02-4b84-bb7e-f969b600b37b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":238,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"a216740f-d7a6-4823-b706-641a3bbb023b","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4d58bd1-624c-4332-b01f-2582471738f3","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":239,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"da217f87-89ce-4e05-876c-615cbfeb752f","block_type":"box","text":"16, 17","page_number":239,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"c064c3f4-3fbc-4bd1-94a8-74a32e45dc83","block_type":"box","text":"In addition, the dedicated team looks to","page_number":239,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"5707a426-421f-4b53-9661-68030348b2c9","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":239,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"872d5fb3-dd72-40e2-86b9-e6c6e91e4f67","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":239,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"ae300d14-2395-48ae-bc0e-7a78cf7571ab","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":239,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"649641f5-861c-499c-a91d-c071aa8cce92","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":239,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"802dc018-8e24-4fec-bde9-f3ed7000512e","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":239,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"e511dc64-0f5e-40b8-af84-cc6c4266d556","block_type":"box","text":"18","page_number":239,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"d8b69fe0-a3dc-4855-8988-9feec46c3564","block_type":"box","text":"However,","page_number":239,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"df3ccf9c-61d0-49d8-97c9-2d7b0a09b18e","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":239,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"de535757-6a9d-477b-81b9-d3484df68277","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":239,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"2339c712-1ca4-411d-a090-c7696f3eba01","block_type":"box","text":"their decarbonization targets. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":239,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"de840a02-cac3-485c-8868-bfbfe17c2ea9","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":239,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"a08102ac-b07e-4f2a-9f9c-c70dc8e8431a","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":239,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"e454e3f2-a3b3-4e26-8bed-dd6020f33aa5","block_type":"box","text":"18","page_number":239,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"66194e3d-d13b-4405-8cc5-c16073bb28c1","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":239,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"c0ed3b51-01ec-478e-a5f2-6a809467285e","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. 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Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":240,"box":{"x":101,"y":420,"width":774,"height":11}},{"id":"64e1660b-934f-4dab-8543-6f6263c9e00f","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":240,"box":{"x":101,"y":435,"width":800,"height":11}},{"id":"08dd0243-2e13-4db2-86b5-896d2382491b","block_type":"box","text":"with the different constituents in their value chain.","page_number":240,"box":{"x":101,"y":450,"width":358,"height":9}},{"id":"51d6f08f-eabc-46e4-9941-7c38375bd2a5","block_type":"box","text":"21","page_number":240,"box":{"x":461,"y":451,"width":9,"height":4}},{"id":"8c30b64e-7d81-4743-b13a-7908e34f8cfc","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":473,"width":6,"height":5}},{"id":"f5fd56cc-cd3e-441e-9149-f3520752626c","block_type":"box","text":"The company’s governance and oversight processes for managing material risks associated with corporate","page_number":240,"box":{"x":101,"y":470,"width":761,"height":12}},{"id":"bbc22c9e-a6ec-46b0-a75e-897c320d2c75","block_type":"box","text":"political activities including applicable policies and procedures where relevant.","page_number":240,"box":{"x":102,"y":486,"width":556,"height":11}},{"id":"0dee31ef-1693-45fc-8211-c094efec684a","block_type":"box","text":"22","page_number":240,"box":{"x":660,"y":486,"width":8,"height":4}},{"id":"9c8d2245-383a-404c-9ec6-4290bd896bd4","block_type":"box","text":"The dedicated team looks for","page_number":240,"box":{"x":674,"y":486,"width":208,"height":9}},{"id":"d63938a8-2bfc-4e9e-be91-dcd5e7da4f2b","block_type":"box","text":"public policy engagement to be consistent with a company’s stated strategic policy objectives, including those","page_number":240,"box":{"x":102,"y":501,"width":783,"height":11}},{"id":"77fc8d54-350e-4128-86c2-b34ef99ff859","block_type":"box","text":"related to the low-carbon transition.","page_number":240,"box":{"x":102,"y":516,"width":251,"height":9}},{"id":"e1899123-ad00-4fcc-8057-190f86ece2cc","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":240,"box":{"x":68,"y":546,"width":420,"height":11}},{"id":"1f303ee3-5ca0-454c-8a44-b39c2f4104c3","block_type":"box","text":"In implementing these Guidelines, the dedicated team generally suppor ts non-executive directors standing for","page_number":240,"box":{"x":102,"y":569,"width":781,"height":11}},{"id":"5188cd10-e774-4866-ac18-7e2a721079ce","block_type":"box","text":"election where, in its assessment based on company disclosures and engagement, a company is executing on its","page_number":240,"box":{"x":69,"y":584,"width":811,"height":11}},{"id":"91435ae4-04ab-4a8d-b8ea-c52717f587a9","block_type":"box","text":"commitment to align with the transition to a low-carbon economy, as defined above. 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The directors most likely to be in focus are the chair of the board","page_number":240,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"47d1a0c7-2296-4558-877c-edc60e50c406","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":240,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"75af622a-4f2e-44cb-a047-a71c6b9c13a4","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The research uses a definition of materiality from the GHG Protocol,","page_number":240,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"3d14664b-96dc-49a3-8376-a248aaad0daa","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":240,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"e9dbc26f-4ed9-4faf-a3f2-82adebfeecc0","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":240,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"e4d46346-8389-41cd-8c05-f116b807a590","block_type":"box","text":"Website accessed in December 2025.","page_number":240,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"787ec417-fb6a-4049-b2ac-1ea73f30eb97","block_type":"box","text":"22","page_number":240,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"6984f2a4-d3b8-418b-9e3d-adff7f676d5e","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":240,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"0e6f94cb-0963-4545-bafb-8706e6ca9245","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":240,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"c4bf7f88-f8e4-47b3-b817-04d0ec457952","block_type":"box","text":"23","page_number":240,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"e0a1cadf-b27c-4d95-b14d-0f335314bab1","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":240,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"76365fac-d6a3-4ca1-96ce-4ce6a60c7915","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":240,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"8434833b-15eb-447b-a1fd-3b138b5331a0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f1052783-5d6b-4c26-a733-71ce99e8ae73","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":240,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"4f83f405-82cc-4422-935b-ff0b79640120","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21b15066-b09e-4c62-bf89-368f5f6118fa","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":241,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"46e2c904-f7d3-49d2-90a7-e519a76b3acd","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":241,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"58938162-db0a-478c-bb5f-20e254772d37","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":241,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"767b78ed-fc94-4123-9fc9-0466bb7488ed","block_type":"box","text":"24","page_number":241,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"898e693c-d433-45f9-88b7-9c227e0f90a5","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":241,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"52917a48-49e1-4737-b340-04b0acbf0f02","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":241,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"27deede8-017d-4911-b313-098a0b1b736d","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":241,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"c604ff71-9093-4ef1-97a9-fb16e86d71e0","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":241,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"1a94d0b8-84a9-4ca7-b768-4ff9f3ef9833","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":241,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"dc35a83a-1b23-457e-966d-0d8148594a0b","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":241,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"106f1eef-1388-4bce-a6d6-08c944d1131a","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":241,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"dcd1010d-98c5-4ab9-b714-0335c09ca612","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":241,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"31f109ff-51cf-45d3-a982-48aa0d938e54","block_type":"box","text":"transition plan and targets.","page_number":241,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"836d9d9b-8409-443d-a071-50328affb438","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":241,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"b5d1af0c-5b99-435b-9025-b86453faca3c","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":241,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"b8cc5649-85c7-49d6-8ed3-5de0dd3e4532","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":241,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"78eef507-f0fa-40a4-857f-92c9623fdd94","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":241,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"915f5e2c-aeb5-4129-a392-a1869eb86f7a","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":241,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"2f0a188d-42f2-44df-8e2c-9b77bc52749a","block_type":"box","text":"company’s individual circumstances. When the dedicated team votes in suppor t of a proposal, it is not necessarily","page_number":241,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"35bbe466-ffa2-404c-a5d3-413fd37a4b5e","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent.","page_number":241,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"a5c921fc-6b5e-4b4e-835d-94a061ba31a1","block_type":"box","text":"In addition to financial materiality, the Guidelines consider the proposal’s relevance to the company’s low-carbon","page_number":241,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"1ba4ef8d-122c-4000-b072-b43aad5013c3","block_type":"box","text":"transition strategy and targets. The dedicated team assesses the implications for, and the relevance to, the","page_number":241,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"2c5338fe-b638-4825-96ff-cb7ee30c57e1","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":241,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"634cb172-ef69-49c7-ae5b-1c609423adfc","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":241,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"976cd184-253f-4e04-811f-87874d6d7398","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"431c569f-5818-4b89-aac3-7383dd3140ba","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":241,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"d471ab94-3baa-42f1-bb66-d343cf691fd7","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":241,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"0ea1600a-c3d7-4aee-9374-ed11ec2a28e0","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"d29935bc-27e4-44c5-b1d3-1001c1166d38","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":241,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"ee3b29fc-3e9a-499f-bdda-0ddb10c8faf7","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":241,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"43a1c920-c680-4dca-a6aa-879290df8864","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"031e4d78-2b60-489b-80dd-3a506deed5a7","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":241,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"39f05fa1-303f-4369-a8ba-0b4492717362","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"41beeb2c-52dc-462b-b412-0ae88271aace","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":241,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"df4dac37-2d0b-402e-b98d-e1403efe304a","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":241,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"ba28c327-e2e9-45f8-a985-3e8d81a8c014","block_type":"box","text":"25","page_number":241,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"649bf15f-c2ad-4f0c-9778-b008c8cd519b","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":241,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"0f55b3c6-54a9-4039-9851-7018d98f6234","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":241,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"9f2bc23a-29e4-4614-8145-1f45ba7e9b3d","block_type":"box","text":"RELATED MATTERS","page_number":241,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"51b39a23-8c95-45ff-86a2-ff0131c45c34","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":241,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"23b6853c-4725-4627-8227-d13983924a4d","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. 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Generally, voting on these matters would","page_number":241,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"c48ca1ac-97d2-4193-91a6-34ed104b4b31","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":241,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"0da7fc81-b7ec-4c94-b950-051b65b53e38","block_type":"box","text":"Executive compensation","page_number":241,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"87a18d53-dfe5-4882-b078-0b3385253a48","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":241,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"5053dafa-2420-4e65-9c83-7eb3992dd710","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":241,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"e23d932d-040e-42f6-84d4-ec392eb10e13","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":241,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"fb69a6ed-2c4a-467d-ba7f-590c10b550a1","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":241,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"840bb3f3-8712-4538-95d0-c122beba1b07","block_type":"box","text":"24","page_number":241,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"82f9582a-70a8-4ba8-acc3-21639d94496d","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":241,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"7c9cf13b-1f82-4b00-924e-68237252e3f6","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":241,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"4cd6e602-db81-409f-baee-27508132e766","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":241,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"196bdd6d-909e-47e6-9fc4-d42c3009f78a","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":241,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"eecb296a-e663-43b3-a220-c7ca7378b08a","block_type":"box","text":"25","page_number":241,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"6a01e577-e775-4886-b318-66baab37b744","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":241,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"c43438fa-b86c-454b-a07a-c4d81dca0a5f","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":241,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"23894990-0c4a-486a-a441-2e5fd0406c32","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"98dbadae-660c-4a24-839a-b2771154ef7d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"768ac969-1a6d-4aff-8c1c-5801a505f83d","block_type":"box","text":"BNM1026U-6033200-19205196","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd893cdb-e93a-4ca0-90c8-93b9572af4a5","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":242,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"7590113b-e76c-4853-a60f-2a103618b59f","block_type":"box","text":"strategy and risk management.","page_number":242,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"097b6033-39ce-4f09-a707-cc03ee053cb1","block_type":"box","text":"Auditors and audit-related issues","page_number":242,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"12285e34-e9d8-4acc-8481-ab0c2362c2cb","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":242,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"f2c19f48-243c-4941-98c4-8650c132b33e","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":242,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"5380a1fe-43a8-4dc4-913c-be8c6bd62f44","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":242,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"26b4b85f-64c0-40b4-9bcb-926680fa0d9a","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":242,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"a8dd7793-97da-451b-a058-6992f00b4fcb","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":242,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"ce2a9876-81fb-4ce4-8908-583284affbc7","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":242,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"b7aa8f84-46af-4f6b-93b8-1de1f3bf99eb","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":242,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"d717d000-9c6f-4a3c-a18e-3b40a7989624","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":242,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"63c6b76b-1b43-4fad-8879-0c69afe40b24","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":242,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"64e77903-20c3-4945-8312-32a88796447d","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":242,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"af36250b-40df-43dc-ad32-a509ead031bf","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":242,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"13fdb67e-253d-4ab5-b019-edbf13fef93e","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":242,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"7df145cd-7dbc-45df-97f6-f0f820b156a6","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":242,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"5f0f1049-c2ab-4960-ae33-bd708229aa9a","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":242,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"855d6959-14a2-49b4-b22b-9a7d067acf03","block_type":"box","text":"stakeholders.","page_number":242,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"066c3156-300f-4c59-8cfd-4d09d675951d","block_type":"box","text":"26","page_number":242,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"18ea9b87-dd44-4c6e-983c-6a9aba878254","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":242,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"d4a6e117-731d-4da7-a6e7-699532965098","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":242,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"3728f736-16e5-4de9-bdb8-b22a0403f521","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":243,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"7c92bc6f-88f3-449c-922a-43f3a3480274","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":243,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"94d48c95-3427-4f14-824d-7c5962cb8925","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":243,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"e6e141a9-2cab-4dfc-ab54-21c61b823fca","block_type":"box","text":"Decarbonization:","page_number":243,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"4838e77d-1c20-4a68-8395-50ea2c2b4556","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":243,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"eb76780b-5f97-4de1-86e4-358e6e1a95be","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":243,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"c3684dc4-0950-4ccf-bd2f-e2f26989f373","block_type":"box","text":"individual consumers. 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[It] is defined as electricity [steam,","page_number":243,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"1cbadabe-e43a-408e-b3ac-010e0956bfb3","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":243,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"28153819-8b32-465e-a978-05051917c455","block_type":"box","text":"30","page_number":243,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"8536d654-8064-4191-965c-ef63f8d705cd","block_type":"box","text":"Scope 3:","page_number":243,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"44d59598-5ca7-4f06-bcb4-cd4ee6f5504c","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":243,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"628f26f1-1c88-469b-aced-fa0342b4a5c3","block_type":"box","text":"of all other indirect emissions. 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